crude

VLCC terminal to be built at Port of Corpus Christi

The Port of Corpus Christi entered into an agreement with Carlyle to develop a crude oil export terminal on Harbor Island, to connect the increasing crude oil production in the US with global markets. The terminal will be the first onshore location in the US able of providing export service to fully-laden VLCCs.

VLCC access at the Port of Corpus Christi will open the global markets for US oil producers, pipelines, their supply chains and customers, leading to a $50 billion annual reduction to...

https://safety4sea.com/vlcc-terminal-to-be-built-at-port-of-corpus-christi/

Crude oil imports lead the changing US energy trade

During the past decade, the US trade gap for energy products has narrowed, as from 2003 to 2007, the value of energy imports was about 10 times greater than the value of exports, US EIA informed. By 2017, imports were only about 1.5 times greater than exports, according to data from the US Census Bureau.

The primary US energy import is crude oil, which generally accounts for about two-thirds of the total value of energy imports. Petroleum products—including LPG, gasoline, and diesel fuels—are...

https://safety4sea.com/crude-oil-imports-lead-the-changing-us-energy-trade/

Dalian port provides storage for Iranian oil before US sanctions

A large amount of Iranian crude oil will arrive at China’s Dalian port during October and the beginning of November, right before US sanctions on Iran apply. Namely, the National Iranian Tanker Company will ship more than 20 million barrels of oil to Dalian.

According to Reuters, the National Iranian Tanker Company said that Iran will not stop selling its oil. Namely, the company said that it has many ways to sell its oil and when the tankers arrive at Dalian, it will choose where to sell it, be...

https://safety4sea.com/dalian-port-provides-storage-for-iranian-oil-before-us-sanctions/

EIA: US increases production of lighter crude oil

As domestic production continues to increase, the average density of crude oil that the US produces continues to become lighter. The average API gravity (a measure of a crude oil’s density where higher numbers mean lower density) of US crude oil increased in 2017 and through the first half of 2018, EIA reports.

Crude oil production with an API gravity greater than 40 degrees increased by 310,000 barrels per day to more than 4.6 million b/d in 2017. This increase indicates 53% of total Lower 48...

https://safety4sea.com/eia-us-increases-production-of-lighter-crude-oil/

BIMCO: US crude oil exports to China fell to zero during August

In August there were zero US seaborne exports of crude oil to China. On the other hand, US crude exports to all destinations except from China hit a new all-time high in September at 6.96 million tonnes. The zero US crude oil exports to China is a massive change to the export pattern seen since early 2017, BIMCO said.

Namely, there were rumours that Chinese buyers, led by the world’s top tanker charterer Unipec, would stay away from US crude oil export and this is confirmed by the new data....

https://safety4sea.com/bimco-us-crude-oil-exports-to-china-fell-to-zero-during-august/

US sets new record in crude oil production, report says

The American Petroleum Institute (API) released its industry outlook for the third quarter of 2018. The report shows the US achieved another new record for crude oil production of 10.8 million barrels per day (MBD) over the past two months. However, US petroleum exports decreased by 1.3 million barrels per day since June.

Overall, US’s petroleum trade balance went from net imports of 2.9 MBD in June to 4.54 MBD in August, which is a 56%  increase in two months.

Nevertheless, API Chief Economist...

https://safety4sea.com/us-sets-new-record-in-crude-oil-production-report-says/

OPEC: US oil output to increase, but demand for OPEC crude will reduce

OPEC expects a steady rise in US oil output, as it will gain momentum in the next five years. OPEC also expects the demand for its crude to reduce, in spite of an increasing appetite for energy driven by global economic expansion.

The reduction in demand for OPEC crude is due to a strong non-OPEC supply in the 2017–2023 period, OPEC notes. The US is still the most important source of medium-term supply growth, contributing to two-thirds of new supply.

In addition, according to Reuters, the US has...

https://safety4sea.com/opec-us-oil-output-to-increase-but-demand-for-opec-crude-will-reduce/

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