The US Federal Gulf of Mexico accomplished an annual record reaching the US cruse oil production of 1.8 million barrels per day in 2018, and EIA now expects that the oil production in GOM will set new production records for 2019 and 2020.
As the IMO 2020 sulphur cap is nearing, shipping companies are taking their measures to comply with the regulation. However, a solution might be the use of crude oil. Namely, such an oil requires blending, but no refining, before being used as a ship fuel, while they could also be used with little modification. These fuels could prove to be low in sulphur and not too flammable.
An Iranian representative to London announced that the oil cargo of tanker Adrian Darya 1 – previously known as Grace 1 – was sold at sea to a private company, denying that Tehran had broken its promises over the vessel and highlighted that EU’s Syria sanction do not apply to Tehran.
Eagle Terminals Corpus Christi LLC received its fist vessel at its new dock on the Corpus Christi Ship Channel on Wednesday, September 11. LLC is a joint initiative between Plains All American Pipeline and Enterprise Products Partners LP.
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 tonnes in June 2019, according to BIMCO. Also contributing to the June record was South Korea, as exports to the other main Far Eastern buyer reached an all-time high volume of 2.3m tonnes.
Libyan National Oil Corporation declared a state of force majeure on crude oil loadings at Zawiya port beginning on July 20. This is because of an unlawful Sharara pipeline valve closure by an unidentified group between Hamada and the Zawiya port, suspending production. However, today (July 22), NOC announced that it lifted the force majeure.
According to Gibson Shipbrokers, OPEC+ announced the expansion of their product cuts for additional nine months until the end of the first quarter of 2020. Yet, the OPEC cuts are a negative development concerning Middle East’s tanker market, mostly affecting VLCCs.
According to EIA, the US crude oil production and lease condensate, accomplished a milestone in April 2019, with 12.2 million barrels per day. April 2019 is the first time that monthly US crude oil production surpassed the 12 million bpd. This record follows August’s 2018 record, when US crude oil production surpassed the 11 million bdp.
An ongoing tension in the Middle East, in the wake of the recent tanker attacks in Gulf of Oman, has brought major insurance costs for oil tanker owners, who load cargoes from the world’s largest crude-export region. War risk premiums have now surged to at least $185,000 for supertankers.
US imports of crude oil from members of the Organization of the Petroleum Exporting Countries (OPEC) in March 2019 totaled 1.5 million barrels per day (b/d), their lowest level since March 1986, according to data provided by the US Energy Information Administration (EIA).
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