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Oil market lacks confidence in new OPEC agreement
OPEC has promised to send more oil into the global market, however, the agreement to withhold 1.8 million bpd from consumers continues in practice.
EnergyWatch
A part ofWatch Medier
OPEC has promised to send more oil into the global market, however, the agreement to withhold 1.8 million bpd from consumers continues in practice.
Without clear signals from OEPC, oil stocks are expected to be extremely volatile when trading opens Monday.
The shortage of orders for the offshore sector has now become so pronounced at the world's biggest shipbuilder, Hyundai Heavy Industries, that management has decided to shut down its offshore division. For the time being.
Insight: No industry has ever thought in the long term as much as the oil and gas industry, however, the oil price war has resulted in a huge mentality shift. Investors are now only thinking a few years ahead.
Nine men in all face prison sentences of up to 15 years, if they are convicted of selling illegal and unspecified bunker fuel in the largest bunker port in the world.
Growth of US oil production may stagnate at some point, as global oil supplies are under pressure.
Over 18 months Borr Drilling has established itself with the youngest and biggest fleet of drilling rigs, which will reap all the rewards of recovery in the years to come, says Rystad Energy.
Norwegian investment company Akastor splits ownership of its offshore shipping company AKOFS Offshore by selling half the shares to Japan's Mitsui, including to Mitsui's liner company MOL.
Baker Hughes Norway, Halliburton A S and Schlumberger Norway AS have won contracts valued at over NOK 30 billion in total, the largest ever distributed by the state-owned oil major.
As the oil price has increased, it has become more difficult for Maersk to sell off Drilling, writes Danish daily Berlingske Business.
Changing the world's energy consumption is going too slowly, says Norwegian oil giant Equinor. If the Paris Climate Agreement goals are to be reached, there must not any further delays.
Donald Trump has criticized OPEC for the high oil prices. OPEC member Iran has responded and criticizes the US President for having caused the instability in the oil prices.
John Fredriksen has bought more than USD 300 million in claims against Seadrill from the company's lenders, and he is set to remain the by far biggest owner of the drilling company, which plans to finish its Chapter 11 proceedings next month.
The oil supply from non-OPEC petroleum producers is expected to surge significantly in 2019, headed by US shale production and increased Russian output, projects JP Morgan.
For the rig companies' earnings on leasing out drilling rigs to improve, a significantly higher number of rigs need to be scrapped, note analysts according to Sysla.
Oil traded below $66 a barrel as conflicting signals from OPEC members about whether their output curbs will be relaxed spurred speculation that an agreement will prove elusive at an upcoming group meeting.
The Swedish government has agreed to let Nord Stream 2 pass through the Swedish part of the Baltic Sea.
John Fredriksen's drilling company expects to complete its rescue plan in about one month. As such, an almost year-long fight to survive seems looks set to come to an end for the company.
The dramatic drop in oil prices from 2014 onwards cost approximately 25,000 Norwegian jobs in the Norwegian oil sector alone in 2015, 2016 and 2017. New figures from Statistics Norway show this development, writes business daily Dagens Næringsliv.
Oil traded near $65 a barrel as an industry report showing a drop in American crude stockpiles helped counter fears that supplies may gain after the U.S. was said to ask OPEC to boost output.
Norwegian media Sysla reports that 37 rigs are currently stacked in Norway and the UK. And many of these rigs will never work again, note two analysts.
The German industrial giant will supply a gas turbine for a 840 MW power plant in the UK.
Monjasa's West Europe activities booked a "very unsatisfactory" result for 2017, in a year characterized by fierce competition in the bunker market. 2018 does not look set to be much better, says the company in its financial report.
OPEC and its allies in the global oil output cuts stressed the need to maintain their cooperation to stimulate adequate investments to ensure stable oil supply.
With the threat of new US sanctions looming over the country, Iran's oil export is at a record high.
The Climate Council seeks economist
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