TOR acquires 120-tonne boiler to be power sufficient
The Tema Oil Refinery (TOR) has acquired a 120-tonne-per-hour boiler to assist in the production of steam for onward conversion into electricity for the operations of the refinery. That will help the company to wean itself off the national grid and make it self-sufficient in energy supply. Currently, TOR consumes 7.5MW of power at peak […]
What’s Behind The Latest Oil Price Plunge?
The mercurial nature of the oil market has flipped the mood in the past two weeks from hysterical expectations of severely reduced supply from Iran to concerns over the pace of global economic and oil demand growth. Trade wars, weakening emerging markets and currencies, and the strengthening U.S. dollar began to overshadow market fears that […]
Petro-States Face Extinction
Petro-states urgently need to begin diversifying their economies, shifting away from oil production, or else they face financial risks in the years ahead. That conclusion comes from the IEA’s new report, “Outlook for Producer Economies,” which warns that a changing energy system threatens the economies of oil-producing countries. The threat comes in multiple forms, both […]
Why Oil Prices Could Still Go Lower
Crude markets had a panic attack in August and September that sent prices soaring. Sanity is now returning. Prices have fallen but are likely to move even lower over the next few months. The panic attack was caused largely by Trump’s August 7 announcement that sanctions would be re-imposed on Iran. Anxiety about the effect […]
Is A Diesel Crunch Coming?
The new ship fuel regulations coming into force at the start of 2020 are set to create an initial confusion on the refining market and crude oil and oil product trade flows, analysts and industry experts say. We are now just 14 months away from January 1, 2020—the start date which the International Maritime Organization […]
