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Crude Oil Exporter News

12 Feb 2020

US Seaborne Crude Oil Exports Up 51%

© Mitya Nevsky / Adobe Stock

December could boast another all-time high for US seaborne crude oil exports, totaling 13.9 million metric toes and exceeding the previous October record by almost a million metric tons. In 2019, 133 million metric tons of sweet US crude oil was exported by sea, a 51% increase from 2018.Due to the US shale revolution, the country became a net seaborne crude oil exporter in October 2019, and the record-breaking exports in December solidified the trend, as imports for the month amounted to 11.5 million metric tons crude oil.

09 Jan 2020

Mideast Tensions Create Insurance Headache for Tanker Owners

© leodeep / Adobe Stock

Even as the United States and Iran appear to signal a keenness to avoid further conflict, oil and gas shipowners are bracing to pay a price for the war of words that culminated in rocket strikes in Iraq over the last week - higher insurance bills.According to industry sources, payments known as war risk premiums for tankers shuttling through the Strait of Hormuz could rise significantly, adding hundreds of thousands of dollars to shipping costs in some cases that will ultimately…

23 Jun 2017

Novatek Aims to Topple Qatar from LNG Top Spot

File photo: Novatek

Russian gas producer Novatek aims to topple Qatar as the world's biggest exporter of liquefied natural gas as it gets closer to completing its first LNG project, a top executive said, batting away concerns about U.S. sanctions on the sector. The country's largest non-state gas producer is expected to start exporting LNG from the first phase of the Yamal project, situated far above the Arctic circle, towards the end of this year and may bring forward its final stage by six months, CFO Mark Gyetvay said.

16 Jul 2015

Saudis Pump Out Diesel as Price War Looms

New Yanbu refinery powers Saudi fuel exports; Saudi exports more diesel end-July as peak Mideast demand over. The world's top crude oil exporter Saudi Arabia has turned itself into a major power of refined fuels, offering customers millions of barrels of diesel and potentially triggering a price war with Asian competitors as its exports feed into a glut. Saudi Arabia, a leading member in the Organization of Petroleum Exporting Countries (OPEC), already pledged last November to keep crude output high to defend its market share against higher-cost producers. While the strategy has kept crude markets well-supplied and prices low, the Kingdom has seen mixed success in defending its market share as global production remains high despite low prices.

04 Mar 2014

Oil falls below $110 as Ukraine worries ease

Putin orders troops in military exercise back to base. U.S., EU warn Russia could face sanctions over Crimea; U.S. crude inventory likely rose 1 mln bbls last week. Oil fell more than $1 on Tuesday to below $110 a barrel after President Vladimir Putin recalled troops to base from military exercises in western Russia near its borders with Ukraine. April Brent crude was down $1.47 at $109.73 a barrel by 0900 GMT. It closed the previous session at its highest since Dec. 27. U.S. crude for April delivery fell as low as $103.60, after reaching a 5-1/2-month high at $105.22 on Monday. The contract was currently down $1.11 at $103.81. Russia invaded Ukraine's autonomous Crimea region at the weekend…

10 Jan 2006

CNOOC Signs $2.268B Agreement with SAPETRO

CNOOC Limited signed a definitive agreement with South Atlantic Petroleum Limited to acquire a 45 percent working interest in an offshore oil mining license ''OML 130'' in Nigeria for $2.268 billion, subject to adjustments. The purchase will be funded from the internal resources of CNOOC Ltd. OML 130 is covered by both a Production Sharing Agreement and a Production Sharing Contract, each of which governs a 50 percent interest in OML 130. SAPETRO is currently the sole contractor and sole interest holder in the PSC. Under the agreement, CNOOC will be acquiring a 90 percent interest in the PSC and hence, a 45 percent working interest in OML 130. Located in Nigeria, the world's fifth largest crude oil exporter, the Niger Delta region is one of the world's most prolific oil and gas basins.