Latest crude oil storage news

Why is Iran storing its crude oil in floating storage?

Iran has always resorted to floating storage for its crude under the previous Western sanctions on its oil, which ran from 2011 to 2016 and then from 2018 onwards. Iran's crude oil output has also been on the rise in recent months. Iran produced 2.52 million b/d in July, its highest since April 2019, according to the S&P Global Platts OPEC survey.

Should we re-benchmark the weekly crude oil production estimate?

If we find a large difference between the two series, we may re-benchmark the weekly production estimate on weeks when we release STEO. This week’s domestic crude oil production estimate incorporates a re-benchmarking that increased estimated volumes by 70,000 barrels per day, which is about 0.5% of this week’s estimated production total.

How much crude oil is produced a day?

This week’s domestic crude oil production estimate incorporates a re-benchmarking that increased estimated volumes by 70,000 barrels per day, which is about 0.5% of this week’s estimated production total. Notice: Table 13 futures prices after April 5, 2024, are not available.

Can the gasoline market crater crude oil?

"The gasoline market would be capable of cratering crude oil even if the OPEC+ chaos was not leaning on (the) price. If you don’t need the gasoline, you don’t need the crude oil to make gasoline," Yawger said.

What's going on with crude oil & condensate in tankers?

The volume of crude oil and condensate in tankers worldwide is starting to once again rebound as sanctioned Iranian oil starts to mount up, while oil offshore China is also on the rise as its crude demand starts to slow. Not registered? Receive daily email alerts, subscriber notes & personalize your experience.