The OPEC-Non-OPEC producing countries that last year agreed to a deal to keep the oil production limited to stabilize oil prices are delivering more than promised, the Joint Ministerial Monitoring Committee (JMMC) said on Friday. According to JMMC, for the month of September 2017, OPEC and participa
The global oil market has not been affected by the recent move by the US President Donald Trump regarding the Joint Comprehensive Plan of Action (JCPOA) agreed with Iran and six other powers in 2015, Iran’s Petroleum Minister, Bijan Namdar Zanganeh is quoted as saying by the Business Standard. Accor
Popular news, October 16 – 22, 2017
While gas markets are currently well supplied, the transformation of natural gas markets from regional systems to more globalized and interdependent markets is creating new security challenges, according to the International Energy Agency’s latest assessment of global gas security. The IEA’s second
Greenhouse gas emissions from three ship types – containerships, bulkers and tankers – could be reduced by a third, on average, by reducing their speed, according to a new study that will be presented to the International Maritime Organisation (IMO) next week. The cumulative savings from reducing th
While gas markets are currently well supplied, the transformation of natural gas markets from regional systems to more globalized and interdependent markets is creating new security challenges, according to the International Energy Agency’s (IEA) latest assessment of global gas security. The report,
The Libyan Ministry of Transport has decided to close the Port of Tobruk. As explained, the port will be closed with immediate effect for import and export activities. Shipments from/to Libya will be regularly accepted for the following ports: Al Khums, Benghazi, Misurata and Tripoli. The closure fo
A total of 121 incidents of piracy and armed robbery against ships were reported in the first nine months of 2017, according to the International Chamber of Commerce’s (ICC) International Maritime Bureau’s (IMB) latest quarterly report on maritime piracy. In total, 92 vessels were boarded, 13 were f
The third quarter of 2017 saw the highest level of total tanker deadweight tons (DWT) sold for scrap in any quarter since 2010. Some 4.98 million DWT or 2.69 million gross tonnes were sent for demolition during the quarter, according to the data compiled by VesselsValue. This equals to 40 tankers be
The container shipping industry is steaming its way toward making an operating profit in the region of USD 6 billion this year, with that sum rising again next year, Drewry said in its latest report on container shipping industry. As disclosed, for now, “the industry is moving in the right direction
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Tidal Energy Today has compiled the top news from tidal and wave energy industry from October 9 until October 15, 2017. REAC Energy wraps up StreamCube tidal device testing Germany-based REAC Energy GmbH has completed testing of its patent-pending tidal energy device StreamCube in Orkney. The compan
The third quarter of 2017 has seen tanker fleet utilization drop to levels last seen in 2013, according to the latest report from Clarksons Platou Securities. The fundamentally soft conditions in the market were further aggravated by seasonal weakness and reductions in Saudi Arabia’s crude exports i
Russia’s giant, Gazprom signed a memorandum of understanding with Saudi Arabian Oil Company (Saudi Aramco) for international cooperation in the gas sector.
