Energy

Russian oil companies have increased their oil refining volumes in August, according to a report by the daily newspaper Kommersant. This uptick is attributed to Gazprom’s plants ramping up output, helping refineries recover from losses due to Ukrainian drone attacks and technical outages. The report indicates that average oil refining volumes for this month have […]

China’s gasoline exports fell sharply by 35.7% in July compared to the same month last year, driven by declining profit margins and reduced refinery output. According to data from the General Administration of Customs, gasoline exports totaled 790,000 metric tons (approximately 5.77 million barrels), down from 1.22 million tons in July 2023 and 930,000 tons […]

Oil prices eased on Monday, with Brent crude holding below $80 per barrel amid concerns about demand from China, the world’s largest oil importer. Data released last week indicated that China’s economy lost momentum in July, with new home prices declining at their fastest rate in nine years. This has led to a significant reduction […]

A looming labor dispute involving Canada’s two major railroads is not expected to significantly impact oil exports to the United States, thanks to excess capacity on pipelines such as Trans Mountain. Industry insiders indicate that the potential for simultaneous stoppages at Canadian National Railway and Canadian Pacific Kansas City could result in substantial economic losses, […]

Chinese biodiesel producers are actively seeking new markets in Asia and exploring the production of alternative biofuels as their primary export destination, the European Union (EU), imposes significant anti-dumping tariffs. Starting Friday, the EU will implement provisional duties ranging from 12.8% to 36.4% on biodiesel imports from China, affecting over 40 companies, including major producers […]

North Dakota’s oil production decreased by 22,500 barrels per day (bpd) in June, bringing the total to an estimated 1.176 million bpd, according to the state’s Pipeline Authority. This marks the second straight month of decline for the state, which is the third-largest oil producer in the U.S. Production levels have been on a downward […]

Asian refiners are increasingly purchasing Middle Eastern light crude oil cargoes, specifically Abu Dhabi’s Murban, Das, and Umm Lulu grades, as high Brent prices limit the arbitrage opportunities from the U.S., Europe, and Africa. This trend has driven the Murban benchmark to its highest level this month. In recent weeks, refiners from South Korea and […]

Oil prices fell by more than $1 on Friday, with Brent crude slipping below $80 a barrel, primarily influenced by disappointing economic indicators from China. Brent crude futures dropped $1.07 (1.32%) to $79.97 per barrel, while U.S. West Texas Intermediate (WTI) crude futures decreased by $1.27 (1.62%) to $76.89. Market analysts noted that the oil […]

Iraq is undergoing a significant transformation in its approach to working with global oil firms, shifting to profit-sharing models in an effort to attract more investment into its hydrocarbon sector. On Wednesday, Baghdad signed initial agreements for 13 oil and gas exploration blocks and fields, moving away from traditional technical service contracts to more lucrative […]

In July, Russia’s seaborne exports of oil products to Asia via the Cape of Good Hope surged to a record high of 1.1 million metric tons, nearly doubling from the previous month. This increase is attributed to more vessels opting for the longer route around Africa to avoid the Suez Canal, according to LSEG shipping […]