Russian Crude Exports Are Falling And Saudis Are Dead Serious About Higher Prices

We are halfway through October and I can already smell what the Saudis are cooking in the air. The export data from Saudi suggests to me that our theory on how much they were going to decrease holds. For those of you that do not remember the write-up, here it is.

In that write-up, we assumed that Saudi would do some type of voluntary cut in addition to t…