By Firat Kayakiran (Bloomberg) -- America’s shale boom could be about to spare the world’s oil tanker owners from a typical OPEC ravaging. The producer group and allies decided on Dec. 7 to restrict output from the start of next year by about 1.2 million barrels a day, adding to deeper cuts two years earlier. Under normal circumstances, that would be a dire turn of … [Read more...]
China Imports First U.S. Crude in Two Months But Traders Still Wary
By Florence Tan and Chen Aizhu SINGAPORE/BEIJING, Dec 3 (Reuters) - China imported its first U.S. crude oil cargo in around two months last week, according to industry sources and Refinitiv Eikon data - a deal made by an independent "teapot" refiner as larger players held off amid trade tensions. Chinese buyers have largely avoided U.S. oil during the two countries' trade … [Read more...]
Qatar to Leave OPEC to Focus On Gas
By Eric Knecht DOHA, Dec 3 (Reuters) - Qatar said on Monday it was quitting OPEC from January to focus on its gas ambitions, taking a swipe at the group's de facto leader Saudi Arabia and marring efforts to show unity before this week's meeting of exporters to tackle an oil price slide. Doha, one of OPEC's smallest oil producers but the world's biggest liquefied natural … [Read more...]
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...]