Tag: oil and gas industry

International Energy Agency (IEA) highlights that world oil output increased by 320 kb/d in October to 102 mb/d. However, there has been no material impact on oil supply flows from the war between Israel and Hamas that started in early October.

In light of the disrupted Nembe Creek trunk line (NCTL) pipeline, Nigeria has resorted to using small river vessels to transport its oil to other vessels. 

International Energy Agency (IEA) explores how a sharp escalation in geopolitical risk in the Middle East, a region accounting for more than one-third of the world’s seaborne oil trade, has markets on edge.

The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) is imposing sanctions on two entities and identifying as blocked property two vessels that used Price Cap Coalition service providers while carrying Russian crude oil above the Coalition-agreed price cap.

In response to a request from Israel, the U.S. energy company has decided to temporarily halt operations at its Tamar natural gas field, located approximately 12 miles away from the Gaza Strip.

The COP28 President-Designate, Dr. Sultan Al Jaber, called on the oil and gas industry to rally around ambitious decarbonization targets, as part of the COP28 Presidency’s Action Agenda to fast-track the energy transition and keep 1.5C within reach.

In their latest report, Windward finds that 64% of all medium and high-risk vessels in Q3 have been flagged for being associated with Russia.

Emerging economies are expected to support overall demand, International Energy Agency (IEA)’s latest medium-term market report says, with new LNG supply likely to ease market strains after 2025.

Russia has modified its restrictions on the export of fuel, including removing prohibitions on high-sulfur diesel and fuel used as bunkering for some vessels.

The United Nations Conference on Trade and Development (UNCTAD) finds that maritime trade volume contracted marginally by 0.4 per cent in 2022, but expects it will grow by 2.4 per cent in 2023.