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
The Federal Communications Commission voted 5-0 to propose new rules governing undersea internet cables in the face of growing security concerns in the wake of two fiber-optic undersea telecommunication cables being severed in the Baltic Sea this week, which is suspected to be sabotage.
A strike by 45,000 dockworkers halting shipments at U.S. East Coast and Gulf Coast ports entered its second day on Wednesday with no negotiations currently scheduled between the two sides, sources told Reuters.The lack of progress is raising concerns among those reliant on shipments that the disruption could be prolonged.
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.
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.
The first of two incomplete ultra high-spec multipurpose support vessels (MPSV) has arrived at Eastern Shipbuilding Group's Port St. Joe Shipyard, where the builder will finish constructing the vessel for Hornbeck Offshore Services.Earlier this year, Eastern secured a contract to complete construction of the two 400 class MPSVs after Hornbeck terminated the original build contracts with Gulf
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.