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Sunday, May 24, 2015

Tanker News




Accelerating increase in oil demand - IEA

·                 In today’s oil market report IEA reports that despite slowing US US light tight oil ( LTO) output, global oil supply growth remained at a steep 3.2 mbd year-on-year in April. At 95.7 mbd, total oil supplies were flat from March as higher OPEC output offset a drop in non-OPEC.   Non-OPEC supply growth for 2015 is projected at 0.830 mbd   Russian oil companies seem to be coping...... Login to view this article


Russia's Oil Output Highest Since Fall of Soviet Union – The Moscow Times

Russian oil production hit the latest in a line of post-Soviet highs in March, feeding higher exports that added to a global glut keeping crude prices low and hurting its economy. Sergei Karpukhin / Reuters A flame burns from a tower at Vankorskoye oil field owned by Rosneft company north of the Russian Siberian city of Krasnoyarsk. The big Gulf producers of OPEC have opted for holding on to...... Login to view this article


Projected decline in US oil production –EIA

In the April Drilling Productivity Report (DPR), EIA estimates that total crude oil production from the seven U.S. regions analyzed, which together accounted for about 95% of domestic crude oil production growth during 2011-13, will fall by 57,000 barrels per day (bbl/d) in May. This is the first time the DPR has indicated a decline in expected production levels since the report was first issue...... Login to view this article


Record high OPEC oil production in March – IEA

·          According to the April IEA Oil Market Report the forecast of global oil demand for 2015 has been raised by 90 kb/d to 93.6 mbd, a gain of 1.1 mbd on the year. The notable acceleration on 2014’s 0.7 mbd growth follows cold temperatures in 1Q15 and a steadily improving global economic backdrop. ·          Global supply rose by an estimated 1 mbd month-on-month in March, to 95.2 mbd, as...... Login to view this article


Cheaper oil facilitates the building of strategic reserves - IEA

IEA reports that since oil prices began their rapid retreat last June, the import bills of oil ‐ importing economies have declined. This has assisted governments in many of these countries in either adding to their strategic reserves or putting in place firm budgetary provisions to increase oil holdings.   The largest volume added over 2014 globally was located in China where the crude strategi...... Login to view this article


China's apparent oil demand rose 2.6% over the first two months - ECF

China's apparent oil demand rose 2.6% over the first two months of this year to 83.92 million mt or an average 10.43 million b/d, Platts estimates showed Monday, March 16, based on recently released government data.   This is the highest rate of growth over the period since the 5.7% recorded in 2012. Last year, there was a 0.6% year-on-year contraction in China's apparent oil demand over Januar...... Login to view this article


Global supply rose by 1.3 mbd year-on-year in February - IEA

·                 IEA reports in its monthly Oil Market Report today that, having bottomed-out in 2Q14 , global oil demand growth has since steadily risen, with year-on-year gains estimated at around 0.9 mbd for 4Q14 and 1.0 mbd for 1Q15. The forecast of demand growth for 2015 as a whole has been raised by 0.075 mbd to 1.0 mbd, bringing global demand to an average 93.5 mbd. ·                ...... Login to view this article


The market conditions unfavourable for storing oil on VLCCs - Statoil

Rune Bjørnson director thinks that the market situation is not in favour of storing oil on tanker. The typical costs per day for storing oil in underground caves is $ 0.25-0.30 per barrel per day, $0.50-0.80 per barrel per day in tanks on shore, and some 1.20 per barrel for storing on a VLCC. ... Login to view this article


U.S. petroleum product exports reach record high in 2014

EIA’s December Petroleum Supply Monthly data show that exports of non-crude petroleum products from the United States averaged 3.8 million barrels per day (mbd) in 2014, an increase of 0.347 mbd from 2013, and a new record high. Increased exports of motor gasoline and hydrocarbon gas liquids (HGL), including propane and butane, were the main contributors to the trend, while exports of distillat...... Login to view this article


The major US shale oil producers EOG Resources strongly reduces activity

According to the Bloomberg, EOG Resources makes a considerable cost cut and keep the prediction on the 2014 level. This year, EOG Resources plans to slow down its primary growth engine significantly in response to the changed crude oil price environment, as an attempt to maximize its returns in the long term. The company expects its 2015 full-year crude oil production to be flat, as it defers t...... Login to view this article