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Mon 28 May 2018 06:54

Oil prices continue the downtrend on oil rigs, potential production cut exit


By A/S Global Risk Management.

Michael Poulson, Global Risk Management.
Image: Global Risk Management
Friday's weekly oil rig count from Baker Hughes showed an addition in the number of active rigs in the U.S. of 15. The last 7 of 8 weeks have shown increases and currently 859 rigs are pumping crude oil, which is around a 3-year high and U.S. crude oil production is bursting.

More comments over the weekend from the world's top oil producers increase expectations of a soon-to-come exit from the current oil production cut deal between OPEC and a row of non-OPEC countries. One option is to return to the levels prior to the deal which took effect in January 2017, according to Russia's energy minister.

A summit between North Korea and the U.S. is back on the table, a U.S. team is currently in North Korea to prepare a potential meeting next month.

Political turmoil in Italy affects euro currency as elections could be on the way in the debt-struck country.

Today is a holiday in both U.S. (Memorial Day) and UK (Spring Bank Holiday) which could mean smaller trading volumes which again could cause some additional price volatility. No major economic numbers are up today,

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.

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