Tag: oil and gas industry

ADNOC has signed a general agreement with the Japan Bank for International Cooperation for a $3 billion green financing facility.

As Brent crude futures experienced declines throughout May and early June, driven by concerns over sluggish oil demand growth and significant inventory builds, market dynamics have clearly shifted, IEA Oil Market Report (OMR) notes.

A recent analysis by the University College London (UCL) Energy Institute and Kühne Climate Center highlights significant risks faced by the global fleet of oil and gas tankers if efforts to limit global warming to 1.5°C by 2050 are successful.

Representatives from Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman gathered in Riyadh during the 37th OPEC and non-OPEC Ministerial Meeting (ONOMM).

As Reuters reports, the growing shadow fleet of tankers transporting sanctioned Iranian, Venezuelan and Russian oil is filling up with the cheapest fuel available, hindering industry efforts to use cleaner fuel to cut shipping emissions.

According to Gibson Shipbrokers' Tanker Market Report, oil markets once again are carefully watching for any comments from OPEC+ officials, with speculation building what the group will decide during their upcoming meeting on June 2nd.

To accommodate LNG customers, the Panama Canal Authority is reportedly considering modifying slot allocations and conducting surveys to identify their needs.

International Energy Agency (IEA) has released its the second quarterly Gas Market Report of the year, providing a review of market developments over the 2023/24 heating season and a short-term outlook for 2024. 

ING's Inga Fechner, a senior economist at ING in Germany, Rico Luman is a senior sector economist with a focus on transport, and Warren Patterson is Head of Commodities strategy based in Singapore, explain why if the Strait of Hormuz is in any way disrupted, the impact on oil and global trade could be huge. 

According to the US Government, General License 44, which authorizes transactions related to oil or gas sector operations in Venezuela, expired on April 18.