Chinese and Indian refiners will source more oil from the Middle East, Africa and the Americas, boosting prices and freight costs, as new U.S. sanctions on Russian producers and ships curb supplies to Moscow's top customers, traders and analysts said.The U.S. Treasury on Friday imposed sanctions on Russian oil producers Gazprom Neft and Surgutneftegas
Big energy merchants trading oil cargoes that form the basis of the Brent benchmark have used an obscure clause to reroute U.S. shipments from Europe, in a practice that raises doubts over whether reforms to the crude price marker have succeeded.Brent, the most significant benchmark across commodity markets, is used to price more than 60% of globally traded crude and underpins oil futures.
Trader Gunvor and French major TotalEnergies have stored North Sea crude in at least four tankers in the past month as on-water stockpiling of the grades hits a 2-1/2 year high, a fresh sign of weak appetite for oil from refiners.At least 2.6 million barrels of North Sea crude grades Forties and Gullfaks have been put in floating storage in Europe, the highest volume since January 2022
OPEC+ agreed on Sunday to extend most of its deep oil output cuts well into 2025 as the group seeks to shore up the market amid tepid demand growth, high interest rates and rising rival U.S. production.Brent crude oil prices LCOc1 have been trading near $80 per barrel in recent days, below what many OPEC+ members need to balance their budgets.
British security firm Ambrey said on Friday merchant vessels transiting the Gulf and Western Indian Ocean were advised to stay alert in case of increased uncrewed aerial vehicle (UAV) activity in the region.Ambrey said it had received information that indicated an "Israeli military strike" was conducted on Isfahan, Iran.
The price of Iranian crude oil sold to China has risen to the highest in years as fresh U.S. sanctions have tightened shipping capacity and driven up logistics costs, trade sources and analysts said.Rising prices for Iranian oil as well as Russian crude are raising costs for independent Chinese refiners that account for about a fifth of demand at the world's top crude importer
U.S. net crude oil imports are forecast to fall by 20% next year to 1.9 million barrels per day, their lowest since 1971, the Energy Information Administration said on Tuesday, pointing to higher U.S. production and lower refinery demand.The EIA expects the United States to produce 13.52 million bpd in 2025, up from 13.
Rising costs of building and equipping new U.S. liquefied natural gas plants will reduce the competitiveness of U.S. gas exports, LNG analysts at Poten & Partners predicted on Tuesday.The Biden administration's export permitting pause likely will keep global LNG prices higher for longer, and benefit existing exporters, Poten said at its Global LNG Outlook conference.
The OSV sector has concluded its second quarter earnings season, marking another quarter with strong profitability and favorable market conditions. However, negative oil market sentiment, with the Brent price down by 19% since the start of July, has impacted the overall oil services market with the wider PHLX Oil Service Index trading down 4% year-to-date.
Six people were rescued after abandoning their fire-stricken fishing vessel off the U.S. East Coast, Sunday, the U.S. Coast Guard said.At 8:56 p.m., Coast Guard Sector Northern New England command center watchstanders received a mayday call from the 81-foot trawler Three Girls stating that the vessel was ablaze and the captain
Enterprise Products Partners on Tuesday said it expects to have two contracts for its proposed deepwater oil export terminal by May 31 and reach a final investment decision before year-end.Enterprise's ambitious Sea Port Oil Terminal (SPOT), proposed off for a site off the coast of Texas, would be able to load two supertankers at a single time.
Global oil benchmark Brent on Tuesday rose above $89 a barrel for the first time since October, albeit briefly, as oil supplies faced fresh threats from Ukrainian attacks on Russian energy facilities and escalating conflict in the Middle East.Brent futures for June delivery were up $1.35, or 1.5%, at $88.76 a barrel by 11:40 a.m. EDT (1540 GMT) after touching a peak of $89.08.U.S.