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Opec News

Sizeable chunk of the global VLCC orderbook removed

Sizeable chunk of the global VLCC orderbook removedRemoving 10 VLCCs from the global orderbook is significant. Prior to Hyundai Heavy’s news yesterday, Alphatanker data showed there were just 86 VLCCs on order around the world.05 February 2021 Friday 12:00

OPEC pushes for full conformity in oil output cuts over next three months

OPEC pushes for full conformity in oil output cuts over next three monthsOPEC’s Joint Ministerial Monitoring Committee (JMMC) has made assurances of achieving 100 per cent conformity in oil production cuts from all participating countries during the next three months.19 June 2020 Friday 16:45

Uncertainty About OPEC+ Cuts Has Oil Struggling to Sustain Rally

Uncertainty About OPEC+ Cuts Has Oil Struggling to Sustain RallyOPEC+ and its allies will decide as soon as this week whether or not to extend their historic output curbs.02 June 2020 Tuesday 10:41

China’s largest petrochemical port is now operational

China’s largest petrochemical port is now operationalSinopec Corp., China’s energy and chemical company, has put the country’s largest petrochemical port into operation with the successful docking and unloading of the New Renown, a very large crude oil carrier (VLCC) from the Middle East.11 May 2020 Monday 10:45

OPEC+ production cuts have dire implications for oil tankers

OPEC+ production cuts have dire implications for oil tankersThe agreement of the members of OPEC and its allies to cut oil production by 9.7 million barrels of crude per day is not believed to be enough to offset the massive demand drop and will certainly have dire implications for the oil tanker shipping market.20 April 2020 Monday 17:44

Why Mexico is the winner in OPEC+ deal, Rystad explains

Why Mexico is the winner in OPEC+ deal, Rystad explainsFollowing a historic OPEC+ deal to reduce global oil output in an effort to save the oil industry, Mexico came out as an unlikely winner since it was able to negotiate a production cut of only 100,000 barrels per day.17 April 2020 Friday 12:15

On the verge of ending oil price war, OPEC+ awaits Mexico to join the pact

On the verge of ending oil price war, OPEC+ awaits Mexico to join the pactOPEC, Russia, and allies are on the verge of ending the oil price war. The allies are still waiting on Mexico to join the production cuts pact.11 April 2020 Saturday 10:40

Sinopec starts building Tianjin LNG storage tanks

Sinopec starts building Tianjin LNG storage tanksChina’s Sinopec started constructing additional storage tanks at its liquefied natural gas import terminal in Tianjin.10 April 2020 Friday 11:00

OPEC Resorts to Production Cuts to Curb Coronavirus Impact on Oil Demand

OPEC Resorts to Production Cuts to Curb Coronavirus Impact on Oil DemandResponding to the ongoing oil demand situation, OPEC members proposed today to cut oil production by 1.5 million barrels per day until June 30, 2020.06 March 2020 Friday 10:22

Report: Sinopec Eyes 100 New Barges for LSFO Supply

Report: Sinopec Eyes 100 New Barges for LSFO SupplyEnergy and chemical company China Petroleum & Chemical Corporation (Sinopec) is allegedly looking to add 100 barges to its fleet over the coming three years to be able to supply IMO 2020 compliant marine fuel.15 November 2019 Friday 11:20

Iran Uses Ghost Tankers Against US Sanctions

Iran Uses Ghost Tankers Against US SanctionsAnalysts at a watchdog that monitors global oil shipments have revealed that they have been utterly exhausted from trying to track Iran’s oil exports amid a looming US embargo on the petrochemical sector.06 November 2018 Tuesday 15:00

China-US Trade Spat to hit VLCC Demand; Iran Purchases to Continue: Sinopec

China-US Trade Spat to hit VLCC Demand; Iran Purchases to Continue: SinopecHowever, the upcoming US sanctions have not had any impact on China’s crude purchases from Iran, which are moving in line with demand, the executive said.27 June 2018 Wednesday 17:29

Supertanker Earnings Fall Victim to OPEC Oil Cuts

Supertanker Earnings Fall Victim to OPEC Oil CutsOPEC’s strategy to end a worldwide crude glut is causing havoc for a vital link in the oil industry’s supply chain: the fleet of supertankers that shuttle fuel between continents.10 January 2018 Wednesday 17:31

Sinopec Tianjin Terminal to Receive First LNG Cargo

Sinopec Tianjin Terminal to Receive First LNG CargoChina Sinopec's new Tianjin terminal will receive first LNG cargo of 30,000-35,000 tonnes from Australia on Jan. 10, a source with the direct knowledge of the project said.28 December 2017 Thursday 13:49

Oil market is progressing toward rebalance: OPEC

Oil market is progressing toward rebalance: OPECThe Joint OPEC and non-OPEC Ministerial Monitoring Committee met in St. Petersburg to discuss extension of oil cut.25 July 2017 Tuesday 00:02

Marsol Inks Two-Year OOPEC Deal

Marsol Inks Two-Year OOPEC DealMarsol International has signed a two-year contract with Oman Oil Company Exploration & Production (OOCEP) for the provision and management of the marine and offshore activities related to the tanker loading.12 July 2017 Wednesday 16:27

Gibson: New OPEC Cuts to Extend VLCC Woes

Gibson: New OPEC Cuts to Extend VLCC WoesThe very large crude carrier (VLCC) market could experience a downturn, which is likely to accelerate in the short term, on the back of OPEC’s extension of production cuts.05 June 2017 Monday 16:00

As the U.S. Sends More Oil to World, OPEC Sends Less to U.S.

As the U.S. Sends More Oil to World, OPEC Sends Less to U.S.OPEC is finally making the move that could help complete a mission that it’s failed so far: shipping less oil to the U.S., according to Sanford C. Bernstein.26 May 2017 Friday 12:35

Full Tanks and Tankers: A Stubborn Oil Glut Despite OPEC Cuts

Full Tanks and Tankers: A Stubborn Oil Glut Despite OPEC CutsAfter the first OPEC oil production cut in eight years took effect in January, oil traders from Houston to Singapore started emptying millions of barrels of crude from storage tanks.22 May 2017 Monday 00:04

MSI: Crude Tanker Market Hit Hard by OPEC’s Cut

MSI: Crude Tanker Market Hit Hard by OPEC’s CutThe predicted influx of new tonnage, combined with the Organization of the Petroleum Exporting Countries’ (OPEC) production cap and lower levels of refinery throughput are hitting crude markets hard, according to Maritime Strategies International (MSI).20 February 2017 Monday 11:56

Prosafe secures further extension from Repsol Sinopec Resources

Prosafe secures further extension from Repsol Sinopec ResourcesOffshore accommodation platform operator Prosafe has announced that Repsol Sinopec Resources UK has exercised options to further extend the charter of the accommodation platform Safe Boreas by a total of 14 days.16 January 2017 Monday 13:10

CESI Qingdao Ready for Sinopec LNG Project

CESI Qingdao Ready for Sinopec LNG ProjectThe joint venture group behind the China FOB Transportation project took delivery of the liquefied natural gas (LNG) carrier CESI Qingdao from China’s Hudong-Zhonghua Shipbuilding on January 6.10 January 2017 Tuesday 11:00

Atlantic Offshore lands ERRV contract with Repsol Sinopec

Atlantic Offshore lands ERRV contract with Repsol SinopecNorway’s Atlantic Offshore has secured a contract for emergency response and rescue vessel Ocean Tay with Repsol Sinopec Resources UK.19 December 2016 Monday 11:10

Tanker Rates Seen Dragged Down by OPEC Production Cuts

Tanker Rates Seen Dragged Down by OPEC Production CutsAs OPEC discusses the deepest cuts to oil production in years, one group of people in the energy supply chain are preparing reductions of their own: analysts paid to monitor how much crude tankers can earn from hauling cargoes.26 November 2016 Saturday 10:14

Repsol Sinopec extends Prosafe contract

Repsol Sinopec extends Prosafe contractAccommodation vessel operator Prosafe has announced that Repsol Sinopec Resources UK has exercised options to extend the charter of accommodation platform Safe Boreas by a total of 44 days.09 November 2016 Wednesday 11:58

Technip secures IRM contract from Repsol Sinopec

Technip secures IRM contract from Repsol SinopecFrance’s Technip has announced that it has been awarded an inspection, repair and maintenance (IRM) contract by Repsol Sinopec Resources UK at its North Sea subsea infrastructure.26 July 2016 Tuesday 14:58

OPEC members invited to output freeze meeting

OPEC members invited to output freeze meetingAround 15 countries are expected to join oil output freeze talks on April 1722 March 2016 Tuesday 14:47

OPEC oil production drops in February

OPEC oil production drops in FebruaryOPEC crude oil share in total global production falls to 33.7 percent for February, along with global oil supplies14 March 2016 Monday 17:26

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