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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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GMD NNPC seeks separation of roles in oil industry

The Group Managing Director (GMD), Nigerian National Petroleum Corporation (NNPC), Mallam Mele Kyari, has called for a clear separation of roles between...

NOGTECH: Winners get US$50,000 product development grant

Five innovative teams have been selected as winners of the Nigerian Oil and Gas Technology (NOGTECH) Hackathon sponsored by the Nigerian Content...

NIMASA, Public Service Reform Bureau partner on change initiatives

Director General of Nigerian Maritime Administration and Safety Agency (NIMASA) Dr. Bashir Jamoh has emphasized the importance of efficient and effective Public...

78 companies bid for NNPC downstream infrastructure rehab

…ICRC commends NNPC for transparent public bid processes No fewer than seventy eight companies have submitted virtual bids to...