September Lat Am crude imports fall on lower Venezuelan shipments: In the LOOP

Sep 26 05:09 2017 Print This Article

The Louisiana Offshore Oil Port has seen a month-on-month drop in heavy Latin American crude imports, impacted by high regional prices and falling Venezuelan crude production.

Month on month, LOOP has imported about 355,740 fewer barrels so far in September than it did in August, according to data from Platts Analytics and US customs. The 3.089 million barrels imported into LOOP during September include Mexican, Brazilian, Colombian and Venezuelan heavy sour grades.

Declining crude production in Venezuela has tightened barrels available for sale on both a contract and spot basis. Available export supply has been further tightened by Venezuela’s increasing repayments of loans from Russia and China in the form of crude oil. In September, LOOP imported only one 655,000-barrel cargo of Venezuelan Morichal crude, a month-on-month decrease of about 840,000 barrels, with LOOP having imported 998,000 barrels of Zuata crude and 497,000 barrels of DCO crude in August.

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The Barrel

S&P Global Platts provides market insights so people can make more informed trading and business decisions.. They're the leading independent provider of information and benchmark prices for the commodities and energy markets. Customers in over 150 countries look to their expertise in news, pricing and analytics to deliver greater transparency and efficiency to markets. S&P Global Platts coverage includes oil and gas, power, petrochemicals, metals, agriculture and shipping. S&P Global Platts provides critical information for the commodities & energy markets to make physical commodity markets more transparent and efficient. S&P Global Platts blog, The Barrel, provides the essential perspective on global commodities.

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