Eleven years ago, on Monday Sept. 24, 2007, the price of Brent crude closed just below $79 per barrel, not far from where it is today. Three days later, Brent closed above $80 for the first time in history. Less than 10 months after that, prices closed at an all-time high of $146. Past prices …
https://www.hellenicshippingnews.com/oil-market-hears-echoes-of-2007-8-kemp/
The UAE is investing in spare production capacity, as well as additional crude oil storage, to provide the market with some cushion in the event of a supply shortage, energy minister Suhail al-Mazrouei told S&P Global Platts. The Arab country, OPEC’s fourth largest producer, aims to achieve a total...
Tamil Nadu Generation and Distribution Corporation Limited has issued a tender to procure 2 million mt of imported steam coal of any origin to be delivered between November 2018 and May 2019. The power utility is importing coal to make up for the shortfall in supply of domestic coal to its thermal...
Chinese steel and iron ore futures dropped to one-week lows on Tuesday as investors cut positions after returning from a holiday weekend with the United States and China locked in an intensifying trade war. Washington and Beijing imposed fresh tariffs on each other’s goods on Monday as the world’s...
https://www.hellenicshippingnews.com/chinese-steel-iron-ore-futures-sag-as-trade-war-rages/
Saudi’s Aramco Trading Company (ATC) expects to increase its oil trading volume to 6 million barrels per day (bpd) in 2020, 50 percent higher than current levels, the company’s top official said. “Currently … we’re at 4 million barrels per day and with expansion I think our target is 6 million...
Crude oil prices shot to a four-year high on Tuesday, catapulted by imminent U.S. sanctions on Iranian crude exports and the apparent reluctance of OPEC and Russia to raise output to offset the potential hit to global supply. Brent crude futures were up 61 cents at $81.81 a barrel by 1121 GMT,...
Secretary-General Mohammad Barkindo called for cooperation between OPEC and non-OPEC countries on Tuesday, warning that failure to do so could lead to one crisis after another. “It is important that OPEC and non-OPEC countries cooperate so that we do not fall from one crisis to another,” Barkindo...
More than 180 participants from around 80 maritime administrations and organisations, as well as embassies in Singapore, attended the 11th Co-operation Forum this morning, where they reaffirmed their commitment to strengthen cooperation in the Straits of Malacca and Singapore (SOMS). The...
A lot of people are convinced that the transition from internal combustion engines to electric and autonomous technologies is the most important issue facing the automotive industry. While they are certainly important changes, we see the customer model as the issue that will most impact businesses...
https://www.hellenicshippingnews.com/the-automotive-supply-chain-of-the-future/
If you came here to find out when oil will reach $100 a barrel, I’m sorry to disappoint. The thousands of factors that go into the price of oil at any given time make it hard to put a timestamp on prices. Demand can wax and wane with global economic growth, and supplies can’t always …
https://www.hellenicshippingnews.com/100-oil-isnt-as-outlandish-as-you-might-think/