Offshore oil production is expected to hit a peak in 2020 before joining the shale industry in a slowdown that could dramatically rewrite market supply predictions. A report by analysts at Sanford C. Bernstein & Co. sees projects in the Gulf of Mexico and off of South America significantly boosting output next year. After that, though, the odds drop for any further growth gains, the report found. Meanwhile, two well-known shale pioneers last month forecast a downturn ahead for their sector. Together, the warnings could signal a new era for ...

When the oil producers’ group OPEC first floated the idea of production cuts in the fourth quarter of 2016 whilst staring at an oil price slump, the hope and expectation was not only that the move would stem the price decline but also nudge it higher. Its stance was boosted further following a subsequent deal largely brokered by Saudi Arabia and Russia that saw the latter lead 10 non-OPEC crude producers to join hands with 14 OPEC members in taking barrels off the market to support the price. That deal ...

In launching a new futures contract for its flagship Murban crude grade, Abu Dhabi has ambitions beyond making it a regional benchmark for the Middle East. Growing demand from Asian refiners and quality issues in longstanding markers Brent and WTI could one day enable Murban to cement its status as the premier global crude benchmark, officials with Abu Dhabi National Oil Co. said Tuesday. “We like to think of Murban as a new international currency,” ADNOC’s head oil trader Philippe Khoury said at an oil industry conference hosted by the ...

Abu Dhabi National Oil Co aims to exhaust its vast oil and gas reserves even as many consumers switch to cleaner sources of energy, a senior executive in the Gulf oil company said. The world’s transition away from fossil fuel in an effort to slash greenhouse gas emissions is expected to accelerate in coming decades, leaving many oil companies and producing nations pondering their long-term future. But for state-run ADNOC, the main oil-producing company in the United Arab Emirates, which supplies nearly 3% of global oil demand, crude is set ...

Global recycling rates are set to boom in coming decades but demand for crude oil from the petrochemicals industry is set to continue rising as emerging economies urbanise, the International Energy Agency (IEA) said on Wednesday. In its annual World Energy Outlook (WEO), the Paris-based Agency said that plastics recycling will be key to reducing chemicals material demand, which would in turn contribute to cutting carbon dioxide (CO2) emissions emanating from materials production. The chemicals industry will need to adapt to the fact that improving recycling rates of plastics could ...

The traditional order of the global refining industry will be toppled by 2040 with both China and the Middle East overtaking Europe, the International Energy Agency said Wednesday in its long-term energy outlook. Some 15 million b/d of new capacity will come online between 2018 and 2040, primarily in developing economies in Asia and the Middle East, according to a forecast from IEA’s latest World Energy Outlook 2019. China and the Middle East will see their refining capacity increase by 3.5 million b/d and 3.4 million b/d, respectively, solidifying Asia’s ...

Former Indian central bank chief Raghuram Rajan warned that the biggest threat to the U.S. economy will come from President Donald Trump’s trade policies. In an opinion piece titled “Is Economic Winter coming?” published on the Project Syndicate website Tuesday, Rajan said the old rules governing macroeconomic cycles no longer seem to apply and it remains to be seen what might cause the next recession in the U.S. “But if recent history is our guide, the biggest threat stems not from the U.S. Federal Reserve or any one sector of ...

Federal Reserve Chairman Jerome Powell is likely to signal again this week that monetary policy is on hold, buttressing the belief that he may steer clear of action through 2020. Surprisingly, that would be an historic anomaly for a U.S. presidential election year. Rather than keeping its head down, the Fed has changed policy in one direction or another in each of the last 10 presidential polling years — though in 2016 it didn’t act to raise interest rates until after the November election. In 2012 the Fed didn’t move ...

President Trump has not transformed the U.S. economy for the better, as he promised he would. It has not “exceeded expectations,” as he claimed in a speech Tuesday in New York. Over the past four years since he began his political career, Trump has promised much faster growth and much higher stock markets. He’s promised that all the manufacturing and mining jobs would come back, and he told us that the tax cuts would put more than $4,000 in the pocket of every working family. On Tuesday he said that ...

The U.S. budget gap grew 34% in the first month of the fiscal year as federal spending outpaced revenue growth, pushing the 12-month deficit past $1 trillion for the first time since February 2013. The government ran a $134 billion budget deficit in October, the Treasury Department said Wednesday. Federal outlays totaled $380 billion, an 8% increase from a year earlier and a record for the month, driven by higher spending on the military, health care and Social Security. Receipts last month totaled $246 billion, a 3% decline from last ...

Wasaline’s parent company, NLC Ferry, was founded in 2012, with the municipality of Umeå in Sweden and the city of Vaasa in Finland as owners. The new company’s strategy was to strengthen the focus on passenger traffic between the two towns and to improve the cargo offering on the line. The team from NLC Ferry, together with Christer Schoug of BoCS Consulting and Ari Huttunen of Foreship, initiated a process that culminated in the signing of a newbuilding contract with Rauma Marine Constructions in January 2019. New thinking to match ...

At the most recent International Oil Pollution Compensation (IOPC) Funds meeting in London, Ban Ki-moon, former United Nations Secretary-General, spoke to representatives, IMO staff and the Funds’ Secretariat about the value of shipping to international trade, climate change and encouraging and empowering women to play a greater role in shipping. On 28 to 31 October 2019, the IOPC met at the International Maritime Organization headquarter in London, with BIMCO represented as an observer delegation. Ban Ki-moon addressed the audience and touched also upon the UN Sustainable Development Goal on conservation ...

MABUX World Bunker Index (consists of a range of prices for 380 HSFO, 180 HSFO and MGO (Gasoil) in the main world hubs) slightly decreased on Nov.13: 380 HSFO – USD/MT – 342.15(-2.93) 180 HSFO – USD/MT – 386.39(-1.00) MGO – USD/MT – 661.33(-1.57) Meantime, world oil indexes turned into moderate upward movement on Nov.13 after OPEC said it saw no signs of global recession and rival U.S. shale oil production could grow by much less than expected in 2020. Brent for January settlement increased by $0.31 to $62.37 a ...

A surge in diesel demand next year following a shake-up to ship-fuel rules is forecast to boost Asian refiner profit margins, which are languishing at the lowest seasonal level in more than a decade. Processors are expected to have a “very positive” year in 2020 as refining margins for complex plants in Asia increase by $3.50 to $4 a barrel, according to Wood Mackenzie Ltd. Returns from producing light and heavy fuels may diverge significantly in April after regulations stopping ships without scrubbers from carrying high-sulfur fuel oil, a so-called ...

Teekay GP L.L.C., the general partner of Teekay LNG Partners L.P., reported the Partnership’s results for the quarter ended September 30, 2019. Third Quarter of 2019 Compared to Third Quarter of 2018 GAAP net income and non-GAAP adjusted net income attributable to the partners and preferred unitholders for the three months ended September 30, 2019, compared to the same quarter in the prior year, were positively impacted by: earnings from the nine liquefied natural gas (LNG) carrier newbuildings which delivered into the Partnership’s consolidated fleet and equity-accounted joint ventures between ...