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...]

Imelda Disrupts U.S. Gulf Coast Energy Operations from Refineries to Terminals

By Erwin Seba HOUSTON, Sept 19 (Reuters) - Energy infrastructure on the U.S. Gulf Coast was hit hard by Tropical Storm Imelda on Thursday, as flooding forced a major refinery, a key oil pipeline, terminals and a ship channel in Texas to shut, according to sources familiar with operations. Torrential rain has inundated the Gulf Coast from Houston to western Louisiana for a … [Read more...]