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Photo: Nabil al-Jurani/Polfoto/Arkiv

Oil set for first annual gain in four years before OPEC supply cuts

Offshore:

The North Sea reference oil Brent looks on track for first annual advance in four years ahead of supply reductions from OPEC and other producing nations come into force next month.


BY BEN SHARPLES AND TSUYOSHI INAJIMA, BLOOMBERG
Published 30.12.16 at 11:30

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Most read Offshore

Oil output is diving – but what about the US?

Skifer olie north dakota Williston 2013 5x3.jpg Offshore:

The countries behind the agreement to reduce the oil output have so far been able to cut production by 1.5 million barrels per day. This happens while the number of active oil rigs in the US is on the rise, notes Global Risk Management.

Statoil: Two accidents could have seen fatal outcomes

Offshore:

Statoil has just completed a report related to a well accident in the Troll field and a hydrogen leakage at production facility Mongstad. The company acknowledges that the two incidents could have resulted in fatalities.

Søren Skou: IPOs most likely solution for Maersk Energy

Offshore:

Maersk Group CEO Søren Skou says in an interview with Bloomberg TV during the Davos summit that he thinks the most likely scenario for the group's energy business is an IPO. Søren Skou also projects increasing global trade.

48,300 Norwegian oil jobs have vanished

Offshore:

Since 2013, the number of people directly employed by the Norwegian oil and gas industry has been reduced by over 20 percent, according to new data from Statistics Norway.

Court names Monjasa in protracted bunker fraud case

Offshore:

A Danish court has lifted its court-ordered anonymity in a protracted fraud case against Danish bunker company Monjasa, which was found guilty of perpetrating gross fraud against a Malaysian customer. Partner Jan Jacobsen was also found guilty and given a prison sentence of 3.5 years.

Dong report confirms oil and gas is on the way out

Offshore:

There is no doubt that the future Dong Energy will not focus on oil and gas. The impending 2016 financial report will present the oil and gas division as a discontinuing operation.

Current front page

Countdown to the alliances' battle for Asia-Europe

hamburgsud4.jpg Container:

The container carriers divided themselves into three major alliances during 2016, and in April these alliances will start to battle it out on the industry's key tradelane from Asia to North Europe. SeaIntel tries to pick a winner among 2M, Ocean Alliance, and The Alliance.

Thorco chairman: German banks are monopolizing the market

Bulk:

The multipurpose carrier Thorco Projects is working to create an alternative to new and large companies in Germany, where the banks have boosted an industry consolidation, says chariman.

ECSA sees one upside to the EU's scrapping regulations

Carriers:

The European Community Shipowners' Associations, ECSA, has voiced fierce criticism toward the EU's list of approved ship recycling facilities. But the association is now taking a more positive stance, viewing the list as a means that can help ensure implementation of the Hong Kong convention.

Oil output is diving – but what about the US?

Offshore:

The countries behind the agreement to reduce the oil output have so far been able to cut production by 1.5 million barrels per day. This happens while the number of active oil rigs in the US is on the rise, notes Global Risk Management.

Citigroup kicks off sale of HSH Nordbank

Suppliers:

The efforts to find a buyer for German shipping bank HSH Nordbank are now officially underway, states Citigroup, which is handling the sale, in a statement Monday.

Svitzer increases activities in Brazil

Carriers:

Svitzer will more than double the number of tugs under Brazilian flag, so that the fleet will reach ten vessels by the end of the year. The Maersk Group's carrier is also expanding its Brazilian business, which has secured two new execs.

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