While global energy markets are not yet pricing in worst-case scenarios for the Israel-Iran war, oil tanker rates are providing a good real-time gauge of the escalating risks.Geopolitical risk has spiked following Israel's surprise bombardment of the Islamic Republic last Friday and Iran's retaliatory ballistic missile strikes, leading to a rally in global energy prices
The UK Marine Accident Investigation Branch (MAIB) has released its interim report on the foundering of the Bayesian, saying the yacht may have been vulnerable to high winds and that such winds may have been evident at the time of the accident.On 19 August 2024, the UK registered large sailing yacht Bayesian foundered in high winds 0.5 nautical miles south-east of the port of Porticello, Italy.
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
Russian gas exports via Soviet-era pipelines running through Ukraine came to a halt on New Year's Day, marking the end of decades of Moscow's dominance over Europe's energy markets.The gas had kept flowing despite nearly three years of war, but Russia's gas firm Gazprom said it had stopped at 0500 GMT after Ukraine refused to renew a transit agreement.
A Russian missile hit a Palau-flagged vessel in Ukraine’s southern port of Odesa on Monday, killing one Ukrainian national and injuring five foreign nationals, regional governor Oleh Kiper said on Telegram.The attack was the second on a ship in as many days in southern Ukraine. Ukraine's Restoration Ministry earlier said a Russian missile had damaged a civilian Saint Kitts and Nevis-flagged
A power outage in the Rotterdam port area in the Netherlands briefly interrupted operations at one of Europe's biggest oil refineries on Tuesday, the plant's operator BP said.Electricity grid operator TenneT said the problem was solved shortly after 1000 GMT. It said that BP's 400,000 barrels per day oil refinery, Europe's second largest, was among the plants affected
The contained move in oil prices during the Israel-Iran war highlights the increasing efficiency of energy markets and fundamental changes to global crude supply, suggesting that Middle East politics will no longer be the dominant force in oil markets they once were.The jump in oil prices following Israel's surprise attack on Iran was meaningful but relatively modest considering the high stakes
PETRONAS CCS Ventures Sdn. Bhd. (PCCSV) MISC Berhad (MISC), and Mitsui O.S.K. Lines, Ltd., (MOL) announced the incorporation of a strategic joint venture (JV), Jules Nautica Sdn. Bhd. This JV will lead the development and act as the ultimate owner of Liquefied Carbon Dioxide (LCO₂) carriers
Port of Virginia’s Portsmouth Marine Terminal has welcomed the arrival of the first substation to be installed at the Coastal Virginia Offshore Wind (CVOW) project.The CS Wind Offshore and Semco Maritime consortium was selected by Dominion Energy in 2021 to deliver three 880 MW offshore substations for the project, under development by Dominion Energy.
BP will cut over 5% of its global workforce, it said on Thursday, as part of CEO Murray Auchincloss' efforts to reduce costs and rebuild investor confidence in the energy giant.Around 4,700 employees and 3,000 contractor positions will be cut this year, BP BP.L told Reuters. The cuts were announced in an internal memo seen by Reuters earlier on Thursday.BP shares were up 1% at 1200 GMT.
The first jacket foundation for the substation of the Coastal Virginia Offshore Wind (CVOW) project has departed from the Danish Port of Esbjerg and is on its way to the United States to be installed at the country’s largest offshore wind farm.The first of three offshore jacket foundations, standing 60-meter-tall and weighing approximately 2,445.
U.S. oil and gas producers are unlikely to radically increase production under president-elect Donald Trump as companies remain focused on capital discipline, a senior executive at Exxon Mobil said."We're not going to see anybody in 'drill, baby, drill' mode," Liam Mallon, head of Exxon's upstream division, told the Energy Intelligence Forum conference in London.