BKR Rig Count | The total active drilling rigs in the United States decreased by 1 last week to 585. Oil rigs increased by 1 to 482, and gas rigs decreased by 2 to 99. Rig count in the Permian Basin remained flat at 304 | Oct 18 | BKR NAM Rig Count
UK imposes sanctions on more of Russia's oil and LNG “shadow fleet” | The UK government has blacklisted 22 oil and LNG tankers involved in Russian energy trade, in its "largest package of sanctions to date" against shadow tankers. The ships include 18 oil tankers totaling 2.2 million dwt that have lifted up to 62.9 MMbbl of Russian crude and fuel oil so far this year, with over half of the oil ending up in India. Four LNG tankers with a total carrying capacity of 551,000 cu m and Russian gas company Rusgazdobycha were also put on the sanctions list | Oct 17 | S&P
Russia Adds three LNG Shadow Fleet Tankers With New Dubai-Based Firm in what appears to be Russia’s latest effort to circumvent Western sanctions | Oct 18 | Bloomberg
The Jask oil terminal, built by Iran to bypass the vital strait of Hormuz, appears to have partially filled with crude offering Tehran a means to get a little of its oil into the world without using the waterway. The main Kharg terminal which moves about 90% of Iran’s crude exports relies on the Strait of Hormuz | Oct 18 | Bloomberg
US Weekly crude production climbed to a fresh record high of 13.5 million barrels a day, likely adding to worries about an oversupplied market going into next year. Weekly figures tend to be volatile, and the EIA still forecasts growth to be fairly tepid for next year as rig counts remain low | Oct 17 | Bloomberg
China’s export growth unexpectedly slowed in September, curbing a trade rebound that has been a bright spot for a weakening economy that policymakers are relying on manufacturing to power. Shipments to key markets including JPN, SK and TW all fell, while exports to the EU and the US marked their slowest rise in at least four months as politicians ramped up tariffs. “Looking ahead, it would be difficult to sustain strong export growth into next year, as trade tension heightens”, Z. Zhang, pres and chief economist at Pinpoint Asset Management said | Oct 14 | Bloomberg
Diesel exports from China hit the lowest since June 2023 as refiners grappled with a limited shipment quota and near break-even margins. Chinese refineries are expected to reduce diesel exports by more than 30% this month compared with September’s pace | Oct 18 | Bloomberg
