By Sarah McFarlane LONDON (Reuters) – Oil prices rose towards six-month highs on Thursday, supported by data from the International Energy Agency (IEA) showing tightening supply in addition to a surprise drop in U.S. crude inventories. Brent crude futures <LCOc1> were trading at $47.87 per barrel at
Global oil supplies rose 250 000 barrels per day (250 kb/d) in April from the preceding month to 96.2 mb/d as higher OPEC output more than offset deepening declines in non-OPEC countries, IEA said in its Oil Market Report for May. But year-on-year, world output grew by just 50 kb/d in April versus t
2016 could prove to be the weakest year for box production since the collapse of 2009, with equipment increasingly in surplus and the prices decreasing, according to the global shipping consultancy Drewry. Prices for new dry freight containers declined to their lowest point since 2002 during the fir
Qatar Petroleum on Tuesday said the Ras Laffan port LNG facility reached a milestone with the loading of the 10,000th liquefied natural gas cargo.
Average full-cycle costs at major European oil companies fell by 13% last year, according to Fitch Ratings’ analysis. All-in upstream costs remain well above current oil and gas prices, but the integrated business model of these firms make them more resilient to low crude prices. According to the cr
DHAHRAN, Saudi Arabia (Reuters) – State oil company Saudi Aramco wants to expand globally and is looking at potential joint ventures in several countries, including Indonesia, India, the United States, Vietnam and China, chief executive Amin Nasser said on Tuesday. “We are looking at the current mar
Saudi Arabia, the world’s largest crude oil exporter, on Saturday appointed Khalid al-Falih, chairman of the state oil giant Saudi Aramco, as its new energy minister, replacing Ali al-Naimi, who had held the post since 1995.
The end of March saw a resolution reached between Kuwait and Saudi Arabia for the resumption of production from the Khafji field – located in the Arabian Gulf, Douglas Westwood writes in its Monday report. The project was shut-in by the Saudis in October 2014 due to environmental regulation breaches
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The overcapacity in the container shipping sector seems to have finally struck a nerve as owners abstained from ordering new boxship capacity for the first time in years. According to BIMCO, the first quarter of this year was the first time since the second quarter of 2009 that three months have pas
Iran is threatening to shut the Strait of Hormuz, a major choke-point for oil shipments, to US vessels and its allies if the US Navy doesn’t suspend military drills in the Persian Gulf. The intention was disclosed by deputy commander of Iran’s Islamic Revolutionary Guard Corps (IRGC), General Hossei
By Henning Gloystein SINGAPORE (Reuters) – Oil prices dipped on Friday, dragged down by a surging dollar that at least temporarily outweighed supply disruptions in North America, where a massive wildfire was threatening Canada’s huge oil sands operations. The dollar firmed against the euro and yen o
A fire broke out at Egypt’s Port Said last night after a container ship hit a gantry crane while leaving the Suez Canal Container Terminal (SCCT), a source who wished to remain anonymous told World Maritime News. The crane’s boom collapsed onto several containers on the berth around midnight local t
Iran is cooperating with South Korea on the development of the Middle Eastern country’s offshore resources. According to National Iranian Oil Company (NIOC), an agreement was reached on Monday, with South Korean energy company Kogas, over the development of one of Iran’s ‘key gas fields in the Persi
