Hydrocarbon Processing bp Energy Outlook: Two main scenarios see 2025 oil peak, rapid renewables growth bp expects oil demand to peak next year and wind and solar capacity to grow rapidly in both of the two main scenarios in its annual Energy Outlook, a study of the evolution of the global energy system to 2050 the company published on Wednesday. U.S. seeks up to 4.5 MMbbl for strategic petroleum reserve The U.S. Department of Energy (DOE) said on Wednesday it is offering to buy up to 4.5 MMbbl of oil to help replenish the Strategic Petroleum Reserve (SPR), though oil prices are now higher than the target price it wants to make such purchases. Kurdish oil smuggling to Iran flourishes Heading for Turkey to the north and Iran to the east, hundreds of oil tankers snake each day from near Kurdistan's capital Erbil, clogging the Iraqi region's often winding and mountainous highways. U.S. West Coast refinery margins slump despite reduced capacity U.S. refiners are making less money turning crude oil into fuels on the West Coast as the region's gasoline inventories grow and the use of biofuels increases. Trading houses lure top talent, acquire refineries and assets from majors Several high-profile energy traders have in recent weeks quit oil majors for trading houses, as talent follows assets swapping hands and as trading houses ramp up bonuses. OPEC sticks to 2024 oil demand view, sees strong travel season OPEC is sticking to its forecast for relatively strong growth in global oil demand in 2024 and next year, saying on Wednesday that resilient economic growth and air travel would support fuel use in the summer months. Update: Power outages hinder Hurricane Beryl recovery, delay port, infrastructure restarts About 1.7 MM customers remained without power in Texas on Wednesday morning, two days after Hurricane Beryl made landfall, as progress was slow during the night, hampering efforts to restore critical oil infrastructure. India eyes energy deals with Rosneft, other Russian companies India wants to strengthen its energy ties with Russia and could seek deals with Rosneft and other leading Russian oil firms as part of a broader push to boost bilateral trade. bp warns of 2Q profit hit from weak refining margins, oil trading British energy giant bp said on Tuesday that weak refining margins and oil trading were likely to dent its 2Q profit, sending its shares down 3% in morning trading. Nigeria's NNPC seeks new oil-backed loan to boost finances, debt to gasoline suppliers has doubled Nigeria's NNPC is in talks for another oil-backed loan to boost its finances and allow investment in its business, its chief executive said, as pressure mounts on the state-backed oil company the economy depends upon.