Author hkrichiedistribution
Soaring oil-tanker costs are drying up activity in the U.S. export market as sellers are slow to lower offers and buyers are skittish, according to market participants. Some sellers have held back from offering cargoes, while others have yet to reduce their offers enough to accommodate the rising cost of shipping oil, according to 10
The European Investment Bank stopped short of agreeing a strategy to limit funding for fossil fuels, a plan that would help step up Europe’s ambition to fight climate change. The board of the Luxembourg-based lending arm of the European Union decided at a meeting on Tuesday to postpone until Nov. 14 discussion on a new
The OPEC+ group of oil producers will need to make deeper output cuts when they meet in December. That’s the inescapable conclusion from the latest round of monthly reports published by the three big oil-forecasting agencies. The International Energy Agency, the U.S. Energy Information Administration and the Organization of Petroleum Exporting Countries all see global
ADNOC has signed a comprehensive strategic framework agreement with the Federal State Budgetary Organization “Russian Energy Agency” by the Ministry of Energy of the Russian Federation (REA), to explore new opportunities for collaboration across the oil and gas value chain. The agreement highlights the strength of the UAE-Russia bilateral relations and underpins ADNOC’s expanded approach
America’s shale boom got the world accustomed to soaring production. Now growth has slowed, and a cloud has formed over the industry. Fracing pushed the U.S. closer to its long-sought goal of energy independence at a time of unprecedented geopolitical risk. Wells from Texas’s Permian basin to the Bakken in North Dakota turned farmers and
President Hassan Rouhani vowed Monday that Iran would respond to an attack on one of its oil tankers in the Red Sea, saying the evidence suggested it was the work of a government not a terrorist group. Addressing reporters in his first news conference since the U.S. abandoned the 2015 nuclear deal last year, Rouhani
The cost of chartering a liquefied natural gas vessel on the short-term market has jumped the most since at least 2013. The day rate for a standard tanker East of the Suez Canal jumped 57% in the week to Oct. 9, as issues related to U.S. sanctions on units of China’s COSCO Shipping Corp. start
Nothing right now is stopping a surge in oil tanker rates that’s given owners of the vessels one of the biggest boosts in years. Rates have rallied so high that a secondhand supertanker could theoretically pay for itself in a couple of voyages, according to estimates from Clarkson Platou Securities AS. A normal payback period
In the early hours of a sweltering Saturday in September, a volley of missiles pierced the heart of Saudi Arabia’s oil industry, knocking out 5% of global production. A month later, it’s as if the attack never happened. Saudi Aramco says it’s currently pumping 9.9 MMbpd, the same as before the Sept. 14 attacks at
U.S. shale oil plays are “riding the edge of profitability” at current prices and the industry faces a significant slowdown in fracking activity if crude falls below $50/bbl for a sustained period, according to BloombergNEF. Hot Tip Thousands of recruiters use oilandgaspeople.com to post jobs and find suitable candidates. We are the industry’s most popular