Crude oil

Oil set to close higher in 2022, a turbulent year marked by tight supplies

Oil prices edged up and were on track to post a second straight annual gain, albeit a meager one, in a year marked by tight supplies due to the Ukraine conflict, a strong dollar and weak demand from the world's top crude importer China.

TC Energy says Keystone pipeline returns to service

Canadian pipeline operator TC Energy Corp said it had completed a controlled restart of its Keystone crude oil pipeline to Cushing, Oklahoma, safely returning the pipeline to service after a 21-day outage.

Poland ready for Russian oil ban, says minister

Poland is prepared for a Russian ban on oil sales to countries implementing a price cap, the climate minister said, with the country having cut its intake of Russian crude and secured alternative supplies from producers such as Saudi Arabia.

U.S. oil refiners restoring lost output, some outages to run into January

U.S. oil refiners were working feverishly to resume operations at a dozen facilities knocked offline by a holiday deep freeze, a recovery that in some cases will stretch into January.

Fire at Lanaz refinery in Iraq's Erbil under control

A fire at the Lanaz refinery in the northern Iraqi city of Erbil has been brought under control by civil defence teams, the state news agency INA reported.

API, AMEXHI and IOGP renew MoU to strengthen collaboration in Gulf of Mexico

The MoU establishes a stronger partnership and coordination among the three associations, including joint forums.

Tanker rates for refined petroleum products reach multiyear highs during 2022 (1)

Rates for petroleum product tankers that carry low-sulfur petroleum products, including refined petroleum products such as motor gasoline, diesel fuel, jet fuel, and naphtha, reached multiyear highs this summer.

Crude oil prices rise above $100 per barrel after Russia’s further invasion into Ukraine (1)

Since mid-January 2022, the geopolitical risk related to Russia’s further invasion of Ukraine has contributed to higher and more volatile crude oil prices.

Mexico's newest oil refinery now seen working at half capacity in mid-2023

Mexican state oil company Pemex's newest refinery will reach half of its crude processing capacity in July, the national president said, marking the latest shift in timing for the project's operations.

LUKOIL completes reconstruction of several units at Volgograd refinery

A large-scale reconstruction has been completed at the Volgograd refinery. The project included modernization of the CDU-VDU-5 crude distillation unit with production capacity of 3.5 MMtpy and the solvent extraction unit with production capacity of 300, 000 tpy.