Sunken Fuel Tanker Had "Dirty" Oil
Oil leaking from a fuel tanker that sank in the Gulf off the coast of the United Arab Emirates while reportedly smuggling Iraqi oil was brought under control on Sunday, a UAE official said. The 3,500-ton Iraqi tanker Zainab, which sank on Saturday, was intercepted several days ago by the Multinational Interception Force that enforces sanctions against Iraq, an official at the Bahrain-based U.S. Navy's Fifth Fleet said. The ship, which was carrying about 1,300 tons of fuel oil, ran into trouble on its way to a holding area in international waters for ships suspected of smuggling Iraqi oil in violation of U.N. sanctions. It was reported that coast guard divers had managed to plug up holes in the tanker through which fuel oil had been spilling off the UAE's northern coast and that the leakage was now under "complete control". The oil slick reportedly had started to disperse and was being treated with environmentally safe chemicals by teams fighting the spillage. UAE officials have said they would try to salvage the tanker, which sank off the coast of Jebel Ali, north of Dubai. All crewmembers onboard were rescued.
Russian Tanker Stopped For Suspected Smuggling
A Russian tanker was intercepted in the Gulf on Thursday on suspicion of smuggling Iraqi oil in defiance of U.N. sanctions, a U.S. admiral said. The Akademik Pustovoyt was boarded in the southern Gulf by a team of Americans who took oil samples for analysis to see if the fuel was from Iraq, said Vice Admiral Charles Moore. He coordinates an international force patrolling the area and commands the U.S. Navy's Manama, Bahrain-based Fifth Fleet.
Seized Tanker Awaits Unloading
A Russian oil tanker seized in the Gulf for what the U.S. said was the smuggling of Iraqi oil docked in Oman on Monday (today), and its cargo will be unloaded soon, a Russian diplomat in the Gulf Arab state said. Russian officials said they expected the tanker, which was detained last week by a multinational patrol enforcing U.N. sanctions on Iraq, to be released after unloading. The U.S. says it had clear evidence the fuel was Iraqi.
First Tanker Fixed For Next Phase Of Oil For Food Deal
The first tanker to carry Iraqi oil exports under the next phase of the U.N. "oil for food" deal has been chartered subject to the program being extended, according to shipping brokers. The Panamanian-registered VLCC Kristhild has been fixed to Russian trader Ursa to sail from the Gulf port of Mina al-Bakr to the U.S. Gulf, provided the United Nations and Iraq reach an accord to continue exports beyond Nov. 20. The 258
Iraq Oil Lifting Remains on Hold
Iraqi oil lifting remained on hold as Baghdad continued to insist on a surcharge for crude sales under the UN's oil-for-food program, industry sources said. A tanker chartered to the Indian Oil Corp (IOC) remained berthed at Iraq's Mina al-Bakr port on the Gulf but that no oil was being pumped aboard. An industry official in India said that IOC had been asked to pay a surcharge outside the terms of the UN exchange in order to secure its cargo but had refused. Iraq suspended 2
This Day in U.S. Naval History – January 18
1911 - First aircraft landing on board a ship, USS Pennsylvania by Eugene Ely. 1962 - After a flash fire in the Persian Gulf on Danish tanker, Prima Maersk, burned a crewman, USS Duxbury Bay transfers a Navy doctor to help the Danish crewman and USS Soley took him to the nearest hospital at Bahrain Island. 1968 - Operation Coronado X begins in Mekong Delta, Vietnam 1977 - The Trident (C-4) missile development flight test program commenced when C4X-1 was launched from a flight pad at
Iraq Allocates $25M for Tanker Purchase
An official at the Iraqi Oil Tanker Company announced that the Transport Ministry has allocated $25 million to buy two oil tankers, the Middle East North Africa Financial Network reported. The capacity of each tanker will be 10,000 tons of crude oil. Iraq had its own tanker fleet but most of the ships were sunk during the country's wars with Iran in the 1980’s and the U.S. wars, one in 1991 and the other in 2003. However, the company still had a few ships with a total capacity of 60,000 tons
Kurdish Oil Tanker Leaves Moroccan Port Without Unloading
Iraqi Kurdistan's bid to sell its first tanker of crude oil appeared to suffer its second setback in as many weeks on Thursday after the ship left a port in Morocco without a sale which the central Iraqi government opposes. The United Leadership tanker, a symbol of a long-running feud between Baghdad and the Kurdish Regional Government over oil sale rights, loaded one million barrels of Kurdish crude on May 22 and has changed course twice abruptly without discharging oil.
Oil Prices Climb Again Amid Escalating Violence In Iraq
Crude oil prices rose to new nine-month highs on Friday as concerns persisted that an insurgency in Iraq could disrupt oil exports from the second-largest OPEC producer. Grand Ayatollah Ali al-Sistani, the highest religious authority for Shi'ites, on Friday urged his followers to take up arms against Sunni militants advancing south toward Baghdad, raising the prospect of further violence. The surge in both Brent and U.S
Iraq Plans to Acquire "Large Fleet" of Oil Tankers
Iraq plans to acquire a "large fleet" of oil tankers to transport the OPEC nation's crude to global markets, Oil Minister Jabar al-Luaibi said in a statement on Friday. The nation's tanker fleet was largely destroyed during the U.S.-led offensive to dislodge Iraq from Kuwait in 1991, according to the state-run Iraqi Oil Tankers Company's website. The company owned as many as 24 tankers in the 1980s.
A Year is a Long Time in Tankers
The latest Gibson Market Report focused on the age profile of the VLCC fleet and the prospects for trading life beyond 15 years of age. Analysis of the Suezmax fleet shows a similar picture, with eighty-nine units over15 years of age (18% of the current fleet) the preferred upper employment limit set by most charterers. However, many of the older units are able to trade in the shuttle markets, where age is not so much of an obstacle
Turkey’s Role for the Tanker Market
Even though the coup attempt in Turkey failed and the transportation situation normalized quickly thereafter, Poten & Partners take a look at the importance of Turkey to the tanker market. Turkey is not a large oil or gas producer; according to JODI its crude oil production amounts to about 48 thousand barrels per day (Kb/d) of crude oil and almost 400 million m3 of natural gas in 2015.
Oil Prices Won't Reach 'Desired Level' before 2018, Iraq Says
Oil prices will not reach "levels desired" by Iraq before the end of 2018 or 2019, Iraqi Prime Minister Haider al-Abadi said on Tuesday in Baghdad. "Demand has increased and this has helped raise the prices but it won't return to the level of 2013" when crude exceeded $100 a barrel, he told a news conference. "Oil will not reach a desired level before 2018 or 2019," he added, without indicating Iraq's desired price.
Tanker with Disputed Kurdish Oil Reappears off Malta
The Neverland tanker has reappeared off the coast of Malta after going off radar near Canada on June 30, when it was chartered by oil trader Vitol carrying Iraqi Kurdish crude oil, Reuters ship-tracking showed on Friday. The tanker had been heading to eastern Canada to discharge the cargo at the end of June when the Federal Court of Canada issued a seizure order for the cargo at the request of Iraq's oil ministry.
Iraq Refiles Case in US Court over Disputed Kurdish Crude Cargo
Iraq has refiled a suit in U.S. court in a bid to gain control of some 1 million barrels of disputed Kurdish crude oil on a tanker near Texas, days after the court said it lacked jurisdiction to have the cargo seized but that it could hear arguments about who is the oil's rightful owner. The United Kalavrvta tanker, carrying about $100 million worth of Kurdish crude, has been stationed near Texas since late July, as the central government of Iraq wages a legal battle against Iraqi Kurdistan
Iranian Fuel Oil Exports Trade Skirts Sanctions
Iran is sidestepping Western sanctions and managing to sell hundreds of thousands of tonnes of fuel oil every month through companies based in the U.S.-allied United Arab Emirates, trading sources told Reuters. The U.S. and EU sanctions that came into force in 2012 prohibit the import, purchase and transport of Iranian petroleum products to pressure Tehran to halt its disputed nuclear programme. Washington has also pressed its allies around the world to clamp down on the shipping of
Iran Fuel Oil Revenue Up 30 pct
Iran has earned $1.35 billion for selling more than 3 million tonnes of fuel oil in the 10 months to Jan. 21, up 30 percent in revenue from the same period of last year, oil ministry news website Shana cited an official as saying. The OPEC member also earned $963 million in gasoil revenue during the same period, a 30 percent increase from last year, and sold 107,000 tonnes of heating oil, Shana cited Mohammadreza Mazloumi
Iraq Sees Signs of Improvement in Oil Market
Iraqi oil minister Adel Abdel Mahdi said on Tuesday he saw signs of improvement in the oil market, joining other OPEC officials in expressing an optimistic outlook just days ahead of the group's next meeting. "There is an improvement, yes," he told reporters when asked about the market situation. The Organization of the Petroleum Exporting Countries (OPEC) meets in Vienna on Friday.
DW: Tomorrow, It’s Surely Nearer Now?
A sustained supply glut has maintained Brent oil prices through the first five months of 2015 at some 47 percent lower than the same period in 2014. Industry observers expect low oil prices to eventually take supply out of the market and drive a price correction, noted Douglas-Westwood. So, when will this happen? To-date, supply appears unaffected - latest figures from the EIA indicate that US production has risen almost 13 percent in the last 12 months
Iraqi Kurds Reassert Right to Export Oil to US Despite Court Ruling
Kurdistan reasserted its right to export oil independently to the United States and other countries on Tuesday despite a court ruling in favour of the Iraqi federal government, which has sought to block crude sales from the autonomous region. The U.S. Court of Appeals for the Fifth Circuit in New Orleans on Monday dismissed the Kurdistan Regional Government (KRG)'s bid to overturn an earlier ruling against a planned sale of oil to an unidentified buyer in the U.S.
Heavy Iraq Crude Has Limited Appeal for US Gulf Coast Buyers
Sellers of a new grade of Iraqi oil are competing fiercely to win market share on the U.S. Gulf Coast, though high sulfur content has limited appeal for refiners of the crude, known as Basra Heavy. Iraq's State Oil Marketing Organization (SOMO) began selling the crude with an API gravity of about 23 degrees in May after separating it from the Basra Light stream to resolve quality and consistency issues and reach new customers.
Cargo Movement to and from Iraqi Ports
DP World UAE Region in their Circular dated 3 January 2016 have informed all Shipping Lines, Agents and Traders that no cargo or container movement will be allowed to / from Iraqi Ports except the following: City (Port) Name: Abu Foloos UN Port Code: IQFLN DPW Port Code: FLN City (Port) Name: Umm Qasr UN Port Code: IQUQR DPW Port Code: UQR City (Port) Name: Al Zubair UN Port Code: IQZUB DPW Port Code: ZUB City (Port) Name: Al Maqal Port in Basra UN Port Code: IQBSR
Oil Rises Towards $31 on Hopes of Deal
Oil rose on Tuesday to above $31 a barrel on hopes that OPEC and non-OPEC producers were inching closer to a deal to reduce output in the face of one of the biggest supply gluts in decades. The Organization of the Petroleum Exporting Countries is making renewed calls for rival producers to cut supply alongside its members, but Russia, seen as key to any deal, has so far refused to cooperate. Iraqi Oil Minister Adel Abdel Mahdi said on Tuesday he saw "some
TonenGeneral Imports Japan's First Kurdish Oil Cargo
TonenGeneral imported Japan's first cargo of Kurdish crude from northern Iraq in January, a source with direct knowledge of the matter said on Tuesday. Iraq's semi-autonomous Kurdistan region began selling oil directly to world markets in 2015 to get money for its survival and to fight Islamic State. Typically, Kurdish oil, exported via Turkey's Mediterranean port of Ceyhan, has gone to Europe. TonenGeneral imported about 1 million barrels of Kurdish oil last month
Huge Tanker Traffic Jam Builds at Basra
Nearly 30 large oil tankers waiting to load at Basra; daily VLCC tanker rates have doubled to nearly $75,000. A traffic jam of nearly 30 large oil tankers has built up outside the Iraqi port of Basra due to loading delays, with some waiting up to three weeks and costing ship operators around $75,000 a day per vessel. Shippers and port sources said more delays are expected throughout April as the city's facilities struggle to cope with Iraq's soaring crude output.