Tag: oil

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.

Marine shipping activity and residual fuel oil demand were supported by US importers who were building inventory ahead of the holiday season. This activity was also supported by efforts to deal with escalating tariffs from the trade war between USA and China. However, marine shipping was slow in October, while the Baltic Dry Index was less by 5.5% between September and October.

As the 2020 sulphur cap is nearing, oil markets are preparing to adapt to the new situation. Currently, the majority of refiners are planning to increase their production of middle distillates for about a decade, responding to projections of rising diesel demand.

It has been confirmed by the operating company, Husky Energy, that a separated subsea flow line connection has caused the oil spill in Newfoundland, Canada and operations at the SeaRose floating production, storage and offloading vessel will remain suspended after the extreme weather late last week. The current estimate of volume spilled remains at 250,000 litres or 1,570 barrels.

NYK and MTI Co. Ltd. have created an advance alarm system, able to detect anomalies on real-time, that water getting in lubricating oil cause. This alarm has already been installed on Haramachi Maru, aiming to prevent such problems and achieve preventive maintenance for the engine.

The northern Bering Sea and Bering Strait region has been an ecological, cultural, and economic center for Yup’ik, Cup’ik, St. Lawrence Island Yupik, and Inupiaq peoples for millennia. Yet, recently, a combination of factors, including less sea ice and more trade and resource development, has resulted to an increased vessel traffic in the region led by huge cargo vessels, tugs, and research vessels, and is expected to continue growing.

Odfjell reported its results for Q3 2018, which as the company said, reflect a stable chemical tanker market, despite the fact that the market remained depressed during the quarter. Currently, the global core chemical tanker orderbook remains at 8% of the current fleet.