Even as the United States and Iran appear to signal a keenness to avoid further conflict, oil and gas shipowners are bracing to pay a price for the war of words that culminated in rocket strikes in Iraq over the last week - higher insurance bills.According to industry sources, payments known as war risk premiums for tankers shuttling through the Strait of Hormuz could rise significantly
The “new normal” is a phrase tossed around often in offshore energy circles today as those servicing and operating in the sector grapple with the harsh realities of the prolonged industry downturn. Operators, service companies and equipment suppliers have been forced to adjust to oil selling at prices well below the $100+ per barrel mark seen in years past.
Oil prices jumped more than 2% on Friday, October 11, 2019, after Iranian media said a state-owned oil tanker had been struck by missiles in the Red Sea near Saudi Arabia, raising the prospect of supply disruptions weeks after attacks on Saudi oil plants.The Suezmax crude tanker Sabiti was ablaze and suffered heavy damage after being hit by two missiles, Iranian media reported.
Chinese oil trader Unipec chartered a supertanker to ship U.S. crude to China in September, trading sources said, the first such cargo since U.S. President Donald Trump announced additional tariffs on Chinese import, ending a monthlong trade truce.Unipec, the trading arm of state refiner Sinopec , has fixed the Very Large Crude Carrier (VLCC) Anne to load U.S.
U.S. crude exports are gaining traction in Europe as even Ukraine turns into a significant consumer of American barrels at the expense of Russian supplies amid heightened U.S. political pressure on Moscow and problems over contaminated Russian oil.Ukraine this month received its first ever barrels from the United States, according to Refinitiv Eikon flows data
Two oil tankers were attacked in the Gulf of Oman on Thursday, leaving one ablaze and both adrift, shipping firms said, driving oil prices as much as 4% higher over worries about Middle East supplies.The Front Altair, carrying petrochemical feedstock, was on fire in waters between Gulf Arab states and Iran after an explosion that a source blamed on a magnetic mine.
New marine fuel rules to boost diesel prices for at least a year -analystsGlobal prices for diesel and marine fuels should rise by October ahead of a January switchover to new, very low-sulfur marine fuels, and remain higher for at least a year as refiners shift production to make more of the new fuels, analysts said.Marine fuels containing no more than 0.5% sulfur by weight, down from the 3.
Saudi Arabia said on Monday that two of its oil tankers were among those attacked off the coast of the United Arab Emirates and said it was an attempt to undermine the security of crude supplies amid tensions between the United States and Iran.The UAE said on Sunday that four commercial vessels were sabotaged near Fujairah emirate
A clash between trading house Vitol and Azerbaijan's SOCAR over Caspian Sea oil shipments is forcing Turkmenistan to slash exports of crude due to a lack of tankers.Turkmenistan typically exports about 200,000 tonnes of oil per month via the Caspian to world markets, mainly from fields operated by the UAE's ENOC and Italy's Eni, but flows have halved in recent weeks
Late 2018 saw the tanker market bubble upwards through late November, with daily vessel hires moving in the direction of, though not yet reaching levels not seen since late 2014-2015, when oil prices were in freefall and inventories building to the brim. A few pundits have suggested that we are seeing a “mini 2014” where lowered oil prices are coaxing another inventory build which would drive
Spending on the offshore service sector will outpace spending on the onshore shale sector this year, said Rystad Energy.According to Rystad's Oilfield Service Research report, service companies exposed to the offshore subsea market and the maintenance, modifications and operations (MMO) sector are set to benefit from this trend reversal.
Hedge fund managers show signs of having completed their recent sale of crude and refined fuels, with positions edging up slightly in the first week of the new year, amid hopes a recession can be averted.Oil prices have bounced off their recent lows, the U.S. dollar has weakened against most other major currencies and expectations of a trade deal between the United States and China are rising.