Economics
Russia's Novak: companies will decide if they cut oil exports or output
Russian Deputy Prime Minister Alexander Novak said that individual companies would decide whether to cut oil production or exports in August but Russia's task was to reduce supplies to world markets.
China's June crude imports soar 45.3% year over year as inventories build
China's crude oil imports in June jumped 45.3% on the year to the second-highest monthly figure on record, customs data showed, with refiners building up inventories despite tepid domestic demand.
Brent oil hovers above $80 as U.S inflation eases
Global oil benchmark Brent hovered above $80 a barrel after U.S. inflation data implied interest rates in the world's biggest economy are close to their peak.
Saudi Arabia imports record Russian fuel oil in June as trade grows
Saudi Arabia imported record volumes of discounted Russian fuel oil in June, a near 10-fold annual increase to meet summer power generation demand and maintain crude exports despite OPEC+ production cuts, according to traders, analysts and Kpler data.
IEA trims 2023 oil demand forecast on economic headwinds
Oil demand is set to hit a record high this year but economic headwinds and interest rate hikes mean the increase will be slightly less than anticipated, the International Energy Agency said.
U.S. lawmakers seek to lower biofuel blending compliance costs
A bipartisan group of U.S. lawmakers introduced legislation this week directing the Biden administration to allow oil refiners to purchase compliance credits for U.S. biofuel blending laws at a lower, fixed cost compared to the open market.
Stamicarbon secured a €100-MM fertilizer project in Africa, including licensing and proprietary equipment
MAIRE S.p.A. announces that its subsidiary NextChem Holding, through Stamicarbon has been awarded licensing and proprietary equipment contracts related to an ammonia and urea complex for an overall value of approximately €100 MM, making it the largest award to Stamicarbon up to date.
Venezuelan petroleum coke contract dispute fuels tanker queues, hunt for options
The sudden suspension of a Venezuelan contract that had boosted its exports of petroleum coke has led to a bottleneck of tankers waiting to load and sent customers scrambling for alternative supplies, according to sources and data.
Ksi Lisims LNG chooses Siemens Energy for low-carbon electrical compression design
The Ksi Lisims LNG project has awarded Siemens Energy a contract to assist with designing the project’s liquefaction compression and associated electrical systems.
Pakistan negotiating for a second discounted Russia crude shipment
Pakistan is negotiating to buy a second shipment of discounted Russian crude oil, the South Asian country's petroleum minister said.
- Transition Industries signs agreements for the Pacifico Mexinol Project, an ultra-low carbon chemical production facility 7/3
- Bangkok Airways introduces SAF on commercial flights 7/3
- EcoCeres secures SAF contract with British Airways to help reduce carbon emissions 7/3
- Air Liquide to invest up to $200 MM in Louisiana, U.S. to support industrial growth 7/3
- MOL completes the acquisition of LBC Tank Terminals 7/3
- BHP awards charter contracts for two ammonia dual-fueled vessels 7/3
