Imports of Kuwaiti crude into the Louisiana Offshore Oil Port have fallen by 60.5% year on year as of September, with rising Iraqi crude imports failing to make up the full loss. For the first nine months of 2018, only 8.347 million barrels of Kuwaiti crude were imported into Morgan City, Louisiana, the delivery point for LOOP, according to data from S&P Global Platts Analytics and US Customs data. This marks a steep fall from a total volume of 21.128 million barrels for the same time period in 2017. In September, Kuwaiti crude imports into LOOP fell to zero, with July and April also failing to see any similar imports into Morgan City. By comparison, September 2017 saw about 994,000 barrels of Kuwaiti crude brought into the port for domestic consumption. As imports of Kuwaiti crude have dropped, volumes of Iraqi crude, including Basrah Light, have increased by about 26% year on year. For the first nine months of 2018, Morgan City saw 50.67 million barrels of Iraqi crude imported, compared with only 40.09 million barrels for the comparable time period in 2017. The impending shortage of Iranian crude barrels in the market due to the looming implementation of US… continue reading
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Source: CTRM Center