Crude oil exports from the only deepwater port in the United States, Louisiana Offshore Oil Port, doubled in January from December to a record high, driven by strong demand from Asian refiners, Bloomberg reported Wednesday, citing the vessel tracking data he had compiled.
The Louisiana Offshore Oil Port (LOOP), the only US port capable of handling and fully loading supertankers with 2 million barrels of oil each, saw a total of eight tankers leave for India, China and Korea. South in January. These tankers, mostly supertankers, shipped a total of 15 million barrels of oil from the Louisiana oil export terminal last month, double the volume exported from the port in December and a record for the terminal. according to data compiled by Bloomberg.
US crude oil exports are benefiting from the recovery in oil demand in Asia, as well as reductions in forward supplies to some Asian customers by OPEC’s largest producers, Saudi Arabia and Iraq.
Saudi Arabia has reportedly announced cuts in crude oil volumes to be supplied to at least nine customers in Asia and Europe for February. The cuts are made for long-term contract shipments and are for Aramco’s heavier grades.
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Iraq, OPEC’s second-largest producer behind Saudi Arabia, is also said to have cut 2021 forward supplies to several major Indian refiners by 10-20%.
At the same time, major oil importers in Asia are estimated to have increased their imports 7.5% month over month in January to reach 26.14 million barrels per day (bpd), according to the oil tanker and port tracking data compiled by Refinitiv and cited by Reuters.
China’s oil imports are estimated to have jumped 33% to around 12 million bpd, from just 9 million bpd in December, according to data from Refinitiv.
India is also increasing imports, with official government data showing that crude oil imports increased 9.5% in December 2020, while the throughput of crude oil increased 0.9% from December 2019, just before the start of the pandemic.
By Tsvetana Paraskova for OilUSD
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