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OPEC and allied oil producers, a group known as OPEC+, agreed on Thursday to cut output by 10 million barrels per day (bpd) in May and June to help prop up prices battered the coranavirus crisis, the group said in a statement.It said the cuts would be eased between July and December to 8 million bpd and the reductions would then be relaxed further to 6 million barrels between January 2021 to April 2022.OPEC+ said it would hold another video conference meeting on June 10, to assess the market.

Saudi, Russia Closing in on Record Oil Cut Deal

6 hours ago

OPEC and it allies held talks on Thursday on record oil output curbs of about 15 million barrels per day (bpd) or more, roughly 15% of global supplies, to support prices hammered by the coronavirus crisis, sources involved in the discussions said.They said the plan included cuts of about 5 million bpd from producers outside the group known as OPEC+ and could be made gradually, as the group seeks to overcome resistance from the United States whose involvement they see as vital to a deal.Talks have been complicated by friction between OPEC leader Saudi Arabia and non-OPEC Russia, two of the world's biggest oil producers.

First YM Efficiency Containers Retrieved

8 hours ago

Work is underway to retrieve dozens of containers lost from a containership off the coast of Australia, with the first boxes raised to the surface this week. The first container was recovered from the seafloor on Monday using a hydraulic crane and rigging, remotely operated underwater vehicles (ROV) and a specially manufactured steel basket, the Australian Maritime Safety Authority said. Another two boxes were lifted in the days following.The recovered containers are among more than 80 lost from containership YM Efficiency in the Tasman Sea, about 30 kilometers off Australia's east coast, in 2018. To date, 62 containers have been located on the seafloor while another 14 are still missing.

Australian Police Take 'Black Box' off Cruise Ship in COVID-19 Homicide Probe

8 hours ago

Australian police said on Thursday they have taken the “black box” of a cruise ship which disembarked hundreds of passengers infected with the coronavirus in Sydney, as part of a homicide investigation into the country’s deadliest infection source.The investigation got underway as the Australian authorities said the rate of new coronavirus infections hit its lowest number in three weeks and began arranging more flights to bring home citizens stranded abroad.The Ruby Princess cruise ship, owned by Carnival Corp, has become a flashpoint of public anger in Australia after authorities granted the ship permission to disembark its 2,700 passengerslast month without health checks.

OPEC+ Considers Oil Cuts Above 12 Mln BPD

9 hours ago

OPEC, Russia and other allied producers, a grouping known as OPEC+, are considering cutting their oil output by more than 12 million barrels per day (bpd) and want other producers to contribute cuts of 5 million bpd, an OPEC+ source said on Thursday.(Reporting by OPEC team; Editing by Edmund Blair)

Maritime Reporter and Engineering News (March 2020)

Cruise Shipping Annual