Sign up
Log in Sign up
This is a legacy page. Please click here to view the latest version.
Mon 28 May 2018, 06:54 GMT

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


By A/S Global Risk Management.

Michael Poulson, Global Risk Management.
Image credit: 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,

Aurora Botnia vessel. Gasum and Wasaline extend bio-LNG supply agreement to 2027  

Nordic energy company renews fuel supply contract with Finnish-Swedish ferry operator through 2027.
Luminara vessel truck-to-ship bunkering. MOL Techno-Trade completes Japan’s first truck-to-ship LNG bunkering for foreign cruise vessel  

Ritz-Carlton cruise ship Luminara refuelled at Nagasaki Port using truck-to-ship method on 3 April.
NKT Eleonora vessel cable-laying. Methanol-ready cable-laying vessel hull launched in Romania  

Shipbuilder floats hull of dual-fuel vessel designed for offshore renewable energy cable operations.
Dr Prapisala Thepsithar, GCMD. GCMD biofuels lead receives Singapore standardisation award  

Dr Prapisala Thepsithar recognised for contributions to marine biofuel specification development.
Marine Energy Wales (MEW) Conference 2026 graphic. Certas Energy to attend Marine Energy Wales conference in April  

Marine fuel supplier to discuss sector solutions at UK marine renewable energy conference.
Dinamo IV vessel. Sanmar completes sea trials for 14th all-electric tugboat  

Turkish shipyard marks half-century in business with latest battery-powered vessel from ElectRA series.
Gotland Horizon X render. Echandia to supply battery system for Gotlandsbolaget’s hybrid ferry  

Swedish battery supplier wins contract for new high-speed catamaran operating between Visby and Nynäshamn.
Suezmax crude oil tanker render. Guangzhou Shipyard secures Suezmax order, delivers vessels ahead of schedule  

China State Shipbuilding subsidiary reports nine vessel deliveries in the first quarter of 2026.
Clean ammonia project pipeline chart as of March 2026. Renewable ammonia pipeline grows despite Norway project freeze  

GENA Solutions tracks 325 projects totalling 146 MMT of capacity by 2034 despite execution challenges.
Antwerpen and Arlon naming ceremony. Exmar names world’s first ocean-going ammonia dual-fuel gas carriers in South Korea  

Two 46,000-cbm vessels can reduce CO₂ emissions by up to 90% during navigation.

↑  Back to Top


 Recommended