crude oil

China’s oil and gas imports set a new record on November

Chinese imports of crude oil reached a new record during November, surpassing the record that was achieved set in October. Namely, China’s crude oil arrivals increased by 8.5% in comparison with the same period last year. This is the first time China imports more than 10 million bpd.

Specifically, as stated above, China surpassed October’s record on heavy purchasing from private refiners and try-ups of new mega-refineries.

According to Reuters, the record Chinese imports set was to 10.43 million...

https://safety4sea.com/chinas-oil-and-gas-imports-set-a-new-record-on-november/

New record for US crude oil and natural gas proved reserves in 2017

According to EIA’s recent report ‘Crude Oil and Natural Gas Proved Reserves’, there is a continuous rise on shale and tight resources that drove proved reserves of both U.S. crude oil and natural gas to new records in 2017. Reserves of  U.S. crude oil increased 19.5% in comparison to 2016, whereas reserves of natural gas increased by 36.1% from the end of 2016.

As stated, there is a steady development of proved reserves on US crude oil and natural gas that exceeded the previous record of 388.8...

https://safety4sea.com/new-record-for-us-crude-oil-and-natural-gas-proved-reserves-in-2017/

PDVSA considers second STS operation off Venezuela

Venezuelan oil firm PDVSA is negotiating with shipping firms to establish a second ship-to-ship (STS) operation off Venezuela’s eastern coast. This aims to increase struggling crude exports.

Vessels waiting berth have remained at anchorage for periods ranging from weeks to months. In the most extreme cases, more than three months of wait time has been reported.

Prolonged storage of cargo in a ship’s holds created by these delays increases the risk of cargo damage or loss.

Namely, according to...

https://safety4sea.com/pdvsa-considers-second-sts-operation-off-venezuela/

Crude oil price forecasts uncertain amid Iran sanctions

EIA’s Short-Term Energy Outlook (STEO) forecasts Brent crude oil spot prices, which averaged $79 per barrel in September, to average $81/b in the fourth quarter of 2018, before falling to an average of $75/b in 2019. However, the effects of the US withdrawal from JCPOA, the re-imposition of sanctions on Iran, and the potential response from members of the OPEC pose significant uncertainty to the forecast.

EIA forecasts Brent crude oil prices to average $81/b in the fourth quarter of 2018,...

https://safety4sea.com/crude-oil-price-forecasts-uncertain-amid-iran-sanctions/

World’s first LNG Aframax crude oil tanker completes first voyage

On 22 October 2018, Sovcomflot’s crude oil tanker ‘Gagarin Prospect’, which runs on LNG, completed its voyage across the Baltic and North Seas from Primorsk to Rotterdam. The ship delivered 104,815 tonnes of crude oil. ‘Gagarin Prospect’ is the world’s first Aframax crude oil tanker designed to operate on LNG.

‘Gagarin Prospect’ is the lead ship of the next generation of tankers, which help Sovcomflot reduce its impact on the natural environment. This is particularly important for ships in...

https://safety4sea.com/worlds-first-lng-aframax-crude-oil-tanker-completes-first-voyage/

In the LOOP: Larger Suezmaxes making more trips from USGC to Europe on rising Aframax rates

Unusual strengthening in the US Aframax tanker market has compelled more crude oil shippers to use larger Suezmax vessels in recent weeks, according to shipping sources.

There have been at least nine vessels placed on subjects on the voyage charter market over the past two weeks making the trans-Atlantic voyage from the USGC to Europe, six Suezmaxes and four Aframaxes, according to S&P Global Platts data.

Aframaxes are typically used to carry crude across the Atlantic to Europe; however, recent...

http://blogs.platts.com/2018/09/18/loop-larger-suezmaxes-usgc-europe-aframax-rates/

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