Oil Export News

Enterprise Products Partners on Tuesday said it expects to have two contracts for its proposed deepwater oil export terminal by May 31 and reach a final investment decision before year-end.Enterprise's ambitious Sea Port Oil Terminal (SPOT), proposed off for a site off the coast of Texas, would be able to load two supertankers at a single time. It received a key government license this month, but is yet to sign any commercial customers.The cost of the project has soared to about $3 billion…

As U.S. shale oil boomed last decade, an oil pipeline company pitched an ambitious multi-billion-dollar export port off the Texas coast to ship domestic crude to buyers in Europe and Asia.In April, Enterprise Products Partners' SPOT became the first project to receive a license from the U.S. maritime regulator for a deepwater port that could load two supertankers, each of which can carry up to 2 million barrels of oil at a time.But multi-year regulatory delays, a loss of commercial backers and slowing U.S.

The port of Corpus Christi, Texas, the top U.S. oil export hub, said it exported 6.40 million barrels per day of crude oil in the first quarter, up 6.9% from the same period a year ago.The U.S. Gulf Coast port handles more than half the nation's oil exports, benefiting from its pipeline ties to South and West Texas shale fields. Its volumes have risen along with shale oil production.Overall, the port has moved nearly 48.9 million metric tons of goods through the Corpus Christi Ship Channel in the first quarter.

Enterprise Products Partners said on Tuesday it had received a deepwater port license for its Sea Port Oil Terminal (SPOT) in the Gulf of Mexico from an agency of the U.S. Department of Transportation.The project, located near Freeport, Texas, would become the biggest offshore oil export terminal in the U.S. after completion with a capacity to load two supertankers at a time and export 2 million barrels of crude oil per day."The receipt of the license is the most significant milestone to date in the development and commercialization of SPOT…

India's Reliance Industries, operator of the world's biggest refining complex, will not buy Russian oil loaded on tankers operated by shipping company Sovcomflot (SCF) after recent U.S. sanctions, according to two sources familiar with the matter.The development adds to oil export problems for Russia as its oil firms may face difficulties finding ships to sell surplus oil after recent Ukrainian drone attacks on the state's refineries. Russian companies are already struggling to collect payments for oil exports due to banking restrictions.The U.S.

Commodities trader Trafigura said on Saturday it was assessing the security risks of further Red Sea voyages after firefighters put out a blaze on a tanker attacked by Yemen's Houthi group a day earlier.The U.S. military said a U.S. Navy ship and other vessels provided assistance after the Marlin Luanda was hit by a Houthi anti-ship missile."No further vessels operating on behalf of Trafigura are currently transiting the Gulf of Aden and we continue to assess carefully the risks involved in any voyage…

Russian oil tankers are not targeted in the European Commission's proposal for tightening the implementation of a price cap on the country's crude oil, EU diplomats said on Wednesday.The Financial Times reported earlier on Wednesday that Denmark will be tasked with inspecting and potentially blocking Russian oil tankers sailing through its waters under new European Union plans as a way of enforcing a $60 per barrel price cap on Moscow's crude.The FT said that Denmark would target tankers carrying Russian oil that did not have Western insurance…

Denmark will be tasked with inspecting and potentially blocking tankers carrying Russian oil through its waters under new European Union plans, the Financial Times reported on Wednesday, citing three unidentified sources.Russia sends about a third of its seaborne oil exports, or 1.5% of global supply, through the Danish straits so any attempt to halt those supplies would send oil prices higher and trigger a confrontation with Russia. The FT said that Denmark would target tankers carrying Russian oil that did not have Western insurance…

Russia's oil exports via its western sea ports in November may fall by some 300,000 barrels per day (bpd) after ample supplies in September-October as domestic refineries are expected to raise runs as seasonal maintenance ends, three sources familiar with the plans said.Urals, Siberian light and KEBCO crude oil exports from Primorsk, Ust-luga and Novorossiisk ports are set to decline by some 300,000 bpd from October to slightly above 2 million bpd, according to the sources familiar…

The Port of Corpus Christi on Wednesday named Chief Financial Officer Kent Britton as its new chief executive officer to head the largest U.S. oil-export port by volume.The appointment comes nearly four months after Sean Strawbridge, the previous chief executive, abruptly resigned after he was questioned about his business expenses.Strawbridge has said all his expenses were in compliance with port policies and state statutes, and have all cleared the internal review process and…

Iran's oil output and exports jumped in August despite U.S. sanctions, according to consultants and companies that track tanker shipments, as Tehran sells to buyers including China.Analysts said the higher exports appear to be the result of Iran's success in evading U.S. sanctions and Washington's discretion in enforcing them as the two countries seek better relations.The United States has sought to limit Iran's oil exports since Donald Trump exited a 2015 nuclear accord in 2018 and re-imposed sanctions aimed at curbing revenues to Iran's government.

Insurance companies have notified charterers of ships operating in Russia's Black Sea ports of an increase in additional payments known as "war risk premiums", four traders said.A war risk premium was added to the common insurance costs for tankers last year after the start of Russia's military action in Ukraine, which Moscow calls a special military operation.Military actions in the Black Sea area of Russian and Ukrainian Black Sea ports have escalated since the grain export deal fell apart in mid-July.Most recently Russia reported several attacks at its Black Sea ports.

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…

“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…

Enterprise Products Partners' Sea Port crude oil export terminal off the coast of Texas could begin operations between the second half of 2026 and early 2027, the pipeline operator's co-CEO said on Thursday. The terminal, planned for about 30 miles (48 km) off the coast of Texas, is one of several deepwater projects proposed at the height of the U.S. shale oil production boom. Enterprise Co-CEO Jim Teague disclosed the proposed Sea Port Oil Terminal's start date at an RBN Energy export conference in Houston.

Russia's seaborne oil exports from Primorsk, Ust-Luga and Novorossiisk hit 4-year record of 2.4 million barrels per day (bpd) in May as domestic refineries maintenance season freed up extra barrels, Refinitiv Eikon data showed on Monday.Russia's oil exports have been growing steadily over the last couple of months even though the state pledged additional cuts in line with OPEC+ members. Saudi Arabia has recently announced a deep cut to its output in July on top of a broader OPEC+ deal.Russian refineries cut runs in May amid major seasonal maintenance on most plants…

Sean Strawbridge, chief executive of the Port of Corpus Christi, the largest U.S.

A Norwegian naval officer was found guilty on Monday and sentenced to a two-month suspended jail sentence for negligence leading up to the 2018 collision between a warship he commanded and an oil tanker in which the military vessel sank.Building a replacement for the lost Helge Ingstad frigate would have cost up to 13 billion crowns ($1.24 billion), the armed forces estimated in a 2019 report.The early-morning crash between the Ingstad and the fully loaded Sola TS crude carrier near a major North Sea oil export terminal also triggered shutdowns of parts of Norway's petroleum production.

Oil pipelines from the top U.S. shale field to Houston that have run half empty are filling again as rising output has absorbed most of the space on lines to the main south Texas export hub in Corpus Christi.U.S. crude exports climbed to a record of about 4.5 million barrels per day (bpd) in March, spurred by recovering Chinese demand and competitive pricing for U.S. oil. Sanctions on Russian crude purchases by the European Union and Britain also have boosted demand.Pipelines…

The Nordlotus sailed from Turkey's Ceyhan oil export hub loaded with Azeri crude on Monday, the first such shipment since earthquakes hit the region on Feb. 6, ship-tracking data showed and a trading source said.The tanker carried 682,500 barrels of oil and began loading on Feb. 12, Turkish state energy company BOTAS said in a statement on Monday.The Alfa Baltica was also shown at a jetty at the Botas Ceyhan oil terminal on Monday and was loading Azeri crude, the trade source said.The earthquakes that struck Turkey and Syria halted operations at Ceyhan, which receives crude supplies from northern Iraq and Azerbaijan.Loading of Azeri oil at Ceyhan resumed on Sunday, a spokeswoman for BP said. The company declared force majeure on loadings of Azeri crude from Ceyhan on Feb.

BP Azerbaijan has declared force majeure on loadings of Azeri crude from the Turkish port of Ceyhan, after a series of earthquakes on Monday, the company said on Wednesday.The notice was issued to oil shippers following a temporary suspension of loading operations from the Ceyhan Marine Terminal (CMT), BP Azerbaijan spokeswoman Tamam Bayatly told Reuters by email.BP Azerbaijan operates the Azerbaijan and Georgia sections of the Baku-Tblisi-Ceyhan (BTC) pipeline.BP did not immediately respond to a request for comment.Azerbaijan uses the Turkish port of Ceyhan as its main crude export hub…

Western sanctions on Russia have significantly reduced state oil revenues and diverted tens of billions of dollars towards shipping and refining firms, some with Russian connections.Most of the winners from the sanctions are based in China, India, Greece and the United Arab Emirates, at least 20 trading and banking sources said. A handful are partly owned by Russian companies.None of the firms is breaching sanctions, the sources told Reuters, but they have benefited from measures…

A fire that engulfed hundreds of shipping containers at Turkey's Iskenderun Port after massive earthquakes in the region has been extinguished, the defense ministry said on Tuesday, but it was not clear when operations would resume at the port.Turkey's maritime authority said on Monday that the port, located on the Mediterranean coast in the southern province of Hatay, was damaged due to the earthquake that struck Turkey and neighboring Syria.Drone footage showed fierce flames blackening hundreds of containers on the dock…