Oil Surges Most in Decades After Attack on Heart of Saudi Oil Industry

By Laila Kearney NEW YORK, Sept 16 (Reuters) - Oil ended nearly 15% higher on Monday, with Brent logging its biggest jump in over 30 years and a record trading volumes, after an attack on Saudi Arabian crude facilities cut the kingdom's production in half and intensified concerns of retaliation in the Middle East. Brent crude futures settled at $69.02 a barrel, rising … [Read more...]

Cargill and Maersk Tankers Join Forces in Medium-Range Tanker Pool

Cargill and Maersk Tankers will be joining forces in the Medium Range (MR) tanker segment as part of a strategic partnership that will see Cargill’s entire MR fleet joining Maersk Tankers’ existing MR pool. A press release said the partnership will create a new joint pool that will significantly increase the scope of their MR spot tanker business, combining Maersk Tankers’ … [Read more...]

Tanker Bottleneck Grows at Saudi Ports After Attack

LONDON, Sept 16 (Reuters) - At least 11 supertankers are waiting to load oil cargoes from Saudi Arabian ports after an attack on the country's oil facilities at the weekend halved the kingdom's production, ship tracking data showed on Monday. Each supertanker, or very large crude carrier (VLCC), can carry up to 2 million barrels of oil, and growing disruption to loading … [Read more...]

Attack on Saudi Oil Facility Hits the Oil Market’s Achilles Heel: Kemp

By John Kemp LONDON, Sept 16 (Reuters) - Oil security experts have worried for decades about the vulnerability of Saudi Arabia's Abqaiq processing complex to an attack by militants, foreign special forces or missile strikes. Oilfields make a difficult target because of the dispersed nature of the wells and associated infrastructure, but processing facilities and export … [Read more...]

Iran’s Dark Tanker Fleet Poses Oil World’s Biggest Mystery

By Grant Smith (Bloomberg) --While one Iranian tanker is attracting global attention, serious oil watchers remain absorbed by a bigger mystery: the hunt for the rest of Iran’s fleet. The quest has led to ever more inventive methods of tracking ships, and divergent views on the amounts of crude secretly slipping into world markets. That’s because the vessels have mostly “gone … [Read more...]