China’s busiest oil ports are seeing queues of tankers waiting to offload crude for refineries that are quickly ramping up production amid a rapid rebound in fuel demand.
Fortune, the Iranian tanker, is sailing towards the 12-nm boundary of Venezuela’s territorial seas, bringing its controversial journey to a close.
Following the COVID-19 crisis, Canadian and Alaskan crude which normally travels to the US West, started to finding a market in China, where condition is almost back to the pre-outbreak levels.
Following the collapse of US crude oil prices below $0, the US President Donald Trump raised the prospect of armed confrontation with Iranian forces in the Persian Gulf, which led to the American crude oil increasing.
For the first time in history, US crude oil prices collapsed below $0, as a result of COVID-19 disruptions that brought a supply gut. Monday ended at a stunning minus $37.63 a barrel, as desperate traders paid to get rid of oil.
Rystad Energy estimated that the extra oil coming into the global market from April will be as much as 3 million barrels per day (bpd), while OPEC+ countries are able to add next month 2 million bpd, according to their storage, spare capacity and ramp up capabilities.
Following the COVID-19 outbreak and the price war between Saudi Arabia and Russia, oil industry is impacted negatively as it marked its largest weekly collapse since 2008.
In light of the COVID-19 global outbreak and the travel restrictions imposed by the US President Donald Trump, the oil prices dropped by $2.01. In fact, Brent crude LCOc1 oil was down by 5.6%, at $33.78 by around 0930 GMT. US crude CLc1 was down $1.77, or 5.4%, at $31.21, Reuters reported.
By augmenting the relatively light domestic crude oil production with relatively heavy crude oil imports, the United States has significantly increased its ability to export refined product, according to the US EIA.
Although several forecasts estimated that the oil demand will drop due to the coronavirus outbreak, oil prices ended up higher about 1%, for 3rd straight session, while investors expected that the oil producers would cut more output.
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