TWP Files Onshore Scoping Report for Bowdun Offshore Wind Farm
Thistle Wind Partners (TWP), a consortium of DEME Concessions, Qair and Aspiravi, has submitted a scoping report for the onshore infrastructure related to its 1 GW Bowdun offshore wind farm in Scotland.The report provides information on the proposed onshore infrastructure and further outlines the approach to the Environmental Impact Assessment…
World's Top Traders Divided on Oil Outlook as Iran Sanctions Loom
The world's biggest trading houses said on Wednesday they saw oil prices not falling below $65 per barrel and possibly breaking above $100 next year as U.S. sanctions on Iran reduce crude exports from the Islamic republic.The range of views illustrates deep uncertainty among top industry players over the outlook, given the reimposition of sanctions on Iran and forecasts of slowing economies and energy demand in 2019…
Vitol's 2017 Traded Oil Volumes Edged Lower
Traded oil volumes edge lower, remain above 7 mln b/d. The world's largest oil trader Vitol said on Monday that its traded crude and products volumes fell slightly in 2017 as it focused on its mid and downstream acquisitions and added assets in the United States by acquiring Noble Group's oil business. The total volume was 349 million tonnes, down slightly from 351 million tonnes the previous year…
Hardy Takes Over as Vitol CEO
Ian Taylor, who helped build Vitol into the world's biggest oil trader, will step down as chief executive and continue as chairman, the company said on Friday, naming a long-time ally and insider, Russell Hardy, as the new group CEO. Taylor said two years ago he was battling cancer although he continued to travel the world, chasing deals from…
Where's the Money? Oil Traders Ask as Peak Demand Looms
Traders still see opportunities in oil trading as Mercuria bets on power markets in U.S., China. For major trading houses that ship millions of barrels of oil every day, the prospect of diminishing fuel demand and a shift to renewable power poses a brain-racking challenge with few obvious solutions. "It is a very fair question - what the hell are we going to do?" said Ian Taylor…
Oil Rises, but Doubts Swirl on Sustainability
Barclays raises Q1 2018 Brent forecast to $56 per barrel, but says Q2 2018 prices to fall back to $48 per barrel. Oil prices rose for a third day on Wednesday as OPEC said the market was gradually tightening after years of oversupply, but the 2018 outlook was less certain. Brent crude futures, the international benchmark for oil prices, were trading at $56.80 per barrel at 1129 GMT, up 19 cents.
U.S. Output 'Set for Last Spike' in 2018 - Vitol
U.S. oil output could be set for a last spike in 2018 before growth flattens for a number of years as rising costs make a big chunk of production uneconomic, the head of top oil trader Vitol, Ian Taylor, told Reuters. The United States has turned into a major oil exporter in recent years on the back of a shale revolution, which created a global…
Oil Below $47 as U.S. Inventories Fuel Glut Worries
API reports surprise increase in U.S. crude, gasoline stocks. Oil edged lower towards $47 a barrel on Wednesday after an industry report said U.S. inventories increased, reviving concerns that a three-year supply glut is far from over. The American Petroleum Institute (API) said on Tuesday U.S. crude inventories rose by 851,000 barrels last week, while analysts expected a decline.
Oil Settles Higher Ahead of Inventory Report
Oil settled higher on Tuesday as expectations of OPEC output curbs lifted prices despite forecasts that data would show a second straight weekly build in U.S. crude stockpiles. U.S. crude inventories likely rose by 2.4 million barrels in the week to Oct. 14, a Reuters poll of oil market analysts found. In the previous week to Oct 7, stocks grew by 4.9 million barrels.
Oil Steadies Ahead of Preliminary U.S. Inventory Report
Oil prices steadied on Tuesday, as the dollar relinquished early gains and expectations of OPEC output curbs lifted crude prices from session lows despite forecasts for data showing a second straight weekly build in U.S. crude stockpiles. U.S. crude inventories likely rose by 2.4 million barrels in the week to Oct. 14, a Reuters poll of oil market analysts found.
Oil Traders Doubt OPEC Deal Will Bring Heavy Supply Cuts
OPEC's deal to cut oil production is unlikely to result in a substantial reduction in supplies, some of the world's biggest oil trading companies said this week, meaning the market is unlikely to rebalance until well into 2017. The price of crude oil has stabilised around $50 a barrel since the Organization of the Petroleum Exporting Countries agreed the output deal on Sept. 28.
Vitol Says US Assets May Have Become Too Pricey
Trading house Vitol believes physical oil assets in the United States may have become a bit too pricey, potentially cooling appetite for them among trading houses that once viewed the U.S. oil industry as a prime acquisition target. Two years ago, as the U.S. shale oil boom flooded the world with excess oil and the country's drivers began fuelling up in record numbers on the cheaper gasoline, trading houses described U.S.
Vitol Chief who Opposed Brexit says Weak Pound Helps Costs
The head of energy trader Vitol who helped fund the unsuccessful campaign to keep Britain in the European Union said on Monday the pound's demise since the Brexit vote has helped to lower costs for his London offices. Ian Taylor, who is also a donor to the ruling Conservative Party, told a Reuters Global Commodities Summit it was too early to…
Vitol CEO: No Oil Rebalance until 2018
The chief executive of Vitol, the world's largest oil trader, said on Wednesday he did not see the global oil market tightening before 2018. He also expressed scepticism over the significance of a potential OPEC deal on freezing production. "If you freeze production at a level that is clearly above demand ... is that bullish?" Ian Taylor asked a Bloomberg conference in London.
Trading Houses Predict Cautious Rise in Oil Prices
Oil prices have probably bottomed out and will rise from now on though the recovery will be slow due to a huge stocks overhang, some of the biggest oil trading executives said on Tuesday. "The downturn in oil markets is behind us ... The trend is now up ... But rebalancing will take time. We will probably continue to build stocks for some time," Torbjorn Tornqvist, the head of Gunvor, told the FT Commodities Summit.
Vitol's 2015 Revenue Sinks 38% to $168 Bln
Vitol's 2015 revenue fell 38 percent to $168 billion in "challenging" market conditions, the commodity trader said on Tuesday. The world's largest independent energy trader's sharp fall in revenue came despite traded volumes of crude oil and products rising 13 percent to 303 million tonnes. "Whilst the market structure favours a physical trader…
Vitol Now Sees Global Demand Growing 1 Million bpd
The world's top oil trader Vitol sees global oil demand growing by up to 1 million barrels per day (bpd) in 2016, sharply decelerating from last year as the effect of low oil prices fades. Vitol executive member Chris Bake said at an industry conference in London the Swiss-based trader expects global oil demand to grow by 800,000 to 1 million bpd this year due to slowing demand in developing markets such as China and India.
"Peak Demand" Could Spell End of $100 Oil
As oil supplies are abundant, demand could hit apex; shift to cleaner energy to hit oil consumption. Just as the energy industry has brushed aside concerns that the world could run out of oil, industry executives now say they believe it is demand, rather than supply, that is nearing its apex. In 1985, Ian Taylor, today the chief executive of the world's largest oil trader Vitol…
Traders: OPEC to Keep Output High
Trading houses expect OPEC to keep focus on market share; market can probably accommodate more Iranian oil. Saudi Arabia and the other big Middle East oil producers in OPEC will keep pumping hard to build market share despite mounting over-supply that has brought prices to six-year lows, the world's top traders say. The Organization of the Petroleum…
Oil Steadies but Outlook Uncertain
Vitol sees oil struggling to break above $60 by end-2016. Oil prices steadied on Tuesday after a week of falls, but the outlook was uncertain with the head of the world's biggest independent oil trader saying the market would struggle to recover much ground over the next year. Brent crude dropped $1.85 a barrel, or 3.7 percent, on Monday and was down 10 cents at $48.51 by 1200 GMT. U.S.
