Oil

(Reuters) – U.S. refiner Phillips 66 CEO Mark Lashier said on Tuesday it would take time for crude supplies to clear through the Strait of Hormuz, as uncertainty remains around a return to normal shipping activity. Passage through the Strait of Hormuz is continuing on a limited basis, easing immediate supply concerns and pushing crude …

Phillips 66 CEO Says Hormuz Supply Disruptions May Linger Amid Shipping Uncertainty Read More »

(Reuters) – Oil tanker operators are reaping record profits after nearly doubling the hire cost of vessels going through the Strait of Hormuz and wider Gulf region this week on rising demand as traffic through the waterway slowly picks up, according to shipping data and sources. Traffic through the vital strait has been modest since …

Gulf Oil Tanker Rates Nearly Double as Middle East Producers Ramp Up Exports Read More »

By Nidhi Verma India LPG imports from U.S. set to exceed 1 million tons in June India imported 648,300 tons of LPG from the U.S. in May LPG is widely used as cooking fuel in Indian households NEW DELHI, June 23 (Reuters) – India’s imports of liquefied ​petroleum gas (LPG) from the U.S. are set …

India’s LPG Imports From US Set to Cross 1 Million Tons in June, Sources Say Read More »

(Reuters) – Vulnerable countries that paid a high economic price during the Iran war are seeking to build domestic oil and gas storage buffers against future shocks, a drive that could bring roughly half a billion barrels of additional demand down the pike. While the near-total closure of the Strait of Hormuz cut off a …

Iran War Triggers Global Race to Build Oil Reserves: Bousso Read More »

(Reuters) – The United States authorized Iranian oil sales on Monday, easing decades-old sanctions as it pushes toward a final peace deal with Tehran in return for commitments on nuclear inspections and free transit through the Strait of Hormuz. The general license, announced by the Treasury Department, allows the sale of crude oil and petrochemical …

US Authorizes Iranian Oil Sales Amid Talks on Final Peace Deal Read More »

(Reuters) – Crude oil exports from Saudi Arabia fell for a second straight month in April to a record low, according to Joint Organizations Data Initiative (JODI) data released on Monday, as the Iran war disrupted shipments from the Gulf region. Exports fell to about 3.990 million barrels per day in April from 4.974 million …

Saudi Arabia’s April Crude Exports Extend Fall to Lowest on Record, JODI Data Shows Read More »