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 Reporter April 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Ship Repair & Conversion

IMO Calls for Environmentally Sound Ship Recycling in Bangladesh

The  International Maritime Organization (IMO) and the government of the People’s Republic of Bangladesh are jointly implementing a project entitled “Safe and

EUROPA 2 Undergoes First Scheduled Docking

As part of its first scheduled docking, Hapag-Lloyd Cruises’ EUROPA 2 underwent technical maintenance at Blohm + Voss in Hamburg from April 11-24, 2015.   At the same time,

The German Shipbuilding Rebound

German shipbuilding has made a significant turnaround. The country’s shipbuilding industry has seen increases in the number of employees, orders and deliveries compared to 2013,

Tanker Trends

APM Maasvlakte II Terminal Opens

APM Terminals Maasvlakte II held a ceremony  to celebrate the opening of the world’s most automated container terminal.   The  event that was attended by Dutch

MISC Says AET Tankers Unit Not for Sale

MISC Berhad issued a statement today addressing recent market speculation that the company is set to sell its wholly owned petroleum tanker subsidiary AET Tankers.

Strong Tanker Market Extends Peak Season High Earnings

Tanker earnings for crude oil tankers have climbed to new strong levels in the first quarter of 2015, with averages not seen since 2008, the Baltic and International Maritime Council (BIMCO) reported.

 
 
Maritime Contracts Maritime Standards Naval Architecture Offshore Oil Pod Propulsion Ship Electronics Ship Simulators Shipbuilding / Vessel Construction Sonar 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: 0.2076 sec (5 req/sec)