OPEC Warns of Threats to Oil Supply From Iran, Other Producers

The Organization of Petroleum Exporting Countries is concerned by threats to crude supply from large producers such as Iran, the group’s top official said. Unilateral U.S. sanctions on oil sales by Iran, OPEC’s third-biggest supplier, take effect on Nov. 4. Iran’s crude exports are already falling as the U.S. prepares to curb Tehran’s ability to
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Scorpio Tankers Inc. announced yesterday that the Company and its commercial manager, Scorpio Commercial Management S.A.M. (“SCM”), a related party affiliate, have agreed that SCM will reimburse certain of the commissions that SCM charges the Company’s vessels to effectively reduce such to 0.85% of gross revenue per charter fixture, effective from September 1, 2018 and
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   Aggressive and undiplomatic, certainly, but also extremely effective. With nearly 50 days to go before new U.S. oil sanctions against Iran enter into force, President Donald Trump has already managed to crush the country’s petroleum exports, dealing severe economic damage to Tehran. Iranian oil exports have plunged about 35 percent since April, the month
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ABS is hosting a series of high-level seminars for shipowners and operators evaluating the long-term potential, technical and operational challenges and opportunities for gas as a marine fuel. “The marine industry is evaluating how to address rapidly changing energy markets against a backdrop of increasing environmental regulation. The regulatory shift combined with uncertainty in conventional
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The Petroleum and Natural Gas Regulatory Board (PNGRB) on Monday 17 September 2018 declared the final list of winners of city gas retailing licences that had billionaire Gautam Adani‘s group, state-owned Indian Oil Corp (IOC), Bharat Petroleum Corp Ltd (BPCL) and Torrent Gas as the big winners.  Adani Gas won rights to retail compressed natural gas (CNG) to automobiles and piped cooking
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Karnataka Chief Minister HD Kumaraswamy today 17 September 2018  announced that his government is reducing the prices of petrol and diesel by Rs. 2. The decision comes at a time when the Centre is under attack from the opposition as the fuel prices are scaling new heights every day. Petrol prices crossed Rs. 90 in at least 11 towns
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Cheniere Energy, Inc. announced that its subsidiary Cheniere Marketing, LLC has entered into a liquefied natural gas (“LNG”) sale and purchase agreement (“SPA”) with Vitol Inc. (“Vitol”). Under the SPA, Vitol has agreed to purchase approximately 0.7 million tonnes per annum of LNG from Cheniere Marketing on a free on board basis for a term
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OPEC needs to keep working with other oil producers to manage global supplies as demand for crude faces “headwinds,” the head of the organization said. The historic supply deal between Saudi Arabia, Russia and other producers reached in late 2016 needs to become permanent, Mohammad Barkindo, secretary-general of the Organization of Petroleum Exporting Countries, said
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The twin pressures of tough financial times for the shipping industry and the likelihood of more expensive fuel in 2020 are bringing the issue of bunker fuel bills into focus for the industry. Many shipowners and operators have gone through difficult times since the global economic crash of 2008. There have been numerous bankruptcies, heavy
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A supertanker carrying the first crude oil cargo for a refinery joint-venture project between Petronas and Saudi Aramco is expected to reach Malaysia by end-September, according to trade sources and data from Thomson Reuters Oil Research and Forecast. The very large crude carrier (VLCC) Navarin carrying 1 million barrels each of Saudi Arab Medium crude
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