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Suez Canal Authority won’t seek arbitration on Ever Given ship

- Ever Given blocked international trade in Suez Canal after it ran aground in the waterway in March

home > Middle East-Africa 31.05.2021 10:16

Suez Canal Authority won’t seek arbitration on Ever Given ship

The Suez Canal Authority (SCA) said Sunday it will not resort to international arbitration in the case of Ever Given container ship, which ran aground in the waterway more than two months ago.

'We will not resort to international arbitration because the Egyptian judiciary has jurisdiction in the case of the stranded ship as it occurred on Egyptian territory,” lawyer Khaled Abu Bakr said during a press conference organized by the SCA.

Abu Bakr said the owners of the ship have expressed readiness to “reach mutually satisfactory solutions”.

On March 25, the 400-meter-long (1,312-foot) Ever Given, owned by Japanese firm Shoei Kisen KK, was sailing from China to the Netherlands with almost 220,000 tons of goods when it ran aground in the Suez Canal.

The accident caused the blocking of international trade in one of the main waterways in the world where more than 320 ships, including oil tankers were stuck on the entrances of the canal, sparking a crisis in the world supply chain, especially in Europe.

It took six days of joint efforts to pull the stuck ship and successfully re-floated it.

The SCA initially demanded $916.6 million in compensation but later lowered it to $550 million.

On Saturday, an Egyptian economic court adjourned the hearing of the case involving the SCA and the giant container’s owners to June 20 to give the sides a chance to settle their differences out of court and reach a financial settlement.

Reporting by Diana Shalhub in Cairo

Writing by Ibrahim Mukhtar

Anadolu Agency

energy@aa.com.tr


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28.02.2022 Oil , International Organization , World , Europe , Eurasia , Asia , Americas , Middle East-Africa

Oil up over supply worries after fresh sanctions on Russia

- Rising tension in Eastern Europe, coupled with new sanctions on Russia, is raising fears of supply disruptions, pushing prices higher
26.02.2022 Oil , World , Europe , Eurasia , Asia , Americas , Middle East-Africa

Iran has capacity to supply natural gas to world: President

- Speaking at GECF summit in Doha, Ebrahim Raisi calls for security of global energy market
24.02.2022 Natural Gas , World , Middle East-Africa

Oil prices stabilize over softer-than-expected sanctions on Russia

-Possible return of Iranian oil also caps price rises
23.02.2022 Oil , World , Europe , Eurasia , Asia , Americas , Middle East-Africa

Oil prices climb over growing tensions in Ukraine

- More rises expected in event of supply disruptions after Russia’s decision to recognize sovereignty of Ukraine’s Donetsk and Luhansk regions
22.02.2022 Oil , World , Europe , Eurasia , Asia , Americas , Middle East-Africa

Oil down with Ukraine crises, Iran nuclear deal nearing completion

- Up to 900,000 barrels per day of crude oil could be released if Iran returns to market
21.02.2022 Oil , World , Europe , Eurasia , Asia , Americas , Middle East-Africa

Iran reports 'never this close' to new nuclear deal

- Tehran is trying to reach a deal and it is optimistic, Iran's foreign minister tells Munich Security Conference
21.02.2022 World , Middle East-Africa

Oil prices continue descent as US-Iran talks near end

- Conclusion to nuclear talks could lead to Iranian oil supplies returning to global market
19.02.2022 Oil , International Relations , Americas , Middle East-Africa

Iran needs nuclear energy, not nuclear bomb: Khamenei

- Iran's supreme leader says world is becoming increasingly reliant on nuclear energy
19.02.2022 International Relations , World , Europe , Middle East-Africa

Oil prices retreat on positive progress in US-Iran talks

- US commercial crude oil inventories rise by 1.1 million barrels against expectation of 1.8 million-barrel draw
17.02.2022 Oil , International Relations , Americas , Middle East-Africa

Dragon Oil announces historic oil discovery in Gulf of Suez

-Company says 100 million barrels of oil is largest find in area in last 20 years
17.02.2022 Oil , World , Middle East-Africa

Saudi Aramco signs crude supply deal with Egyptian petrochemicals firm

- Aramco will supply 100,000 barrels per day of Arabian Crude to planned refining and petrochemical complex in Egypt’s Suez Canal Economic Zone
16.02.2022 Oil , Refining/Petro Chemistry , World , Middle East-Africa

Oil retreats as investors gauge Russian threat in Ukraine

- Both benchmarks fell more than 3% after Russia announced a partial removal from its border with Ukraine on Tuesday
16.02.2022 Oil , World , Europe , Eurasia , Asia , Americas , Middle East-Africa

Oil prices to hit over $100 per barrel in 2022: Analysts

- Declining OPEC+ spare capacity poses threat for oil market while tension in Eastern Europe exerts additional price pressure, says Int. Energy Agency
16.02.2022 Oil , World , Europe , Eurasia , Asia , Americas , Middle East-Africa

Oil down over rising investor appetite for profit-taking

- Mounting tension in Eastern Europe continues to uphold high prices, while possible return of Iran to oil market limits further increases
16.02.2022 Oil , World , Europe , Eurasia , Asia , Americas , Middle East-Africa

Oil up on fears of supply disruption in Eastern Europe

- OPEC+ spare capacity is not enough to compensate for supply disruptions, and exposes oil markets to more vulnerabilities while underpinning higher prices: IEA
15.02.2022 Oil , World , Europe , Eurasia , Asia , Americas , Middle East-Africa

US high inflation data lowers oil prices

- Ongoing US-Iran talks also curb prices on possibility of more oil entering global markets
12.02.2022 Oil , Americas , Middle East-Africa

Oil prices decline despite data showing US crude drawdown

- Experts believe Brent oil could soar to $100 with uptick in fuel demand and ongoing geopolitical tensions
11.02.2022 Oil , Americas , Middle East-Africa

Oil prices up after unexpected drop in US stocks

- Drop in US stocks counters concerns of a possible supply increase from Iran
10.02.2022 Oil , Americas , Middle East-Africa

Oil prices show limited rises on prospect of sanctions lift on Iran

- Lifting sanctions on Iran will allow Iran to pump more oil into the market
09.02.2022 Oil , Americas , Middle East-Africa

Oil prices mixed on global supply outages, harsh weather in US

- Price rises are limited with US-Iran nuclear talks entering final phase
08.02.2022 Oil , Americas , Middle East-Africa

Oil prices up over supply outages in Libya, Nigeria

- Prices will come under downward pressure as long as OPEC+ continues its tight market policy, experts say
05.02.2022 Oil , World , Europe , Eurasia , Asia , Americas , Middle East-Africa

Abu Dhabi National Oil Co. announces gas discovery offshore Abu Dhabi

- Initial results show discovery of between 1.5 and 2 trillion standard cubic feet (TSCF) of raw gas, company says
04.02.2022 Oil , News from companies , World , Middle East-Africa

Oil edges higher ahead of OPEC+ oil producers meeting

-23-member group is expected to stick to its decision of increasing output by 400,000 barrels per day through March
02.02.2022 Oil , World , Europe , Eurasia , Asia , Americas , Middle East-Africa

Oil up on expectations of tight market due to OPEC+ output policy

-23-members of OPEC and allies, known as OPEC+, will hold ministerial meeting on Wednesday to review production policy
02.02.2022 Oil , World , Europe , Eurasia , Asia , Americas , Middle East-Africa

Oil up as political tension in Ukraine spurs supply fears

- Upcoming meeting of OPEC group and allies is not expected to help raise prices as group is set to maintain gradual increase policy
01.02.2022 Oil , World , Europe , Eurasia , Asia , Americas , Middle East-Africa

Geopolitical tensions and tight supply push oil prices higher

- Investors focus on meeting of OPEC+ producers scheduled for February 2
28.01.2022 Oil , Eurasia , Middle East-Africa

Oil prices fall amid Russia-Ukraine tension

- OPEC and allies, including Russia, are scheduled to meet on Feb. 2 to discuss supply plans
27.01.2022 Oil , Eurasia , Middle East-Africa

Oil prices down ahead of US Fed interest rate decision

- Ongoing tensions in the Middle East and Eastern Europe cap price hike
26.01.2022 Oil , Americas , Middle East-Africa

Oil price rises on growing geopolitical tensions and tight supply

- Experts say if geopolitical tensions increase further, major oil price escalation can be expected
26.01.2022 Oil , Eurasia , Americas , Middle East-Africa

Nigerian LNG vessel arrives in Turkiye

- Vivirt City vessel reaches destination in Turkiye on Monday
24.01.2022 Lng/Lpg , Turkey , Middle East-Africa , General

Oil up over supply tightness amid tensions in Eastern Europe, Middle East

- US officially orders “departure of eligible family members” of staff at its embassy in Kyiv
25.01.2022 Oil , Europe , Middle East-Africa

Oil prices end week with losses on high US gasoline stockpile

- Oil prices reach highest levels in seven years on Wednesday pushed by geopolitical tensions and supply disruptions
24.01.2022 Oil , Turkey , Eurasia , Americas , Middle East-Africa

Oil down, slashing weekly gains over massive build in US gasoline stocks

- US gasoline inventories increase by 5.9 million barrels, feeding investor jitters over demand fall in world’s largest oil consumer
22.01.2022 Oil , World , Europe , Eurasia , Asia , Americas , Middle East-Africa

Oil retreats on end to some supply woes, demand concerns from omicron

- Oil flow restarts on pipeline carrying oil from northern Iraq to Turkiye's southern port of Ceyhan
21.01.2022 Oil , Turkey , Americas , Middle East-Africa

Turkiye's key oil pipeline restarts after explosion: BOTAS

- Oil flow in 1,876-kilometer-long pipeline was halted due to fire for unknown reasons
20.01.2022 Oil , World , Turkey , Middle East-Africa

Oman and bp join forces for renewable energy and hydrogen development

- As part of agreement, bp will capture and evaluate solar and wind data from 8,000 square kilometers of land
20.01.2022 Finance , Renewable , Middle East-Africa

Oil sets new record amid rising tension in Middle East and Ukraine

- Disruptions in supply and geopolitical tensions push prices up to multiyear highs
20.01.2022 Oil , World , Europe , Eurasia , Asia , Americas , Middle East-Africa

Oil prices reach 7-year-high over Mideast tensions, supply woes

- Production by some members of OPEC+ group falls short of monthly targets, raising prices further
19.01.2022 Oil , World , Europe , Eurasia , Asia , Americas , Middle East-Africa

Greece dismisses suggestion it may rethink 12-mile territorial water claims in Aegean Sea

- Officials reiterate Athens's determination to extend territorial waters despite Turkey's objections
18.01.2022 World , Middle East-Africa

UK, Egypt vow to cooperate to fight climate change

- Senior officials affirm 'joint commitment to accelerating the fight against climate change during this critical decade'
18.01.2022 International Relations , Energy Projects , Europe , Middle East-Africa

Rocket hits near oilfield, US base in eastern Syria

- Sources say rocket targeted surrounding Green Village area where US forces stationed
18.01.2022 Oil , International Relations , Americas , Middle East-Africa

Saudi refinery firm Motiva among buyers of US emergency oil sales

-Based in Port Arthur, Texas, Motiva refinery is largest oil refinery in US with capacity of over 600,000 barrels of oil per day
15.01.2022 Oil , World , Americas , Middle East-Africa

Oil mixed over expected US Strategic Petroleum Reserves sale, US crude stock fall

- US commercial crude oil stocks decrease by 4.6 million barrels, exceeding market expectation of 1.95 million-barrel drop
14.01.2022 Oil , World , Europe , Eurasia , Asia , Americas , Middle East-Africa

Oil mixed amid demand uncertainties

- US Energy Information Administration predicts 1.08 million-barrel fall in crude stocks against 10.9 million-barrel build in gasoline stockpiles
13.01.2022 Oil , World , Europe , Eurasia , Asia , Americas , Middle East-Africa

Oil volatile over supply concerns in Kazakhstan, Libya

- Flight cancellations in US continue due to spread of omicron variant among staff, putting pressure on prices
11.01.2022 Oil , Coal , World , Europe , Eurasia , Asia , Americas , Middle East-Africa

Oil prices rise around 5% during in week ending Jan. 7

-Supply concerns driven by unrest in OPEC member Kazakhstan, outages in Libya as well as OPEC+ production decision have lion’s share in upward price movements
09.01.2022 Oil , World , Europe , Eurasia , Asia , Americas , Middle East-Africa

Oil up over supply jitters after protests in Kazakhstan

- Brent posts its largest increase after Nov. 24 when it was trading as high as $83 a barrel
08.01.2022 Oil , World , Europe , Eurasia , Asia , Americas , Middle East-Africa

Oil down over demand woes after hefty rise in US gasoline stocks

-US gasoline inventories rise by 10.1 million barrels, posting largest surge since April 2020
07.01.2022 Oil , World , Europe , Eurasia , Asia , Americas , Middle East-Africa

Brent surpasses $80 as OPEC+ output decision cements trust in market

- OPEC+ production scheme and decline in US crude inventories help upward movements
06.01.2022 Oil , World , Europe , Eurasia , Asia , Americas , Middle East-Africa

Global oil prices fall amid lower demand concerns

- Brent price declines on Wednesday after surpassing $80 per barrel following OPEC+ Tuesday meeting
06.01.2022 Oil , Americas , Middle East-Africa

Oil up over expectations ahead of OPEC+ meeting

-23-member group is scheduled to meet later on Tuesday
04.01.2022 Oil , World , Europe , Eurasia , Asia , Americas , Middle East-Africa

Oil up over supply outages in Libya and ahead of OPEC+ meeting

-23 members of OPEC+ group will meet on Tuesday to determine output for February
04.01.2022 Oil , World , Europe , Eurasia , Asia , Americas , Middle East-Africa

Oil decreases more than 3% in week ending Dec. 31

- Last week of 2021 starts with more than 3,000 flight cancellations in US due to rising number of sick calls from pilots
03.01.2022 Oil , World , Europe , Eurasia , Asia , Americas , Middle East-Africa

Saudi King says OPEC+ production deal ‘essential’

- Major oil producers of OPEC+ are scheduled to meet next week to decide an output scheme in February
01.01.2022 Oil , Middle East-Africa

Oil down over omicron fears despite fall in US crude stocks

- Commercial crude oil stocks decrease by 3.6 million barrels, exceeding market expectation of 3.2 million-barrel drop
01.01.2022 Oil , World , Europe , Eurasia , Asia , Americas , Middle East-Africa
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