Oil & Gas Refining








Asia

North America

Oil & Gas

Reliance is likely to return to Middle East oil in the event that Russian supplies dry up

Reliance Industries will likely return to its Middle Eastern oil sources if India succumbs to the pressure of U.S. president Donald Trump, who wants to reduce Russian imports. India is being heavily pressured by Washington to cut off its energy ties with Russia after Moscow invaded Ukraine in 2022. Reliance, India's largest buyer, operates at Jamnagar, Gujarat, the world's most advanced refining facility. It can process 1.4 million barrels of oil per day. Due to their geographic proximity, Reliance will likely switch to Middle Eastern crude suppliers if they stop buying Russian crude. Anh Pham is a senior analyst with...

Energy Markets

United Steelworkers union proposes next refinery worker contracts

Mike Smith, the chair of national oil negotiations for the union, told a meeting of more than 300 United Steelworkers union workers in Pittsburgh that they had approved proposals for labor negotiation with energy companies to begin in early 2026. The current contract, which covers 30,000 workers for four years, expires just after midnight on February 1, 2026. USW members are employed at refineries which account for more than half of the nation's crude oil processing capacity. USW negotiators, led by Smith, and including International Vice President Roxanne Bron and International President David McCall will begin meetings with Marathon Petroleum...

Energy Markets

Reliance Industries of India warns that tariff uncertainty could affect trade flows

Reliance Industries, India’s largest buyer of Russian crude oil, stated in its annual report published on Thursday that geopolitical uncertainties and tariff-related uncertainty could affect trade flows and demand-supply equilibrium. The operator of the largest refinery complex in the world said that crude prices remained volatile despite evolving sanctions, changing tariff policies and production decisions made by the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC member countries. The report did not go into detail about the tariffs. It covered the fiscal years up to March 2025. This was before U.S. president Donald Trump increased pressure on India by...

Fossil Fuels

Sources say that India refiners are waiting for a government order to purchase Russian oil.

Four industry sources say that Indian refiners await government instructions on whether they should continue to buy Russian oil, after the United States imposed new 25% tariffs on Indian products over New Delhi’s energy ties to Russia. The new duties are meant to penalise India for its Russian Oil imports. They come on top existing tariffs Washington levied in order to correct its trade deficit with South Asia. India called the latest U.S. actions "unfair, unreasonable and unjustified." An official of a private refinery company said, "We haven't heard anything from the government so we won't stop Russian oil imports."...

Oil & Gas Refining

Seven & i North American business IPO will fund faster growth, according to CEO

Seven & i Holdings, a Japanese convenience store operator, said that the planned listing of their North American operations will allow them to borrow additional money for accelerated growth. Stephen Dacus, the CEO of the company, said that the listing is scheduled for the second half 2026. This will allow faster store openings in the U.S. as well as additional bolt-on M&As. After successfully repelling a hostile takeover attempt from Canadian competitor Alimentation Couche-Tard, the fate of the struggling operator of 7-Eleven rests on the ability to grow independently. Couche-Tard retracted its $46 billion bid last month citing a failure...

Oil & Gas Refining

Suncor Energy exceeds its quarterly profit forecasts on the back of higher production

Suncor Energy, a Canadian oil company, exceeded analyst expectations for the second quarter profit on Tuesday as increased output offset the impact from weak commodity prices. Canada's oil-sands industry remains resilient, despite the fact that oil price volatility has pushed the energy sector into a slump. The expansion of the Trans Mountain Pipeline has provided Canadian producers with access to international markets and reduced their reliance on U.S. pipe networks. It now accounts for about 9% of Canada’s total crude oil exports. Canada exports almost 4 million barrels per day (bpd). Suncor's quarterly upstream production increased to 808100 bpd, from...

Oil & Gas

Marathon Petroleum, a top US refiner, beats its quarterly profit due to higher refining profits

Marathon Petroleum Corp. beat Wall Street expectations for the second quarter profit on Tuesday. The company benefited from a rebound of refining margins, as fuel demand was firm. U.S. refiners have posted a positive quarterly profit, recovering from losses in the previous three months on the strength of diesel margins. All three of Marathon's competitors, Valero Energy and Phillips 66, exceeded Wall Street expectations. Diesel cracks, a measure for margins, averaged $17 a barrel in the second quarter. TPH & Co's Matthew Blair, an analyst, said earlier that they ended the period at $21 a barrel. Fuel manufacturers also experienced...

Oil & Gas

Energy tech company Lummus files confidentially for US IPO amid Trump’s domestic push

Lummus Technology, a provider of energy solutions, announced on Monday that it had filed confidentially for an initial public offer in the United States. This is part of President Donald Trump's strategy to increase domestic energy production. The U.S. IPO Market, which started the year sluggishly is now showing signs of a steady recovery after recent listings have attracted strong investor interest. Trump's promise to increase U.S. production of energy during his campaign for president, coupled with his signing of "Big Beautiful Bill", has further cemented the dominance of gas and oil in the energy mix of the United States....

Refined Products

India's IOC purchases 7 million barrels of US and Middle East crude following the Russian oil pause

Indian Oil Corp. (IOC), India's largest refiner, bought 7 million barrels from United States, Canada, and Middle East crudes arriving in September via an auction, according to several sources. IOC's large purchase of spot crude comes after the arbitrage windows for U.S. oil to Asia opened, and Indian state refiners stopped buying Russian crude oil at a time when discounts were shrinking. Donald Trump, the U.S. president, has warned that countries should not purchase oil from Moscow because it is currently under sanctions for its full-scale invasion in Ukraine on February 20, 2022. The sources stated that IOC purchased 4.5...

Oil & Gas Refining

Trump tariffs spark 'deep concern' among Brazil chemical firms

A Brazilian association of chemical companies, which includes large U.S. companies like ExxonMobil, Dow Chemical, and ExxonMobil, has expressed "deep concerns" about a U.S. Executive Order that raised tariffs on Brazilian imports to 50%. Abiquim, in a Friday statement, said that the Brazilian chemical industry is inextricably linked with the United States. The relationship was marked by "integration," and "cross investments." Andre Cordeiro said that the impact on Brazilian chemical exports would be significant, as it would compromise supply chains, jobs and investments both in Brazil and in the U.S. Abiquim reported that more than 20 of the chemical companies...

Crude Oil

Sources say that US sanctions on Russian oil force ships to divert away from India

Trade sources and LSEG data show that at least two ships loaded with Russian crude oil bound for refiners located in India were diverted due to new U.S. Sanctions. This week, the U.S. Treasury Department imposed sanctions against more than 115 Iran linked individuals, entities and ships. Some of these vessels are involved in transporting Russian crude oil. Donald Trump, the U.S. president, has warned that he will impose 100% tariffs on all oil purchases from Moscow unless Russia signs a peace agreement with Ukraine. Trade sources reported that three ships, the Aframaxes Tagor, Guanyin, and Suezmax Tassos were to...

Oil & Gas Refining

Canada's Imperial Oil reports a fall in profit for the quarter due to lower crude prices

Imperial Oil, a Canadian oil company, reported a drop in its second-quarter profits on Friday. The fall was attributed to lower crude prices as well as a decrease in refinery output. Benchmark Brent crude oil prices fell during the quarter of April-June compared to a similar period a year ago, due to a weaker global demand, increased market volatility caused by tariffs, and an increase in oil supply from OPEC+. Calgary-based company's throughput volume, or amount of crude processed per day, dropped to 376,000 barrels a day in the second quarter from 387,000 bpd one year earlier. The refinery utilization...

Europe

Energy Markets

As supplies increase, the summer demand ends and the oil price structure is narrowed.

The premiums for benchmark oil prices are declining compared to those of future months due to the increased production in the Middle East, Latin America, and Europe just as summer peak demand is ending, traders and analysts reported on Thursday. Oil prices are also affected by the easing of concerns that the U.S. may impose additional sanctions on Russia, causing further disruptions to oil supplies. Brent futures time spreads over six months U.S. West Texas intermediate futures Middle East benchmark Dubai has narrowed its backwardation by more than one dollar per barrel since the beginning of the month. Backwardation is...

Oil & Gas Refining

Elliott affiliate bids for Citgo parent company as competition heats-up

A filing updating the court-organized auction shows that an affiliate of hedge fund Elliott Investment Management raised its bid on the Venezuelan-owned parent of U.S. refiner Citgo Petroleum, bringing the total to $8.82 billion. The auction of PDV Holding was relaunched by the government in January, after a yearlong process that ended in chaos amid disputes over Citgo’s value and parallel legal proceedings. Last month, an officer of the Delaware Court supervising this auction recommended that a group headed by Gold Reserve bid $7.4 billion. The court received an $8.45 billion offer from a Vitol subsidiary last week, while the...

Oil & Gas

Poland will continue to pursue former Orlen executive after UAE rejects extradition

Donald Tusk, the Polish prime minister, said that Poland would continue to try and have a former oil industry executive, who was a senior executive, returned from the United Arab Emirates after it rejected Warsaw’s first request for extradition. According to Polish privacy laws the former chief executive officer of Orlen's Swiss unit, known only as Samer, was charged with entering into contracts which resulted in losses of $378 million for the company. It's hard to convince people in countries such as UAE, and you have to be patient. Tusk said to reporters during a press briefing that "we will...

Western Europe

East Asia

Fossil Fuels

Couche-Tard withdraws its $47 billion bid to take over Seven & i

Alimentation Couche-Tard, a Canadian retailer, announced on Wednesday that it had withdrawn its $47 billion bid to acquire Seven & i Holdings. The company cited a lack "constructive engagement" with the Japanese family who founded the Japanese firm. Couche-Tard's attempt to merge Circle K and 7-Eleven into a global convenience-store giant with 20,000 stores ended after a year-long effort. In an effort to reduce regulatory obstacles, it had also agreed on a plan to sell stores. In a letter addressed to the board of directors, Couche-Tard stated that "we have sought to have a dialogue with the Ito Family on...

Fossil Fuels

The Canadian oil sands became one of the lowest-cost plays in North America

The use of giant shovels, driverless vehicles and a robot that looks like a dog have helped Canada's Oil Sands companies, including Imperial Oil and Suncor, become some North America's low-cost oil producers. This has been achieved despite the fact that U.S. Shale costs rose due to the highest inflation rates in decades. Canada's oil sands sector is in a strong position as the global oil market enters a downward spiral due to economic uncertainty caused by U.S. Tariffs and OPEC+ pumping out more barrels. International oil majors such as BP, Chevron, and Total sold their oil sands interests after...

Energy Markets

Reliance claims that India must increase its petchem production to counter China's dominance.

A senior Reliance Industries official stated on Friday that India must increase its petrochemical capacity to meet the local and global market demand, and to contain China's increasing dominance in the sector. The margins on petrochemicals have been shrinking around the globe as China's capacity growth has created an excess. Some refiners can produce petchems up to 40-50% of the total output, which is more than twice what India typically produces. India's petrochemical consumption for now is only a fraction of global average, but it is expected to increase as the nation's economy grows. Many analysts believe that India's economy...

Oil & Gas Refining

Seven & i's profit is boosted by overseas convenience store profits

Seven & i Holdings, a Japanese company, announced on Thursday that its operating profit rose by 9.7% during the quarter from March to May, exceeding analysts' expectations, thanks to an improved performance of its overseas convenience store business. 7-Eleven is being pressured to improve its financial situation in response to a takeover offer of $47 billion from Alimentation Couche-Tard, based in Canada. Six analysts polled at LSEG estimated 58 billion yen as the profit for the first quarter. The Japanese retail giant announced previously a share purchase, that it is selling non-core assets and intends to list its North American...

Fossil Fuels

Australia's Origin Energy lowers its forecast for UK business, shares fall

Origin Energy, Australia, downgraded its annual forecast on Monday due to the unseasonably warm temperatures in Britain during March and April, as well as one-off effects. This sent its shares to an almost one-month-low. The shares of the Sydney-based firm fell by around 4.4% at 0508 GMT after reaching their lowest level since the first of May earlier in the day. The benchmark ASX200 index was flat. Origin now expects to lose up to A$100m ($65.19m) on its annual earnings before taxes, interest and depreciation. Origin estimated that it could contribute up to A$100m, while the EBITDA was only A$55m...

Oil & Gas Refining

Pirelli: Talks over dispute with major shareholder ended without agreement

The Italian tyremaker Pirelli announced on Wednesday that the talks to repair relations with Sinochem, its largest shareholder in China, ended without any breakthrough. Pirelli, and its second-largest shareholder, Italy's Camfin have claimed that Sinochem's stake in the company is hindering Pirelli's ambitions for expansion in the United States. Some lawmakers there are against projects backed by Chinese firms. Pirelli stated in April that Sinochem no longer controls the company because of the Italian government's decision to "golden power" the company by 2023. Sinochem, however, denied this claim. Pirelli announced on Wednesday that "the proposals extended to Sinochem by Pirelli...

Refined Products

Sources say that ADNOC, the UAE's LPG supplier, will supply US LPG in India after China and US tariffs.

Industry sources have confirmed that Abu Dhabi National Oil Company will begin replacing some of its liquefied gas supplies to India from June with cheaper U.S. cargoes, as U.S. China tariffs are reshaping global trade flows. ADNOC will be able to ship more LPG from its own production to China. Buyers in China are paying higher prices to replace U.S. supplies after Beijing raised tariffs on U.S. products. This move also reduces LPG costs for India. 2 importer. India imports more than 80% its LPG from the Middle East including Saudi Arabia and the United Arab Emirates. It also sources...

Oil Refineries

Sources say that ADNOC, the UAE's LPG supplier, will supply US LPG in India after China and US tariffs.

Industry sources have confirmed that Abu Dhabi National Oil Company will begin replacing some of its liquefied gas supplies to India from June with cheaper U.S. cargoes, as U.S. China tariffs are reshaping global trade flows. ADNOC will be able to ship more LPG from its own production to China. Buyers in China are paying a higher price to replace U.S. supplies after Beijing raised tariffs on U.S. products. This move will also reduce LPG prices for India, which is the No. 2 importer. India imports more than 80% its LPG from the Middle East including Saudi Arabia and the...

Fossil Fuels

Sources say Sinopec has resumed its Russian oil purchases after a short break amid sanctions risk

Sinopec, Asia’s largest refiner, has resumed its purchases of Russian crude oil following a short pause in last month to assess the risks posed by sanctions imposed on Russian entities by the United States, according to trade sources on Wednesday. Sources said that Unipec, a trading division of China's state run Sinopec, had purchased Russian Far East ESPO blend oil for May loading, after being absent from the March and April loading ESPO cargoes. Unipec's decision to resume purchases was not immediately apparent. Sinopec didn't immediately respond to an inquiry for comment. Sources claim that the number of cargoes purchased...

Oil & Gas

Republican lawmakers are faced with a clean-energy dilemma as they work on a tax bill

Republican lawmakers who are working to extend President Donald Trump’s tax cut legislation face a clean-energy dilemma at home. Major clean energy investments are being made in their districts, but Trump’s skepticism about the industry is at odds. The Ways & Means committee of the House of Representatives, which is responsible for drafting the tax legislation to extend the 2017 tax cuts, has 11 Republicans who represent regions that have seen green energy investments of hundreds of millions or billions of dollars over the past few years. Clean energy investments boomed after former President Joe Biden's Inflation Reduction Act passed...

Crude Oil

First time ESPO blend oil from Russia dips below the $60/bbl Western cap

On Monday, the price of Russia's ESPO blend oil fell below $60 per barrel Western cap for the first ever time as Brent international benchmark dropped to its lowest levels in many years. Calculations based on data from three trading sources showed this on Tuesday. Brent futures dropped $1.37 or 2.1%, to settle at $64.21 a barrel on Monday. This is the lowest price since April 2021. According to three traders who were involved in the market for ESPO blend oil, the price of the grade was a few dollars below $60 per barrel at the Kozmino port loading basis....

Oil & Gas Refining

Seven & i Japan saw its Q4 profits fall by 24%, increasing takeover pressure

Seven & i Holdings, a Japanese retailer, is expected to report a 24% decline in its quarterly profit on March 28, as the underperformance of its convenience stores hampers its ability fend off a Canadian takeover bid by Alimentation CoucheTard. Seven & i will likely book an operating profit of 94.45 trillion yen (US$639.52 millions) for the period December-February. This is according to a LSEG average of eight analyst predictions. This compares to 124.23 bn yen for the same period last year. 7-Eleven's profits have fallen in recent quarters, as its domestic convenience stores underperformed their competitors. Its North American...