Platts: Australia’s Increasing Oil, NGL Output to Help Aframax Market Report

“The Aframax market in Southeast Asia and in the Fast East can expect some support as Australia’s crude and natural gas liquids output makes modest gains, shipbroker Poten & Partners said in a report published over the weekend. ‘It is estimated that Australia’s oil production will increase to reach 620,000 b/d over the course of 2012 [from 562,000 b/d in 2010, according to a BP report]. Some of this gain will come from incremental output at Australia’s existing fields and developments planned to come on stream in the next two years,’ the shipbroker said. ‘Additionally, the continued development of Australia’s LNG sector is anticipated to produce steady increases in condensate production from wet gas fields.’ According to Poten, Australia’s condensate production is expected to add over 250,000 b/d by 2015.”