(Oil Price)– Nayara Energy, the Indian refiner in which Russia’s oil giant Rosneft holds 49%, is set to import in August the lowest volume of crude ever as the EU sanctions cripple procurement plans and sales of refined petroleum products. Nayara Energy is expected to import just 94,000 barrels per day (bpd) of crude this month, Bloomberg reports, citing ship-tracking data
(BOE Report) – U.S. Gulf Coast refiners are snapping up higher volumes of Middle Eastern and South American crudes to offset the loss of Venezuelan and Mexican barrels, according to ship tracking data, a workaround solution that might be short-lived if the U.S. allows some sanctioned Venezuelan crude to return to the market. The shake-up in trade flows reflects a
(Oil Price)– The U.S. Department of Energy has authorized the exchange of up to 1 million barrels from the Strategic Petroleum Reserve (SPR) to ease the crude shortage at Exxon’s refinery in Baton Rouge, Louisiana, after quality issues with the Mars crude grade emerged last week. DOE has authorized an exchange from the SPR with ExxonMobil Corporation “to address logistical challenges impacting
(BOE Report) – CALGARY – Canada’s biggest crude oil shipper says a lot needs to happen before it would propose a new pipeline to the West Coast. Alberta Premier Danielle Smith has said she wants to see a pipeline running from her province to the Port of Prince Rupert, B.C., so that more oilsands crude can be exported to Asia by
(Oil Price) – Alberta could receive within weeks a proposal from a private company for a new pipeline from the oil-rich province to British Columbia’s northwest coast, Alberta Premier Danielle Smith told Bloomberg News in an interview published on Tuesday. A new pipeline to Canada’s northwest Pacific coast “is the most credible and the most economic of all of the pipeline proposals the
(Oil Price) – U.S. midstream companies are hesitant to commit to new pipeline builds amid market volatility and tariff uncertainty. Some companies are announcing new projects, especially those bringing natural gas to power data centers, but the industry is generally in a wait-and-see mode regarding greenfield projects despite the Trump Administration’s regulatory push to accelerate energy infrastructure expansion. Firms have announced
(BOE Report) – Saudi Arabia has been cranking up oil refining operations to capture strong profit margins, helping the kingdom offset revenue lost from declining crude prices and exports. The world’s top oil exporter has in recent years invested heavily in expanding and modernizing its refining and petrochemical capacity at home and overseas to meet growing demand for fuel and
(Oil Price) – U.S. refining giant Phillips 66, which will close its LA refinery later this year, will lay off in December most of the workers at the plant, Reuters reports, citing sources with knowledge of the plans. Last October, Phillips 66 said it would shut down its refinery in the Los Angeles area in the fourth quarter of 2025, due to “market dynamics.”
(Oil Price) – On the heels of my recent article outlining how California’s unique fuel regulations — not corporate price gouging — are driving up gasoline prices in the state, new developments have added urgency to that conversation. On May 6, California Senate Minority Leader Brian W. Jones (R-San Diego) sent a letter to Governor Gavin Newsom sounding the alarm over what could become an
(Oil Price) – Despite slumping oil prices, global refiners are turning in strong first-quarter earnings, thanks to a sharp rebound in profit margins, Reuters reports, with U.S. Gulf Coast refiners processing Mars crude enjoying a doubling of margins to some $16 per barrel, $7 margins in Singapore for Dubai crude, and a 36% margin jump in Asia for Arab Light crude. All in
(Oil Price) – U.S. refiner Phillips 66 told shareholders on Monday that they should keep in mind that activist investor Elliott, which wants to break up one of the biggest U.S. refiners, may not necessarily act in Phillips 66 shareholders’ interests as it is pursuing an acquisition of Citgo, a direct competitor of Phillips 66. Activist hedge fund Elliott Investment Management
(World Oil) – PetroChina Co.’s profit hit record levels last year, as increased production offset lower energy prices and a weaker performance from its refining operations. Net income at China’s biggest oil and gas producer climbed 2% to 164.7 billion yuan ($22.7 billion), according to a filing on Sunday, although the result missed expectations. Revenue slipped to 2.94 trillion yuan
