Originally Released on 7 December 2017
Kirkuk Terminal continues to experience restricted loading volumes following fighting in Northern Iraq between the Kurdish Peshmerga and Baghdad in mid-October. The terminal, which is located in Turkey, receives oil by pipeline from the Kirkuk oil fields under dispute.The 10-day moving average has largely remained at or below the 300 kbd level for the past six-weeks. This remains well under the 500-plus kbd average loading levels before the fighting began. Large gaps between loading days continues to persist. The period between 11/28 and 12/4 was the largest such gap since early November.
Venezuela continues to struggle economically, as financial debt obligations have pulled capital and resources away from the nation’s extensive crude oil production, refining and exportation network. Much of 2017 has realized falling oil exports leaving Venezuela. The month of November realized 1,364 kbd in total seaborne exports down 29% since February.
Malacca oil-on-water ends the week more than double the level realized on 10/28. Floating storage, which is also counted in the oil-on-water total, has increased nearly 200% in the same period. Within this analysis, crude counted as floating storage is assumed to be on vessels that have moved at less than 1 knot for at least the past 12 days.
China realized a 973 kbd increase in seaborne imports month-over-month ending November. Much of the increase was driven by a near 1,000 kbd rise in imports from Africa and the Middle East. Before November, imports from these two geographical areas had held within a 391 kbd band since the mid-summer.
Week-ending 12/1 realized the largest U.S. export volume (655 kbd) shipped to Asia since late-October. Exports to China and Singapore were particularly strong finishing the week at 286 kbd and 298 kbd respectively.