Oil Refineries

U.S. refiners have finally started to make money from renewable fuels. They had been squeezed for years by government mandates on biofuels. The U.S. and Israeli 'war on Iran' has also led to a rise in diesel prices. The U.S. Environmental Protection Agency (EPA) mandated in late March that refiners mix record volumes of biofuels into gasoline and diesel for this year and the next. The plan calls for a 60% increase of the use of renewable diesel and biodiesel, as well as a requirement that gasoline be mixed with 15 billion gallons ethanol each year. These mandates have forced...

The Financial Times, citing a recent interview with Aliko Dangote, reported that the Nigerian billionaire is considering?Kenya for the location of an oil refinery capable of producing 650,000 barrels per day. Dangote stated in the interview that he was leaning towards Mombasa, because it has a larger and deeper port. This report follows Kenyan President William Ruto's?statement last month that East African nations were discussing plans to build a 'joint oil refining facility at the Tanzanian Port of Tanga, which is modelled on Nigeria's Dangote operations. Dangote, in an interview, compared Mombasa, Kenya, to the port of Tanga, Tanzania, and...

The impact of the 'crisis' on the physical fuel markets has worsened. While crude oil futures prices have fluctuated in line with headlines regarding the conflict between the United States, and Iran. Brent contracts fell 7.8% to close at $101.27 per barrel on Wednesday, despite the fact that a sustained and full reopening of the 'Strait of Hormuz is still a long time away. The United States and Israel's February 28th attack on Iran has led to a reduction in the volume of refined products shipped throughout Asia. The Strait of Hormuz is the main energy-consuming region in the world...

Bloomberg News reported Wednesday that China's financial regulator had advised the country's biggest lenders to temporarily suspend new loan to five refineries sanctioned by the U.S. for their ties with Iranian 'oil'. Could not verify immediately the report. In a verbal directive, the National Financial Regulatory Administration asked banks not to cancel existing credit, but to refrain from extending any new loans in yuan. According to the sources quoted in the report, the banks were instructed to review their business dealings including with China's largest private refining company Hengli Petrochemical Refinery (Dalian). Hengli and the NFRA did not immediately respond...

HF Sinclair announced a surprising first-quarter 'adjusted' profit on Friday. This was aided by increased refining % margins and higher refined product sales. The U.S. refineries are reaping the highest margins they have seen in years as the 'disruptions' to Middle Eastern oil flow due to the Iran War has increased demand for U.S. exports of fuel. The effective closing of the Strait of Hormuz by Tehran -- a crucial chokepoint where a fifth of all global oil and gas shipments pass -- has stoked fears about supply, sent crude futures prices higher and triggered a spike in volatility across...

Valero Energy Corporation runs its 13 refineries in the United States and Britain up to 95% their combined throughput capacity of three million barrels per days (bpd). In a conference call held on Thursday, the company revealed that refineries would 'operate between 92% and 95% of their capacity in the second quarter. After a fire and explosion on March 23, the company's Port Arthur, Texas refinery, which produces 380,000 bpd, is reopening its large crude distillation (CDU). The refinery expects to be back to "normal" production by May 1. The small CDU was restarted in April, and several other units...

Residents of Tuapse, a Russian port city, were told not to drink the tap water on Thursday. Schools remained closed as officials dealt with the aftermath following the third Ukrainian drone strike against its oil refinery in the last month. Since Tuesday, the area has been under a state of?emergency? after an attack caused a massive fire to break out at the facility. This cut off production, and released slicks o oil into the water off the Black Sea Coast. The fire was out by Thursday morning. However, oil-stained beaches, polluted waterways and air in Tuapse show just how painful...

?U.S. Valero Energy, a refiner, surpassed Wall Street's expectations for the first quarter adjusted profit on Friday, thanks to its refining segment and margins, as well as throughput volume. The first quarter saw a sharp rise in diesel and jet fuel margins after U.S. and Israeli attacks on Iran disrupted Middle Eastern supplies, driving finished fuel prices higher than crude oil costs. This increased profit margins at refiners. By expanding sales overseas, U.S. refiners can benefit from global fuel shortages. Gulf Coast hub. The 3-2-1 crack spread is a measure of the quarterly U.S. refinery profit margins. In the first...

The average U.S. gas price has risen to its highest level in almost four years. It is up more than 40% since the U.S. and Israel attacked Iran at the end February, according data from the American Automobile Association. AAA data shows that prices at the pumps were around $4.18 per gallon on February 2, up 11 cents in one month and $1.19 since late February. If crude oil prices rise further, gasoline prices may increase even more. Brent crude futures gained 16% last week and U.S. West Texas Intermediate gained 13%, as supply concerns grew. Prices of oil had...

The fluid ?catalytic cracker of Venezuela's ?second-largest refinery, ?the 310,000-barrel-per-day ?Cardon, was restarting on Monday after a power outage affected the entire refinery last week, two workers from the facility said. One source said that workers were also restarting Cardon’s naphtha refinery on Monday. This would result in a total crude processing capacity of 237,000 bpd at Cardon, and its linked Amuay refining facility, or about 25% of combined installed capacity. PDVSA's state-owned energy company is prone to blackouts and other outages, which limit its fuel production for domestic distribution. The company has been granted U.S. licenses to import the...

China built the largest crude oil stockpile in the world during March, even as the rest of the world began to use up its inventories to make up for the millions of barrels lost due to the closure of the Strait of Hormuz. According to calculations based off official data, China, the largest crude importer in the world, had a surplus of 1,74 million barrels a day (bpd). China's excess crude for the first quarter was 1,41 million bpd. This is down from the?record-high of 2.67 millions bpd set in December, but it is up from the 2025 average of...

Data from Kpler & LSEG revealed that Europe was experiencing record-breaking inflows of Jet Fuel from the United States. The region is trying to replenish fuel supplies as a result of the Middle East's disruption. Due to the U.S. and Israeli war against?Iran, the Strait of Hormuz has effectively been closed. This has prevented the Middle East from supplying Europe with nearly 75% of their?jet fuel, or about 375,000 barrels a day. According to a document viewed by, this has caused European airlines to call on the European Union (EU)?to take emergency measures including widespread airspace closings. Based on vessels...

Officials said that falling?debris? from drones caused a fire to start at an oil terminal in Russia's Black Sea port of Novorossiysk. Two people were injured. In a Telegram post, the General Headquarters of southern Krasnodar region said that several administrative and technical buildings were on fire. It said that debris had fallen onto the oil storage terminal of the facility. Emergency services were on the scene, according to the headquarters. The injured men were in the street at the time the drones struck the port. They are now being treated in hospital. Unofficial Russian and Ukrainian Telegram channels have...

The Latvian armed forces announced on Thursday that at least one drone was flying in the country's airspace, and that NATO fighter jets had been activated to combat the threat. This is the latest of a number of security incidents in this region. In recent months, Ukraine has increased its long-ranged drone attacks against Russia, including through the Baltic Sea. Several Ukrainian military drones have also strayed into the airspace of NATO member countries Finland, Latvia and Lithuania. The Latvian Armed Forces posted on the social media platform, X, that "we confirm there is at least one unmanned aircraft" in...

According to official sources, almost all of the major oil refineries in central Russia have been forced to reduce or halt their fuel production due to recent drone attacks by Ukraine. Moscow has already banned gasoline exports from April to the end of July. Refineries which have stopped operations or are partially stopped, together, produce more than 83 million tons of?product per year. This is approximately 238,000 tons a day. According to anonymous sources and data, this represents around a quarter of Russia's entire refining capacity. Over 30% of Russia's gasoline is produced by refineries, and around 25% by diesel....

According to official sources and data, almost all major oil refineries located in central Russia have been forced to halt or reduce their fuel production following recent drone attacks by Ukraine. Moscow has already banned gasoline exports from April to the end of July. Refineries which have stopped operations completely or partially, together, produce more than 83 million metric tonnes per year. This is approximately 238,000 tons of oil per day. According to anonymous sources and data, this represents a quarter of Russia's entire refining capacity. Over 30% of Russia's fuel is produced by refineries, and around 25% by diesel....

Lithuania issued an "air danger" alert on Wednesday, asking people to take cover and suspending traffic at the airport in the capital amid fears that drones could violate Lithuania's airspace. Lithuanian army sent a message to the people of the capital saying, "Immediately seek shelter in a secure place. Take care of those you love and wait for new recommendations." The extent of the distribution was not immediately apparent. The Vilnius Parliament building was also issued with a warning. An announcement was made on the intercom of the parliament. The Lithuanian national crisis management center earlier said it had issued...

As part of an important nuclear exercise, Russia showed footage on Wednesday of troops loading mobile launch systems 'Iskander M' with a nuclear warhead and then moving it undetected from the launch site. The Defence Ministry released a statement to the state media in which it said that its forces have "practiced" bringing their units to the highest level of combat readiness for the use of nuclear weaponry. The three-day military exercise that began on Tuesday is being held in Russia and Belarus. It comes as Russia is engaged in what it calls an "existential battle" with the West regarding...

The Baltic state of Estonia said that a NATO jet shot down an alleged Ukrainian drone above Estonia on Tuesday. This is the latest in a series of airspace violations occurring in the?region due to frequent Ukrainian attacks against Russia. The Latvian army reported that neighbouring Latvia had also issued a drone warning, telling residents living near the Russian border not to leave their homes. NATO Baltic Air Police Jets were summoned in the area. Ukraine has intensified long-range drone strikes on?Russia including in the Baltic. Since March, Ukrainian military drones strayed into the airspaces of NATO member countries Finland,...

The regional governor said that Ukrainian drones killed four people on Friday in Ryazan, a city located in central Russia. They also damaged high-rise apartment buildings and struck an unidentified industrial enterprise. Robert Brovdi said that the commander of Ukraine’s drone forces had separately stated that Ukrainian drones have struck a large refinery in Ryazan, which has been repeatedly hit, with the latest confirmed strike taking place last December. Kyiv has intensified drone?attacks against targets deep within Russia. Both sides are trying to destroy each other's infrastructure after more than four years in a?war. Pavel Malkov, governor of the Ryazan...

G.O.I., a Cypriot private equity fund, has agreed to purchase the Sicilian oil refiner ISAB. The Italian group Energy said Wednesday that the Iran War has revealed Europe's dependence on the Gulf to supply jet fuel and refined products. Ludoil is the jet fuel supplier to Rome's Fiumicino airport. The Morattis family of Italy and the Brachetti Perettis family in Azerbaijan sold their oil refineries recently to Vitol, a commodity trader. Ludoil had already begun discussions with G.O.I. When the United States and Israel struck Iran on February 28, they used ISAB to generate energy. Ludoil was founded in 1954...

The Kremlin reiterated Vladimir Putin's claim?that war in Ukraine is almost over? on Tuesday after the Ukrainian President Volodymyr Zelenskiy stated that?Moscow has no intention of?ending? it. Putin, who has been in power for five years, told reporters that the war was nearing its end. Dmitry Peskov, Kremlin spokesperson, said that a trilateral effort with Ukraine and the United States was made to find a peace agreement. Peskov told reporters that "this accumulated groundwork?in terms of the peace process allows to us to say the completion is in fact approaching", though he said that at this time it was hard...

Volodymyr Zelenskiy, Ukrainian President said that nearly 20 countries are interested in drone agreements with Ukraine. Four agreements have already been signed. Zelenskiy, who has been visiting the Middle East and Europe since the Iran War began in late February 2011, has leveraged Ukraine's drone warfare expertise into a number of successful diplomatic agreements. Zelenskiy stated?on X that "nearly 20 countries have been involved in a variety of stages. Four agreements have already signed and the first contracts based on these?agreements is now being prepared." After signing long-term security agreements with Saudi Arabia and Qatar in late March, Ukraine signed...

The Kremlin said on Saturday that the United States was in a hurry to clinch a peace agreement to end the Ukraine War, but that it would be a long time before they could reach any kind of agreement because the issues are so complex. Russia and Ukraine confirmed that they had agreed on a three-day ceasefire, which will run from May 9 through May 11. U.S. president Donald Trump said he hoped that it would be prolonged. Pavel Zarubin, a reporter for state television, was told by Kremlin spokesperson Dmitry Peskov that it is understandable why the Americans are...