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(Reuters) – Middle East oil refineries could recover to more normal production levels in 40-60 days from the end of the current oil supply crisis linked to the effective closure of the Strait of Hormuz, Vitol Bahrain’s regional head of research Bader Nooruddin said on Wednesday. That timeline would take production up to around 90-95% …
(Reuters) – The current oil supply crisis shows there is underinvestment in oil refining as demand holds resilient, Saudi state-owned Aramco’s vice president of market analysis and sustainability, Musaab Al Mulla, said on Tuesday. Around 3 million barrels per day of refining capacity closed between 2020 and 2023, Al Mulla said at the S&P Global …
Oil Refining Has Been Underinvested, Saudi Aramco Says Read More »
By Barbara J. Powell US oil refiners are running their plants harder than usual, with some even putting off maintenance, as strong profits and steady demand for fuels tempt the processors to run plants near maximum capacity. The industry has had one of its lightest maintenance seasons in years. From January through May, refiners shut …
US Crude Refiners Are Pushing Run Rates to Maximum Levels Read More »
May 22 (Reuters) – Ukrainian forces have attacked a Russian oil refinery in Yaroslavl, some 700 km (435 miles) from the Ukrainian border, President Volodymyr Zelenskiy said on Friday, the latest in a series of strikes by Kyiv on oil facilities in Russia. “In particular, overnight, the Defense Forces of Ukraine operated against targets associated …
Ukraine Attacked Russian Oil Refinery in Yaroslavl, Zelenskiy Says Read More »
(Reuters) – Japanese oil refiners will be able to secure sufficient substitute crude and petroleum products to replace Middle Eastern supplies through the summer, the head of an industry association said on Wednesday. Shunichi Kito, president of the Petroleum Association of Japan, said that U.S. crude is becoming the main substitute while efforts continue to …
BP and union leaders resumed labor contract negotiations for workers at the Whiting, Indiana, oil refinery on Monday with no agreement yet, as a lockout entered its third month this week. Some 800 workers at the 440,000-barrel-per-day refinery, the largest in the U.S. Midwest, have been locked out since March 19 after months of negotiations …
BP Fails to Reach Deal with Union as Indiana Refinery Lockout Drags On Read More »
(Reuters) – President Donald Trump said on Friday he discussed Chinese oil companies that have been sanctioned for buying Iranian oil and will make a decision about whether to lift bans in the next few days. The U.S. recently imposed sanctions on several Chinese oil refiners for buying Iranian oil, including Hengli Petrochemical, one of …
Trump Discussed Sanctioned Chinese Oil Refiners With Xi, Considering Lifting Bans Read More »
(Reuters) – Saudi state oil giant Aramco could reach a maximum sustainable oil production capacity of 12 million barrels per day in three weeks if required, CEO Amin Nasser said on Monday. He said that the energy supply shock that began in the first-quarter was the largest the world has ever experienced, and that if …
WASHINGTON, May 4 (Reuters) – The United States has extended a license that protects Venezuela-owned refiner Citgo Petroleum from creditors through June 19, according to a statement on the U.S. Treasury Department’s website on Monday. The general license, issued by the Office of Foreign Assets Control, is meant to encourage investment and boost oil output …
US Extends Protection of Venezuela-Owned Citgo From Creditors Read More »
April 30 (Reuters) – U.S. refiner Valero Energy (VLO.N) surpassed Wall Street expectations for first-quarter adjusted profit on Thursday, helped by strength in its refining segment, margins and throughput volumes. Diesel and jet fuel margins climbed sharply in the first quarter after U.S.-Israeli attacks on Iran disrupted Middle Eastern supply, pushing finished fuel prices up …
Valero Energy Beats Profit Estimates on Strong Refining Performance Read More »
