Chinese Crude Floating Storage Surpasses 50 Million Barrels
Vessels laden with crude waiting offshore China for more than seven days – which we classify as floating storage – has climbed above 50 million barrels for the first time. As the chart below illustrates, this volume is far beyond what is typical – the average over the first four months of this year was […]Tags: china crude imports, crude floating storage, floating storage, Kirkuk, Urals, Ursa
Dude, Where’s my Sour?
The expectation of lower Iranian exports have caused a flood of OPEC crude to head to East Asia, while Urals and CPC Blend sour barrels have been pulled away from Europe and towards Asia as well. Until sanctions kick in and Iranian barrels drop off, the Asian market appears more than well-supplied.Tags: Asia oil demand, CPC Blend crude exports, Indian oil imports, Iran oil exports, Urals
As good as it gets
Today’s blog post takes a look at OPEC’s monthly oil report, as well as exports of Russian Urals, Basrah light, Basrah heavy, and urea production.Tags: Basrah heavy, basrah light, fertilizer, OPEC oil exports, Urals