The Tanker Market Report dated 19.01.2024 discusses the unexpected growth in US crude production in 2023, surpassing initial projections. The surge was fueled by smaller, privately financed companies, while larger public companies exercised caution. Increased production led to higher crude exports, with Europe receiving a significant share. However, prospects indicate a slowdown in growth rates for US crude production, impacting crude tanker trade, reports Gibson.
Beating expectations
Back in January 2023, the US Energy Information Administration (EIA) envisaged US crude production growing by 550kbd over the year. The reality however has beaten all expectations, with the country’s output increasing by 1.01 mbd according to the latest assessments. There also was strong growth in Natural Gas Liquids (NGL) production, which gained by 490kbd YoY. The surge in output has been primarily underpinned by smaller companies financed by private capital, driven by higher oil prices since the Russian invasion of Ukraine; whilst bigger, public companies displayed an element of discipline, perhaps not willing to repeat the mistakes of the past, when they ramped up production during a high oil price environment which ultimately contributed to lower prices.
Last year’s increase in crude production naturally led to stronger crude exports, with shipments up by circa 650kbd, according to Kepler. The lion’s share of augmented production unsurprisingly headed to Europe, with an extra 400kbd shipped transatlantic. Yet, US Gulf-Asia crude trade also saw incremental growth, rising by almost 200kbd over the same period, benefiting largely VLCCs. Ironically, VLCCs also were the main beneficiaries of increases in trade to Europe, with their share of that market increasing from 22% in 2022 to 35.5% in 2023.
Going forward, however, the prospects for US crude production are more challenging. Production is still expected to grow on the back of increased well productivity, but absolute growth rates are likely to slow. The US EIA expects crude output to rise by 300kbd this year and by another 200kbd in 2025, well below the growth rates seen in 2023. The administration also anticipates a dramatic slowdown in NGL production growth, to below 100kbd per year both in 2024 and 2025.
In contrast, the International Energy Agency (IEA) sees stronger growth next year; however, they also anticipate a slowdown in growth rates. Their latest estimates suggest US crude production will increase circa 440kbd next year, whilst NGLs will grow by 290kbd, bringing the total US supply gain in 2024 to 730kbd, half its growth rate last year. Much smaller gains are anticipated in light tight oil production, as the effects of lower activity levels and reduced inventory of drilled but uncompleted (DUC) wells are felt by the industry. According to Baker Hughes Rig Count data, drilling activity in Q4 2023 was around 20% below its level in Q3 2022.
The IEA also highlights challenges and uncertainty in the shale sector by pointing out the results of the latest quarterly Dallas Fed Energy Survey, which indicated that business activity and sentiment remained low. Additionally, larger producers stated that their targets in 2024 were to acquire assets and reduce debt, whilst smaller producers said their priority is to maintain or grow their output. If these projections prove to be correct, then inevitably the growth in crude tanker trade out of the US Gulf ought to slow down, although any decline in the US crude refining runs will benefit export activity.
Did you subscribe to our daily Newsletter?
It’s Free! Click here to Subscribe
Source: Gibson
Aviator Spribe казино играть с друзьями онлайн
Добро пожаловать в захватывающий мир авиаторов! Aviator – это увлекательная игра, которая позволит вам окунуться в атмосферу боевых действий на небе. Необычные графика и захватывающий сюжет сделают ваше путешествие по воздуху неповторимым.
Aviator Spribe казино играть по стратегии
Наша компания предлагает полный спектр услуг по ремонту и отделке Квартир, коттеджей и домов под ключ в Алматы. Мы берем на себя все этапы работы, начиная с разработки дизайн-проекта и заканчивая финальной отделкой и установкой мебели. В нашем пакете услуг входит: Ремонт и отделка коттеджей под ключ в Алматы
What’s up everyone, it’s my first visit at this web site, and post is in fact fruitful designed for me, keep up posting such posts.
https://lpgtech.ua/lovato
Hello there, You’ve done a great job. I’ll certainly digg it and personally recommend to my friends. I’m sure they’ll be benefited from this site.
gama casino сайт
Greate post. Keep writing such kind of information on your site. Im really impressed by your blog.
Hi there, You’ve performed an excellent job. I’ll definitely digg it and in my view suggest to my friends. I’m confident they’ll be benefited from this website.
http://jbc.agency/using-noindex-nofollow-html-metatags-how-to-tell-google-not-to-index-a-page-in-search-from-hubspot/?xurl=https://didvirtualnumbers.com/de/
Thank you for the auspicious writeup. It in truth used to be a entertainment account it. Look complicated to more introduced agreeable from you! However, how can we be in contact?
https://www.google.ci/url?q=https://hottelecom.biz/id/
Hmm is anyone else encountering problems with the pictures on this blog loading? I’m trying to figure out if its a problem on my end or if it’s the blog. Any responses would be greatly appreciated.
http://www.99nets.com/dxksst_link-link.html?dxksst=https://maps.google.kg/url?q=https://hottelecom.biz/hi/
Hello, I think your site might be having browser compatibility issues. When I look at your website in Firefox, it looks fine but when opening in Internet Explorer, it has some overlapping. I just wanted to give you a quick heads up! Other then that, excellent blog!
http://tsatv.biz/__media__/js/netsoltrademark.php?d=hottelecom.biz/hi/
Attractive section of content. I just stumbled upon your website and in accession capital to assert that I get in fact enjoyed account your blog posts. Any way I’ll be subscribing to your augment and even I achievement you access consistently fast.
http://ranchobelagoradio.biz/__media__/js/netsoltrademark.php?d=hottelecom.biz/id/
gama casino регистрация
гама казино
I’m not sure exactly why but this web site is loading very slow for me. Is anyone else having this issue or is it a problem on my end? I’ll check back later and see if the problem still exists.
cs:go gambling sites https://woodbridgebrewingco.com/wp-content/pgs/?the-thrilling-world-of-cs-go-gambling-sites_1.html gambling csgo roulette lagunaroll
It is very a pity to me, that I can help nothing to you. I hope, to you here will help.
https://qqcasino.net
Cialis 5 Mg
I thank you for the help in this question. At you a remarkable forum.
Cialis 5 mg prezzo cialis prezzo tadalafil 5 mg prezzo
New youth hostels in Moscow is a good choice
Thank you a bunch for sharing this with all folks you really realize what you’re talking about! Bookmarked. Kindly additionally visit my web site =). We could have a hyperlink trade contract among us
https://vdeg.org.ru
Hi there just wanted to give you a brief heads up and let you know a few of the pictures aren’t loading correctly. I’m not sure why but I think its a linking issue. I’ve tried it in two different browsers and both show the same outcome.
ilovekino.online
Useful information. Fortunate me I found your site unintentionally, and I am surprised why this coincidence didn’t came about earlier! I bookmarked it.
Пешеходное (перильное) ограждение ПО8 купить в Перми
Готель Львів
Довідник Львів
pin up com
пин ап казино
Thanks a bunch for sharing this with all people you really recognize what you’re talking approximately! Bookmarked. Kindly also consult with my site =). We could have a link alternate contract between us
arizona sports betting sites
This information is invaluable. When can I find out more?
hellspin games
Hi there this is kinda of off topic but I was wondering if blogs use WYSIWYG editors or if you have to manually code with HTML. I’m starting a blog soon but have no coding expertise so I wanted to get advice from someone with experience. Any help would be enormously appreciated!
stake casino illegal
Материал не боящийся солнечных лучей Алматы — отделочный материал для фасадов. Структура материала фактурная, внешний вид полностью копирует деревянную доску.
https://5tm.ru
Do you have a spam issue on this blog; I also am a blogger, and I was curious about your situation; many of us have developed some nice methods and we are looking to swap solutions with others, please shoot me an email if interested.
robo aviator mr jack
Hello, this weekend is nice for me, since this time i am reading this impressive educational paragraph here at my house.
bcgame review
For most up-to-date information you have to pay a visit world-wide-web and on the web I found this site as a best web site for most up-to-date updates.
twin spin slot gratuit
Its like you read my mind! You seem to know a lot about this, like you wrote the book in it or something. I think that you could do with some pics to drive the message home a bit, but instead of that, this is fantastic blog. An excellent read. I will certainly be back.
starburst demo slot
Aviator Spribe стратегия
I congratulate, this remarkable idea is necessary just by the way
Добро пожаловать в захватывающий мир авиаторов! Aviator – это увлекательная игра, которая позволит вам окунуться в атмосферу боевых действий на небе. Необычные графика и захватывающий сюжет сделают ваше путешествие по воздуху неповторимым.
Получайте крупные выигрыши с автоматом Aviator Spribe играть и наслаждайтесь игрой!
Aviator игра позволит вам почувствовать себя настоящим пилотом. Вам предстоит совершить невероятные маневры, выполнять сложные задания и сражаться с противниками. Улучшайте свой самолет, чтобы быть готовым к любым ситуациям и становиться настоящим мастером.
Основные особенности Aviator краш игры:
1. Реалистичная графика и физика – благодаря передовой графике и реалистичной физике вы почувствуете себя настоящим пилотом.
2. Разнообразные режимы игры и миссии – в Aviator краш игре вы сможете выбрать различные режимы игры, такие как гонки, симулятор полетов и захватывающие воздушные бои. Кроме того, каждая миссия будет предлагать свои собственные вызовы и задачи.
3. Улучшение и модернизация самолетов – в игре доступны различные модели самолетов, которые можно покупать и улучшать. Вы сможете устанавливать новое оборудование, улучшать двигательность и мощность своего самолета, а также выбирать различные варианты окраски и декорации.
Aviator краш игра – это возможность испытать себя в роли авиатора и преодолеть все сложности и опасности воздушного пространства. Почувствуйте настоящую свободу и адреналин в Aviator краш игре онлайн!
Играйте в «Авиатор» в онлайн-казино Pin-Up
Aviator краш игра онлайн предлагает увлекательную и захватывающую игровую атмосферу, где вы становитесь настоящим авиатором и сражаетесь с самыми опасными искусственными интеллектами.
В этой игре вы должны показать свое мастерство и смекалку, чтобы преодолеть сложности многочисленных локаций и уровней. Вам предстоит собирать бонусы, уклоняться от препятствий и сражаться с врагами, используя свои навыки пилотирования и стрельбы.
Каждый уровень игры Aviator краш имеет свою уникальную атмосферу и задачи. Будьте готовы к неожиданностям, так как вас ждут захватывающие повороты сюжета и сложные испытания. Найдите все пути к победе и станьте настоящим героем авиатором!
Авиатор игра является прекрасным способом провести время и испытать настоящий адреналиновый разряд. Готовы ли вы стать лучшим авиатором? Не упустите свой шанс и начните играть в Aviator краш прямо сейчас!
Aviator – играй, сражайся, побеждай!
Aviator Pin Up (Авиатор Пин Ап ) – игра на деньги онлайн Казахстан
Aviator игра предлагает увлекательное и захватывающее разнообразие врагов и уровней, которые не оставят равнодушными даже самых требовательных геймеров.
Враги в Aviator краш игре онлайн представлены в самых разных формах и размерах. Здесь вы встретите группы из маленьких и быстрых врагов, а также огромных боссов с мощным вооружением. Разнообразие врагов позволяет игрокам использовать разные тактики и стратегии для победы.
Кроме того, Aviator игра предлагает разнообразие уровней сложности. Выберите легкий уровень, чтобы насладиться игровым процессом, или вызовите себе настоящий вызов, выбрав экспертный уровень. Независимо от выбранного уровня сложности, вы получите максимум удовольствия от игры и окунетесь в захватывающий мир авиаторов.
Играйте в Aviator и наслаждайтесь разнообразием врагов и уровней, которые позволят вам почувствовать себя настоящим авиатором.
I’m not sure why but this site is loading extremely slow for me. Is anyone else having this problem or is it a problem on my end? I’ll check back later and see if the problem still exists.
online casino payid withdrawal australia
What’s up, all is going sound here and ofcourse every one is sharing data, that’s genuinely good, keep up writing.
new casinos online real money
Thanks a lot for sharing this with all folks you actually understand what you’re speaking approximately! Bookmarked. Kindly also consult with my site =). We could have a link trade arrangement among us
ricky casino bonus codes 2023
Nice post. I learn something totally new and challenging on blogs I stumbleupon everyday. It will always be useful to read articles from other authors and practice something from their web sites.
new crypto casinos
Useful information. Lucky me I discovered your site unintentionally, and I am stunned why this accident did not happened earlier! I bookmarked it.
xgame slots
Zeolite Heavy Equipment LLC is a leading supplier of heavy equipment, offering a wide range of machines and devices for various industrial needs. We are committed to providing our customers with reliable solutions and excellent service. Our company strives to exceed customer expectations and build long-term partnerships based on trust and mutual respect.
[url=http://vintagebynihal.com/show-product.php?product=vintage-kharakh-hand-embroidered-duffle-bag]zahry machinery equipment llc[/url] [url=https://fxdailyinfo.com/headway-hears-its-users-personal-area-updated]zeolite heavy equipment llc[/url] [url=https://www.khojanepal.com/home/listing/baba-tours-amp-travels/4932]zahry machinery equipment llc[/url] [url=http://gorchesterutd.com/forum/viewtopic.php?t=78048]zahry machinery equipment llc[/url] [url=https://rokochan.org/ai/16655?last100=true#bottom]Zeolite Heavy Equipment LLC[/url] [url=http://www.gawonsilver.com/bbs/board.php?bo_table=freeboard&wr_id=49790]Zeolite Heavy Equip[/url] [url=https://www.manatraders.com/webshop/deck/6687341]zahry machinery equipment llc[/url] [url=https://ict-trainings.com/it-trainings/redhat-linux-rhce]zahry machinery equipment llc[/url] [url=https://poke-soku.com/ytuber-channel/UCFy0ibODrLIlnX3-MiOcpDQ]ZAHRY MACHINERY EQUIPMENT LLC[/url] [url=https://ksena.com.ua/catalog/zhenschiny/kardigany_kofty/kardigan_vodopad_iz_cvetov.html]Zeolite Heavy Equipment LLC[/url] 02886_2
Hello! This is my first comment here so I just wanted to give a quick shout out and tell you I truly enjoy reading through your articles. Can you recommend any other blogs/websites/forums that go over the same topics? Thanks!
casino x review
It’s remarkable in support of me to have a site, which is useful in support of my know-how. thanks admin
best live online casinos
For most up-to-date news you have to pay a visit web and on internet I found this web page as a best web site for most recent updates.
cloudbet payment methods
Hello! I’m at work browsing your blog from my new iphone 3gs! Just wanted to say I love reading your blog and look forward to all your posts! Carry on the excellent work!
https://tinyurl.com/SquirtCamweb
Appreciating the time and energy you put into your site and detailed information you offer. It’s great to come across a blog every once in a while that isn’t the same out of date rehashed material. Great read! I’ve saved your site and I’m including your RSS feeds to my Google account.
https://secure.squirtingvirgin.com/track/MzAxODgyLjUuMjguMjguMC4wLjAuMC4w
Hello! I’m at work surfing around your blog from my new iphone! Just wanted to say I love reading your blog and look forward to all your posts! Keep up the excellent work!
mbit casino withdrawal time
Cialis 20 Mg 4 Tabletas Precio Farmacia Guadalajara
(Admin)
Cialis 5 mg prezzo prezzo cialis 5 mg originale in farmacia cialis 5 mg prezzo
helloI like your writing very so much proportion we keep up a correspondence extra approximately your post on AOL I need an expert in this space to unravel my problem May be that is you Taking a look forward to see you
I just could not leave your web site before suggesting that I really enjoyed the standard information a person supply to your visitors Is gonna be again steadily in order to check up on new posts
thats good great article…keep posting..
My brother suggested I might like this website He was totally right This post actually made my day You cannt imagine just how much time I had spent for this information Thanks
Fantastic site A lot of helpful info here Im sending it to some buddies ans additionally sharing in delicious And naturally thanks on your sweat
I wanted to express how wonderful your post is. I could tell you are an authority on this subject because of how obvious it is. If everything is up to you, I would want to follow your feed so I can be informed when you publish new content. Many thanks, and keep up the fantastic work.
It’s my first time on your blog, and I have to admit that I’m amazed at how much research you did to produce such a fantastic post. A important portion was built with the help of someone.
thats great article….THANKS