The COVID-19 pandemic has shaken energy markets to the core this year, creating incredible volatility for fuel prices. The one energy source that hasn’t blinked though is coal, a fuel that may come out stronger through the current crisis, a Rystad Energy analysis shows.
ICS and ITF have urged governments to ensure uninterrupted crew changes amid the coronavirus crisis.
Carnival has offered select cruise ships for use as temporary hospitals to help address COVID-19.
VLCC fixed for USD 411.89K per day.
Offshore Energy Today’s most popular news of the past week.
Oil prices could fall into the low $20s for the global market to rebalance, as Rystad Energy expects an increase in global supplies in the next three months.
The total capital and operational expenditure of exploration and production companies (E&Ps) is now likely to be cut by $100 billion in 2020 and another $150 billion in 2021 if oil prices remain at a $30 level, a Rystad Energy impact analysis revealed
UAE’s oil giant ADNOC has decided to step up its efforts and produce more oil, pledging to increase supply to over 4 million barrels per day in April 2020 following the collapse of the OPEC+ agreement.
Lower oil prices could mean more work for tankers.
Qatari maritime firm Milaha has decided to expand its facilities with the acquisition of a new floating dock to support vessels repair and dry-docking.
Offshore Energy Today’s most popular news of the past week.
OPEC has recommended the extension of oil production cuts until the end of the year and further cuts until June 2020 due to the impact of the coronavirus outbreak on global oil demand.
Poor bulker markets have pushed owners to scrap 20 Capesize bulkers so far this year.
A tanker was attacked while en route to the Port of Aden.
