Oil Refineries

Analysts say that the average U.S. gasoline price surpassed $3 per gallon on Monday for the first time since November as the conflict in the Middle East intensified. This is a major test of public support for President Donald Trump's decision against?Iran. Tehran's response to U.S.-Israeli strikes on oil production in neighboring nations and ships in Strait of Hormuz has disrupted the global supply of oil. Brent crude has risen by more than 5%, to almost $77 a barrel. Fuel prices are also rising in line with feedstock costs. As Trump and the Republicans prepare for the November midterm elections,...

The OPEC+'s decision to increase crude oil production by 206,000 barrels a day (bpd), starting in April, is the least significant decision that the group has taken during its nearly decade-long existence. Addition of 0.2% to global oil demand in a month is a mere symbolic gesture, given the escalating conflict in 'the Middle East' that is already causing serious disruptions in supply. The eight OPEC+ members who are voluntarily reducing their production could not have done much at the meeting held on Sunday to assure market participants of supply security. Analysts had predicted that the increase in barrels would...

HF Sinclair revealed in a filing that Atanas Atanasov has taken a 'voluntary leave from duty.' This comes just a week following a similar request by top boss Tim Go. In premarket trading, shares of the company dropped 4%. The company announced last week that it had begun an internal review of their disclosure processes. The company said on Friday that the review started on January 26 after Atanasov expressed concerns about certain actions taken by Go creating an "unfavorable" "tone at top" with respect to the 2025 disclosure process. At a later stage of the review the board expressed...

Investors are still worried about the possibility of a military conflict between Iran and the U.S., which could disrupt the supply. Talks between the two parties will take place on Thursday. Brent futures traded at $71.22 a barrel at 0140 GMT, an increase of 45 cents or 0.64%. WTI futures rose by 0.64% or 42 cents to $65. Brent prices hit their highest level since July 31st on Friday while WTI reached its highest level since August 4th on Monday. Both contracts are holding near that mark as the U.S. positions military forces in the Middle East, to force?Iran into...

According to sources familiar with these efforts, U.S. refiners 'Phillips 66' and 'Citgo Petroleum" are looking to purchase heavy crude from Venezuelan oil company PDVSA directly starting in April, to maximize profits. They do not want to buy through trading houses or U.S. oil giant Chevron. Trafigura, Vitol and other trading houses secured the first U.S. licenses for exporting Venezuelan oil in January as part of an agreement between Washington and Caracas worth $2 billion. Chevron holds an authorization to ship and operate in Venezuela since last year. Refiners have purchased cargoes of oil from these three companies in the...

According to sources who are familiar with these efforts, Phillips 66, Citgo Petroleum, and other U.S. refiners want to purchase heavy crude oil directly from Venezuelan oil giant PDVSA in order to maximize their profits. They do not plan to use trading houses or the U.S. oil giant Chevron. Trafigura Trading and Vitol secured the first U.S. export licenses for Venezuelan oil in January as part of a $2 Billion deal between Caracas & Washington. Chevron holds an authorization to ship and operate in Venezuela since last year. Refiners have purchased cargos from these three companies in the U.S. as...

People familiar with the operations of the refinery reported that three contractors were injured when a'release' of steam condensate occurred while reworking the CDU at Exxon Mobil Beaumont, Texas, which produces 612,000 barrels per day. In a Friday statement, Exxon confirmed that there were?injuries? at its Beaumont complex. This includes a?chemical plant, lubricant plant, and refinery. Exxon spokesperson Kelly Davita stated in an email that "Safety has always been a top priority and we are thinking of the individuals and their families." "A comprehensive inquiry has been launched to determine the cause." Sources said that the three contractors were working...

India and the U.S. are expected to sign a "formal" trade agreement in March. After that, New Delhi will lower tariffs on U.S. products, said Trade Minister Piyush Goyal on Thursday. This was the first official timeline of the adoption of the deal. Washington will then reduce the duty on Indian exports from 50% to 18% within a few days. Goyal stated that India will purchase about $500 billion worth of U.S. products over the next five years. This includes $70-80 billion of Boeing aircraft. In the deal announced Monday, U.S. President Donald Trump reduced U.S. Tariffs on Indian Goods...

The?U.S. The?U.S. Brent crude futures dropped $1.44 or 2.07% to $68.02 per barrel at 0335 GMT. U.S. West Texas Intermediate Crude prices also fell by $1.34 cents or 2.06% to $63.80 per barrel. After a report in the media that suggested planned talks between Iran and the United States on Friday might collapse, oil prices rose by about 3%. Later in the day, officials from both countries said that talks will take place on Friday even though topics of discussion are not yet settled. Mukesh Sahdev is the CEO of XAnalysts, an energy consultancy. He said that the oil price...

India's trade ministry said Wednesday that the country aims to diversify energy sources in light of changing global circumstances. This comes two days after the U.S. Tariffs were lowered on Indian goods as New Delhi agreed to stop buying Russian oil. Donald Trump, the U.S. president, announced on Monday a deal to reduce tariffs from 50% to 18%. He said India will instead purchase oil from the U.S., and possibly Venezuela. In his first speech to the Parliament on the trade agreement, Trade Minister Piyush Ghoyal did not mention specifically that energy purchases would be shifted away from any particular...

People familiar with the discussions said that the United Steelworkers union, or USW, has neither accepted nor rejected Marathon Petroleum's last offer for a four-year labor contract for U.S. chemical and refineries plants. Sources said that the offer made on Sunday would provide 30,000 USW workers with a 15% increase in pay over the duration of the contract. Marathon is the lead negotiator of 26 companies, including Exxon Mobil and Valero Energy. Marathon is the biggest refiner in the U.S. Marathon is the largest refiner in the U.S. USW-represented employees operate sites that represent nearly two thirds of the U.S....

Two factors are largely outside the control of OPEC+, and are likely to influence the price of crude in the coming 'weeks. First, whether U.S. president Donald Trump decides to launch a shooting conflict with Iran and whether both sides will be able?to keep oil cargoes flowing and production infrastructure intact. Second, China, which is the world's largest crude importer, will decide whether to ease back on recent imports, given the 16% increase in Brent futures benchmark in January. It was only logical that the eight members with production quotas of OPEC+, given the uncertainty currently gripping the crude oil...

Two traders said that India's Mangalore Refinery has declared force majeure for all gasoline exports due to the Middle East conflict, which has disrupted crude oil flows from the Gulf. Two traders who said they had received a notification from the company said that MRPL had invoked force majeure. This is a legal term that allows a business to invoke circumstances beyond their control in order to?not fulfill a contract' for its gasoline sales for March and April. The state-run ?refiner, which operates a 500,000-barrel-per-day refinery in the southern state of Karnataka, exports about ?40% of its refined fuel output....

OPEC+'s decision to increase crude oil production by 206,000 barrels a day (bpd), starting in April, is likely?the most unimportant decision that the group has taken during its nearly decade-long existence. Addition of 0.2% to global oil demand in a month is nothing more than a symbol in light of the escalating conflict in the Middle East that is already causing serious disruptions in supply. There was not much the 'eight members' of OPEC+ who are voluntarily cutting production could have done if they had met on Sunday in order to reassure the market that the supply would be secure....

According to trade sources, and LSEG data, the prices of liquefied petrol gas and?naphtha jumped on Thursday in Asia after Saudi Aramco halted the exports from a major terminal. This disrupted supplies to the area, and India is likely to be the worst hit. On Wednesday, Saudi?Aramco announced that it had halted LPG deliveries this week at its eastern terminal in Juaymah. This terminal is one of the largest exporters of butane and propane. It suffered structural damage to its delivery system on February 23, which was a result of a component being damaged. Fuel from the terminal near Aramco’s...

QatarEnergy, the state-owned oil company, has increased the 'term price' for al-Shaheen crude loading in April, to the highest level in the last five months, according to?several sources?. This is due in part because the Middle Eastern market was supported by a better demand in India. According to the sources, the April term price of al-Shaheen oil was set at 87c per barrel according to Dubai's quotes. This is a significant jump from the March term price, which was 33c less per barrel. It was also the highest price since November. Spot premiums on Middle?Eastern oil have risen this month...

Chevron, along with at least another company, is vying to acquire Lukoil’s global assets despite the Russian energy firm’s agreement to sell these assets to a?U.S. company last week. Four sources familiar with the discussions said that Carlyle is a private equity firm. The U.S. Treasury has given Lukoil until February 28th to sell its assets. Last year, it imposed sanctions against Lukoil, Rosneft, and other Russian oil companies to force Moscow to reach a peace agreement with Ukraine. Two sources with knowledge of the talks said that a partnership between Chevron, Texas-based Quantum Energy Partners and a group headed...

Three sources familiar with the process have confirmed that U.S. Private Equity firm Carlyle is in exploratory discussions with UAE investors about bringing partners on board if a deal to purchase international assets from Russian firm Lukoil proceeds. Carlyle and Lukoil announced on Thursday a preliminary agreement that would transfer assets to the U.S. company, including oilfields and refineries located in eastern Europe and Iraq. The deal is subject to approval by the U.S. Authorities that have sanctioned the Russian producer announced a preliminary deal on Thursday. A separate source told us on Thursday that neither company had disclosed an...

Indian refiners are changing their crude import strategies in order to move away from Russia, the top supplier of crude oil. They will instead 'boost' imports from the Middle East. This could help New Delhi clinch a deal with the United States for lower tariffs. India was the largest buyer of discounted Russian crude oil after the outbreak of the Ukraine war in 2022. However, the trade brought backlash from Western nations who targeted Russia's energy industry with sanctions because they claimed that oil revenues helped it fund the conflict. As Middle?East producers keep global markets well supplied, prices are...

Kpler, a shipping data intelligence company, said that Iran has a record of oil in the water, which is equivalent to 50 days' worth of production. This is because China has purchased less oil?because of the sanctions, and Tehran wants to protect its supply from the threat of U.S. attacks. According to Kpler's data, the amount of Iranian crude oil and condensate on tankers or floating storage vessels reached a record 166 million barrels during the week ending January 11. This is according to data that dates back as far as 2016. Donald Trump, the U.S. president, has warned of...

QatarEnergy lowered the term premium on the?al-Shaheen oil loading for February, according to several 'trade sources'. This was due to the weakness of the spot benchmark premiums. The company, which is owned by the state, set February's prices at 53 cents per barrel over Dubai's quotes. This was down from 84 cents in January. Loading of January cargoes The price reduction?followed the decline in spot premiums of Middle East crude oil so far in this month. This was weighed down by abundant supplies on the?market, and an outlook for a surplus in 2026. QatarEnergy has sold five cargoes to Glencore,...

Sources said that Saudi Arabia's crude oil exports to China are set to reach a record high in January, after it lowered its official selling prices for Asia. Saudi Aramco, the state oil company, will send about 49.5 millions barrels or 1.60 million barrels a day to China in January, according to a list of allotments to Chinese refiners. According to records, the allocation volume is up from the two previous months when it was?under 40 millions barrels. It's also the highest since last October. Sources said that PetroChina, Rongsheng Petrochemical, and Shenghong Petrochemical were among the companies who planned...

Iran will increase the price of heavily subsidised fuel in certain circumstances, according to the semi-official Tasnim News Agency on Tuesday. The OPEC member is trying to curb the increasing demand for fuel without provoking public anger. Tasnim reported that "the government has decided, starting in December to charge a rate for refuelling emergency fuel cards at 50,000 Iranian Rials per litre (0.44% of the free market price)" and added that this rate represents 10% of the cost of buying one litre fuel from refineries. Fuel stations accept emergency cards if the driver does not have their smart card. The...

India's Russian crude oil imports will be at their lowest level in three years by December. They were already higher than they had been for several months in November as refiners sought alternatives to avoid violating Western sanctions. The United States, Britain and the European Union have all tightened sanctions against Moscow in response to the conflict in Ukraine. Washington's most recent measures target top Russian oil producers Rosneft, and Lukoil. The deadline for buyers of Russian oil to end their dealings with these two companies was November 21. Separately the EU set a deadline of 21 January after which...