Fuel Oil

Indiana became the second U.S. state to suspend its gasoline tax in response to?the ongoing U.S. and Israeli conflict with Iran. Gov. Mike Braun, who is a Republican, announced that the suspension of the 7% usage tax on fuel would last for 30 days, and it could be extended based on the "circumstances in the Middle East." "I declare a gas-tax holiday to relieve Hoosiers from the pain of high gas prices at the pump. Braun declared that affordability was his top priority after he issued a?emergency declaration. Braun used a term for residents of Indiana to describe the situation....

Workers said that Venezuela's refinery network is processing 399,000 barrels of crude per day, or 31%, of its installed capacity, which is 1.29 million barrels a day. This is below the 35% it achieved in February, as state-run PDVSA struggles with keeping units running after they are restarted, South America has seen its oil production and exports increase since signing a landmark supply agreement with the U.S. Government in January. However, limited power services, outages, and the need for major repairs and maintenance have created obstacles to recovering refinery operations. Workers said that in recent weeks the?PDVSA focused on restarting...

Chicago soybean futures dipped on Friday after the White House announced revised U.S. Biofuel targets earlier in the afternoon. Many traders had already bought soybean futures anticipating bullish news. Wheat and corn were both volatile on Friday amid the uncertainty surrounding the Iran War, while corn was also impacted by technical selling before the weekend. The Chicago Board of Trade's most active soybean contract settled at $11.59-1/4 per bushel, down 14-1/2 cents. Randy Place, an analyst at Hightower Report, said: "We are a little weaker in beans and it's likely profit-taking ahead of the weekend, as well as headline risk,...

Chicago soybeans rose on Thursday as U.S. President Donald Trump’s plan to visit Chinese President Xi Jinping this May boosted hopes for stronger Chinese demand for U.S. supply. Wheat and corn gained as well. As of 0425 GMT, the?most active?soybean contracts on the Chicago Board of Trade climbed 0.2% to $11.74-1/4 per bushel. CBOT wheat rose 0.4% to $6.00-1/4 per bushel. Corn increased 0.1% to $4.67-1/4 a bushel. Originally scheduled to travel next Monday, Trump will visit Beijing May?14-15. He said on Truth Social Wednesday that he would be hosting Xi?for a return visit to Washington later in the year....

Chicago soybean futures declined on Wednesday. They tracked losses in soyoil due to lower crude oil prices, based on reports that the U.S. was seeking a ceasefire of a month for its war against Iran. The price of corn and wheat futures also declined. As of 0325 GMT, the?most active?soybean contracts on the Chicago Board of Trade slipped 0.2% to $11.52-3//4 a bushel. Soyoil dropped 0.8% to 65.21cents per pound. CBOT corn fell 0.7% and wheat dropped 6%, to $4.59-1/2 per bushel. The oil prices fell more than 5% on Wednesday, as a result of reports that the U.S. had...

Cuba detailed on Friday an extensive plan to protect essential services and to ration fuel, as the communist government dug in its heels to defy a U.S. attempt to cut off?oil supplies to the Caribbean Island. Cubans are already facing severe shortages in food, fuel and medicine. The first rationing measure announced is the first since President Donald Trump warned of tariffs being imposed on any country that exports fuel to Cuba. Ministers of the government said that these measures will ensure fuel supply to key sectors such as agriculture, education, water, healthcare, and defense. As he outlined the details...

The U.S. Transportation Department announced Friday that it will propose rolling back the fuel economy standards for?heavy duty pickup trucks and vans. This is part of a larger effort to undo strict vehicle standards established by former president Joe Biden. Biden's administration finalized in 2024 rules that required heavy-duty trucks and vans increase their fuel efficiency by 10% annually for model year 2030-2032, and 8% annually for model year 2033-2035. In a letter sent to automakers on Friday, the National Highway Traffic Safety Administration said that these rules were unrealistic and needed to be reset. The letter said that the...

Two sources confirmed that Valero had purchased a cargo from Venezuelan crude oil on Wednesday. This is one of the initial deals made by U.S. Gulf Coast refining companies as part of Washington’s agreement with Caracas for exports of up to 50,000,000 barrels. One source said that Phillips 66 had also bought a cargo. Sources said that both companies bought crude oil from Vitol. The crude was then traded to be delivered to the U.S. Gulf Coast for a discount between $8.50 and $9.50 per barrel compared to Brent crude. After President Nicolas Maduro was ousted in January, the U.S....

Sources in the industry said that Trafigura had sold its first shipment of Venezuelan crude oil as part of a 50 million barrel supply agreement between Caracas, Venezuela, and Washington. The Spanish refiner Repsol is expected to receive the shipment. Two sources stated that the cargo will be delivered to Repsol by February. Trafigura and Repsol have declined to comment. The deal would be one of the first oil sales from Venezuela to Europe since the United States captured Venezuela's leader in early this month. Caracas then signed agreements to export oil up to 50 million barrels. Washington tapped Trafigura...

Five sources said that U.S. sanctions have dismantled what is left of Lukoil Litasco. Litasco was once Russia's largest oil trader, and a competitor to Swiss oil houses and major oil companies. Washington is trying to stop Moscow from funding its war in Ukraine. The new measures also target the state-owned Rosneft. They went into effect Friday. The measures have put Lukoil’s global operations in limbo - from oilfields across the Middle East, to fuel pumps and refining plants throughout Europe. Sources said that Litasco, cut off from the global system of finance, has fired most traders and operational employees,...

Rosen Zhelyazkov, the Prime Minister of Bulgaria, said that although U.S. sanctions have been imposed on Russia's Lukoil, which operates Bulgaria's largest refinery, there is still enough fuel to meet demand. The U.S. President Donald Trump has imposed sanctions against Russia's biggest oil companies Lukoil, and Rosneft over Moscow's conflict in Ukraine. This has sent global oil prices up and prompted India to cut Russian imports. Lukoil operates the Burgas refinery in Bulgaria which produces 190,000 barrels per day. It also has more than 200 petrol station and a network of fuel depots and transport. Zhelyazkov, speaking to journalists in...

StoneX, a consultancy, said that Brazil's imports of diesel in September reached their highest level since 2023. This was due to a sharp increase in U.S. volume to compensate for declining Russian supplies, amid high agricultural demand. Why it's important The increase in imports is a reflection of the robust domestic demand that Brazil experiences during its soybean planting season, and reflects global market shifts as a result of disruptions in Russian exports. Brazil imports about 20% of its total diesel consumption. By the Numbers In September, total diesel imports reached 1,77 billion liters. This represents a 9.4% rise on...

Official data showed that oil product stocks in Asia’s?oil-hub Singapore have fallen to their lowest levels in nine months, after the U.S./Iran war curtailed Middle East crude and fuel imports. Enterprise Singapore's data shows that combined onshore oil products stocks totaled?44.83 millions barrels during the week ending May 6, which is the lowest level since late July 2025. Last week, stocks of light and middle distillates (gasoline, diesel and jet-fuel) fell while remaining fuel inventories remained at a low level for the past year as Middle East imports remained close to zero. The amount of residual fuel in Singapore storage...

Super Retail Australia reported flat like for like sales in the second half of this year. It cited a drop in demand across its four brands after the 'Iran war. This sent the company's shares to a three-year-low on Thursday. The retailer reported that after the bell rang on Wednesday, like-for-like retail sales had only increased by a paltry 0.4%. Gross margins were also "modestly lower than the previous comparable period." Super Retail reported that the Middle East conflict has impacted the sales momentum of all brands, and inflation rates are also increasing. The shares of the retailer fell as...

Leaders of the ASEAN bloc will be discussing conflicts beyond Southeast Asia at the meeting in the Philippines. The Middle East crisis is a major challenge for the economies of countries that depend on fuel imports. Leaders, foreign and economic ministers from the 11 member grouping will attend the?meetings in Cebu on Friday and Thursday. Energy and food security are top priorities for this region of 700 million people. Many Asian countries are scrambling to find alternative oil supplies due to the Middle East conflict. ASEAN ministers have convened special meetings in advance of the summit and the Philippines is...

The central bank of Chile?maintained its benchmark interest rate on Tuesday at 4.5%?in an unanimous decision. This was in line with expectations, and it marked its third consecutive decision to maintain the rate. Chile's Central Bank said in a statement that the prolonged war in the Middle East is affecting forecasts of global inflation, economic activity and the risk that oil prices remain high. The decision of Tuesday follows two consecutive halts? in January and March. The bank noted that although oil prices futures still point down, the "prolongation" of the conflict increased the risk that prices would remain high....

Brazil's Government on Thursday announced a bill that will be sent to Congress, under which the additional?revenue generated by higher oil prices due to the U.S./Israel conflict with Iran would offset reductions in?federal tax on fuels. Planning Minister Bruno Moretti said the proposal was aimed at achieving full fiscal neutrality. Tax reductions would be dependent on extra revenues generated by an increase in oil prices. Dario Durigan, Finance Minister, said that the government was working on a two-month "calibrated" reduction. The government of President Luiz Inacio Lula da Silva is taking this step to "minimize the impact" of the higher...

Jose Guimaraes, Minister of Institutional Relations, said that Brazil will take new measures in the next few days to reduce the economic impact of the U.S.-Israeli conflict on Iran. This includes steps to lower gasoline prices. Guimaraes told reporters in Brasilia that the package is still being finalized. He also confirmed that the Finance Ministry officials are reviewing fuel prices. He said that the government was working on a scenario where there could be 'up to two months worth of conflict. However, it is still uncertain what impact this will have on the economy. SEVEN-DAY WORKWEEK Guimaraes said that the...

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...

New Zealand announced on Friday a four-phased strategy to manage the rising risks to petrol, jet fuel and diesel supplies. However, it said that no restrictions were needed at this time as the government was well-positioned to respond to potential energy shocks. Nicola Willis, Finance Minister of Canada, said that the country is in the first phase. This phase focuses on global developments and promoting voluntary fuel reductions. Willis said at a press briefing that there was no cause for immediate alarm. Companies have good confidence in fuel deliveries through the end of this month. She warned that the country...

These are the most popular?stories from the New York Times business pages. These'stories' have not been verified and we cannot vouch for their accuracy. The International Energy Agency has agreed to release a record number of 400 million barrels from its strategic oil stockpiles in order to combat a rise in 'global crude oil prices' since the beginning of the 'U.S.-Israeli conflict with Iran. U.S. President Donald Trump’s administration announced it would launch?two new?trade investigations into excess 'industrial capacity' in 16'major trading partners' and forced labor to rebuild tariffs pressure after the U.S. Supreme Court threw out much of Trump's...

The petroleum ministry announced that Egypt increased prices on a range of fuel products?on Tuesday. This comes as the Middle East continues to be affected by the U.S. and Israeli war?on Iran and the rising price of oil and gas. The ministry released a statement that said, "This is due to the extraordinary situation caused by the geopolitical development in the Middle East and its direct effect on the global energy markets". The decision was made just days after Egyptian Premier Mostafa?Madbouly stated in a presser?on 3rd March that the state could resort to?exceptional measures' if fuel prices rose significantly...

As tensions between the U.S. and Iran disrupted traffic in the Strait of Hormuz, fears of tightening exports grew. The Middle East is one of the largest exporters of fuel oil into Asia. Most barrels end up in bunker hubs, where they are sold to ships to refuel them, or to refineries to use as feedstock for other oil products. Cracks in HSFO received a 'boost' as traders waited for clarity from Middle Eastern exporters such as?the United Arab Emirates?, Iraq?, Kuwait? and Saudi Arabia?. Expectations of a tighter sour crude oil market also lent a boost. Singapore's 380cst HSFO/Dubai...

Bahrain announced several fiscal measures on Monday. These included raising fuel prices, increasing tariffs on water and electricity, and increasing dividends from government-owned companies, as well as other fees and tax. Bahrain, one of the Gulf's smaller producers of oil, has increased its efforts to diversify away from hydrocarbons and into other areas, such as tourism and financial services. However, lower?oil price have had a negative impact on public finances and growth. Bahrain plans to?raise natural gas prices and reduce administrative government expenditure by 20%. It will also introduce a new corporate income tax law for local companies. The statement...