Tag: oil

Mustafa Ansari, senior economist at APICORP, explained that until the market starts showing signs of stock drawdowns, oil prices will continue to experience pressure. Namely, the oil price will recover some of its losses and will range between the US$60-70 per barrel range towards the second half of 2019.

IBIA reminds the industry that new regulatory requirements under MARPOL Annex VI, regarding the information to be included in the bunker delivery note (BDN), will enter into force on 1 January 2019. That is why, IBIA provides practical advice and dispel some of the misunderstandings regarding the responsibility of suppliers.

During previous sessions, the Goal-based ship construction standards for bulkers and oil tankers (GBS) were adopted, as well the initial verification of 12 Recognized Organizations. Now, MSC 100 confirmed that the information submitted regarding the maintenance of verification by those ROs aer complying with the Standards.

The US Department of Justice announced that Navimax Corporation was fined with $2,000,000 by a federal district court for violating the Act to Prevent Pollution from Ships and obstructing a Coast Guard investigation. Namely, the company discharged oily waste at sea.

The U. S. Coast Guard continues to respond to a well discharging a mixture of crude oil, gas, and water near Port Sulphur, Louisiana. The U.S. Coast Guard, Hilcorp Energy Co. and the Louisiana Oil Spill Coordinator’s Office have established a Unified Command to properly respond to the situation.

A number of tankers carrying diesel fuel are floating off Taiwan and Southeast Asia, due to the fact that a sudden fall in oil prices kept buyers at bay. This development led rates to their highest since January 2016. Tanker rates also were also benefited by strong Chinese oil exports.

Ahead the OPEC meeting to be conducted in Vienna this week, energy consultant Wood Mackenzie examined the current landscape around the oil production supply and demand taking into consideration the role of US, Russia and other leader countries, as well as the potential influence of Qatar's withdrawal from the group, noting that the move will likely not affect significantly the supply.

Qatar announced its decision to leave OPEC on January 1, as the country's state oil company, Qatar Petroleum, informed. This is part of Qatar's attempts to give emphasis on natural gas production, the Minister of state for energy affairs, Saad Sherida Al-Kaabi, explained.

IEA published its annual long-term energy outlook, describing the developments in oil demand and supply through to 2040. In the New Policies Scenario, the agency considers not only the current policies but also ambitions, including those set out in Paris agreement, along with possible evolution of current technologies.

The US Department of the Treasury’s Office of Foreign Assets Control has identified nine targets in an international network through which Iran, working with Russian companies, provide barrels of oil to Syria. According to the US, a Syrian national and his Russia-based company delivered oil from Iran to Syria.