Petroleum industry

Colonial Pipeline began to slowly restart the nation's largest fuel pipeline network on Wednesday after a ransomware attack shut the line, triggering fuel shortages and panic buying in the southeastern United States.

Turkey's first floating LNG storage and gasification vessel (FSRU) "Ertuğrul Gazi" is registered to the Turkish International Ship Registry on March 3.

According to the social media account of the Ministry of Transport and Infrastructure's General Directorate of Maritime Affairs, Ertuğrul Gazi flew the Turkish flag.

They send the floating drilling rig Yavuz to the region – New provocations by Erdogan

An oil and gas exploration platform in the Black Sea. Photo: EPA-EFE/VASSIL DONEV

A consortium of Italy's Eni and Russia's Novatek plans on March 25 to start exploratory oil and gas drilling offshore from Montenegro under a concession contract signed in 2016.

The cost of the most popular gasoline A95 will up and its price is expected to reach BGN 2 per liter, forecast owners of small gas stations, bTV reported.

Fuel prices have jumped by BGN 0,17-0,18 per liter wholesale and by 0,10-0,12 in retail network.

The International Energy Agency (IEA) has lowered its oil demand forecasts by the end of the current year and 2021 as a result of lower air fuel consumption due to the lower number of air passengers as a result of the second wave of coronavirus pandemic.

The global death toll from the coronavirus neared 400,000 on June 7 with fatalities accelerating in Latin America, as oil-producing countries agreed to extend output cuts to offset a collapse in prices caused by the pandemic.    

Turkey has intensified hydrocarbon exploration and drilling activities in the Eastern Mediterranean despite the COVID-19 pandemic, which along with low oil prices has caused the temporary suspension of activities of foreign oil companies in the region.

Despite the negative consequences of the pandemic on drilling plans in the region, Turkey is expanding its operations.

The domestic market is following international developments in the oil industry in awe as rates plummet, with projections for the coming weeks remaining uncertain as analysts await June futures to obtain a clearer picture.

Brent oil price dived below $30 per barrel on April 14 with rising oversupply in the global market due to low oil consumption around the world.

Price of the international benchmark hit $29.85 a barrel at 1548GMT for a daily loss of 5.95% after closing Monday at $31.74 per barrel.