Europe, Middle East & Africa

MED zone

Crude loadings in MED zone kept high and growing over the last three weeks, making October the month with the highest level of loadings in 2016. October MED-loadings reached 2700 kbd in average, a +400 kbd jump compared to the 2300 kbd year-to-date average. In particular, our data shows that CPC loadings increased over the last weeks, probably driven by Kashagan oil field start:

CPC terminal laodings, weekly (kbd)

We have also seen new outlets for MED crude appearing :

  • Kirkuk terminal has sent sent 3 Afras to Sweden since September. This is the first time in 2016 that Kirkuk is sending crude to Sweden. All of them delivered (or will deliver) at Preemraff terminal
  • Suezmax Seadancer laoded at Marsa al Hariga on Sept-27 and discharged in Honolulu. Bill of lading confirmed a 800 kb cargo of Mesla / Sarir blend.
  • Minerva Symphony loaded 600 kb in Zueitina on Oct-29 and sent Singapore as destination ETA Dec-11. This is the first Zueitina-Singapore shipment since the port resumed loadings.
Floating Storage
As mentioned last week, we have been noticing movements in Iran’s floating storage. Several vessels left Assaluyeh and Khargareas over the last weeks, bringing Iran floating storage to 26.7 million barrels, the lowest since January.