Saudi Arabia’s crude oil exports surged by 413,000 barrels per day (bpd) in August, to the highest level in six months, as the world’s top crude exporter and the OPEC+ group accelerated the reversal of the production cuts.
The Barents Sea oilfield, Norway’s northernmost, reached peak production less than three months after start-up, with oil cargoes worth up to USD 46 million departing every few days. Norwegian suppliers provide 95% of operational deliveries.
Oil prices continued to move higher on Friday morning in Asia, supported by renewed optimism surrounding U.S.-EU trade negotiations and expectations that Russia will restrict gasoline exports. Even reports of Chevron’s return to Venezuela, which analysts estimate could add around 200,000 barrels per day to global supply, have been unable to pull prices lower.
Once LNG Canada becomes fully operational, natural gas exports to the United States are expected to decline as more gas is directed to the liquefaction trains on Canada’s West Coast. There are also two smaller LNG export facilities under construction there, which will further squeeze exports to the south in the future. Woodfibre LNG and Cedar LNG are scheduled for completion between 2027 and 2028.
Operated by OTTCO, Ras Markaz Terminal supports the Duqm Refinery via an 80-kilometre crude oil pipeline and features eight tanks, floating platforms and a 7-kilometre subsea pipeline, as well as high-speed loading systems. The 40-square-kilometre site is capable of storing up to 200 million barrels of oil and offers international storage options outside the Strait of Hormuz.