HOME

Track your shipment

Client Testimonials

"We wish to convey our sincere thanks to your organization which has been professionally handling our biz since 2003. We would like to take this opportunity to thank everyone of your staff members who supported and helped us during the hard times and gave us workable solutions and ideas to reach our business objectives. Al Rana Equipment & Machinery Trading Eng. Bassam Nowfat - Managing Director"

Al Rana Equipment & Machinery Trading,
View All

Subscribe To NewsLetter

Stay Updated with the latest news & Events and other activities

Subscribe Me !

International News

U.S. REFINERY SALES HIT THE BRAKES, WITH 5% OF CAPACITY ON BLOCK

From coast to coast, U.S. refineries are available for the taking, but nobody is buying.

With the news that Royal Dutch Shell Plc is looking to unload its Anacortes, Washington, facility, there are seven different U.S. refineries on the block now, accounting for about 5% of U.S. crude oil processing capacity, according to data compiled by Reuters.

In addition, new international shipping fuel regulations, known as IMO 2020, and the U.S. renewable fuels standard that requires refineries to blend biofuels into their gasoline pool, has proved a deterrent, as both are seen as potentially detrimental for refining margins.

Last week, Exxon Mobil Corp said fourth-quarter results would decline from the year-earlier period, citing weak margins in refining and chemicals.

They also face competition from two shuttered Caribbean plants due to restart in coming months that have easier access to overseas crude and more flexible fuel distribution systems.

Philadelphia Energy Solutions put its 335,000-bpd refinery up for sale as part of a bankruptcy proceeding, and is expected to review bids in an auction next week.

GLOBAL LNG-ASIAN PRICES EDGE HIGHER ON INDIAN DEMAND, MIDEAST TENSIONS

Asian spot prices for liquefied natural gas for cargoes delivered in February rose slightly, amid spot demand from India and tensions in the Middle East.

Bharat Petroleum Corp Ltd was seeking a cargo for delivery into Dahej on Feb.19 while Indian Oil Corp was seeking several cargoes for delivery in February and March through separate tenders, they added.

Gail was also looking for a cargo for delivery in February, and separately sold a cargo for loading in March from Sabine Pass LNG plant in the United States and bought a cargo for delivery into Dahej or Dabhol in early February through a swap tender, they said.

China imported a record high monthly volume of LNG in December, overtaking Japan as the world’s top importer of the fuel for a second consecutive month, ship tracking data from Refinitiv Eikon showed.

WHAT CHANGED ENERGY MARKETS IN THE 2010S?

The 2010s saw a seismic shift across the energy sector. This week, Wood Mackenzie’s analysts identify five major themes and trends, from the U.S. energy resurgence to geopolitical tension and an awakening to climate change, which changed the industry forever.

First, in 2014, the U.S. imposed sanctions on Russia following the invasion of Crimea. Second, in 2017, President Trump announced the U.S. exit from the Paris Agreement of 2015, spurning the global climate change deal that needs both multi-lateral co-operation and leadership from the world’s biggest economy to succeed. An awakening to climate change: Zero-carbon technologies entered the mainstream. Power generation from solar and wind shifted from subsidized luxury in developed economies to cost-competitive disruptor as costs plummeted.

GLOBAL OIL AND GAS DISCOVERIES REACH FOUR-YEAR HIGH IN 2019

The world’s oil and gas explorers powered ahead and discovered 12.2 billion barrels of oil equivalent in 2019, the highest volume since 2015, according to estimates from Rystad Energy. Last year recorded 26 discoveries of more than 100 million boe, with offshore regions dominating the list of new oil and gas deposits.

Rystad Energy estimates the value creation from these volumes to be around $2.7 billion, largely driven by the continued success in Guyana.

Off the coast of Mauritania, BP’s Orca gas field was not only the largest single discovery, but also the deepest-water find of 2019, estimated by Rystad Energy to hold about 1.3 billion boe of recoverable resources. Even so, many of 2019’s high-impact wells turned out to be duds, Shenga noted.

Although the discovered volumes for 2019 surpassed the preceding year, it was a disappointing year for high-profile wells as many prospects with significant estimated pre-drill resources failed to deliver. Over 10 billion barrels of estimated pre-drill volumes were at stake in wells that failed to encounter hydrocarbons.

COULD US-IRAN TENSIONS PUSH OIL PRICES OVER $100?

Brent crude jumped 1.4 percent to $69.21 per barrel in the middle of the Asian trade as two bases hosting US troops in Iraq were hit by ballistic missiles.

So-called safe haven assets, like gold and the Japanese yen, also rose on the news.

The attack happened just hours after the funeral service for Iranian commander Qasem Soleimani, who was killed by a US drone strike on Friday.

"However, unlike the direct drone attack on Aramco’s facilities in September, there hasn’t so far been any change to the region’s physical oil infrastructure – the was not an attack on tanks or pipelines. We see a decline in the price in 2020," he said.

Ranjith Raja, head of MENA Oil & Shipping Research, Refinitiv, told AB Live TV that any price spikes based on ‘perception’ are usually short-lived.

Thanks