Brought to you by Quest Offshore & Southern Cone Consultants
The OSV sector will be reliant on a hitherto unseen amount of scrapping to balance the market, writes Gregory Brown, Associate Director – Offshore, Maritime Strategies International There is a consensus that an OSV market recovery will only be driven a supply side rationalization. As well as a lack of newbuild activity, that rationalization will... Continue Reading →
While the oil price collapse is still fresh in our minds, rumours are starting to emerge that by the end of next year prices could once again top $100 a barrel. Bloomberg quoted Azerbaijan’s Socar which predicted that global benchmark Brent could hit triple digits in the next 18 to 24 months. Bank of America also... Continue Reading →
(Reuters) - Bank of America (BofA) Global Research lifted its forecast for Brent crude oil prices for this year citing tighter supplies due to the Texas freeze and OPEC+ output curbs and unmatched global monetary stimulus, it said in a note dated Monday. The bank now expects Brent crude oil to average $60 per barrel... Continue Reading →
(Bloomberg) --Brent oil resumed gains, with Goldman Sachs Group Inc. predicting prices will advance into the $70s in the coming months. Futures in London rose back above $63 a barrel after the gradual resumption of some U.S. output following frigid weather put prices under pressure on Friday. A robust recovery in demand from the Covid-19... Continue Reading →
(Reuters) - Oil prices soared on Monday to their highest in about 13 months as vaccine rollouts promised to revive demand and producers kept supply reined in. Brent crude was up 92 cents, or 1.5%, at $63.35 a barrel at 1215 GMT, after climbing to a session high of $63.76, the highest since Jan. 22,... Continue Reading →
(Reuters) - Oil prices rose on Monday to their highest in just over a year, with Brent nudging past $60 a barrel, boosted by supply cuts among key producers and hopes for further U.S. economic stimulus measures that can boost demand. Brent was up 71 cents, or 1.2%, at $60.05 a barrel by 0943 GMT,... Continue Reading →
Oil prices climbed on Friday to their highest levels in a year, extending a run of strong gains on signs of economic growth in the United States and a continued commitment by producers to hold back crude supply. Brent crude futures climbed 28 cents, or 0.5%, to $59.12 a barrel by 0730 GMT, after hitting... Continue Reading →
Venezuela's state-run oil company PDVSA has begun marketing about 570,000 barrels of Corocoro medium crude recently offloaded from a floating facility that was listing last year, two sources with knowledge of the offer said on Friday. Crude onboard the Floating Storage and Offloading facility (FSO) Nabarima, operated by a joint venture between PDVSA and Italy's Eni,... Continue Reading →
(Reuters) - Oil prices could rise to $65 a barrel by July amid a tight oil market and slow rebound in demand, Goldman Sachs said. The bank said in a note on Sunday data indicated a deficit of 2.3 million barrels per day (bpd) in the fourth quarter of 2020 driven by higher demand and... Continue Reading →
(Reuters) - U.S. petroleum inventories have continued to converge down towards the five-year average, a sign that oil market rebalancing remains on track, despite the resurgence of the coronavirus since the end of 2020. Total stocks of crude oil and products, excluding the strategic petroleum reserve, fell by 12 million barrels last week and are... Continue Reading →
Brazil Energy Insight 