With Few Buyers, Iranian Oil Armada Heads to China Ahead of U.S. Sanctions

By Florence Tan and Chen Aizhu SINGAPORE/BEIJING, Oct 18 (Reuters) - An unprecedented volume of Iranian crude oil is set to arrive at China's northeast Dalian port this month and in early November before U.S. sanctions on Iran take effect, data on Refinitiv Eikon showed on Thursday. A total of 22 million barrels of Iranian crude oil loaded on supertankers owned by the … [Read more...]

Oil Demand Seen Peaking by 2023 While Climate Targets Missed, DNV GL Report Shows

By Kelly Gilblom (Bloomberg) -- Within 20 years, oil use will have long since peaked, renewables and natural gas will account for about half of energy supply and the cost of keeping the lights on will plummet. But that still won’t be enough to meet climate goals, according to a forecast from energy and maritime services company DNV GL Group AS. Even with crude oil demand … [Read more...]

China Shipowners Stop Hauling Iranian Oil as U.S. Sanctions Near

By Bloomberg News (Bloomberg) -- China’s shipowners are shunning Iran’s oil, while the OPEC producer is using its own tankers to supply top customers as impending U.S. sanctions threaten to disrupt global crude trade. All 17 ships used to carry oil from the Islamic Republic to China in July and August are owned by the state-run National Iranian Tanker Co., according to … [Read more...]

Mega Oil and Gas Projects Are Back

By Dan Murtaugh (Bloomberg) -- Investors are about to find out whether the world’s largest oil companies have learned their lesson from $80 billion of cost blowouts in major projects during the era of $100 crude. From liquefied natural gas in Mozambique to deep-oil in Guyana, the world’s biggest energy companies are gearing up to sanction the first slate of … [Read more...]

BP Offloads Last 2 Stranded Oil Cargoes to Shandong Refiner – Sources

BEIJING, Aug 15 (Reuters) - Oil major BP on Tuesday offloaded about 1 million barrels of Angolan crude from supertanker 'Olympic Light' to an independent Chinese refiner after holding the oil at sea for about three months, people with knowledge of the discharge said on Wednesday. The oil had been aboard one of four supertankers held up or delayed off China's east coast near … [Read more...]