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Russian oil production may increase again this year if a global oil deal to cut output is not extended once it expires before July 1, Energy Minister Alexander Novak said. Russian oil production has been on the rise over the past 10 years thanks to launch of new fields and introduction of new technology. Moscow has signed up to a global deal with members of the Organization of the Petroleum Exporting Countries and other producers to curb oil production and prop up crude prices. “This year, we expect (output) around ...

The rise of U.S. shale oil and gas production is widely known to have disrupted the domestic energy market in a number of ways. But more importantly, it has shifted the United States from being one of largest importers of oil toward becoming a net exporter of crude oil and oil products. These tectonic shifts will change the focus of oil pricing, shifting it to the Gulf Coast and on-the-water crude oil and crude products. In other words, those bound for export. Many U.S. refineries were designed to run most ...

Edward Morse, the global head of commodities research at Citi Group, gave a bullish outlook for global oil markets Sunday, saying that current inventories were at a “constructive” level. Crude futures have surged in recent months, with Brent and U.S. West Texas Intermediate (WTI) both rallying more than 20 percent since the start of 2019. International benchmark Brent crude stood at $70 a barrel on Friday, with WTI trading at around $63. Morse believes that more upside is in store with supplies being taken off the market in Iran and ...

Global stocks opened slightly lower Monday as investors took stock of last week’s rally, following progress in U.S.-China trade talks and strong U.S. employment figures, while conflict in Libya sent oil prices higher. In Europe, the Stoxx Europe 600 was down 0.1% in morning trading. Futures pointed to small opening declines on Wall Street of 0.2% for the Dow Jones Industrial Average and 0.1% for the S&P 500. In Asia, the Shanghai Stock Exchange was down 0.1%, Hong Kong’s Hang Seng Index gained 0.4% and Japan’s Nikkei dipped 0.2%. The ...

The euro sat near a one-month low hit last week as investors grew cautious about the outlook for the currency before a European Central Bank meeting this week. Traders cut their long euro positions by their biggest margin in nine months last week, according to weekly positioning data as core European bond yields entered negative territory and as PMI data indicated a euro zone economy struggling to gain traction. “We are seeing more euro scepticism in the market as expectations of an ECB rate hike has changed from the foreseeable ...

China is trying to avoid “debt traps” for the countries that signed up for its Belt and Road initiative, a senior Chinese official said at the World Economic Forum on the Middle East and North Africa. The remarks came on the back of criticism of the Belt and Road initiative (BRI) by some in the US and Europe, and ahead of the second Belt and Road forum, hosted by Chinese President Xi Jinping later this month in Beijing. “China is trying to find mechanisms to avoid the ‘debt trap’,” said ...

South Asia holds on to its top spot as the world’s fastest growing region, with growth set to step up to 7.0 percent in 2019, then 7.1 percent in 2020 and 2021, but the region needs to increase its exports to sustain its high growth and reach its full economic potential, says the World Bank in its twice-a-year regional economic update. The latest edition of the South Asia Economic Focus, Exports Wanted, finds that the region’s growth, while still robust, is mainly driven by domestic demand, which in turn swelled ...

China and Central and Eastern European Countries (CEEC) saw steady trade growth last year as cooperation between the two sides strengthened. Bilateral trade reached $82.23 billion last year, up 21 percent year-on-year, according to the Ministry of Commerce (MOC). China’s exports to the CEEC totaled $59.19 billion last year, while imports reached $23.04 billion, up 19.6 percent and 24.6 percent respectively, said MOC spokesperson Gao Feng. Investment between the two sides also expanded. Chinese firms have invested over $10 billion in the CEEC, while receiving more than $1.5 billion from ...

The European Central Bank will pay banks to lend as it tries to find ways to support economic growth that looks increasingly shaky, according to a survey. The cost of new long-term funding for banks which raise credit growth above a certain level will be lower than the main refinancing rate, with a median estimate pointing to a difference of 20 basis points. At current conditions, that would effectively provide lenders with a source of interest income as they struggle with weak profitability and a slower expansion. An announcement on ...

DNV GL Group President and CEO, Remi Eriksen, discusses the compnay’s performance in 2018.

Daily rates on main tanker routes as compiled by shipbroker Charles R. Weber.

The DCE Iron ore futures market continue to climb higher today, with the I1905

Daily rates on main tanker routes as compiled by shipbroker Charles R. Weber.

The introduction of low-sulfur fuels in oceangoing vessels next year to meet new emissions standards will mark the biggest change in ship propulsion since the maritime industry moved from coal to heavy oil early in the 20th century. The emissions mandate taking effect at the start of 2020 will affect at least 60,000 vessels and cost the industry up to $50 billion, according to shipping executives’ estimates. The expected burden has triggered a noisy debate about the added costs, as well as warnings over the quality and availability of the ...

MABUX World Bunker Index (consists of a range of prices for 380 HSFO, 180 HSFO and MGO (Gasoil) in the main world hubs) changed irregular on Apr.04: 380 HSFO – USD/MT – 422.29(-0.71) 180 HSFO – USD/MT – 468.07(-0.72) MGO – USD/MT – 636.57(-1.64) Meantime, world oil indexes changed irregular on Apr.04 as expectations of tight global supply outweighed pressure from rising U.S. inventories and production. Brent for June settlement increased by $0.09 to $69.40 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for May delivery ...