Energy

Asian refining margins have fallen to their lowest seasonal levels since 2020, driven by an increase in diesel and gasoline supplies following the end of peak summer travel demand. Industry analysts and officials reported that these weak margins could lead refiners to further reduce their output, adding to previous cuts made earlier this year when […]

As of August 27, Iraq has cut its oil exports to 3.3 million barrels per day (bpd) in accordance with its commitments under the OPEC+ agreement. The Iraqi oil ministry announced that this reduction will continue in the upcoming months to ensure that production remains within the specified OPEC+ quota and to compensate for excess […]

Oil prices firmed on Thursday, recovering from multi-month lows due to a significant decline in U.S. crude inventories and speculation about a possible delay in output increases by OPEC+ producers. The American Petroleum Institute (API) reported a decrease of 7.431 million barrels in U.S. crude oil inventories last week, far exceeding the expected draw of […]

Venezuela’s oil exports surged to their highest level in over four years in August, driven by increased shipments to China, the U.S., and Europe amid rising concerns over potential new U.S. sanctions linked to an electoral dispute. According to shipping data, the state oil company PDVSA and its joint ventures with U.S. firm Chevron and […]

Spain’s crude oil imports from Venezuela have significantly increased this year, surpassing the total imports for all of 2023. According to data from Cores, Spain imported 353,000 tons of crude from Venezuela in July, bringing the total for January to July to 1.7 million tons. This figure is nearly three times the amount imported during […]

Oil prices saw a rebound on Wednesday after a prolonged decline, driven by reports that OPEC+ is contemplating postponing a planned output increase set for October. Brent crude futures rose by 45 cents (0.6%) to $74.20, while U.S. West Texas Intermediate (WTI) crude futures gained 55 cents (0.8%) to reach $70.89. The recent sell-off had […]

Nigeria’s $20 billion Dangote oil refinery has commenced gasoline supply to the local market, marking a significant shift in the country’s fuel landscape. Owner Aliko Dangote announced that this development aims to end the billions spent on fuel imports, which have strained the naira and contributed to economic instability. The refinery, with a capacity of […]

The expansion of the Trans Mountain oil pipeline (TMX) has led to a competitive shift in the Canadian crude oil transportation market, prompting rival pipelines to reduce their rates and adjust their strategies. With TMX now operational, transporting up to 890,000 barrels per day (bpd) to Canada’s Pacific Coast, U.S. imports of Canadian crude reached […]

China’s National Energy Administration (NEA) has reaffirmed its commitment to phasing out fossil fuels and reforming its electricity system. During a recent press conference, NEA head Zhang Jianhua highlighted the country’s achievements in energy transition but provided limited details on future plans. China invested approximately $676 billion in its energy transition last year, accounting for […]

Traders are set to load unprecedented volumes of diesel onto very-large crude carriers (VLCCs) from Asia to West of Suez markets in August, a trend that is expected to persist into the following month. Five supertankers—Maran Leo, Sea Lion, Nissos Keros, Nissos Nikouria, and Atherina—have already loaded over 9 million barrels of diesel from the […]