Crude Oil News

 

OPEC+ Deal to Boost Output to End Talks of $100 a Barrel Oil

Jul 20, 2021

The OPEC+ deal to boost crude oil output from August was always the most likely outcome to the producer group's earlier impasse, and it should be enough to end market talk of $100 a barrel oil, at least for now.OPEC+ ministers agreed on Sunday to boost production by 400…

Report: ADNOC to Deepen Crude Oil Term Supply Cut

Jun 28, 2021

Abu Dhabi National Oil Company (ADNOC) will reduce the volume of crude oil it supplies to Asian term buyers by 15% in September, according to six sources with direct knowledge of the matter.The cut was much deeper compared with a reduction of…

BP Midstream Partners' Offshore Pipeline Volumes Up

May 07, 2021

BP Midstream Partners LP (BPMP.N) offshore pipeline volumes increased by 12% in the first financial quarter, but onshore oil and refined products pipeline demand lagged, company executives said on Thursday.Overall, the amount of crude oil and…

Hess Corp Swings to Quarterly Profit

Apr 28, 2021

U.S. oil producer Hess Corp on Wednesday swung to a profit in the first quarter despite lower production, as a winter storm boosted demand for natural gas, while steady COVID-19 vaccine rollouts aided a recovery in oil prices.Global crude prices…

Surge of Coronavirus in India Dents Bullish Crude Case

Apr 26, 2021

The problem for crude oil market bulls is that every time they think they have built up steam, something comes along to knock the momentum off track.The coronavirus surge in India and the imposition of states of emergency in populated parts of Japan…

MODEC Orders Palfinger Cranes for Sangomar FPSO

Mar 16, 2021

Japanese FPSO company MODEC has ordered Palfinger cranes for an FPSO it is building for deployment at Woodside's Sangomar development offshore Senegal. Palfinger said Tuesday it would deliver two wire luffing lattice boom cranes for the FPSO…

Norway: Troll, Sverdrup Oil Field Flow at Risk Over Potential Workers' Strike

Feb 11, 2021

A potential strike at Norway's Mongstad refinery next week could affect the export of crude oil from the offshore Johan Sverdrup and Troll fields, while gas exports would not be interrupted, the Safe labour union said on Thursday.Wage talks are due between the union and employers on Monday…

Oil Climbs to Highest in a Year

Feb 05, 2021

Oil prices climbed on Friday to their highest levels in a year, extending a run of strong gains on signs of economic growth in the United States and a continued commitment by producers to hold back crude supply.Brent crude futures climbed 28 cents…

Japan's Inpex Beefs Up Stake in Gulf of Mexico Fields

Feb 03, 2021

Japanese oil firm Inpex has increased its share in Lucius and Hadrian North fields in the U.S. Gulf of Mexico.The company on Tuesday said it had acquired 2.3546% interest of the participating interest (23.29512%) in the Lucius and Hadrian North fields previously held by ExxonMobil…

TMC to Deliver Air Compressors for Equinor's Bacalhau FPSO

Feb 03, 2021

TMC has won a contract to supply the marine compressed air system to the Bacalhau FPSO that Japan's MODEC is building for Equinor. The deal is one of TMC's biggest ever orders.TMC will supply the FPSO’s complete compressed air system consisting of several large offshore screw compressors…

China's 2020 Refinery Output Rises to Record. Offshore Oil Production Grows

Jan 18, 2021

China's refineries posted record throughput in 2020, processing 3% more crude oil than a year ago, as they took advantage of low prices and healthy margins on a quick rebound in domestic fuel demand from the coronavirus pandemic.Annual throughput stood at 674…

BIMCO: Zero Tonnes of Saudi Crude Oil Imported by the US

Jan 14, 2021

In the seven days up to 1 January 2021, the US did not record any crude oil imports from Saudi Arabia. It is the first time this has happened. Previously, imports have averaged several hundred thousand barrels per day (bpd), BIMCO said in 'BIMCO’s Shipping Number of the Week' report…

Force Majeure Declared at Two Oil Terminals in Malaysia

Jan 04, 2021

Malaysia's Petronas said on Monday force majeure had been declared at its Miri and Cendor crude oil terminals in the final quarter of 2020.Petronas declared force majeure at its Miri crude oil terminal on Oct. 29 as a result of the MV Dayang Topaz vessel collision on Oct…

PetroVietnam Says Annual Output Unaffected by COVID-19

Nov 25, 2020

Vietnam's state oil firm PetroVietnam said on Wednesday it was on track to meet its targeted rate of production this year, despite the impact of the coronavirus pandemic and the fall in global crude oil prices.The company, formally known as Vietnam Oil and Gas Group…

BIMCO on Tanker Shipping; The Worst is Not Over

Nov 25, 2020

While the tanker market had a strong run at the outset of the COVID-19 pandemic, according to a report released this morning by BIMCO, tanker shipping will not benefit this year from the usual strong winter seasonal effect. Though the new lockdowns…

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