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Oil

Read all the latest news about Oil. ShippingWatch gives you independent, credible, critical and fair news.

These are Norway's oil investments

Norway's Government Pension Fund Global recommends selling its stocks in oil and gas because it finds that Norway is too exposed to the sector. The fund has oil stocks worth hundreds of billions of Norwegian kroner. Learn here where the money is invested.

Nordea: Calm period for oil could be over

In a new estimate, Nordea Markets adjusts its forecast for the oil price over coming years. There is rising political unrest, while "the sky is the limit for the oil prices" if war breaks out in the Middle East, writes oil analyst Thina Saltvedt.

Maersk expects solution for Drilling within next year

Unemployed rigs and the decision to hand off the drilling division have resulted in a major impairment for Maersk Group. The group states that "a structural solution for Maersk Supply Service, remains to be defined" within the next 12 months. Meanwhile, Maersk Oil saw its result roar ahead in this year's third quarter.

Tanker carriers could be hit by oil peak earlier than expected

The demand for oil could peak before many stakeholders expect, say several analysts. They advise tanker carriers to take it seriously when setting out future strategy, while there is some indication that at least one carrier is already in the midst of a transition.

Analyst: Oil market at its most solid since before collapse

Following the summer downturn, the oil price rose to its highest level in over two years this week. The oil countries' production cap has generated optimism among analysts speaking to ShippingWatch. However, it is critical the production cuts are extended, or prices could slip again.

Oil output threatened as Norway explorers neglect North Sea

Norway's oil output could come under further pressure because oil explorers are neglecting the North Sea. This development could exacerbate an expected slump in the country's oil production in the middle of the next decade, regulator warns.

BP enjoys major upstream success

The oil major grew nine percent in the third quarter with support from a higher oil price. Now a share buy-back program will be launched.

New owners in the North Sea will put pressure on costs

2017 has brought an entirely new concentration of owners of oil fields in the North Sea, which could put renewed pressure on costs and thus suppliers. Aker BP's costs need to be reduced further than the current USD 11 per barrel, CEO Karl Johnny Hersvik tells ShippingWatch.

Aker BP buys Hess Norway for USD 2 billion

Aker BP has acquired Hess Norway for USD 2 billion, informs the company. The deal makes Aker BP sole owner of several fields which, according to the company, hold significant potential.

Vitol concerned about Iraqi-Kurdistan conflict

There is a risk that exports will be impacted by the conflict in northern Iraq, where the Iraqi army has taken over several oil fields in the Kirkuk region, says Vitol's CEO to Financial Times.

Fewer floating oil storages off Singapore

There are now far fewer tanker vessels floating off the coast of Singapore serving as floating oil storages, and volumes have dropped to the lowest level since 2016, reports Bloomberg.

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