U.S. oil offshore losses remained at 76% on Thursday after Hurricane Ida hit the Gulf of Mexico, according to government data, which prolonged outages and caused the first oil cargo shipment cancellations to buyers in Asia.Production should…
Most ports along the U.S. Gulf Coast had reopened on Thursday following lengthy closures from Hurricane Ida, which lashed southern Louisiana with 150-mile-per-hour winds that caused extensive infrastructure damage and floods.Two of Louisiana’s main ports…
Russia's oil exports and transit from its western seaborne outlets were set at 6.17 million tonnes in September compared to 6.29 million tonnes in the revised August plan, the preliminary schedule seen by Reuters showed on Wednesday.On a daily basis combined oil loadings from Primorsk…
Chinese crude oil imports fell year-on-year in June and July, ending a streak of five months of accumulated year-on-year growth. After the first seven months of 2021, China’s crude oil imports are down 5.7% compared with the same period last year…
Oil tanker company Frontline has appointed Lars H. Barstad as the Chief Executive Officer of Frontline Management AS with effect from September 1, 2021.Barstad currently serves as the Interim Chief Executive Officer of Frontline Management AS…
China's crude oil imports rebounded in July from a six-month low as state-backed refiners ramped up output after returning from maintenance, though independent refineries slowed restocking amid probes by Beijing into trading and taxes.China brought in 41…
China has switched from driving global demand for major commodities to being a drag on growth, with July's customs data confirming the weakening trend for imports of crude oil, iron ore and copper.The exception to the trend was coal, but the…
Chinese refinery crude oil throughput has reached its highest level ever, with total processed volumes up 12% in the first five months of this year compared to 2020, and up 10.9% from the same period in 2019. In total 292.7m tonnes have been…
The first cargo ships from Dubai that docked last year in the Mediterranean port of Haifa were met by celebration in Israel. Flags waved. Reporters gathered. The prime minister walked the pier and gave a speech about the fruits of making peace…
A Singapore prosecutor filed 23 additional forgery-related charges on Friday against Lim Oon Kuin, the founder of collapsed oil trading firm Hin Leong Trading Pte Ltd.Last year, police had charged the 79-year-old former oil tycoon, better known as O K Lim…
The Suez Canal, blocked by a giant container ship that ran aground on Tuesday, is the quickest sea route between Asia and Europe and about 15% of global shipping traffic moves through it.The 193-km (120-mile) waterway, run by the state-owned Suez Canal Authority…
Oil prices jumped about 6% on Wednesday after a ship ran aground in the Suez Canal, and worries that the incident could tie up crude shipments gave prices a boost after a slide over the last week.The crude benchmarks, U.S. crude and London-based Brent…
U.S. refiners are scaling back on hiring ships for longer periods to save on costs in another sign of uncertainty over when global oil demand will return to pre-COVID levels, shipping and trade sources say.The global rollout of coronavirus vaccines…
Hedge funds have reduced their position in petroleum futures and options for the first time in 16 weeks, the first weekly net sales since the first successful coronavirus vaccine trials were announced in early November.Hedge funds and other…
Libya's Petroleum Facilities Guards have stopped blockading the port of Hariga at Tobruk after being paid, they said in a video statement on Wednesday whose authenticity was confirmed by a guards member.The stoppage at Hariga began last month and contributed to a decline in Libyan oil output…