U.S. Oil Prices Surge Nearly $2

Wednesday, January 10, 2001
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. Saudi Arabia, which produced about 8.6 million barrels per day (bpd) or 11 percent of worldwide production in December has already said it will back a total OPEC output cut of 1.5 million bpd or around five percent when the cartel meets Jan. 17 in Vienna. U.S. energy secretary Bill Richardson said Wednesday he will travel to the Middle East in an attempt to convince key oil producers not to cut oil supply too drastically.
Maritime Reporter May 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Cruise Ship Trends

Star Clippers to Build Massive Square Rigger

Tall ship sailing specialist Star Clippers has announced that it has started building a fourth ship to add to its fleet of graceful square-riggers; its first new-build

Roxtec Sees Rise in Cruise Ship Repair Work

Manchester cable safety seal manufacturer Roxtec has reported increased demand for its cruise ship cable and pipe seals.   The firm has seen a 67 percent rise

Cruise-Container Hybrid Ship Makes Debut

Aranui 5, a cruise ship / container ship hybrid, will make its maiden voyage from Tahiti to the Marquesas Islands in the South Pacific Ocean at the end of November 2015.

Energy

Lifting of US Crude Oil Export Ban Possible within Year

The U.S. Congress could lift the 40-year old ban on domestic crude oil exports within a year as a drop in gasoline prices and the potential return of Iranian

Duke Energy to Help Develop Jeffersonville Port Site

Duke Energy Indiana has selected a 140-acre parcel of land inside the Port of Indiana-Jeffersonville in Clark County for the utility's 2015 Site Readiness Program.

Fluxys LNG Launches Zeebrugge Capacity Consultation

Belgian gas infrastructure operator Fluxys said on Thursday it was launching a market consultation to assess demand for additional capacity at the Zeebrugge liquefied natural gas terminal in Belgium.

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Offshore Oil Pipelines Pod Propulsion Ship Electronics Ship Simulators Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1319 sec (8 req/sec)