Asian Imports of U.S. Crude
Approaching all-time highs
Asia has increasingly looked to the United States as a new origin for crude oil. Week-ending 11/17 realized the second highest U.S. crude import value of all time – 877 kbd arrived in Asia for the week. This continues a strong upward trend over the past 2-weeks.
South Korea was the largest Asian purchaser for week-ending 11/17, receiving a total volume of 357 kbd through the Yeosu and SK Ulsan ports. Japan received its first shipment of U.S. crude (47.5 kbd) since early June and India received U.S. crude for a fourth week in a row (151 kbd).
Iranian Export Trends
Total Exports Decline
For the first time since April, Iran realized a month-over-month decrease in seaborne oil exports. Between September and October, crude leaving Iranian shores declined by 217 kbd. This followed a three-month uptrend where exports managed to climbed nearly 200 kbd.
Exports to Turkey & India
Iranian exports to Turkey realized a dramatic change in October declining 143 kbd month-over-month – a 51% change. The decrease broke well out of the 36 kbd bounded range established through the first nine months of 2017.Crude volumes leaving Iran towards India have been in a general downtrend for much of 2017. Month-over-month, exports declined 35 kbd and the October Iranian export volume was well below the 550+ kbd levels realized through the first 3-months of 2017.