Supply Oil News

Oil loadings from the Black Sea port of Novorossiysk and the Caspian Pipeline Consortium (CPC) terminal have not resumed due to an ongoing storm forcing exporters to look for alternative routes, three sources familiar with exports told Reuters on Wednesday.Novorossiysk and the CPC terminal account for about 2 million barrels of oil per day (bpd) from Russia and Kazakhstan."A storm warning is in effect in Novorossiysk. It is raining, and the wave height is from two to four meters…

Russia "will not accept" a price cap on its oil and is analyzing how to respond, the Kremlin said in comments reported on Saturday, in response to a deal by Western powers aimed at limiting a key source of funding for its war in Ukraine.Kremlin spokesman Dmitry Peskov said Moscow had made preparations for Friday's price cap announcement by the Group of Seven nations, the European Union and Australia, the Russian state news agency TASS reported."We will not accept this cap," RIA news agency quoted him as saying.

Tankers carrying about 1.22 million barrels of Iranian crude and 2 million barrels of condensate are scheduled to discharge at Venezuela's Jose terminal in the coming days, according to a document from state oil company PDVSA.Venezuela relies in Iran for a large portion of the diluents that PDVSA uses to convert its heavy oil to exportable grades. Iranian crude also is being refined in the South American country to produce motor fuels.One of the tankers that arrived this month in Venezuelan waters is the Iran-flagged very large crude carrier (VLCC) Huge, operated by National Iranian Tanker Company (NITC), according to the document. Non-profit organization United Against Nuclear Iran and monitoring service TankerTrackers.com confirmed its identity.For the second cargo…

Oil fell on Monday, reversing earlier gains but continuing a recent losing streak, on concerns that an expected increase in interest rates in the U.S., the world's biggest oil user, may limit fuel demand growth.Brent crude LCOc1 futures for September settlement dropped 48 cents, or 0.5%, to $102.72 a barrel at 0205 GMT, down for a fourth day.U.S. West Texas Intermediate (WTI) crude CLc1 futures for September delivery fell 65 cents, or 0.7%, to $94.05 a barrel, also down for a…

The United States has increased oil supply to Europe in July for the first month since May, making up for output cuts from OPEC+ members, according to traders and Refinitiv Eikon data.U.S. crude supply to Europe reached nearly 31 million barrels in July, according to Refinitiv Eikon data as of July 24. With crude prices back above $40 a barrel, U.S. producers have rushed to claim market share while the Organization of the Petroleum Exporting Countries and allies, known as OPEC+, is still cutting supply drastically.U.S.

Nigerian crude sells into tenders, while Angolan trades more quickly on spot. * ExxonMobil had purchased two of the three Olombendo cargoes sold this week, traders said. * All three are likely to sail to the Mediterranean or the United States rather than China, the usual destination. * Angola's Sonangol sold its cargo of Dalia, which it had been offering at dated Brent minus 70 cents a barrel. The buyer was not clear, but traders said it was a western company rather than Asian. * Statoil had also sold a cargo of Angola's Saturno. * Sonangol was still offering another cargo of Dalia at dated Brent minus 70 cents a barrel and a cargo of Saxi at dated Brent plus 75 cents a barrel. * Nigerian crude cargoes Erha and Forcados were selling into tenders, but spot trade was limited.

Current markets make it profitable to store oil for future sale; many tankers sitting around Singapore storing oil. A 10-percent decline in oil prices since late May could push traders to keep crude in storage, looking to sell down the line when forward prices are higher. That would undermine the impact of supply cuts led by the Organization of the Petroleum Exporting Countries (OPEC), which partly aimed to force traders holding oil in storage to sell to reduce bloated inventories that have sapped global prices . Brent crude futures for delivery in half a year's time were this week around $1.50 per barrel above current prices, a market structure known as 'contango' that makes it profitable to store fuel instead of selling for direct use.

The Egyptian Natural Gas Holding Company (EGAS) signed an initial agreement with Russian company Rosneft to supply oil products and liquefied natural gas (LNG) shipments. The document defines key terms of the future cooperation between the companies in the area of LNG supplies. The implementation of the terms of the signed document will allow Rosneft to access the high growth potential Egyptian gas market and deepen broader cooperation between the two companies. Minister of Petroleum…

A Norwegian ship rescued more than 600 migrants from two wooden boats on Monday in the southern part of the Mediterranean, the Norwegian police said on Twitter. All migrants picked by the ship, the Siem Pilot, were healthy, including several pregnant women, the Norwegian authorities said.   Thousands of migrants fleeing war and poverty in Africa and the Middle East have died trying to cross the Mediterranean, mostly heading for Italy. European Union leaders agreed in April to boost naval search mission in the Mediterranean after a boat sank and as many as 900 migrants died off the coast of Libya. The Siem Pilot is part of the EU's operation off Italy. It was originally built to supply oil platforms in the North Sea. Reporting by Nerijus Adomaitis

OPV Turva, the Finnish Border Guard's new 314 foot (95.9 meter) offshore patrol vessel, will be outfitted for oil spill response just seven months after its launch. UK-based Vikoma International Ltd and Mobimar Ltd of Finland will provide the vessel with oil spill response equipment, including 800m of Vikoma oil containment boom, four Vikoma boom reels, and Mobimar's in-hull integrated recovery system, along with other oil recovery systems. The equipment will provide a recovery capacity of over 1000m3.

Taiwanese Navy formally took delivery Friday of a new locally designed supply vessel that it said will help enhance Taiwan's maritime combat capabilities. In a ceremony hosted in the harbor in Kaohsiung, the vessel was formally turned over to the Navy from local shipbuilder CSBC Corp. Defense Minister Yen Ming co-hosted the delivery ceremony. Christened as Panshih the locally made fast combat support ship will be used to transport fuel, ammunition and other supplies to support warships. Currently, the Navy only has one supply vessel in service, the Wuyi, says the Ministry of National Defense. The Navy will now begin training a crew to familiarize it with the craft before formally putting the ship into service. The vessel is designed as an AOE, in accordance with the U.S.

What’s New in October 2014? Today 324 oil/gas floating production units are now in service, on order or available for reuse on another field. FPSOs account for 65% of the existing systems, 78% of systems on order. Production semis, barges, spars and TLPs comprise the balance. The oil/gas production floater inventory is the same as last month. There were no orders for additional production systems in September. Another 30 floating LNG processing systems are in service or on order. Liquefaction floaters account for 17%, regasification floaters 83%.

World oil prices resumed a months-long rout on Tuesday to close at their lowest in more than two years, pressured by reduced economic and demand growth forecasts. U.S. crude oil prices fell faster than European Brent, reversing a weeks-long compression in the Brent/WTI spread amid signs that U.S. refiners are starting to buy cut-priced West African or Mediterranean crudes, re-opening a once common arbitrage. The International Monetary Fund cut its global economic growth forecasts for the third time this year, warning of weaker growth in core euro zone countries, Japan and Brazil. And German industrial output fell in August at its steepest rate since January 2009. "The IMF forecast is weighing on (demand) sentiment," said Phil Flynn, an analyst for the Price Futures Group in Chicago.

The orders from Halul Offshore Services Company are for design, construction, trials and commissioning of two Platform Supply Vessels (PSVs) and two Anchor Handling, Towing, Supply and Support Vessels (AHTSSVs) and were secured against tough international competition. The PSVs will be equipped for firefighting, rescue and standby, offshore supply, oil recovery and related duties. They will have Diesel-electric propulsion and DP2 dynamic positioning capability. AHTSSVs, with a bollard pull of 90 tonnes, will be equipped for emergency response and rescue, offshore supply, oil recovery, standby and other related duties. and will also be provided with advanced Diesel-Hybrid propulsion and DP2 dynamic positioning capability.

Cargotec has won a contract to supply two sets of MacGregor anchor-handling systems for two anchor-handling tug /supply / oil recovery vessels under construction at a Chinese Shipyard for a Singaporean owner. The anchor-handling equipment is scheduled for delivery at the end of 2011 and it will be manufactured at Cargotec’s facilities for offshore load handling in Singapore and China. •        telescopic deck cranes. The anchor-handling towing winches have a 380 tonnes line pull and a 500 tonnes static brake. The bollard pull of these ABS classed vessels is 150 – 160 tonnes.

Cameron Park, Ca….VARNA Products, manufacturer of industrial and marine oil and fuel oil pumps and turnkey control solutions is working with Cummins Power Generation to provide Turnkey DC Blackstart Prelube Systems for some QSK60L and QSV91L critical power generator sets. VARNA Prelube Pumps Minimize Engine Wear at Cranking and Help Ensure Generators Start. The highest engine wear rate occurs during startup. The longer the period between engine starts, the more engine damage that occurs.

The results of the national poll of Americans who were asked about their view on the Obama Administration’s moratorium on deep-water drilling are very telling, with nearly three-fourths, or 73 percent, saying “a ban is unnecessary, calling the worst oil spill in U.S. history a 'freak accident,'” according to Bloomberg. The moratorium to halt drilling will cut the legs out from under a Gulf Coast economy that is already reeling from the initial spill. It will cause a ripple effect from the offshore workboat operators who supply oil rig equipment all the way down to the grocery stores who supply food for the mariners. The moratorium is short-sighted and will cripple an already hard-hit maritime industry operating in the Gulf Coast region.

Radio Holland Group will open a new regional branch office in Curaçao which will be in full service by June/July 2003. As the 48th office worldwide, Radio Holland Curaçao will provide service in Curaçao and the Caribbean area focusing on the tankers that supply oil to the various refineries in the region, including the Curacao refinery, the container vessels that visit Curaçao and the other islands in the Caribbean for transshipment, the various cruise vessels that regularly visit the Caribbean and the Dutch Navy base in Curaçao.

European plans drawn up in the wake of the Erika accident to crack down on aging tankers could endanger shippers' ability to supply oil to the continent, shipping analysts said. Detailed plans put to European Union transport ministers last week were stiffer than early outline proposals, they said. The EU proposals demand that all single hull crude tankers above 20,000 deadweight tons and product carriers over 30,000 dwt should not be able to enter European ports after January 1, 2010. Although the EU said in February that it would follow the U.S. Oil Pollution Act (OPA), enacted in 1990, and give operators until 2015 to upgrade their fleets to double-hulled vessels, European plans have now opted for a cutoff five years earlier than the American laws.

European plans drawn up in the wake of the Erika accident to crack down on aging tankers could endanger shippers' ability to supply oil to the continent, shipping analysts said. Detailed plans put to European Union transport ministers last week were stiffer than early outline proposals, they said. "Europe may not be able to guarantee oil supply because it has suddenly moved the goalposts," one tanker analyst who asked not to be identified said. The EU proposals demand that all single hull crude tankers above 20,000 deadweight tons and product carriers over 30,000 dwt should not be able to enter European ports after January 1, 2010. In February the EU issued outline proposals indicating it would follow the U.S.

Norway's Statoil has called upon shipbuilder Kleven Verft to construct a pair of 309-ft. (94.3-m) supply ships that will run on LNG. The vessels, which are scheduled for completion during 2003, and operated by Statoil, will be contracted from Eidesvik and Møkster Shipping. According to Knut Barland, Statoil's vice president for Environment, the LNG power concept is expected to cut the vessels' nitrogen oxide (NOx) emissions by 85 percent; annual emissions are expected to be lowered by 420 tons. Why would a company knowingly add $6 million to the construction price of a new vessel, and more than $1 million per year in operating costs? The answer is a multi-faceted one, but basically it comes down to environmental responsibility.

Companies developing offshore oil deposits could enjoy tax breaks, Russia's president said Wednesday. The tax breaks proposal came from Sergei Bogdanchikov, head of state-controlled producer Rosneft, who said the idea had been approved by the Industry and Energy Ministry and backed by the economics ministry, but that no final decision had been made. Russia, heavily dependent on revenues from oil and gas exports, is in need of new deposits to meet its obligations under new ambitious projects to supply oil to Pacific Rim countries, as well as Europe and the United States via the Balkans. Bogdanchikov said Russia would increase the production of oil at its offshore deposits five-fold, to 80-85 million metric tons (about 624.7 million bbl), by 2015.