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(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 →
Japanese trading house Sumitomo Corp will stop investing in new oil development projects as it shifts away from fossil fuels businesses amid a global push to cut greenhouse gas emissions, the Nikkei business daily reported on Sunday. The move comes as global miners and Japanese trading companies cut their exposure to coal operations, including mining... Continue Reading →
SpaceX's next spacecraft is in development in Texas, and CEO Elon Musk previously revealed that the company was planning to build floating spaceports for Starship operations, after a job ad was posted looking for someone to oversee their development. Now, SpaceX has purchased two oil rigs to convert for this purpose, as first reported by spaceflight.com's Michael... Continue Reading →
Just how bad was it? The year of 2020 has to be one of the toughest and most challenging for the offshore rig market. After starting on a high with the knowledge that the previous oil price crash was now well and truly in the past, demand, dayrates and utilization were all showing healthy improvement. The... Continue Reading →
Norway-based risk management and quality assurance company DNV GL will change its name to DNV on March 1, 2021. The classification society, providing services to offshore and maritime industries, among others, has had the current name since the 2013 merger between DNV (Det Norske Veritas) and GL (Germanischer Lloyd). "The name simplification is a natural... Continue Reading →
