(BOE Report) – Venezuela’s dilapidated oil port terminals are imposing a de facto export cap on the country’s resurgent crude production, with tankers having to wait up to 30 days to load because of ageing infrastructure, power outages and quality issues, according to shipping data, sources and documents. The delays are putting roadblocks on a U.S. plan to quickly boost
(Oil Price) – Saudi Arabia has boosted its crude oil exports from Egypt’s Mediterranean port of Sidi Kerir by about 33% in the month since the Houthis threatened Saudi oil shipments in the southern Red Sea and the Bab el-Mandeb Strait, tanker-tracking data compiled by Bloomberg showed on Friday. Saudi state oil giant Aramco, the world’s single largest crude oil exporter, has
(Oil Price) – Bank of America (BoFA) is warning that oil prices could continue climbing into the winter if the U.S. and Iran fail to reach an agreement reopening the Strait of Hormuz, with severe shortages already emerging in diesel, gasoline and global natural gas markets. “We’ve been expecting oil to be in the $70 to $80 a barrel range for
(World Oil) – ADNOC released the following statement Friday addressing the impact of recent attacks on its vessels and operations amid continued disruption in the Strait of Hormuz: “ADNOC remains firmly focused on meeting customer requirements despite an exceptionally challenging environment. We continue to be significantly impacted by unprovoked attacks on our people and our assets. Since the beginning of the
RIYADH – Oman has presented a proposal to Iran for joint regional management of the Strait of Hormuz with shipping firms paying voluntary fees, a Gulf source told Reuters on Tuesday. The Strait of Hormuz — which carried a fifth of global oil and liquefied natural gas before the Iran war — has become the main hurdle in peace talks and
(Oil Price) – Saudi Arabia, which at the start of the Iran war redirected virtually all crude exports through its East-West pipeline to Yanbu on the Red Sea, has seen crude exports from Yanbu crumble by 41% to about 2.39 million barrels per day (bpd) by June, from a peak of 4.07 million bpd in March, Wood Mackenzie vessel tracking
(BOE Report) – The number of tankers crossing the Strait of Hormuz fell to just one on Thursday, the lowest level since May 7, according to shiptracking data, amid ongoing shipping risks in the Middle East and as oil prices surged back to $100 a barrel. Only one tanker crossed the Strait of Hormuz on July 23, compared with three
(Investing) – Physical crude oil prices in the Middle East, Europe and Africa rose this week to two-month highs, with some approaching $110 per barrel. Supply disruptions linked to conflicts in Iran and Ukraine left buyers searching for alternative sources. Dated Brent, the global oil price benchmark used to price over 60% of the world’s physical crude cargoes, reached $105.70 per
(BOE Report)– Saudi Aramco has offered additional crude cargoes for loading from Egypt’s Mediterranean port of Sidi Kerir, according to five trading sources, as Houthi threats to Saudi shipping raise risks for southbound Red Sea exports through the Bab el-Mandeb strait. The cargoes, which are shipped to Egypt’s Red Sea port of Ain Sukhna and then carried by the Suez-Mediterranean Pipeline
(Investing) – Oil prices surged on Thursday, with the global benchmark topping $100 a barrel, as Iran-aligned Houthi militants in Yemen said they had struck two Saudi oil tankers in the Red Sea. At 09:16 ET (13:16 GMT), Brent crude futures expiring in September jumped 6.3% to $100.06 a barrel, surpassing that level for the first time since May 26. U.S. West Texas
(BOE Report) – U.S. Secretary of State Marco Rubio said on Wednesday that Iran is not serious about talks to end their war, as the widening conflict disrupted two of the world’s most critical energy chokepoints. Four tankers carrying Saudi crude to Asia reversed course in the Red Sea on Wednesday, a day after three others had done so, following
(Oil Price) – Oil prices have been on a climb for over a week now as hostilities in the Middle East continue, and despite recent talk of a glut, the physical market is flashing signs of tightness—and higher oil for longer. Earlier this month, analysts were quick to start warning of an oil glut looming over the world as traffic via
