According to the US Energy Information Administration, US crude and gasoline inventories rose unexpectedly last week as refineries cut output.
Refinery earnings were lower in Q2 2016 compared with the same time last year and are converging among different locations globally.
Valero Energy Partners’ board of directors of its general partner has approved the acquisition of the Meraux and Three Rivers Terminal Services Business from a subsidiary of Valero Energy Corp. for total consideration of approximately $325 M.
China's booming fuel exports have contributed to a structural lowering of margins for the region's refiners, but fluctuations are still mostly linked to crude prices.
US crude stocks fell unexpectedly last week, while gasoline stocks decreased more than expected and distillate inventories rose, according to data from the Energy Information Administration.
British oilfield services company Petrofac and Spain's Tecnicas Reunidas are likely to win contracts to build projects for state oil giant Saudi Aramco's Uthmaniyah and Ras Tanura plants.
The number of countries receiving exported US crude oil has risen since the removal of restrictions on exporting US crude oil in December 2015.
People’s Minister of Petroleum and President of Petroleos de Venezuela SA, Eulogio Del Pino, highlighted the importance of China-Venezuela bilateral relations to guarantee growth.
The Dakota Access pipeline will open in Q4, giving refiners along the Gulf Coast another option when looking for crude.
Oman's crude oil exports will drop by about 50 Mbpd when new refining capacity comes onstream in the northern city of Sohar by early 2017.