By Noah Browning LONDON, Aug 22 (Reuters) - African states like Chad and Cameroon are shaping up to be big winners from new rules to cut sulfur emissions from ships, providing just the right type of oil to produce cleaner fuels. Only around 1% of the world's crude oil exports are heavy and sweet varieties, ideal for refining into fuel with a maximum 0.5% sulfur content … [Read more...]
Oil Falls on Rising Trade War Tensions
By Kiran Dhillon (Bloomberg) --The international oil benchmark closed below $60 dollars a barrel for the first time in almost two months as worsening U.S.-China trade relations intensified fears about the health of the global economy, prompting investors across financial markets to flee risky assets. Futures fell 3.4% to settle at $59.81 in London on Monday. China, hitting … [Read more...]
How Great Shifts in Oil Market Calmed 2020 Ship Fuel Panic
By Jack Wittels - (Bloomberg) --As recently as a year ago, the oil market was in a panic about changes to the kind of fuel that ships must burn. A senior executive called the switch the biggest change to the oil industry ever. Traders were anticipating a bonanza. The shipping industry was warning about potential accidents. Volatility in air-fuel, trucking and other costs … [Read more...]
China Delivers First ‘Smart’ VLCC
China's largest shipbuilder Dalian Shipbuilding Industries (DSIC) has delivered what it says is the world's first "smart" Very Large Crude Oil Carrier to China Merchants Energy Shipping (CMES). The 308,000 DWT supertanker, named New Journey, has been under development for the past three years as part of a joint R&D project between CMES, DSIC and China Shipbuilding & … [Read more...]
Tankers Carrying Dirty Russian Oil Left Stranded at Sea
By Olga Yagova, Dmitry Zhdannikov and Florence Tan MOSCOW/LONDON, June 25 (Reuters) - In the opinion of Russian officials, the oil contamination crisis that disrupted flows from the world's second-largest exporter of crude this spring is long over. But a closer look at a dozen tankers containing dirty Russian oil suggests that for the buyers, the debacle has a long way … [Read more...]