Oil News

 

Lack of Dredging Could Delay Chevron's Venezuela Oil Exports

Jan 05, 2023

A shipping channel snafu is slowing Chevron Corp’s efforts to load tankers at one of its four Venezuelan joint ventures and bring heavy crude to the United States, three people familiar with the matter said on Wednesday.Washington in November authorized the last major U.S. firm still operating in Venezuela to restore lost output and begin exporting oil as a way to encourage talks between Nicolas Maduro’s government and the country’s political opposition…

Western Tankers Ramp Up Russian Oil Shipments

Jan 31, 2023

Western oil tankers ramped up their shipments of Russian crude in January as prices for Moscow's flagship Urals grade held below an international price cap, according to market sources and Eikon data.The Group of Seven nations (G7), Australia…

Venezuela's PDVSA Tightens Oil Prepayment Rules

Jan 30, 2023

Venezuela's state oil firm PDVSA is toughening terms for buyers after a month-long halt to most exports of crude and fuel, demanding prepayment ahead of loadings in either cash, goods or services, company documents showed.PDVSA's new Chief Executive Pedro Tellechea put the move in place this month…

Finance: Investors Become Super-Bullish on Oil

Jan 30, 2023

Portfolio investors have piled into petroleum futures and options at the fastest rate since the first successful coronavirus vaccines were announced in late 2020.China’s exit from a zero-COVID strategy, along with hopes the global economy can avoid a recession and low oil inventories…

Saudi Arabia Remains China's Top Crude Supplier

Jan 23, 2023

Russia remained China's second-largest source of crude oil in 2022, following repeat top supplier Saudi Arabia, as Chinese refiners snapped up low-cost Russian barrels while Western countries shunned them after the Ukraine crisis.China's crude…

Houthis Attack al-Dhabba Oil Terminal in Yemen

Nov 21, 2022

Yemen's Houthis attacked al-Dhabba oil terminal in Hadhramaut province on Monday, the group and Yemen's internationally recognized government said.The Iran-aligned Houthis fired a projectile from a drone that landed at the entrance of the terminal…

Cuba Boosts Fuel Imports, Reshuffles Shipping Operations After Terminal Fire

Aug 25, 2022

Cuba is using a combination of ship-to-ship transfers and floating oil storage to ease fuel scarcity and power cuts following a fire that destroyed a portion of its main oil terminal, vessel tracking data showed.Cubans have endured daily blackouts…

Cuba Tames Mega Port Fire

Aug 10, 2022

Massive clouds of steam rose from Cuba's largest fuel depot in Matanzas on Wednesday as firefighters, helicopters and boats poured water and foam on the smoldering remains of the largest fire in the island's history.Black charcoal covered with white ash remained red hot after the flames died down…

Can US Port Infrastructure Handle More Crude Exports?

Jul 20, 2022

U.S. crude shippers are exporting huge amounts of oil to meet strong demand from Europe following Russia's invasion of Ukraine and subsequent sanctions against Moscow. In coming years U.S. oil may find even more buyers overseas, but that could test the capabilities of U…

Venezuela's Oil Exports Plummet to Lowest in 19 Months on Port Delays

Jun 03, 2022

Venezuela's oil exports last month fell to the lowest level since October 2020 as repairs at the country's main oil port added to delays shipping cargoes, documents from state-run PDVSA and vessel tracking data showed.Exports from the U.S.-sanctioned…

Port of Antwerp Overcoming Loss of Russian Shipping Export Trade -CEO

Apr 29, 2022

The Port of Antwerp is adapting to losing shipping trade with Russia and its merger with the neighboring Port of Zeebrugge is set to boost overall volumes in coming years, the group's chief executive said on Thursday.Global shipping companies…

Libya's NOC Declares Force Majeure at Brega Oil Port

Apr 19, 2022

Libya's National Oil Corporation (NOC) declared force majeure at the Brega oil port on Tuesday, saying it was unable to fulfil its commitments towards the oil market.'At a time when oil prices are witnessing a significant recovery due to the increase in global demand…

Ukraine Seeks Tougher Restrictions at Russian Ports Over Oil

Mar 16, 2022

A top economic adviser to Ukrainian President Volodymyr Zelenskiy called on the White House to block American companies from all trade in Russian oil and urged Western oil and gas companies to stop handling the commodity, the New York Times reported on Wednesday…

Russian Coal, Crude, LNG Exports Slipping as Self-sanctioning Starts

Mar 15, 2022

The voluntary shunning of Russian commodities by Western buyers, or self-sanctioning, was expected to start hitting exports of crude oil, liquefied natural gas (LNG) and coal from April, but there are already signs that flows are weakening.Russia's…

Odfjell Builds New Tank Bay at Odfjell Terminal Houston

Dec 29, 2021

Odfjell is constructing a new tank bay at Odfjell Terminal Houston (OTH), continuing to expand and invest in its terminals platform to support ongoing regional growth in the chemical industry.The company is investing in and expanding its terminals platform with the addition of a new…

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Western Tankers Ramp Up Russian Oil Shipments

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