Oil News

 

Libya's NOC Warns of Dangers at Oil Ports

Aug 10, 2020

The chairman of Libya's National Oil Corp (NOC) on Saturday warned against the risk of a disaster at the country's oil ports due to a growing military presence with storage tanks held at capacity for months due to a blockade.'Oil ports are closed…

US Oil Exports to Europe Rebound

Jul 24, 2020

The United States has increased oil supply to Europe in July for the first month since May, making up for output cuts from OPEC+ members, according to traders and Refinitiv Eikon data.U.S. crude supply to Europe reached nearly 31 million barrels in July…

Webinar: Floating Production Forecasts & Analysis

Jul 24, 2020

A free webinar will deliver latest forecasts and market intelligence for the global floating production industry, offering insider access to business and investment opportunities in the deepwater sector.Floating Production Systems: 2020 Forecasts & Analysis…

Spring Oil Flood Causes Summer Queues in Chinese Ports

Jul 02, 2020

Chinese ports are struggling to unload record volumes of crude with storage tanks full after the country rushed to buy extra barrels during April's oil price crash, according to traders and shipping data seen by Reuters.More than 80 million…

Geopolitics Dominate the Oil Tanker Market -BIMCO

Jun 24, 2020

Developments in the oil tanker market in the past decade dominated by geopolitics, says shipping association BIMCO.Crude oil and product tanker markets alike have faced high volatility in recent weeks and months, largely due to geopolitics and…

Tankers Carrying Venezuelan Oil Stuck at Sea

Jun 24, 2020

Tankers carrying nearly two months worth of Venezuelan oil output are stuck at sea as global refiners shun the nation’s crude to avoid falling foul of U.S. sanctions, according to industry sources, PDVSA documents and shipping data.Washington…

US Sanctions on Iranian Shipping Network Take Effect

Jun 08, 2020

U.S. sanctions imposed on Iran's shipping network took effect on Monday, months after they were announced in December following accusations of supporting proliferation of weapons of mass destruction.U.S. Secretary of State Mike Pompeo in a statement…

BIMCO Tanker Rate Analysis: Reality Kicks In, Rates Fall

May 25, 2020

Tanker shipping: sky high freight rates replaced by reality of falling global oil demandGeopolitical tensions have now eased, leaving freight rates to feel the full effects of the weak underlying market and falling demand. Tanker shipping looks set to be under pressure for the rest of the year…

PDVSA Creates New Ports Unit Amid Company Shakeup

May 15, 2020

Venezuela's state-run oil company Petroleos de Venezuela has created a new unit to run its oil terminals, according to a copy of the government's official gazette seen by Reuters and a person with knowledge of the matter.The launch of the new unit…

Rosneft to Build Port for Its Vostok Oil Project

May 13, 2020

Russian state oil giant Rosneft plans to build a port with maximum annual capacity of 115 million tonnes of oil for its Vostok Oil project in the Russian Arctic, the RIA news agency quoted the company as saying on Tuesday.Rosneft said in a statement…

Pemex Trading Arm Mulls Canceling May-June Cargos

Apr 28, 2020

The trading arm of Mexican state oil company Pemex is mulling options to slash the number of fuel cargoes the country imports in May and June as demand plummets because of the coronavirus, three sources close to the talks told Reuters.Pemex…

Oil Traders Chase Storage Space in World Awash with Fuel

Apr 22, 2020

Oil traders are struggling to find enough ships, railcars, caverns and pipelines to store fuel as more conventional storage facilities fill up amid abundant supply and plummeting demand due to the coronavirus crisis.Dozens of oil tanker vessels…

US Crude Futures Plunge to Lowest on Record

Apr 20, 2020

U.S. crude oil futures collapsed below $0 on Monday for the first time in history, amid a coronavirus-induced supply glut, ending the day at a stunning minus $37.63 a barrel as desperate traders paid to get rid of oil.Brent crude, the international benchmark…

Crude Oil Held in Sea Storage Hits New Record

Apr 17, 2020

Traders are storing an estimated record 160 million barrels of oil on ships - double the level from two weeks ago as they seek to tackle a glut of stocks created by a slide in global demand from the coronavirus, shipping sources say.Organization…

Singapore Oil Trader Hin Leong Meets Banks over Finances

Apr 15, 2020

Singapore oil trader Hin Leong held a call with banks on Tuesday after they failed to provide a letter of credit to the firm to purchase at least one cargo of oil products due to load this month, four sources said.The coronavirus pandemic has…

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