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...
The International Maritime Organization (IMO) is expecting “by far” the majority of the world’s fleet to comply with its tighter sulfur emission standards in 2020, according to the UN body’s head of air pollution and energy efficiency. The IMO’s global sulfur limit for marine fuels is set to drop...
Natural gas is no longer merely a transition fuel between the past of dirty coal and crude oil and the future of renewables, according to an increasingly confident cross-section of the industry. A procession of senior executives of major companies, including Royal Dutch Shell and Exxon Mobil Corp ,...
A new report from the U.S. Energy Information Administration (EIA) indicates that the growing shortage of pipeline takeaway capacity in the Permian Basin of West Texas and Southeast New Mexico is resulting in some companies reallocating capital initially earmarked for Permian drilling to other...