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Fri 22 Dec 2017, 08:07 GMT

Uptrend continues as Brent reaches two-year high


By A/S Global Risk Management.

News of the major Forties pipeline in the North Sea remaining shut for repairs until early January likely supported prices.

Allegedly, OPEC is working on a contingency or exit strategy for the current oil production cut agreement between OPEC and a row of non-OPEC oil producers. The agreement was extended last month and the aim is to reduce the global oil inventories to 5-year average. According to Al-Falih, energy minister for Saudi Arabia, the global surplus is around 150 mio. barrels of crude. OPEC will meet again in June next year.

Earlier this week, Saudi Arabia in a budget statement forecast a 12% increase in revenue from oil sales next year. Budget data from Iraq, Qatar and Iran suggested similar expectations.

Turning to the financial markets, U.S. passed a business tax bill earlier this week – reducing business tax from 35% to 19% in an attempt to spur growth in country – potentially leading to increased oil demand.

Bennett J. Pekkattil and Capt. Alok RC Sharma. TFG Marine calls for digital transformation to manage alternative fuel risks  

CFO says transparency and digital solutions are essential as the marine fuels sector faces volatility from diversification.
Mugardos Energy Terminal. Reganosa’s Mugardos terminal adds bio-LNG bunkering for ships and trucks  

Spanish facility obtains EU sustainability certification to supply renewable fuel with 92% lower emissions.
Global Ethanol Association (GEA) and Growth Energy logo side by side. Growth Energy joins Global Ethanol Association as new member  

US biofuel trade association represents nearly 100 biorefineries and over half of US ethanol production.
Bertha B vessel. H2SITE explains decision to establish Bergen subsidiary  

Ammonia-to-hydrogen technology firm says Norwegian city was obvious choice for its ambitions.
Vessel at sea under dark clouds. Gibraltar Port Authority issues severe weather warning for gale-force winds and heavy rain  

Port authority warns of storm-force gusts of up to 50 knots and rainfall totals reaching 120 mm.
Christiania Energy headquarters. Christiania Energy relocates headquarters within Odense Harbour  

Bunker firm moves to larger waterfront office to accommodate growing team and collaboration needs.
AiP award ceremony for 20K LNGBV design. HD Hyundai Heavy Industries receives design approval for 20,000-cbm LNG bunkering vessel  

Bureau Veritas grants approval in principle following joint development project with South Korean shipbuilder.
Lloyd’s Register technical committee meeting in Spain. Peninsula outlines dual role in FuelEU Maritime compliance at Lloyd’s Register panel  

Marine fuel supplier discusses challenges for shipowners and opportunities for suppliers under new regulation.
Current status of fleet fuel types chart. LNG-fuelled container ships dominate January alternative-fuel vessel orders  

Container ships accounted for 16 of 20 alternative-fuelled vessels ordered in January, DNV reports.
Rick Boom, CIMAC and Professor Lynn Loo, GCMD. GCMD and CIMAC sign partnership to advance alternative marine fuel readiness  

Two-year agreement aims to bridge operational experience with technical standards for decarbonisation solutions.




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