Here we go Loopty Loo. Here we go loopty li. Here we go loopty loo. All on a Saturday night. Oil prices are getting loopy as a historic turnaround for the LOOP, otherwise known as the “The Louisiana Offshore Oil Port” the major U.S. oil import terminal is getting looped around for now exporting oil. This comes as oil prices looped back around as global oil demand numbers led by record oil imports in India and another reported drop in Cushing Oklahoma, supplies continue to support prices as global stock prices rebound. Are you loopy yet? If you’re not, you will be.

U.S. oil exports will continue to play a major factor in an increasingly oil hungry world. According to Platts, the LOOP will for the first time, use its offshore terminal to fill a ship for export as opposed to using it to empty oil tankers from abroad to meet U.S. import needs. A Saudi tanker that is buying U.S. oil, to be shipped to China, is a historic development in the changing landscape for oil.

Platts reported that the LOOP, which began operations in 1981, is the first and only deepwater oil port in the U.S. It is presently the only U.S. oil facility capable of offloading vessels or supertankers. The “supertankers” are the largest tankers, including very large crude carriers known as VLCC or ULCCs with capacities over 250,000 pounds of Dead Weight Tonnage (DWT). These ships can transport 2,000,000 barrels (320,000 m3) of oil/318,000 metric tons of oil.

Shell will then lay claim to the continental U.S.’ first true VLCC export of crude — an export without the need for reverse lightering — when the vessel Shaden sails from the Louisiana Offshore Oil Port later this week laden with a medium sour crude, according to market sources. 

The Louisiana Offshore Oil Port said late Monday it “has moored a VLCC supertanker and initiated its detailed test and checkout procedure.” The tanker known as the “Shaden” will receive crude from LOOP’s newly bidirectional pipeline connecting LOOP’s onshore infrastructure with an offshore deepwater mooring station.