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22.07.2014

China imports record-high crude from Iran - Fairplay

According to Fairplay . China has imported 630,000 barrels of crude oil per day in the first half of 2014, up by 48% year on year from 424,000 barrels per day in 1H13, according to data released by Chinese Customs on Monday.   This is a new record for crude import from Iran to China in the first half of a year, and it accounted to about 10% of China’s crude oil import in 1H14.   China’s crude...... Login to view this article

14.07.2014

China Adds to its Strategic Petroleum Reserve - IEA

IEA says that despite the opacity of information concerning China’s crude oil Strategic Petroleum Reserve (SPR), available data suggest that up to 73 mb of recently completed SPR capacity was filled during 2Q14 at an average of 0.800 mbd, marking the first additions to the reserve since early 2012. Recent assessments of stock builds are based on the ‘gap’ between crude supply (net imports plus...... Login to view this article

14.07.2014

The estimate of 2014 oil demand has been trimmed by 0.130 mbd following weaker-than-expected mid-year economic data - IEA

IEA July Oil Market report says OPEC supplies were virtually unchanged in June at 30.03 mbd, as lower Iraqi production offset gains in Saudi Arabia, Iran, Nigeria and Angola. The ‘call’ on OPEC for 2H14 was cut by 0.350 mbd to 30.6 mbd on improved non-OPEC supply and lower demand, and is forecast to dip to 29.8 mbd in 2015 from 29.9 mbd in 2014.     Non-OPEC supply is forecast to grow by 1.2 mb...... Login to view this article

10.07.2014

ExxonMobil to invest to in coker in Antwerp to convert HFGO to diesel and marine fuel

Financial times reports that ExxonMobil is to invest more than $1bn in its refinery in Antwerp, Belgium, in a rare vote of confidence in a beleaguered European industry hit by weak demand and competition from lower-cost US fuels.   The US oil major plans to build a new coker to convert heavy oil into diesel and marine fuel, a market it believes will grow in Europe over the coming decades even a...... Login to view this article

26.06.2014

Growing crude trade from Russia’s Kozmino terminal

Lloyd’s List reports CRUDE growing exports from Kozmino in Russia, a trade that started only four years ago, is offering a respectable 407,000 barrels per day for aframax tankers, enough to support almost five shipments per week.   It is a growing trade; average exports of this East Siberian crude back in 2012 were 321,000 bpd, enough for just under four shipments on aframaxes per week, accordi...... Login to view this article

13.06.2014

Call on OPEC oil up 1.3 mbd 3Q14 - iEA

According to IEAs Oil Market Report today Global oil demand is forecast to rise by 1.3 mbd in 2014, to 92.8 mbd, a modest acceleration on 2013 as the macroeconomic backdrop improves. Global oil demand is set to increase sharply from a low of 91.4 mbd in 1Q14 to a high of 94 mbd in 4Q14. Chinese oil demand is projected to increase by 0.355 mbd to 10.446 mbd up from 10.,091 mbd in 2013.   Global...... Login to view this article

13.06.2014

U.S. total crude oil production highest since the 1970s

EIA estimates that U.S. total crude oil production averaged almost 8.4 million barrels/day (mbd) in May, the highest monthly average production since March 1988.  U.S. total crude oil production, which averaged7.4 mbd in 2013, is expected to average 8.4 mbd in 2014 and 9.3 mbd in 2015. The 2015 forecast represents the highest annual average level of oil production since 1972. ... Login to view this article

22.05.2014

U.S. imports of crude oil from Africa fell by more than 90% between 2010 and early 2014 - EIA

African crude oil exports to the United States averaged 0.170 million barrels per day (mbd) for the first four months of 2014 as rapidly rising U.S. crude production has reduced U.S. refiner demand for imported light sweet crude oil. Historically, U.S. refiners have been major consumers of African crude oil, primarily light sweet crude from Nigeria, Algeria, and Angola, with the United States...... Login to view this article

06.05.2014

New US oil production peak - EIA

EIA estimates U.S. total crude oil production averaged 8.3 million barrels/day (mbd) in April 2014, which would be the highest monthly average production since March 1988.  U.S. total crude oil production, which averaged 7.4 mbd in 2013, is expected to increase to 8.5 mbd in 2014 and 9.2 mbd in 2015. The 2015 forecast represents the highest annual average level of production since 1972.     ... Login to view this article

25.04.2014

Products story not over - TradeWinds

TradeWinds reports that the Danish company Hafnia's chief executive says rough quarters like the first three months of 2014 are par for the course and he is not running scared of the large orderbook looming over the sector. “Why do we still believe product tankers is a good story? There are so many ships on order – why is it not totally collapsing?” he said at a media briefing in Copenhagen.  ...... Login to view this article