Contrary to some observers who focus intently on trade data as a proxy for demand, China’s total oil product demand rose by only 150,000 bpd in 2018.
Russia will be fully compliant with production cuts by March 2019, according to ESAI Energy projections. Producers have demonstrated an ability to manage output at mature fields. That said, new projects and upcoming haggling over production quotas could lead to bumps in the road, including for Rosneft.
The Louisiana Offshore Oil Port is pushing out the most crude it’s shipped in any one month since the terminal began supertanker exports in February.