Orkney Islands Council Department of Harbours stated that a very large crude carrier loaded with North Sea Ekofisk crude will sail to Chile Wednesday, after spending three and a half months in use as floating storage in Scapa Flow, Scotland. For full story, click here
Crude oil slipped on speculation OPEC ministers won’t cut output at their May 28 meeting and as the U.S. dollar gained after North Korea held a nuclear test. For full story, click here
New York’s main futures contract, light sweet crude for June, surged to US$48.8 while Brent North Sea crude for delivery in June rose to US$50.10. For full story, click here
European traders are moving more North Sea crude oil cargoes to the U.S. and Asia as European demand remains sluggish, traders and shipping brokers said Wednesday. For full story, click here
The May loading program for North Sea Brent blend crude oil schedules the loading of 4.24 million barrels that depicts an increase from 3.622 million barrels set for loading in April. For full story, click here
Japanese oil firm AOC Holdings announced that it would acquire a 10 percent stake in PL332 block in the Norwegian sector of the North Sea from Canada’s Talisman Energy. For full story, click here
ConocoPhillips will keep its capital spending budget flat inext year amid volatility in the commodity and credit markets, The company will also not be aggressive with drilling activities in North America. Chairman and Chief Executive James Mulva said: The temporary pullback in the lower 48 U.S. states and Canada would result only in delays, not cancellations, of projects [...]
Crude oil exports to North Asia declined by 785,000 barrels per day (bpd) in Q2 from the first due to seasonal plant maintenance, while prices above $100 motivated refiners to reduce import and draw on inventories. A trader with a North Asian refiner said: Imports dropped mainly due to refinery maintenance. But a second reason is decreasing demand. For more information, [...]
Nigerian National Petroleum Corporation is starting the detailed exploration of oil in the northern part of the country from next month. The NNPC Acting Group Managing Director, Alhalji Abubakar Yar’Adua, said: The exploration will be done with the latest 3D technology. For more information, click here
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