In its monthly oil market report, IEA said that global oil consumption will top 100 million barrels per day (bpd) over the next three months, but the upcoming US sanctions against Iran’s oil exports, as well as the emerging market crises in Venezuela and Brazil, are expected to affect this demand.
Gard P&I Club focuses on contaminated bunkers and how to protect the purchaser. Namely, the Club sheds light on the bunker supplier and the supply contract and provides a summary of the current situation. Gard mentioned that bunker quality disputes can be very lengthy, costly and complex but can be avoided with a right decision.
Deliveries of low-sulphur gasoil for September increase to 1,685 lots, or 168,500 tonnes. This is the highest amount since October last year, according to InterContinental Exchange data. Namely, the contract expired at $690 a tonne, a rise from $650.50 at August expiry, when deliveries reached 714 lots.
On the sidelines of the Eastern Economic Forum, Russian Gazprom and Japanese Mitsui & Co. Ltd. signed a MoU on the LNG plant project Baltic LNG. The parties also discussed the ongoing cooperation on the Sakhalin II project, which includes Russia’s first LNG plant.
The US likely surpassed Russia and Saudi Arabia, becoming the world’s largest crude oil producer earlier this year, based on preliminary estimates by EIA’s Short-Term Energy Outlook. US crude oil production, particularly from light sweet crude oil grades, has rapidly increased since 2011.
Dry natural gas production in the US is forecast to average 81.0 billion cubic feet per day Bcf/d in 2018, up by 7.4 Bcf/d from 2017 and establishing a new record high, according to EIA’s short-term energy outlook, which foresees natural gas production will continue to rise in 2019 to an average of 84.7 Bcf/d.
While 18 months ago the global LNG market was depressed, prices seem to have staged a strong recovery. However, gas now needs to work for its long-term sustainability, according to Simon Flowers, Chairman and Chief Analyst, Wood Mackenzie.
On the sidelines of a conference in Berlin, Qatar’s Emir revealed plans to invest EUR 10 billion over the next five years, to bolster ties with Germany, Europe’s largest economy and biggest energy consumer. The funding includes the possible creation of a LNG terminal.
The Ministry of the Russian Federation for the Development of the Far East, Russian natural gas major Novatek, and the Government of the Kamchatka Territory signed an agreement of intent on implementing a project for the construction of a marine LNG transshipment complex in the territory of Kamchatka.
BIMCO has recently issued a digital bulletin focusing on the challenges ahead for the compliance with the 0.5% suplhur cap in less than 18 months. The Association highlights that there are still many contractual and technical issues that need to be addressed and provides updates on action taken so far.
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