<\/p>\n
Since April, four vessels carrying a total 2.4 million barrels of American oil have set sail for the Bantry Bay terminal operated by Zenith Energy Management LLC, according to ship tracking data compiled by Bloomberg. Two of those tankers, which loaded oil on the U.S. Gulf Coast, were originally set for the Netherlands and the U.K., but were rerouted to Bantry Bay. The U.S. oil deliveries last month were the first ever for the facility.<\/p>\n
<\/p>\n
It\u2019s \u201ca natural extension of U.S. crude oil in the international trade flow and being driven by market fundamentals,\u201d said Zenith\u2019s Chief Commercial Officer Jay Reynolds.<\/p>\n
<\/p>\n
Storage has become increasingly scarce both on land and offshore as the Covid-19 outbreak has devastated petroleum demand globally. The International Energy Agency said this week it will take more than a year for oil demand to recover to levels before the virus shuttered economies.<\/p>\n
<\/p>\n
Zenith\u2019s Bantry Bay terminal can store about 2 million barrels of crude and the rest of its nearly 9 million-barrel site holds refined products. It was constructed in 1968 for the purpose of importing large cargoes of foreign crude.<\/p>\n
<\/p>\n
\u201cThe last time we saw a crude import was in November 2019, but that was a regional crude from the U.K.,\u201d said Syed Ahmad, an oil analyst for shipping data provider Vortexa.<\/p>\n
<\/p>\n
U.S. crude exports to Ireland peaked at 2.4 million barrels in January, according to Energy Information Administration data. Bantry Bay\u2019s storage is fully contracted and utilization has been over 95%.<\/p>\n
<\/p>\n
Until demand recovers, \u201cthose seeking some relief from crude deliveries will be diverting their supplies to less-known options like Bantry Bay,\u201d said Ahmad.<\/p>\n
<\/p>\n
\u2013With assistance from Sherry Su.<\/p>\n
<\/p>\n
\u00a9 2019 Bloomberg L.P<\/em><\/p>\n gCaptain<\/p>\n","protected":false},"excerpt":{"rendered":" Since April, four vessels carrying a total 2.4 million barrels of American oil have set sail for the Bantry Bay terminal operated by Zenith Energy Management LLC, according to ship tracking data compiled by Bloomberg. Two of those tankers, which loaded oil on the U.S. Gulf Coast, were originally set for the Netherlands and the …<\/p>\n","protected":false},"author":1,"featured_media":9869,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[56],"tags":[5286,6285,1375,6270,166,5125,1408,1256],"class_list":["post-9868","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-marine-world","tag-draws","tag-filling","tag-global","tag-irish","tag-oil","tag-small","tag-storage","tag-terminal"],"_links":{"self":[{"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/posts\/9868","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/comments?post=9868"}],"version-history":[{"count":0,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/posts\/9868\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/media\/9869"}],"wp:attachment":[{"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/media?parent=9868"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/categories?post=9868"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/tags?post=9868"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}