Economics

Venezuela loses 20% of oil exports after cargo cancellations to Chevron

Venezuela's oil exports fell almost 20% to some 700,000 bpd in April, the lowest level in nine months, as cargo cancellations to U.S.-based producer Chevron forced ships to return and left some ports empty.

EIA: Oil prices and refinery margins fell slightly in first quarter of 2025

During the first quarter (1Q) of 2025, crude oil prices generally decreased while U.S. refinery margins initially increased before decreasing in the final month of the quarter. In its quarterly update, the U.S. Energy Information Administration (EIA) reviews petroleum markets price developments in 1Q, covering crude oil prices, refinery margins, biofuel compliance credit prices and natural gas plant liquids prices.

China waives tariffs on U.S. ethane imports, sources say

China has waived the 125% tariff on ethane imports from the United States imposed earlier this month, two sources with knowledge of the matter said on Tuesday, among a group of products that have been granted exemptions.

INEOS CEO Sir Jim Ratcliffe: Carbon tax and high energy costs are killing off manufacturing in Britain

WastAway receives U.S. patent for its entire waste-to-fuel process

WastAway – a leading green tech company that converts municipal solid waste (MSW) to fuel – has won a U.S. patent for its entire waste-to-fuel process, bringing the total number of U.S. and international patents to 26.

Grangemouth refinery (Scotland) ceases crude oil processing, transitions into import terminal

Scotland's only oil refinery ceased crude oil processing as of Tuesday, operator Petroineos said in a statement, as the site transitions to an import terminal.

Afreximbank rolls out $3-B credit line to cut Africa's fuel imports

African Export-Import Bank has rolled out a $3-B revolving credit line that will enable African and Caribbean buyers to source petrol, diesel, jet fuel and other products from refineries on the continent more easily.

Sri Lanka to begin talks with India, UAE for new energy hub

Sri Lanka will start work next month on plans to develop an energy hub with India and the United Arab Emirates, as the nation looks to leverage its strategic location to cement a recovery from a financial crisis. 

S-Oil posts refining, petrochemical losses; expects US tariffs to affect margins in Q2

South Korea's S-Oil, majority owned by Saudi Aramco, posted losses in the first quarter from its refining and petrochemical units and expects second-quarter margins to be impacted by U.S. tariff negotiations and market volatility.

Kuwait Petroleum's stake investment in China Wanhua Chemical's unit valued at $638 MM

Kuwait Petroleum subsidiary's acquisition of a 25% stake in China Wanhua Chemical's petrochemical business is valued at $638 MM