“Supplies from the Middle East are the first choice for Asia,” said Liu. ![]() A decision to revive supply could mean less interest for loadings at LOOP. Gulf of Mexico that compete directly with oil from many OPEC members. Supplies from LOOP are primarily medium-heavy sour crudes produced in the U.S. crude purchases ahead of meetings by the Organization of the Petroleum Exporting Countries and its allies later this week where discussions will focus on potentially unleashing barrels that had been curtailed. “Those supplies would arrive in China during May and June when most turnarounds are completed.”Įast Asia may also be shunning U.S. oil might return later in March,” said Liu. Most tankers offloading at LOOP are too large for U.S. LOOP provides tanker offloading and temporary storage services for crude oil transported on some of the largest tankers in the world. The Covid-19 pandemic has devastated demand and shuttered oil wells across the nation since the start of early last year. Phone (225) 342-1907 or (225) 342-1036 Fax (225) 342-1057 All About LOOP: BATON ROUGE - LOOP is America's first and only deep-water port. drillers to restore production with crude futures prices trading around $60 a barrel and showing signs of a further recovery. Any slowdown in Chinese appetite for oil may risk plans by U.S. shipments in February would reach Chinese buyers in April, the peak of the country’s refinery maintenance season, he said.Ĭhina is America’s largest customer for domestic crude. Purchases were also likely postponed as U.S. ![]() crude has slowed because of high inventories in that region after recent heavy buying,” said Yuntao Liu, a London-based analyst at Energy Aspects Ltd. “Demand from Asia, and more specifically China, for U.S. The lack of shipments in February from the Louisiana Offshore Oil Port - for the first time in nearly two years - is a stark contrast from January when the facility sent out a record of nearly 15 million barrels of domestic crude to buyers in China, South Korea and India, data compiled by Bloomberg show. (Bloomberg) - Crude exports from Louisiana’s offshore supertanker port tumbled to zero as Asian buyers limited purchases to manage high inventories that threaten to overwhelm storage facilities.
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