Oil prices may rise to $60 a barrel by the end of this year or by early 2018 as OPEC and non-OPEC producers are expected to extend supply cuts beyond March, while oil inventories continue to decline, a former Saudi energy ministry official said in a speech Washington. “With the current arrangement and commitment of major producers, and their willingness to adjust and extend the agreement, I believe as commercial oil stocks continue to contract, oil prices will gradually incre

Palm oil demand is seen rising on a widening price differential with its rival oilseed soy, spurred by dry weather in the United States, prompting buyers to switch to the cheaper tropical oil, as key purchasing market China replenishes its palm oil port stocks, which have slid to seven-month lows. Benchmark palm oil prices are expected to decline in the second half of the year as production sees seasonal gains. Palm has shed about 17 percent of its value so far this year, and

The United States and Canada are moving closer to phase out the use of heavy fuel oil (HFO) from vessels operating in the Arctic waters through a strategy to rid the region of the dirtiest marine fuel, according to the Clean Arctic Alliance. Namely, the countries are launching the first processes ever to identify sustainable shipping lanes throughout their connected Arctic waters, in collaboration with Northern and Indigenous partners. The US and Canada have also agreed to pr

Two oil tankers suffered little damage after they collided in the morning hours of September 21, according to Belgian Maritime Rescue and Coordination Centre (MRCC). The vessels in question are the 50,215 dwt Ridgebury Katherine Z and the 73,334 dwt Maistros, both built in 2009. The cause of the incident, which occurred in the Belgian part of the Noth Sea some 30 km off the coast of Ostend, is still unknown, according to the authority. An investigation into the sequence of ev

A lot of green technologies revolve around efficiency. Normally it is about making more with the same amount of energy. Sicco Kamminga of the company Nortek BV does the same, only he makes data more efficient. With a technique called SeaDarQ, a radar-based tool, it is easy to spot oil spills from a large distance, making the cleaning process much more effective. “With SeaDarQ you can detect the oil before it washes ashore. Cleaning up oil when it floats on water is much easie