OPEC member Indonesia has reportedly become a victim of the very oil supply cuts it helped to shape, as it has tendered to buy Saudi Arabian, Iranian and Iraqi crude because its normal supply has been cut under the latest OPEC accord to boost oil prices.
The world is drawing down its oil reserves at an unprecedented rate and even assuming no growth in demand it is likely that that by 2010 oil supply will be constrained by global production capacity and oil will permanently cease to be abundant. Supply and demand will be forced to balance - but at a price. Then, like during the oil shocks of the 1970’s, prices could double and treble within two or three years as the world changes from oil abundance to oil scarcity
A U.S. federal court reportedly has granted a one-year injunction barring oil producer group OPEC from fixing prices. Prewitt Enterprises won a civil anti-trust case in an Alabama court, accusing the Organization of the Petroleum Exporting Countries (OPEC) of conspiring to fix oil prices through oil supply agreements. OPEC is for the next year "restrained from entering any agreements among themselves or with third parties to raise, lower
Auramarine Ltd, manufacturer of heavy fuel oil supply systems and other auxiliary units for marine and power station engines, is now applying its wide-ranging experience in liquid flows to a new sector that benefits the environment. Auramarine is bringing out Auramarine Crystal Ballast, Ballast Water Treatment System (BWTS). Due to technological innovations featured in this system, it is energy-efficient, compact and easy to install
INTERTANKO is delighted that the Irene SL has been released by the Somali pirates who hijacked this tanker and her 2m barrel oil cargo in February, and that Master, officers and crew are in good health after 58 days in captivity – especially after 12 days being used as a pirate mothership. At the time INTERTANKO’s Managing Director Joe Angelo remarked that the Irene SL hijacking marked a significant shift in Somali piracy
International Energy Agency (IEA) reports call on 'OPEC crude & stock change' rising IEA reports that global oil supply increased by 0.6 mbd to 91.0 mbd in April, 3.9 mbd above last year. Higher Iraqi, Nigerian and Libyan supplies lifted OPEC production by 0.41 mbd, to 31.85 mbd. The ‘call on OPEC crude and stock change’ is raised by 0.2 mbd to 30.9 mbd for 3Q12 and by 0.4 mbd to 30.7 mbd for 4Q12, with the 2012 average now 30.3 mbd.
Oil prices last Tuesday (Oct. 26) consolidated recent gains, moving sideways after a bounce last week. International benchmark Brent crude traded seven cents higher $22.90 a barrel after leaping 80 cents on Oct. 22. The gains came after fresh signals from oil producers including the Organization of the Petroleum Exporting Countries (OPEC) that they would consider extending the duration of limits on exports. On Tuesday Omani Oil Minister Mohammad bin Hamad Seif al-Ramhi said he backed a
Brazil's state oil giant Petrobras said Tuesday it declared force majeure on Monday on oil deliveries to barges in the ports of Santos and Rio de Janeiro. Petrobras said it was forced to declare force majeure to clients due to a federal police investigation into an alleged crime ring at the ports that is impeding deliveries. While the force majeure was declared to clients on Monday, Petrobras only confirmed it late Tuesday.
A shortage of U.S. oil tankers will cut sharply into Northeast heating oil and gasoline supplies next month and will add to upward price pressure to refined products through the winter, oil traders and brokers said. The number of domestic vessels used to haul petroleum products to New York Harbor and New England consumer hubs will be reduced by about a third this winter compared to last year, said a source familiar with vessel traffic.
"Due to increasing demand and reducing reserves, oil prices currently at $40 are likely to soon enter a period of sustained rises resulting in a need to massively develop natural gas and renewable energy resources" according to John Westwood of energy analysts Douglas-Westwood. "Oil reserves are depleting and demand growing. Recent increases in oil demand from China, for example, are likely to accelerate. The average American consumes 25 times as much oil as the average Chinese yet China
Petrobras plans to build the center, which is intended to help shipbuilders meet the company's pre-salt oil & gas exploration needs. The plans to build a center of excellence for the shipbuilding industry in Brazil were highlighted in the presentation made by Paulo Sergio Rodrigues Alonso
Petrobras’ plans to build a center of excellence for the shipbuilding industry in Brazil were highlighted in the presentation made by Paulo Sergio Rodrigues Alonso, Petrobras Local Content Advisor to the CEO and the Executive Coordinator of Prominp
IEA’s Medium-Term Oil Market Report sees companies overhauling global investment strategies; meanwhile, surge in non-OECD refining capacity shakes up product market The supply shock created by a surge in North American oil production will be as transformative to the market over the next
NorSea Group, a supplier of base services and integrated logistics systems to the Norwegian oil and gas industry, has followed last month’s announcement that it is to develop a supply base at Scrabster Harbor, by signing its first strategic working partnership with local logistics firm Hugh
In evidence to the US House of Representatives Subcommittee on Energy and Power’s hearing, April 4th, regarding the “The American Energy Initiative”, Douglas-Westwood LLP’s Managing Director, Steve Kopits, gave dire warnings about the likely development of China’s
According to International Energy Agency (IEA) Executive Director Nobuo Tanaka, the 28 IEA member countries have agreed to release 60 million barrels of oil in the coming month in response to the ongoing disruption of oil supplies from Libya
IMA has completed a study of the floating production market, and the report documents strong growth in the business sector. According to the market survey, 14 floating production units have been ordered over the past four months – a record pace reflecting strong underlying market drivers.
A U.S. proposal to sanction Iran’s state-owned oil company and its main tanker fleet may ensnare any person or business in the world involved in purchasing or shipping Iranian oil, according to a report from Bloomberg. Pressure is mounting on Iran’s nuclear program
The International Energy Agency<http://www.iea.org/> (IEA) will undertake a comprehensive analytical study of Iraq as part of the 2012 edition of its flagship publication, the World Energy Outlook (WEO). "Iraq's energy sector is both central to the reconstruction and development of the
TEHRAN (FNA) - A Greek tanker returned home unloaded after Iran refrained from supplying crude oil to the crisis hit European state, FNA learned on Sunday. According to FNA dispatches, Iran refrained from supplying the 500,000-barrel cargo to the Greek tanker which was due to deliver it to
More than $335 billion worth of expenditure is expected over the next five years on offshore oil & gas operations & maintenance (O&M), according to a new report, The World Offshore Operations & Maintenance Market Forecast 2012-2016, by Douglas-Westwood (DW)
Marcon International, Inc. of Coupeville, Washington reports the sale of the U.S. flag research vessel, "Cape Flattery" from Tanadgusix Corporation (TDX), an Alaska Native village corporation out of Anchorage.
The United States Coast Guard is requesting applications from qualified candidates seeking consideration for appointment as public members to the Towing Safety Advisory Committee (TSAC). TSAC advises the Coast Guard on matters relating to shallow-draft inland and coastal waterway navigation and
Douglas-Westwood (DW) forecast subsea hardware spending is set to double to $124 billion during 2013-2017 compared to the preceding five-year period. The new third edition of Douglas-Westwood’s Subsea Hardware Market Forecast has launched analyses the market through to 2017
The bunker sector has entered into close collaboration to better guarantee the quality and quantity of bunkering supplied in the port of Rotterdam. To that aim, Hendrik Muilerman on behalf of the Netherlands Petroleum Industry Association (VNPI)