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

US supertanker terminal set to export oil for first time

The biggest crude oil imports terminal in the US is testing one of the sector's biggest tankers to load an export cargo for the first time. This could represent a step forward in US capacity to export its rising oil production.

Hedge funds are betting big on oil

Hedge funds are setting new records for wagers on sustained oil price increases, while producers are hedging their output at record rates as oil has best January since 2006.

Saudi minister calls for prolonged oil collaboration

According to Saudi Arabia's energy minister, the cooperation between the world's largest oil-producing countries should continue beyond 2018. However, the extended collaboration does not necessarily have to stick to the countries' current production cap.

Norway awards record number of new oil licenses

The Norwegian Shelf will be a busy workplace over coming years if the oil companies seize the opportunity and utilize the many licenses they have just been awarded. Statoil and Aker BP were the big winners.

Several states oppose Trump's drilling license sales

Multiple coastal states in the US are seeking exemption from a planned sale of new oil and gas licenses in US waters. One state is already exempt. The expansion is part of President Donald Trump's efforts to strengthen the oil industry.

Oil price poised to break through new surprising price ceiling

While the offshore sector is improving and there is renewed optimism, carriers are beginning to feel the pain. Not just among tankers, which transport oil, but all carriers which pay for fuel. Now, the price is about to break a new all-time price ceiling.

Petrobras enters billion-dollar settlement in US case

Brazilian oil company Petrobras has agreed to settle in a US case, in which several investors accused the company of inflicting losses on them in connection with a huge corruption scandal. The settlement is worth billions of US dollars.

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