Economics

Yara to acquire Gulf Coast Ammonia Texas (U.S.) facility for $1.3 B

Opinion: Putin's diesel export ban risks new fuel shock

The energy-dense fuel sits at the heart of global economic activity, powering heavy transport, industry and agriculture — from trucks and shipping to construction machinery and tractors.

Nigeria becomes first OPEC member to join IEA as associate member

The move adds to the IEA's network a country of more than 240 MM people that is a major oil and gas exporter but still faces severe domestic energy challenges, including limited electricity access and reliance on polluting cooking fuels.

Portugal seeks investment commitments for Sines refinery in Moeve-Galp deal

Since January, Moeve and Galp have been negotiating the creation of two joint businesses - one operating 3,500 fuel stations throughout the Iberian Peninsula, and another combining Galp's refinery in the southern Sines area with Moeve's refineries in southwestern Spain's Huelva and Algeciras.

Middlemen offer Iranian oil to Indian refiners after U.S. waiver

On Monday, the United States waived sanctions on Iran for 60 days after the first talks under a nascent peace deal, opening a narrow window for renewed energy trade.

Phillips 66 CEO warns of refining, petrochemical earnings volatility from Hormuz disruptions

Asian refiners see little room for Iranian oil, leaving China as key buyer after U.S. waiver

Hit by supply disruptions due to the blockade of the Strait of Hormuz since March, Asian refiners have been aggressively buying oil from the U.S., Russia, Africa and Latin America.

Asia has plenty of crude oil, but refined fuels remain tight

The world's top energy-consuming region is expected to import about 22.18 MMbpd of crude in June, up from 20.35 MMbpd in May.

EIA: U.S. crude inventories decline for tenth week to over 40-yr low

The total stocks, including those from the strategic petroleum reserve, have fallen by 96.25 million barrels since the start of the Iran war, as countries around the globe have called on U.S. oil and products to fill supply gaps.

OPEC sticks to robust oil demand outlook, sees no peak on horizon

The 11-member Organization of the Petroleum Exporting Countries depends on oil for a large part of government income, and its views on demand are higher than those of others in the industry, such as the International Energy Agency.