Oil Refineries

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...

Analysts and experts say that U.S. Gulf Coast refiners have the highest margins they've ever had as Middle Eastern oil flow disruptions resulting from the Iran War increase demand for U.S. exports of fuel. Refiners in Asia and Europe have been impacted by the?slump of Middle Eastern crude exports as a result of Iran's blockade of Strait of Hormuz. This has forced some to reduce production. The U.S. president Donald Trump announced on Tuesday that he has agreed to a ceasefire of two weeks with Iran. This agreement is conditional upon the reopening of the Strait of Hormuz. However, tanker...

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 impact of the 'crisis' on the physical fuel markets has worsened. Prices for crude oil futures fluctuated in line with headlines about 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 and...

On 'Monday, the United Arab Emirates announced that it is in talks with the United States about a currency exchange line. "We are having this discussion and conversation with many.?It's a part of an elite group with whom the U.S. has this swap policy. "They only have it with five countries," Thani al Zeyoudi told a conference in Abu Dhabi. "To be part of this group means that the transactions...?trade, investment between both nations reach an level where that exchange is highly necessary...?so (it) is an elite issue, it's not about bailing-out," he said at the "Make It In The...

The first quarter profits of European oil majors were boosted by bumper trading gains, as the Iran Warupended supply chain. This highlights how shifting?barrels across the globe can sometimes be more important than pumping them from the ground. BP, Shell, and TotalEnergies spent years developing vast oil trading'machines' that are now at the core of their businesses - setting them apart from their U.S. counterparts, for better or for worse. BP announced a first-quarter profit of $3.2 billion on Tuesday. This is more than twice the figure from last year, largely due to what BP called an exceptional performance in...

Kuwait raised its official selling price for Kuwait Export Crude in Asia to $17 per barrel over the average 'Oman/Dubai quotations' from $0.50 in April. After weekend talks failed to?clinch a deal? to end the Iran War, the U.S. Military announced it would blockade maritime traffic in Iranian ports and coastal regions. This could jeopardize a fragile?two-week truce. Documents showed that the producer increased the Kuwait Super Light Crude OSP for May to $17 per barrel over Oman/Dubai prices, up from $1.15 in April. Middle East producers have boosted official prices for Asia for May. Saudi Arabia set the price...

The price of refined fuels has fallen sharply, in line with the declines seen in crude oil after the tentative ceasefire agreement between the United States & Iran. However, the prices remain at levels that indicate a shortage. The prices of gasoil and jet fuel in Singapore, the Asian trading center, all dropped by?double digits on Wednesday amid relief from the market that the 'deal' may lead to the reopening of Strait of Hormuz. The 'ceasefire' and commitment to peace talks announced by the United States in separate announcements looks already to be on its way out. Tehran said it...

The physical oil markets are still in a world of pain, despite a planned two-week truce between the United States (US) and Iran. Brent crude oil contracts plunged by as much as 16 % to $91.70 per barrel during early Asian trading on Wednesday, after ending at $109.27 a barrel on Tuesday. The rapid selloff is a sign of relief that President Donald Trump has delayed his alarming threats to wipe out the Iranian civilisation. This also reflects the optimism that crude, refined products and liquefied gas (LNG), may be able to resume and continue through the Strait of Hormuz...

Industry sources say that spot premiums for U.S. West Texas Intermediate crude are at all-time highs due to the fierce competition for oil supply between Asian and European refiners. This is in response to Middle Eastern oil flow disruptions caused by the Iran War. Europe is the biggest importer of U.S. oil, but the competition has increased as Asian buyers are searching for supplies from the Americas and Africa to Europe to replace Middle Eastern crude that cannot move through the Strait of Hormuz. Sources and analysts say that the increase in crude oil prices has increased costs for refiners...

Nigeria's Dangote Petroleum Refinery increased gasoline exports to Africa as disruptions in energy supply due to the Iran Conflict squeezed traditional fuel routes and curtailed the cheap imports which dominated West African markets. According to data from the tanker-tracking company Kpler, Nigerian exports of clean petroleum - including gasoline, diesel and kerosene - are up from 100,000 barrels per day on average in February to 214,000 barrels?per day in March. The number of shipments to other African countries has risen to 90,000 bpd. Previously it was only 38,000 bpd. Sources familiar with the deal said that the 650,000 barrels per...

ADNOC, the state oil company of Abu 'Dhabi, has announced that its Group CEO Sultan Al Jaber, will not be travelling to Houston for the CERAWeek energy conference. Instead, he will?participate virtually, before traveling to Washington D.C. to attend meetings. The meeting, which brings together some of the top executives in the oil and gas industries, begins on Monday. This is at a moment when oil prices are soaring globally due to Iran's closure of the Strait of Hormuz and attacks on infrastructure. Governments are scrambling to combat inflation and avoid recessions. This year, CERAWeek, an event?organized by S&P Global?will...

Saudi Aramco has cut 'crude oil supply' to Asian buyers in April for a second month,>>,>>,>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>?two sources?knowing the situation? said on Monday. This is after the U.S./Israeli war against Iran disrupted the trade via the Strait of Hormuz. Sources said that the producer will only supply 'Arab Light crude from the Red Sea port of Yanbu in April to customers on a term basis. This is to limit supplies to Asian refineries and to cap their output. Aramco couldn't be reached immediately for comment outside office hours. Kpler data shows that Saudi Arabia exported 4.355 millions barrels of crude per...

Crude oil futures prices'reflect a view of the market that it can successfully navigate through the Iran War, while the prices for physical cargoes or refined products signal an imminent crisis. One of these signals is not the case in the paper oil market. Brent crude futures for the global benchmark ended Wednesday at $91.98 per barrel, an increase of 4.8% over the previous close, but down from the brief spike that occurred on March 9, when they reached $119.50 - the highest price in almost four years. On the physical market, on Wednesday the premium of a physical cargo...