Mid-Week Review – February 19, 2020
Waiting on an IMO Diesel Spike
One of the widely-held expectations concerning the International Maritime Organization’s (IMO) 2020 sulfur cap on marine fuels was that the price of gasoil/diesel would spike in the opening months of 2020, as demand for gasoil in the bunker market would strain existing supplies and push prices higher. Six weeks into the new regulatory regime and the market has yet to see that spike, with prices across the globe instead trending lower since the start of the new year.
U.S. Imposes Sanctions on Russian Oil Company Supporting Venezuela’s Leader
The United States on Tuesday imposed tough economic sanctions against a Russian oil giant that is keeping Venezuela’s ruling government afloat, gambling that the newest penalties against President Nicolás Maduro will not roil global oil prices.
China Could Grant Tariff Exemptions on U.S. Oil And LNG
China has opened for applications for tariff exemptions on a number of U.S. products and commodities including crude oil and liquefied natural gas. Tariffs were blamed for the slump in U.S. oil and LNG exports to China, which is one of the biggest importers for both commodities. They also interfered with U.S. LNG companies’ plans for new export capacity.
Boston Dynamics Robot Dog Goes on Patrol at Norwegian Oil Rig
Developed by Boston Dynamics Inc., the robot is set to start patrolling Aker BP’s oil and gas production vessel at the Skarv field in the Norwegian Sea this year, testing its ability to run inspections, detect hydrocarbon leaks, gather data and generate reports.
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