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
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.
Rosneft’s President and Chairman of the Management Board, Igor Sechin, and Eni’s CEO, Paolo Scaroni, in the presence of the Russian President, Vladimir Putin, and Italy’s Prime Minister, Enrico Letta, has signed a term sheet on mutual crude oil supplies and a heads of agreement on joint participation and investments in logistic and commercial activities within the hydrocarbons sector. Rosneft will supply crude oil to PCK Schwedt refinery in Germany and Česká
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
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
U.S. is the world's largest producer of oil in 2013, according to data presented at PIRA Energy Group's recent Retainer Client Seminar held in New York City recently. The U.S. has surged to be the world's lead oil supplier because of growth in shale oil. Shale crude and condensate production at 2.5 MMB/D in 2013 is now slightly over one-third of total U.S. crude production, and shale NGL at 1.2 MMB/D is almost half of total Natural Gas Liquids (NGL's).
Burgeoning momentum to own oil seems poised to push oil prices higher for now. On the week, U.S commercial stocks built led by crude, while Japanese crude stocks drew strongly, according to a market report by NYC-based PIRA Energy Group. Extracts from the report follow: Bullish Oil Prices
Gigantic multi-engine ship’s gearboxes in the world’s biggest ferry boat Gigantic records are set by land, sea and air. For them to be set, modern high-tech solutions are needed that in the right combination make the impossible possible
The Coast Guard and state and local authorities began working to ensure the safe transport of two troubled vessels being towed to a Brownsville scrap yard after one began listing into the other Thursday. At approximately 8 a.m. Thursday, the captain of the tug with the vessels in tow called Coast
At the recent Arabian Gulf Naval Commanders (GCC) conference in Abu Dahbi regional issues were discussed against a background understanding that the location of the Gulf creates a number of security challenges in the maritime domain, including the disruption of the flow of goods & services and
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)
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
For the third time in nearly five years, the Republic of Singapore Navy (RSN) has stepped down from a three-month command of the multi-national Combined Task Force (CTF) 151, after coordinating operations to deter and disrupt maritime organized crime in the Gulf of Aden as part of international
Lloyd’s Register (LR) has signed the classification contract for six 174,000 m3 liquefied natural gas (LNG) tankers to be built by Hudong Zhonghua Shipbuilding (Group) Co. Ltd. When delivered, the ships will load LNG in Gladstone, Australia for a number of Chinese import terminals -