Tag: oil and gas industry

OPEC states that in the OECD economies, the growth observed in the US in 2024 is set to moderate slightly in 2025.

An oil spill occurred at the Shell loading terminal in Nigeria’s Delta region after a pipeline ruptured on 14 November.

According to OPEC, the global oil demand growth forecast for 2024 has been revised down slightly to 1.6 million barrels per day, while world economic growth projections remain steady at 3.1% for 2024 and 3.0% for 2025.

An explosion at a gas refinery near Florence, Italy, on 9 December has resulted in the deaths of at least two people and left four others missing, while nine more have been injured.

On December 3, 2024, the United States imposed sanctions on 35 entities and vessels involved in the illegal transportation of Iranian petroleum.

According to Vortexa's Market Analyst, Xavier Tang, the upcoming Mediterranean Emission Control Area (ECA) will likely tighten ULSFO supplies in the region and free up VLSFO supplies for the East.

The Office of Financial Sanctions Implementation (OFSI) has published an advisory to address concerns about potential evasion of the UK’s ban on maritime transportation of Russian oil, oil products, and associated services under the Oil Price Cap (OPC).

The Oil & Gas Decarbonization Charter (OGDC) published on November 11, its Baseline Report, setting a foundation to help prioritize and track progress on emissions reductions made by the 54 oil and gas companies - representing almost 45% of the global oil production, that have signed up to the Charter’s ambitions.

On the morning of 1 November, the chemical tanker Southern Puma and the bulk carrier Louisa Bolten collided in the Strait of Gibraltar, approximately 20 miles southeast of Punta Europa and 15 miles east of Ceuta.

According to Gibson, nearly 63% of all tankers (above 25k dwt) built in 2009 or older are engaged in grey fleet activity by either trading sanctioned Iranian, sanctioned Venezuelan and/or have been solely engaged in Russian trade over the past 6 months.