Originally released on 31 January 2017
Production cuts agreed last November were supposed to become effective in January 2017. The cuts will be evaluated in a 6-month average basis. Even if the agreement does not concern exports, these figures provide valuable signs on the compliance rate.
Below, loadings for key countries involved in the production cut agreement for October, December and January:
- Crude oil loadings decreased or remained flat for almost all countries except for Nigeria and Ecuador which slightly increased.
- Libya was exempted from production cuts. However exports dropped despite Es SIder terminal resuming operations in December.
- Iran loadings dropped by 531 kbd in January. In the meanwhile, many vessels that had been waiting as floating storage were shipped to Asia.
- VLCC Gener8 Chiotis is leaving laden with approx. 1.9 million barrels of US crude after several ship-to-ship operations in Corpus Christi lightering area. She received her cargo from Astro Sculptor and Kareela Spirit which had previously loaded in Buckeye Texas Hub and Corpus Christi terminal. She signaled Singapore ETA Mar.14.
- VLCC Nectar was fixed by Petrochina to a Carib/East voyage starting on Feb.2. However, she has been waiting in Galveston offshore since Jan.29 after fully discharging a 50/50 cargo of arab light and arab medium at LOOP. Nectar may be involved in ship-to-ship transfers to export US crude.
- VLCC Eagle Vancouver was fixed by Trafigura for a USGC/China voyage starting on Feb.25.