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Iran finds Doha meeting, despite failure, a positive step
Iran's oil minister said on Saturday that last week’s Doha meeting to freeze oil production, despite its failure, was a positive step and Iran would support any plan to stabilise the market.
“Doha meeting was not fruitful but we see it as a positive step as it initiated negotiations between OPEC and non-OPEC member countries and showed to the main oil producers in OPEC that something should be done to change the situation,” Bijan Namdar Zanganeh was quoted as saying by the oil ministry's news agency, SHANA.
Zanganeh, who was meeting the energy minister of South Africa in Tehran, added that Iran's oil production has increased by 1 million barrel per day since the lifting of international sanctions on Iran in January. He said Iran will continue increasing oil production until it regains its lost share of oil market.
Source: Reuters (Reporting by Bozorgmehr Sharafedin; Editing by Toby Chopra)Posted On:25-Apr-2016
Credits: www.hellenicshippingnews.com |
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WTI MEH moves into premium to Gulf Coast benchmark LLS
Normally at a discount to Light Louisiana Sweet, Platts assessed WTI MEH on Friday at its highest premium to the regional sweet crude benchmark since mid-January.
Exportability from the US Gulf Coast has served to prop up MEH, which represents WTI Midland crude at the Magellan East Houston Terminal. In the past week, a regional trader was heard to have purchased WTI Midland crude for export to Europe.
In the past week, LLS has been pressured downward from decreased demand as LyondellBasell reduced operating capacity to 75% at its Houston refinery to allow for repairs at its fire-damaged facility.
Assessed at WTI cash plus $1.45/b, WTI MEH was at a 45 cent/b premium to regional sweet benchmark LLS on Friday. For the first four months of the year, LLS has typically been at a premium to the Permian crude, with LLS averaging a premium of 23 cents/b in January, 42 cents/b in February, 35 cents/b in March and 26 cents/b to date in April.
Source: PlattsPosted On:25-Apr-2016
Credits: www.hellenicshippingnews.com |
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Supporting Kenya's maritime security
IMO is leading a maritime security table-top exercise in Mombasa, Kenya (21-22 April) as part of the Organization's continuing work to implement the Djibouti Code of Conduct. National officials from all key ministries and departments are taking part in a range of evolving scenarios involving both routine business and during an incident, which aim to promote an integrated, whole-of-government approach to maritime security measures and maritime law enforcement. This includes supporting Kenya's national capacity to perform coastguard functions through inter-agency cooperation and development of maritime strategies and contingency plans.
The workshop is the fifth maritime security exercise of this kind to be held in the Western Indian Ocean and Gulf of Aden region this year, having completed similar exercises in Djibouti, Maldives, Mozambique and the Seychelles. It was launched by Kenya's Principle Secretary for Shipping and Maritime Affairs, Mrs. Nancy Karigithu. IMO is being represented by Kiruja Micheni and a team of consultants.
Source: IMOPosted On:25-Apr-2016
Credits: www.hellenicshippingnews.com |
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