*Los Angeles Bunkers Volumes Fall for Fifth Straight Month in May*
Deliveries of marine fuel into the west coast ports of Los Angeles and Long beach fell for the fifth consecutive month according to the port of Los Angeles in the S&P report. May volumes have printed at 1,210,370 down 12% on the month and 17.1% on the year.
*U.S. Crude Stocks Drop 9 mil bbls, Record Fall in Output Amid Hurricane – EIA*
US crude stock fell by 9.4 million barrels as Hurricane Laura tore through the offshore oil platforms forcing shutdowns, data coming from the EIA on September 2nd. This information comes as production fell by up to 1.1 million bpd as a result of the hurricane, which then become the lowest level since January 2018.
*Russia’s August Oil Output Rises 5% on Month as OPEC+ Quota Eased*
Output of crude oil in Russia was up 5.1% on the month as OPEC+ quotas were eased from 1 August according to the Russian energy ministry. The quota from for May-July was 8.492 million bpd which has subsequently been increased to 8.993 bpd from August-July, with another meeting due on 17th September for the revision of this level.
*Saudi Aramco Slows Diversification Plans Amid Industry Downturn: WSJ*
The Wall Street Journal reports of the review that Saudi Aramco is due to take to halt plans of international diversification. This comes as falling oil prices affect revenues and a heavy dividend burden. The company will be review investments that is was due to make in Texas, China, India and Pakistan, freeing up cash at the realization of lower oil prices post-pandemic.
*Indian Oil Corp’s VLCC Catches Fire Off Colombo*
The VLCC NEW DIAMOND caught fire off the Colombo coast according to Reuter’s sources. The Fully loaded vessel was headed to Paradip in eastern India.