Energy

Hungary is bracing for fuel shortages starting in September unless full Russian oil supplies are restored, a government official warned. The country has been affected by a suspension of oil flows from Lukoil, which has been partially halted due to sanctions imposed on the company following the ongoing conflict between Russia and Ukraine. Hungary and […]

Mexico is now seeking to import more motor fuel for 2025 than previously anticipated, a shift prompted by delays in the startup of its new Olmeca refinery, according to several traders. This change indicates that the state energy company Pemex does not expect the refinery to be operational in the near future, which poses a […]

Italian energy group Eni has announced plans to accelerate its share buyback program following a second-quarter net profit that exceeded expectations. The company reported an adjusted net profit of €1.52 billion ($1.65 billion) for the period from April to June, marking a 21% decrease from the previous year but surpassing analyst expectations of €1.42 billion. […]

Since late last year, imports of Iranian crude have increasingly flowed into Dalian, a key port and refining city in China, as the country sustains its oil purchases at near-record levels. This transition comes as demand from smaller buyers in Shandong province has declined due to deteriorating refining margins caused by higher crude prices and […]

In a rare move, Saudi Arabia imported fuel oil from Kuwait for the first time in over two years in July to meet peak summer power demand, as discounted supplies from Russia decreased. The imports of Kuwaiti high sulphur fuel oil (HSFO) exceeded 180,000 metric tons, roughly translating to about 37,000 barrels per day, marking […]

Russian Deputy Prime Minister Alexander Novak stated that there is no friction between Russia and OPEC+ regarding the country exceeding its crude production quotas. He assured that Russia would compensate for any overproduction and adhere to the agreed output levels moving forward. Recently, Russia announced that its crude oil production in June surpassed the quotas […]

Mexico’s incoming President Claudia Sheinbaum faces significant challenges in achieving energy independence, a goal that led her predecessor to invest $17 billion in a new refinery. The country, a major crude producer, is experiencing a sharp decline in output from its aging oil fields, particularly in the Gulf of Mexico, which has fallen to its […]

European oil refiners, including TotalEnergies and Neste, have reported significant declines in profit margins, signaling the end of a brief period of exceptional profits that followed Russia’s invasion of Ukraine. TotalEnergies, the largest refiner in Europe, experienced a 34% quarterly drop in operating income for its refining and chemicals division, attributed to lower profit margins […]

Indonesia, the largest palm oil producer globally, is preparing to increase the palm oil content in its biodiesel from 35% to 40% (B40) starting in 2025. The energy ministry announced that trials are currently underway, aiming for completion by December to facilitate full implementation next year. If the B40 mandate is enacted, biodiesel consumption could […]

According to market sources citing figures from the American Petroleum Institute (API), U.S. crude oil, gasoline, and distillate inventories experienced a decline last week. For the week ending July 19, crude stocks fell by 3.9 million barrels. Additionally, gasoline inventories decreased by 2.8 million barrels, while distillate stocks were down by 1.5 million barrels. These […]