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Thursday, October 18, 2018

The US plans to build up strategic oil reserves - Lloyd's List/EIA

Lloyd's List reports that the US administration wants US-based oil corporates to supply a further 40,000 barrels per day of crude to the stockpile in exchange for oil from the Gulf of Mexico. US companies have been asked to exchange up to 8m more barrels of oil from October 2002 to April 2003, which will bring the exchange of oil from government offshore Gulf of Mexico platforms for reserve oil to 100,000 bpd. About 60,000 bpd of offshore Gulf of Mexico oil has been swapped since May.

Figures from the US Energy Information Administration (EIA) show that stockbuilding has so far been moderate in the US this year.

Crude oil imports for Strategic Petroleum Reserves (SPR) have also been marginal (0.01 mbd) over the last 12 months, according to figures from the EIA.

Crude oil imports week 30 were 9.2 mbd, which was 4.8% lower than for the same week in 2001.

Crude oil imports so far in 2002 have been 8.8 mbd or 5% below the imports for the same period in 2001.

Distillate imports January to 26 July 2002 were 0.198 mbd or some 12% lower than for the same period in 2001.

Gasoline imports have on the other hand increased strongly in 2002. The average imports so far in 2002 have been 0.982 mbd or some 18% over the same period 2001.

The full development can be viewed on the INTERTANKO web page at the following links (stocks, imports and production): http://www.intertanko.com/pubupload/US%20Crude.xls, crude oil stocks and imports; http://www.intertanko.com/pubupload/US%20Distillate.xls, distillate stocks and imports;
 http://www.intertanko.com/pubupload/US%20Gasoline.xls, gasoline stocks.