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A shipment of Argentinian crude is expected to arrive in Europe this week—the first in at least several years, according to observed flows.
The Panamax-sized tankerNew Conquestloaded most of its volume from Argentina’s San Sebastian Bay in early May and a smaller cargo from Punta Loyola in mid-April. The tanker is expected to arrive in Rotterdam later this week.
New outlets for Argentinian crude
This month’s Europe-bound crude export comes amid other irregular journeys for Argentinian crude in recent weeks, reflecting a diversification of destinations compared with previous years.
Argentina has exported several crude cargoes to Louisiana Offshore Oil Port (LOOP) since March, also the first time in at least several years, according to Vortexa data.
The country more typically exports its crude to other ports in the US, namely to the west coast (PADD 5) and elsewhere in the Gulf coast region (PADD 3).
The latest import into LOOP from Argentina was aboard theOlympic Future, which arrived in May with a cargoes of the country’s flagship 24°API Escalante crude. The previous deliveries there this year were lighter Argentine grades of around 40°-50° API —Cruz del Sur, San Sebastian and Maria Ines.
Argentina’s top crude oil export destinations last year were China, followed by Chile, the US, Brazil and storage locations in the Caribbean.
This year by contrast the top destination is the US, followed closely by China, with exports also heading to Chile and the Netherlands.