As OPEC Cuts, Traders Send European Oil Volumes To Asia

One America News Network | 1/11/2017 | Staff
donuzumaki (Posted by) Level 3
Click For Photo: http://www.oann.com/wp-content/uploads/2015/05/ogLogo.jpg

SINGAPORE (Reuters) – European and Chinese traders are shipping a record 22 million barrels of crude from the North Sea and Azerbaijan to Asia this month, seeking to plug any supply gap left by OPEC production cuts.

Over 11 million barrels of North Sea Forties crude have either been offloaded or are on their way to Asia, adding to a record 11 million barrels of Azeri crude oil from Azerbaijan, Reuters oil trade flows data showed.

Record - Export - Volumes - Expectations - Middle

The record export volumes come on expectations of tighter Middle East crude supplies due to plans by the Organization of the Petroleum Exporting Countries (OPEC) to cut production in an attempt to prop up prices.

Seeing an opportunity to sell North Sea oil profitably in arbitrage deals to Asia, seven supertankers chartered by commodity traders Vitol and Mercuria, European oil major Royal Dutch Shell, and China’s refiner Unipec, have either delivered or are expected to soon offload European crude to China and South Korea this month, according to trade sources and Reuters data.

Asia - Oil - Europe - OPEC - Cut

“Asia needs the oil, Europe has it. The OPEC cut has raised prices, and that now makes it profitable to send European oil to Asia,” said one senior trader with knowledge of the deals on condition of anonymity as he is not allowed to talk to media.

December’s OPEC deal, in which the group agreed to cut production by 1.2 million barrels per day (bpd) in the first half of 2017, pushed up benchmark price...
(Excerpt) Read more at: One America News Network
Wake Up To Breaking News!
No matter where you go, there you are.
Sign In or Register to comment.

Welcome to Long Room!

Give Us 5 Minutes, We'll Give You The World!

LongRoom Culture
Young Elephant Is Helped Out Of A Stream By Her Aunt! Elephants are Amazing Creatures! This Baby Elephant named Lia, is at...
Javelin Missile Launch Javelin Missiles are useful in a direct-fire approach like an explosion on buildings, stationary targets,...
Mother Bear and Cubs Crossing the Road And Elk Crossing the Road! It is a good day to cross the road!  Here are the Bears!  And...
Beautiful Red Streams of Lava Flowing Into Sea In Hawaii! This colorful scene is nature at its most magnificent, the hot lava...
Bear Cub With A Clam Holding On To It's Paw! This cub stands up as if to say "Help! Mom!!"  But the clam holds firmly to his...
8 Year Old Girl Tries Bionic Hand for First Time - Amazing! Bionic technology has come a long way and makes the prospects look...
Rabbit Leaps Joyfully Around His New Sand Pit, Ending By Flopping Over! What a great idea for a bunny sand pit for bunnies...
Extreme Frisbee? Two Frisbee Players Toss and Catch An Incredibly Long Frisbee Throw! The Throw by Brodie Smith.   This...
Why Tying Your Dog's Leash To A Plastic Chair Is A Really Bad Idea! The Chair:  "It can't be bargained with. It can't be...
Man Helping Little Old Lady Across The Road Almost Runs Her Over! This good Samaritan leaves his car in neutral as he goes to...
Love Story - Klepetan the Stork Has Returned to His Crippled Mate Malena Every Year for 14 Years! On a rooftop in the village...
Colorblind Grandfather Sees Color for the First Time! This touching video is the first time this grandfather sees colors with...
A Walk In The Newly Opened Glass Bottomed "Sky Pool" In Houston, Is Terrifying! This infinity pool in Market Square Tower, a...
Incredible "Hole in Two" by Henley at Master's Tournament! This amazing shot actually stayed in the hole and caused enough...
Artistic Rock Creations Shown In A Great Slideshow! These amazing pictures made out of rocks really capture solid images that...
Father Finds Great Solution To Stop His Infant Son From Crying! Father faced with his son crying comes up with a great idea.
Alligator In A Sewer! This alligator in a sewer demonstrates that they really can be found there!  "People don't realize the...
Cowabunga! Great Curl On A Wave! The awesomeness of water is displayed quite well in this gif of a huge wave.
One Of The Most Venomous Caterpillars In The World! If you see anything like this, don't touch it, it can put you in the...
Mesmerizing Domino World Record Set - Most Dominoes Ever To Fall In A Circle! It took 18 expert domino artists ten days to set...
Huge Chicken Emerges From Coop Attracts Internet Attention! The internet has become fascinated with a giant chicken!  When this...
Video Of Massive Shredder For Automobiles Shown In Reverse! This incredible machine has ingested a car, which in this video it...
Coca-Cola Polar Bear Mascot Joking With People During Photography Session! Being a mascot is definitely a skill!  The Coca-Cola...
Adorable Kitten Drinking Milk And Wiggling Ears! Small kittens are so cute when they drink from a bottle because they wiggle...
Dog Digs Shallow Hole And Lays Down In It For A Nap! Caught in the act of taking a nap!  This beautiful dog is so charming when...
Amazing NEW WORLD RECORD Ski Jump By Stefan Kraft!!!! Stefan Kraft literally flies to this new world record!  An Austrian ski...
Closeup View Of A Tire Change During A Pit Stop! You Can See The Brakes On Fire! Pitstops are awesome to watch because the...
Cat Closes Cupboard Door as Baby is Playing in the Cupboard! The cat soundly closes the cupboard door on this baby who is...