Crude oil

IEA announces record release of strategic stocks in response to Iran war oil price surge

The IEA said the release had been backed unanimously by 32 member countries, the sixth such move it has made since its creation in the 1970s.

INA completes Rijeka refinery upgrade project in Croatia

UAE oil giant ADNOC's Ruwais refinery shut as precaution after drone strike

Abu Dhabi authorities were responding to a fire at the facility following a drone attack.

Taiwan's Formosa Petchem issues force majeure as Iran war disrupts feedstock delivery

For refined fuel products such as diesel, jet fuel and gasoline, the company is still proceeding with its export deliveries for March and April, although there is likely to be no spot availability for April.

Iran war causes major oil, gas disruptions

The U.S.-Israeli war on Iran and Tehran's attacks on Gulf neighbors have disrupted oil and natural gas exports from the Middle East and forced production stoppages.

Asia refineries, petchem firms cut runs as Middle East conflict disrupts feedstock supplies

Asian steam crackers, which source more than 60% of their naphtha feedstock from the Middle East, have been quick to declare force majeure on petrochemical supplies to customers.

Hungary's MOL says capacity tests on Adria pipeline to start next week

Hungary and Slovakia are keen to keep supplies coming from Russia and have exemptions from current European Union sanctions.

India invokes emergency powers, orders refiners to boost LPG output

Russia gets export boost from Iran war as price of oil to India surges

The Iran conflict, now in its seventh day, has left the Strait of Hormuz, a critical shipping chokepoint, all but shut, cutting countries off from a fifth of global oil and liquefied natural gas (LNG) supplies.

Ships loaded with Reliance diesel, jet fuel turn to Asia instead of Europe

Asian buyers are rushing to secure fuel supplies to offset production losses from expected refinery run cuts as the near-halt in traffic in the Strait of Hormuz constrains oil supply to the region.