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High Oil Prices News

31 Aug 2023

Iran's Oil Output, Exports Rise as Washington, Tehran Talk

© leodeep / Adobe Stock

Iran's oil output and exports jumped in August despite U.S. sanctions, according to consultants and companies that track tanker shipments, as Tehran sells to buyers including China.Analysts said the higher exports appear to be the result of Iran's success in evading U.S. sanctions and Washington's discretion in enforcing them as the two countries seek better relations.The United States has sought to limit Iran's oil exports since Donald Trump exited a 2015 nuclear accord in 2018 and re-imposed sanctions aimed at curbing revenues to Iran's government.

12 Jan 2023

Russian Oil Revenues Falling Because of Price Cap -US Official

© ROMAN DZIUBALO / Adobe Stock

Russian oil revenues are falling due to the price cap that Western countries imposed on its crude oil shipments and, ahead of further caps on Russia's oil products, Europe is well positioned to manage any price pressures, a U.S. Treasury official said on Wednesday.The Group of Seven countries, Australia and the European Union will extend sanctions on Russia for its war in Ukraine by putting a price cap on its oil products, such as gasoline and diesel, on Feb. 5. The coalition…

09 Nov 2022

Inflation Hits Vessel Operating Costs -Drewry

© moofushi / Adobe Stock

Vessel operating cost inflation has accelerated in 2022 on mounting worldwide macroeconomic price pressures, despite some receding of Covid-19 related costs, according to the latest Ship Operating Costs Annual Review and Forecast 2022/23 report published by global shipping consultancy Drewry.Drewry estimates that average daily operating costs across the 47 different ship types and sizes covered in the report rose for the fifth consecutive year to reach $7,474 in 2022, a rise of 2.2%.

18 Jul 2022

Guyana Races Against the Clock to Bank Its Offshore Oil Bonanza

Liza Destiny FPSO offshore Guyana - Credit: Rolf Jonsen

For the poor, small South American country of Guyana, there's no time like the present when it comes to reaping the rewards of its offshore oil jackpot.With sky-high oil prices, a transition to renewable energy on the horizon, and 750,000 citizens desperate for better lives, Guyana is putting its foot on the gas to exploit its vast oil reserves, even if that means sacrificing some longer-term gains.Already locked into contracts with oil firms that have been criticized for being too one-sided…

15 Jun 2022

IEA Says World Oil Demand to Rise 2% in '23

Copyright chakisatelier/AdobeStock

World oil demand will rise more than 2% to a record high of 101.6 million barrels per day (bpd) in 2023, the International Energy Agency said on Wednesday, although sky-high oil prices and weakening economic forecasts dimmed the future outlook.The Paris-based IEA also said in its monthly report supply was being constrained because of sanctions on Russia over its invasion of Ukraine."Economic fears persist, as various international institutions have recently released downbeat outlooks…

04 Feb 2022

Oil Hits Seven-year High

© Lukasz Z / Adobe Stock

Oil prices surged to seven-year highs on Friday, extending their rally into a seventh week on ongoing worries about supply disruptions fueled by frigid U.S. weather and ongoing political turmoil among major world producers.Brent crude rose $2.16, or 2.4%, to settle at $93.27 a barrel having earlier touched its highest since October 2014 at $93.70.U.S. West Texas Intermediate crude ended $2.04, or 2.3%, higher at $92.31 a barrel after trading as high as $93.17, its highest since September 2014.Brent ended the week 3.6% higher…

29 Mar 2019

COSCO Shipping Flags Risks From Oil Price, Trade Dispute

Photo courtesy of COSCO

China's COSCO Shipping Holdings Co Ltd said trade frictions and high oil prices pose risks for the global shipping industry this year, after confirming on Friday that its net profit for 2018 fell by more than half.The state-owned company, the world's third largest container shipping line, said net profit attributable to shareholders slid 53.8 percent to 1.2 billion yuan ($178.83 million) last year from 2.7 billion yuan a year earlier.It had warned profit would slump in January.Revenue rose 33.6 percent as demand for its container shipping and terminal business remained strong, COSCO said.

26 Jul 2018

Saudi Arabia Halts Red Sea Oil Exports after Tanker Attacks

Saudi Arabia said on Thursday it was suspending oil shipments through a strategic Red Sea lane after Yemen's Iran-aligned rebels attacked two tankers in the waterway, underscoring the risk of an escalation in tensions in the region.Brent crude futures rose 59 cents to $74.52 a barrel by 1008 GMT, extending their rally into a third day but falling from a 10-day high in earlier trading.Saudi Arabia and arch-foe Iran have been locked in a three-year proxy war in Yemen, which lies on one side of the Bab al-Mandeb strait at the southern mouth of the sea, one of the most important trade routes for oil tankers heading from the Middle East to Europe.The Houthis…

09 May 2018

Sanctions spell the end of OPEC output deal

© Douglas Knight / Adobe Stock

President Donald Trump’s decision to withdraw from the nuclear agreement with Iran marks the end of the current output agreement between OPEC and its allies.OPEC is likely to insist the current agreement remains in effect, at least for now, but the prospective removal of several hundred thousand barrels per day of Iranian exports from the market will require a major adjustment.Saudi Arabia has already promised to "mitigate" the impact of any potential supply shortages, in conjunction with other suppliers and consumer countries…

20 Apr 2018

Trump Rails Against Oil Prices, OPEC Pushes Back

© Igor Groshev / Adobe Stock

U.S. President Donald Trump accused OPEC on Friday of "artificially" boosting oil prices, drawing rebukes from some of the world's top energy exporters."Looks like OPEC is at it again. With record amounts of Oil all over the place, including the fully loaded ships at sea. Oil prices are artificially Very High! No good and will not be accepted!" Trump wrote on Twitter.It was unclear what triggered the tweet, Trump's first mention of OPEC on social media during his term.U.S. oil prices are near a three-year high…

22 Sep 2015

Megaships Worsen Overcapacity in Boxship Trades

Container shipping lines are poised to take delivery of a new generation of "megaships" over the next two years, just as the growth of world trade is slowing down, contributing to massive overcapacity in the market. Megaships, which can be up to 400 metres long, seem to be here to stay, not least because so many more are already on order, the product of high fuel costs and low interest rates. But the trend towards larger vessels is not without problems especially for other businesses in the transport system and the trend could be nearing its limit as the economies of scale associated with megaships decline. Container shipping capacity…

17 Aug 2015

Havyard Group Restructuring to Stay Profitable

All business areas in Havyard Group have been affected to a varying degree by the general downturn in the market in the oil industry. The Group has been working over time on rationalisation and restructuring in order to adapt to the new framework conditions. As a result of recent market developments and expectations of continuing low demand, the Group is now implementing further measures. Among other things, this will entail cutting the workforce by around 100 full-time equivalents. These job cuts are the result of both rationalisation of the operation of the company and an adjustment of the total production capacity. Like most companies in the maritime cluster, Havyard Group ASA has grown and increased its capacity in recent years.

21 Apr 2015

Edda & its Five Star Offshore Accommodations

 Over eight months during 2012 – 2013, we operated the Edda Fides in the Bass Strait between south east Australia and Tasmania on the KTT (Kipper Tuna Turrum) project, the largest domestic  gas  development on the eastern seaboard of Australia at the time.  The charterer was McDermott Australia and the client was Esso Australia where we served as accommodation unit for up to 400 workers doing upgrade on the Marlin B platform. The project started in June 2012 and was successfully completed in Feb

Petter Sundet, Captain of Edda Fortis, discusses with Maritime Reporter & Engineering News the evolution of top-notch accommodation in the offshore environment. Please provide a brief bio. Specifically, how did you come to a career in the marine industry, and ascend to your current position? I first went to sea when I was 16 years old, to see the world. The first years I sailed as a deck hand, then as an ordinary seaman and then became an Able Seaman which was as far as you could go without any formal education. During this time I worked on general cargo ships, oil tankers, and OBO carriers.

25 Mar 2015

Container Shipping Outlook Uncertain in 2015: AlixPartners

Photo courtesy of Maersk Lines

The outlook for the global container shipping industry remains challenging for the remainder of 2015, according to a new report from AlixPartners. In its annual outlook for the industry, the global business-advisory firm predicts that operating improvements will continue to prove difficult amid flat or declining demand. The AlixPartners report warns that carriers have been too slow to make any changes to their services or networks in the face of the slump in Brent crude oil prices during 2015 and that recent falls in bunker fuel prices are welcome but will not likely offer a permanent fix.

22 Oct 2014

Total Names Refining Boss to Replace de Margerie

Patrick Pouyanne (Photo: Total)

French oil company Total has appointed refining boss Patrick Pouyanne as chief executive to succeed Christophe de Margerie who was killed in a plane crash in Moscow this week. Pouyanne, 51, head of refining, had been considered as possible candidate to succeed de Margerie in the past and has a reputation as a shrewd cost-cutter. The world's fourth largest oil company also named Thierry Desmarest, a former Total CEO, as non-executive chairman. The appointments came less than 48 hours after de Margerie's death.

28 Aug 2014

Warming Aids Arctic Economies, but Short of 'Cold Rush'

Photo: Northern Sea Route Information Office

Climate change is aiding shipping, fisheries and tourism in the Arctic but the economic gains fall short of a "cold rush" for an icy region where temperatures are rising twice as fast as the world average. A first cruise ship will travel the icy Northwest Passage north of Canada in 2016, Iceland has unilaterally set itself mackerel quotas as stocks shift north and Greenland is experimenting with crops such as tomatoes. Yet businesses, including oil and gas companies or mining firms looking north, face risks including that permafrost will thaw and ruin ice roads, buildings and pipelines.

17 Jun 2014

IEA: Unconventional Oil Revolution to Spread by End of Decade

Photo courtesy of IEA

The IEA’s Medium-Term Oil Market Report 2014 will be officially launched during a Press webinar on Tuesday, June 17, 2014, 11 a.m. Paris time. In addition, a web-based technical briefing will take place on June 17, at 16:30 Paris time where journalists will have an opportunity to put questions to the team that produced the Medium-Term Oil Market Report 2014. The unconventional supply revolution that has redrawn the global oil map will likely expand beyond North America before the end of the decade…

13 Mar 2014

VIKING Reports 10 Years of Profit Growth

Henrik Uhd Christensen

VIKING Life-Saving Equipment A/S announced its 2013 financial results, reporting growth in both turnover and profits for 10 straight years. Adjusted for falls in the U.S. dollar exchange rate, currencies pegged to the dollar, and European member state non-euro currencies, the company’s turnover for 2013 increased 6 percent to DKK 1.612 billion, VIKING said. Profit before tax grew more than 20 percent to a record DKK 141.2 million. “Our earnings have now reached an appropriate level for a healthy manufacturing company,” says VIKING CEO Henrik Uhd Christensen.

04 Mar 2014

Asia-Middle East/India Cargo Growth Poor in Q4 2013: Analysts

File photo CCL

Cargo growth between Asia and the Middle East/Indian Subcontinent region was poor in 4Q 13, indicating that ocean carriers need to seek economies of scale and to look for more profitable ways of serving the trade lane, finds Drewry's latest Container Insight Weekly in a trade route analysis. Cargo shipped from Asia to the Indian Subcontinent (ISC) and Middle East region (including the Red Sea) averaged 502,000 teu/month in the final quarter of last year, 8.5% less than the previous quarter due to seasonal factors, but still 3.3% more than a year earlier.

06 Jan 2014

Douglas Westwood: Shale is no Threat to Deepwater

Prodigious US shale oil production is often treated as a threat to deepwater. Won’t all this oil swamp demand? Many investment banks and government agencies forecasting oil markets feel that it could. The evidence, however, suggests differently. We have contended that the world is short of oil, and this shortage, rather than changes in habits or demographics, is driving decreasing oil consumption in the advanced countries. If the oil supply increases, then any overhang will be quickly absorbed. And that’s what the record shows: US product supplied (effectively, US oil demand) reached 20 mbpd in the last four weeks, up a whopping 1 mbpd (5.3%) from the same period last year.

29 Jul 2013

Sea Wave Power Stations Contract for SDE Energy

Israel-based SDE Energy Ltd  has signed an agreement with the Conakry government for the development of a 100MW sea wave power plant along the coastline of Guinea Conakry, West Africa. This project is intended to help Conakry become more independent and with a stable power supply that can solve all its energy problems. Due to the high oil prices and the rising costs of electricity, sea-wave energy production has emerged to become today a proper viable alternative for renewable energy production. S.D.E says it is continuing to expand throughout the world. The company adds that it has signed agreements worldwide for the construction of power plants through joint ventures and agreements with companies that are backed by government agencies.

23 Apr 2013

Subsea Hardware Spending to Double to $124 Billion

Douglas-Westwood (DW) forecast subsea hardware spending is set to double to $124 billion during 2013-2017 compared to the preceding five-year period. The new third edition of Douglas-Westwood’s Subsea Hardware Market Forecast has launched analyses the market through to 2017, examining the key activity trends to provide detailed insight for major players and new entrants alike. “The prospects for the subsea hardware sector look good, however, players will face significant challenges over the forecast period,” said report lead author Angela MacCormack, an example is Brazil which accounts for 14% of our forecast subsea Capex. Project execution is a major issue for Petrobras with 70% local content requirements and engineer shortages placing pressure on the supply chain…

10 Oct 2012

Singapore's ASL Marine Holdings Reports Increased 2012 Revenue

Total revenue for the Singapore-based group increased by 7.7% year-on-year to $391.2-million in financial year ended 30, June 2012. ASL Marine Holdings Ltd. is a vertically-integrated marine services group principally engaged in shipbuilding, shiprepair and conversion, shipchartering and other marine related services, catering to customers mainly from Asia Pacific, South Asia, Europe, Australia and the Middle East. According to Ang Kok Tian, Chairman and Managing Director, “...we managed to post a decent set of results on the back of robust shipbuilding operations, a resilient chartering business and increased orders for the shiprepair and conversion segment from the buoyant offshore oil and gas sector.