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Members are advised of the UK MTO advisory published yesterday concerning the attack in the Red Sea.
Opec crude production fell by 240,000 b/d in February to 30.68 million b/d, its lowest level in 4 years. February numbers show a significant over compliance, with Saudi Arabia leading efforts to implement cuts with a 153% compliance rate, some 170,000 b/d already below their overall target. Iraq and Saudi Arabia alone contributed 170,000 b/d in additional cuts between them in February alone. However, having already cut production close to their original 2019 target, they may now be missing the opportunity to capture market share in the face of rising demand. The weekly tanker market report by Gibson Shipbrokers features an overview of the crude oil and oil product tanker market.
After falling to $50/bbl in late December, Brent and heavy sour Oman crude prices have recovered to over $67/bbl. OPEC’s decision in December to cut production by almost 800,000 b/d for an initial period of six months seems to have had the desired effect of lifting flailing crude prices, which traded at $85/bbl in October. Although prices are still considerably lower compared to those recent highs, it is so far an encouraging sign. IEA numbers released last week showed a decrease in OPEC production of just under 1.2 million b/d from October levels, an overcut of almost 400,000 b/d due to over compliance from producers such as Saudi Arabia. When taking ‘non-OPEC’ production cuts into consideration, the total cut for January totalled over 1.3 million b/d. The weekly tanker market report by Gibson Shipbrokers features an overview of the crude oil and oil product tanker market.
Canada has the third largest oil reserve behind Venezuela and Saudi Arabia. Since the 1960’s Canada has been producing oil from the large oil sands reserves that are deposited around Edmonton. Weekly tanker market report by Gibson Shipbrokers.
Chinese crude imports have continued to set new records this year, peaking at 11.7 million b/d in June, with Saudi Arabia the largest exporter of seaborne crude to China. From January to October Chinese crude buyers bought an average of 1.52 million b/d from Saudi Arabia. Weekly tanker market report by Gibson Shipbrokers.
This week global crude benchmarks plummeted to their lowest levels in 18 years, as Saudi Arabia and Russia became embroiled in an oil price war coinciding with a period of colossal demand destruction, threatening the future of the growing US shale industry. The weekly tanker market report by Gibson Shipbrokers.
Geopolitics is the dominating variable in the tanker market these days. With the OPEC+ negotiations falling apart and Saudi Arabia initiating an oil price war, the crude oil tanker spot freight rates, and time charter (TC) rates have soared.
The Riyadh MoU initiates concentration inspection campaign on crew familiarisation for enclosed space entry
