Tag: oil

Former UK Energy and Climate Secretary Sir Ed Davey urged the private and public sector funds to begin divesting from fossil fuel assets and instead invest in clean or green technology, which will in turn provide good returns. Sir Davey expressed this opinion during the House of Commons discussion regarding the financial and ethical risks of investments in fossil fuel companies by pension funds.

According to Reuters, Russia’s state pipeline monopoly Transneft will compensate all parties for losses incurred from contaminated oil, under the condition that they prove the damage, a government official said on Thursday, May 22, as the first European refinery declared force majeure.

According to the Norwegian Petroleum Directorate, preliminary production figures for April 2019 show an average daily production of 1,729,000 barrels of oil, NGL and condensate, which is a decrease of 24,000 barrels per day in comparison to March. Overall gas sales were 10.2 billion Sm3 (GSm3), which is a reduction of 0.6 GSm3 from the month before.

As Rystad Energy reports, on top of production declines in Iran and Venezuela, ongoing OPEC cuts, Urals contamination outages in Russia and maintenance in Kazakhstan, North Sea production is also facing difficulties. It is expected that North Sea oil production will drop during June, reaching the lowest level since August 2014 as Ekofisk goes into maintenance.

The American Petroleum Institute published its latest Monthly Statistical Report showing that US crude oil production sustained a record-tying 12.1 million barrels per day (mb/d) in April. Moreover, total petroleum demand was the highest for the month since 2007 at 20.2 million barrels per day.

EIA informed that net income for 43 US oil producers totaled $28 billion in 2018, which is a five-year high. According to the net income, 2018 was the most profitable year for these US oil producers since 2013, in spite of crude oil prices that were lower in 2018 than in 2013 on an annual average basis. These companies accounted for about one-third of total US crude oil and natural gas liquids production in the fourth quarter of 2018.

Oil products inventories in Fujairah reduced to 23.721 million barrels as of May 6. This development is mainly driven by decreases in the marine fuels and gasolines categories. This fall is the largest in five months. However, in spite of this reduction in inventories, Fujairah are up 37% since the end of 2018. In fact, middle distillates are driving this increase with a 77% rise.

The US Department of Justice announced that two Greek shipping companies, Avin International LTD and Nicos I.V. Special Maritime Enterprises, were sentenced in the Eastern District of Texas before Judge Marcia A. Crone on charges for several discharges of oil into the waters of Texas ports by the oil tanker M/T Nicos I.V.

The US Secretary of State Mike Pompeo announced on April 22 that the United States will end all exceptions for countries currently purchasing oil from Iran. As he specifically, said the country will no longer grant any exceptions. 'We’re going to zero across the board'. Countries that had previously bought Iran's crude oil have been transitioning to new suppliers.

An oil tanker ran aground near Petit Bois Island, a barrier island off the coast of Pascagoula, on April 21. The vessel was reportedly carrying 21 million gallons of Colombian crude oil, but according to sources it was successfully refloated on April 22. As of now there are no signs of pollution, but pollution responders and investigators are searching the incident area, while also monitoring the tank level for any indications that the tank is leaking.