Total’s Pazflor FPSO off Angola produces up to 220,000 barrels of oil per day.
Increased Asian imports of West African oil may lift demand for very large crude carriers as daily rates stay below $15,000, according to the Baltic and International Maritime Council, known as Bimco.
“Average earnings in the VLCC segment will keep owners on the rack, as they are unlikely to escape the agonizing lows around $2,000-$15,000 per day,” Peter Sand, an analyst at the Bagsvaerd, Denmark-based trade group representing 65 percent of ship owners, said in an e-mailed report. “A potential upside could come from increased Asian imports from West Africa.”
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The world’s shipowners have placed orders for a record number of new oil supertankers, surpassing a boom back in 2008 that ultimately led to a glut and a collapse in rates.
The world may need to find a way to get by on less oil and gas if the Strait of Hormuz remains closed much longer dueto the U.S.-Israeli war on Iran, Dallas Federal Reserve President Lorie Logan said on Wednesday.
The International Energy Agency says the ongoing Strait of Hormuz crisis is triggering one of the most severe oil market disruptions in modern history, with global oil demand now expected...
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