Economics
Damper subsidy to oil refiners in Russia set to decline 4.5% to $1.7 B in June
Damper payments, a form of subsidy to oil refineries, are set to decline by around 4.5% to 150 B roubles ($1.7 B) in Russia in June from May due to global gasoline price rises and a weaker rouble.
EIA: Increasing U.S. gasoline inventories are reducing gasoline prices
Weekly U.S. average gasoline prices have declined $0.19/gallon (gal) since the 2024 high on April 22, falling to $3.48/gal on July 1, $0.05/gal less than the price a year ago. Increasing gasoline inventories, relatively weak demand and oil prices below recent peaks are all contributing to falling gasoline prices, according to the U.S. Energy Information Administration (EIA).
Saving Scotland's only refinery a rare point of agreement in UK election race
Candidates from all of Scotland's major political parties competing in the UK general election are putting pressure on energy company Petroineos to delay the closure of Scotland's sole oil refinery at Grangemouth and save jobs.
Business Trends: Global Energy Talent Index: A detailed analysis on the petrochemicals industry’s workforce
This article provides an overview of the global petrochemicals sector’s workforce, as well as how AI is reshaping job roles, skills, adoption, popularity and policy awareness across the industry, and anticipate the major risks and opportunities it presents.
Nigeria's Dangote refinery boosts gasoil exports to West African market
Nigeria's new Dangote oil refinery is increasing gasoil exports to West Africa, taking market share from European refiners.
Alberta says 2023/24 budget surplus smaller than forecast, cites refinery losses
Canada's main oil-producing province of Alberta on Thursday said the 2023/24 budget surplus would be smaller than initially estimated, partly due to losses incurred by the Sturgeon refinery, which is joint-owned by the province.
Cepsa begins construction of the first chemical plant in Spain to produce the base for hydroalcoholic gels
Cepsa has begun construction on a new €75-MM, 80,000-tpy isopropyl alcohol plant in Spain.
New DNV survey highlights oil and gas sector paradox
The latest DNV survey, “The Paradox of Petroleum—How the oil and gas sector is transforming through uncertainty,” gathered insights from nearly 450 senior oil and gas professionals to examine rapidly evolving trends and the near-term outlook for the sector.
Russian oil and gas revenues set to rise by 50% y/y in June, refinery subsidies decrease
Russia's oil and gas revenue in June is set to rise by more than 50% year on year to $9.4 B, after a decrease in subsidies to refineries and reflecting the Russian economy's ability to limit the impact of sanctions.
Oil prices push higher as demand expectations offset dollar strength
Oil prices edged up on Monday on the prospect of strong summer fuel demand and rising geopolitical tensions outweighed the effects of a stronger dollar.
- 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
