Asia/Pacific

Asia oil refining margins climb, but a peak looms

The profit from turning a barrel of crude oil into refined fuels has hit a 13-month in Asia but there are signs that the rally may be starting to lose momentum.

Total spending on fuel subsidies topped $7 T in 2022, IMF says

Global subsidies for fossil fuels rose by $2 T over the past two years to reach a record $7 T in 2022, according to new estimates from the International Monetary Fund.

U.S. expands sanctions on Myanamar jet fuel, cites junta airstrikes

The United States expanded its sanctions against Myanmar to include foreign companies or individuals helping the country’s military junta to procure jet fuel that it uses to launch airstrikes on its own people, the U.S. Treasury Department said in a statement.

Vietnam's largest refinery begins shutting down for maintenance

Vietnam's largest oil refinery has shut down some of its units, beginning a 55-day total shutdown for major maintenance.

Shell taps Goldman Sachs to explore Singapore refinery and petchem plant sale

Shell is considering a sale of its Singapore refining and petrochemical plants as part of a broader strategic review and has hired investment bank Goldman Sachs to explore a potential deal, said several sources close to the matter.

Hengli Oilchem to begin voluntary liquidation

Privately controlled Chinese refining and petrochemical manufacturer Hengli Group said that Sinochem Group and itself were winding up their Singapore-based JV, Hengli Oilchem, due to business and strategic considerations.

Reliance increased oil imports in July by 6% to nearly 1.1 MMbpd

India's Reliance Industries Ltd, the operator of the world's biggest refining complex at Jamnagar in western Gujarat state, increased oil imports in July by about 6% to 1.09 MMbpd.

Australia's Ampol beats profit and dividend estimates, shares rise

Russia's September Urals discount begins to widen as India slows purchases

Spot discounts for Russian crude for September loading have started to deepen as India, a key customer of Moscow, reduces purchases due to high prices and maintenance outages at some refineries, four traders and Indian refinery officials said.

China oil buying frenzy cools as record inventory shields it from price rally

China, the world's top crude importer, is drawing on record inventories amassed earlier this year as refiners scale back purchases after OPEC+ supply cuts drove global prices above $80 a barrel, traders and analysts said.