Crude oil
Shell slashes gas intake at Dutch, German refineries
Shell has slashed its use of gas at Europe's largest oil refinery, Rotterdam's 404,000 bpd Pernis site, by 40% and at its German refineries by 70%.
U.S. crude stockpiles drop as exports surge to record high
U.S. crude oil stockpiles fell last week, driven by a surge in exports to an all-time high due to the big discount for U.S. crude when compared with international benchmark Brent.
Binh Son refinery Q2 net profit soars to $424 MM
Vietnam's Binh Son Refining and Petrochemical recorded net profit of $424 MM in the second quarter, up by nearly six times from a year earlier.
U.S. to sell additional 20 MM barrels of oil from strategic reserve
The United States has already sold 125 MM barrels from the reserve with nearly 70 MM barrels already delivered to purchasers.
Galp posts 90% profit leap on soaring oil prices and refining margin
Portuguese oil and gas company Galp Energia reported a 90% jump in adjusted second-quarter profit, citing soaring oil prices and a sharp increase in its refining margin.
Global gasoline cracks collapse, blow to refiners' profits
A sudden crash in global gasoline prices in the past two weeks has dented refiners' profits, pushing up inventories in key trading hubs around the world while looming exports from China and India also add to pressure on growing stockpiles.
Sinopec outbid for Russian ESPO crude in July
Sinopec Corp has cut its purchases of Russia's ESPO crude oil in July as other buyers, including from India, were willing to pay higher prices.
The downstream rundown: In case you missed it 7/22
In case you missed any downstream news, here are the top stories from last week.
Nigeria petrol subsidy seen nearly 70% higher at $16.2 B next year
Nigeria could spend up to 6.72 T naira ($16.2 B) next year if it keeps a fuel subsidy in place, a nearly 70% jump from this year's budget.
Production at Brazil's Petrobras falls; refinery utilization nears 100%
Oil production at Brazil's Petrobras fell in the second quarter as asset divestments and increased work stoppages took their toll, while the company's refinery utilization rate hit a whopping 97%.
- ITT to acquire SPX Flow for > $4.77 B, expanding leadership in highly engineered components and adjacent flow technologies 12/5
- MOL Group introduces eco-friendly Bag-in-Box packaging for lubricants 12/5
- Addis Energy secures $8.3 MM to scale its transformative approach to low-cost ammonia production 12/5
- World Fuel Services supplies cruise line with waste-based biofuels 12/5
- Chevron announced $18 B-$19-B CAPEX budget for 2026 12/5
- Russia and India sign deal to build urea plant in Russia 12/5
