Fuel Oil

Roberto Ardenghy of the oil lobby group IBP told reporters on Wednesday that energy companies in Brazil have suspended oil exports to the United States following President Donald Trump's announcement of 50% tariffs against Brazil. The U.S. is Brazil's largest export market. Oil was exempted from the 10% tariff on Brazilian exports in April, but it remains unclear if the commodity will be exempted under the new tariff of 50% that is set to take effect on Friday. Ardenghy said, "This time there is no way to know." IBP represents Brazilian oil companies such as Petrobras, Shell, TotalEnergies ExxonMobil, Equinor,...

The original version of this article was published in On The Money, a newsletter that shares personal finance insights and tips from the United States every two weeks. Subscribe here to get it free. It's time to get rid of capital gains tax on your house. My humble opinion: The most important personal finance story! This week, President Donald Trump has announced that he is considering eliminating capital gains taxes from home sales. Trump told reporters at the Oval Office that if the Fed lowered the rates, then we wouldn't have to do anything. "But we're thinking of no tax...

Ford has recalled 694,271 cars in the United States because of a fuel leak that could increase fire risk, according to the U.S. National Highway Traffic Safety Administration. According to the NHTSA report, in vehicles that may be affected, a fuel injection system could crack, causing fuel to leak into the engine compartment and possibly cause a fire under the hood. Ford's internal committee first reviewed the problem in March 2024. They suggested an update to engine control software and installation of drains as a solution. Ford said that the affected vehicles had a 1.5L motor. The committee didn't recommend...

Three trading sources have confirmed that Nigeria's Dangote refinery will import five million barrels (or more) of U.S. WTI Crude Oil in July. This is a continuation of its purchasing spree following a possible record tally for June. Sources said that the giant new 650,000 barrel-per-day (bpd), oil refinery will import 161,000 barrels of WTI per day in July, after recent tenders were awarded. This is on the back of the record 300,000 barrels per day booked in June's tenders. The final totals of the month may change if the refinery makes more purchases. Traders said that the buying spree...

Shell Indonesia announced on Friday that it has sold its gas station business ownership to a joint-venture between Citadel Pacific Limited, Sefas Group and Citadel Pacific Limited. The company will retain its lubricant division. Shell has said that the deal will be finalized by the end of next year. It includes 200 gas stations and a fuel terminal in Gresik. The move is part of its strategy to transform the company's portfolio. The company stated in a press release that "after completion, Shell will remain in Indonesia via brand licensing agreements." Citadel Pacific, a private holding company based in the...

Energy Secretary Chris Wright of the United States issued an order Friday allowing Puerto Rico's government-owned utility to fill in chronic electricity shortages on the island using electricity generated by oil-burning plants, without violating environmental laws. Why it Matters Puerto Rico has been plagued by frequent and widespread power outages for years due to the island’s crumbling infrastructure and the bankruptcy of Puerto Rico Electric Power Authority in 2017. This was followed by a series of devastating hurricanes. A month ago the island was blacked out, and this week 134,000 customers were affected by the power failure. CONTEXT In January,...

Marathon will begin planned maintenance activities on units at its 255,000-barrel-per-day refinery in Robinson, Illinois on March 18, research company IIR and a source familiar with plant operations said on Thursday. IIR announced that the refinery's primary unit which processes sweet and sour oil will be shut down for maintenance. This includes heat exchanger repairs. The plant's 85,000-barrel-per-day diesel hydrotreater unit, 65,000-bpd vacuum distillation unit and 28,000-bpd hydrocracker unit will also undergo turnaround. IIR stated that the crude unit will be shut down for 7-10 days, and then restarted at a reduced capacity estimated at 75 percent until the remainder...

Cruise operator Carnival Corp anticipated strong reservations for 2025 ahead of the hectic summer season as Americans stayed eager to invest in experiences even as ticket prices increased, sending its shares up about 3% on Friday. The resistant need for cruise getaways also helped Carnival post better-than-expected profit and sales for the fourth quarter, however the business anticipated annual revenue below estimates due to rising input expenses and advertising costs. Changed cruise costs, omitting fuel, increased 7.4%. from 2023 but were much better than the company's forecasts of about. 8%, revealed in September. 2025 is shaping up to be another...

Top U.S. refiners kept concentrated on investor returns with significant stock buybacks and dividends in the third quarter despite the fact that earnings fell due to damaging fuel need and refining margins. Margins for fuel, diesel and other products narrowed greatly from record levels struck after Russia invaded Ukraine in 2022. Fuel demand has actually softened ever since, and new refining capacity has come online. In the 3rd quarter, the average earnings per share for U.S. oil refiners fell to 25 cents from $4.75 in the same quarter a year earlier and $4.85 in 2022, according to Reuters estimations. Integrated,...

U.S. refiner margins for gasoline and diesel will be reasonably the same next year, the U.S. Energy Details Administration said on Wednesday, indicating relief for fuel manufacturers who saw profits slump dramatically since 2022 on slowing demand development. Refiners worldwide reaped record profits in 2021 and 2022 from the post-pandemic surge in travel need and recovering financial activity. Nevertheless, margins then dropped dramatically as mammoth brand-new plants opened around the world and need growth slowed, partly due to efforts to shift away from fossil fuels. The prepared closures of 2 U.S. refineries next year - LyondellBasell Industries' 263,776 barrel-per-day Houston...

South African petrochemicals business Sasol reported a 66% fall in fullyear earnings on Tuesday, mainly due to weaker chemical rates, and skipped a. last dividend. Sasol published 11.5 billion rand ($ 648.47 million) headline. earnings in the year to June 30, compared to 33.8 billion rand. throughout the very same duration last year. It did not declare a final dividend, leaving the interim 2. rand per share stated at half-year as the full-year payout for. the 2024 fiscal year. Sasol stated it altered its dividend policy, which was. formerly based upon 2.5-2.8 times core headline earnings per. share, to 30%...

Oil refiner Phillips 66 reported better-than-expected second-quarter results, driven by strong refining utilization and low expenses, even as the market faced lower refining margins due to a warm summer season driving season. The Houston-based refiner's crude capacity utilization increased to highest in over 5 years at 98% in the second quarter, up from 92% in the first quarter, CEO Mark Lashier stated throughout a. call with analysts on Tuesday. U.S. fuelmakers increase processing capability to 93.5%. in the second quarter, compared to 91% in the very same period last. year, according to the U.S. Energy Details Administration,. on expectations of...

On Wednesday, Russia accused Ukraine of trying to sabotage the 30-day moratorium against striking each other's infrastructure. This came a day after Russian president Vladimir Putin and U.S. president Donald Trump agreed on such a temporary stop. Ukraine also accepted the proposal for a moratorium, but claimed that Russia knocked out electricity to some of their railways as well as hospitals and homes on Wednesday. Moscow claimed that a Ukrainian drone hit an oil depot located in southern Russia. Russia has repeatedly cut off Ukraine's power grid during the three-year conflict, causing frequent blackouts. Ukraine has responded with drone attacks...

Russia's offline main oil refining capability in September is set to leap 34% from August, according to Reuters calculations based on data from industry sources, owing to technical failures, Ukrainian drone attacks and seasonal upkeep. Offline capability is seen at 3.87 million metric loads this month, or 14.5% of Russia's total oil refining abilities. That is up from 2.95 million tons in August. An increase in idle refining capacity normally helps with crude oil exports. Market sources informed Reuters on Thursday that Russia's crude oil filling strategy from the Baltic ports of Primorsk and Ust-Luga for September was modified higher...

Russian oil refineries decreased their throughput in the first half of the year by 4%. year on year to 131.8 million metric tons, estimations. based upon information from industry sources revealed on Monday, as Ukraine. strike the centers with drones. That remains in line with an increase in the offline refining. capacity. Russia's oil refinery output declined primarily due to. upkeep at the Rosneft-owned Tuapse oil refinery,. which produced by 3.6 million fewer lots in the very first half of. the year, along with 2.7 million lots less at the. Lukoil-controlled NORSI plant and 1.1 million loads. less at Rosneft's...

Ukrainian longrange attack drones struck 4 Russian oil refineries in addition to radar stations and other military targets in Russia in a significant attack in the early hours of Friday, Kyiv's military said. Ukraine has considerably stepped up its use of drones this year to attack Russian oil centers, which it deems genuine military targets that are sustaining Russian soldiers in their nearly 28-month-old invasion. Unmanned aerial automobiles assaulted the Afipsky, Ilsky, Krasnodar, and Astrakhan oil refineries, the Ukrainian armed force stated in a statement on the Telegram messaging app. Russia's armed force stated earlier that it had downed 70...

Russian secondlargest oil manufacturer Lukoil prepares to resume operations at its harmed CDU6 main unit and catalytic cracker at the NORSI oil refinery in June following maintenance, 3 market sources stated on Friday. Lukoil did not right away respond to a request for comment. Among the sources stated that the CDU-6 main unit, where operations were halted in March following a fire, could be tentatively back up as early as Saturday. The resumption will enable the catalytic cracker, which has been idled for maintenance given that January, to get feedstocks. It could return to operations on June 10, another source...

Russian energy company Novatek resumed gas condensate processing at its UstLuga complex on Feb. 11, two market sources said on Wednesday, after the website was damaged last month by a suspected Ukrainian drone attack. The complex processed about 18,000 metric lots of gas condensate over Feb. 11-12, the sources stated. Novatek did not respond right away to an ask for remark. Novatek was required to suspend some operations at Ust-Luga, a. big Baltic Sea fuel export terminal and processing complex, due. to a fire on Jan. 21 started by what Ukrainian media stated was a. drone attack. On Jan. 24,...

Russia's Kuibyshev midsized oil refinery near the city of Samara on the Volga river has actually halted all production following damage from a. Ukrainian drone attack recently, two industry sources told. on Thursday. The interruption adds to the problems of the Russian oil. refining sector as the need for emergency repairs following. various drone attacks declared by Ukraine has actually left them. having a hard time to provide materials. According to computations, around 14% of Russia's. refining capacity has actually been closed down by drone attacks, including. Kuibyshev, and the country has this month increased fuel. imports from neighbouring Belarus...

Ukrainian drones assaulted Taneco, Russia's third largest oil refinery, on Tuesday about 1,300 km ( 800 miles) from the cutting edge, hitting a core system which procedures about 155,000 barrels daily (bpd) of crude. As of the end of March, around 14% of Russia's main oil refining capability had been knocked out by Ukrainian drone attacks, according to calculations. Which refineries have actually been targeted, what damage have they sustained and what do they produce? TANECO A fire broke out at the refinery and was extinguished within 20 minutes, state news firm RIA said. Production has not been interfered with,...

Ukraine struck Russian oil refineries in a 2nd day of heavy drone attacks on Wednesday, causing a fire at Rosneft's greatest refinery in among the most serious attacks against Russia's energy sector in recent months. Oil costs increased 2% partly due to issues about supply disturbance following the attacks which President Vladimir Putin stated were an attempt to disrupt his nation's governmental election this week. Russia and Ukraine have actually both utilized drones to strike critical infrastructure, military setups and troop concentrations in their more than two-year war, with Kyiv stepping up attacks on Russian refineries and energy facilities in...

Russia's January seaborne oil item exports fell 8.6% from a year earlier and 2% from the previous month to 10.792 million metric lots owing to lower processing and unexpected refinery repair work, information from industry sources and computations showed. Numerous big Russian refineries have been hit by drone attacks and failures over the past 2 months. As an outcome, oil processing in January dropped 4% from a year previously and 1.4%. from the previous month, Kommersant newspaper reported. Overall oil products exports through the Baltic ports of Primorsk,. Vysotsk, St. Petersburg and Ust-Luga last month fell 13.7% year. on year...

Russia's energy facilities has been struck by drone attacks and fires in the past month, adding to unpredictability in global oil and gas markets currently rocked by the dispute in the Middle East. Russia and Ukraine have targeted each other's energy facilities in strikes designed to interfere with supply lines and logistics and to demoralise each other as they bid to get the edge in an almost two-year-old war that reveals no indication of ending. Following are current major events at Russian oil facilities over the past months: * A Russian appointed authorities stated on Jan. 18 that Ukraine had...