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Saudi Arabia's export revenue was Riyal 197.84 billion ($52.69 billion) in Q1 2020, down 20.7% from the same quarter in 2019, mainly due to a 21.9% decline in oil export revenue, the kingdom's General Authority for Statistics announced June 7. Total oil export revenue for Q1 was Riyal 149.95 billion, down from Riyal 192.03 billion for the same quarter the previous year.
Iraq’s oil ministry, yesterday, informed about Iraqi oil exports dropping to 3.428 million barrels per day (bpd) in December. Oil exports from the country averaged 3.5 million bpd in November. The spokesman for the oil ministry, Asim Jihad informed that exports from Iraq’s southern Basra terminals reached 3.326 million bpd, down from 3.4 million bpd in November.
Rosneft has decided to load an extra oil cargo from the Pacific port of Kozmino on May 30-31. This is apart from what was decided in the initial loading plan. This decision has come amidst the existing Russian oil export problems in Europe. The extra loading will increase the overall exports from Kozmino in May. It will reach an all-time high of 2.94 million tonnes.
The Government of India yesterday imposed restrictions over the export of biofuel from the country. The Modi Government has mandated a license to carry out both import and export of biofuels. In a notification released by the Directorate General of Foreign Trade (DGFT), the export policy of biofuel was changed from free to restrict. Ethyl alcohol exports from India amounted to USD 276.35 million in 2017-18.
According to the sources, after the tanker collision incident on the weekend, Jose port of Venezuela is partially operating at present. This has restrained upgraded crude export ability of PDVSA and also affected the import diluents capacity. Present fiscal year has seen PDVSA struggling to provide exports on time due to the US sanctions, sinking oil output, and creditors trying to take hold of overseas assets through legal action.
Sources have revealed that refinery giant, Reliance, forced by the shutdown of its gasoline making unit, has cancelled lifting of vacuum gas oil (VGO) cargo from local refiner Nayara Energy (formerly Essar Oil). Reliance was planning to lift 40,000 tonnes of VGO from Nayara’s Vadinar refinery this month, the sources said. Reliance reportedly announced force majeure on exports of gasoline from its Jamnagar refinery this week.
Trafigura, Singapore’s commodities trader, said that it has applied to build a deepwater port in Texas, capable of loading supertankers. The firm applied for the permit via its subsidiary Texas Gulf Terminals. Trafigura is looking forward to supplying the required oil export infrastructure to the US. Though the US is the second-biggest crude producer in the world, the country has failed in keeping up with its export infrastructure.
Iran’s crude exporters recorded a rocket spike in shipments in April, 2.62 MMbpd in total, before the possible re-imposition of U.S. sanctions on their oil sales.The U.S. President will decide by May 12 whether to keep America in a global agreement that restricts Iran’s nuclear activities in exchange for relief from sanctions and a restriction on oil sales.
Saudi Arabia’s efforts to strengthen public finances and stimulate economic growth are still practically dependent on oil prices, even as the kingdom tries to reduce its reliance on revenue from oil exports. According to the latest IMF Economic Outlook, the global oil giant will need oil prices to average about $88/bbl this year to balance its budget.
With the rapid increase in U.S. oil production and export, a new promising trade triangle is emerging, that of Midland, Houston and Cushing .There is a greater international exposure by the U.S. to the world with drilling boom in shale formations. Exports have surged from almost zero in 2014 to more than 2 MMbpd last month
The second largest producer of OPEC, Iraq, is reinvigorating efforts to maximise its oil exporting capacity. Iraq is weighing up the possibilities of injecting seawater into crude deposits and laying down the infrastructure for export facilities on an artificial island in the Persian Gulf. Iraq is trying to secure its business by expanding export volume more than the output strength to sustain exigencies of time and nature.