Crude Prices Down Six Percent

Monday, September 25, 2000
Oil prices fell more than $1 on Monday, knocked back by the United States' decision to tap into strategic reserves to bring a halt to this year's price rally and ensure sufficient supplies this winter.

U.S. benchmark crude futures for November delivery fell $1.82 - or nearly six percent to an early intra-day low in Asia of $30.86 per barrel, before rebounding to $31.44 for a loss from Friday of $1.24.

Prices were expected to retreat after President Bill Clinton gave the okay on Friday to release 30 million barrels of crude over 30 days from the 571 million-barrel Strategic Petroleum Reserve (SPR), although some analysts said the impact would be limited.

Clinton's authorization came ahead of an Organization of the Petroleum Exporting Countries (OPEC) heads-of-state summit in Caracas, Venezuela this week. OPEC will implement its own output hike of 800,000 barrels per day (bpd) from October 1. Oil is already well down from a post-Gulf War peak at $37.80 set last week and fell more than $1.30 in New York on Friday in anticipation U.S. oil reserves would be released.

Maritime Reporter November 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Contracts

Teekay Petrojarl Contracts Damen for FPSO Upgrade

Damen Shiprepair Rotterdam (DSR), part of Damen Shiprepair & Conversion (DSC), has been awarded an EPC contract by Petrojarl I LLC for the upgrade of its FPSO Petrojarl I.

Contract Awarded for US Aircraft Carrier Dismantling

The U.S. Navy awarded a contract, Dec. 22, for the towing and dismantling of the decommissioned aircraft carrier Ranger (CV 61) to International Shipbreaking, Ltd.

EXMAR Orders Second FLNG from Wison

EXMAR NV has placed an order for a second Floating LNG Liquefaction Unit (FLNG) at Wison Offshore & Marine. Under the agreement, Wison will be responsible for the turnkey engineering,

 
 
Maritime Careers / Shipboard Positions Maritime Standards Pipelines Port Authority Salvage Ship Electronics Ship Repair Ship Simulators Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | 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: 0.1131 sec (9 req/sec)