Energy

In a notable shift, China’s oil refinery throughput in 2024 experienced its first decline in over two decades, excluding the pandemic-impacted year of 2022. This downturn is attributed to stagnant fuel demand and depressed refining margins, as reported by the National Bureau of Statistics on Friday. Key Highlights:Throughput Statistics: The refining industry processed 1.6% less […]

Spot premiums for Middle Eastern crude have surged to their highest levels in over two years, driven by robust demand from major importers China and India seeking to replace supplies impacted by recent sanctions on Russia and Iran. Key Highlights:Sanctions Impact: The Biden administration announced extensive sanctions targeting Russian oil producers and tankers, disrupting supply […]

BP announced on Thursday that it will reduce its global workforce by over 5% as part of CEO Murray Auchincloss’ strategy to cut costs and restore investor confidence in the energy company. Key Highlights:Job Cuts Overview: Approximately 4,700 employees and 3,000 contractor positions will be eliminated this year.The announcement was made in an internal memo […]

Oil shipping rates have experienced a significant rally, driven by tightening global tanker supply due to expanded U.S. sanctions on Russia’s fleet and heightened demand for tankers to load Middle Eastern oil destined for Asia. Key Highlights:Recent Chartering Activity: On Tuesday, Shell booked three Very Large Crude Carriers (VLCCs) at a rate of Worldscale 70 […]

On Wednesday, OPEC released its forecast indicating that global oil demand will continue to grow in 2026, maintaining a similar growth rate to that expected for this year. This prediction comes as the organization has revised its figures for 2024 downwards for the sixth consecutive time, primarily due to economic challenges in China, the world’s […]

Russia’s Arctic oil business is encountering significant challenges due to recent U.S. sanctions targeting its tankers and storage facilities. These sanctions are disrupting the logistics of crude supplies that were previously in demand from Asian buyers. Key Highlights:Sanctions Overview: The U.S. has imposed its toughest sanctions yet on Russia’s oil sector, affecting major producers such […]

The U.S. Energy Information Administration (EIA) released its Short-Term Energy Outlook report on Tuesday, indicating that oil prices are likely to face downward pressure over the next two years due to a significant oversupply situation. Key Highlights:Market Outlook: Analysts predict an oversupplied oil market in 2025 and 2026, primarily driven by slowed demand growth in […]

Oil prices increased by about 2% on Monday, reaching a four-month high as expectations grew that expanded U.S. sanctions on Russian oil would compel buyers in India and China to seek alternative suppliers. Key Highlights:Price Movements: Brent crude futures rose by $1.25 (1.6%) to settle at $81.01 a barrel.U.S. West Texas Intermediate (WTI) crude increased […]

Chinese and Indian refiners are actively searching for alternative fuel supplies in response to the latest round of stringent U.S. sanctions targeting Russian oil producers and tankers. These sanctions aim to curb the revenues of Russia, the world’s second-largest oil exporter. Key Highlights:New Sanctions Imposed: The Biden administration announced its broadest sanctions package yet on […]

Russian President Vladimir Putin has assured Slovakia that Gazprom will find alternative methods to deliver contracted gas following the end of gas transit through Ukraine. This promise was made during a meeting with Slovak Prime Minister Robert Fico in Moscow on December 22. Key Highlights:Background: Ukraine has decided not to renew its transit deal with […]