argus Delhi, 12 October (Argus) — Indian demand for transport fuels, except for gasoline, remained lower than year-earlier levels in September despite relaxations to the country’s Covid-19 lockdown measures because of collapsing businesses and record job losses. Sales of diesel, India’s most-consumed oil product, averaged 1.36mn b/d last month, down from 1.45mn b/d a year earlier but up from 1.17mn b/d
By Erwin Seba HOUSTON (Reuters) – U.S. energy companies were returning workers …
HOUSTON, Sept 29 (Reuters) – Marathon Petroleum Corp MPC.N, the largest U.S. oil refiner, on Tuesday began cutting employees at its U.S. operations as the COVID-19 pandemic further narrowed global demand for motor fuels, people familiar with plant operations said. U.S. refiners have posted large losses this year as fuel consumption tumbled amid lockdowns and work-from-home policies to combat the spread of
Dallas Fed It has been considered self-evident until recently that oil prices drive inflation expectations, but new evidence calls into question this conclusion. Conventional wisdom within macroeconomics is that U.S. inflation expectations respond to the level of the price of oil (or the price of gasoline). This view is based on coefficients of regressions of inflation expectations on the price
Reuters NEW YORK/LONDON/MELBOURNE- Global oil refiners reeling from months of lackluster demand and an abundance of inventories are cutting fuel production into the autumn because the recovery in demand from the impact of coronavirus has stalled, according to executives, refinery workers and industry analysts. Refiners cut output by as much as 35% in spring as coronavirus lockdowns destroyed the need
Argus Dubai, 20 September (Argus) — Saudi Arabia’s gasoline stocks fell to more than a six year low in July as a push to keep refinery run rates low coincided with an upswing in domestic gasoline demand with the easing of Covid-19-related restrictions on movement. Gasoline demand was up 13pc to 475,000 b/d in July, from 421,000 b/d in June,
Argus State-controlled Saudi Aramco is facing delays closing its planned purchase of a stake in China’s biggest private-sector refining complex, but remains committed to the deal despite pullbacks elsewhere. Aramco signed an initial agreement in October 2018 to buy a 9pc stake in the 400,000 b/d ZPC refining complex at Zhoushan in the eastern province of Zhejiang, which is led
BIC More than a fourth of U.S. Gulf of Mexico offshore oil and gas production remains shut because of Hurricane Sally, which is creeping inland along the Alabama-Florida border, causing life-threatening flooding and cutting fuel demand in the U.S. Southeast, Reuters reported The storm made landfall near Gulf Shores, Alabama, as a Category 2 hurricane on Wednesday morning. Oil prices rose
Energy Mix The Group Managing Director of the Nigerian National Petroleum Corporation, Mele Kyari, says the four oil refineries in the country have been shut down in Port Harcourt, Warri and Kaduna. Kyari said this on Channels Television’s Politics Today programme on Wednesday. He explained that all four refineries were functioning below capacity and it had thus become necessary to
RoyalDuch Shell Oil & Gas 360 Publishers Note: Very interesting opinion piece around the oil based manufacturing of plastics. While the major oil companies are investing in renewable energy, it seems that they are not forgetting the core demand for oil and manufacturing. Interesting dichotomy for their PR efforts and their actual business actions. The world will need plastics and
HOUSTON , Aug. 28, 2020 /PRNewswire/ – CITGO Petroleum Corporation today reported n…
Argus Houston, 27 August (Argus) — Industries from Beaumont, Texas, to Lake Charles, Louisiana, are assessing damage and beginning recovery from Hurricane Laura today, the most powerful hurricane on record to hit the region. The storm came ashore near Cameron, Louisiana, about 35 miles (56km) east of the Texas-Louisiana border at 2am ET this morning as a Category 4 storm,
