Economics

China's Commerce Ministry blocks U.S. sanctions against five refineries

Record U.S. biofuel targets to test biodiesel industry after slow year

To meet the record target, companies that process soybeans into biodiesel must boost production by over 60% this year. Some industry bodies and biofuel experts doubt they will succeed, yet failure could further stoke the rise in diesel prices.

UAE exit strips OPEC of clout, risks bitter price war

The surprise move comes at a time of unprecedented turmoil in energy markets as Gulf oil and gas exports have remained largely paralyzed for two months due to the closure of the Strait of Hormuz, which has muted OPEC’s traditional ability to manage the oil market during times of distress.

Australian foreign minister says China has agreed to cooperate on jet fuel exports

Australia, which imports most of its fuel, has experienced localized shortages since the Middle East conflict that began in February.

Chevron likely to close deal for Singapore refinery stake sale to Eneos in May

The U.S. major had been expected to complete the deal, valued at $1 B or more, in the first quarter, but the timeline has since been pushed back slightly following a major energy supply disruption caused by the U.S.-Iran war.

UAE to leave OPEC and OPEC+ oil producer groups

The United Arab Emirates said on Tuesday it was quitting OPEC and OPEC+, dealing a heavy blow to the oil exporting groups and their de facto leader, Saudi Arabia, at a time when the Iran war has caused a historic energy shock and unsettled the global economy.

Indian Oil Corp. says diesel, gasoline sales up more than 13% in Apr 1–21

IOC, India’s top fuel retailer and refiner, is meeting the local demand through its over 42,000 fuel stations.

U.S.: Trump grants 90-day Jones Act waiver extension to curb energy costs

The move reflects a broader push by the White House to dampen politically sensitive fuel price spikes ahead of November’s midterm elections, where affordability is expected to be a defining issue for voters.

Cosmo tanker could reach Japan on Sunday with first U.S. shipment post-Iran war

The tanker, loaded in Texas (U.S.) on March 22, is due to arrive off Chiba as early as on April 26 via the Panama Canal.

Asia deepens refining cuts due to Iran war, putting diesel and jet fuel supplies at risk

Asia, which accounts for 37% of global refining output and ordinarily sources two-thirds of its crude from the Middle East, has been hardest-hit by the closure of the Strait of Hormuz, with run cuts at refiners in the region exacerbating tight fuel supply and keeping prices elevated.