OPEC+ Mid-Month Update: On Track And On Pace

The production cut is working and the Saudis and Russians continue to be in the driver's seat. However, it is important to note that the crude exports we saw out of the Saudis for August will likely be a one-time anomaly. 

The latest mid-month update shows a material uptick in Saudi crude exports. We expect Saudi crude exports to range between ~5.7 to ~6.1 million b/d going forward.