Libyan counter-smuggling efforts bear fruit.
National Oil Corporation (NOC) chairman, Eng. Mustafa Sanalla said in 2018 Libya witnessed a 17% drop in demand for diesel, despite a stable economy and domestic consumption levels, indicating progress in counter-smuggling efforts. During a keynote speech at the Oil and Fuel Supply Chain Security Conference in London, April 17,…
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AprOil up 1 percent as market focuses on supply risks
Oil prices rose 1 percent, as Venezuelan and Iranian exports raised concerns over tightening global supply, but uncertainty surrounding an OPEC-led production cut limited gains. Brent crude futures rose 54 cents, or 0.8 percent, to settle at $71.72 a barrel. U.S. West Texas Intermediate (WTI) crude futures gained 65 cents,…
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AprOil prices rise for a second day on China demand, U.S. stockpile drop.
Oil prices rose for a second day on Wednesday on signs of strong demand from refineries in China, the world’s second-largest crude user, amid tightening supply as producers curtail output and as oil inventories in the United States fell unexpectedly. International benchmark Brent crude oil futures rose 27 cents, or…
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AprSingapore detains PDVSA vessel.
THE Supreme Court of Singapore has detained an aframax tanker owned by Venezuelan state oil company Petroleos de Venezuela. The 2018-built 113,180 dwt Arita, was arrested on last week at the request of the law firm Gurbani & Co. Vessel movement data from the vessel remained anchored near Singapore after…
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AprOil Prices Drop despite Lingering Concerns over Supply Disruptions.
International oil prices are on the retreat after the Brent benchmark hit a new five-month high over the weekend. Pessimistic projections of slowing global economic growth are seen as weighing on fuel prices worldwide as experts forecast modest demand over the next few months, but supply constraints could offset the…
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