90130
Canada Ships Biggest Oil Consignment to China
Canada Ships Biggest Oil Consignment to China

Canada Ships Biggest Oil Consignment to China

Canada Ships Biggest Oil Consignment to China

A tanker loaded with around 514,000 barrels of oil has set sail from Vancouver en route to China in what is the largest shipment of oil from the Canadian port to the world’s top oil importer since 2015, according to Thomson Reuters trade flow data.
The Serene Sea Aframax tanker was loaded at Kinder Morgan’s Westridge Marine Terminal in Vancouver and set sail on July 4 toward the southern Chinese province of Guangdong, where it is expected to arrive on July 26, Oil Price reported.
This latest shipment would bring Canada’s oil exports to China to 16,600 bpd for the month of July, Thomson Reuters data show.
Canadian oil shipments to China and to Asia are a rare sight, also because oil-rich but landlocked Alberta does not have enough pipeline capacity to the West Coast. Most of the crude oil shipped out of Vancouver is being delivered to the US West Coast.
But in recent months, oil shipments out of Vancouver to Asia have picked up and tankers have departed to China, South Korea and Thailand, according to Thomson Reuters data.
In April, the Solomon Sea oil tanker and the Diva oil tanker departed from Vancouver for ports in Thailand and South Korea, and eastern China, respectively. Thomson Reuters flows show that the two tankers carried a combined 742,000 barrels of crude oil to Asian customers.
“There is an opportunity for Canada to send material to China, but I don’t think demand is going to be overwhelming,” Thomas Finlon, director of Energy Analytics Group, told Reuters, commenting on Canada’s current chances of attracting Asian buyers now that the Brent Crude-WTI Crude spread has narrowed to around $5 a barrel and there’s less call for US crude.
Earlier this year, Canada took a step toward ensuring that its oil would have an export outlet to the world’s fastest-growing energy market, Asia.
Analysts believe that the federal government stepping in to save the Trans Mountain expansion project has boosted the chances that the pipeline will be built and give Canada an export outlet from the Pacific Coast to the Asian markets.

 

Short URL : https://goo.gl/9Bw35Z
  1. https://goo.gl/GFBfQJ
  • https://goo.gl/BsSYpu
  • https://goo.gl/kzz2dq
  • https://goo.gl/EgaaGH
  • https://goo.gl/EERq31

You can also read ...

Russia Says US Sanctions on Iran "Unproductive"
United States' sanctions on Iran's oil industry are...
China to Cut Solar, Wind Subsidies
China will speed up efforts to ensure its wind and solar power...
Oil Coalition Seeks Consensus Ahead of Algiers Summit
With a critical meeting in Algiers fast approaching, a...
Abu Dhabi Planning Biggest Oil  IPO in Decade
Abu Dhabi is pushing ahead with an initial public offering for...
Crude Prises Higher as Supply Concerns Rise
Oil prices rose on Monday as investors worried about the...
Abadan  Refinery  Second Phase  on Track
The second development phase of Abadan Oil Refinery in...
New Power Capacity for Sistan-Baluchestan
Operations to build new combined-cycle power plants in...
ICOFC to Develop  Eight Gas Fields
Iranian Central Oil Fields Company plans to develop eight gas...

Add new comment

Read our comment policy before posting your viewpoints

Trending

Googleplus