Imports of Arab Light from Saudi Arabia into the Louisiana Offshore Oil Port are rebounding slowly, even as Saudi Arabia continues to report oil production cuts. So far in August, Morgan City, Louisiana, the delivery point for LOOP, has taken three cargoes, totaling 1.95 million barrels, of Arab Light, according to the latest S&P Global Platts Analytics and US Customs data. That is compared with no cargoes of Arab Light received at LOOP in July and 1.4 million barrels in June. June 6 marked the first LOOP import of Saudi crude of the year — ending a six-month dry spell. Even as LOOP imports of Saudi crude have seen a slight uptick, bringing the total so far this year to more than 3 million barrels, it is a stark contrast to previous years. By comparison, during the same time frame in 2017, more than 39 million barrels of Saudi Arabian crude, including Arab Extra Light, Arab Light, Arab Medium and Arab Heavy, was brought into LOOP. The US Gulf Coast has experienced a similar pattern — with 14.8 million barrels in Saudi crude imports in June, 12.8 million barrels in July and about 5 million barrels so far in August.… continue reading
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Source: CTRM Center