Iran will export significantly less oil than was initially expected when the United States first announced it would reimpose sanctions on Tehran, and that should boost prices, a senior executive at commodities trader Trafigura said. “I think when the sanctions were first announced a number of...
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Oil at around $70/bbl suits both suppliers and consumers – KPC CEO
Global oil prices at around $70 a barrel would be good for both producers and consumers, allowing for oil and gas investments while not hurting demand, a senior Kuwaiti oil official said. “We need to have a balance where higher prices won’t destroy demand … while higher prices also encourage...
Tariffs To Hit About One-Fifth Of Cargo Traffic At San Pedro Bay Ports
As much as 23% of cargo moving through the Port of Long Beach and more than 20% of cargo at the Port of Los Angeles stand to be affected by tariffs on $200 billion worth of Chinese imports announced by the Trump administration on September 17, according to port representatives. The 10% tariffs are...
Marshall Islands marches toward zero greenhouse emissions by 2050
The Marshall Islands, an atoll-nation vulnerable to sea level rise from climate change, announced steps towards an ambitious plan to cut its greenhouse emissions to zero by 2050. The Pacific country became the first small island nation to present such a strategy to the United Nations amid...
APPEC analysis: Asia may find Middle East crude supply remaining tight in 2019
Major Middle Eastern crude producers could revive their market share in Asia as the OPEC/non-OPEC output cut agreement officially ends later this year, but Asian refiners may end up paying higher prices as overall Persian Gulf supplies are expected to remain tight because of uncertainties...
Trump ‘Fortunately’ Failed to Sway OPEC, Algerian Oil Boss Says
Africa’s biggest oil and natural gas producer plans to expand in most areas of the energy industry except for crude, shunning U.S. President Donald Trump’s latest Twitter directive for OPEC members to reduce oil prices. Algeria’s state-owned Sonatrach Group plans to develop onshore and offshore gas...
https://www.hellenicshippingnews.com/trump-fortunately-failed-to-sway-opec-algerian-oil-boss-says/
APPEC: PetroChina sees 2018 Venezuelan crude imports unchanged at 15 mil mt
PetroChina expects to import around 15 million mt of crude oil from Venezuela in 2018, unchanged from last year, despite falling production in the South American country, Zheng Jun, vice president of ChinaOil, PetroChina’s trading arm, said on the sidelines of the Asia Pacific Petroleum Conference...
Multimarine Shipyards Hold Its Middle East Forum: Full Commitment to Quality Ship Repair Services
Presenting the launch of vessel drydocking services in the Mediterranean region, Multimarine Shipyards successfully held the “Multimarine Shipyards Middle East Forum” at the Gefinor Rotana Hotel in Beirut, Lebanon, at September 19th, bringing together maritime industry leaders from Lebanon and...
Major Traders Are Talking About $100 Oil Again
Major oil trading houses are predicting the return of $100 crude for the first time since 2014 as OPEC and its allies struggle to compensate for U.S. sanctions on Iran’s exports. With Brent crude already jumping to an almost four-year high on Monday, that’s exactly the kind of price surge President...
https://www.hellenicshippingnews.com/major-traders-are-talking-about-100-oil-again/
Oil prices would be ‘cheaper’ if Trump would stop tweeting, Iran official says
President Donald Trump’s tweeting habits are lifting oil prices, and the U.S. leader should stop posting on social media to alleviate the spike in prices, according to one Iranian official. “The Trump administration is pushing politics into the OPEC (Organization of Petroleum Exporting Countries),...