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...
Suppliers, refiners and end users of U.S. crude oil will have a new way to price and hedge WTI light sweet crude oil in Houston beginning in Q4 2018. CME Group, the world’s leading and most diverse derivatives marketplace, will offer a new WTI Houston Crude Oil futures contract with three physical...
Lloyd’s Register certified marine risk assessor and maritime software developer, Prevention at Sea, has recently signed two Memorandums of Understanding (MOUs). The first one has been signed with SQLearn, a leading e-Learning company that provides technological training solutions, and the two...
https://www.hellenicshippingnews.com/prevention-at-sea-signs-two-mous/
As the bunkering industry gears up for the International Maritime Organization’s tighter sulfur emission standards from 2020, some market participants have been promoting the blending of biofuels as one possible way of reducing emissions. Increasing the proportion of biofuels in the marine...
The shipping industry is pressing for a phased start when tough new rules governing vessel fuel get under way in fewer than 16 months’ time. Three trade groups and four countries where thousands of ships are registered made a joint proposal to the International Maritime Organization on Aug. 31 for...
https://www.hellenicshippingnews.com/shipping-lobby-proposes-phased-start-to-historic-fuel-change/
Pirates kidnapped 12 crew members from a Swiss merchant vessel on Saturday in Nigerian waters, the ship’s operator said in a statement. Kidnapping for ransom is a common problem in parts of Nigeria. A number of foreigners have been kidnapped in the last few years in the southern Niger Delta region,...