Oil Requirements News

The marine construction unit of the state-owned China Communications Construction Company (CCCC) on Tuesday signed an agreement to work with Singapore-based commodities trader Zenrock Group to purchase fuel.Marine Construction & Development Co (MCD), which is involved in major infrastructure projects around the world as part of China's Belt and Road initiative, wants to streamline its process for buying fuel, said Chief Financial Officer Jin Xinxiang."In the past, (our) oil procurement activities have been very segregated into individual projects.

The International Maritime Organization’s proposals to reduce sulfur levels in marine fuels to a maximum of 0.5 percent m/m (mass/mass) by 2020 may prove to be controversial, having met with various responses from major shipping organisations and other bodies. The decision to implement the proposals by 2020 was taken by IMO, the regulatory authority for international shipping, during its Marine Environment Protection Committee (MEPC 70) meeting, which was held in London, UK in October 2016, and represents a significant reduction from the 3.5 percent m/m global limit currently in place.

In a landmark decision for both the environment and human health, 1 January 2020 has been set as the implementation date for a significant reduction in the sulphur content of the fuel oil used by ships. The decision to implement a global sulphur cap of 0.50% m/m (mass/mass) in 2020 was taken by the International Maritime Organization (IMO), the regulatory authority for international shipping, during its Marine Environment Protection Committee (MEPC), meeting for its 70th session in London. It represents a significant cut from the 3.5% m/m global limit currently in place and demonstrates a clear commitment by IMO to ensuring shipping meets its environmental obligations.

ABS released the ABS Advisory on Exhaust Gas Scrubber Systems, which will aid vessel owners and operators in assessing the viability of utilizing exhaust scrubbers to meet current and forthcoming environmental requirements. As the industry seeks solutions for increasingly stringent low sulfur fuel requirements, owners and operators should fully understand the impact of the regulations and properly assess available technologies. Fuel switching, which is frequently utilized in Emission Control Areas today is not expected to be a viable option in the future.

KPI Bridge Oil, worldwide bunker broking and trading company, appoints Bunker Broker & Trader Mauro Agostini for its Miami office. Mauro, 40 years old, has been working in the bunker industry since 2006. He has in depth knowledge of the yacht market globally and has also worked intensively with Italian and Spanish ship owners and supply focus in the Spanish and Mediterranean ports. Mauro has a degree in Economics and fluent in Italian, Spanish and English. Jesper Rasmussen, Commercial Director…

The Mission to Seafarers in Dubai, part of the international organization that cares for seafarers regardless of race or religion in over 300 ports around the world, announced that BP Marine has agreed to supply the M/V Flying Angel with its lube oil requirements for the following twelve months. “We are very happy to welcome BP Marine aboard. Their generous donation of lube oil will help to ensure that the Flying Angel’s maintenance costs are kept to a minimum helping to maintain this vital link with distressed seafarers…

An upwards revision to world oil demand means the West will need more oil from the OPEC cartel this year and next than previously thought, the International Energy Agency (IEA) said. IEA reported that the "call on OPEC oil" would be 400,000 barrels per day (bpd) greater this year than it previously forecast, at 27 million bpd. Next year the call on OPEC oil will be 300,000 bpd more than earlier estimates, although the absolute level is expected to sink to 26.8 million bpd in 2002 because of more production expected outside the cartel. The big revision paints a more bullish picture for global oil markets, particularly after OPEC's recent decision to slash output by one million barrels per day from September 1.