Economics

Russian energy minister sees no reason to reduce petroleum products output

Russian energy minister Nikolai Shulginov on Friday said there was no reason for a sharp reduction in the country's petroleum products output in response to a European Union embargo, Interfax reported.

Kazakhstan increased oil exports bypassing Russia in 2022

Kazakhstan, the world's largest landlocked country, increased oil exports that bypassed Russia last year, but was still heavily reliant on supply channels via its neighbor.

Oil expects regional refining margins to stay elevated in 2023

South Korea's S-Oil said on Wednesday it sees regional refining margins in 2023 remaining elevated over pre-2022 levels, though the company posted a loss in the fourth quarter of 2022 on a fall in oil prices during the period.

EU diesel price cap to limit Moscow's choice of buyers, including Asia

A proposed EU price cap on Russian diesel may be high enough to allow Moscow to continue exporting the fuel, but in practice could deter big Asian buyers who have become used to buying cheap Russian crude to refine it themselves, analysts say.

Chevron annual profit doubles to record $36.5 B, but misses estimates

Chevron Corp. on Friday posted a record $36.5 B profit for 2022 that was more than double year-earlier earnings but fell shy of Wall Street estimates, undercut by an asset writedowns and a retreat in oil and gas prices.

Russian gasoline to be sent to Pakistan as EU import ban looms

Independent Russian oil refiner Forteinvest has clinched a deal that will see Russian gasoline sent to Pakistan by land for the first time, two industry sources said on Friday.

Chevron's 5th and 6th cargoes of Venezuelan oil soon to depart

Two tankers chartered by Chevron Corp are loading Venezuelan heavy crude at the South American country and should depart in coming days for the United States, according to shipping documents and sources.

Aviation leaders hail green fuel as carbon savior, but wonder who will pay

Greener fuel is the only way airlines will meet strict global carbon emission targets, executives meeting in Dublin this week agreed, but there's little consensus on who should foot the hefty bill to ramp up production.

TotalEnergies CEO says refineries won't be disrupted by Thursday strike day

The chief executive of oil major TotalEnergies said this week that strikes against France's planned pension reform on Thursday should not disrupt operations at refineries, adding that petrol stations were also prepared for the strike action.

Saudi Arabia stays top crude supplier to China in 2022, Russian barrels surge

Russia remained China's second-largest source of crude oil in 2022, following repeat top supplier Saudi Arabia, as Chinese refiners snapped up low-cost Russian barrels while Western countries shunned them after the Ukraine crisis.