China's Tariffs on US Oil Would Disrupt $1 Bln Monthly Business
China's threat to impose duties on U.S. oil imports will hit a business that has soared in the last two years, and which is now worth almost $1 billion per month.In an escalating spat over the United States' trade deficit with most of its major trading partners, including China, U.S. President Donald Trump said last week he was pushing ahead with hefty tariffs on $50 billion of Chinese imports, starting on July 6.China said Friday it would retaliate by slapping duties on several American commodities, including oil.Investors expect the spat to come at the expense of U.S.
Asian Shares, Oil Fall as US-China Trade Spat Escalates
Asian shares fell to a 2-1/2 week low on Monday after U.S. President Donald Trump cranked up trade tensions by going ahead with tariffs on Chinese imports, prompting Beijing to immediately respond in kind.Fears of a global trade war added to pressure on oil prices, which extended Friday's big fall, while the dollar retreated from near 3-week highs against the safe haven yen.Spreadbetters suggested a subdued start for European shares, with FTSE futures off about 0.1 percent. U.S.
Libya Oil Output Slashed by Port Attacks
Libya has lost some 400,000 barrels per day (bpd) of oil production in recent days because of militant attacks at the Ras Lanuf and Es Sider ports, the head of the National Oil Corporation, Mustafa Sanalla, said on Tuesday.Sanalla said there were still militants present in the area of the terminals, which were closed on Thursday following an early morning attack by opponents of eastern-based Libyan commander Khalifa Haftar."We look to fight the fire first of all, stabilise the situation…
Oil Tanker Tows Disabled Sailboat to Safety
A Singapore flagged oil tanker came to the rescue of four French sailors whose sailboat became disabled by broken sails and engine failure approximately 225 miles east of Cape May, N.J. on Thursday, June 7.U.S. Coast Guard rescue authorities received a notification from French rescue personnel that the 43-foot sailboat Simbad had a disabled engine and broken sails and required assistance. The four sailors reported two were in good health, one sailor had broken ribs and the last…
Norway Awards Oil Permits to 11 Firms in Arctic Licensing Round
Norway has awarded 12 oil and gas exploration licences to Equinor and 10 other companies focused mostly on the Arctic, where Oslo believes it has the greatest potential for significant new discoveries.Nine of the licences are located in the Barents Sea and three in the Norwegian Sea off central Norway, the Ministry of Oil and Energy said on Monday."This licensing round confirms that the oil companies see opportunities for further profitable petroleum activity in the north," Oil and Energy Minister Terje Soeviknes said in a statement.Equinor…
Oil Exploration Is Ramping Up Off Norway
Oil firms are expected to drill 40-50 exploration wells off Norway this year compared to 36 wells drilled the previous year, the Norwegian Petroleum Directorate said on Thursday.The Norwegian continental shelf still held an estimated 4 billion cubic meters (25.2 billion barrels) of oil equivalents in undiscovered petroleum resources, with two-thirds located in the Arctic Barents Sea, it added.Half of estimated undiscovered resources in the Barents Sea, however, are located north of the areas opened for petroleum activities, and it's unclear when oil firms can get access to them.(Reporting by N
ExxonMobil, Hess Announce Oil Discovery Offshore Guyana
ExxonMobil and the Hess Corporation announced an eighth oil discovery offshore Guyana at the Longtail-1 well, creating the potential for additional resource development in the southeast area of the Stabroek Block. The companies said approximately 78 meters of high-quality, oil-bearing sandstone reservoir was encountered. The well was drilled to 5,504 meters depth in 1,940 meters of water by the Stena Carron drillship on May 25, 2018. The Longtail-1 well is located approximately 5 miles west of the Turbot-1 well and follows previous discoveries on the Stabroek Block at Liza…
China to Cut US Oil Imports Amid Trade Spat
Chinese oil buyers will keep taking crude from the United States through September, but plan to reduce future purchases to avoid a likely import tariff amid a trade spat between the world's two largest economies, multiple industry sources said.Beijing has put U.S. energy products, including crude oil and refined products, on lists of goods that it will hit with import taxes in retaliation for similar moves by Washington.Beijing did not specify when it will impose a 25 percent tax on oil…
Norway Oil Workers Threaten to Strike
Some 2,250 workers on Norwegian offshore oil drilling rigs and in drilling and catering services on oil producing platforms could go on strike this summer after rejecting a proposed wage deal, the Safe labor union said on Thursday.Industri Energi, the largest labor union representing drilling workers, last month agreed to a deal, while the smaller Safe said it would ask its members to vote on the offer made by the Norwegian Shipowners' Association.A strike could hit oil companies' exploration efforts later this summer, although a mandatory round of mediation must be held before any conflict is
Tanker Market Grappling with More Uncertainty
Tanker shipping: Added uncertainty is not helpful to the struggling tankersDemandJust when you thought it could not get any worse for the tanker shipping industry, the U.S. is reimposing sanctions on Iran coming into force after a six months wind-down period ending on November 4, 2018. The immediate effects are less tangible but sure to add more uncertainty to the whole shipping industry that has plenty of uncertainty to deal with already.At the same time, freight rates for both crude oil tankers and oil product tankers are mostly in loss making territory.
East Libyan Forces Advance to Retake Oil Ports
East Libyan forces said on Thursday they had retaken the shuttered oil ports of Es Sider and Ras Lanuf, though clashes resumed south of Ras Lanuf in the afternoon after a counter-attack by rival factions.Staff were evacuated from terminals in Libya's eastern oil crescent and exports were suspended last Thursday when armed opponents of eastern-based military commander Khalifa Haftar stormed the ports and occupied them.The closure has led to production losses of up to 450,000 barrels…
Russia's Q3 Oil Exports via Baltic Ports Seen Falling
Russian exports and transit of Urals oil through Baltic Sea ports are seen at 19.15 million tonnes in the third quarter, down from 19.8 million tonnes in the second quarter, industry sources said.Exports of Russian Urals and Siberian light oil from the Black Sea port of Novorossiisk are expected to rise to 8.5 million tonnes in the third quarter from 8.1 million tonnes in the second quarter, the sources said.(Reporting by Olga Yagova; writing by Maria Tsvetkova; editing by Jason Neely)
Vessel Response Plans: A Primer for the US Waterfront
Congress enacted the Oil Pollution Act of 1990 (OPA 90) a mere 17 months after the disastrous oil spill following the grounding of the tanker Exxon Valdez in Prince William Sound. Among the many provisions in the voluminous bill was a detailed planning requirement. For the first time, tank vessels and facilities handling oil in bulk were required to develop extensive plans for responding to a worst case discharge of oil into waters of the United States. As regards vessels and marine-transportation-related facilities, the U.S.
Storage Tank at Libya's Ras Lanuf Oil Port Has Collapsed
One of two oil storage tanks ignited amid clashes at the Libyan oil port of Ras Lanuf has collapsed after burning for two days, a local engineer and a fire fighter said on Tuesday.Ras Lanuf's storage tank No. 12 was set on fire on Sunday, three days after another storage tank, No. 2 caught ablaze during an attack by an armed group.Libya's National Oil Corporation (NOC) has said that at least 400,000 barrels of storage capacity has been lost due the fires.Reporting by Ayman al-Warfalli Writing by Aidan Lewis
Oil Traders Ready for Musical Chairs as China Tariffs Loom
Oil markets are bracing for a reshuffle of global trade flows as China threatens to impose tit-for-tat tariffs on imports of U.S. energy products, including crude.China, which has bought an average 330,000 barrels per day (bpd) of U.S. crude oil this year, is threatening to place a 25 percent tariff on various U.S. commodity exports, including crude oil, although it is so far unclear when such a measure would come in place.The decision came in response to U.S. President Donald…
Full Tanks & Tankers: A Stubborn Oil Glut Despite OPEC Cuts
After the first OPEC oil production cut in eight years took effect in January, oil traders from Houston to Singapore started emptying millions of barrels of crude from storage tanks. Investors hailed the drawdowns as the beginning of the end of a two-year supply glut - raising hopes for steadily rising per-barrel prices. It hasn't worked out that way. Now, many of those same storage tanks are filling back up or draining more slowly than investors and oil firms had expected, according…
Mercuria, PetroChina Selling Offshore Stored Fuel Oil
Three to four tankers storing fuel oil, down from eight or nine. Independent trading house Mercuria and Chinese state oil giant PetroChina are selling fuel oil stored in vessels off Singapore and southern Malaysia on strong demand from the shipping and power sector, several trade sources said on Friday. The number of vessels storing fuel oil has halved from a month ago as Mercuria and PetroChina may have resold cargoes purchased over March to May, the sources said. Geneva-based…
Oil Prices Dip as OPEC Oil Exports Rise
Oil prices edged lower on Friday and were on track for weekly losses, weighed down by rising OPEC exports and strong output from the United States. Brent crude futures, the international benchmark, were trading at $51.76 a barrel at 1141 GMT, 25 cents below the last close and heading for a fall of close to 1.5 percent on the week. U.S. West Texas Intermediate (WTI) crude futures were 30 cents lower at $48.73 per barrel and were set to drop by around 2 percent for the week. Analysts said prices were pressured by rising output, although strong demand limited the losses.
Tanker Shipping: Is the Oil Market Rebalancing or Not?
The one key factor to watch is the one thing that’s impossible to measure accurately on a global scale, oil stocks. Global stocks for both crude oil and oil products rose significantly following the sharp fall in crude oil prices in the second half of 2014. But while this may seem to be in the past, it is still haunting the oil market and the oil tanker market. Demand in the tanker market is below normal levels and will only increase once the global oil stocks have been reduced.
A Turning Point in Oil Spill Recovery
Cleaning up marine oil spills can be a challenge as there are various types of oil spilled but only a few effective recovery methods. The three main technologies for oil spill recovery for inland and offshore waters are mechanical, insitu burning (ISB), and dispersant application. Absorbent booms and pads may also be used, but they are more effective for small fuel spills. Mechanical recovery, usually an oil skimmer, is a device that skims contained floating oil and transfers the recovered oil to a storage container or vessel.
Mexico's Oil Reform a Boon for Hard-hit Oil Service, Seismic Firms
Oil service and mapping firms still emerging from an industry recession have received a boost from about $800 million of data sales to energy firms considering bidding for Mexican oil and gas blocks. Mexico will on Wednesday hold its most important auction since a 2013 reform ended the 75-year monopoly on the energy sector held by state-run oil firm Pemex. The government of President Enrique Pena Nieto hopes the deepwater sale will attract tens of billions of dollars of investment to turnaround a slump in the country's oil output. Seven previous auctions drew investment pledges of $61 billion.
Ohmsett: Advancing Spill Response Every Day
The National Oil Spill Response Research and Renewable Energy Test Facility has been an integral part of the spill response community for more than three and a half decades. Tucked away on the shores of the Sandy Hook Bay in central New Jersey resides Ohmsett – The National Oil Spill Response Research and Renewable Energy Test Facility. It has been an integral part of the spill response community for more than three and a half decades. Government agencies, private industry, and oil spill response organizations from around the world have visited the facility for testing, research and training.
Changing Spill Risk in a Changing Arctic Landscape
Industry analyst and environmental consultant Dagmar Schmidt Etkin, PhD, takes a hard look at a rapidly shifting operational landscape in the Arctic. Always an honest broker of information, Etkin tells it like it is. Oil spill risk is present anywhere that oil is present in reservoirs, or is transported, consumed, stored, and handled in some way. The Arctic is no exception. Not only are there oil reserves in the Arctic, some of which are being or will soon be considered for exploration and production, there is also oil being transported as cargo or as fuel to Arctic communities.