Oil fell for the first time in a week on Wednesday, but remained in sight of six-week highs, as investors weighed up how successful potential talks among producers to rein in ballooning oversupply would be.
Gulf Marine Services (GMS),a provider of self-propelled self-elevating support vessels (SESVs) serving the offshore oil and gas industry, got an early contract termination for one of its vessels. The company reported on Tuesday that a notice of early termination has been received for a Mid-Size Clas
By Rania El Gamal and Alex Lawler DUBAI/LONDON (Reuters) – OPEC will probably revive talks on freezing oil output levels when it meets non-OPEC nations next month as top exporter Saudi Arabia appears to want higher prices, according to OPEC sources, although Iran, Iraq and Russia present obstacles t
Popular news, August 8 – 14, 2016
Danish oil company Maersk Oil saw its second quarter 2016 net operating profit drop to $131 million, from $137 million achieved in the same period of 2015. Underlying profit was $130 million, down from $217 a year ago. However, Maersk Oil has described its result as “the return to profit in Q2”, com
By Henning Gloystein SINGAPORE (Reuters) – Oil prices edged up on Friday, remaining near the previous day’s highs, on the prospect of talks by exporters about ways to prop up a market grappling with a supply overhang. Brent crude futures were trading at $46.12 per barrel by 0645 GMT, receding from a
Crude oil prices eased to around $45 per barrel in August as a global supply overhang weighed and demand growth weakened, the International Energy Agency (IEA) said in its newly released IEA Oil Market Report (OMR) for August. Brent crude had threatened to break below $40 per barrel at the end of Ju
Dana Gas, the Middle East’s largest private natural gas company on Thursday posted a flat second-quarter profit. The UAE-based firm reported a net profit of $7 million in the second quarter, the same as compared to the corresponding period year ago. Revenue was down to $96 million, as compared to $1
Despite challenging market conditions, global capital expenditure on FLNG facilities is forecast to total $41.6 billion over the 2016-2022 period, according to a report by Douglas-Westwood (DW). The protracted oil price downturn has impacted the sanctioning of capital intensive liquefaction units ov
The infographic below, released by VesselsValue, shows the change in ship ordering, selling and scrapping activities in the first half of this year, when compared to the same period in 2015. The findings showed that there was a 52 percent reduction in spending on second hand vessels. In 2015, a tota
By Alex Lawler LONDON (Reuters) – Oil fell below $45 a barrel on Tuesday after rallying to a two-week high the previous day, as concern about a supply glut outweighed hopes of producer action to prop up prices. In the latest sign of ample supplies, market intelligence firm Genscape reported a rise o
Popular news, August 1 – 7, 2016
Countries in the Middle East and North Africa (MENA) are leading global LNG demand growth in 2016, a trend that will continue as domestic gas output falls short of surging regional demand for power and industry, according to a report by the Arab Petroleum Investment Corp. (APICORP). By the end of 20
The containership orderbook, measured as a percentage of the existing fleet, has fallen to its lowest level since 1999, and is expected to slide further in the near term, according to Alphaliner. Namely, the current orderbook-to-fleet ratio plunged to 17.1% from the peak of 64% recorded at the end o
