Tag: oil

Oil company Husky Energy is planning to install a replacement flowline connector at the White Rose Field. This comes after the 250.000-liter oil spill in the Atlantic, which took place on November 2018, due to a flawed flowline connector. The company would use the DOF's Skandi Vinland vessel to replace the flawed flowline connector.

An oil tanker that damaged in a bombing for which Iran was blamed, returned to its operations, with its first destination being Iran. The ship was attacked off UAE during May, with sources reporting that it is now full and transports fuel to Iran. 'Andrea Victory' is sailing in the northern Persian Gulf, indicating Iran's Bandar Imam Khomeini as its destination.

The American Petroleum Institute released its latest Monthly Statistical Report and API Industry Outlook outlining the increased growth and resiliency of the US natural gas and oil industry. Namely, US crude oil production reached a new all-time high of 12.2 million barrels per day in May 2019.

Oil prices increased as tensions remain high between Iran and the US. What is more, the US Secretary of State Mike Pompeo talked about significant sanctions against Iran, which could be announced soon. Brent futures were up 25 cents, an increase of 0.4%, reaching $65.45 a barrel. In addition, West Texas Intermediate crude was up 37 cents, or 0.6%, at $57.80 a barrel.

The Norwegian Petroleum Directorate issued the preliminary production figures for May 2019, indicating an average daily production of 1,599,000 barrels of oil, NGL and condensate. These numbers are a decrease of 120,000 barrels per day in comparison to April.

As EIA informs, the Strait of Hormuz is the world's most important oil chokepoint due to the large volumes of oil that flow through the strait. In fact, in 2018, its daily oil flow averaged 21 million barrels per day (b/d), or the equivalent of about 21% of global petroleum liquids consumption.

In its 'Oil Market Report: 2020 vision', IEA reports that volatility has returned to oil markets with a dramatic sell-off in late May seeing Brent prices fall from $70/bbl to $60/bbl. In addition, supply concerns have not gone away, as oil prices initially increased by 4% after the attacks on two tankers in the Gulf of Oman, before easing back slightly.

BP published its 68th annual Statistical Review of World Energy, reporting that global primary energy consumption grew fast in 2018, driven by natural gas and renewables. However, carbon emissions grew at their highest rate for seven years.

The worldwide demand for cleaner shipping fuel could drive the value of Middle East crude to its lowest ever levels, despite fact that supplies are squeezed. This highlights the fact that the 2020 sulphur cap will hurt countries like Saudi Arabia and Iraq that produce high sulphur fuel.

The Malaysian Maritime Enforcement Agency detained the crude oil tanker 'MT Saiq' over lack of anchoring permit, on May 21. The vessel was anchored off Pulau Jarak since May 16, and failed to submit a permit to anchor. After the detention, the ship and all of its 25 crewmembers, along with their Captain were detained as well.