Oil Refineries

A U.S. judge managing an auction of shares in the parent of Venezuelaowned Citgo Petroleum on Monday agreed to reopen a data room to permit prospective purchasers to prepare brand-new quotes, a court file showed. Judge Leonard Stark ordered the information space to be opened on Wednesday after listening to creditors in the event urge a brand-new bidding round. The court is auctioning shares in Citgo moms and dad PDV Holding to pay back $21 billion in claims versus Venezuela and state oil company PDVSA for expropriations and debt defaults. A conditional deal of as much as $7.3 billion by...

Ottawa and the provinces will respond robustly if the incoming U.S. administration goes ahead with a pledge to impose tariffs on imports from Canada, Financing Minister Chrystia Freeland stated on Friday. Prime Minister Justin Trudeau, Freeland and the 10 provincial premiers have held 2 call just recently to go over how best to respond if President-elect Donald Trump slaps a 25% tariff on U.S. imports from Canada. On the occasion that the United States were to impose unjustified tariffs on Canada, obviously we would react, and the Canadian action would necessarily be robust. I am positive that it would be...

Some Canadian premiers are prompting Ottawa to react robustly to the risk of tariffs from incoming U.S. President Donald Trump and have actually highlighted important minerals and metals as products that the U.S. relies on, Canada's Finance Minister said on Wednesday. Canadian Prime Minister Justin Trudeau and other government ministers consulted with provincial premiers to discuss Trump's pledge to enforce steep tariffs on Canadian and Mexican imports after he is sworn in as President in January. That promise has raised worries of a trade war in between the U.S. and two of its biggest trading partners. A variety of premiers...

Fuelmakers in California might face more headwinds next year as new legislation takes result and refining margins stay weak, the U.S. Energy Information Administration (EIA) said on Monday. WHY IT IS NECESSARY California, the most populous U.S. state, regularly deals with some of the nation's highest typical gasoline costs, resulting in a frequently tense relationship in between the state and oil business. The state is geographically isolated from the Gulf Coast and Midwest refining centers, and should produce all its own motor fuels or import them from Asia. Nevertheless, imported fuels are most likely to become a more vital source...

Asia's imports of petroleum ticked up somewhat in November, led by a recovery by leading importer China, however arrivals are still on track to be weaker this year than in 2023. The leading crude-buying area is anticipated to import 26.42 million barrels each day (bpd) in November, up marginally from October's 26.11 million bpd and 26.24 million bpd in September, according to data compiled by LSEG Oil Research. The continuous run of soft month-to-month imports in Asia is most likely to weigh on OPEC+'s deliberations this weekend, with the market expecting that the exporter group will when again delay its...

A U.S. National Labor Relations Board administrative law judge has actually ruled Exxon Mobil's. 10monthlong lockout of some 600 union employees at a. Texas oil refinery during an agreement dispute was legal. The judge agreed Exxon in his decision on Nov. 21,. finding the 2021 and 2022 lockout was to press the United. Steelworkers union workers towards an offer, not to oust the union. from the 369,024 barrel-per-day (bpd) Beaumont, Texas, refinery. complex. The USW had faced a decertification campaign and filed an. unjust labor practice problem during the lockout, declaring an. inappropriate effort to break the plant's union. The...

OPEC is unlikely to loosen up voluntary production cuts in the short term, executives of global product trading giants Vitol, Trafigura and Gunvor said at the Energy Intelligence Online Forum in London on Tuesday. OPEC+ is going over an additional hold-up to a prepared oil output hike that was due to start in January, 2 sources from the group stated on Tuesday. Trafigura's global head of oil Ben Luckock presumes OPEC will once again postpone its production boost, though most likely not that far into the future, as OPEC is unlikely to be pleased with present prices. I think that...

Court consultants have actually billed almost $30 million for a stalled auction of shares in a parent of Venezuelaowned oil refiner Citgo Petroleum, raising the ire of lenders that have waited years to get compensation. Citgo, the crown gem of Venezuela's abroad assets, sits at the center of a Delaware court auction in which 18 business seek to gather approximately $21.3 billion for financial obligation defaults and expropriations in the South American nation. Quotes in the auction's 2nd round were submitted this year, and the consultants, consisting of an officer selected by the court to manage the procedure, were to...

Iran will make every effort not to accept restrictions on its oil production quota, the country's oil minister Mohsen Paknejad said in a video shared by state media on Monday. Both OPEC and OPEC+, a few of their treatments are not compatible with the condition in which we are ... What is a provided is that we will aim not to accept restrictions to the production quota, Paknejad said. The Organization of the Petroleum Exporting Countries, of which Iran is a member and which pumps around half the world's. oil, is scheduled to fulfill on Dec. 1. The group, and...

Exxon Mobil Corp, which is facing a California claim over its alleged function in global plastic waste contamination, is going forward with plans to broaden plastics recycling to replace fossil fuels with disposed of plastic waste, the business said on Thursday. The relocation by among the world's biggest polymer manufacturers comes in the middle of growing concerns about slow-to-disintegrate plastics filling garbage dumps, seeping into ground water and developing potential health dangers. Exxon, which is promoting pyrolysis strategies that convert waste into brand-new plastic, will spend $200 million in Texas to expand so-called circularity operations in a global effort to...

The U.S. judge managing an auction of shares in a Citgo Petroleum moms and dad to pay Venezuelalinked financial institutions on Wednesday proposed major procedural modifications to advance a case stalled by broad opposition and suits by lenders in other courts. Judge Leonard Stark suggested a series of modifications to motivate higher bids in a seven-year-long lawsuit brought by companies pursuing as much as $21.3 billion in claims for debt defaults and expropriations in Venezuela. An approximately $7.3 billion quote by an affiliate of activist investor Elliott Financial investment Management might soon be challenged by the court's suggestion to pick...

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...

Fires that broke out in a. number of reservoirs in Libya's Zawiya refinery have actually been. brought under control, Khaled Abulgasem Gulam, spokesperson for. the nation's National Oil Corporation (NOC), said in a. statement on Sunday. Zawiya, 40 km (25 miles) west of the capital Tripoli, is. home to Libya's most significant functioning refinery, with a capacity of. 120,000 barrels daily. The refinery is connected to the. country's 300,000 bpd Sharara oilfield. Groups at the refinery are moving the staying. contents to other tanks, Gulam said. Previously on Sunday, NOC declared force majeure after. tanks at the Zawiya refinery were...

It's constantly appealing to attempt and overanalyse modifications in the crude oil market and Saudi Arabia's choice to cut its main costs for Asian clients to the lowest level in four years is one such example. Saudi Aramco, the state-controlled oil business of the world's biggest oil exporter, stated on Sunday it is lowering the official market price (OSPs) for refiners in Asia, which buy about 70% of the kingdom's crude. The OSP for the benchmark Arab Light grade for January-loading cargoes was reduced to a premium of 90 cents a. barrel over the Oman/Dubai average, down 80 cents from...

It was likely a. fairly easy decision for OPEC+ to once again postpone plans to. increase oil output. The soft state of global demand is by itself adequate. factor to justify the choice at Thursday's conference of the. group to defer winding back some of its production cuts until at. least April. But weak need growth may be the least of OPEC+'s concerns. as the oil market will be struck with the return of Donald. Trump and all the uncertainty and contradictory policies that. might bring. Trump's go back to the U.S. presidency is likely to alter. the market characteristics...

Saudi Arabia clawed back market share of Asia's petroleum imports in November, while Russia gave up some of its barrels in what might be an early sign of a shift in market dynamics. Asia's imports from Saudi Arabia, the world's biggest crude exporter, rose to 5.83 million barrels each day (bpd) in November, up from 5.28 million bpd in October, according to data assembled by LSEG Oil Research. Meanwhile Russia's materials to Asia, the top-importing region, dropped to 3.51 million bpd in November, down from October's 3.96 million and the most affordable given that January, according to LSEG. The information...

Canadian Prime Minister Justin Trudeau on Saturday condemned violence and antisemitism at antiNATO and proPalestinian demonstrations in downtown Montreal on Friday night, where NATO delegates have collected for the alliance's annual assembly. Around 300 delegates from NATO members and partner states are fulfilling in Montreal from Nov. 22-25. Local media reported that protesters burned an effigy of Israeli Prime Minister Benjamin Netanyahu and lit smoke bombs. 2 separate protest groups merged into a march, and some protesters began throwing smoke bombs and metal things at officers policing the demonstration, Montreal police said. Police utilized tear gas and batons to disperse...

Canadian Prime Minister Justin Trudeau on Saturday condemned violence and antisemitism at antiNATO and proPalestinian protests in downtown Montreal on Friday night, where NATO delegates have actually collected for the alliance's yearly assembly. Around 300 delegates from NATO members and partner states are meeting in Montreal from Nov. 22-25. Local media reported that protesters burned an effigy of Israeli Prime Minister Benjamin Netanyahu, lit smoke bombs and set 2 automobiles on fire. Cops used tear gas and batons to disperse the crowd and 3 people were arrested for assaulting officers and obstructing cops work, according to CTV News. Videos and...

China's crude oil imports are set to rebound in November after sharp price cuts increased demand for Iraqi and Saudi oil, offsetting a drop in Iranian supply, according to experts, traders and shiptracking data. A downturn of 17% in global oil rates in the 3rd quarter likewise stimulated Chinese stockpiling demand while refiners prepare for greater seasonal fuel usage ahead of the Lunar New Year vacation looking in late January, analysts say. The November rebound in volumes for the world's leading crude oil importer comes after 6 successive months of yearly declines as Chinese refiners dealt with weak margins and...

China's crude imports are on track to rebound in November to the highest in three months, but the increasing cravings of the world's biggest oil importer is more about cost than rising need. Crude oil arrivals may reach around 11.4 million barrels per day (bpd) this month, the most because August and the third-highest month so far in 2024, according to vessel-tracking and port information assembled by commodity experts Kpler and LSEG Oil Research. If the final result for November is in line with the projections, it will be the highest regular monthly imports since August's. main figure of 11.56...

QatarEnergy sharply cut the term cost for alShaheen petroleum loading in January, trade sources said on Friday, in line with a current fall in Middle East area premiums. The January term rate was up to 73 cents a barrel above Dubai quotes, the sources stated, down for a second straight month and at a multi-month low. The sources decreased to be named as they are not authorised to consult with the media. The term cost for December freights was at a premium of $ 1.93 a barrel. For its January tender, QatarEnergy offered 5 cargoes at premiums between 40 and...

Glencore and Chandra Asri, preparing to finish their takeover of Shell's landmark Singapore refinery, have set up a brand-new running business and will earmark approximately 20% of output for the plant's outbound owner, sources knowledgeable about the matter said. The endeavor has lined up long-lasting unrefined supply from Abu Dhabi National Oil Co (ADNOC) and remains in talks with other manufacturers for more, one of the sources said. The joint endeavor, called CAPGC and majority-owned by Indonesia-based petrochemicals firm Chandra Asri, is on track to close its acquisition in the very first quarter of 2025 pending regulative approval, a Shell...

Saudi Arabia's crude oil supply to China is set to fall to about 36.5 million barrels in December, trade sources said on Monday, on weak need from the world's largest importer. This is a 2nd straight month of decline and the most affordable volume given that July, down from about 37.5 million barrels that Chinese refiners are expected to receive in November and about 46 million barrels in October, trade information collected showed. China's state majors Sinopec, PetroChina and Sinochem will be lifting less crude in December while Saudi supply to its joint venture Fujian refinery will rebound as the...

China faces a squeeze on materials of cheap Iranian crude, that make up about 13% of imports by the world's greatest purchaser of oil, if Donald Trump ramps up enforcement of sanctions on Tehran after his return as U.S. president in January. Trump, who won Tuesday's election, Edison Research study predicted, is anticipated during his second term to re-impose his optimal pressure policy of heightened sanctions on Iran's oil industry over concerns about its nuclear programme, say Iranian, Arab and Western authorities. Such a move would raise the expense of China's imports, piling pressure on a refining sector coming to...