Yemen is expected to meet its obligation for the export of around two million barrels of Masila Blend in mid-May, a trade source familiar with the matter told Dow Jones Newswires Thursday.
Yemen is expected to meet its obligation for the export of around two
million barrels of Masila Blend in mid-May, a trade source familiar with the
matter told Dow Jones Newswires Thursday.
There has been increased speculation that the country's crude exports might be
halted by the political strife that has spread across the country due to
growing opposition to Yemeni President Ali Abdullah Saleh's decades-long rule. However,
Masila volumes for mid-May loading have already reached storage tanks at the
Ash Shihr terminal and are expected to be loaded without problems, the trade
source added.
Yemen
produces between 4.5-5 million barrels of Masila Blend crude a month, the
trader said.
However, reports of workers' strikes at oil fields making up Masila Blend mean
that the fate of export volumes scheduled for end of May loading remain
uncertain, the trade source added.
The Canadian oil company Nexen Inc.(NXY), which operates the Masila project
with a 52% working interest, wasn't immediately available to comment when
contacted by Dow Jones Newswires.
Yemen
's
other major crude stream, Marib Light, is usually consumed domestically where
it's refined into oil products at the
Aden
refinery.
However, an attack by tribal groups opposed to President Saleh forced the
shutdown of the pipeline, which ships 50,000-70,000 barrels a day to the port
city of
Ras Isa
on
the
Red Sea
. The outage is likely to leave a huge gap in
Yemeni oil product supply.
Yemen
's
High Ministerial Committee for Crude Oil Marketing announced in May that around
3.15 million barrels of Masila crude would be available in June, falling from
four million barrels made available for export in May. The Committee failed to
quantify the volume of Marib light crude available for June delivery, after
saying 2.3 million barrels were available in May.
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