Tag: Saudi Arabia
Enormous Deficits Due To Production Curbs and OPEC+ Deals!
Kuwait’s 2020/21 budget has projected a KWD 9.2 billion (US$30 billion) deficit.
It is the sixth year of enormous deficits due to production...
Thirst for Oil Vanishes, Leaving Industry in Chaos!
2020 has unleashed a world-wide oil-production cut led by the U.S., Saudi Arabia, and Russia.
Due to lockdown crude-oil demand has collapsed as...
OPEC+ Strikes Deal To Cut Oil Production by 9.7 Million BPD
Saudi Arabia and Russia struck a deal with oil-producing nations to slash production.
This an attempt to stabilize a market that has been...
Tanker Freight Rates Tumble Ahead of OPEC+ Talks
Supertanker freight rates have fallen after seeing a high last week.
Freight rates can drop further if OPEC+ countries decide to cut output...
COVID-19 Increases Freight Rates Amid Demand Collapse
Saudi Arabia has chartered a fleet of ships to flood the market with additional oil.
It has driven freight costs so high refiners...
Storage Facilities 75% Full! Oil Could Crash To $10 a Barrel!
Oil prices may fall to $10 a barrel as the world runs out of storage space.
Saudi Arabia prepares to increase its fossil...
Tanker Rates Fall Amid Increase in Storage Demands
Crude oil freight rates reached record highs amid bookings bonanza to ship Saudi oil.
Rates are easing as charterers balk at high charges...
Q4 Market: Winter Demand To Support Asian Middle Distillates
There is a 50% cut in Saudi crude production following last month’s attacks on oil infrastructure.
This is likely to result in a...
Lack Of ISM Procedures Led to Enclosed Space Fatality
According to a report published in Medium.com, a tragic accident reportedly took place onboard a bulk carrier that claimed the lives of an AB Seaman, Captain,...
Asia Oil Buyers, Shippers Go on Alert After Attacks on Saudi’s...
Armed drones attacked two of Saudi Aramco’s oil pumping stations and forced the state producer to briefly shut its East-West pipeline, known as...