Day: June 15, 2022

Oil Prices Unmoved After API Reports Small Crude Build

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The American Petroleum Institute (API) reported a build this week for crude oil of 736,000 barrels, while analysts predicted a draw of 1.2 million barrels. The small build comes as the Department of Energy released 7.7 million barrels from the Strategic Petroleum Reserves in Week Ending June 10. U.S. crude inventories have shed some 74 million barrels since the start of 2021 and about 16 million barrels since the start of 2020, according to API data. In the week prior, the API reported a build in crude oil inventories of 1.845…

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Oil Companies Face Huge Risk As Legal Dispute In Kurdistan Escalates

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The long-running dispute over how oil flows are handled in the semi-autonomous region of Kurdistan in northern Iraq – administered by its government (the KRG, in Erbil) – and how the region is rewarded by the Federal Government of Iraq (FGI) in Baghdad for its co-operation in this regard has taken a series of dramatic legal twists in the past week or so. The outcome of these developments will have significant, and potentially catastrophic, implications for the exploration, development, and extraction operations of international oil companies (IOCs) working in the…

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Saudi Arabia Bets Big On Blue Hydrogen

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While the world begins to build the infrastructure of a future hydrogen economy, the economics of global trade in carbon-free hydrogen are becoming more clear. Among countries expected to find significant opportunities in that future market is Saudi Arabia.   According to a recent report from a notable Riyadh-based research institute, green hydrogen produced from electrolysis could begin to ship to the Port of Rotterdam in 2030 at prices quite competitive with European hydrogen, depending partly upon the shipping method used.  The researchers also see significant potential for hydrogen in KSA’s…

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Pakistan wins terror financing case in NY court

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In a major legal victory on an international front, Pakistan has won the terror-financing case against the National Bank of Pakistan (NBP) in a federal court in New York. The victory in the case has helped the NBP ward off the threat of billions of dollars penalty, which would have ultimately rendered the bank gone bankrupt. The bank had been accused of facilitating the transfer of funds that were used to plan and execute an attack on a US military base in Afghanistan. A senior official in the AGP office…

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Strong Demand Pushes LNG Tanker Rates Through The Roof

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LNG carrier rates on the spot market hit a record amid strong demand and limited supply as many opt for a long-term commitment to using the vessels. According to a Reuters report citing industry insiders, the imbalance in the LNG carrier market was also exacerbated by sanctions on Russian energy cargo that have led to buyers seeking to avoid dealing with Russian vessels. The spot market rate for a 160,000-cu m LNG carrier in the Atlantic Basin, for instance, are currently at $100,000 per day, according to LNG consultancy Poten & Partners.…

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