The Daily Journal.- The U.S. government is considering easing sanctions on vessels belonging to the so-called “ghost fleet” or “shadow fleet,” which have transported oil and petroleum products from Russia, Iran, and Venezuela, in an effort to reduce global shipping rates. President Donald Trump’s administration aims to reduce distribution disruptions caused by record-high maritime freight […]
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The Daily Journal.- Heavy crude and other grades of oil have accumulated across the Americas in recent weeks as historically high maritime freight rates have hindered exports to Asia and Europe. This market paradox has left Asian and European buyers scrambling to secure supplies, with Brent crude prices exceeding $100 per barrel. Consumers in Asia […]
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The Daily Journal.- Major international oil trading companies Vitol and Trafigura are pushing for steeper discounts on Venezuelan crude oil as rising freight rates erode both companies’ profit margins. According to sources consulted by Reuters, the companies are seeking more favorable prices per barrel after maritime transportation costs surged in recent weeks. Higher shipping costs […]
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The Daily Journal.— Venezuela ranked as the third-largest oil producer in Latin America and the Caribbean in April, accounting for 11% of the region’s crude output, according to the latest report from the Latin American Energy Organization (Olacde), cited by EFE. Regional oil production reached 318 million barrels in April, up 10% from the same […]
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The Daily Journal.- Oil prices started the week higher as the market grew increasingly skeptical about a potential agreement in the Middle East to reopen the Strait of Hormuz. North Sea Brent crude for October delivery rose 1.29% to $83.55 per barrel. Its U.S. counterpart, West Texas Intermediate (WTI) crude for September delivery, gained 1.15% […]
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The Daily Journal.- Oil prices rose on Friday amid growing uncertainty over a potential agreement between Iran and Oman to reopen the Strait of Hormuz. The market, which had hoped for an imminent solution earlier in the week, turned nervous again after Tehran signaled its intention to ban U.S. and Israeli vessels from passing through […]
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Audio: https://clyp.it/4ea30czb Julio A. López, Editor-in-Chief.— Physical crude oil prices in the Middle East, Europe, and Africa reached two-month highs this week, with some grades approaching $110 a barrel, as supply disruptions linked to the wars in Iran and Ukraine are forcing buyers to scramble for alternative sources of crude. Brent Breaks Through the $100 Ceiling […]
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The Daily Journal — U.S. refineries are increasing their purchases of Venezuelan crude oil, putting imports on track to reach their highest level in nearly a decade, according to a report by Bloomberg. Refineries along the U.S. Gulf Coast have stepped up acquisitions to secure heavy crude supplies as wildfires in Canada threaten logistics and […]
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