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

Ship Repair & Conversion

Bollinger Appoints Sales VP

Bollinger Shipyards announces the promotion of Eric Bollinger to Vice President of Sales.   President and CEO Ben Bordelon made the announcement, stating, “Eric

Hyde Marine to Present on BWTS at Nor-Shipping

Company to Share Seamless Integration of Ballast Water Treatment System (BWTS); Experience in Retrofits for Small Footprint Installations at Nor-Shipping Maritime

Alewijnse Success at Damen Shiprepair Dunkerque

Electrical system integrator Alewijnse Marine Systems is celebrating the first anniversary of delivering electrical services and maintenance to vessels at Damen Shiprepair Dunkerque.

Tanker Trends

Q88 LLC Opens Office in London

Q88 LLC has opened a new office in London. Located in Soho, the cultural center of London's West End district, the office will serve as a hub for business development and client relations.

IRS Introduces Ship Construction Standards

The International Register of Shipping has submitted goal-based new ship construction standards for verification audit by the International Maritime Organisation.

Aramco Offers Rare 1.5 pct Gasoil Cargo

Aramco Trading, the trading arm of oil producer Saudi Aramco, has offered a rare gasoil cargo with a 1.5 percent sulphur content for June lifting from Rabigh, traders said on Thursday.

 
 
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: 0.1107 sec (9 req/sec)