At least four tankers loaded with ultra-low-sulfur diesel (ULSD) en route from the U.S Gulf Coast to Europe abruptly changed course this week to Brazil, following a fire at a 415,000-bpd refinery of state oil firm Petrobras on Monday, S&P Global Platts trade flow data showed on Friday.
Danish vessel setting sail from Vladivostok this week is set to become the first container ship to tackle the Arctic sea route north of Russia. The Venta Maersk, owned by Maersk Line, and carrying 3,600 containers, hopes to reach St Petersburg by late September. That could be up to 14 days faster than the southern route via the Suez Canal.
The rivalry between Saudi Arabia and Iran is becoming increasingly evident in the oil pricing policies of the two large Middle Eastern producers. The two countries are currently reigniting the market share and pricing war ahead of the returning U.S. sanctions on Iranian oil.
Venezuelan state oil company PDVSA is appealing a decision allowing Canadian miner Crystallex to take control of shares in U.S. subsidiary PDV Holdings as part of a 10 year dispute over the state takeover of Crystallex assets, a court filing shows.
As part of the UK Government’s Prosperity Fund, the British Embassy in Brazil is commissioning a study to assess various options for the governance structure of an Energy Centre to inform and support the Prosperity Fund Energy Program.
Venezuela’s state-run oil company PDVSA has limited the damage from an unprecedented slump in crude exports by transferring oil between tankers at sea and loading vessels in neighboring Cuba to avoid asset seizures. But Venezuela is still fulfilling less than 60% of its obligations under supply deals with customers.
Brazil’s Petrobras benefited from the rising oil prices and booked a thirty-fold yearly jump in its second-quarter net income, which also beat analyst expectations.
The state of Zulia, the historic heart of Venezuela’s energy industry that was for decades known for opulent oil wealth, has been plunged into darkness for several hours a day since March, sometimes leaving its 3.7 million residents with no electricity for up to 24 hours.
Brazil’s three largest fuel distribution companies are under investigation for fixing prices at the pump, police said on Tuesday, reigniting debate over potential collusion among gas station owners in Latin America’s largest oil producer.
Discovered resources globally of conventional oil and natural gas surpassed 4.5 billion barrels of oil equivalent in the first half of 2018, making for an exciting recovery with Guyana leading the way, according to analysis by Rystad Energy. Average monthly discovered volumes are 826 million barrels of oil equivalent. This is a 30% increase from 2017.