Russian Energy Minister Alexander Novak told Rossiya state TV that high oil prices are not beneficial to anyone, after the OPEC and non-OPEC group of oil-producing countries ruled out any immediate increase in crude output. “All countries should aim to reach one goal: a balance of demand and...
https://www.hellenicshippingnews.com/high-oil-prices-benefit-no-one-says-russias-energy-minister/
Crude oil surpassed hydrocarbon gas liquids (HGL) to become the largest U.S. petroleum export, with 1.8 million barrels per day (b/d) of exports in the first half of 2018. U.S. crude oil exports increased by 787,000 b/d, or almost 80%, from the first half of 2017 to the first half of 2018 and set a...
The United States has sent mixed messages to OPEC and its allies over the last week about whether they need to do more to raise oil production and hold down prices. “The OPEC monopoly must get prices down now” President Donald Trump demanded on Twitter on Sept. 20. “We protect the countries of the...
https://www.hellenicshippingnews.com/trump-sets-implied-oil-price-target-below-80-kemp/
OPEC is dying. President Donald Trump will probably rejoice. But he may not like what takes its place any better. For a while, in its youth, the group burned so very bright, helping members wrest control over their oil industries and stand up to foreign producers — and their governments. But now,...
https://www.hellenicshippingnews.com/opec-like-a-dying-star-is-about-to-go-supernova/
Crude oil production during August 2018 stood 3.70 per cent lower than crude production during August 2017. An official statement said oil production stood at 2.908 million tonne during August 2018. Natural gas production on the other hand rose marginally by 0.59 per cent when compared with August...
https://www.hellenicshippingnews.com/india-crude-oil-production-dips-while-gas-flatlined-in-august/
When the Navarin, an oil supertanker carrying 2 million barrels of Middle East crude, docks at the Malaysian port of Pengerang on Monday, the arrival will signal the start of a torrid time for Asia’s oil market. The ship is delivering the first cargo to a new mega-refinery, one of three scheduled...
https://www.hellenicshippingnews.com/iran-and-new-mega-refineries-set-asias-oil-market-on-fire/
Russia’s oil and gas companies are living through the best of times, simultaneously enjoying record production and the highest prices ever in the local currency. An index of the companies this month hit an all-time high in rubles and reached levels not seen since June 2014 in dollars. Russian crude...
https://www.hellenicshippingnews.com/russias-biggest-oil-producers-have-never-had-it-so-good/
Libya’s crude oil production is currently at its highest in more than five years despite current security challenges, the chairman of the state-owned National Oil Corporation said Sunday. Mustafa Sanalla, speaking to reporters ahead of an OPEC/non-OPEC monitoring committee meeting, said that...
The rise of U.S. shale oil is set to extend well into the 2020s, stealing market share from OPEC, the group said in its latest World Oil Outlook. Total supply from outside of the Organization of Petroleum Exporting Countries will surge by 8.6 million barrels a day from 2017 to 2023, to 66.1 million...
https://www.hellenicshippingnews.com/opec-expects-u-s-shale-to-steal-market-share-until-late-2020s/
With oil traders forecasting crude oil to rise to $100 a barrel by the end of the year, Indian refiners are considering cutting back their imports and relying more on cheaper crude already stored in inventories, according to industry executives. Benchmark Brent crude oil futures surged 2 percent on...