The Department of Justice filed a case in a U.S. district court, seeking to seize the cargo on the Greek-owned Achilleas tanker. The U.S. alleges that Iran’s Islamic Revolutionary Guard Corps and the IRGC-Qods Force covertly shipped the oil abroad. SourceContinue Reading
Asian-refiner demand has provided major support to U.S. oil as the market rebounds from its worst-ever crash last year. Asia has recovered faster from the pandemic than the rest of the world, helping revive demand for crude and boost U.S. benchmark prices 13% so far this year. SourceContinue Reading
Last month’s pledge by Saudi Arabian Energy Minister Prince Abdulaziz bin Salman to slash production by a further 1 million barrels a day has buttressed global markets against the latest onslaught from the pandemic. SourceContinue Reading
Shell, the world’s largest physical oil trader, has made bold moves in the North Sea in the past, pointing out that it needs the barrels for its own giant global refining system and to satisfy demand from customers in Asia. SourceContinue Reading
“There’s a sense that normalcy will occur and it’s looking more certain,” boosting the outlook for oil demand, said Michael Lynch, president of Strategic Energy and Economic Research. Meanwhile, “the Saudi production cuts start today, and people are focused on falling inventories and how the market is tightening.” SourceContinue Reading
The Western world’s largest energy producers were supposed to be sailing into the fourth-quarter earnings season with a tailwind from stronger commodity prices, but BP’s miss and Chevron’s surprise loss show the enduring impact of the Covid-19 pandemic. SourceContinue Reading
The initiative provides a framework for energy operators, service providers, equipment providers, and independent software vendors for energy services to offer interoperable solutions, including AI and physics-based models, monitoring, diagnostics, prescriptive actions, and services, powered by the BHC3™ AI Suite and Microsoft Azure. SourceContinue Reading
OPEC boosted crude production as planned last month, but the increase was tempered by disruptions at long-troubled member nations. SourceContinue Reading
C-Innovation, LLC announced a one-year contract extension with BP for Riserless Light Well Intervention in the Gulf of Mexico. The Island Venture and team are currently mobilized and in the field working on one of BP’s assets. SourceContinue Reading
“There’s a sense that normalcy will occur and it’s looking more certain,” boosting the outlook for oil demand, said Michael Lynch, president of Strategic Energy and Economic Research. Meanwhile, “the Saudi production cuts start today, and people are focused on falling inventories and how the market is tightening.” SourceContinue Reading
