Russian Seaborne Oil Exports Plummet 16% in July
Russian seaborne crude oil export volumes have remained strong and grew 13% y/y in 2022 despite the invasion of Ukraine. However, after a 4% m/m fall in June, volumes fell another 16% m/m in July, and the Russian administration has announced export cuts for August, says Niels Rasmussen, Chief Shipping Analyst at BIMCO.An even more important factor for the crude tanker market is how EU regulations have reshaped crude trades. China, India, and Türkiye have replaced EU countries as the main buyers of Russian crude oil…
Saudi Arabian Crude Oil Exports Fall 12%
“By agreeing to an additional voluntary production cut within OPEC (Organization of the Petroleum Exporting Countries) of 500,000 barrels per day in May and announcing a further independent production cut of 1,000,000 barrels per day in July, Saudi Arabia is aiming to reduce excess supply and support prices,” says Niels Rasmussen, Chief Shipping Analyst at BIMCO.According to the EIA (U.S. Energy Information Administration), Saudi Arabian oil production fell to 9.9 mbpd (million barrels per day) in May…
Pemex Crude Output Lowest In March
Crude oil production from Mexico's state-run oil company Pemex totaled 2.469 million barrels per day (bpd) in March, the company said on Friday, marking the lowest level of output since the 1990s. The level of crude production in March was the lowest level of monthly output since June 1990, according to energy ministry data, excluding a single month in 1995 when output was down by more than 800,000 due to Hurricane Roxanne. Meanwhile, crude oil export volumes in March were down 11 percent at 1.133 million bpd compared to the previous month, Pemex said, which was the lowest level of shipments since June. Since hitting peak production of 3.38 million bpd in 2004, Mexican crude output has slid by a quarter to settle at 2.52 million bpd last year.
