Will There Be An Oil Tanker Shortage?

Wednesday, September 13, 2000
Kuwait's finance minister said it was unclear whether there would be enough crude oil tankers to lift additional supplies if producers bowed to consumer pressure for another rise in output. "(Industrialized nations) are asking for a production increase without knowing if there are enough tankers to lift the additional crude," Al-Watan newspaper on Wednesday quoted Finance Minister Sheikh Ahmad al-Abdullah al-Sabah as saying. Sheikh Ahmad added that Western nations were wrong to blame the Organization of the Petroleum Exporting Countries for high oil prices. "We are not the reason behind the high rise in oil prices, but the reasons are psychological, a rise in demand and the inability to market (products)," he said. The minister said that despite the rise in revenues for the OPEC member, Kuwait will continue to keep its spending in check. Kuwaiti crude has averaged above $26 a barrel since the start of the current July-March fiscal period, compared with $13 a barrel used to calculate budget revenues.

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter July 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Ship Repair & Conversion

BMT to Lead Repower for Historic USCG Eagle

BMT Designers & Planners, a subsidiary of BMT Group, an international maritime design, engineering and risk management consultancy, is leading the effort to repower the historic U.

Ecofix Filler Coat Cuts Rudder Repairs Cost

With an increasing trend for thruster and rudder manufacturers finishing their products with self-cleaning protective hard coatings, Antwerp headquartered Subsea

Quick Propeller Repair Prevents Drydocking

Recently a team of Hydrex diver/technicians performed a propeller blade cropping on a 190-meter container bulker berthed in Hamburg. Two parts of the tip of one

Tanker Trends

NASSCO Delivers Garden State to APT

Marking its seventh ship delivery in the span of just over a year, General Dynamics NASSCO has delivered the newly built ECO Class tanker Garden State for American Petroleum Tankers.

Bahri Q2 Net Profit Soars

National Shipping Company of Saudi Arabia (Bahri), the exclusive oil-shipper for Saudi Aramco, reported a 47.2 percent increase in second-quarter net profit on Tuesday.

First LNG Vessel Transits Expanded Panama Canal

Today, the Panama Canal marked another milestone with the transit of the first-ever liquefied natural gas (LNG) carrier through its expanded locks.   Shell-chartered

 
 
Maritime Security Naval Architecture Navigation Offshore Oil Salvage Ship Electronics Ship Repair 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: 0.0608 sec (16 req/sec)