200 million barrels of oil are currently “floating” in world’s seas, stored in about 125 supertankers waiting in line outside ports. Low oil prices led to a supply glut. So, the amount of crude oil to be shipped is so huge that barrels can’t be offloaded even in the largest ports.
Reuters reveals yet another crazy consequence of oil global market. The huge vessels – they would form a 40-kilometre line if they queue up – are shipping oil worth around 7.5 billion dollars at current market prices. One captain told, requesting anonymity because he is not authorized to speak to the press, his tanker had been anchored off Qingdao in north-eastern China since late March. “Fortunately, we have a piano, drums, crew who play guitar, and more than 1,000 DVDs”.
Currently, offloading vessels in international ports takes three weeks on average. In December, delays worsen and three oil tankers – the Vendome Street, the Atlantic Star and the Atlantic Titan – preferred to go back. They were crossing the Gulf of Mexico headed to Europe.
According to the CNN, the amount of “floating” crude oil soared to nearly triple the normal level in November. In other words, shipping vessels are turning into floating storages – with the environmental risks they bring about.
Moreover, other supertankers are ready to set sail. They were commissioned when oil prices were high enough to expect huge revenues for big companies. These new vessels – filled with more oil – will soon sail the seas. According to the Wall Street Journal, this is likely to further lower oil prices. On the other hand, it will further increase the “traffic jam” at sea.
Oil isn’t attractive anymore. The coral reef and the ocean are worth more protecting instead. This is the historic decision made by Belize, small Central American country on the border with Mexico and Guatemala that has banned all future oil explorations within its territorial water in order to protect its great barrier reef. The Belize
These are the top news stories of 2017 and the people who have most left a mark on a year that has been intense yet also rewarding from the point of view of social and environmental sustainability.
AXA, one of the world’s biggest financial services companies, is dumping investments in tar sands and ending insurance for controversial oil pipelines, taking fossil fuel divestment to new heights.
AXA Investment Managers, a France-based investment service provider, has pledged to divest 165 million euros (175 million dollars) of its fixed-income portfolios and 12 million euros (13 million euros) of equities portfolios as a result of its new coal policy. It announced that it won’t invest in companies that derive more than 50 per cent of their
The Canadian oil company Pacific E&P, who had been granted the right to explore and extract oil in the Peruvian Amazon by the national government, has halted its exploration activities in block 135 of the rainforest (which is divided into “blocks” of oil and gas exploration). The company released a statement saying it “has made the decision to relinquish its exploration
The Bakken or Dakota Access Pipeline (DAPL), an underground oil pipeline project in the United States, is owned by a network of oil and pipeline companies, joint ventures and holding companies. After Trump revived it in January without the consent of the Sioux indigenous tribe affected by it and flouting environmental laws, many investors both from the US
Abortion, torture, pipelines, trade agreements, LGBT rights and the US-Mexico border wall. What happened during Trump’s first week leading the United States.