Crude Oil Export News

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.

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 Port of Corpus Christi reports it set another tonnage record in the third quarter of 2022, driven in large part by record exports of crude oil.The new quarterly tonnage record of 48.3 million tons surpassed the previous tonnage record set in the second quarter of 2022 of 46.4 million tons, a 4% increase on overall tonnage. The growth primarily was a result of strong exports of United States produced crude oil to Western European buyers who have moved away from Russian crude imports. The U.S.

Russian investigators were conducting searches at the Caspian Pipeline Consortium (CPC) after Saturday's oil spill near the Black Sea port of Novorossiisk, the regional branch of the investigative committee said on Thursday.Russia opened a criminal investigation on the spill, which occurred during loading of a tanker moored to an offshore floating jetty. According to CPC, a crucial part of the jetty broke and caused the accident."In connection with the criminal case, representatives of the Investigative Committee are interviewing CPC employees and examining documents. The consortium provides the necessary assistance to the investigation team…

The U.S.’ largest energy export gateway and Europe’s leading industrial deepsea port have entered into a Memorandum of Understanding that will allow the two global entities to collaboratively improve their global maritime operations.The Port of Corpus Christi and the Port of Rotterdam have outlined a number of shared objectives, which include codeveloping trade and commercial opportunities, fostering an exchange of information, and advancing the development and deployment of innovative technologies specifically related to navigational safety and environmental protection.Sean Strawbridge…

Great Lakes Dredge & Dock Corporation has secured several major dredging awards totaling $118.8 million, the U.S.' largest dredging services provider announced on Wednesday.The awarded deepening, coastal protection, and maintenance dredging work includes projects in South Carolina, North Carolina, Texas, Mississippi, Louisiana and New York.The Post 45 Contract 4 Charleston Lower Harbor New Work Dredging Project (Capital, S.C., $52.9 million) consists of maintenance and new work dredging of material from the Charleston Lower Harbor to Hugh Leatherman Terminal.

Oil prices fell in early trade on Friday as a massive hurricane raced inland past the heart of the U.S. oil industry in Louisiana and Texas, with a storm surge weaker than predicted.U.S. West Texas Intermediate (WTI) crude futures fell 16 cents, or 0.4%, to $42.85 a barrel as of 0014 GMT, adding to overnight losses.Brent crude futures for October, set to expire on Friday, fell 9 cents, or 0.2%, to $45.00 a barrel, while the more active November contract slipped 7 cents to $45.53.Hurricane Laura hit Louisiana early Thursday with 150 mile-per-hour (240 kph) winds…

Oil and gas exports from the United States have been severely disrupted by Hurricane Laura, with nearly a million barrels per day (bpd) of crude exports likely reduced this week by closures of U.S. Gulf Coast terminals and disruptions at ports.The hurricane also temporarily suspended operations at several liquefied natural gas (LNG) facilities in the world’s third largest exporter of the super-cooled gas, with shipments on track to fall to their lowest in 18 months.Laura made landfall early Thursday near the Texas-Louisiana border…

Developments in the oil tanker market in the past decade dominated by geopolitics, says shipping association BIMCO.Crude oil and product tanker markets alike have faced high volatility in recent weeks and months, largely due to geopolitics and the constantly evolving situation in the global oil markets. The first major disturbance since the fall in the oil price between the fourth quarter of 2104 and first quarter of 2016 came in the fourth quarter of 2019, after which freight rates have bounced back despite a collapse in demand.In these extraordinary times…

Enbridge Inc and Enterprise Products Partners LP on Monday signed an agreement to jointly develop a deepwater offshore crude oil export terminal in the Gulf of Mexico capable of loading Very Large Crude Carriers.Both pipeline operators will work to finalize an equity participation agreement that would provide Enbridge an option to purchase ownership interest in Enterprise's Sea Port Oil Terminal (SPOT), subject to SPOT receiving a deep-water port license, Enbridge said in a statement.The companies would first jointly develop the SPOT project, and depending on how the export market grows, would utilize Enbridge's Texas COLT deep-water port or a similar project."Enbridge and Enterprise Products are partners in the Seaway Pipeline system.

The Panama Canal is a strategic crossroads for maritime traffic, and is arguably one of the most important maritime developments in the past century. Here we take a deeper dive into the history behind that famous strip of waterway.The present canal, which saw its first vessel transits in 1914, along with possible alternatives through Nicaragua and Mexico, had actually been on the minds of merchants, explorers and military/political strategists since the Age of Exploration in early 1500’s.

Intercontinental Exchange Inc and Magellan Midstream Partners LP said on Wednesday they would auction dock capacity at Magellan's terminals in Galena Park and Seabrook, Texas, for holders of ICE's Permian West Texas Intermediate (WTI) crude futures contracts.The monthly auction process will allow customers who purchase an ICE Permian WTI crude futures contract, deliverable at Magellan's East Houston terminal (MEH), the option to load crude directly onto a vessel at Galena Park and Seabrook dock facilities for export, the companies said.The capacity offered will be adequate to fill Panamax and Aframax size vessels, with Suezmax size vessels set to be added in the future.Earlier this year…

US exports of crude oil have, since August 2018, continued to rise every month, with a new record high in January of 9.6 million tonnes. Exports rose in January on the back of increased sales to Europe, which rose from 2.7 million tonnes in December to 4.8 million tonnes in January.A strong end to 2018 meant that volumes for the full year totalled 87.4 million tonnes, 96.7% higher than the 44.4 million tonnes exported in 2017. This is good news for the crude oil tanker sector…

Dallas-based oil and gas company Sentinel Midstream is planning to develop a deepwater crude oil export terminal, located near Freeport, Texas. The completed facility will be capable of fully loading Very Large Crude Carrier (VLCC) vessels.Texas GulfLink will include an onshore terminal with up to 18 million barrels of storage, an offshore 42-in. pipeline, and a manned offshore platform to facilitate port operations with two  Catenary Anchor Leg Mooring (CALM) Single Point Mooring (SPM) buoys. Projected export loading rates will be up to 85,000 barrels per hour, with a nominal capacity of 1.2 million barrels per day over the course of a calendar year.“Texas GulfLink will provide the United States with an economical solution to clear the over-supply barrels destined for the Gulf Coast…

A Norwegian navy frigate that collided with an oil tanker last week was almost completely submerged on Tuesday despite efforts to salvage the sinking vessel, pictures taken by the Norwegian Coastal Administration showed.The ship's plight off the Norwegian coast is, however, not disrupting the nearby Sture crude oil export terminal. "We are in normal operations," said a spokeswoman for the plant's operator, Equinor.The Norwegian military has been working since Thursday to salvage the ship by tethering it with several cables to the shore.

Port to build oil export terminalPrivate equity firm Carlyle Group will partner with the Port of Corpus Christi, the top oil export hub in the United States, to develop a major crude oil export terminal on Harbor Island.Carlyle's announcement comes as infrastructure in the U.S. oil industry struggles to keep up with record levels of production, driven by the Permian shale patch in West Texas. Both international buyers and American producers are waiting for export capacity to increase.Corpus Christi has its own plan to expand operations to handle larger export tankers.

Buckeye Partners announced the formation of a joint venture with Phillips 66 Partners and Andeavor to develop a new deep-water, open access marine terminal in Ingleside, Texas. The South Texas Gateway Terminal will be constructed on a 212 acre waterfront parcel at the mouth of Corpus Christi Bay. The facility is positioned to serve as the primary outlet for crude oil and condensate volumes delivered off of the planned Gray Oak pipeline from the Permian Basin. The terminal, to be constructed and operated by Buckeye, will offer 3.4 million barrels of crude oil storage capacity, connectivity to the Gray Oak pipeline and two deep-water vessel docks capable of berthing Very Large Crude Carrier (VLCC) petroleum tankers as part of the initial scope of construction.

U.S. oil prices edged up on Tuesday, rising back past $70 per barrel, after two Gulf of Mexico oil platforms were evacuated in preparation for a hurricane.U.S. West Texas Intermediate (WTI) crude futures were at $70.04 per barrel at 0034 GMT, up 24 cents, or 0.3 percent from their last settlement.Anadarko Petroleum Corp said on Monday it had evacuated and shut production at two oil platforms in the northern Gulf of Mexico ahead of the approach of Gordon, which is expected to come ashore as a hurricane.International Brent crude futures…

Port of Corpus Christi successfully priced and sold $216.2 million of Senior Lien Revenue Bonds. These bonds will be used for both the deepening and widening of the Corpus Christi Ship Channel as well as upcoming capital projects within the Port.Wells Fargo Securities acted as Lead Manager of a syndicate of underwriters including JP Morgan, Citigroup, and Frost Bank.“We are pleased with the level of interest the institutional investment community demonstrated for both series of our bonds.” said Sean Strawbridge, CEO of the Port of Corpus Christi. “This round of funding will help the Port of Corpus Christi further progress our ambitious…

Tom Crowley has become the face of the U.S. maritime industry, steadily building his transport and logistics company into a formidable goliath. From Jones Act waivers to emerging emissions technology to the devastation of Hurricane Maria on Puerto Rico, Crowley weighs in on the pressing matters of maritime with refreshing candor. The last time we caught up with Tom Crowley two years ago at this headquarters in Jacksonville, Fla., we were handed a safety bulletin and Tom Crowley himself came down to the lobby to greet us.

Gulf of Mexico vessel builders – and their customers – adapt to a lean offshore market. After oil prices plunged in late 2014 – pressured by shale output – demand for offshore vessels in the Gulf of Mexico shrank, day rates for boats fell and non-working units were idled. This year, several GoM boat builders filed for Chapter 11, or voluntary bankruptcy, while others consolidated. The most diversified companies kept their heads above water. Today, the outlook's a bit brighter. Crude oil prices hit bottom early last year. Tidewater Inc.