By Julian Lee (Bloomberg Gadfly) -- When Saudi Arabia's oil minister attended Friday's grand opening of a giant liquefied natural gas plant in northern Siberia, he'd have known this was just part of a bigger energy story developing in Russia's icy north. It's not just gas that's a big deal there. Russia's Arctic oil flows are soaring too. These are not the putative offshore … [Read more...]
As the U.S. Sends More Oil to World, OPEC Sends Less to U.S.
By Serene Cheong (Bloomberg) -- OPEC is finally making the move that could help complete a mission that it’s failed so far: shipping less oil to the U.S., according to Sanford C. Bernstein. Exports from the Organization of Petroleum Exporting Countries to America have declined by close to 1 million barrels a day since a peak at the end of March, Bernstein analysts including … [Read more...]
Murky Oil Inventory Picture Leaves Market Grappling for Clarity
By Henning Gloystein and Libby George SINGAPORE/LONDON, April 21 (Reuters) - The jury is still out over whether an OPEC-led production cut aimed at tightening oil markets is working, or if the producer club has simply enabled higher prices without making much of a dent in the global fuel supply overhang. Analysts say there are early indications that at least some … [Read more...]
Oil Tanker Market Heads for Worst Year Since ’13 on OPEC Cut
By Firat Kayakiran and Brian Wingfield (Bloomberg) -- Oil-hauling supertankers are bracing for the worst earnings year since 2013 as they become collateral damage in OPEC’s quest to trim a global glut of crude. So-called very large crude carriers, 1,200-foot vessels each hauling 2 million barrels, will earn an average of $25,000 a day next year, according to the … [Read more...]
OPEC Deal Seen Helping Norway Oil Investment as Soon as 2017
By Mikael Holter (Bloomberg) -- Norway has this year politely declined invitations from OPEC to join talks on curbing oil production. Its strategy is now paying off. Western Europe’s biggest crude producer, which isn’t a member of the Organization of Petroleum Exporting Countries and will not feature alongside Russia among non-members contributing to output cuts under … [Read more...]