Glencore to Ship Oil from Yemen

Yemen will export its first crude oil shipment since August later January, according to fixture list data showing Glencore has booked an oil tanker, to dock in Yemen, Oil Price reported.

Trading company Glencore has booked a 2m barrel very large crude carrier (VLCC) to load in the Arabic country. Glencore’s ST Shipping arm chartered the Universal Brave to load at an unnamed Yemeni port from mid January, with unspecified destination options, according to Argus Media.

The war-torn country, which used to get the bulk of its export revenues from oil, has not officially exported any since the third quarter of 2016, although, some reports suggest that unofficial small cargoes may have been shipped from its coast.

Yemen has reserves estimated at about 3b barrels of crude but has been a relatively small producer, with its production set for a continual decline in the absence of any major new discoveries. Based on figures from the Energy Information Administration (EIA), Yemen produced 127,000b/d. After the war, this fell to 44,000b/d in 2015. Nearly all oil fields have been shuttered since the start of the war, yet Yemeni government sources said last August that production at the Masila fields was restored.


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