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OPEC and How it Has Dealt with Oil Price Crashes

Mar 12, 2020

The Organization of the Petroleum Exporting Countries was set up in 1960 to coordinate oil production policy among its members but in recent decades it has increasingly cooperated with producers outside the group to manage the market. This month, OPEC's latest deal on oil supply cuts with Russia and other non-OPEC nations collapsed, sending the oil price into a tailspin. Below are key periods when…

Sinopec's Largest Petrochemical Port Starts Operations with VLCC Arrival

May 11, 2020

China's energy and chemical giant Sinopec has said it has put China's largest petrochemical port into operation with the successful docking and unloading of the New Renown, a very large crude carrier (VLCC) from the Middle East. The tanker was welcomed at the new 300…

Subsea Umbilicals Demand Hit by COVID-19

May 07, 2020

Analysts from Norway's Rystad Energy expect that the global oil and gas investment cuts will severely hit demand for subsea equipment, with demand for subsea umbilicals expected to fall by 32%.Rystad sees just 713 kilometers (km) of lines ordered in 2020…

Oil Prices Drop To Lowest In a Year

Feb 27, 2020

Oil prices fell over 2% on Thursday, plunging for a fifth day to their lowest since January 2019 as a rise in new coronavirus cases outside China fuelled fears of a pandemic that could slow the global economy and dent demand for crude.Brent crude was down $1…

China Boosts Fuel Exports as Coronavirus Hits Local Demand

Feb 25, 2020

China has ramped up fuel exports to compensate for losses to domestic demand as it grapples with the coronavirus outbreak, having not been able to prevent a surplus in the world's second-largest oil consumer with cutbacks in its refining output…

India Set to Import Record LNG Volumes

Feb 21, 2020

India is set to import record volumes of liquefied natural gas (LNG) this month, data shows, taking advantage of the super-chilled fuel's price hitting all-time lows due to the coronavirus outbreak dampening demand in China. The South Asian nation is estimated to import about 2…

ALP to Tow Giant Coral Sul FLNG from S. Korea to Mozambique

Feb 17, 2020

Dutch ocean-towing company ALP will tow Eni's giant FLNG vessel Coral Sul (South) from South Korea to Mozambique, and will also assist with the mooring operations once on location.ALP on Monday said that TechnipFMC and JGC had contracted it…

PetroChina's oil and gas trade turnover up 5% in 2019

Jan 16, 2020

PetroChina Co Ltd, China's leading energy firm, expanded its oil and gas trade in 2019, recording a rise of nearly 5% from prior year to exceed 500 million tonnes oil equivalent, according to a statement posted on the website of parent firm China National Petroleum Co on Thursday…

Oil Slips on Doubts About U.S.-China Deal, OPEC Outlook

Jan 15, 2020

Oil prices slipped on Wednesday on concerns that the U.S./China Phase 1 trade deal may not provide much of a demand boost because the United States intends to keep tariffs on Chinese goods until a second phase deal. Prices were also under pressure…

Keppel working on 3D-Printed Offshore Grade Steel

Jan 15, 2020

Singapore-based offshore rig builder Keppel O&M is working on a system that will enable it to 3D print offshore grade materials, to speed up production and lower cost. The company has teamed up with local university and research and technology…

Oil Hits $70 a Barrel

Jan 06, 2020

Oil prices rose a further 2% on Monday, pushing Brent above $70 a barrel, as rhetoric from the United States, Iran and Iraq fanned tensions in the Middle East after a U.S. air strike which killed a top Iranian military commander.Brent crude futures soared to a high of $70…

FTR Continues Year-on-year Growth

Dec 09, 2019

Fulkrum Technical Resources (FTR), global provider of technical personnel specializing in QA/QC, inspection and vendor surveillance services to the energy industry, announced recent contract wins resulting in year-on-year growth of more than 55%…

CNOOC Says Production Not Affected by Sanctions

Oct 24, 2019

CNOOC, China's largest offshore oil and gas producer, on Thursday said it would be affected by U.S. sanctions on its COSCO shipping firm but there would be no impact on its oil and gas production.'(The sanctions) will have some impact on our…

Saudi Minister Commits to Output Cuts

Sep 09, 2019

Oil prices rose more than 2% on Monday after the new Saudi energy minister, Prince Abdulaziz bin Salman, confirmed expectations that he would stick with his country's policy of limiting crude output to support prices.Prince Abdulaziz, son of…

Australia Beats 2020 Clean Energy Target

Sep 04, 2019

Australia has met its 2020 target for generating electricity from large-scale renewable energy a year ahead of plan, the Australian Clean Energy Regulator said, despite there being a slowdown in investment in wind and solar power.The target…

Current News

SapuraEnergy Nets $179,6M in New Deals Across SE Asia

SapuraEnergy Nets $179,6M in New Deals Across SE Asia

KrisEnergy Suspends Wassana Oil Field Production 'Until Further Notice'

KrisEnergy Suspends Wassana Oil Field Production 'Until Further Notice'

Sinopec Adds More Oil Storage at Baishawan

Sinopec Adds More Oil Storage at Baishawan

Saudi Arabia, Russia Reach Deal on Oil Output Cut Extension

Saudi Arabia, Russia Reach Deal on Oil Output Cut Extension

China: Empyrean Gets More Time to Drill at 29/11 offshore block

China: Empyrean Gets More Time to Drill at 29/11 offshore block

Shell Weighs Sale of $2B-plus Share in Queensland LNG

Shell Weighs Sale of $2B-plus Share in Queensland LNG

Oil Gains, with Brent above $40

Oil Gains, with Brent above $40

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