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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.

Federal Beaufort vessel. Verra publishes new carbon methodology for alternative fuels in shipping  

VM0053 framework offers an accounting structure for emissions reductions in maritime transport.
NYK LNG-powered vessel connected to shore power. ICO launches Belgium’s first commercial shore power facility for ro-ro vessels at Zeebrugge  

NYK Group subsidiary connects pure car and truck carrier to green shore power at Belgian port.
Ocean Express ship-to-ship (STS) LNG bunkering operation. Dan-Bunkering completes LNG supply in China for Sallaum Lines’ newbuild PCTC  

Bunker firm delivers approximately 1,400 tonnes of LNG to Sallaum Lines’ newbuild car carrier in China.
Seaspan Lions (STS) LNG bunkering operation. Low-GHG methane could keep LNG-capable fleet compliant as regulations tighten, DNV paper argues  

Biomethane and e-methane offer a compliance pathway for LNG-capable ships, says DNV.
HaiSea Kermode and Valencia Knutsen vessel at sea. HaiSea's fleet of electric and dual-fuel tugboats completes 100th LNG carrier escort into Kitimat  

The Haisla Nation and Seaspan joint venture marks one year of LNG carrier escort operations in British Columbia.
Mount Vision naming ceremony. Naming ceremony held for LNG dual-fuel VLCC Mount Vision  

Crude oil tanker named in ceremony held in China.
Green Pearl and Cielo Ace ship-to-ship (STS) bio-LNG bunkering operation. MOL signs bio-LNG supply deals for car carriers across Northern Europe and Mediterranean  

Japanese shipping group expands bio-LNG bunkering to Spanish ports as part of its net-zero strategy.
Dan-Bunkering logo. Dan-Bunkering launches two-year trainee programme for aspiring marine fuel traders  

Bunker firm is recruiting trainees for an August 2026 start across its European offices.
Tower Bridge, London. Chevron hiring London-based marine fuels marketer with renewable fuels remit  

Applications open until 30 June for role involving the marketing of physical bunker fuels with a focus on Europe.
Burando Energies logo. Burando Energies seeks operator to support Rotterdam bunkering activities  

New hire will be responsible for planning, coordinating and monitoring operational activities across the firm's bunkering business.




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