prices should see support from a bullish API stockpile report
oil trading activity in the Gulf region have been threatened amid political turmoil in the Strait of Hormuz, there has been no change in Asian refiner plans from the area.
India and China, two of the biggest importers of Nigeria's crude
oil, have also announced dates when fossil-powered automobiles will no longer be allowed in their territories.
It will, however, be good news to the suppliers of trucks and the special tank-tainers used to ferry the waxy crude
which needs to remain in heated form all through the more than 800 kilometres journey.Kenya hopes to fill the first shipment of its crude
to be tested in the international market in the third quarter of 2019 but details of who is expected to buy the crude
On contrary to this, crude
imports from Oman by Japan and India went down by 2.77 per cent and 2.47 per cent, respectively.
Japan produced 8.1 Mt of crude
steel in January 2019, down 9.8 per cent on January 2018.
One of the most important and crucial factors contributing to it has been the growing US crude
output courtesy the shale revolution.
steel production for September 2018 was 80.8 Mt, an increase of 7.5% compared to September 2017.
Indian refineries, which import over 80 percent of their crude
feedstock from overseas, sourced about 14 percent of their imports from Iran.
With the same trend, the average price for Oman Crude
Oil Future Contracts at the Dubai Mercantile Exchange (DME) witnessed a price drop by 0.7 per cent compared with the previous month.
Middle Eastern crude
forms the base load for most Asian refiners; around 85 per cent of Japan's crude
comes from the Arabian Gulf.