20 April 2016
Six supertankers (live map) have lined up at Kuwait's crude export terminal to load oil on Wednesday, as the country's oil and gas sector gradually returns to normal after workers ended a three-day strike that had slashed crude production.
Kuwaiti oil and gas workers walked out on Sunday and cut the OPEC member's crude production by nearly half and disrupted its refining operations.
Crude Oil Tanker Elizabeth I.A. Image: Steve Greenwood
Kuwait raised its output to 1.5 million barrels per day on Tuesday after it fell to 1.1 million bpd on Sunday. The country produced 2.8 million bpd in March.
"There are still some lifters who worry about oil loading,"said a trader with a north Asian company.Seven Very Large Crude Carriers have arrived at Mina al-Ahmadi port since Saturday, shipping data showed.
Tanker BW Ulan loaded oil on Monday and is heading to South Korea. The remaining six tankers are still at the port.
Global oil prices fell more than $1 a barrel on Wednesday on the end of the strike in Kuwait. Prompt Dubai monthly spreads have also eased.
Delays at the Kuwaiti port have added to huge queues of supertankers which have formed in Iraq and China as ports struggle to cope with a global oil glut.
Supertankers at the Mina al-Ahmadi terminal:
- Eneos Spirit arrived on April 16;
- Elizabeth I.A. arrived on April 19;
- Al Salheia arrived on April 18;
- Ridgebury Pride arrived on April 18;
- Selene Trader arrived on April 18;
- Dar Salwa arrived on April 18;
Source: Reuters / Reporting by Florence Tan; Editing by Ed Davies