Fossil Fuels

Venezuela's acting president?Delcy Rod said on Wednesday that her government will make a'responsible' increase to workers' wages on 'May 1'. Her administration is looking to leverage the 'oil' and mining developments in order to improve workers' pay. She did not provide a number for the increase in wages. Venezuela's minimum wage is 130 bolivares a month, which is equivalent to a few cents. However, many public workers earn much more, thanks to bonuses and other payments, to the tune of $150 if they are lucky. The immediate, medium-term, and long-term goal of the government is to gradually and steadily restore...

Exxon Mobil Corp is planning overhauls at its Beaumont, Texas refinery that produces 612,000 barrels per day - in the spring and the end of the year, according to people familiar with the plant's operations. Sources said that Exxon will shut down the 60,000 bpd coker in May for an overhaul. The planned overhaul is expected to continue until June. Sources say that in December, the fluid catalytic 'cracker', which produces 120,000 bpd of gasoline, will be closed for an overhaul, along with two hydrotreaters, lasting until January. Cokers are used to convert residual 'crude oil' into fuels, or petroleum...

?U.S. Donald Trump announced on Wednesday that all imports of military equipment from Iran will be subject to immediate 50% tariffs. There would be no exceptions. He made the announcement in a post on social media just hours after agreeing to a two-week ceasefire. Trump's Truth Social posting did not specify the legal authority that he would use to impose these tariffs. In February, the Supreme Court struck down Trump's use of the International Emergency Economic Powers Act in order to impose global tariffs. A lower court ordered refunds for $166 billion collected during the course of one year. The...

U.S. president Donald Trump announced on Wednesday that the United States and Iran are working closely together and discussing relief from tariffs and sanctions. This follows the announcement of the two-week ceasefire. Trump backed away from a full-on attack on Iran, which he had threatened to launch 'on Tuesday night. Two hours before the deadline that he set for Tehran in order to open up the Strait of Hormuz. He stated on social media that he had agreed to many of the 15 points in his plan for Iran, but did no elaborate. In a post on social media, Trump...

JD Vance, the U.S. vice president, slammed the European Union on Tuesday for its "disgraceful interference" in an election held in?Hungary. He also praised Prime Minister Viktor Orban in his role as an ally to Donald?Trump when it comes to the defence of Western civilization. Here are some key quotes from the joint press conference in Budapest. VANCE ON HUNGARIAN ELSECTION "What happened in this country and what happened during this election campaign is one of worst examples of foreign interference in elections that I have ever read or seen ..." "The bureaucrats at Brussels have tried to destroy Hungary's...

China has again reduced its gasoline and diesel price increases to half of what they usually are. This is to try to reduce the rising oil prices caused by the Iran War and the closure of the Strait of Hormuz. The oil prices continued to rise after Iran rejected the United States' ceasefire proposal and as a deadline for Tehran, set by U.S. president Donald Trump, to come up with a deal before he was "taken out", grew closer. The NDRC (National Development and Reform Commission) announced that the retail gasoline and diesel prices would increase by 420 yuan and...

U.S. refiner Philips 66 reported on Monday that its first-quarter earnings were impacted by a sharp rise in commodity prices. This left?it? with nearly $900,000,000 in mark-to market losses before taxes, according to an SEC filing. The U.S. and Israeli war against Iran started in late February. Iran's closure of the Strait of Hormuz - a chokepoint for a fifth of world oil and gas supplies - has caused global energy markets to be roiled and crude prices have soared. Phillips 66’s losses are mainly due to its net short positions in derivatives contracts relating to crude oil and refined...

Venezuela's government, its political opposition and the United States are coordinating their legal defenses of Venezuela's oil-rich assets. Washington's recognition of interim president Delcy Rodriquez raised questions regarding who could represent Venezuela in U.S. court. The lawyers for Rodriguez's government, as well as the opposition, asked Manhattan's U.S. Magistrate Sarah Netburn to pause for 45-days a case where creditors seek to seize funds?linked to Petroleos de Venezuela until they decided who would represent Venezuelan interests. The letter "signaled" potential cooperation between the Rodriguez government and the opposition in safeguarding U.S. assets, such as the Houston-based oil refiner Citgo Petroleum, from...

Wells Fargo Investment Institute has downgraded their rating for the S&P 500 Energy Sector to "unfavorable". They cited limited 'prospects' of a sustained 'oil-price premium risk premium despite?the Middle East conflict. This move comes after a gain of more than 6% in the benchmark S&P 500's energy index since the beginning of the war. It is the best performance among the 11 major S&P sector. WFII strategists stated that "Sector Performance has Improved 'Materially in 2026. Supported by an unexpected Cold Snap earlier this year, and the increase in oil prices as a response to the War... However, our base...

Taiwan's economy minister announced on Saturday that the energy minister of a "major country" producing liquefied gas had given Taiwan assurances about supply. He was speaking in relation to the?impact of the Iran War on Middle East energy imports. Taiwan, which is a major producer of semiconductors, relied on Qatar to supply around a third its LNG prior to the conflict. It has now said that it has secured alternative supplies from countries such as Australia and the United States for the months ahead. Kung Ming Hsin, Taiwan's Economy Minister, told reporters in Taipei that Taiwan enjoys good relations with...

Welcome to the new look movie set. The cacophony created by cameras, clapperboards, and shouted instructions has been replaced with the quiet hum from a coding room. Collective Artists Network is a leading talent agency that represents Bollywood's A-listers. It has been facilitating the careers of superstars for many years. It's now engineering digital ones. The Bengaluru facility uses artificial intelligence to create content that is based on Hindu mythology, a genre popular in India. In a movie based on a religious text called "Ramayana," there is a scene where the god Hanuman is seen flying with a mountain in...

A government official confirmed that Italian Prime Minister Giorgia meloni traveled to Saudi Arabia on Friday for a previously undisclosed trip. The trip will include meetings in Qatar, the United Arab Emirates and other countries. Officials said that the two-day trip was to show support for Gulf countries facing Iranian attacks, and also to protect Italy's energy supply. This is the first visit by an EU leader to Saudi Arabia since the conflict that was started by the United States and Israel in February. It also comes at a moment when there are growing concerns about the security of the?oil...

Barclays said on Thursday that a rapid normalization of the 'flows through Strait of Hormuz' aligns with its forecast of Brent crude oil at $85 per barrel in 2026. However, it warned that delays or further escalation of prices could cause them to rise from their current levels. Amarpreet Singh said that despite the ceasefire, the flow of oil through the Strait of Hormuz has remained subdued. Recent data confirms their estimate of the supply disruptions of around 13-14 millions barrels per day. There has been some pushback, however. Some market participants have pointed to inventory data and suggested that...

Donald Trump, the U.S. President, said that on Wednesday "its military ships and planes will remain around Iran" and threatened to start "shooting again" if Tehran did not fully comply with the agreement reached with Washington. "All U.S. "All U.S. The president added, "If it is not possible, which would be highly unlikely, the "Shooting Starts" will be bigger, better and stronger than anyone else has ever seen. Iran said earlier on Wednesday it would be "unreasonable", to continue talks with the United States to create a permanent peace agreement after Israel struck Lebanon on Wednesday with its most intense...

Australia's export credit agency will underwrite spot market purchases by Ampol and Via?Energy through its largest suppliers. This was announced by Prime Minister Anthony Albanese on Thursday. The new laws were passed by the parliament last week to allow Export Finance Australia (EFA) to finance fuel imports as a response to shortages caused by the Iran War. Since the U.S. and Israel war against Iran began late in February, Australia has been experiencing localised shortages. Albanese said at a press conference that "Export Finance Australia has agreed to terms with two of our largest suppliers...to enable them to?bring more petrol...

An industry source said that other facilities in Saudi Arabia were also targeted in an Iranian attack. An industry source said that the pipeline diverted around 7 million barrels of oil per day (bpd), from the oil heartland of the kingdom in the east to the Red Sea Port of Yanbu, after 'Iran effectively closed the Strait of Hormuz. This trapped huge volumes of oil and gas, sending the world energy markets soaring. Sources said that the flow of oil through the pipeline would be affected. Damage was also being assessed. This could worsen what experts call the worst energy...

The GCC's growth forecast for 2026 has been reduced to 1.3% due to lower hydrocarbon revenue Kuwait and Qatar's economies are expected to contract in this year The World Bank warns about lingering risks in the region DUBAI, 8 April - In a report released on Wednesday, the World Bank slashed the growth forecast for the Middle East's economies in 2026 as a "consequence" of the conflict between the U.S. and Israel, along with Iran. The report also warned of widespread risks. Donald Trump announced late Tuesday a ceasefire of two weeks in the conflict. The conflict is now in...

Ukraine imports record amounts of fuel in March, despite the market turmoil caused by the Iran War. The pace will be maintained for April, according to Prime Minister Yulia vyrydenko, who urged traders to lower their prices. Ukraine is now almost entirely dependent on imports to meet its diesel and gasoline needs. Diesel prices almost doubled after the Gulf conflict, causing concern among farmers who were about to begin the spring sowing campaign. This is critical for the country. Svyrydenko stated on Telegram that "we are recording a decrease in quotations at the major exchanges which should have an impact...

The physical oil markets are still in a world of pain, despite a planned two-week truce between the United States (US) and Iran. Brent crude oil contracts plunged by as much as 16 % to $91.70 per barrel during early Asian trading on Wednesday, after ending at $109.27 a barrel on Tuesday. The rapid selloff is a sign of relief that President Donald Trump has delayed his alarming threats to wipe out the Iranian civilisation. This also reflects the optimism that crude, refined products and liquefied gas (LNG), may be able to resume and continue through the Strait of Hormuz...

Analysts say that the closure of Hormuz creates a very tight market for oil deliveries in the near future. Data from LSEG shows that the price of North Sea Forties crude has reached a record high. Expert: * Fear over supply is driving physical price higher. (Adds Platts dated Brent assessment in paragraph 8, adds LSEG in paragraph 10) By Alex Lawler LONDON, 7 April - European and Asian refiners have paid record prices of near $150 a barrel for certain crude oil grades. This is far higher than the paper futures price, highlighting the worsening crisis in supply caused...

Analysts say that the closure of Hormuz creates a very tight market for oil deliveries in the near future. LSEG data: North Sea Forties crude reaches a?record-high outright price Expert: * Fear of shortages is driving physical prices up By Alex Lawler LONDON, 7 April - European and Asian refiners pay record high prices of nearly $150 per barrel for a few crude oil grades. This is far higher than the paper futures price, which highlights the worsening crisis in supply caused by the U.S./Israel war against Iran. Iran's closure of the Strait of Hormuz has caused the Middle East...

Iran attacked Saudi Arabia’s Jubail petrochemical complex on Tuesday, the heartland of the downstream sector in the kingdom, according to a statement from the Islamic Revolutionary Guard Corps. However, it wasn't immediately clear exactly what was struck. Jubail is a sprawling city that houses multi-billion dollar joint ventures between Saudi Aramco, the state-backed oil company, and SABIC, its petrochemicals subsidiary. The IRGC stated that the attacks were "in retaliation to enemy crimes?in the attack against (Iran's Asaluyeh petrochemical factories." The exact location of the incident was not immediately known. Video footage confirmed by showed smoke and fires rising in the...

Iran and Israel exchanged attacks on Tuesday, as Tehran defiantly refused to reopen Strait of Hormuz or accept a ceasefire agreement on the eve of the deadline set by U.S. president Donald Trump for Tehran to comply with his demands. According to a source familiar with the plan, Iran rejected the U.S. proposal that was mediated by Pakistan. The plan called for an "immediate" ceasefire, the lifting of the effective blockade in the Strait of Hormuz, and then talks about a wider peace settlement to be held within 15 to 20 working days. IRNA, the official news agency, reported that...

Kang Hoon Sik, the South Korean chief of staff to the president, said that he was traveling to Kazakhstan, Oman and Saudi Arabia on Tuesday to procure crude oil and naphtha due to disruptions in shipping through Strait of Hormuz. Kang will depart on Tuesday evening as the special envoy of President Lee Jae Myung to hold discussions with governments, energy firms, and ship operators in order to ensure that cargoes arrive at 'domestic ports' and to maintain stable supplies of essential goods, such as medical products. He said that South Korea needed to diversify its supply lines urgently, as...