Oil Refineries

Fuel prices and refinery margins soared in the second quarter, as a result of the disruptions of crude oil supplies via the Strait of Hormuz. Analysts said that the massive profits of refiners and their strong buyback programs were likely to continue in the third quarter. This highlights how U.S. fuel?makers are among the largest financial beneficiaries from the Iran War. International buyers are willing to pay higher prices to secure supplies due to the disruption of global energy shipping caused by the conflict. The attacks on Russian oil refineries have further restricted supplies and increased prices for consumers already...

Saudi Aramco has ?postponed the restart of its ?400,000-barrel-per-day ?Jazan refinery to August 30 after two Houthi attacks since late July, according to an alert from industry monitor IIR seen by . The extended outage may further disrupt global fuel markets, already affected by the Iranian war and refinery failures in the Middle East. Ukrainian attacks against Russian refineries could also boost refining margins. Yemen's Houthi fighters claimed on Sunday that they had attacked the refinery. The refinery has been closed since July 27, following an earlier Houthi attack, according to previous IIR alerts seen by. The previously planned restart...

China is doing all the heavy lifting to reduce crude oil demand in?Asia as a way to compensate for the reduced shipments of Middle East oil due the the Iran?war. The world's largest oil importer reported arriving 8.41 million barrels a day (bpd), up from a near decade-low of 7.12 mln in June, but still 24.3% less than July last year. When June and July imports combined, this gives a?average of 7.78 million bpd over the last two months. The average for the three-month period ending in February was 11,99 million bpd. This is 4,21 million bpd less. The United...

Phillips 66'reported a nearly 4-fold increase in'second-quarter profits on Wednesday, crushing Wall Street expectations, as the Middle East conflic? squeezed global fuel suppli?es and sent U.S. refinery margins soaring. The Iran War has been a boon to U.S. refiners, as buyers from around the world have scrambled for alternative fuels amid fears of disruptions in Middle Eastern exports. Fuel exports from the United States have reached record levels, especially for diesel and other refined fuels. Phillips' refining segment reported a record jump in earnings adjusted to $3.09 Billion from $392 MILLION a year ago. The?realized profit margin? in the second...

The decision of the core members to increase crude?oil quotas in September is easy to dismiss as a meaningless act, given the disruptions caused by?Iran's conflict. As long as the Strait of Hormuz is largely closed, and as long as there are no solutions to the threats to the Bab el-Mandeb, the oil-exporting groups will have little chance of being able to deliver what they agreed to produce. Saudi Arabia, Russia and Kuwait are among the seven OPEC+ members who have agreed to voluntary cuts in output. Algeria, Kazakhstan, Kazakhstan, Algeria, Kuwait, Kuwait, Saudi Arabia and Oman also agreed. The...

The decision of the core members to?increase crude oil production quotas in September is easy to dismiss as a meaningless act, given the disruptions caused by the Iran conflict. As long as the Strait of Hormuz is largely closed, and as long as there are no solutions to the threats to the Bab el-Mandeb 'waterway, it will be difficult for the 'oil-exporting groups to deliver what they have committed to. Saudi Arabia, Russia and Kuwait are among the OPEC+ members who have agreed to voluntary cuts in output. Algeria, Kazakhstan, Kazakhstan, Algeria, Kuwait, Algeria and Oman also agreed. The United...

Valero Energy reported on 'Thursday its highest quarterly profit in the last 20 years and surpassed Wall Street expectations. Oil market disruptions across the Middle East boosted 'demand' for U.S. fuels exports, and pushed its refining margins sky-high. U.S. refining companies have been the most benefited by the Iran War as buyers from around the world have demanded their products amid the disruptions in shipping through the Strait of Hormuz. This has pushed the country's fuel exports to new records. Valero's second-quarter adjusted operating profits in the refining segment nearly tripled from a year ago to $4.4 billion, while refining...

HF Sinclair posted its highest quarterly 'profit' since the Russian invasion of Ukraine rocked global oil markets a few years ago. The company also announced that it would'separate" its lubricants & specialties unit into an independent publicly listed company. The U.S. refiner is also beating second-quarter profit expectations. It wants to unlock more value from its specialty products business, which has higher margins, while returning cash to investors. It increased its quarterly dividends by 5%. In premarket trading, shares of the Dallas-based company rose 6.8%. U.S. refining companies have been the most successful in the?war against Iran, as foreign buyers...

Can India do for Asia's refined-fuels market what China did? China drastically cut its crude imports to a decade low in June in response to the U.S. and Israeli war against Iran. This freed up oil for buyers who were struggling to find cargoes due to the 'effective closure of Strait of Hormuz. India has taken a different approach, purchasing Russian crude oil and increasing?exports?of refined products in order to offset the lower shipments of refineries from the Middle East and Russia. According to commodity analysts Kpler, India's light and middle distillates exports are expected to hit 1.55 million barrels...

Venezuela's smallest ?refinery, the 146,000-barrel-per-day ?El Palito ?in ?the country's central region, has restarted its fluid catalytic cracker (FCC), key for producing motor fuel, four workers said on Monday. After twin quakes in late June, the refinery's operational units have been slowly reactivated in recent days. The 'FCC' is in operation and we are working to increase (production)," said one of the workers. He added that it took several attempts to get the unit into service and now processes 35,000 bpd. On the weekend, the country's oil minister said that fuel supplies were guaranteed in all areas including the coastal...

The semi-official YJC Iranian news agency, citing a local source, reported that a fire which broke out on Friday?at 'the Oxin Palayesh'mini-refinery' in Iran's western Lorestan Province has been put out. YJC quoted the safety manager at Lorestan Industrial Estates Company as saying that the fire was contained to a 'barrel of waste oil' and 'didn’t spread to refinery facilities or storing tanks. Iranian state media reported earlier that a fire had broken out just after 5 pm local time, sending a thick smoke column over Poldokhtar. Firefighters initially struggled to contain the blaze due to its 'intensity' and presence...

The oil price fell on 'Friday, but remained on course for a weekly gain as renewed U.S. - Iran fighting disrupted shipping through the Strait of Hormuz. This stoked concerns about supply disruptions. Brent futures fell 68 cents or 0.9% to $75.62 per barrel at 0817 GMT. U.S. West Texas Intermediate crude (WTI), which is a blend of U.S. and Canadian crudes, fell 64 cents or 0.9% to $71.44. Brent was expected to gain about 5% this week and WTI would increase by about 4%. Vandana Hari, an analyst at Vanda Insights who provides oil market analyses, said that although...

Former Ukrainian detainees as well as?Ukrainian officials, on Monday, accused Russia of torturing civilian and prisoners of war, keeping them incommunicado, and subjecting?thousands of people still held captive to beatings, shocks, and sexual abuse. Russia has rejected the claims made during a?informal U.N. Security Council Meeting. Its Deputy U.N. representative Maria Zabolotskaya called it "a campaign of disinformation" and claimed that Russian prisoners were being subjected "to torture and degradation, as well as moral and physical abuse." Khuan Levya-Garsiya is still an active member in the Ukrainian military. He claims that his Russian captors tortured him for 1,183 days. "Yes...

The governor of the region, Mikhail Evrayev said that a major refinery in Russia's Yaroslavl area is on fire following a large Ukrainian drone attack. Emergency services are working to extinguish the flames. Images posted on social media that have not been verified show plumes of black smoke rising above the facility. Evrayev stated in a statement on Telegram that the refinery’s storage tanks were struck by falling drone debris. He described this as the largest enemy attack on Yaroslavl to date, located about 250 km (160 mi) northeast of Moscow. "Today, the region successfully repelled the biggest attack by...

According to multiple trade sources and ship tracking information, China's state owned?Sinopec Corp., the world's largest refiner, increased purchases of Far East Russian Oil to compensate for Middle East oil supplies that were reduced by the Iran War. Sinopec has been able to maintain a relatively stable output and export fuel surpluses on a strong margin due to its purchases of Russian oil, which is cheaper than competing grades from Brazil and West Africa. This was despite China's decision in March of limiting the overseas sale of fuel products, as a way of protecting domestic supply during trade disruptions caused...

Two?industry? sources said that the Ryazan oil refining plant, one of Russia's largest plants, stopped crude oil processing 'after a drone attack' on Wednesday. Ukraine said on Wednesday its military struck Rosneft's Ryazan oil refining plant overnight. The Ryazan refinery ceased operations on Wednesday. One source said on Thursday that the shutdown would last two weeks. Rosneft did not immediately respond to an inquiry for comment. Pavel Malkov, the governor of Ryazan's region, said that Russian air defences?shot down 45 unmanned drones over the area overnight. He said that falling debris was the cause of fires at industrial sites. Industry...

Local officials said that a drone strike caused the fire at the Ilsky oil refinery in southern Krasnodar, and authorities in Taganrog evacuated residents after another strike. The authorities reported that preliminary information indicated no injuries. In recent months, Ukraine has intensified its attacks on 'Russia's energy infrastructure and other infrastructure to undermine Moscow’s war effort. The Ilsky refinery with its capacity of?around 138,000 barrels per day has been attacked before. Fuel shortages and price increases across Russia are a result of the attacks on oil refineries. Yury Slyusar, the Governor of Rostov, said on Telegram that fires are being...

Two questions are raised by the decision of OPEC+, to increase crude production quotas a fifth consecutive month? from August. Who will purchase the product if they are able to ship it? At a Sunday meeting, the'seven core members' of OPEC+ (which groups together OPEC, as well as other producers like Russia) agreed to increase quotas - by 188,000 barrels a day starting August. This will bring the 'total increase since April to nearly 800,000 bpd. The first question can be answered positively if the Strait of Hormuz remains open and the volume of water flowing through the narrow waterway...

Ukraine has hit a Russian refinery in Ufa for the second consecutive time, Volodymyr Zelenskiy, the president of Ukraine, said on Wednesday. Kyiv is intensifying its strikes in Russia. "Our plan to impose Ukrainian long-range sanction is being implemented every day," Zelenskiy said, referring the Ukrainian attacks deep within Russian territory. "This is a completely just response to everything Russia does against us." Zelenskiy reported that a strike was also carried out on a Russian military-industrial complex he described as "strategic", located in the Penza area, which he claimed made components for missile weapons used by Moscow to attack Ukraine....

Asia's crude oil imports by sea?rose slightly in June, but remained near their lowest levels in over a decade due to the impact of the?Iran Conflict on shipments from Middle East. Data from commodity analysts Kpler show that the top importing region will receive 20,71 million barrels of oil per day in June. This is up a fraction from the?20.39million bpd received in May and almost 2 million bpd more than the 18,77million bpd achieved in April. The imports of Asia remain well below the average 26.79 millions bpd for the three-month period prior to the United States' and Israel's...

After the Iran conflict, when oil flows were disrupted and costs rose, India began to buy Russian coal and crude oil to boost its energy supplies. According to Kpler, commodity analysts, the world's third largest oil importer will see Russian crude arrivals surge to a new record of 2,55 million barrels a day (bpd). The imports of Russian goods in June?would have been higher than the 2.13million bpd recorded in May. This was?the?third-highest record, and only behind the 2.16million bpd registered for May 2023. In June, Russia's share will be slightly less than 50% of India's total crude oil imports...

Kpler and LSEG data shows that India's exports to Europe of?jet-fuel from Russia have risen to levels not seen before the EU imposed a ban on russian-origin fuel in January. Data from Kpler indicates that the EU imported 62,000 barrels of jet fuel per day from India's Jamnagar Refinery to Italy. LSEG data also shows that the EU imports around 64,000 bpd?fuel. Both data platforms indicate that imports have been at their highest level since December 2025, when they were around 89,000 bpd. The European Union banned products made from Russian oil on January 21, aiming to curb oil revenues...

Official data on Thursday showed that oil product inventories in Asia's main trading hub Singapore fell to their lowest level?in almost 13 years. This was due to a'sharp' decline in residual fuel stocks as the Middle East conflict continued. Enterprise Singapore's data shows that the combined onshore oil products stocks fell to 34.41 millions barrels during the week ending June 10. This is the lowest level since July 2013. The oil inventories at global storage hubs are shrinking, as Middle Eastern shipments continue to be curtailed by the U.S. - Iran?war. In the week ending June 10, inventories of residual...

NATO fighter jets shot down on Monday a 'drone' that entered Latvian airspace from Russia, according to the Baltic nation's military. This is the latest incident in a long line of security incidents near Europe's eastern borders. The origin of the drone was not immediately known. In recent months, Ukraine has increased its long-ranged drone attacks against Russia, including the Baltic Sea region, where several Ukrainian military aircraft have entered the airspace of Finland and Latvia. In a social media post, the Latvian army stated that "Allied fighter 'jets successfully shot down a drone which was flying into Latvian Airspace!"...