By Stephen Cunningham (Bloomberg) -- U.S. refiners are getting stung by President Donald Trump’s efforts to keep consumer prices from rising in the runup to the 2020 election. The Trump administration is seeking to slow the implementation in 2020 of tighter fuel restrictions on the global shipping industry. The rules, which would slash by more than 80 percent the … [Read more...]
Exxon Makes Major Bet on Brazil as Petrobras Eases Its Grip
By Sabrina Valle and Kevin Crowley (Bloomberg) -- In a single year, Exxon Mobil Corp. has gone from being a tiny bit player in Brazil to the second-largest holder of oil exploration acreage, trailing only state-controlled Petroleo Brasileiro SA. The last 24 concessions the U.S. giant bought with its partners may hold 41 billion barrels, based on preliminary … [Read more...]
Low Water on Rhine River Chokes Off Fuel Flows to Inland Europe
By Bill Lehane (Bloomberg) -- The Rhine River’s water level has slumped to the lowest for the time of year in more than a decade, choking off fuel supplies to key European markets and serving as a reminder that one of the continent’s vital industrial waterways could be susceptible to climate change. The level at Kaub, Germany -- a bottleneck point -- is now at its lowest … [Read more...]
Goodbye U-Turning Supertankers as World’s Ship Fuel Is Upgraded
By Jack Wittels (Bloomberg) -- One of the more lucrative opportunities in global commodities markets is about to get a little bit trickier. What might best be described as detour trades -- ships switching destinations to profit from higher cargo prices -- will become more challenging to execute in 15 months’ time because of changes to the kinds of fuel vessels must … [Read more...]
Saipem Plans Renewables Push as Oil Clients Keep Lid on Spending
By Chiara Albanese (Bloomberg) -- Saipem SpA is looking beyond black gold, to green. The Italian oil-services provider, which builds projects for the fossil-fuel industry, says it may get more than half its work from clean-energy clients in a decade. That reflects a persistent lack of oil-company investment in the wake of crude’s crash, and a boom in renewables. “In 10 … [Read more...]