Energy giant BP has reported record annual profits as it scaled back plans to reduce the amount of oil and gas it produces by 2030. The company’s profits more than doubled to $27.7bn (£23bn) in 2022, as energy prices soared after Russia invaded Ukraine. Other energy firms have seen similar rises,...
https://www.hellenicshippingnews.com/bp-scales-back-climate-targets-as-profits-hit-record/
Emerging market bond and equity funds received heavy inflows in January after a dry patch last year, aided by China’s reopening and softening inflation pressures worldwide. According to Refinitiv Lipper data, which covers over 33,700 emerging market (EM) funds, EM equity funds received $13.2...
U.S. crude production will rise in 2023, while demand will stay flat, the U.S. Energy Information Administration (EIA) said in its Short Term Energy Outlook (STEO) on Tuesday. The EIA projected that crude production will rise to 12.49 million barrels per day (bpd) in 2023 and 12.65 million bpd in...
https://www.hellenicshippingnews.com/u-s-crude-output-to-rise-in-2023-while-demand-to-stay-flat-eia/
Energy- Ceyhan terminal restart Turkey yesterday ordered the restart of oil flows to the Ceyhan export terminal after flows were suspended as a precaution following the devastating earthquake which hit Turkey and Syria. The terminal ships around 1MMbbls/d of Azerbaijani and Iraqi crude oil from the...
https://www.hellenicshippingnews.com/the-commodities-feed-ceyhan-flows-ordered-to-restart/
The international shipping industry has a fundamental role in keeping goods moving around the world, so disruption to the sector can have a detrimental impact on the ability of businesses around the world to trade. Here, the IOE&IT Daily Update rounds up the latest news from the industry, including...
Taiwan’s Formosa Petrochemical Corp 6505 has resumed spot sales for 10 ppm sulphur gasoil cargoes loading in March, several sources close to the matter said on Tuesday. The refiner is looking to offload around one 750,000-barrel cargo via a sales tender closing on Feb. 8 after skipping offers for...
Yesterday, the International Union of Marine Insurance (IUMI) held its annual Winter Meeting in London; this is its first meeting of the year. Fundamental challenges facing the marine insurance market were on the agenda, and IUMI said it would play an important role this year as it meets difficult...
Powell: Labour markets remain a risk, but inflation to return to target by next year Following Friday’s jobs report we have started to get the reactions of Federal Reserve officials and today it is the turn of Chair Jerome Powell. Speaking to the Economics Club of Washington he again stated that...
https://www.hellenicshippingnews.com/fed-still-looks-for-disinflation-despite-jobs-shock/
Soft wheat exports from the European Union in the 2022/23 season that started in July had reached 19.05 million tonnes by Feb. 5, up nearly 7% from 17.85 million by the same week in 2021/22, data published by the European Commission showed on Tuesday. EU barley exports so far in 2022/23 totalled...
After vouching last week that a “gratifying” drop in inflation was underway, Federal Reserve Chair Jerome Powell will face questions on Tuesday about whether a blowout January jobs report has shaken his confidence the decline can continue without harsher steps by the U.S. central bank to slow the...