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EIA says 2016 was a good year for the US petroleum industry

Posted by PortVision on Feb 7, 2017 6:07:00 AM

The US Energy Information Administration (EIA) has determined that using real-time export data provides more accurate weekly petroleum statistics. The export data will now be provided by US Customs and Border Protection where previously it was estimated from monthly US Census Bureau reports which interjected an emphasis on market volatility.

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OPEC set to cut production in 2017

Posted by PortVision on Jan 24, 2017 6:07:00 AM

In an effort to decrease oil inventories, OPEC nations as well as other oil-rich countries, agreed at the end of November to cut their production of oil. As reported in BloombergMarkets, this is the first such cut since 2008. Saudi Arabia, Iran, Iraq, Kuwait and Russia signed on to the agreement of the Organization of Petroleum Exporting Countries (OPEC); Nigeria and Libya were exempt and Indonesia was granted a freeze of its membership. The price of oil immediately rose on the production cut news.

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Surging Petchem Production Boosts Gulf Coast Ports

Posted by PortVision on Jun 21, 2016 6:07:00 AM

The Gulf Coast, a hub for the storage and transport of petrochemicals, is booming with activity. Growth in refining at terminals in Houston and New Orleans, driven by low natural gas prices, can be seen in new plans to increase capacity at petrochemical facilities and major rail lines, as reported by Maritime Executive.

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Iran struggles to find enough ships for its oil exports

Posted by PortVision on Jun 15, 2016 6:07:00 AM

With the lifting of 2011 and 2012 EU sanctions, Iran is eager to regain its markets for oil exports around the world, but it is struggling to find enough ships to ramp up those exports.

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The Case of the Contango: Supertankers used to Hoard Crude for Later Sales

Posted by PortVision on Jun 1, 2016 6:07:00 AM

With continuing low oil prices globally, countries and companies are stockpiling vast quantities of oil. A recent CNN Money article emphasizes China's aggressive policies to build its strategic oil reserves in this regard. The 440,000 ton TI Europe has been leased by China's state owned oil company, Unipec. It is anchored just off the coast of Malaysia in the Strait of Malacca holding 3 million barrels of oil. It is costing China $40,000 a day to store the oil until it is sent to China in smaller ships.

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China makes First Purchase of U.S Oil from Gulf Since End of Export Ban

Posted by PortVision on Mar 15, 2016 6:07:00 AM

The United States entered a new era of free oil trade after Congress voted in December, 2015, to overturn the ban on most overseas exports. China's Sinopec Corporation, the state-owned oil refiner, has purchased its first US crude oil, due to be shipped from a Gulf coast port in March. This purchase may signal new continuing trade between the two countries.

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The First Oil to be Exported in 40 Years

Posted by PortVision on Mar 10, 2016 6:07:00 AM

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The Repeal of Crude Oil Export Ban

Posted by Chris Leslie on Jan 12, 2016 7:08:00 AM

Congress placed a moratorium on exporting domestically produced crude oil 40 years ago. On Oct. 9, 2015, the U.S. House of Representatives approved H.R. 702, a bill that would repeal what many supporters claim to be an outdated law. As typical with these bills, balloting toed the party lines. Since then, the lifting of the ban has become a key component of a broader tax and spending bill.

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Do Mega-Ships mean Mega-Investment?

Posted by PortVision on Jul 14, 2015 9:05:00 AM

As manufacturers all over the world look to bring down their transportation costs, a number of them have turned to shipping companies that promise larger ships. These so-called Mega-Ships are able to transport record amount of cargo (containers, LNG, or crude), yet they present several logistical and financial challenges to the ports that host them.

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Supertankers Being Used for Oil Storage at Sea

Posted by PortVision on Jun 2, 2015 9:05:00 AM

Currently low oil prices have developed into some long-term bookings of supertankers, not for oil transport, but for crude oil storage. As reported by Reuters, oil traders Vitol, Trafigura and Shell are planning to store excess crude at sea until prices rebound, perhaps months from now. According to
Bloomberg, in 2014, oil prices collapsed 48 percent. What’s more, the market continues to be in contango, an environment where oil priced for future delivery is higher than spot prices.  This could prove beneficial for tanker owners.

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