Oil

Share to Twitter Share to Linkedin United Nations officials say the operation to remove some 1 million barrels of crude oil from the FSO Safer – a stricken tanker abandoned off the coast of Yemen – could be concluded by mid-June, but only if a $34 million funding gap for the operation is first closed. The UN Development Program announced on 9 March that it had secured the purchase of a very large crude carrier (VLCC) from Belgian shipping company Euronav. The vessel is currently in a drydock in China where it is undergoing maintenance and modifications, but it should be ready to sail next month, arriving in Yemeni waters in early May. Once in place, the new vessel will be able to take on the crude from the Safer , which will then be towed away and sold for scrap. David Gressly, UN Resident and Humanitarian Coordinator for Yemen, told Forbes that the transfer operation would take around three weeks and the process could be concluded by mid-June, after … [Read more...] about UN Could Remove Oil From Stricken Yemeni Tanker By June – But Only If More Funding Arrives

Share to Twitter Share to Linkedin Many of us no doubt felt schadenfreude at the story that Greta Thunberg was leading protests against a windpower installation which impinged on the livelihood of indigenous Sami reindeer herders. This hopefully served as a lesson for her that the energy transition is a lot messier than many advocates claim and injects a little realism into the stances of many activists (not that I’m hopeful). Unfortunately, posturing seems to be more prevalent than reasoned policy-making in many circles. Environmentalists decried the Biden Administration’s approval of the Alaskan oil project named Willow, with Earthjustice describing this and similar plans for leases in the Gulf of Mexico as a “carbon bomb” and Evergreenaction saying, “This decision is an unacceptable government giveaway to the fossil fuel industry, directly at odds with President Biden’s climate leadership.” Of course, this ignores the simple fact that producing more oil … [Read more...] about In Approving The Willow Oil Project, Biden Chooses Reality Over Posturing

Share to Twitter Share to Linkedin The macroeconomic fears in the wake of the latest banking crisis have tripped up oil, leading to a 10% plunge in prices. How worried should investors be about the sell-off spreading? Fears of contagion in markets currently dominate sentiment in oil trading. The macro-environment looks set to weigh heavily on oil this year — just as geopolitics did last year after Russia invaded Ukraine. Oil prices are currently being moved less by supply and demand fundamentals and more by concerns that a banking crisis could spill over into the physical economy, slash consumer spending and prompt a recession that would knock oil demand. That could be problematic for a well-supplied oil market — at least for now —and spell continued pressure on prices. But that’s hardly guaranteed. Benchmark crude prices Brent and West Texas Intermediate (WTI) have already tumbled to 15-month lows at $74 and $69 per barrel, respectively. An … [Read more...] about Oil Oversold After Macro Fears Hit Market

Photo via MGR Online French and German tourists complained that a smelly oil spill prevented them from swimming at Maenam Beach yesterday in Koh Samui , Surat Thani province, southern Thailand . A German man told reporters that he went to the beach to sunbathe and play in the water. But when he tried to go swimming, he noticed a foul smell emanating from the sea. The water was brown and looked oily, so he didn’t dare get in. Locals went out on a boat and brought back water samples which they said were “murky” and “rancid.” A French tourist who went to Maenam Beach yesterday said she was “really disappointed” because she couldn’t swim as she intended. When she saw the state of the water, she said she was “unhappy but still loved Koh Samui,” reports MGR Online . Fed up, the Frenchwoman opted for a traditional Thai massage instead. Related news 2 foreigners arrested while acting as illegal tour guides 21 mins ago Don Mueang Airport … [Read more...] about Foreigners complain they can’t swim at Koh Samui beach due to smelly oil spill

The coastline of Pola, Oriental Mindoro is reeling from the widespread oil spill from the sunken MT Princess Empress as seen in this photo taken on March 6, 2o23. The industrial fuel that leaked from the vessel has forced local fishermen to abandon their source of livelihood for now due to health risks. (PHOTO BY NOEL GUEVARA OF GREENPEACE) MANILA, Philippines — Senator Sherwin Gatchalian on Friday expressed his concern over a possible fish supply shortage due to the massive oil spill after the MT Princess Empress sank off Oriental Mindoro last February 28. The ill-fated vessel was carrying some 800,000 liters of industrial fuel when it sank. “It would take us some time to recover from the horrendous impact of this incident, not only on the environment and the livelihood of our people including those in the tourism industry, and thus, we should extend whatever assistance we can give to help alleviate the plight of those affected by the oil spill,” Gatchalian said in a … [Read more...] about Fish shortage feared amid Oriental Mindoro oil spill

Oil prices fell more than $1 on Tuesday, extending the previous day’s slide, as the collapse of Silicon Valley Bank rattled equities markets and sparked fear about a fresh financial crisis. Brent crude futures were down 87 cents, or 1.1 percent, at $79.90 a barrel at 0345 GMT. U.S. West Texas Intermediate crude futures (WTI) dropped 85 cents, or 1.1 percent, to $73.93 a barrel. On Monday, Brent fell to its lowest since early January, while WTI dropped to its lowest since December. The sudden shutdown of SVB Financial triggered concerns about risks to other banks resulting from the U.S. Federal Reserve’s sharp interest rate hikes over the last year. It also spurred speculation about whether the central bank could slow the pace of its monetary tightening. U.S. authorities launched emergency measures on Sunday to shore up confidence in the banking system after fears of contagion from the failure of Silicon Valley Bank led to a sell-off in U.S. assets at the end of last week and … [Read more...] about Oil prices fall $1 as SVB collapse spooks financial markets

Officials of the Philippine Coast Guard and Maritime Industry Authority should be held accountable for their “negligence and nonfeasance” in the massive oil spill that started off the coast of Oriental Mindoro, said Senator Risa Hontiveros. MANILA, Philippines — Officials of the Philippine Coast Guard (PCG) and Maritime Industry Authority (Marina) should be held accountable for their “negligence and nonfeasance” in the massive oil spill that started off the coast of Oriental Mindoro, said Senator Risa Hontiveros. Hontiveros made the statement on Friday after Justice Secretary Jesus Crispin Remulla revealed a witness’ claim that MT Princess Empress–the tanker carrying 800,000 liters of industrial fuel that capsized in waters near Najun town on Feb. 28 due to engine trouble–was “rebuilt scrap.” The National Bureau of Investigation and the Philippine National Police have already been tapped to look into the allegation, according to Remulla. READ: DOJ taps NBI, PNP to probe … [Read more...] about Hontiveros wants PCG, Marina execs held liable for Mindoro oil spill

Share to Twitter Share to Linkedin Chances are you are hearing two claims with great frequency these days. The first is that the US is energy independent where oil is concerned. The second is that oil prices are ‘ set globally ,’ so that there’s nothing that we can do about presently war-wrought price-spikes at gas stations. These claims are mutually incompatible – ‘independence’ and ‘nothing we can do’ do not hang together. They can’t both be true unless there is some catch, some sleight-of-hand hidden in one or both claims. Happily, there is a catch. It’s in the second claim. The ‘so that’ you find there is fallacious. It suggests a ‘natural’ causal nexus that is actually an institutional causal nexus. It is a function of arrangements we presently leave in place by choice , not by necessity . The significance of this fact cannot be gainsaid right now. To see what I mean here, start with the first claim we hear – that the US is … [Read more...] about US ‘Energy Independence’ Is Real, ‘Global Prices’ Are Not: A Short-Term Oil Production & Price Mitigation Plan

Republican Texas Sen. Ted Cruz introduced three pieces of legislation Monday that would accelerate oil and gas permitting in the U.S. to make energy secure in the country. The Daily Caller first obtained the three bills, the first of which is titled the Energy Freedom Act. The legislation would accelerate federal permitting for energy projects and pipelines; mandate new onshore and offshore oil and gas lease sales; approve pending liquified natural gas (LNG) export licenses; and speed up solar, wind and geothermal development. The second bill, titled the Federal Permitting Modernization Act (FAST Act), would require federal agencies to reform and prioritize federal approvals by requiring timelines: five days for federal agencies to notify the public of the project by publishing details in the Federal Register; 30 days to publish those environmental documents for review; 60 days for the public to comment on those documents and 30 days for the public to approve or disapprove the … [Read more...] about EXCLUSIVE: Ted Cruz Introduces Three Bills To Accelerate Oil And Gas Permitting

Oil prices stabilized on Tuesday after falling early in the previous session on investor worries that recent banking-sector problems would weigh on the global economy and limit demand for crude. Brent crude futures for May settlement gained 5 cents and traded at $73.84 per barrel by 0049 GMT. U.S. West Texas Intermediate (WTI) crude futures rose 9 cents to $67.73 a barrel. In the previous session, both Brent and WTI fell about $3 a barrel before settling higher. The April WTI contract expires on Tuesday; May is the most active contract for WTI. Tuesday’s slight uptick in prices came after a historic deal in which UBS, Switzerland’s largest bank, agreed to buy Credit Suisse in an effort to save the bank. After an announcement of the agreement, major central banks, including the U.S. Federal Reserve and European Central Bank, indicated that they would enhance market liquidity and support other banks. Officials with the G7, meanwhile, said the Group of Seven Nations was … [Read more...] about Oil prices stabilize as banking deal eases some worries about crude appetite