Saturday, June 6, 2020

Jonathan Saul News

Oil Traders Chase Storage Space in World Awash with Fuel

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Oil traders are struggling to find enough ships, railcars, caverns and pipelines to store fuel as more conventional storage facilities fill up amid abundant supply and plummeting demand due to the coronavirus crisis.Dozens of oil tanker vessels have been booked in recent days to store at least 30 million barrels of jet fuel…

Oil Storage at Sea Approaching Record Levels

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Oil traders are storing as much as 80 million barrels of oil on tankers at sea, with further ships being sought as land storage sites fill up fast due to a global glut of stocks, shipping industry sources say.Traders rushed for storage after global oil demand collapsed by a third due to the coronavirus outbreak…

Saudi Arabia's Tanker Power Play Could Backfire

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Top exporter Saudi Arabia has chartered an armada of ships to flood the market with additional oil, but in the process has driven freight costs so high refiners are reluctant to take the shipments.That could leave the kingdom stuck with tens of millions of barrels in expensive ships at anchor when the…

Shell in Talks to Book Tankers for Crude Floating Storage

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Royal Dutch Shell is in discussions to charter at least three supertankers to store around 6 million barrels of crude oil at sea, shipping sources said on Wednesday.Shell has provisionally booked the vessels, known as very large crude carriers (VLCCs), for storage options for at least three months, the sources said…

Tankers Sail after U.S. Provides Sanctions Relief

AdobeStock / © Jose Gill

At least three tankers are on their way to Asia with U.S. oil cargoes after Washington gave temporary approval to wind down transactions with a Chinese shipping company that it sanctioned last month, according to data and shipping sources.In one of the biggest sanctions actions taken by the U.S. government since its crackdown on Iranian oil exports, Washington on Sept.

Saudi Attacks, High Demand Leaves U.S. Short on Oil Tankers

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A disruption in global oil flows following attacks on Saudi Arabian facilities has left U.S. crude exporters without enough tankers to cover rising demand for cargoes, traders and shipping sources said.Missile attacks last Saturday temporarily cut Saudi oil production by more than 5 million barrels per day…

Two Tankers Attacked in Gulf of Oman

(Photo:  Islamic Republic News Agency)

Two oil tankers were attacked in the Gulf of Oman on Thursday, leaving one ablaze and both adrift, shipping firms said, driving oil prices as much as 4% higher over worries about Middle East supplies.The Front Altair, carrying petrochemical feedstock, was on fire in waters between Gulf Arab states and Iran after an explosion that a source blamed on a magnetic mine.

Iran's Oil Tanker Fleet Being Squeezed as Sanctions Bite

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Iran is running short of options to replace its ageing fleet of tankers and keep oil exports flowing because renewed U.S. sanctions are making potential sellers and flag registries wary of doing business with Tehran, Western and Iranian sources said.Since U.S. President Donald Trump reimposed sanctions in November…

As Traders Tussle Turkmenistan Cuts Exports

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A clash between trading house Vitol and Azerbaijan's SOCAR over Caspian Sea oil shipments is forcing Turkmenistan to slash exports of crude due to a lack of tankers.Turkmenistan typically exports about 200,000 tonnes of oil per month via the Caspian to world markets, mainly from fields operated by the UAE's ENOC and Italy's Eni…

Iran Floats Surplus Oil as Demand Falls Ahead of US Sanctions

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Two tankers carrying Iranian condensate, a type of ultra-light oil, have been floating off the United Arab Emirates for about a month as demand for the oil fell ahead of U.S. sanctions.The tankers, carrying about 2.4 million barrels of South Pars condensate combined, have been floating off the UAE since…

Saudi Arabia Halts Red Sea Oil Exports after Tanker Attacks

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Saudi Arabia said on Thursday it was suspending oil shipments through a strategic Red Sea lane after Yemen's Iran-aligned rebels attacked two tankers in the waterway, underscoring the risk of an escalation in tensions in the region.Brent crude futures rose 59 cents to $74.52 a barrel by 1008 GMT, extending…

Maersk Likely to Shelve Plans to List Drilling Division

(File photo: Maersk Drilling)

Shipping group A.P. Moller-Maersk is likely to shelve plans to list its struggling offshore drilling division because of weak market conditions, according to five finance sources familiar with the matter.The Danish company is now expected to focus on a trade sale of Maersk Drilling, and extend the timeline to divest the unit beyond its initial target of the end of 2018…

Borr Drilling Scoops up Transocean Rigs for $1.4 Bln

Borr Drilling, founded by former executives of financially troubled Seadrill, has snapped up Transocean's fleet of shallow-water drilling rigs for $1.35 billion. The rig market deal is Borr's biggest since it was set up last year by Tor Olav Troeim and other executives who had left Seadrill, once the…

Norway's Seadrill Warns of Share, Bond Wipe-Out

Drill rig operator Seadrill warned investors that its shares will lose almost all of their value and its bonds will be hit as the Norwegian company prepares for potential bankruptcy proceedings to restructure $14 billion in debt and liabilities. Shares in Seadrill, once the crown jewel in shipping tycoon John Fredriksen's empire…

U.S. Granted BP Joint North Sea field License with Iran

BP and Iran's state-run oil company received a licence from the U.S. Treasury last year to operate their joint gas field in the North Sea following the lifting of Western sanctions on Tehran, BP said on Thursday. Production at the Rhum field was suspended in 2010 when Europe imposed sanctions on Iran…

Saudis Stop Tankers From Entering Yemen, UN Says

A Saudi-led military coalition and the government of Yemen denied four oil tankers access to a Yemeni port last week, a move that could hurt the flow of aid and exacerbate a cholera outbreak in the country, a United Nations agency said. The vessels were on their way to Hodeidah, a Red Sea port controlled by the rebel Houthi movement that is aligned with Iran.

A BP North Sea field to test U.S. policy on Iran

A small gas field on the edge of the British North Sea could become a litmus test for U.S. policy towards Iran. London-based BP this week agreed to sell to North Sea producer Serica Energy three fields in the ageing offshore basin, including the Rhum field which is co-owned by a subsidiary of Iran's national oil company.

Ship Collision; Iranian Tanker Burns; 32 Missing

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A tanker carrying Iranian oil and run by the country's top oil shipping firm was ablaze and spewing cargo into the East China Sea on Sunday after colliding with a Chinese freight ship, leaving the tanker's 32 crew members missing, the Chinese government said. Thick clouds of dark smoke could be seen…

IMO to Press on with Carbon Cutting Effort

IMO says making progress in cutting emissions but environmental campaigners say IMO's efforts too slow. Global efforts to cut greenhouse gas emissions will continue even after the election of climate change skeptic Donald Trump to the U.S. presidency and momentum is growing to cut ship pollution, the United Nations' shipping agency chief told Reuters.

Houthis Attack Saudi Oil Tanker

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An attack on a Saudi tanker by Yemen's Houthis will not hit oil supplies, Saudi Arabia's energy minister said on Wednesday, after the Iran-allied group said it had targeted a warship in response to an air strike that killed civilians. The Western-backed, Saudi-led coalition which includes other Sunni…