(BOE Report) – President Donald Trump has accused U.S. oil refiners of gouging Americans, called for a Justice Department investigation and urged companies to use their bumper earnings to bring down gasoline prices that spiked amid the ongoing conflict with Iran. On Tuesday, he is expected to host many of those companies at the White House to celebrate efforts to
(BOE Report) – At least three Indian oil refiners and a global energy major plan to stop using vessels on Iran’s new blacklist, including for ship-to-ship transfers, due to security concerns, four sources with direct knowledge of the matter said this week. Tehran announced on Sunday a blacklist of 45 ships it said had broken its rules for crossing the
Reuters NEW YORK – U.S. governors from Massachusetts and Connecticut announced their commitment to a low-carbon transportation program on Monday, but gasoline-related trade groups say it has flaws that will harm, rather than promote, use of fuels that produce fewer pollutants. Some oil refiners and energy trade groups have been more supportive this year of low-carbon fuel programs nationwide because
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
Reuters LONDON – High-frequency data from the United States has provided the first convincing indication of global oil market rebalancing, but it also underscore the market’s vulnerability to a COVID-19 resurgence and new lockdowns. Total stocks of crude and refined products in the United States fell by 9 million barrels last week, the first week-on-week decline since the end of
Reuters The Trump administration has decided not to appeal a court ruling that would sharply reduce its use of waivers exempting refineries from the nation’s biofuels regulation, cheering the corn lobby but drawing anger from oil refiners. The administration had until the end of March 24 to file a challenge, but by early March 25, no such filing had been
Source: Houston Chronicle Oil refiners hoping for some fourth-quarter gravy are facing disappointment as surging freight rates inflate the cost of buying crude. U.S. sanctions on Chinese shipping companies and Friday’s attack on an Iranian tanker have turbo-charged transport costs, with rates on the Persian Gulf to China route at almost six times this year’s average. That’s slashing the margins
