Saturday, October 31, 2020

Crude Oil Exports News

What Does US-China Trade Deal Mean for Oil Markets?

© Vic / Adobe Stock

After over a year of trade tensions, the US and China signed a “phase one” trade deal on 16 January. As part of the deal, China has agreed to increase the value of energy imports by $52.4 billion above 2017 levels over the next two years. What could it mean for the oil market?Ann-Louise Hittle…

US Crude Exports Expected to Double by 2022

Graph: Rystad Energy

The U.S. could see its crude oil exports nearly double by 2022, according to energy research firm Rystad Energy. US crude exports could grow from current levels of 2.9 million barrels per day (bpd) to nearly 6 million bpd by 2022.With US production expected to increase by 1.2 million bpd year-over-year (y/y) in 2020…

BIMCO: US Crude Exports Soar in June 2019

Chart: BIMCO

The highest US crude oil exports to China in 11 months lifted total seaborne US crude oil exports to a record high at 11.9 million (m) tonnes in June 2019. Also contributing to the June record was South Korea, as exports to the other main Far Eastern buyer reached an all-time high…

U.S. Crude Exports Reach a Record of 3.16 mln bpd

File image: A crude vessel alongside and loading at the U.S. port of Corpus Christi, Texas

U.S. crude oil exports surged 260,000 barrels per day (bpd) in June to a monthly record of 3.16 million bpd as South Korea bought record volumes and China resumed purchases, data from the U.S. Census Bureau showed on Friday.South Korea surpassed Canada to become the biggest purchaser of U.S. crude at about 605,000 bpd.

For China, U.S. Soybeans are Small Fry

File Image: AdobeStock / © Igor Strukov

China's purchase of some U.S. soybeans is being viewed as a tentative sign of a little détente in the dispute between the world's two largest economies, but real progress would be a resumption of what had been a burgeoning energy trade.U.S. and Chinese negotiators are meeting for…

U.S. Energy Hits Records in 2018: EIA

Graph: U.S. Energy Information Administration

U.S. energy consumption, production, and exports have reached record highs in 2018, said U.S. Energy Information Administration (EIA).The United States produced a record amount of energy from various sources in 2018, reaching 96 quadrillion British thermal units (quads), an 8% increase from 2017.

U.S. Crude Stockpiles Fall Unexpectedly -EIA

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U.S. crude oil stocks fell unexpectedly last week as net imports fell to record lows, despite production growing to all-time highs and abundant inventories at the Cushing, Oklahoma hub, the Energy Information Administration said on Wednesday.After five consecutive weekly builds, nationwide…

Teekay Expects Recovery in Tankers Market

Image: Teekay

Crude tanker rates have continued to strengthen during the early part of the fourth quarter of 2018, particularly in the Atlantic Basin with Aframax tanker rates in this region attaining levels not seen since December 2016 and Suezmax tanker rates averaging the highest since March 2017…

US Crude Oil Exports to China Stalled

© Igor Groshev / Adobe Stock

The development that saw no U.S. seaborne exports of crude oil to China in August has continued into September, according to BIMCO. This is despite crude oil not being a part of the ‘official trade war’.“The trade war between the U.S. and China is now impacting trade in both tariffed…

Rising U.S. Shale Exports Turn WTI into 24-hour Benchmark -CME

© Eugene Chernetsov / Adobe Stock

Rising U.S. crude oil exports to Europe and Asia have had a knock-on effect in the futures market, turning the U.S. West Texas Intermediate contract into a near-24 hour benchmark, exchange operator CME Group said. Owain Johnson, managing director for energy research and development at CME…

Russia's Sakhalin-1 to Raise Sokol Crude Oil Exports

Russia's Sakhalin-1 plans to raise Sokol crude oil exports by 0.2 million tonnes per month to 1.3 million tonnes per month from October, loading schedules seen by Reuters show.Sokol crude oil loadings for October-December this year are planned at 1.3 million tonnes per month, up from the 1.1 million tonnes planned previously…

US Crude Oil Shipments to China Halt Amid Trade War

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U.S. crude oil shipments to China have "totally stopped", the President of China Merchants Energy Shipping Co (CMES) said on Wednesday, as the trade war between the world's two biggest economies takes its toll on what was a fast growing businesses.Washington and Beijing have slapped steep import tariffs on hundreds of goods in the past months.

Oman and Iran to Drive Growth for Oil Storage Industry

Photo: GlobalData

Oman and Iran will drive the majority of the growth in the oil storage industry in the Middle East between 2018 and 2022, contributing more oil storage capacity than any other country in the region, according to leading data and analytics company GlobalData.The company’s report: ‘Oil…

Iran's Oil Exports Fall in May, when US Quit Nuclear Deal

© Anatoly Menzhiliy / Adobe Stock

Iran's crude oil exports have declined slightly in May, according to estimates from a leading tanker-tracking company, in the first sign that the threat of U.S. sanctions may be deterring buyers.The estimates from Geneva-based Petro-Logistics also suggest Iranian oil buyers are not rushing to cut volumes from OPEC's third-largest producer. The U.S.

Turkey's Tupras Reduces Iranian Crude Purchases as U.S. Sanctions Loom

Turkey's biggest oil importer Tupras has cut back purchases of Iranian crude since May, when the United States said it would re-impose sanctions on Tehran, and analysts say Tupras is likely to stick to lower volumes in coming months.NATO member Turkey depends heavily on imports to…

US Oil Exports to India Soar Ahead of Iran Sanctions

© Anatoly Menzhiliy / Adobe Stock

U.S. crude oil exports to India hit a record in June and so far this year are almost double last year's total as the Asian nation's refiners move to replace supplies from Iran and Venezuela in a win for the Trump administration.U.S. President Donald Trump's administration has been…

Oil Up as U.S. Drilling Stalls, Iranian Sanctions Bite

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Oil prices rose on Monday as U.S. drilling stalled and investors anticipated lower supply once new U.S. sanctions against Iran's crude exports kick in from November.Brent crude oil jumped $1.09 a barrel, or 1.4 percent, to a high of $77.92, but then eased to $77.60 by 1330 GMT. U.S.

Saudi Oil Exports to Drop by About 100,000bpd in Aug

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Saudi Arabia expects its crude exports to drop by roughly 100,000 barrels per day in August as the world's top oil exporter works to ensure it does not push oil into the market beyond its customers' needs, the kingdom's OPEC governor said on Thursday.Adeeb Al-Aama said in a statement…

Russia Boosts Crude Oil Exports from Sakhalin-1

Russia plans to boost crude oil exports from the ExxonMobil-led Sakhalin-1 project to between 260,000 to 266,000 barrels per day (bpd) in the third quarter after major oil producers agreed to lift production at the end of June, industry sources said on Monday.The exports include 10…

​​​​Chinese Tariffs on LNG, Oil May Threaten US Energy Dominance

© Igor Groshev / Abobe Stock

China's targeting of U.S. liquefied natural gas and crude oil exports opens a new front in the trade war between the two countries, at a time when the White House is trumpeting growing U.S. energy export prowess.China included LNG for the first time in its list of proposed tariffs on Friday, the same day that its biggest U.S.