U.S. Crude Oil Floods Into Italy as Libyan Supplies Falter

[rainman + 263]

Italy’s imports of U.S. crude oil vaulted to a record in June after attacks by armed groups shuttered two major Libyan oil ports and cut off most deliveries from the OPEC country, a key supplier to Europe, according to Thomson Reuters trade flow data and shipping intelligence firm Kpler. The flows reflected the U.S. oil industry’s growing ability to serve as an alternative supplier when contained regional conflicts pinch oil supplies to allies. U.S. lawmakers lifted a 40-year-old crude export ban in late 2015, allowing producers to push oil extracted from shale rocks in West Texas, Oklahoma and North Dakota into European and Asian markets dominated by the Organization of Petroleum Exporting Countries and other U.S. rivals like Russia.

[pinto + 293]

Evidence of a tight market. Also puts any worries about China tariffs on oil to rest. If China hits oil there will just be a juggling of supplies.

[franco + 96]

I don't know to much about this, but according to media reports they only track 2.1million out of 4.1mb. Betting on quite a bit of rest to Exxon refinery in Trecate italy and through Trieste to its Karlsruhe refinery in Germany. The Vitol cargo may get discharged in France for their cressier refinery.

[Pavel + 384]

Italy Was 2nd Largest U.S. Crude Buyer in April. Italy imported 7.45m bbl of U.S. domestic crude in April, up 25% from March, becoming the second-largest buyer of American oil after Canada, according to U.S. Census Bureau and EIA data....

[Petar + 76]

So a recession in Italy will have a direct impact....Btw. Italian growth is already among the weakest in Europe....

[Dan Warnick + 6,100]

1 hour ago, Petar said:

So a recession in Italy will have a direct impact....Btw. Italian growth is already among the weakest in Europe....

Italy was out of recession?