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Algeria’s energy exports are plunging, threatening financial suffering for OPEC member and potential repeat of mass demonstrations that toppled president 2years ago. The North African nation’s struggling to keep up shipments, lifeblood of economy as years of mismanagement and lack of investment take their toll. Decrease is so severe that Algeria might cease to be a crude exporter within decade.
According to the Alliance for the Support of Legitimacy in Yemen, SNS Company’s two giant oil tankers were attacked by Houthi militia in the Red Sea on Wednesday. The shipments had two million barrels of crude oil each. All shipments of crude oil passing through the Straits of Mandab have been suspended by Saudi Minister of Energy, Industry, and Mineral Resources, with immediate effect until the navigation becomes safe.
Leading offshore drilling service provider, Transocean yesterday released the fleet status report for this quarter, which contains the current status, and contract information of the drilling rigs of the firm. The company’s present backlog according to the report is $11.7 billion. The four floaters, Deepwater Discovery, Deepwater Frontier, Deepwater Millennium and Songa Trym have been abdicated by the company in an environment-friendly manner.
Singapore-based PACC Offshore Services Holdings (POSH) has renewed the ship agency contract with GAC Angola. POSH, which is an offshore marine services provider, is taking services from GAC for Soyo and Luanda, but the renewed contract has included Cabinda as well. The contract requires GAC to provide an integrated range of services for the POSH fleet at all Angolan ports.
Iran and Venezuela have been constantly in the news for driving the oil prices higher, with Brent Crude touching $80/bbl mark last week. However, analysts believe that the upcoming regulation of limiting sulfur in the fuel used by ships can greatly accelerate the oil prices. International Maritime Organization (IMO) has said that the global sulfur limit on fuel oil will be set at 0.5% from 2020.
Maersk, Denmark's shipping giant, is all set to wind down its operations in Iran, in response to the US pulling out of the nuclear deal. The re-introduction of sanctions on Iran by US is probable, following a wind-down period for companies to get their affairs in the country in order. Maersk currently serves customers in the Iranian market via a feeder service, utilizing third-party vessels from Jebel Ali, Dubai.