By Bloomberg News (Bloomberg) -- China’s shipowners are shunning Iran’s oil, while the OPEC producer is using its own tankers to supply top customers as impending U.S. sanctions threaten to disrupt global crude trade. All 17 ships used to carry oil from the Islamic Republic to China in July and August are owned by the state-run National Iranian Tanker Co., according to … [Read more...]
Fuel Markets Confirm Global Growth Slowdown: Kemp
By John Kemp LONDON, Aug 16 (Reuters) - If the global economy starts to grow more slowly, the impact will show up first in the price of refined fuels such as road diesel, marine gasoil and jet fuel that play a central role in the freight transport system. Middle distillate fuels are principally burned in the high-powered engines used in trucks, railroads, ships, barges … [Read more...]
BP Offloads Last 2 Stranded Oil Cargoes to Shandong Refiner – Sources
BEIJING, Aug 15 (Reuters) - Oil major BP on Tuesday offloaded about 1 million barrels of Angolan crude from supertanker 'Olympic Light' to an independent Chinese refiner after holding the oil at sea for about three months, people with knowledge of the discharge said on Wednesday. The oil had been aboard one of four supertankers held up or delayed off China's east coast near … [Read more...]
Indian VLCC Suffers Explosion Off Oman
Update: SCI Confirms Two Casualties from VLCC Explosion A VLCC belonging to the Shipping Corporation of India suffered an explosion in a cargo tank on Tuesday off the coast of Oman, the company has confirmed. The vessel, named Desh Vaibhav, was underway to Fujairah, UAE when the explosion took place at around 0935 hours, the company said. A stock exchange … [Read more...]
Venezuela Dodges Oil Asset Seizures with Export Transfers at Sea
By Marianna Parraga and Mircely Guanipa HOUSTON/PUNTO FIJO, Aug 7 (Reuters) - Venezuela's state-run oil company PDVSA has limited the damage from an unprecedented slump in crude exports by transferring oil between tankers at sea and loading vessels in neighboring Cuba to avoid asset seizures. But the OPEC member nation is still fulfilling less than 60 percent of its … [Read more...]