• 4 minutes Ten Years of Plunging Solar Prices
  • 7 minutes Hydrogen Capable Natural Gas Turbines
  • 10 minutes World looks on in horror as Trump flails over pandemic despite claims US leads way
  • 13 minutes Large gas belt discovered in China
  • 10 mins Would bashing China solve all the problems of the United States
  • 8 mins Yale University Epidemiologist Publishes Paper on Major Benefits of Hydroxchloroquine for High-risk Outpatients. Quacksalvers like Fauci should put lives ahead of Politics
  • 14 hours Model 3 cheaper to buy than BMW 3 series.
  • 9 hours COVID 19 May Be Less Deadly Than Flu Study Finds
  • 22 hours China to Impose Dictatorship on Hong Kong
  • 42 mins Pompeo's Hong Kong
  • 12 hours Thugs in Trumpistan
  • 3 hours China’s Oil Thirst Draws an Armada of Tankers
  • 4 hours China To Boost Oil & Gas Exploration, As EU Prepares To Commit Suicide
  • 2 days Iran's first oil tanker has arrived near Venezuela
  • 2 days Let’s Try This....
  • 2 days Chicago Threatens To Condemn - Possibly Demolish - Churches Defying Lockdown
  • 1 day 60 mph electric mopeds
The Next Big Wildcard For Oil Markets

The Next Big Wildcard For Oil Markets

Crude futures have seen an…

Europe’s Gas Glut Could Hit Global LNG Market Hard

Europe’s Gas Glut Could Hit Global LNG Market Hard

Although LNG flows into Europe…

China And Malaysia Clash In Highly Disputed South China Sea

Tensions are rising in the disputed South China Sea, where a Chinese survey vessel has been tagging an exploration ship which Malaysia’s state oil firm Petronas is operating in the area, security sources in the region told Reuters on Friday.

The long-running dispute in the South China Sea involves territorial claims by China as well as Vietnam, the Philippines, Taiwan, Brunei, and Malaysia. China has territorial claims to about 90 percent of the South China Sea, which has put it at odds with its neighbors. 

The Chinese research and survey vessel Haiyang Dizhi 8 was close to Malaysian waters, and at one point on Friday, the Chinese ship was flanked by Chinese ships of the coast guard and maritime militia, according to Reuters’ sources. The Haiyang Dizhi 8 ship was close to the West Capella exploration vessel operated by Petronas.

The same Chinese ship was spotted off Vietnam’s waters earlier this week, and moving closer to Malaysia, according to ship-tracking data cited by Reuters on Thursday.

At the end of last year, the Chinese and Philippine foreign ministers sealed an agreement for the two countries to pursue joint oil and gas exploration in the South China Sea. The talks between the two countries on the South China Sea’s oil and gas potential and how to exploit it had been going on for years. An agreement has proved challenging to reach, however, mostly because of China’s territorial claims to the basin, which cover nearly the entirety of it.

But tensions in the South China Sea have increased in recent weeks. 

Last week, the U.S. State Department said, commenting on reports that China had sunk a Vietnamese fishing vessel in the South China Sea:

“We call on the PRC to remain focused on supporting international efforts to combat the global pandemic, and to stop exploiting the distraction or vulnerability of other states to expand its unlawful claims in the South China Sea.” 

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News