Fast emerging globally as a means to help the world decarbonise, green hydrogen is a market where GCC countries have an advantage, thanks to the region’s abundance of inexpensive solar energy. Powered by renewable sources, green hydrogen can fuel a range of applications, from industrial processes to passenger cars. But low production costs…
Singapore/London: Ship owners facing looming deadlines to use less-polluting fuels have slashed the number of new vessels on order because they don’t know which alternative technology to switch to. Ammonia, hydrogen, biofuels and electrification are some of the many contenders to power the world’s future merchant fleet, but most are only in the…
Five years ago on New Year’s Eve, the Theo T left the Texas Gulf Coast with the first US shale crude shipment overseas. The oil, gathered from nearby ConocoPhillips wells and sold to trading giant Vitol Group, set sail for Italy just two weeks after lawmakers lifted a long-standing ban on exports. It…
The Strait of Hormuz, a narrow waterway at the mouth of the Persian Gulf, is rarely far from the center of global tensions. A major shipping route that handles around one-third of the world’s waterborne oil, it’s closely watched for signs of disruption. Iranian forces have targeted merchant ships traversing the chokepoint several times…
LONDON: Severe coronavirus restrictions around the world to contain surging infection rates weighed on fuel sales, weakening the prospect of energy demand recovery in the first half of 2021. Most of Europe is now under the strictest restrictions, according to the Oxford stringency index, which assesses indicators such as travel bans and the…
As the power transition in the US administration could alleviate restrictions on Iran’s oil sanctions, experts predict that the country will prepare for reentry to the global oil market with the intention of recapturing its lost market share. Global oil markets have been gridlocked since March 2020 with the lowest oil demand since…
Five years ago on New Year’s Eve, the Theo T left the Texas Gulf Coast with the first U.S. shale crude shipment overseas. The oil, gathered from nearby ConocoPhillips wells and sold to trading giant Vitol Group, set sail for Italy just two weeks after lawmakers lifted a long-standing ban on exports. It…
The current price of $50/bbl will prove indefensible if U.S. shale oil production resumes soaring and the world economy remains sluggish for any length of time.The announcement by Saudi Minister Salman that his country would make a voluntary production cut of 1 mb/d has some people speculating (or joking) that Saudi Arabia will take…
Abu Dhabi – the oil powerhouse at the centre of the U.S.’s pushback against increasing Chinese influence across the Middle East – last week further cemented this alliance with a dramatic re-organisation of its government to further empower its oil sector, and the awarding of further oil concessions to U.S.-friendly firms. Both of these…
US base oil prices are set to hold firm at least during the first few months of 2021 in response to strong supply-demand fundamentals.The continuing price strength follows a year when US base oil prices were mixed. Prices firmed in the first quarter of the year. Supplies remained limited because of a heavy round…
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