News and information about the petroleum industry including:
DryShips sells its fleet and gambles on offshore.
Crude prices are down and most think it will go lower.
China cuts way back on consumption.
Employee cutbacks and streamlining.
Demolition is way up for both rigs and vessels.
Routes are changing for vessels due to decreased fuel costs and changing markets.
Contango (the act of storing fuel in ships for future sale) is on the rise.
China and the US have boosted reserves to record levels.
The Iran nuclear deal means even more oil production.
OPEC won’t cut and wants to maintain and grab more market share.