Crude Oil News

The Panama Canal Board of Directors has authorized the opening of a bidding process for the development of a new pipeline for the transfer of energy products which will complement operations in the interoceanic waterway.The pipeline will be incorporated into the development of the Panama Canal's West Bank route, which includes activities and alternatives to transporting products by sea.It will strengthen Panama’s strategic position and help keep the Canal competitive by increasing its capacity and providing quality service to the world…

Venezuela's exports of crude oil and fuel fell 11.5% in March as Washington's imposition of secondary tariffs and the cancellation of key licenses to operate in the U.S.-sanctioned energy sector led to delays and cargo suspensions, according to ship tracking data and documents.U.S. President Donald Trump's administration last week announced a 25% tariff to buyers of Venezuelan crude and gas, which will begin this week, and notified foreign partners of state-run oil company PDVSA…

Indian port authorities denied entry to an ageing tanker loaded with Russian crude on Thursday due to inadequate documentation, sources familiar with the matter said, an unusual move that indicates tightened scrutiny of vessels carrying Russian oil.India is the biggest buyer of seaborne Russian crude. Russian oil accounted for about 35% of overall crude imports in 2024 by India, the world's third biggest oil importer and consumer.The Tanzania-flagged Andaman Skies, carrying about 100…

Freight rates for Russian oil supplies from its Baltic ports to India are declining from recent record highs amid an increase in offers from Western shipowners after Urals crude oil prices fell below a price cap of $60 per barrel, two traders said.The Group of Seven countries, in coordination with the EU, imposed the price cap in late 2022 that blocked access to Western shipping services and insurance if Russian oil was purchased at more than $60 a barrel, aiming to reduce Moscow's…

Two tankers hit by U.S. sanctions are due to offload Russian Arctic Oil in Syria for the first time, days after Moscow made its first known delivery of diesel there in more than a decade, according to LSEG data, a government source and local TV.One of the tankers, Aquatica, with some 100,000 tons of Russian oil onboard, is set to offload in Baniyas port soon, according to a government source and pro-government Syria TV.The vessel arrived on Thursday, but has yet to offload, according to the TV report and the government source.The second tanker…

Gall Thomson said there were 21 known activations of its Marine Breakaway Couplings during 2024. The activations occurred in nine different countries around the world.On each occasion, the Marine Breakaway Coupling (MBC) operated exactly as expected, the company reports. Oil spill pollution, injuries and damage to assets such as hoses, equipment and vessels were avoided. There were no spurious activations of Gall Thomson MBCs.Gall Thomson MBCs are designed to activate in an emergency…

Tanker owner Performance Shipping entered into a sale and leaseback agreement with an unaffiliated third party for a previously announced newbuild LR2 Aframax tanker vessel. This concludes the financing for all three newbuilding LNG-ready, scrubber-fitted LR2 product/crude oil tanker vessels of approximately 114,000 dwt each, expected to be delivered in August and September 2025, and January 2026.The bareboat financing amount totals $45 million. As part of this agreement, the vessel will be sold and then chartered back to Performance Shipping Inc.

"This time it's different" is a well-worn cliché that seems to be getting another whirl with the latest U.S. sanctions against Russia's crude oil exports.Oil prices jumped in the wake of the new measures aimed at preventing Russia from shipping crude using a so-called "dark fleet" of tankers.It does seem strange an industry which has been arguing since Russia's 2022 invasion of Ukraine that sanctions are largely ineffective, should suddenly switch to thinking the new steps are…

Chinese and Indian refiners will source more oil from the Middle East, Africa and the Americas, boosting prices and freight costs, as new U.S. sanctions on Russian producers and ships curb supplies to Moscow's top customers, traders and analysts said.The U.S. Treasury on Friday imposed sanctions on Russian oil producers Gazprom Neft and Surgutneftegas, as well as 183 vessels that have shipped Russian oil, targeting the revenues Moscow has used to fund its war with Ukraine.Many…

The U.S. Department of Treasury on Wednesday sanctioned more than a dozen entities and vessels over their involvement in the shipment of Iranian crude oil and liquid petroleum gas to Syria and East Asia on behalf of the Iran's Revolutionary Guards and Hezbollah.Four ships associated with the fleet of Syrian shipping magnate Abdul Jalil Mallah, who was sanctioned by the U.S. in 2021, and his brother, Luay al-Mallah, were among the vessels included in Wednesday's action, the Treasury Department said in a statement. Luay al-Mallah was designated under U.S.

The economic incentive to import oil from the U.S. Gulf Coast to Asia has closed as the cost of booking supertankers on the route has surged amid a jump in bookings for the vessels, traders said this week.With the arbitrage for U.S. shipments closed, Asian refiners may make up some of the difference with similar Middle Eastern crude oil after top regional producer Saudi Arabia cut their sales prices for February, which is expected to carry over to other regional crudes. The spur…

The US National Ocean Industries Association (NOIA) has released a study on global oil production emissions that finds that the greenhouse gas intensity of US oil production, particularly in the U.S. Gulf of Mexico, is significantly lower than most other regions around the world.Prepared by ICF, the GHG Emission Intensity of Crude Oil and Condensate Production report, calculates that total US oil production has a carbon intensity 23% lower than the international average outside of the US and Canada.

Longer sailing distances cushion fall in US crude oil exportsTon mile demand generated by US crude oil exports has fallen by 9.7% in the first two months of 2021 compared with the start of 2020. The fall could however have been much worse; In volume terms, seaborne crude oil exports have fallen by 18.8%, to 20.9m tonnes, a 4.8m tonnes decline compared with last year, according to data from the US Census Bureau.While seaborne crude oil exports to all regions have fallen, those to Asia are among the least affected, down just 1.0%, or equivalent to one Aframax load (101,088 tonnes).

China's crude imports surged 25% in July from a year earlier, as massive purchases made while prices collapsed in April arrived and as some shipments delayed at ports in June finally cleared customs.China, the world's top crude oil importer, brought in 51.29 million tonnes of oil last month, equal to 12.08 million barrels per day (bpd), data from the General Administration of Customs showed on Friday.That is higher than the 9.66 million bpd imported in July 2019 but below a previous record of 12.94 million bpd set in June.Crude bought by Chinese bargain hunters in April…