Iranian minister of petroleum has welcomed OPECs decision effectively rebuffing President Donald Trump’s calls for a hike in oil output, saying US empty dream to zero Irans oil exports would not realize. ‘The US seeks to reduce Iranian oil exports to zero even for a month, but that dream would not...
https://www.hellenicshippingnews.com/opec-responds-negatively-to-us-demand-iran/
Iranian President Hassan Rouhani on Monday cautioned the United States about pursuing hostile policies against Tehran, saying preventing Iran from exporting oil would be “very dangerous”, but he did not rule out talks between the two countries. “Imposing sanctions on Iran to prevent us from selling...
https://www.hellenicshippingnews.com/rouhani-warns-u-s-over-preventing-iran-from-exporting-oil-isna/
Hedge fund managers made only minor adjustments to their overall position in petroleum futures and options in the latest week but continued their rotation out of West Texas Intermediate into Brent. Hedge funds and other money managers raised their combined net long position in the six most...
https://www.hellenicshippingnews.com/hedge-funds-bet-on-shortage-of-brent-oil-kemp/
After years of easy money, many of the world’s biggest oil traders are enduring a brutal new reality. Traders have been wrong-footed by wild swings in price spreads between oil grades, particularly in the U.S. market. Amid dwindling profits, trading desks are being overhauled, with some firms...
https://www.hellenicshippingnews.com/oil-traders-suffering-dismal-year-as-easy-money-deals-vanish/
Substantial additions of non-OPEC supply of up to 2 million barrels per day will flow to global markets next year, a senior executive from Vitol said on Tuesday. Half of that will come from the United States, said Mike Muller, who handles business development at Vitol, during the Asia Pacific...
https://www.hellenicshippingnews.com/substantial-additions-to-non-opec-supply-seen-next-year-vitol/
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...
The newbuilding ordering market activity has taken a pause, after the recent increased pace of contracting say shipbrokers. In its latest weekly report, Allied Shipbroking said that “after a week of significant increases in reported activity, things slowed down one more, with the market returning...
https://www.hellenicshippingnews.com/newbuilding-activity-takes-a-breather/
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/
Russian Energy Minister Alexander Novak told Rossiya state TV that high oil prices are not beneficial to anyone, after the OPEC and non-OPEC group of oil-producing countries ruled out any immediate increase in crude output. “All countries should aim to reach one goal: a balance of demand and...
https://www.hellenicshippingnews.com/high-oil-prices-benefit-no-one-says-russias-energy-minister/
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 ,...