Natural gas deliveries to US facilities producing LNG for export achieved a monthly record in July 2019, averaging 6.0 billion cubic feet per day (Bcf/d). This is 7% of the total US dry natural gas production, according to data from OPIS PointLogic Energy.
Greece, Israel, Cyprus and the US agreed to boost cooperation in energy, as well as cyber and infrastructure security, Greek Energy Minister Kostis Hatzidakis said, following a meeting among the ministers of the four countries in Athens, Wednesday.
In a bid to boost Australia’s alarmingly low domestic fuel stocks, the Australian government is negotiating with the Trump administration to buy millions of barrels of oil from the US’ tightly guarded fuel reserve. This follows a report by MUA raising concerns on the country’s extremely low liquid fuel reserves.
US exports of LNG have been growing continuously and reached a new peak of 4.7 billion cubic feet per day in May 2019, according to the latest data published by the US Department of Energy’s Office of Fossil Energy. In 2019, the US became the world’s third-largest LNG exporter, averaging 4.2 Bcf/d in the first five months of the year.
Reuters reports that the recent attacks around the Strait of Hormuz and the Gulf of Oman have increased insurance costs resulting to the decrease of purchases of marine fuels in the UAE Fujairah oil hub, as shippers are trying to mitigate their time in the Middle East.
The International Energy Agency expects that China and the US will become world’s biggest LNG exporters and importers in five years. The US will surpass Australia’s and Qatar’s LNG exports in 2024, Reuters reports.
The establishment of air emissions regulations in the form of Emission Control Areas (ECA) and the upcoming IMO 2020 sulphur cap are leading the search for economically, commercially, and environmentally acceptable marine fuels. US Coast Guard examiners are seeing a new trend on ships carrying liquefied petroleum gas (LPG) and ethane. Namely, these vessels are using their cargoes as fuel during ocean transits.
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.
A wider conflict between the US and Iran would be negative for most types of ships and for the oil markets in general, as fewer ships will transit the Straits of Hormuz, said VesselsValue in its latest analysis, following tensions on the aftermath of the recent tanker attacks in the Gulf of Oman.
The American Petroleum Institute released its latest Monthly Statistical Report and API Industry Outlook outlining the increased growth and resiliency of the US natural gas and oil industry. Namely, US crude oil production reached a new all-time high of 12.2 million barrels per day in May 2019.
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