OPEC+ agrees on record production cut
Oil & GasOPEC and its allies have agreed to cut oil production by 9.7 million barrels per day starting May 1st. The record cut is aimed at stabilizing the oil price which has dropped dramatically due to...Read more
Oil prices jump 20% after Trump tweets about production cuts
Oil priceOil prices have jumped by over 20% to USD 31,62 (Brent) after Saudi Arabia called for an emergency of OPEC and its allies including Russia and President Donald Trump tweeted about possible production cuts of...Read more
Fuel prices take a massive nosedive
CoronavirusFuel prices have taken a massive nosedive since the beginning of the year with low sulphur fuel prices in Singapore dropping from USD 734 per tonne on January 1st to USD 415 per tonne today. The...Read more
Bourbon receives four takeover offers, extends deadline
Oil&GasBourbon Corporation has received four takeover offers since the holding company suspended its listing and started a reorganization procedure to deal with its severe financial problems. The Commercial Court in France has now extended the...Read more
Media: Saipem and Subsea 7 consider merger
EPCSaipem and Subsea 7 are considering to merge to weather the still difficult circumstances in the oil and gas services market. If the deal goes through, it would create the fourth-largest oilfield service company, after...Read more
MPV-market expected to grow by 2% despite weakened economy
The fragile global economy has weakened the outlook for the multipurpose shipping industry but despite the challenges and uncertainties, the market is still expected to grow by 2% annually until the end of 2021, forecasts...Read more
Fuel prices skyrocket, but analysts expect spike to be short-lived
Fuel prices have skyrocketed following the drone attacks on Saudi-Arabian oil terminals this past weekend. In major bunker ports like Rotterdam and Singapore prices have shot up as much as 30%, figures from Bunker Index...Read moreOil prices may fall ahead of 2020, warns Rystad Energy
The oil market is going from gloomy to gloomier, warns Rystad Energy in a new market report. Increased production, economic recession, the ongoing trade war and IMO 2020 together may become a dangerous mix which...Read moreBourbon Offshore suspends listing after creditors demand debt
Oil&GasFrench shipping company Bourbon Offshore is in serious danger of bankruptcy now that a group of creditors has demanded immediate payment of outstanding debt with a total value of USD 800 million. In a short press...Read more