The Korea Times reported that shipbuilders who were enjoying solid sales have also secured an additional growth engine for further expansion rising oil prices. With oil prices hitting record highs, offshore oil exploration has picked up, leading to strong demand for drilling rigs and for the conversion of oil tankers into floating-production, storage and offloading (FPSO) vessels. The unit price of Dubai crude oil, South Korea’s benchmark, rose to a record high of $71.13 in August, an increase of $1.64 from a month earlier, according to data from the National Statistical Office (NSO). The statistics agency added that it is the first time for oil import prices to exceed $70 a barrel. Industry sources said oil prices have quadrupled since 2002. Samsung Heavy Industries has at least four LNG carriers on order, and is optimistic about more contracts for LNG carriers over the next three years on healthy demand Source: Korea Times
The Clinton administration said that oil prices have soared to "dangerously high" levels, and crude oil could be sold from the nation's emergency stockpile if already-tight supplies are disrupted by Y2K computer problems at the end of the year. Energy Secretary Bill Richardson sent to the White House contingency plans for selling oil from the Strategic Petroleum Reserve if necessary. The reserve, created after the 1970s Arab oil embargo
Oil prices steadied as buyers returned to the market on Friday to take advantage of a five percent slump set off by speculative fund sell-off on Thursday. Brent crude futures in London were trading 18 cents stronger at $21.60 a barrel, clawing back some of the losses sustained in Thursday's dramatic $1.17 fall. The losses were caused by funds selling futures in response to technical indicators, denting OPEC's hopes of keeping prices firm while they hold a tight rein on production
Share prices in Oslo rose in August for the sixth consecutive month, and can thus show for positive share price movements for 7 out of 8 months so far this year. While the All Share Index gained another 2.4 percent in August, the Shipping Index was a little behind with a 1.4 percent increase. Shipping and Offshore shares are up 43.2 percent for the year. The oil price continued to rise in August. For the first time since October 1997 North Sea oil for immediate delivery (Brent spot) was
Share prices in Oslo rose in August for the sixth consecutive month, and can thus show for positive share price movements for seven out of eight months so far this year. While the All Share Index gained another 2.4 percent in August, the Shipping Index was a little behind with a 1.4 percent increase. Shipping and Offshore shares are up 43.2 percent for the year. The oil price continued to rise in August. For the first time since October 1997 North Sea oil for immediate delivery (Brent spot)
Iran's finance minister believes sanctions against his country could cause the oil price to reach US$ 160 per barrel "We must pay close attention when we speak of oil revenues and sanctions against oil sales, who are the winners and the losers of such sanctions?" Shamseddin Hosseini told CNN's "Fareed Zakaria GPS" in a recently broadcasted interview. Eighty percent of Iran's foreign revenues are derived from oil exports
U.S. oil prices fell Monday on renewed concerns that the OPEC cartel's recent cut in production would not be enough to counter the impact of a global economic slowdown. U.S. light sweet crude for September delivery traded down 1.4 percent, or 23 cents, at $26.96 a barrel. London Brent futures for September delivery traded down 21 cents to $24.98 a barrel. Oil prices have declined steadily since late May amid increasing evidence that the global economic slowdown is eating into demand for
As the politically induced strikes continue to sweep Venezuela, oil prices jumped to a two month high, reflecting the lack of output from the world's fifth largest oil exporter. International benchmark Brent soared 86 cents to $28.07 a barrel by early afternoon in London, its highest level since October 17. U.S. crude futures jumped 64 cents to $29.08. The strikes have been spurred by a serious division among the Venezuelan people
The recent frenzy in the oil market is unprecedented in modern history says Norway’s broking house Lorentzen & Stemoco. When prices have risen above US$45/b (Brent) in the past, this has been due to an imminent threat or outbreak of war. But the recent oil price rally has been driven by strong oil demand and not least by the perception that the world oil production reserve base is too small in light of the risk of further disruptions
U.S. oil prices rocketed almost two dollars Wednesday on word that Saudi Arabia would reduce February crude sales by five percent despite U.S. appeals to the OPEC cartel not to cut oil output too sharply, Reuters reported. February crude futures oil on the New York Mercantile Exchange (NYMEX) closed at $29.50, up $1.86 a barrel or some seven percent. This takes gains over the last eight trading sessions to more than $3.50 dollars a barrel.
China exports fall for 2nd straight month in March, while U.S. crude stocks rise, at a record on the Gulf coast (EIA). Libya's oil guards take control of Hariga port, Zueitina pending and OPEC sees lower demand for its crude in 2014. Separately, Brent to fall to $107.17.
Brent futures eased towards $107 a barrel on Friday as the global supply outlook improved with more Libyan supplies expected to reach the market, although growing tension between the West and Russia over Ukraine put a floor under prices.
Three European companies have won contracts for almost half the value of Angola's $16 billion ultra-deepwater Kaombo oil project, confirming a trend toward bigger scale and risk for the deep-sea contracting and construction sector. Saipem of Italy announced a $4 billion contract related to
The Keppel Corporation released its limited unaudited results for the first quarter ending March31, 2014, reporting a 5% decrease in net profits to S$339 million compared to Q1 2013's S$357 million, though the company attributed the decline to one-off gains from the reversal of provision from the
By Stephen Eisenhammer, Reuters Oil service companies will have to assume more risk in the coming years as investor pressure and a flat crude price make oil company clients push harder to avoid delays on megaprojects, the chief executive of FTSE 100 contractor Petrofac said.
Supply rises by 170,000 bpd, led by Iraq, Angola. Saudi Arabia trims output, Libyan supply falls and OPEC output below 30 million bpd target for fifth month. OPEC's oil output has risen further in February from December's 2-1/2-year low, due to more shipments from Iraq and Angola
Risk to oil flows seen low but Russia key supplier; Russian natural gas supply in doubt, European storage levels high. United States, Europe differ over trade sanctions. Crude oil prices jumped more than $2 a barrel to multi-month highs on Monday
By Eric Onstad and Manolo Serapio Jr., Reuters Gold, crude oil and grains surged on Monday while industrial metals slid as investors reacted to escalating tensions between Moscow and Kiev after the Russian military tightened its grip on Ukraine's Crimea region.
Cargo growth between Asia and the Middle East/Indian Subcontinent region was poor in 4Q 13, indicating that ocean carriers need to seek economies of scale and to look for more profitable ways of serving the trade lane, finds Drewry's latest Container Insight Weekly in a trade route analysis
By Alex Lawler and Peg Mackey, Reuters Iraq is reclaiming its rank as the world's fastest-growing oil exporter, cushioning consumers from Libyan supply outages for now and, perhaps, reviving OPEC market share rivalries down the road. Despite worsening violence due to spillover from the war
EU leaders set to warn, not sanction Russia; U.S. crude stocks rise more than expected. U.S. jobs data, services data point to lower oil demand. By Shadi Bushra Brent crude reversed gains made earlier on Thursday after Crimea's parliament voted unanimously to join Russia
Crude oil prices on both sides of the Atlantic rose on Friday as data showed strong jobs growth in the United States and investors cast doubt on reports Libya's oil ports were about to reopen. The March U.S. non-farm payrolls report showed 192
The oil market has rarely been so quiet. Benchmark Brent has traded in a narrow range of $5 either side of $110 per barrel since the summer of 2012. Price volatility has fallen to some of the lowest levels since crude futures markets were established in the early 1980s.
Global oil prices surged on Tuesday as a weaker U.S. dollar boosted buying, while expectations for bullish inventory reports in the U.S. and fresh unrest in eastern Ukraine lent support. As the U.S. dollar plunged to session lows against the Japanese yen and the euro, U.S
Alaska's North Slope oil production is forecast to decline 1.8 percent for the fiscal year ending June 30 instead of falling 3 percent as predicted in December, according to a report released this week. The Alaska Department of Revenue predicts production of 521