Why Did They Report Misleading Saudi Crude Stockpiles Data?
Summary
- Misleading data about Saudi Arabia's crude oil stockpiles climbed to the highest since coronavirus hit the market hardest in April, near 5-month high in Sept 23.
- The latest available OECD stockpiles data was reported for the month of July.
- The latest available data for Saudi Arabia crude oil stockpiles was for the month of July as reported by the Joint Organisations Data Initiative (JODI).
- JODI data showed Saudi crude stockpiles above 180 million barrels in July 2019.
- Saudistockpiles upwardmovement from April to July was only around less than 15 million barrels not 78million barrels as misleadingly reported by Kpler.
In early September, OPEC Secretariat has selected www.kpler.com as its exclusive data provider for cargo-tracking and inventories. Kpler firm was founded in 2014 as an intelligence company providing transparency solutions in energy markets.
Last week, Kpler has baselessly published that Saudi Arabia's crude oil stockpiles have climbed to the highest since coronavirus hit the market hardest in April, near 5-month high. According to data analytics from Kpler, Saudi crude stockpiles were 78 million barrels as of September 23, the highest since April 26. Kpler has clamied the Saudi stockpiles data from more than unidentified 10 installations with Saudi Arabia's crude capacity of 121.74 million barrels .. Very misleading!
Oil media has further capitalized on Kpler misleading analysis to further promote that Saudi Arabia's domestic crude oil stockpiles have climbed to the highest since the coronavirus pandemic hit the market hardest in April. However, Kpler didn’t specify what was April’s 26th Saudi crude stockpiles figures when rose to 78 million barrels on September 23?
Kpler misleadingly reported Saudi Arabia crude oil stockpiles as of September 23 while the latest available OECD stockpiles data was reported in July. Accordingly, the latest available data for Saudi Arabia crude oil stocks was for the month of July as reported by the Joint Organisations Data Initiative (JODI), which reported Saudi crude oil stock level in July at 153.7 million barrels. The attached graph from JODI showed Saudi crude stockpiles above 180 million barrels in July 2019. The graph also showed that Saudi stockpiles upward movement from April to July was only around less than 15 million barrels not 78 million barrels as misleadingly reported by Kpler.
We wonder if reporting Saudi Arabia stockpiles publicly at this critical time is part of Kpler newly tasks given by OPEC Secretariat? Or is Kpler already off the job and trying to push down prices by reporting illogical stockpiles data?
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