According to Reuters, the US Department of State identified seven companies that has blacklisted, due to their involvement in Iranian petrochemincals’ transport, marketing and sale. In fact, three of the seven companies are Chinese-based, while another three are in Hong Kong and one in South Africa.
Following the COVID-19 outbreak and the price war between Saudi Arabia and Russia, oil industry is impacted negatively as it marked its largest weekly collapse since 2008.
The US Department of the Treasury’s Office of Foreign Assets Control (OFAC) designated TNK Trading International S.A. (TTI) for operating in the oil sector of the Venezuelan economy.
Saudi Arabia increases efforts to send Russia’s Urals oil grade out of its markets as it offers its own cheap barrels, as the two countries’ deal to support global oil prices fell apart.
With global markets experiencing the oil price crash, Wood Mackenzie’s Tom Ellacott believes that the price collapse could lead to a new phase of deep industry restructuring, bringing similar changes as those of the late-1990s.
In view of the ongoing oil demand situation and the disruption brought by coronavirus, OPEC recommended extending the duration of the proposed 1.5 million barrel per day cut until the end of 2020, instead of 30th of June 2020, as previously announced.
In light of the coronavirus situation, the oil major company, Saudi Aramco reported to Reuters that the virus impacts upon oil demand will be short-lived, while the consumption is expected to increase in the second half of the year.
Although several forecasts estimated that the oil demand will drop due to the coronavirus outbreak, oil prices ended up higher about 1%, for 3rd straight session, while investors expected that the oil producers would cut more output.
In his 2020 State of the Union Address, the U.S. President Donald Trump highlighted the success of the oil and gas industry.
APM Terminals shake hands with Brasco, a Wilson Sons Group company and inked an agreement in order to boost oil exploration operations. Specifically, Brasco as an offshore security support company, will further secure oil explorations located at Pecém Industrial and Port Complex.
Rightship launches New Dry Bulk Management Standard02/04/2020
APM Terminals mobile boosts handling capacity02/04/2020
Port of Oakland: Dockworker dies after falling from ship02/04/2020
Lessons learned: Grounding and collision in busy anchorage02/04/2020
- Maritime Health
US Navy, Royal navy on COVID-1902/04/2020
Transport Malta investigation: Collision of LNG carrier and VLCC attributed to VHF communication02/04/2020
Russian freighter replaces entire crew after COVID-19 infection02/04/2020
- Maritime Health
Update 02 April: Live map depicts spread of coronavirus02/04/2020
Traffic at Suez Canal unaffected by COVID-1902/04/2020
Suez Canal adjusts rates of reductions for LNG carriers02/04/2020