Crude exports from Louisiana’s offshore supertanker port fell to zero as Asian buyers limited purchases to manage high inventories, reports Rigzone.
The lack of shipments in February from the Louisiana Offshore Oil Port is in stark contrast with January when the facility sent out nearly 15 million barrels of domestic crude to buyers in China, South Korea and India.
China is America’s largest customer for domestic crude. Any slowdown in Chinese appetite for oil may risk plans by U.S. drillers to restore production. Supplies from LOOP are primarily medium-heavy sour crudes produced in the U.S. Gulf of Mexico that compete directly with oil from many OPEC members. A decision to revive supply could mean less interest for loadings at LOOP. Read the full story.