BIMCO’s Post

🛢️How many Mbbl (thousand barrels) of crude oil and petroleum products does the U.S. import from Iraq per month? ▪ Over the past two years, U.S. imports of crude oil and petroleum products from Iraq have shown variability. For instance, in November 2023, imports were recorded at 5,351 Mbbl, while in September 2022, they reached 8,447 Mbbl. ▪ Looking further back, the data demonstrates significant fluctuations in monthly import volumes. For example, in April 2018, imports peaked at 25,006 Mbbl, whereas in June 2016, they were notably lower at 13,011 Mbbl. ▪ On an annual basis, Iraq remains a significant supplier of oil to the U.S. market. In 2023, total imports from Iraq amounted to approximately 84,808 Mbbl, slightly lower than the 2019 total of 95,068 Mbbl. ▪ Despite the variability, Iraq consistently ranks among the top oil exporters to the U.S., highlighting the country's strategic importance in meeting American energy demands. ▪ Analyzing these trends helps to assess the broader dynamics of global oil markets and their implications for U.S. energy security and economic stability. ✅ Follow Connectly24 for deeper industrial insights, comprehensive analysis, and impactful graphs, providing invaluable knowledge to navigate the ever-changing landscape of global markets. ✅ Join us on Connectly24, your number one destination for seamless business matchmaking! Sign up now: https://lnkd.in/d2AkT6WC #IraqOilProjects #EnergySector #InvestmentOpportunities

Saudi Arabia exported 7.0 million b/d of crude oil in 2023, down 5% from 7.4 million b/d in 2022, because of decreased oil production. Crude oil and petroleum product exports from Saudi Arabia represented 34% and 26%, respectively, of OPEC exports in 2023. Asia is Saudi Arabia’s primary export market for crude oil, receiving 75% of Saudi Arabia’s total annual crude oil exports in 2023. China, Japan, South Korea, and India were its top crude oil importers. (Country Analysis Brief: Saudi Arabia – EIA (U.S. Energy Information Administration) – October 4th 2024) #SaudiArabia #SaudiArabiacrudeoilexports #OPEC #CrudeOilMarket

'Analysts at FGE have reported that Libya’s crude production has risen by around 200,000 bpd since the beginning of the month, now standing between 650,000 and 700,000 bpd ... FGE sees total Libyan crude production in the month of September between 750,000 bpd and 800,000 bpd.' - in a recent OilPrice.com article Read the full article here: https://fgner.gy/3MMwVpB #Crude #Oil #Libya #OilMarket

Asia’s crude oil refiners received a welcome surprise in the form of a smaller than expected increase in prices from top exporter Saudi Arabia for September-loading cargoes. While the difference was relatively small, it may illustrate the bigger concerns for the Saudis, who have lost market share in China and India. #crude #crudeoil #oil #energy #OPEC #commodities

US Oil Imports from Saudi Arabia Hit Near Four-Year Low as Refiners Turn to TMX Pipeline The $24.84 billion Trans Mountain pipeline expansion, which began in May, nearly tripled capacity to Canada’s Pacific Coast to 890,000 barrels per day, significantly altering global trade flows. Read more ▶️ https://lnkd.in/eyyGNst5 #pipelinejournal #pipelinenews #pipelineindustry #pipeline #USA #Canada

Europe’s oil refineries are stepping up crude purchases following a surge in the price of diesel and disruptions to imported shipments from the Middle East. The situation is driving up the cost of physical barrels of oil. Two key West African grades, Forcados and Egina, were recently offered at premiums of more than $5 and $7 a barrel over the international benchmark Dated Brent. Views from Kpler's Viktor Katona and FGE's James Davis as well as trading sources on the reasons behind the strength in prices

The GIRAFFE observed the Bilateral Trade between Egypt and Saudi Arabia in last 5 years and here are some of the observations: The main products exported from Egypt to Saudi Arabia were Agriculture Products ($3.24B) and Petroleum derivatives [Petroleum Oil] ($1.42B), and Copper wires<6mm ($0.7B). During the last 5 years the exports of Egypt to Saudi Arabia have increased from $1.7B in 2019 to $2.7B in 2023 totaling ($11B) The main products exported from Saudi Arabia to Egypt were Crude Petroleum ($17.8B), Refined Petroleum ($6.5B), and Plastics [Ethylene Polymers] ($1.1B). During the last 5 years the exports of Saudi Arabia to Egypt have increased from $5.1B in 2019 to $7.9B in 2022 and decline again in 2023 to reach $5.2B. the total in 5 years was ($28.84B) #infograph #infogiraffe #trade #Egypt #saudiarabia #simplified #data

Saudi Arabia’s crude production rises to 8.99 million bpd, exports see annual boost Saudi crude oil output increased by 0.83% in August, with exports and domestic demand also rising despite global market fluctuations #SaudiArabia #OilProduction #CrudeOil #OilIndustry #EnergySector #GlobalMarkets #OilExports #EnergyNews #MiddleEastEnergy #EnergyGrowth #SaudiEconomy #OPEC #OilDemand #EnergyUpdate #EconomicGrowth

Worlds 4th largest oil user update. South Korea's crude oil imports in January climbed 8.6% from a year earlier, as refiners gradually increase run rates on expectations of improvement in margins, while feedstock managers continued to secure ample Saudi barrels despite the OPEC kingpin's production cut commitment throughout the first quarter. The world's fourth-biggest crude importer took 88.63 million barrels, or 2.86 million b/d, of crude oil last month, compared with 81.63 million barrels a year earlier, marking the fifth consecutive month of year-on-year increase, latest data from Korea Customs Service showed. https://lnkd.in/gDPQrrTj

Oil imports have stabilized at $13.4 billion in fiscal year (FY) 2023/24, as a reflection of the decrease in the crude oil imports by $2.5 billion, due to the lower imported quantities. #egypt #oilandgas #crudeoil #imports #eog #petroleum #products #payments #exports