Sign up
Log in Sign up
This is a legacy page. Please click here to view the latest version.
Fri 9 Feb 2018, 09:26 GMT

Oil notched lower yesterday as oversupply fears loom


By A/S Global Risk Management.

Wednesday's oil data from the Energy Information Administration (EIA) pointed to a record-high crude oil production by the U.S. of 10.25 mio. barrels per day last week. Thus, the U.S. surpasses OPEC's largest oil producer Saudi Arabia and becomes the world's second-largest oil producer. Russia remains the largest for now. Both Saudi Arabia and Russia are part of the current oil production cut deal made between OPEC and a row of non-OPEC oil producers. Also weighing on prices is news of Iran - also part of the current oil production cut deal - planning to increase production. Two other OPEC countries, Angola and Nigeria, are planning on building oil fields online this year with a combined capacity of 430,000 barrels per day. The deal will be discussed in June. Likely in an attempt to calm markets and ease the oversupply fears, Russia yesterday stated that the country's cooperation with OPEC on curbing oil production could continue into 2019.

Today's major potential oil price mover will be tonight's weekly oil rig count from Baker Hughes. The number of active U.S. oil rigs increased by 7 in the last reading to currently 765.

Also the financial markets continued volatility could continue to spill over to the oil market.

Container ship at harbour. Skuld warns of unusual chemical compounds in Southeast Asian marine fuels  

Marine insurer reports fuels meeting ISO 8217 standards but containing high levels of hydrocarbon compounds.
Arsenio Dominguez, IMO. IMO chief urges progress on net-zero framework amid Hormuz crisis  

Arsenio Dominguez calls for constructive dialogue as MEPC 84 tackles greenhouse gas measures and ballast water regulations.
Monjasa Shaker vessel. Monjasa reflags UAE-based tankers to Emirates registry  

Marine fuels supplier transitions first of three vessels from Liberian to UAE flag.
Ammonia bunkering at Port of Ulsan. Lotte Fine Chemical completes world’s first commercial ammonia bunkering at Ulsan  

South Korean chemical company claims to have established a complete green ammonia value chain.
London skyline. Propeller Fuels seeks bunker trader for London office  

Marine fuel supplier advertises for trader to manage procurement, sales and client relationships.
Windward Hamburg vessel. Fincantieri’s VARD launches first of four offshore wind vessels for Windward Offshore  

VARD 4 19 design vessel features battery hybrid propulsion and green methanol preparation.
Singapore Maritime Week panel session. Singapore industry leaders call for regulatory clarity on maritime energy transition  

SSA councillors highlight need for government support and clear policies to enable alternative fuel adoption.
Aerial view of container vessel at sea. Seaspan and Technolog unveil LNG feeder design with four-week ammonia conversion pathway  

Lloyd’s Register grants approval for a 3,370 TEU vessel concept designed for swift transition to zero-carbon fuel.
David Foo, MPA. Singapore’s MPA backs LNG as part of multi-fuel strategy for shipping decarbonisation  

Authority emphasises regulatory frameworks and workforce development as sector navigates geopolitical uncertainty and energy transition.
ABS and PIL sign MoU. ABS and PIL partner on book-and-claim emissions verification  

Classification society to verify fuel consumption and emissions data for shipping line’s alternative fuel claims.

↑  Back to Top


 Recommended