Traded Oil News

Yemen's Houthis have been targeting vessels in the southern Red Sea and the Bab al-Mandab Strait in attacks that the Iran-aligned group says aim to support the Palestinians as Israel and Hamas wage war.Several freight firms including MSC, the world's largest container shipping line, said they would avoid the Suez Canal as a result, which could mean having to circumnavigate Africa instead.War risk insurance premiums have risen as a result.WHAT ARE THE RECENT HOUTHI ATTACKS?* Dec.

Global energy trader Vitol Group made a record net profit of just over $4 billion last year, sources familiar with the matter said, as oil, natural gas and other commodity prices soared.Vitol, the world's biggest independent oil trader, declined to comment.The unaudited result beats its previous record net profit in 2020, when oil markets were upended by the COVID-19 pandemic. Bloomberg reported Vitol made $3.2 billion in 2020. The company does not disclose its net profit.Last week, Vitol said revenues leapt to $279 billion in 2021 as oil prices recovered from 2020 lows.

U.S. oil and gas executives are predicting higher production and drilling activity next year as oil prices climb, but say they face sharply higher costs, according to a poll released on Wednesday by the Federal Reserve Bank of Dallas.Some 49% of executives surveyed said they aim to expand output next year, while 15% said their main focus would be to maintain existing production levels and 13% plan to focus on reducing debt. Six-month outlooks remained positive, but the index declined…

Global commodities trader Trafigura on Thursday posted its highest-ever first-half net profit and core earnings, largely driven by the economic recovery.The Geneva-based trader's net profit rose to $2.1 billion for the period ending March 31, from 500 million the previous year. The company's financial year ends on Sept. 30.Revenue rose 19% to $98 billion while core earnings were $3.7 billion, up over 50% from a year before. Gross profit rose similarly to $4.3 billion from $2.8 billion…

This article will focus on “comprehensive sanctions,” which prohibit most trade between the U.S. and the target country, with a particular focus on three countries currently targeted by comprehensive sanctions: Iran, Syria and North Korea. Similar jurisdictions which are subject to varying levels of comprehensive sanctions, including Cuba, the Crimea region (Russia/Ukraine) and Venezuela (which may be thought of as subject to “quasi-comprehensive” sanctions) will be dealt with an article later in this series.IranHistory of Iran sanctions: The first U.S.

Exxon Mobil Corp this week banned the use of vessels linked to oil flows from Venezuela in the last year, according to four people familiar with the matter, placing new pressure on the U.S. sanctioned country and on global crude freight rates.The largest publicly-traded oil producer's contract clause would affect about 250 tankers, two of the people familiar with the matter estimated. Exxon did not immediately respond to requests for comment. Over 25 foreign vessels touch Venezuelan ports per month, according to PDVSA's and Refinitiv Eikon data.Reporting by Collin Eaton

Gaslog, a liquefied natural gas (LNG) carrier, said on Thursday it was considering extra dividends or a share buyback after reporting record profit due to soaring shipping rates, which are expected to remain elevated for the next year or two.The U.S.-listed company is the world's largest independent owner of LNG shipping vessels with long-term charters with Royal Dutch Shell, a major LNG trader, and Cheniere Energy , a new U.S. LNG producer and trader, amongst others.LNG shipping…

Exxon Mobil Corp and its partners now expect the large Stabroek oil block offshore Guyana to contain about 25 percent more recoverable resources than estimated, they said on Monday.Exxon and U.S.-based partner Hess Corp said more than 4 billion barrels of oil equivalent could be recovered from the Stabroek block, which is part of one of the biggest oil discoveries in the world in the last decade.The previous estimate was 3.2 billion barrels of oil equivalent, Exxon, the world's largest publicly traded oil producer, said.Besides Exxon and Hess, China's CNOOC is also part of the consortium that is interested in Guyana's Atlantic coast resources.Exxon said production from Stabroek could reach over 750…

Exxon Mobil Corp is selling its entire stake in the Terra Nova oil project off the eastern coast of Canada, though the world's largest publicly traded oil producer said it was committed to remaining an investor in the region. The project, located about 217 miles (350 km) off Newfoundland and Labrador, produced about 5,000 barrels of oil per day in 2016. Exxon is selling all of its 19 percent stake in the project and initial bids are due March 30, according to data and a document from Schlumberger's oil and gas asset sale business.

With years of austerity in their rear-view mirrors, the world's biggest oil companies are locked in a beauty contest to lure investors with promises of growth and greater rewards. Royal Dutch Shell and Total are emerging as frontrunners after a three-year slump thanks to strong growth projections but Exxon Mobil, the biggest publicly traded oil company, has largely disappointed with a weaker outlook. Major oil companies slashed spending and cut costs after oil prices collapsed…

Saudi Arabia began naval war games including live fire exercises on Tuesday in the Gulf and Strait of Hormuz, the world's most important oil route, official media reported, a move that coincides with heightened tensions with regional rival Iran. Warships, speedboats, air navy aircraft, Marine Corps and special security naval units took part, state-run Saudi Press Agency (SPA) said. Live ammunition was fired during activities. The manoeuvres are aimed at testing combat readiness "in preparation for the protection of the marine interests of the Kingdom of Saudi Arabia against any possible aggression," reported SPA quoting commander of the exercises, Rear Admiral Majed bin Hazza'a Al-Qahtani. The drill is also being conducted in the Sea of Oman, SPA reported.

IMO to decide whether to introduce rules in 2020, or 2025; EU, China already pushing for stricter regulation. The global shipping industry is bracing for a key regulatory decision that could mark a milestone in reducing maritime pollution, but which could nearly double fuel costs in a sector already reeling from its worst downturn in decades. The shipping industry is by far the world's biggest emitter of sulphur, with the SOx content in heavy fuel oil up to 3,500 times higher than the latest European diesel standards for vehicles. To combat such pollution, the International Maritime Organization's (IMO) Marine Environment Protection Committee will meet in London on Oct.

Iran's elite Revolutionary Guards staged war games in the Strait of Hormuz on Wednesday, including a gunboat attack on a model U.S. warship, in Tehran's latest display of military muscle in a Gulf shipping channel vital to world oil exports. The Shi'ite Muslim Islamic Republic sees the Gulf, between Iran and the Sunni Arab states, as its own backyard and believes it has a legitimate interest in expanding its influence there. A ceremony marking the exercises was attended by commanders of the Guards, an influential military force led by anti-Western hawks, as well as by parliament speaker Ali Larijani. "With attention to the situation in the region…

Earthstone Energy, reported today that the August 2014 issue of the Oil & Gas Financial Journal (OGFJ) named Earthstone among the 20 Fastest Growing Companies for the first calendar quarter of 2014 (the most recent data). The OGFJ ranks U.S. based, publicly traded oil and gas producers quarterly in its “OGFJ150” article. Although primarily ranked in terms of assets, for the Fastest Growing benchmark, companies are ranked on the percentage increase in shareholders’ equity. While the Company was ranked 96th in terms of assets, the OGFJ ranked Earthstone the 12th Fastest Growing Company for the quarter. Ray Singleton, President of the Company, stated, “We believe that the most impressive aspect of this new ranking is our net income performance.

Investors could spend up to $1.1 trillion over the next decade on oil projects and assets that never reach production if governments enforce measures to curb climate change, a report by Carbon Tracker Initiative said. The Carbon Tracker report, released on Thursday, could help funds and other investors avoid putting their money in oil assets that remain buried forever. The $1.1 trillion, around 15 percent of the decade's total global oil and gas spending at current rates, is earmarked for projects to 2025 that require a market price of at least $95 a barrel to break even. That investment is at risk if governments enforce plans to curb the global rise in temperatures to 2 degrees Celsius, which scientists say is the threshold for avoiding the worst effects of climate change.

Under the terms of the MOU, GE and Rosneft will form a joint working group to identify the range of potential opportunities for short and long–term opportunities, including equipment for Arctic offshore field development, gas monetization technologies and enhanced oil recovery and difficult reserve development. The MOU was signed by John Krenicki, GE vice chairman and president and CEO of GE Energy; and Igor Sechin, president of Rosneft. The agreement calls for a strategic, cooperative relationship that would (1) leverage GE Oil & Gas technologies to help Rosneft improve efficiency and yields in its oil and gas exploration and recovery operations, and (2) explore opportunities to jointly develop, manufacture and sell equipment for use in Russia’s oil and gas industry.

Hornbeck Offshore Services, Inc. (NYSE: HOS) announced today that John T. Rynd and Kevin O. Meyers, Ph.D. have been appointed to its Board of Directors (the "Board"), effective June 23, 2011. Mr. Rynd and Dr. Meyers were appointed to fill the vacancies created by a prior resignation and the Board's decision to increase the number of its directors from seven to eight members. In addition, at the Company's Annual Meeting on June 23, 2011, the shareholders reelected Todd M. Hornbeck and Patricia B. Melcher to the Board. John T. Rynd. Since June 2008, Mr. Rynd, 54, has served as the Chief Executive Officer and President, and as a director, of Hercules Offshore, Inc. (NASDAQ: HERO), a publicly traded global provider of offshore contract drilling, liftboat and inland barge services.

According to an August 29 report from Bloomberg, Gulf Navigation Holding PJSC, Dubai’s only publicly traded oil-tanker owner, is seeking to buy new crude carriers as an improving global economy boosts shipping volumes. The company is on target to ship 6 million tons of goods this year, compared with 4.5 million tons in 2009, a company representative said. (Source: Bloomberg)

Overseas Shipholding Group, Inc. transportation services with one of the world's largest and most modern Handymax and Panamax tanker fleets. Stelmar. value of the transaction is approximately $1.3 billion. Executive Officer of OSG. LNG sector," Mr. Arntzen continued. deadweight tons. international flag vessels totaling 12.9 million deadweight tons. double-sided," Arntzen concluded. segments. facilities." Mr. on crude transportation with spot orientation. and Panamaxes with time charter orientation. shareholders and satisfaction of customary closing conditions. transaction is expected to close by the end of January 2005. with the transaction.

According to a report from The Wall Street Journal, oil and gas companies began halting exploratory drilling in the deepwater of the U.S. Gulf of Mexico following a federal government order. Exxon Mobil Corp. (XOM) and Marathon Oil Corp. (MRO) said they have stopped drilling two wells in the Gulf. Chevron Corp. (CVX), the second-largest publicly traded oil company after Exxon, warned that an offshore drilling moratorium extension will have a lasting negative impact in the U.S. economy. (Source: The Wall Street Journal)

Aker Kvaerner has signed a frame agreement with Woodside Petroleum Ltd to become the Australian oil and gas giant's preferred supplier of steel tube umbilicals. The contract could be worth between NOK 150 - 200 million annually. The frame agreement is awarded for a three year period with optional periods of one + one year and has the potential to support Woodside Petroleum Ltd with its proposed LNG developments. The agreement will make Aker Kvaerner's subsea division the main supplier of steel tube umbilicals to Woodside's field developments off the western coast of Australia. As part of the contract, Aker Kvaerner will be responsible for the design, manufacturing, testing, certification, delivery and installation support of the umbilical systems.

British oil and gas company BP is hopeful of making good natural gas discoveries in Libya and plans to begin exploring there later this year, Reuters reported. BP and Libya signed a gas exploration deal last year that marked the return of the world's third-largest fully publicly traded oil firm by market value to the north African oil exporter after a 30-year break. Last year, BP said it would drill 17 exploration wells across a large area of 13.3 million acres with an initial exploration budget of $900m. Libya has attracted interest from international oil firms since 2004, when the United States and European Union eased sanctions following Libya's agreement not to pursue nuclear, chemical and biological weapons.

Rowan Companies, Inc. (NYSE: RDC) announced that, effective January 1, 2009, its Board of Directors has named W. Matt Ralls as the company's new President, Chief Executive Officer and member of the Board of Directors, succeeding D.F. McNease, who announced his retirement in late October 2008. Mr. Ralls, 59, most recently served as Executive Vice President and Chief Operating Officer of GlobalSantaFe Corporation, an international contract drilling company, from June 2005 until the completion of the merger of GlobalSantaFe with Transocean, Inc. in November 2007. Prior to that time Mr. Ralls served as Senior Vice President and CFO of GlobalSantaFe. He joined Global Marine, Inc.