Europe, Middle East and Africa

  • Libya resumed exports from Ras Lanuf and Zuetina ports. 2 vessels loaded in Ras Lanuf on September 21. Syra, which delivered 700,000 bbls to Repsol’s Terragona refinery and Seadelta which is waiting to unload 700,000 barrels in Trieste, Italy. Suezmax Kriti Breeze is expected to load at Zuetina on September 29
  • Qua Iboe will restart exports after Exxon declared Force Majeure in July. 2 VLCCs, 1 Suezmax and 1 Aframax have already been scheduled for the last days of September and October
  • Basrah queue has been growing for the last few days. 18 vessels are waiting to load in Al-Basrah terminal while 4 other vessels have already start loading

  • Rig-count is up for the 4th consecutive week reaching 418 rigs
  • Refinery maintenance season has started
    • BP whiting partially down
    • Irving (6 weeks maintenance beginning on September 26th)
  • Crude flowing from Canada to US by pipeline reached historically high level last week
Watch list
  • Algiers talks: OPEC members unexpectedly managed to set a production cut deal for the first time in 8 years. Countries agreed in a preliminary deal to limit output to between 32.5 and 33 MMbpd.
  • OPEC exports continue its steady growth attaining highest levels of the year in September finishing above 27 MMbpd.
  • Next OPEC meeting: Vienna, November 30.
  • Saudi Arabia’s 400,000 b/d Yasref refinery to shut down for maintenance in November.