Energy

China is set to implement a tax overhaul that will increase costs for imported fuel oil, leading independent refiners to reduce their purchases. This change, anticipated to take effect in October, involves adjustments to consumption tax rebates for refiners selling gasoline and diesel derived from imported fuel oil. The new policy is expected to boost […]

The U.S. Federal Trade Commission (FTC) is anticipated to approve Chevron’s $53 billion acquisition of Hess Corp. as early as this week, according to sources familiar with the situation. This approval would mark a significant step for Chevron, leaving only a challenge from Exxon Mobil as the final hurdle before the merger can be finalized. […]

Oil refiners across Asia, Europe, and the United States are experiencing a significant decline in profitability, reaching multi-year lows. This downturn highlights a broader slowdown in global demand following a period of surging returns post-pandemic. The current weakness in refining profits is largely attributed to soft consumer and industrial demand, particularly in China, where economic […]

U.S. energy firms have resumed cutting the number of oil and natural gas rigs, marking the fifth decrease in six weeks, according to Baker Hughes’ latest report. The total rig count fell by two to 588 for the week ending September 20. This figure is down 42 rigs, or 7%, compared to the same time […]

A threatened strike by dockworkers at U.S. East Coast and Gulf of Mexico ports, set for October 1, could cause immediate disruptions in the flow of goods across the country, according to George Goldman, CEO of CMA CGM North America. The International Longshoremen’s Association (ILA), representing 45,000 workers at 36 ports, has indicated that work […]

Saudi Arabia’s crude oil exports fell to their lowest level in almost a year in July, with exports recorded at 5.741 million barrels per day (bpd), according to data from the Joint Organizations Data Initiative (JODI). This marks a decrease of approximately 5.1% from June’s exports of 6.047 million bpd. Despite this decline in exports, […]

U.S. Vice President Kamala Harris is reportedly aware that banning fracking could lead to increased natural gas prices, according to industry executives speaking at the GasTech conference in Houston. This acknowledgment has bolstered confidence among energy leaders that she will not pursue a ban on fracking if elected president. Fracking, a critical industry in Pennsylvania, […]

The Biden administration plans to seek up to 6 million barrels of oil for the Strategic Petroleum Reserve (SPR), a move that could match its largest replenishment effort following a historic sale in 2022. The announcement is expected as soon as Wednesday, with the oil intended for delivery to the Bayou Choctaw site in Louisiana, […]

Russia’s offline primary oil refining capacity is projected to rise by 34% in September compared to August, reaching 3.87 million metric tons, or 14.5% of the country’s total refining capabilities. This increase is attributed to technical outages, seasonal maintenance, and Ukrainian drone attacks. In August, the offline capacity was 2.95 million tons. Typically, a rise […]

Six oil refineries in Louisiana that were affected by Hurricane Francine started their recovery efforts on Thursday. According to sources familiar with the operations, Exxon Mobil reported minimal damage at its Baton Rouge refinery, which has a capacity of 522,500 barrels per day (bpd). The refinery was operating normally and approaching maximum output after having […]