Norway Oil Ministry: No Plan to Cut Output
Norway has no plans to cut its oil output, the country's oil and energy ministry said on Tuesday. "The Ministry has a good dialogue with other countries about the oil market. We are not in a situation in which regulating production is on the agenda for Norway," the ministry said in a statement. Kuwait's oil minister said earlier on Tuesday that Saudi Arabia's oil minister had spoken to countries including Norway, Turkmenistan and Egypt which had signalled a willingness to join oil output cuts.
Gulf Bidders Emerge for UASC-linked Shipping Unit
Gulf-based bidders have emerged for the part-owned subsidiary of United Arab Shipping Company (UASC) whose sale is key to finalising the merger between UASC and German container shipping line Hapag Lloyd , sources close to the matter said. Last week, sources told Reuters that Hapag Lloyd was close to completing the 7-8 billion-euro merger after UASC shareholders agreed terms to repay outstanding debt.
OPEC Set to Prolong Oil Cuts
OPEC will likely agree to extend production cuts for another nine months, delegates said on Tuesday as the oil producer group meets this week to debate how to tackle a global glut of crude. OPEC's de facto leader, Saudi Arabia, favours extending the output curbs by nine months rather than the initially planned six months, as it seeks to speed up market rebalancing and prevent oil prices from sliding back below $50 per barrel.
UK P&I Club Advises on Charterparties in Bills of Lading
Amanda Hastings, Claims Executive at UK P&I Club, comments on incorporation of charterparties into bills of lading. The issue of incorporation of charterparties…
OSC Launches VLCC Chartering Business
Oman Shipping Company (OSC) has officially set up a new commercial chartering desk offering its Very Large Crude Carrier (VLCCs) to major traders and charterers covering VLCC routes worldwide. OSC, one of the biggest ship owners in the MENA region, has a diversified and young fleet of 50 vessels. OSC owns 16 VLCCs within the fleet out of which OSC is now commercially managing 15 VLCCs through its subsidiary Oman Charter Company (OCC).
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