The Louisiana Offshore Oil Port received no imports of Saudi Arabian or Iraqi crudes by the halfway point of July, evidence of the global sour crude shortage and competition for those barrels that has led to rising prices for regional grades such as LOOP Sour, which has increased in value by 60 cents/b over the past month alone, an analysis of Platts Analytics and S&P Global Platts data shows. Serving the Louisiana refining industry, LOOP is the only US deepwater port capable of receiving VLCC or larger tankers and typically ranks No. 3 for US ports that receive the most crude by water, behind Houston and Port Arthur, Texas. It is a bellwether for the regional crude supply-demand picture. By the halfway point of July though, LOOP had received no waterborne imports of crude from Iraq and Saudi Arabia. Compare that to January-June, when LOOP received an average of 5.9 million barrels per month of Iraqi crude and 6.5 million barrels of Saudi crude, according to a Platts analysis of US Customs data through July 13, the most-recent available. The global fight for medium sour barrels has picked up as OPEC and non-OPEC countries look for a way to bring
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Source: CTRM Center