Oil Prices Fall Early Thursday After Hitting 2016 Highs. Oil prices fell on Thursday as traders took profits after three sessions of gains, though prices remained close to their highest this year thanks to a fall in U.S. crude inventories and supply disruptions. [Reuters, Oilpro]
U.S. Oil Production Rises For The First Time In 3 Months, EIA Says. In its weekly report Wednesday, the EIA said that U.S. oil production rose for the first time in three months- increasing 10,000 bpd to 8,745,000 bpd from the prior week. Before last week, U.S. output had declined for 15 consecutive weeks, according to the agency. [Oilpro]
India Becomes World’s Third Biggest Oil Consumer. India has surpassed Japan to become the world’s third-largest oil consumer, with its oil demand galloping 8.1 per cent in 2015, according to BP Statistical Review of World Energy released on Wednesday. [The Hindu]
Shell Becomes The Second Oil Major To Resume Purchases Of Iranian Crude. Trading sources and ship tracking data cited by Reuters show that Shell has become the second oil major after France’s Total to resume buying Iranian crude after the lifting of sanctions earlier this year. [Oilpro]
Major Shareholder Challenges Hercules Offshore Bankruptcy. Centerbridge Partners, which holds over 2.5 million shares in Hercules Offshore, have challenged the drilling company’s decision to file for Chapter 11 bankruptcy earlier this week claiming it was unnecessary, according to the Wall Street Journal. [Splash 247, Oilpro]
Huge Port Envisioned by Billionaire Tycoon Opens in Brazil – Without Him. The launch this week of Prumo Logistica’s $3.7 billion Port of Açu, the largest in Latin America, marked the revival of a Brazilian logistics hub many thought doomed when the empire of its former billionaire owner collapsed. [Gcaptain.com, Oilpro]
Shell Ends Sponsorship Of Houston Open After 26-Year Run. 2017 will be the final year of Shell Oil’s title sponsorship of the Shell Houston Open. The company informed the PGA TOUR and the Houston Golf Association of its decision on Wednesday. [Oilpro]
Leading Site Of Iranian Oil Production Is Subject To Massive Closures. Some 60 percent of industrial and production units in Gachsaran, southwestern Iran, have been closed and a number of workers in these units are unemployed, the clerical regime’s news agencies reported this week. [ncr-iran.org, Oilpro]
Aminex Commissions Gas Production From Kiliwani North Development. Aminex says it has complete commissioning of the power generation system and other auxiliary facilities at its Kiliwani North Development in Tanzania. The operator began commissioning of the gas plant and subsea pipeline on June 1. [Oilpro]
Atlantic Navigation Orders 7 Newbuilds To Support Middle East Charter Deal. Singapore-listed Atlantic Navigation has place orders with a Chinese shipyard for seven newbuild offshore vessels to support five-year charters it has won from a Middle Eastern national oil company. [Splash 247, Oilpro]
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