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ABU DHABI, United Arab Emirates (AFP) — OPEC chief Suhail al-Mazrouei said Tuesday he expected the global oil market to be balanced this year, as producers continue to trim production following a 2014 market crash. “I am optimistic that this year, we will achieve a market balance” between supply and demand, Mazrouei, also the energy minister of the United Arab Emirates told the Global Financial Markets Forum in Abu Dhabi. Oil producers from OPEC and […]
PARIS, France (AFP) – Concerns are growing over an oil slick off China’s east coast after an Iranian tanker, the Sanchi, exploded and sank a week ago following a collision at sea. Here is a look back at the major oil spills around the world in the past five decades: Shipwrecks – Atlantic Empress and Aegean Captain, 1979: The two Greek-registered tankers collide and catch fire off Tobago in the West Indies, spilling an estimated 287,000 tonnes […]
by Ben Dooley Agence France Presse BEIJING, China (AFP) — The spill from a sunken Iranian tanker off China’s east coast has more than trebled in size, just over a week after the ship sank in a ball of flames. Authorities spotted three oil slicks with a total surface area of 332 square kilometers (128 square miles), compared to 101 square kilometers reported on Wednesday, the State Oceanic Administration said in a statement late Sunday. […]
by Khaled Orabi in Muscat with Omar Hasan in Dubai Agence France Presse MUSCAT, Oman (AFP) — Top oil exporter Saudi Arabia called Sunday for extending cooperation between OPEC and non-OPEC producers beyond 2018, after a deal to cut output succeeded in shoring up prices. The call, the first explicit invitation by Riyadh for long-term cooperation between oil producers, came with oil prices topping $70 a barrel thanks to the deal, after they dove below […]
BEIJING, China (AFP) — An Iranian oil tanker ablaze off the Chinese coast is at risk of exploding or sinking, authorities said Monday, as they reported there was no sign of survivors 36 hours after the vessel erupted in flames. A huge fire was still raging around the stricken ship, which had been carrying 136,000 tons of light oil, with fierce heat and thick black smoke billowing from the vessel and the surrounding sea. Rescuers […]
SEOUL, South Korea (AFP) — The crew of a Hong Kong-registered ship have been detained for questioning in South Korea since their tanker was impounded in November for transferring oil to a North Korean vessel and breaching UN sanctions, customs officials said Saturday. The Lighthouse Winmore, which was chartered by a Taiwanese company, was impounded by South Korean customs authorities at the port of Yeosu on November 24 following an inspection. “Since then, inspectors […]
SEOUL. South Korea (AFP) — South Korea briefly seized and inspected a Hong Kong-registered ship in November for transferring oil products to a North Korean vessel and breaching UN sanctions, a foreign ministry official said Friday. The Lighthouse Winmore, which was chartered by a Taiwanese company and carrying around 600 tonnes of oil products from South Korea’s Yeosu port, transferred part of its cargo to a North Korean vessel on October 19, the official said. South […]
WASHINGTON, United States (AFP) — US President Donald Trump — who has often hailed China’s efforts to put pressure on North Korea — hit out at Beijing Thursday for failing to cut off Pyongyang’s oil supply, saying such moves prevented a “friendly solution” of the crisis. “Caught RED HANDED – very disappointed that China is allowing oil to go into North Korea,” Trump said on Twitter. “There will never be a friendly solution to the […]
by Carole Landry Agence France Presse UNITED NATIONS, United States (AFP) — The UN Security Council will vote Friday on a US-drafted resolution ramping up sanctions on North Korea by restricting oil supplies vital for Pyongyang’s missile and nuclear programs. The United States has been in negotiations with China, Pyongyang’s ally, on slapping new sanctions in response to the November 28 test of an intercontinental ballistic missile (ICBM). The vote is scheduled for 1:00 pm […]
TOKYO, Japan (AFP) — Japan’s trade surplus fell sharply in November, the government said Monday, as the rising cost of oil and smartphone imports outweighed strong exports of cars and steel. The world’s third-largest economy logged a surplus of 113.4 billion yen ($1.0 billion), a 22-percent drop from a 146.5-billion-yen surplus a year earlier, according to finance ministry data. Exports rose for the 12th consecutive month on sound exports of chip-making equipment, cars and steel. […]
FRANKFURT AM MAIN, Germany (AFP) — German chemicals giant BASF has agreed to merge its Wintershall oil and gas unit with the DEA energy firm owned by Russia’s billionaire entrepreneur Mikhail Fridman. The multi-billion-euro deal will create “one of the largest independent European exploration and production companies” with “significant growth potential” and scope for synergies, BASF said in a statement late Thursday. BASF said it would initially hold 67 percent of shares in the joint venture, which […]
NEW YORK, United States (AFP) — Global stocks were under pressure Wednesday from weakening oil prices and worries about President Donald Trump’s decision to recognize Jerusalem as Israel’s capital. Major equity markets finished mixed, with Tokyo and Hong Kong falling decisively and indices in London, Paris, Frankfurt and New York ranging from flat to slightly positive or negative. Petroleum-linked shares were pressured as a US inventory report showed swelling supplies of gasoline, hitting oil prices. […]
