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The Inpex-operated 8.9 mtpa Ichthys LNG plant in Darwin has withdrawn a tender to sell a cargo for delivery in June -July because of production problems, limiting available spot supplies amid planned and unplanned maintenance at other LNG plants.
The market has erased all price gains that had followed the OPEC+ decision to cut supply last month – although it has only started to get implemented this month. The group’s export trends have not helped support prices in April, as their total level remained stable near 28 Mbd when excluding Iran and Venezuela. Higher exports from Saudi Arabia and Russia offset declines from Nigeria, Iraq and Kazakhstan, while the group’s crude inventories remained stable at 259 Mbbls.
The average API density of European crude imports continues to rise in early 2023 as imports from the US remain robust, which has been keeping demand for heavier grades high, with Europe increasingly leaning towards Latin America for these barrels.
