Rates unlikely to surge during oil tanker peak season as overcapacity weighs.
OIL tanker rates that fell into lossmaking territory on maintenance at oil fields and refineries in October may not have sufficient momentum to hit the highs seen in 2016-2017 during the November to January peak season. “The market fundamentals are too weak for that to happen. We are seeing…
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NovNigeria close to maximum crude oil exports
From a low of 1.3M b/d in March, Nigerian crude oil production has improved in each subsequent month to reach an estimated 1.8M b/d in September. Despite being exempt from the initial OPEC-led deal to curb production from 1 January 2017, and despite having produced around 2.2M b/d as recently…
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NovItalian Police Bust Libyan Fuel-Smuggling Ring
Italy’s Guardia di Financia (financial police) announced Wednesday that they have cracked a black market fuel smuggling ring that allegedly trafficked at least $35 million worth of Libyan petroleum products over the course of 30 voyages. Prosecutors in the port of Catania have issued arrest warrants for nine individuals, including…
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OctDirty Tankers West of Suez Commentary.
Aframax prices were steady in the Mediterranean Tuesday with sentiment firm due to delays in the Black sea, while Suezmaxes saw lower prices in West Africa to due to weak demand, sources said. There was a steady volume of cargo being traded in the Black Sea and Mediterranean and the…
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OctA September to remember for the global crude oil market.
September 2017 was a historic month for the global crude oil market. West Texas rose to $52 and Brent rose to $58 as financial markets finally accepted that Saudi Arabia has been successful in brokering high compliance rates with last year’s Opec and Russia output cut deals. In addition, Hurricanes…
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