Tag: oil

London Club highlights that as per the Club’s circular of 23 February 2023, Members potentially involved in the carriage of Russian origin oil and/or petroleum products are required for the policy year 23/24 to submit an annual attestation of Price Cap compliance in the form set out in annex A of the circular. 

According to the Energy Information Administration (EIA), the United States has been the leading producer of crude oil globally for the past six years, as per the International Energy Statistics.

In January, U.S. crude oil exports to Asia fell to 1 million barrels per day, marking the lowest level in more than two years. This decline was attributed to elevated freight rates and the availability of more competitively-priced Middle Eastern oils, which resulted in reduced shipments, Reuters highlights.

The National Transportation Safety Board (NTSB) has released an investigation report in which the liftboat L/B Robert was reported to be listing (tilting) alongside a stationary oil platform in the Gulf of Mexico near South Marsh Island Block 137, about 80 miles southeast of Lake Charles, Louisiana, on November 20, 2022, at 1256 local time.

All Clubs in the International Group have issued a similarly worded circular, in which highlight that the US Department of the Treasury’s Office of Foreign Assets Control (OFAC) recently issued 4 general licenses suspending certain sanctions in relation to transactions involving oil, gas, and gold in Venezuela.

AD Ports Group in collaboration with KazMorTransFlot (KMTF), has announced the acquisition and commencement of operations of two state-of-the-art vessels designed for the transportation of Kazakhstan's oil across the Caspian Sea. 

According to IEA, the global oil and gas industry encompasses a large and diverse range of players: from small, specialised operators to huge national oil companies. These producers face pivotal choices about their role in the global energy system amid a worsening climate crisis fuelled in large part by their core products.

The Strait of Hormuz, located between Oman and Iran, connects the Persian Gulf with the Gulf of Oman and the Arabian Sea. The Strait of Hormuz is the world's most important oil chokepoint because large volumes of oil flow through the strait, EIA highlights.

International Energy Agency (IEA) highlights that world oil output increased by 320 kb/d in October to 102 mb/d. However, there has been no material impact on oil supply flows from the war between Israel and Hamas that started in early October.

World Bank has published a new report Commodity Markets Outlook, in which it discusses that, although the global economy is in a much better position than it was in the 1970s to cope with a major oil-price shock, an escalation of the latest conflict in the Middle East, could push global commodity markets into uncharted waters.