NEWS
Oil   Gas  

UK Crude Loadings Continue to Fall

The UK’s crude oil loadings remained below 800,000 barrels per day for the third month in a row in February, while authorities expect Britain’s crude production to decline through at least 2024, Fotios Katsoulas, Liquid Bulk Principal Analyst, Maritime and Trade at IHS Markit, said.

"In February, the Far East was among the top destinations for UK crude oil, with UK crude flows significantly rising to 265,000 bpd, up from 139,000 bpd in January," Katsoulas said, Oil Price reported.

UK crude flows to northwest Europe and the Mediterranean, on the other hand, dropped significantly, providing more space for China, according to IHS Markit’s analyst.

The UK faces two major headwinds for its crude oil production—the continued uncertainty around Brexit and the possibility of a really disorderly one and a trend of declining oil production through 2024.

Crude oil production in the UK will decline this year to 940,000 bpd from last year’s 980,000 bpd, the Oil and Gas Authority said in a new report, adding that output would continue to decline in the next five years as well, reaching 760,000 bpd in 2024.

News No: 4072
Date: 2019/03/19 - 00:29
News Source: Financial Tribune

UK  crude oil  Trade  Fotios Katsoulas  Gas 

Comments:

Leave a Comment:

   
   
   
 

Antofagasta to decide on $3B Centinela mine expansion by 2021

Chilean copper miner Antofagasta Plc (LON:ANTO) will make a decision about going ahead with a $3B expansion of its Centinela mine, located in the country’s north, by the end of next year or in 2021.
 

India: Domestic HRC Prices Uptick in Traders Market; Trades Remain Sluggish

This week Indian HRC prices witnessed marginal increase in domestic market post recent hike by major Indian steel mills by INR 500-1000/MT in the beginning of this month.
 

Bangladesh: Imported Scrap Trades Limited; Offers Range bound

SteelMint learned from industry participants that imported scrap trades in Bangladesh have remained slow as current prevailing offers in the market are comparatively high against buyers’ expectation and other subcontinental markets.
 

Kuwait Says May Back Extension of OPEC-Led Cuts

Kuwait will back an extension of OPEC-led production cuts beyond June if it's clear supply and demand factors warrant it, Haitham al-Ghais, Kuwait Petroleum Corp's manager for market research and the country's OPEC governor, said Wednesday.
 

ICI 4 coal derivatives trade picks up

Activity in the ICI 4 derivatives market increased again today after a relatively slow start to the month last week, with another 25,000t cleared on the CME after 20,000t traded yesterday.
 

India: Private Pig Iron Producers Raise Offer Amid Hike in Billet Prices

The private pig iron producers in eastern India - Durgapur, Odisha & Jharkhand have raised prices by around INR 500/MT (USD 7). As per officials, prices have moved up on account of supply crunch and significant rise in domestic billet prices.
Upcoming Events
Publications
 Mines & Metals

Mine & Business Today

 Scrap & Recycling

Ahangan

Our partners