OPEC+ agrees largest ever oil output cut of 9.7 million bpd

OPEC agreed to cut oil output by a record 9.7 million barrels per day, about 10% of global supply, for the months of May and June, followed by another agreement of extending the duration of the proposed 1.5 million barrel per day cut until the end of 2020, instead of 30th of June 2020.

Specifically, according to the new agreement, OPEC+ will experience a cut by eight million barrels per day to the end of 2020 and six million barrels per day till end of April 2022. It aims to support the oil...


The case of ammonia as a marine fuel

During the 2020 SAFETY4SEA Limassol Forum, Dr. John Kokarakis, Vice President Technology & Business Development, Bureau Veritas, discussed ammonia as a potential solution for carbon-free shipping. During his presentation, Dr. Kokarakis presented the advantages of ammonia on the one hand, and the challenges on the other, adding that difficulties around ammonia can be controlled by technical and regulatory options.

The hot question of today is if the ammonia is a feasible solution for carbon-free...


VTT focuses on bio and waste-based oils for ships

VTT Technical Research Centre of Finland along with several collaborators are exploring how fuel oils made from biomass and waste plastics can be suitable for power plants and ship diesel engines. Through their research, partners aim to determine the most ecologically and economically sustainable ways for fossil fuels’ replacement.

Our goal is to find the most ecologically and economically sustainable way to replace fossil heavy fuel oil in ship and power plant diesel engines.

…Anja Oasmaa,...


EU marks record in its LNG imports for 2019

According to the European Commission’s latest gas market report, the EU member states paid around 16.2 million euros for the 108 billion cubic meters of liquefied natural gas they imported last year. Specifically, EU managed to import the highest volume of LNG for 2019.

In fact, last year’s LNG imports marked a record of 48 billion cubic meters, up by 75% in comparison to 2018, as they were mainly boosted due to the lower prices and weaker demand in Asia.

For the records, this is the highest LNG...