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2017-08-24 13:50:00

IMPORTANT OIL STRAITS

IMPORTANT OIL STRAITS

EIA The Danish Straits and Turkish Straits, together transited by a combined volume of more than 5 million barrels per day (b/d) in 2016, are important chokepoints for Europe's crude oil and petroleum liquids supply. Nearly 59 million b/d of global petroleum and other liquids production moved on maritime routes in 2015. Although most discussions of maritime chokepoints for oil trade focus on the Strait of Hormuz and the Strait of Malacca, which together were transited by a combined volume of more than 30 million b/d, other chokepoints are significant for specific regions.

PETROLEUM TRANSPORTATION THROUGH CHOKEPOINTS 2011 - 2016

Chokepoints are narrow channels along widely used global sea routes and are critical to global energy security. The inability of oil to transit a major chokepoint, even temporarily, can lead to substantial supply delays and higher shipping costs, resulting in higher world energy prices.

DANISH STRAITS PETROLEUM TRANSPORTATION MAP

The Danish Straits, a series of channels that connect the Baltic Sea to the North Sea, are an important route for Russian seaborne oil exports to Europe. An estimated 3.2 million b/d of crude oil and petroleum products flowed through the Danish Straits in 2016. Russia shifted a significant portion of its crude oil exports to its Baltic ports after opening the port of Primorsk in the Gulf of Finland in 2005. A relatively small amount of oil, less than 50,000 b/d, primarily from Norway and the United Kingdom, flowed eastward through the Danish Straits to Scandinavian markets in 2016.

TURKISH STRAITS PETROLEUM TRANSPORTATION MAP

The Turkish Straits, which include the Bosporus and Dardanelles waterways, divide Asia from Europe. The Bosporus is a 17-mile waterway that connects the Black Sea with the Sea of Marmara, and the Dardanelles is a 40-mile waterway that links the Sea of Marmara with the Aegean and Mediterranean Seas. Both waterways are located in Turkey and supply Western and Southern Europe with oil from Russia and the Caspian Sea region.

Only half a mile wide at the narrowest point, the Turkish Straits are among the world's most difficult waterways to navigate because of their sinuous geography. About 48,000 vessels transit the Turkish Straits each year, making this area one of the world's busiest maritime chokepoints. Commercial shipping has the right of free passage through the Turkish Straits in peacetime, although Turkey claims the right to impose regulations for safety and environmental purposes.

An estimated 2.4 million b/d of crude oil and petroleum products flowed through the Turkish Straits in 2016, more than 80% of which was crude oil. These Black Sea ports are among the primary oil export routes for Russia and other Eurasian countries, including Azerbaijan and Kazakhstan. At its peak in 2004, more than 3.4 million b/d transited the Turkish Straits, but volumes have fallen as Russia has shifted crude oil exports away from the Black Sea and toward the Baltic ports.

Subsequent increases in production and exports from Azerbaijan and Kazakhstan resulted in an increase in shipments through the Turkish Straits, but those increases were short-lived. These volumes may increase in the future as Kazakhstan's production of crude oil increases and the country exports more crude oil via the Black Sea. EIA expects Kazakhstan's crude oil production to increase through at least the end of 2018 as volumes from the country's Kashagan field continue to rise.

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Earlier:

STRAITS:       EUROPE:
 

WORLD OIL TRANSIT

... rlds oil production moves on maritime routes. The Strait of Hormuz and the Strait of Malacca are the worlds most important strategic chokepoints by volume of oil transit. World chokepoints for maritime transit of oil are a critical part of global ene ...
2014-11-16  
     

IMF WANT EUROPE

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2017-07-26  
 

WORLD OIL CHOKEPOINTS

... production moved on maritime routes in 2015. The Strait of Hormuz and the Strait of Malacca are the worlds most important strategic chokepoints by volume of oil transit. EIA - World chokepoints for maritime transit of oil are a critical part of glob ...
2017-07-26  
     

GAZPROM UP 12%

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2017-07-07  
       

GAZPROM: RUSSIAN GAS FOR EUROPE

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TURKEY'S GAS DIVERSIFICATION

... has both problematic and good relations with the European Union, but unlike Russia it wants to be the part of Euro-Atlantic Security Community. Although Turkey has a lack of energy reserves itself, it is a good transit state and can bring benefit to ...
2017-04-03  
       

NORD STREAM-2 FOR EUROPE

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Tags: OIL, STRAIT, EUROPE, CHOKEPOINT

Chronicle:

IMPORTANT OIL STRAITS
2018, January, 19, 12:15:00

S.KOREA'S DIVERSIFICATION

PLATTS - For full-year 2017, South Korea's crude imports from its biggest supplier Saudi Arabia fell 1.7% to 319.02 million barrels, compared with 324.45 million barrels in the previous year, customs data showed. On the contrary, South Korea has imported 1.77 million mt, or around 13 million barrels, of crude from the US in 2017, about four times higher than in 2016. Shipments from Russia grew to 140,000 b/d last year from 112,000 b/d in 2016.

IMPORTANT OIL STRAITS
2018, January, 19, 12:10:00

ADNOC'S 2030 STRATEGY

AOG - ADNOC’s 2030 strategy, he said, aims to capitalise on predicted global economic growth and demand for oil and petrochemical products, particularly in non-OECD countries. As its business responds to changing market dynamics, the company will continue to broaden its partnership base, strengthen its profitability, adapt to new realities and expand market access.

IMPORTANT OIL STRAITS
2018, January, 19, 12:05:00

TOSHIBA SELLS WESTINGHOUSE

WNN - Under the terms of the assignment and purchase agreement it has signed with Nucleus and Brookfield, Toshiba will sell its rights to assert claims against Westinghouse related to the parent guarantees in the amount of $5.788 billion, and on account of other claims Toshiba holds against Westinghouse in the amount of $2.284 billion to Nucleus, for the sale price of $2.160 billion.

IMPORTANT OIL STRAITS
2018, January, 17, 23:50:00

OIL PRICES: NOT ABOVE $70 YET

REUTERS - Brent crude futures LCOc1 were at $69.23 a barrel at 0808 GMT, up 8 cents from their last close, but down from a high of $69.37 earlier in the day. Brent on Monday rose to $70.37 a barrel, its highest since December 2014, the start of a three-year oil price slump. U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $63.84 a barrel, down from a high of $63.89 earlier, but up 11 cents from their last settlement. WTI hit $64.89 on Tuesday, also the highest since December 2014.

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