Saudi Arabia Complying With Voluntary OPEC+ Target
Saudi Arabia's energy ministry said on Friday the kingdom had been fully compliant with its voluntary OPEC+ output target, adding that Saudi marketed crude supply in June was 9.352 million barrels per day, in line with the agreed quota.The statement follows a report this month by the International Energy Agency (IEA), which said that Saudi Arabia exceeded its oil output target for June by 430…
US Gulf Coast Fuel Oil Imports Drops As Heavier Crude Is Preferred
Fuel oil imports into the refinery hub on the U.S. Gulf Coast hit a record low in June as tighter global supplies prompted refiners to run more heavy, sour crude.When refineries run a heavier, sourer crude slate, they produce more heavy residue, which is either processed in a secondary unit to produce higher value products like gasoline or diesel.Gulf Coast-bound fuel oil imports hit a record low at 213…
Venezuelan Oil Exports Rise, More Cargoes Head to China
Venezuela exported some 844,000 barrels per day (bpd) of crude and fuel in June, an 8% increase from the previous month as the loss of the U.S. and European markets was offset by more cargoes sent to China, according to shipping data and documents.Washington in late May terminated a group of licenses that had authorized partners of oil company PDVSA, including Chevron and Repsol, to take Venezuelan crude bound for U.S.
Crude Output to Halt at Russia's Sakhalin-1 in August Due to Maintenance
Russia's largest oil producer Rosneft will suspend output of its export-oriented Sokol crude grade at its far eastern Sakhalin-1 project in August because of maintenance, three industry sources told Reuters.According to one of them, the maintenance will last between 20 and 25 days. Another source said the work is planned to start in late July and will be completed by the end of August…
Taiyo Oil Buys First Russian Crude In More Than Two Years
Japanese refinery Taiyo Oil has bought its first Sakhalin Blend crude from Russia in more than two years at the Japanese government's request, it said on Tuesday, to help ensure the stability of a plant also supplying Japan with liquefied natural gas.Japan last imported Russian crude in February 2023, trade data showed, after Tokyo agreed with other G7 countries to phase out imports…
U.S. Crude Oil Exports: When 'Less is More'
Longer sailing distances cushion fall in US crude oil exportsTon mile demand generated by US crude oil exports has fallen by 9.7% in the first two months of 2021 compared with the start of 2020. The fall could however have been much worse; In volume terms, seaborne crude oil exports have fallen by 18.8%, to 20.9m tonnes, a 4.8m tonnes decline compared with last year, according to data from the US Census Bureau.While seaborne crude oil exports to all regions have fallen…
Mexico's Pemex to Receive $313 mln in Hedge Payouts
Mexican state oil company Petroleos Mexicanos (Pemex) expects this year to receive some $313 million from oil and financial firms involved in its annual oil hedging program, Chief Executive Octavio Romero said on Wednesday.Pemex's hedge, which this year covers about a quarter of its gross exports volume, protects the company from price variations and helps it to cover production costs.A…
Ecuador Scrambles to Contain Oil Spill in Amazon Region
Ecuadorean authorities on Thursday were scrambling to limit the environmental impact of a crude oil spill in the country's Amazon region, where pipeline bursts prompted by a landslide this week caused crude to enter the Coca river.The Energy Ministry said in a Wednesday evening statement that it had placed barriers around the spill in an area home to several indigenous communities and near the source of drinking water for the city of El Coca…
