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How China Got Venezuelan Oil Despite US Sanctions
Last year, China replaced the United States as the No. 1 importer of oil from Venezuela, yet another front in the heated rivalry between Washington and Beijing.The…
US Tells Gulf Mariners to Stay Clear of Its Warships
In an alert that appeared aimed squarely at Iran, the U.S. Navy issued a warning on Tuesday to mariners in the Gulf to stay 100 meters away from U.S. warships or risk being “interpreted as a threat and subject to lawful defensive measures.”The notice to mariners, which was first reported by Reuters, follows U.S. President Donald Trump’s threat last month to fire on any Iranian ships that harass Navy vessels."Armed vessels approaching within 100 meters of a U.S.
Iran's Oil Exports Dwindle to Record Low
Iran's oil exports have sunk to a record low as the coronavirus crisis compounds the impact of U.S. sanctions already limiting shipments, underlining the diminishing oil clout of what was OPEC's second-largest producer.Exports averaged 70,000 barrels per day in April, down from 287,000 bpd in March according to Kpler, which tracks the flows. The difficulty assessing volumes means the total may be revised higher and Kpler told Reuters that could possibly be to as much as around 200…
Iran: 19 Sailors Killed in Naval Friendly-Fire Incident
One Iranian warship accidentally struck another with a missile during an exercise, killing 19 sailors and wounding 15 others, Iran's navy said on Monday.The incident took place during training in the Gulf of Oman, a sensitive waterway that connects to the Strait of Hormuz through which about a fifth of the world’s oil passes. Iran regularly conducts exercises in the area.The frigate Jamaran fired at a training target released by a support ship, the Konarak.
Oil rises 5% in second weekly gain on output cuts, demand hopes
Oil prices settled 5% higher on Friday in their second consecutive week of gains as U.S. producers cut production with the number of drilling rigs falling to a record low, and as more states moved ahead with plans to relax lockdowns intended to halt the coronavirus pandemic.The number of operating oil and natural gas rigs fell by 34 to an all-time low of 374 this week - reflecting data going back 80…
Buyers Cancel Saudi Crude Shipments After Tanker Rates Soar
U.S. buyers of Saudi Arabian crude oil cancelled at least seven April-loading tankers after a jump in freight costs, two industry sources said, likely to result in lower-than-expected shipments from the world's top exporter.The move shows how some buyers are not rushing to take much extra oil despite a slide in prices this month to below $16 a barrel, the lowest this century, as demand has collapsed due to government measures to contain the spread of the coronavirus.In March…
Trump Tells Navy to Destroy Iranian Gunboats 'If They Harass Our Ships At Sea'
President Donald Trump said on Wednesday he had instructed the U.S. Navy to fire on any Iranian ships that harass it at sea, a week after 11 vessels from Iran's Islamic Revolutionary Guard Corps Navy (IRGCN) came dangerously close to U.S. ships in the Gulf.Close interactions with Iranian military vessels were not uncommon in 2016 and 2017. On several occasions, U.S. Navy ships fired warning shots at Iranian vessels when they got too close.While the Navy has the authority to act in self-defense…
Iran Says It Has Increased Gulf Patrols
Iran’s Revolutionary Guards warned the United States about its military activities in the Gulf on Sunday, adding that their navy had as a result increased patrols, which would also secure the passage of Iranian ships and combat fuel smuggling.The U.S. military said on Wednesday that 11 Revolutionary Guards naval vessels had come close to its navy and Coast Guard ships, describing the moves “dangerous and provocative”.The Guards’ statement on Sunday…
US Navy Says Iran Navy Harassed its Vessels
Eleven vessels from Iran’s Islamic Revolutionary Guard Corps Navy (IRGCN) came dangerously close to U.S. Navy and Coast Guard ships in the Gulf, the U.S. military said on Wednesday, calling the moves “dangerous and provocative.”While such interactions had occurred occasionally a few years ago, they had stopped, and this incident comes at a time of increased tensions between the two countries.According to the statement, the Iranian vessels approached six U.S.
OPEC+ Outlines Record Oil Production Cut; Mexico Balks
OPEC, Russia and other allies outlined plans on Thursday to cut their oil output by more than a fifth and said they expected the United States and other producers to join in their effort to prop up prices hammered by the coronavirus crisis.But the group, known as OPEC+, said a final agreement was dependent on Mexico signing up to the pact after it balked at the production cuts it was asked to make.
French Aircraft Carrier Heads Home Due to Possible COVID-19 Cases
France’s flagship aircraft carrier the Charles de Gaulle is returning to its home port early after about 40 crew members showed signs of COVID-19 symptoms, the armed forces ministry said on Wednesday.The personnel were under strict medical observation on board the nuclear-powered carrier, which had most recently been taking part in exercises with northern European navies in the Baltic Sea.“The first cases showed symptoms recently,” the ministry said in a statement.
CMA CGM Completes Sale of Eight Terminals
CMA CGM said on Thursday it has completed the sale of stakes in eight port terminals for $815 million to its joint venture with China Merchants Port Group.Late last year, CMA CGM reached a deal with China Merchants to sell stakes in 10 port terminals to the companies' Terminal Link venture for $968 million, as part of efforts by CMA CGM to finance its acquisition of Swiss-based CEVA Logistics and reduce…
Tanker Rates Fall, but Storage Demand Stays Firm
After a frantic week that sent crude oil freight rates to record highs amid a bookings bonanza to ship Saudi oil to the world, rates are now easing as charterers balk at the nosebleed charges and await Saudi volume plans for April, shipping sources said."Sentiment remained softer today," said one ship broker while pointing to another day of limited chartering activity.At least nine very large crude…
Are Foreign Ships Secure in Iran?
Mohammad Rastad, Iran's Deputy Minister of Roads and Urban Development said that foreign trade ships that transport goods to Iran can be confident that there will…
Mideast Tensions Create Insurance Headache for Tanker Owners
Even as the United States and Iran appear to signal a keenness to avoid further conflict, oil and gas shipowners are bracing to pay a price for the war of words that culminated in rocket strikes in Iraq over the last week - higher insurance bills.According to industry sources, payments known as war risk premiums for tankers shuttling through the Strait of Hormuz could rise significantly, adding hundreds…
P&O Ferrymasters Expands in Turkey
European providers of transportation and logistics services P&O Ferrymasters has announced plans to open five new offices across Turkey over the next two years as…
CMA CGM: Terminal Deal with China Merchants Complete
CMA CGM said on Friday it had finalized an agreement with China Merchants Port Holdings Co.
Petrobras to be World's Largest Oil Producer
Brazil’s Petrobras is on track to become the world’s largest oil producer among publicly listed companies by 2030, based on Rystad Energy’s latest data and forecasts.Brazil’s…
India, S. Arabia in New Petro Relationship
India and Saudi Arabia have decided to expand its ‘energy relationship’ into next phase to include Saudi partnership in building additional crude oil storage reserves in India…
Iraq's Umm Qasr Ready for Bigger Ships
Philippines-based International Terminal Container Services Inc. (ICTSI) formally inaugurated two new berths in the port of Umm Qasr, Iraq’s main dry cargo port.The…