Strong demolition has been a prominent feature of the shipping industry this year, as challenging market conditions continue to drive a significant supply-side response in a number of sectors, according to Clarksons Research. As conditions in most sectors were under pressure, 2016 has been an extrem
The number of idle containerships increased from 238 vessels with a combined capacity of about 900,000 TEU in November last year to 435 ships, aggregating 1.7 million TEU in early November of this year, representing a strong indication of the current overcapacity, according to shipping consultancy D
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By Roslan Khasawneh SINGAPORE (Reuters) – Oil prices fell on Friday on concerns whether major producers would implement an OPEC-Russia deal to cut production and as investors took profits after Brent touched a 16-month high a day earlier on news of the deal. “It looks achievable on the face of it, p
U.S. oil and gas firm Noble Energy has managed to find another buyer for the Leviathan field gas. According to Delek, Noble’s partner in the project located in the Mediterranean Sea offshore Israel, the Leviathan partners have signed a deal to sell gas from the Leviathan to Or Power Energies (Dalia)
Egypt has decided to postpone plans to charter a third floating regasification unit (FSRU), the Al Borsa newspaper reported on Thursday citing Petroleum Minister Tarek El Molla as saying. The third FSRU that will be used as an import terminal was expected to arrive at the end of June next year to ha
Oil prices shot up 13 percent, smashing trading volume records, after OPEC and Russia cut a deal to reduce output to drain a global supply glut, but analysts warned they could remain modest by historical comparison as other producers fill the gap.
By Ahmad Ghaddar, Alex Lawler and Rania El Gamal VIENNA (Reuters) – OPEC has agreed its first limit on oil output since 2008, an OPEC source told Reuters after Saudi Arabia said it was prepared to accept “a big hit” on production and agree to arch-rival Iran freezing output at pre-sanctions levels.
OPEC has reportedly reached an agreement on oil production cut during its meeting in Vienna on Wednesday. While there is no official confirmation as of yet, Reuters has informed, citing unnamed source that OPEC members have agreed to implement the output cuts they’d agreed on in Algiers in September
OPEC is convening its 171st meeting in Vienna on Wednesday, where the members are expected to try and reach an agreement on freezing production to stabilize the oil prices. The meeting follows a conference in Algiers on September 28, where member countries agreed in principle on a new production tar
With the OPEC meeting on oil prices just a day away, a ratings agency doubts that, even if a production cut deal is agreed, its ability to have a lasting impact on prices is unclear and will depend on the size of the cuts and the willingness of members to stick to them. The much-awaited […]
By Ron Bousso and Dmitry Zhdannikov LONDON (Reuters) – Royal Dutch Shell is considering selling out of its oil fields in Iraq as part of its global $30 billion (24.18 billion pound) asset disposal programme, industry sources said on Monday. Shell is seeking to slim down its vast oil and gas portfoli
E&P deepwater exploration and appraisal activity has dramatically declined and, in line with falling E&A activity, Reserve Replacement Ratios (RRRs) have been declining for the majority of major E&P companies, Douglas-Westwood, an energy intelligence group, said in its DW Monday report. This week, D
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