Med Crude-Kazakh CPC Strengthens, Azeri Exports to Drop

Tuesday, April 08, 2014

Kazakh CPC Blend crude strengthened on Tuesday as the outlook soured for the resumption of rival Libyan oil exports and a loading programme showed lower Azeri loadings in May.

In the Platts window, oil major Total bid for CPC at dated Brent minus 50 cents, some 20 cents stronger than previous price estimates, but found no sellers, traders said.

In the Urals market, Eni offered a cargo in the Baltic at dated Brent minus 75 cents, but found no buyers as the levels were considered too strong.

Traders said CPC might be strengthening as the market for light barrels in Europe might be tightening.

Azeri Light oil exports will decline in May to 748,000 barrels per day from 818,000 bpd in April, traders said on Tuesday, citing a loading programme. The April program was one of the largest in several years.

There was also no clarity on the resumption of Libyan oil flows.

Libya's National Oil Corp (NOC) has yet to lift force majeure at the eastern ports of Zueitina and Hariga following a deal with federalist rebels to reopen them after a nine-month blockade, an oil ministry official said on Tuesday.

Al Awami said staff at Arabian Gulf Oil Co, which runs the Hariga terminal, had joined a general strike in Benghazi that began on Sunday. It was unclear whether this would affect the port's ability to resume exports.

Workers at Zueitina were carrying out maintenance and checking facilities before the resumption of exports, Al Awami said.

Only the western offshore oilfields Bouri and Al Jurf were producing and exporting as usual. Crude from the only open port in the east was being sent to the Zawiya refinery, to make up for the still-closed southwestern El Sharara oilfield, which normally feeds it.

Iraq's rush to pump more oil to Asia has coincided with complaints from some buyers about the quality of its crude, casting doubt on whether Baghdad can increase the volumes of its key Basra Light grade to the region by a third in 2014.

Meanwhile, Iraqi exports from the Mediterranean port of Ceyhan remained suspended for more than a month, shipping sources said.

(Reporting by Dmitry Zhdannikov; Editing by Erica Billingham)

Maritime Reporter November 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Tanker Trends

INTERTANKO Launches ECA Bunker Surcharge Clauses

INTERTANKO’s documentary committee has launched bunker surcharge clauses for Emission Control Areas (ECA).   Rising bunker prices due to rising oil prices and

DSME Returns for More Dual-Fuel Engines

MAN Diesel & Turbo received an order for four MAN B&W 5G70ME-GI engines in connection with Daewoo Shipbuilding & Marine Engineering Co.,Ltd. (DSME) agreeing a deal

USCG Addresses Future of Marine Fuels

The future of marine fuels from the Liquefied Gas Carrier National Center of Expertise   The Pacific Merchant Shipping Association hosted The Future of Marine

Finance

Transpacific Box Shippers Plan Freight Rate Rise

A container shipping organisation urged companies on Wednesday to raise Asia-U.S. freight rates by at least $600 per 40-foot container (FEU) from Jan. 15, corresponding to an increase of 26.

Container Volumes on the Rise in South Carolina

Container volume up 13 percent at South Carolina Ports Authority; Charleston benefiting from federal appropriations    The SC Ports Authority announced another

Liebherr Expects Turnover Dip

For the 2014 business year, the Liebherr Group is currently anticipating an overall turnover of 8,866 million euros (2013: 8,964 million euros). In the area of construction machines and mining,

News

Damen Responds to Evolving Fishing Practices

Maaskant Shipyards Stellendam meets fishing sector’s growing needs by performing electric pulse fishing conversions   As European fishing policies evolve, so fishing techniques advance.

Maaskant Shipyards Earns ISO 9001:2008 Certificate

Maaskant Shipyards (Stellendam), part of Damen Shipyards Group, has received certification from Bureau Veritas for aligning its quality and management systems with

Duffy Named President of Carnival Cruise Line

Christine Duffy has been named president of Carnival Cruise Line, Carnival Corporation & plc. announced today.   Duffy, currently president and CEO of Cruise Lines International Association (CLIA),

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Navigation Pod Propulsion Port Authority Salvage Ship Electronics Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1624 sec (6 req/sec)