Oil Refineries

PBF Energy announced on Sunday that its 156.400 barrels per day (bpd), Martinez, California refinery had been shut down following an incendiary on Saturday. PBF reported that the fire is still burning and under control. On Sunday, firefighters were monitoring the fire. PBF stated that the initial focus of its investigation into the fire is to determine whether maintenance leaks contributed to the fire’s ignition. The company confirmed that the refinery's utilities are still operational. The company reported that the fire which started on Saturday afternoon, at the refinery, located 37 km (23 miles) northeast of San Francisco was put...

Analysts and market participants said that Donald Trump's tariffs on Canadian oil and Mexican oil will give European and Asian refineries an advantage over their U.S. competitors. White House officials confirmed that Trump ordered tariffs of 25% on Canadian and Mexican imports, and 10% on Chinese goods starting Tuesday in response to a national crisis over fentanyl. They said that energy products imported from Canada would be subject to a duty of only 10%, while Mexican energy imports would be subject to a full 25%. Sources in the industry said that the tariffs on two of the biggest sources of...

Refiner Phillips 66 reported a smaller-than-expected loss on Friday as strength in its renewables segment offset a sharp decline in refining margins. The renewable fuels segment posted a profit of $28 millions for the quarter, compared with a loss $11 million a year ago. After the Russian invasion of Ukraine caused supply shortages, the U.S. refinery industry enjoyed exceptional profits over a two-year period. A post-pandemic surge in demand also helped to boost margins. New refining capacity will be available at the end 2023. This will cause margins to return back to normal and put pressure on refiner profit. The...

According to the former director of the International Energy Agency, the International Energy Agency should rewrite its annual energy outlook in order to reflect the real-world, and not just to reinforce its current focus on global energy transformation. Atkinson, a former IEA oil manager, wrote the report Energy Delusions for the National Center for Energy Analytics. Atkinson stated that the aim of the report was to influence the new administration under President Donald Trump. The report lists 23 assumptions that were made by the agency, which led to a conclusion it describes as flawed: that the global economy of oil...

This time it's various is a wellworn cliché that seems to be getting another try with the most recent U.S. sanctions versus Russia's. petroleum exports. Oil costs jumped in the wake of the brand-new steps targeted at. avoiding Russia from shipping crude using a so-called dark. fleet of tankers. It does appear weird a market which has been arguing. because Russia's 2022 intrusion of Ukraine that sanctions are. mostly inadequate, need to unexpectedly change to believing the new. actions are the genuine offer. What's more likely is that the jump in costs because. President Joe Biden's outbound administration revealed the....

U.S. petroleum imports from Canada increased recently to the highest on record, data from the U.S. Energy Info Administration (EIA) showed on Wednesday, ahead of inbound U.S. president Donald Trump's plans to levy a 25% tariff on Canadian imports. Trump, who has long grumbled about Canada's trade surplus with the U.S., on Tuesday threatened to use financial force to turn Canada into the 51st U.S. state. He previously said he will use tariffs on imports from Canada and Mexico instantly after his inauguration on Jan. 20. Canada has been the leading source of U.S. oil imports for many years, and...

Exxon Mobil shares fell almost 2% in early trading on Wednesday after the top U.S. oil manufacturer warned of a decrease in refining profits in the fourth quarter and weak returns throughout its operations. The earnings photo from the industry bellwether signified a difficult environment as business face pricing pressure in the middle of demand volatility. Exxon expects fourth-quarter profits to be lower by about $ 1.75 billion from the previous quarter. For much of last year, Exxon and other oil majors dealt with lowered profitability from refining petroleum and selling petroleum items as a post-pandemic boom in demand ended....

Staterun Indian refiner Bharat Petroleum Corp is purchasing Middle Eastern crude to offset less supply of cheaper Russian oil, its head of finance Vetsa Ramakrishna Gupta stated in a recent interview. Indian state refiners, which generally buy Russian oil in the spot market instead of under long-lasting contract, are unable to acquire about 8 million to 10 million barrels of crude for January loading that they have actually formerly seen offered in the market, sources stated previously this month. India became a leading purchaser of Russian seaborne oil after the European Union shunned purchases and enforced sanctions on Moscow following...

Canada revealed finalized Tidy Electrical Power Regulations (CER) on Tuesday that aim to create a. netzero electricity grid by 2050, abandoning its previous. target of having an emissionsneutral grid by 2035. Ottawa called back its initial target after feedback from. some provinces and energy industry participants, who stated the. draft CER regulations would make electricity supply in Canada. less reliable and more expensive and risked creating stranded. properties, federal government authorities said in a rundown. Canada currently has a relatively tidy grid, creating 85%. of its electrical energy from sources like hydropower, wind and solar,. but the less enthusiastic regulations...

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...

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 Energy Minister Prince Abdulaziz bin Salman held talks on Monday with his Iraqi and Libyan equivalents, Hayan AbdelGhani and Khalifa Abdulsadek, in Riyadh on efforts to support the stability of international energy markets, the Saudi state news agency (DAY SPA) reported. OPEC+, which groups the de facto Saudi-led Organization of the Petroleum Exporting Countries and allies including Russia, is because of hold a meeting of its Joint Ministerial Monitoring Committee (JMMC) on Feb. 3. U.S. President Donald Trump has openly contacted Saudi Arabia and OPEC to reduce oil costs, saying doing so would end the war in Ukraine. OPEC+...

The Sudanese army and the paramilitary Fast Assistance Forces (RSF) on Thursday implicated each other of attacking the Khartoum refinery in AlJaili. The army and the forces led by commander Mohamed Hamdan Dagalo have traded blame because the civil dispute erupted nearly 2 years ago. The terrorist militia of Al-Dagalo deliberately set fire to the Khartoum refinery in Al-Jaili this morning in a. desperate attempt to ruin the facilities of this. nation, after despairing of attaining its illusions of taking. its resources and land, the Sudanese army said in a post on X. Meanwhile, the RSF stated the army introduced...

The United States will impose some of the harshest sanctions yet on Russia's oil industry, according to a supposed U.S. Treasury file circulating among traders in Europe and Asia that drove global oil costs 3% higher on Friday. Some 180 vessels, lots of traders, two significant oil business and some leading Russian oil executives, are designated in the sanctions, reports of which pushed worldwide oil prices to near to $ 80 per barrel. Reuters might not immediately confirm the accuracy of the document and the U.S. Treasury Department did not right away respond to a request for remark. The sanctions,...

Asia's crude oil imports dropped in 2024, the first yearly decrease in three years, led by weak demand from heavyweight China and other major buyers, with only India managing sporadic development. The world's leading importing area saw arrivals of 26.51 million barrels each day (bpd) in 2024, down 1.4% from the 26.88 million bpd in 2023, according to data put together by LSEG Oil Research study. The decline of 370,000 bpd this year marked the very first time Asia's crude imports have dropped considering that 2021, when China's. strict lockdown to fight COVID-19 cut need worldwide's. biggest oil importer. It...

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...