Oil & Gas

In a letter to the United Steelworkers union on Monday, Lyondell Basll Industries announced that layoffs would begin at the refinery in Houston which was closed. Estalee Russi wrote in a letter to USW International president David McCall that "Employment Separations - including (USW) local 13-227 represented employees - will begin at or around April 17, 2025." Tuesday, the letter was examined. A spokesperson for Lyondell did not respond to a comment request. There are around 400 Lyondell employees working at the 263,776 barrel-per-day-capacity Houston refinery, with about 70% of them being hourly workers represented by the Steelworkers. On Tuesday,...

A video was shown to Chevron's employees at a town hall meeting held last week. The video highlighted the success of the oil giant in Colorado, where it is the largest producer of oil and natural gas in the state. In less than 30 minutes, the executives announced their plans to reduce up to 20% of global staff. Chevron, despite progress made in safety and financial performance has fallen behind its competition, the company's leaders informed employees at a meeting held on February 12th. On the webcast, they stated that Chevron's business was becoming too complex, costs were creeping up,...

Reliance Consumer products, an Indian company, launched Campa Cola in the United Arab Emirates on Tuesday. This was the first time the brand had entered the global market, which is dominated by the U.S. beverage companies PepsiCo, and Coca-Cola. The FMCG arm Mukesh Ambani’s Reliance Group announced that it had partnered with UAE food and beverage company Agthia Group to launch the product, but refused to disclose any financial details. This is the first international expansion for Campa Cola since Reliance Industries revived it in 2023. In the 1970s and 80s, it was a popular brand. However, its popularity waned...

Diamondback Energy, an oil and gas company, announced on Tuesday that it will buy certain units from EnCap-backed energy producers Double Eagle for approximately $4.08 billion in cash-and stock deal. Diamondback would gain access to 40,000 acres of land in the Permian Basin (the largest oil field in America), one of the last major assets. Diamondback said it would reduce its pro-forma debt by selling at least $1.5 Billion of non-core assets. The shale oil producer plans to reduce net debt to $10 Billion and maintain leverage between $6 Billion to $8 Billion over the long-term. Double Eagle, a Texas-based...

The operator of the national gas transmission system revealed that Ukraine will increase natural gas imports on Tuesday by 8%, to 26,7 million cubic metres. Gas imports have increased by almost tenfold in the last few months after Russian missiles targeted Ukraine's natural gas facilities. "Shelling continues of gas distribution and production facilities. "We are doing all we can to make sure we have enough fuel to last through the heating season," said Prime Minister Denys Schmyhal at a government gathering. After Russian missiles attacked its gas installations, Ukraine asked its allies for help in importing more natural gas. A...

On Monday morning the benchmark Dutch gas contract traded in a narrow range, as higher wind speeds reduced gas demand for electricity generation. Meanwhile the market was monitoring updates on the U.S. and Russian talks to end war in Ukraine. LSEG data shows that the benchmark front-month contract for the Dutch TTF hub was nearly flat at 50.75 Euros per megawatt hour, or $15.59/mmBtu by 1004 GMT. Last week, the contract dropped to 49.25 Euros/MWh - its lowest level since 29 January. The British day-ahead contracts fell 1.25 pence to 124.55 pence/therm, while the Dutch contract lost 0.32 euros at...

Oil prices were little altered on Monday, as investors awaited developments in a possible Russia-Ukraine deal that may ease sanctions disrupting the global supply flow. Brent crude futures were up 7 cents to $74.81 per barrel at 0430 GMT. U.S. West Texas intermediate crude was unchanged at $70.75 per barrel. After U.S. president Donald Trump and officials of his administration announced that they had begun talks with Russia to end war in Ukraine, the market kept a close eye on the progress of peace negotiations. If negotiations result in a resolution, then more Russian barrels will enter the global supply,...

Independent U.S. refiner PBF Energy said it has no estimate for how long its 156,400-barrel-per-day (bpd) Martinez, California, refinery will remain shut following a fire on February 1, according to a statement released on Thursday. In a Thursday morning conference call, executives of the company said that it was not possible to assess the damage caused by the fire due to ongoing investigations. The site of the ignition has been cordoned off. Company executives stated during a conference call that the fire started near the 77.500-bpd hydrotreater for cat feed, which uses hydrogen in order to remove sulfur from the...

These are the most popular stories in the British business pages. These stories have not been verified and we cannot vouch their accuracy. The Times – The UK could face 21% tariffs for exports to the US following President Trump's order that imposed reciprocal levies against countries with VAT. Experts have warned of significant economic consequences. Unilever chose Amsterdam over London to spin off its ice-cream division for 13 billion pounds (16,33 billion dollars). This is a blow to UK capital markets in spite of government efforts to ensure the listing. The Guardian – Steve Madden acquired UK footwear brand...

Three sources said on Thursday that the Reliance-Disney joint enterprise will no longer provide free streaming of IPL cricket games. Instead, it will use a hybrid model in which subscriptions will be charged after a certain threshold is reached for content consumption. First source said that the entity would also launch a new streaming app with plans starting from 149 rupees. After Indian billionaire MukeshAmbani's Reliance Media and Walt Disney merged their India media assets last year in an $8.5 billion deal, the decision was made to change the streaming terms for the Indian Premier League. JioCinema offers free IPL...

PBF Energy reported a third consecutive quarter loss on Thursday as the U.S. refining company was hit by a decline of margins. The Parsippany refiner in New Jersey reported a fourth-quarter loss of $289.3 millions, or $2.54 a share. This was higher than the loss of 48.4 million dollars, or $0.40 if you look at it compared to a year ago. The margins on global refining have fallen in the past year due to the weaker economy and the opening of several refineries in Asia and Africa. U.S. refinery profit margins measured by the 3-2-1 Crack Spread In the quarter...

The U.S.-based oil company announced on Wednesday that it will reduce its workforce globally by 15% to 20% between 2026 and 2028 in order to reduce costs and streamline its operations. Chevron and Exxon Mobil are locked in a legal battle over the planned acquisition of Hess Oil, which is a cornerstone to its plans to increase oil production. The company's refining division, which has reported a fourth-quarter loss for the first since 2020, is also struggling with low margins. The company said that it aims to save $3 billion through 2026 by leveraging technology, selling assets and changing the...

The International Energy Agency (IEA), which released data on Thursday showing that China's road and air transportation fuels have likely reached their peak, said the agency. Data showed that China's consumption for gasoline, jet fuel and gasoil had decreased marginally by 2024. In a report published monthly, the IEA stated that the combined consumption of three fuels was 8.1 million barrels a day in China in 2018. This was 200,000 bpd less than 2021 levels and was only marginally higher than 2019 levels. It said that "this strongly suggests fuel consumption in the country has reached a plateau, and may...

OPEC reiterated its prediction of a relatively strong increase in global oil consumption in 2025. It said that air travel and road travel will support consumption, and trade tariffs are not expected to affect economic growth. In a report published monthly, the Organization of Petroleum Exporting Countries (OPEC) said that the world's oil demand would rise by 1,45 million barrels a day (bpd), in 2025, and by 1,43 million bpd, in 2026. Both forecasts were unchanged since last month. OPEC believes that oil demand will continue to rise in the coming years. This is contrary to the International Energy Agency,...

Trade sources reported on Tuesday that Saudi Arabia's crude supply to China will decline in March compared to the previous month after the kingdom raised its prices to their highest level in over two years. A tally of Saudi Aramco's allocations to Chinese refiners revealed that the company will ship around 41 million barrels in March. This is down from 43.5 million barrels in February. This is the second consecutive month that Aramco has seen its allocation to China drop. The sources stated that Sinopec, a joint venture between Aramco and the Chinese state-owned company, and Aramco’s joint venture Fujian...

The oil prices recovered on Monday, after a third consecutive week of declines. Investors remained concerned that U.S. president Donald Trump could start a new trade war. Brent crude futures rose $1.30 or 1.7% to $75.96 per barrel at 11:51 am. ET . U.S. West Texas Intermediate Crude added 1.9% and rose $1.36 to reach $72.36. Gains could be due to bargain-hunting after prices dropped 2.75% in the previous week as a result of global trade concerns. Tariff uncertainty is the main issue. Harry Tchilinguiran, of Onyx Capital, said that this affects risk appetite and spillover effects to oil. Some...

The oil prices rose on Monday as investors considered the latest threat from U.S. president Donald Trump to impose tariffs on all steel imports and aluminium, which could slow down global economic growth. Brent crude futures rose 40 cents or 0.5% to $75.06 per barrel at 0133 GMT, while U.S. West Texas intermediate crude was $71.38 per barrel, up by 38 cents or 0.5%. Last week, the market saw its third consecutive decline on worries about a trade war. Trump announced that he would announce 25% tariffs on steel and aluminum imports to the U.S. on Monday, in yet another...

Scientists from Cyprus have recruited children to recycle used cooking oils into biofuel as part of an international-acclaimed initiative. The "Tiganokinisi" initiative, or frying pan, visits schools with a caravan. It performs experiments and encourages the children to bring used cooking oil to school. This is collected, filtered, and then sold to be used for biodiesel. Cyprus wants to play its part in tackling a global problem that sees millions litres used cooking oil being thrown out every year. This often clogs drains, causes fires at landfills or pollutes underground water. The logistics of collecting this half-litre cooking oil (from...

In a Wednesday post on X, Sheikh Mohammed bin Rashid Al Maktoum stated that the United Arab Emirates non-oil goods trade will reach a record of 3 trillion dirhams (816.86 million dollars) by 2024. Post on X reported that the non-oil exports of the Gulf State increased by 14.6% from the year before. The UAE is considered the tourism and business center of the Gulf Region. It has made significant investments in infrastructure and policy to support long-term growth. Since 2021 it has initiated a number of bilateral trade agreements, investments and cooperation deals, called Comprehensive Economic Partnership Agreements. It...

A survey released on Wednesday showed that the UAE's private non-oil sector expanded strongly at the beginning of 2025 despite capacity challenges and competition. The S&P Global UAE Purchasing Managers' Index, adjusted for season, was 55.0, which is slightly lower than December's nine month high of 55.4, but still well above the 50.0-mark, indicating growth. The business activity and new order indexes rose strongly, mainly due to the favourable market conditions. However, at a slower pace. In January, it slowed down slightly, as the sub-index for new orders dropped from 59.3 in December. David Owen, Senior Economic Analyst at S&P...

According to a press release from the president's offices, Lebanon President Joseph Aoun told Qatari Premier Sheikh Mohammed Bin Abdulrahman Al Thani on Tuesday that he hoped TotalEnergies would soon resume oil exploration off the coasts of Lebanon. In 2023, the state-owned QatarEnergy will join France's TotalEnergies (ENI.MI), and Italy's Eni in a consortium of three to search for oil and natural gas in two marine blocks off Lebanon's coast. Two sources who were directly involved in the matter said that no hydrocarbons had been found after the exploratory drilling offshore in 2023. TotalEnergies didn't respond to a comment request...

The Pakistani Prime Minister's Office announced that the Pakistan signed an agreement on Monday with the Saudi Fund for Development, delaying by one year the payment of $1.2 billion on oil imports. The state-run Pakistani television broadcast the signing ceremony in real time before a delegation of the fund, led by its CEO Sultan Bin Abdul Rehman Al Marshad, visited Prime Minister Shehbaz Shariff. The office issued a press release in which Sharif expressed his appreciation for the signing of the Oil Import Financing Facility. The office said that Pakistan would receive oil with a one-year deferred payment. The Prime...

Several trade sources said that Syria wants to import oil through local intermediaries because its first post-Assad import bids did not attract much interest from oil traders, due to the ongoing sanctions and financial risk. According to tender documents, the caretaker government of Syria issued tenders for the import of 4.2 million barrels crude oil as well as 100,000 tons of each fuel oil and diesel. Sources said that the tenders which closed on the Monday have not been awarded, and the government has now begun negotiating with local firms to meet the requirements. After Iran seems to have stopped...

Saudi Arabia's economy is expected to grow in 2024. The real gross domestic products increased by 1.3% over the prior year, according to preliminary data released Thursday. Non-oil activities boosted GDP. Estimates from the General Authority for Statistics show that GDP growth soared by 4.4% compared to the same period one year ago. This is the highest quarterly rate of growth in two years. Non-oil activities increased 4.6%. Oil activities decreased by 4.5%, while government activities increased 2.6%. Saudi Arabia's economy shrank by 0.8% in 2023, as lower oil prices and oil production cuts hit the growth of the world's...