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Oil Exports

Libyan Oil Port Re-Opening Delayed

Technical problems have delayed the reopening of Libya's eastern Zueitina oil export terminal after the government reached a deal with rebels to end an eight-month blockade of the port, a minister said on Sunday. Two weeks ago, the Tripoli government reached an agreement with rebels in the restive east to end their occupation of four oil ports which had halted vital exports. Under the plan, the Hariga and Zueitina ports were due to open immediately while the larger Ras Lanuf and Es Sider terminals would resume oil exports within a month. But justice minister Salah al-Merghani said Hariga port located in Tobruk in the far east would be the only one to start operations due to technical problems at Zueitina. "There is some damage (at Zueitina port) due to the long closure," Merghani told a televised news conference from the eastern city of Benghazi. He declined to give a date for the resumption of oil exports from the 70,000 barrels-per-day port or for the Ras Lanuf and Es Sider ports. "Talks to reopen Ras Lanuf and Es Sider will only start after Zueitina has reopened," he said. He said the formation of a committee to investigate claims of corruption in the oil sector, a key rebel demand, had also been delayed as both sides needed first to agree on its members. Libya's government badly needs to boost oil exports, revenues from which are the main source for the budget and crucial to funding essential food imports such as wheat.


Libyan Port's Oil Exports Halted by Protesters

 Zueitina oil terminal: Photo courtesy of Zueitina Oil Company

Protesters demanding jobs closed off the eastern Libyan port of Zueitina for a sixth day, extending a halt in oil exports, according to a senior oil industry source and to one of the demonstrators, as cited by Reuters. Roughly a dozen men last Tuesday evening forced their way into the port, just hours after Zueitina Oil Company workers had temporarily suspended a strike and resumed production at oilfields that pump to the terminal.


Lehman Bros.: General Maritime Is A Strong Buy

Lehman on Monday started coverage of oil tanker charterer Maritime with a strong buy rating and a 12-month price target of $25. "We expect charter hire rates to remain firm and recover through the remainder of the year as oil production volumes from Iraq and OPEC increase requiring transportation service," said a research note. Iraq, which in June cut oil exports to protest the U.N. administered oil-for-food program put into place after the invasion of Kuwait in 1990


Crude Flows Again At Ceyhan

Iraqi crude oil exports were flowing again at the Turkish port of Ceyhan, where the second vessel this year was finishing lifting and three new cargoes were expected to turn up soon, industry sources said. The sources said the Marina M, which recently replaced the earlier chartered Seadancer, has just about finished lifting one million barrels of Kirkuk crude and the two million barrel Amazon Falcon is already berthed and waiting


UN Keeps Vigil Eye On Iraqi Surcharge

There is no chance of the United Nations turning a blind eye to any oil companies that pay a surcharge that Iraq is continuing to demand for its oil exports, United Nations diplomats said. "No way are we going to be turning a blind eye to this," one diplomat said when asked if the United Nations could overlook such payments."Industry sources said that Iraq is insisting that customers for its crude under the United Nations oil-for-food program pay a 40 cents per barrel surcharge direct to an


Libyan Rebel Leader: Govt Has Not Fulfilled Deal to Reopen Ports

A rebel group controlling two large oil export ports in eastern Libya said on Wednesday the government had not fulfilled its part of an agreement to reopen the ports. Abd-Rabbo al-Barassi, self-declared prime minister of the group, also told a pro-rebel television station it refused to deal with new Prime Minister Ahmed Maiteeq. (Reporting by Ulf Laessing; Editing by Andrew Roche)


Grounded Tanker Refloated

A grounded Norwegian oil tanker carrying 450,000 barrels of crude oil was re-floated near the Venezuelan coast and left for the U.S. Tuesday night, authorities said. The SKS Tagus, bound for the U.S. port of Delaware, reportedly ran aground on in the Maracaibo shipping channel in western Venezuela after a problem with the steering, Reuters reported. "She was successfully re-floated and left last night," a shipping source said


Norwegian Union Members Head Back To Work

Norwegian union members went back to work Tuesday, ending a six-day strike that hit everything from oil exports to hotels in the nation's most serious labor dispute since the 1980s. The strike ended after employers raised a 2000 pay offer to 4.6 percent from 3.5-4, averting a threatened escalation of the stoppages to 102,000 workers from 86,000. An expansion would have made it the biggest labor conflict in 70 years.


Intertanko's Swift Addresses Russian Group

The Russian Register of Shipping's seminar on Maritime Safety and Security in St. Petersburg this week attracted an array of international speakers, including INTERTANKO MD Peter Swift. The seminar was opened by the Russian Minister of Transport, Sergei Frank, who was joined by IMO Secretary General elect, Thimio Mitropoulos; USCG Assistant Commandant, Tom Gilmour; IMO MEPC Chairman, Andreas Chrysostomou; EC Director of Maritime Transport, Fotis


Libyan's Zueitina Port To Open After Damages Assessed

Libya's eastern oil port of Zueitina, which had been occupied by rebels as part of an eight-month oil blockade, will reopen after damage at its facilities has been assessed, the country's justice minister said on Sunday. Salah al-Merghani also told reporters in the eastern city of Benghazi that a committee to investigate oil corruption had been formed, as agreed under a deal between the government and rebels to end a blockade of eastern oil ports.


Libya Oil Exports Stutter, Major Eastern Ports Await Restart

Libya will not be able to export oil through its two largest eastern ports before August, due to safety checks after a near year-long closure, a senior oil official said on Wednesday. The latest twist in a spiral of violence also casts a shadow over the vital deal two weeks ago to end the


Med Tanker Market Pins Freight Rate Hopes on Libya Oil Export Push

Rising oil exports from Libya after months of disruption helped push Mediterranean tanker rates to the highest levels in nearly six months on Wednesday, and shipping players expected more gains in earnings as shipments from the OPEC member step up.


Update: U.S. to Seize Kurdish Oil from Tanker off Texas

U.S. authorities are set to seize a cargo of oil from Iraqi Kurdistan anchored off the Texas coast after a judge approved a request from Baghdad, raising the stakes in an oil sales dispute between Iraq's central government and the autonomous region.


US Crude Oil Exports Hit 15-year High

U.S. crude oil exports reached 288,000 barrels per day (bpd) in May, the highest levels since April 1999, data from the U.S. Energy Information Administration showed on Wednesday. The increase compares to April figures of 268,000 bpd, data showed.


Continental Resources Applies To Swap U.S. Crude Oil Abroad

Continental Resources , the largest leaseholder in the booming North Dakota oil fields, recently applied for a U.S. license to swap crude oil abroad in an attempt to get around the country's 40-year ban on exports, a spokeswoman confirmed on Friday.


Second Tanker of Kurdish Oil Leaves Turkey Despite Baghdad Protest

A second shipment of Iraqi Kurdish crude has sailed from the Turkish port of Ceyhan, industry and government sources said, increasing the stakes in a battle with Baghdad over control of oil sales from the autonomous region. The United Emblem suezmax tanker, carrying 1 million barrels of crude


Oil Prices Climb Again Amid Escalating Violence In Iraq

  Crude oil prices rose to new nine-month highs on Friday as concerns persisted that an insurgency in Iraq could disrupt oil exports from the second-largest OPEC producer. Grand Ayatollah Ali al-Sistani, the highest religious authority for Shi'ites


US Crude Oil Exports at 15-year High

Crude oil exports from the United States were 268,000 barrels per day in April, the highest in 15 years, with almost all of the oil delivered to Canada, the U.S. Energy Information Administration said on Monday. Exports have increased sharply since the start of 2013 and have exceeded 200


Crude Falls Below $114 as Iraq Supply Fears Ease

U.S. Secretary of State John Kerrylanded in Baghdad on Monday. (Photo: http://www.state.gov)

Sunni insurgents capture three towns in Iraq's Anbar Iraq's oil exports near record rates in June U.S. Secretary of State John Kerry lands in Baghdad   Brent crude dipped below $114 a barrel on Monday as worries about disruptions to Iraqi crude supplies began to look


Redefining Refining & U.S. Government Policy: Analysis

US Crude Oil Production by Grade: Source Poten/EIA

A recent WSJ article and BIS permits raise questions and highlight the debate as to what constitutes processing, or refining, or manufacturing, which would make certain hydrocarbon streams to be eligible for export. Poten & Partners explore further in their latest 'Poten Tanker Opinion' as


US Tankers Built on Spec Face Choppy Waters

Aker Philadelphia Shipyard

U.S. shipbuilders are making a $500 million bet on robust domestic demand for crude oil from newly-tapped shale fields by building new tankers without having lined up customers to lease them. Philly Tankers AS, majority-owned by Aker Philadelphia Shipyard is building four ships on spec


Oil Falls Towards $111 on Libya Ports Deal

Oil fell towards $111 a barrel on Wednesday, its lowest in almost three weeks, on a possible substantial recovery in Libyan exports after rebels said they would reopen two oil terminals. Libyan rebels blockading eastern oil ports have agreed to reopen the remaining two terminals at Es Sider and


U.S., Iran Says Nuclear Talks Big Differences Persist in Vienna

Secretary of State John Kerry

  Secretary of State of the United States, John Kerry said Sunday that there are still large differences between Iran and six world powers negotiating over Tehran's nuclear program, comments echoed by the Islamic Republic, while the deadline approaches to reach an agreement.


High Shipping Costs Deter Buyers of W. Africa Crude

Nigerian crude oil differentials held at two-year lows on Monday as demand remained subdued, partly due to high shipping costs from West Africa to Europe. Nearly half of the loading program for August, which originally had 65 cargos, was unsold on Monday


Ship Reportedly Booked for First US Condensate Export

The first condensate cargo for export is due to load in Texas at the end of this week, headed via the Panama Canal to Asia, shipping sources said. Westport Petroleum Inc., the Franklin, Tennessee-based shipping arm of Japanese trader Mitsui & Co






 
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