Crude oil
UAE exit strips OPEC of clout, risks bitter price war
The surprise move comes at a time of unprecedented turmoil in energy markets as Gulf oil and gas exports have remained largely paralyzed for two months due to the closure of the Strait of Hormuz, which has muted OPEC’s traditional ability to manage the oil market during times of distress.
UAE to leave OPEC and OPEC+ oil producer groups
The United Arab Emirates said on Tuesday it was quitting OPEC and OPEC+, dealing a heavy blow to the oil exporting groups and their de facto leader, Saudi Arabia, at a time when the Iran war has caused a historic energy shock and unsettled the global economy.
Phillips 66 Limited completes acquisition of Lindsey Oil Refinery assets
The transaction comes after the company previously agreed to the deal in January, stating its intention to integrate key assets into its Humber Refinery operations.
Shell to acquire Canada's ARC in output-boosting $16.4-B deal
ARC's production lies near Shell's existing Canadian fields which feed into the LNG Canada plant, in which Shell holds a 40% share and whose liquefied natural gas can reach Asian buyers more quickly than most other North American LNG.
Brazil to start tests for diesel blend containing 20% biofuel in May
U.S.: Trump grants 90-day Jones Act waiver extension to curb energy costs
The move reflects a broader push by the White House to dampen politically sensitive fuel price spikes ahead of November’s midterm elections, where affordability is expected to be a defining issue for voters.
Cosmo tanker could reach Japan on Sunday with first U.S. shipment post-Iran war
The tanker, loaded in Texas (U.S.) on March 22, is due to arrive off Chiba as early as on April 26 via the Panama Canal.
Russian ESPO premiums ease on weak Chinese refining margins
Spot premiums for Russia's Far East ESPO Blend crude oil delivered to China in June have eased as weak refining margins curbed demand from independent refiners.
Russia to stop Kazakh oil flows to German PCK refinery via Druzhba
The move deals a blow to the PCK Schwedt refinery, which supplies most of the German capital's fuel and relies on Kazakhstan for 17% of its supplies.
- Ineos to shut polystyrene facility in Illinois (U.S.) by the end of the year 6/19
- How ASTM approval of methanol-to-jet accelerates SAF at scale 6/19
- EU crafts plan to give industries extra free CO2 permits this year 6/19
- PetroChina forecasts Chinese oil consumption will drop 4.9% this year 6/19
- Digital Exclusive: Water injection pump mechanical seals failure after pump shutdown 6/19
- Russian gasoline output down 25% so far in June after drone attacks on refineries 6/19
