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Opec is expected to continue the policy of keeping market tight as several member countries need higher oil prices to meet fiscal obligations, analysts said. Opec (Organisation of the Petroleum Exporting Countries) as well as Russia are currently cutting production by 1.2 million barrels per day to rebalance oil markets and support oil prices. The deal which came into effect earlier this year will continue till the end of June when Opec meets for its annual meeting in Vienna. “The Opec+ group of producers’ recent meeting in Baku, Azerbaijan, left ...

Even as America grabbles with its love-hate relationship with fossil fuels, the ongoing fracking revolution that’s turned the U.S. into the leading global oil producer is shoring up the economy — and helping to tame carbon emissions, too. A wave of literally ground-breaking advances in technology have unleashed the U.S. energy industry like never before. Oil production has swelled in the past decade to reach an all-time high in 2018 and push the U.S. past Saudi Arabia and Russia to become the world’s top producer for the first time in ...

Tracee Bentley has a big job on her hands. Fortunately, as she pointed out in my interview with her on Wednesday, she’s going to have a lot of help. This past Monday, March 18, was Bentley’s first day on the job as CEO of the Permian Strategic Partnership, the non-profit organization formed last fall by 20 of the largest producers in the oil and natural gas-rich Permian Basin of West Texas and Southeast New Mexico. As I noted back in November, the formation of this new organization is both timely ...

Hedge funds bought another 65 million barrels of petroleum futures and options in the week to March 19, taking total purchases over the last 10 weeks to 384 million barrels, according to reports published on Friday. The one-week increase in net long positions was the largest since the end of August 2018, a strong bullish signal about the expected direction of prices over the next six months. Hedge funds and other money managers have boosted their overall bullish position in the six most important derivative contracts linked to crude and ...

When Susan and Chris Holliday moved to a rural strip of land in northern England for their retirement, they looked forward to the area’s peacefulness and unspoilt views. But in the past couple of years the serenity of Preston New Road, Lancashire, has been shattered for the Hollidays by the passing rumble of trucks, an air quality monitoring van in their carpark and a view dominated by a large rig and flare stacks. Hydraulic fracturing, a technique known as fracking that uses a high-pressure mixture of water and chemicals to ...

The British pound was in focus early Tuesday after the U.K. Parliament seized control of the Brexit process late Monday, dealing another blow to embattled Prime Minister Theresa May. In another reasonably close result, 329 members of Parliament voted in favor of so-called indicative votes to narrow down Brexit votes that can get majority support. A range of options will be taken up for a vote on Wednesday. These alternatives could include a second referendum, cancelling Brexit altogether or a no-deal exit from the European Union. May’s deal was expected ...

China’s Finance Minister, Liu Kun, said it will be difficult for the government to balance its budget revenue and spending this year due to various tax and fee cuts planned this year to support growth. Liu, speaking at the China Development Forum, said the government is still able to balance its budget overall through a variety of means, adding that general central government spending will be cut by more than 10 percent this year. China plans a 2 trillion yuan ($297.79 billion) reduction in various taxes and fees this year ...

Italy’s decision to join Beijing’s multibillion-dollar “Belt and Road Initiative” may prompt the European Union to tighten its coordination on China amid growing scrutiny of its efforts to expand its global clout, analysts say. Italy’s populist administration – resisting pressure from Brussels and Washington – on Saturday signed a memorandum of understanding with China agreeing to take part in Beijing’s trade and infrastructure scheme, the first G7 nation to do so. Among the 29 other agreements signed in Rome during a state visit by Chinese President Xi Jinping were two ...

The U.S. and China could reach a trade agreement in a matter of weeks, but that’s unlikely to improve relations between the two economic giants over the longer term, according to former U.S. diplomat. The two largest economies in the world have been trying to negotiate a trade deal to iron out their differences on issues such as the forced transfer of technology from American firms to China, Beijing’s subsidies for its domestic companies, and a trade imbalance between China and the U.S. “I think we’ll see a deal — ...

The Chinese President Xi Jinping’s Europe tour is attracting ess media attention than usual, squeezed as it is between the long-awaited release of the Mueller Report in the United States, and the ever more bewildering twists of Britain’s exit from the European Union. That does not detract from its importance, embracing meetings with Italian Prime Minister Guiseppe Conte, French President Emmanuel Macron, German Chancellor Angela Merkel, and the European Commission’s President Jean-Claude Juncker. It is vital in shaping China’s “long game”, parrying unilateral US pressure in Donald Trump’s trade war, ...

Rodolphe Saadé, Chairman and Chief Executive Officer of the CMA CGM Group, a world leader in shipping and logistics, signed today two strategic agreements with Lei Fanpei, Chairman of the China State Shipbuilding Corporation (CSSC), in the presence of French President Emmanuel Macron and Chinese President Xi Jinping. On the occasion of these signatures, Rodolphe Saadé, Chairman and Chief Executive Officer of the CMA CGM Group, declared: “Through this strategic partnership with the China State Shipbuilding Corporation, we once again opt for LNG propulsion and we reinforce our efforts to ...

MABUX World Bunker Index (consists of a range of prices for 380 HSFO, 180 HSFO and MGO (Gasoil) in the main world hubs) rose slightly on Mar.25: 380 HSFO – USD/MT – 410.14(-9.07) 180 HSFO – USD/MT – 458.36(-9.93) MGO – USD/MT – 630.00(-6.93) Meantime, world oil indexes changed irregular on Mar.25, as concerns about a slowdown in global economic growth lingered, offset by the prospect of tighter U.S. crude supply. Brent for May settlement rose by $0.18 to $67.21 a barrel on the London-based ICE Futures Europe exchange. West ...

A total of 60 ships can neither enter nor exit the upper Houston Ship Channel, the U.S. Coast Guard said on Monday, because of clean up of a spill into the waterway connecting the busiest U.S. petrochemical port with the Gulf of Mexico. Thirty ships were waiting to enter the ship channel and 30 ships were waiting to exit as traffic is stopped while a spill of chemicals from the International Terminals Co fire in Deer Park, Texas, is contained and cleaned up, the Coast Guard said. Source: Reuters (Reporting ...

Responding to news that the cruise ship Viking Sky, owned by Viking Cruises, had reached safe harbour in Molde, Norway, Dr Sian Prior, Lead Advisor to the Clean Arctic Alliance said: “With a new season of cruise ships poised to enter Arctic waters, the Viking Sky crisis should serve as a wake-up call. Several factors helped avert disaster and ensured the safe return of passengers and crew to shore this weekend: the response and resolve of the Viking Sky’s crew, who restarted its engines under difficult conditions, the bravery and ...

GreenSteam, the leading supplier of Machine Learning based vessel performance solutions are pleased to announce that they have joined Denmark’s Green Ship of the Future. GreenSteam’s machine learning platform can make sense of the complex factors that impact vessel performance, help to build accurate performance models for a vessel and highlight where inefficiencies lie. This technology, unique to GreenSteam, is a perfect fit for Green Ship of the Future as it will help support GSF’s goal to explore the road towards zero emission maritime transportation. GreenSteam’s machine learning Discover service ...