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UKC-West Africa clean freight nearly triples in a week

Freight rates from the UK continent to West Africa on Medium Range (MR) tankers have almost tripled since last week, as competition...

IMO seeks essential personnel status for seafarers

IMO Secretary-General Kitack Lim has asked the United Nations system agencies to support IMO in its request to governments to declare seafarers,...

Worldwide offshore rig count drops in March year-over-year

The worldwide offshore rig count in March 2020 has dropped four rigs sequentially and year-over-year, according to rig count reports by Baker...

OPEC+ producers debate possible oil cuts of 10 mln bpd

The OPEC+ crude oil exporter group is debating cutting global supply by 10 million barrels per day (bpd), an OPEC source said...

In oil markets, it’s back to 1998 crisis pricing

…Prices fall as low as $10 a barrel, not seen since 1998…Light grades slide as jet fuel and gasoline not needed…Heavy and...

Storage dilemma besets oil industry

…Lease costs rise as tanks fill up The scramble for cheap oil floating around has added another dimension to...

Oil price risk further losses as demand, supply concerns mount

Oil prices have seen an incredible decline throughout the first three months of 2020, with Brent losing 59% since the January peak...

Nigeria joins oil war, makes brutal price cuts

…Selling barrels at record discounts to Brent…Traders see lackluster buying, weak demand from refiners Nigeria opened a new front...

As OPEC pursues oil supply war, here’s who has most firepower

…Saudis plan maximum output with aim to reach record levels…Kuwait, Abu Dhabi are adding barrels, Iraq’s capacity limited With...

Shell cuts spending, buybacks in response to oil price slump

Shell said Monday it was cutting its capital expenditure by 20% to $20 billion and would pause its share buyback programme as...

Why the OPEC-Russia blowup sparked all-out oil price war

First Russia tossed a hand grenade into global oil markets. Then Saudi Arabia dropped a bomb. After the dramatic collapse of an...

COVID-19: IMO advocates sustained shipping, improved seafarers’ welfare

In an address on 20 March IMO Secretary-General Kitack Lim stressed the vital need to maintain commerce by sea and protect seafarers’...
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“Brace for higher fuel prices”, Minister tells Nigerians

…”We never promised permanent low fuel prices”- Sylva …To launch auto-gas scheme as alternative fuel Minister...

NNPC records 19% increase in gas supply to power sector

The Nigerian National Petroleum Corporation (NNPC) Thursday in Abuja announced an increase of 19.14 per cent in the average daily natural gas...

Explosion rocks NPDC’s Benin River Valve Station

The Nigerian National Petroleum Corporation (NNPC) has reported an explosion incident which occurred at Gbetiokun, OML 40, operated by the Nigerian Petroleum...

DPR records over 600 bids for 57 Marginal oilfields

The Department of Petroleum Resources (DPR) says over 600 companies have applied to be pre-qualified for the ongoing bid rounds of 57...