By Noah Browning LONDON, Oct 29 (Reuters) - U.S. sanctions on a top Chinese shipping fleet is set to produce a totally unintended result -- less burning of the dirtiest marine fuels at sea at the start of next year, Refinitiv data showed on Tuesday. The move to blacklist ships from COSCO on Sept. 24 for allegedly ferrying sanctioned Iranian oil will undercut demand for … [Read more...]
Dilemma for Oil Refiners as Surging Ship Costs Kill Margins
By Serene Cheong and Sharon Cho (Bloomberg) --Oil refiners hoping for some fourth-quarter gravy are facing disappointment as surging freight rates inflate the cost of buying crude. U.S. sanctions on Chinese shipping companies and Friday’s attack on an Iranian tanker have turbo-charged transport costs, with rates on the Persian Gulf to China route at almost six times this … [Read more...]
U.S. Sanctions Hit Global Oil Fleet as Traders Shun Nearly 300 Tankers
By Marianna Parraga and Roslan Khasawneh MEXICO CITY/SINGAPORE, Oct 11 (Reuters) - Nearly 300 oil tankers globally have been placed off limits as companies fear violating U.S. sanctions against Iran and Venezuela, driving freight rates to new highs, industry sources said. The move has taken roughly 3% of the global oil tanker fleet out of the market, according to industry … [Read more...]
Asia Oil Buyers Grapple with Rising Costs as Tanker Rates Surge
By Nidhi Verma and Chen Aizhu NEW DELHI/SINGAPORE, Oct 11 (Reuters) - Asian oil refiners are grappling with a jump in global freight rates that shows no sign of abating, driving up costs of crude imports from all regions in the fourth quarter, industry officials said. The cost of shipping crude from the Americas, Europe, Africa and the Middle East to Asia has surged over the … [Read more...]
Saudi Aramco Sees Full Oil Production Restored by End of September
By Rania El Gamal and Stephen Kalin ABQAIQ, Saudi Arabia, Sept 20 (Reuters) - Saudi state oil company Aramco said it will bring back by end September full crude output at Abqaiq and Khurais, the two oil facilities damaged by attacks last weekend that U.S. officials have blamed on Iran. Aramco is shipping equipment from the United States and Europe to rebuild the damaged … [Read more...]