Sign up
Log in Sign up
Fri 9 Feb 2018 09:26

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.

Lease agreement between Inter Terminals Sweden and the Port of Gothenburg, signed on July 1st. Pictured: Göran Eriksson, CEO of the Port of Gothenburg (left) and Johan Zettergren, Managing Director of Inter Terminals Sweden (right). New Gothenburg lease an opportunity to expand green portfolio: Inter Terminals  

Bunker terminal operator eyes tank conversion and construction projects for renewable products.
Map of US Gulf. Peninsula extends US Gulf operation offshore  

Supplier to focus on Galveston Offshore Lightering Area (GOLA) in strategy to serve growing client base.
The M/T Jutlandia Swan, operated by Uni-Tankers. Uni-Tankers vessel gets wind-assisted propulsion  

Fourth tanker sails with VentoFoil units as manufacturer says suction wing technology is gaining traction.
Port of Gothenburg Energy Port. Swedish biomethane bunkered in Gothenburg  

Test delivery performed by St1 and St1 Biokraft, who aim to become large-scale suppliers.
Image from Cockett Marine Oil presentation. Cockett to be closed down after 45 years  

End of an era as shareholders make decision based on 'non-core nature' of Cockett's business.
Petrobras logo. Petrobras confirms prompt availability of VLS B24 at Rio Grande  

Lead time for barge deliveries currently five days.
Opening of the IMO Marine Environment Protection Committee (MEPC), 83rd Session, April 7, 2025. IMO approves pricing mechanism based on GHG intensity thresholds  

Charges to be levied on ships that do not meet yearly GHG fuel intensity reduction targets.
Preemraff Göteborg, Preem's wholly owned refinery in Gothenburg, Sweden. VARO Energy expands renewable portfolio with Preem acquisition  

All-cash transaction expected to complete in the latter half of 2025.
Pictured: Biofuel is supplied to NYK Line's Noshiro Maru. The vessel tested biofuel for Tohoku Electric Power in a landmark first for Japan. NYK trials biofuel in milestone coal carrier test  

Vessel is used to test biofuel for domestic utility company.
Pictured (from left): H-Line Shipping CEO Seo Myungdeuk and HJSC CEO Yoo Sang-cheol at the contract signing ceremony for the construction of an 18,000-cbm LNG bunkering vessel. H-Line Shipping orders LNG bunkering vessel  

Vessel with 18,000-cbm capacity to run on both LNG and MDO.

↑  Back to Top


 Recommended