Economics

Germany's Schwedt refinery to get non-Russian oil via Gdansk in January

Germany has received confirmation that commercial crude oil deliveries for the PCK Schwedt refinery are expected in the Polish port of Gdansk in January, the economy ministry told Reuters.

Europe boosts Russian diesel buying ahead of ban set to rock market

European traders are rushing to fill tanks with Russian diesel as the clock runs down on a Feb. 5 European ban expected to tighten supplies, re-draw global shipping routes and increase price volatility.

ExxonMobil sells interest in Esso Thailand

ExxonMobil has reached an agreement with Bangchak Corporation to sell its interest in Esso Thailand that includes the Sriracha Refinery, select distribution terminals, and a network of Esso-branded retail stations.

Crude oil prices forecast to decline beginning in the second half of 2023

In the EIA's January 2023 Short-Term Energy Outlook, it was forecast the Brent crude oil price (the global benchmark) will rise from an average $81 per barrel (b) in December 2022 to average $83/b in the first quarter of 2023.

PetroVietnam 2022 crude oil output flat at 10.84 MMt

PetroVietnam reported crude oil output of 10.84 MMt in 2022, flat from a year earlier and 24% above its official target, Vietnam's Ministry of Industry and Trade said.

Trafigura sells out of Russia-backed Indian refiner Nayara Energy

Trafigura has sold its 24.5% stake in Russia-backed Indian refiner Nayara Energy to a Rome-based energy investment group, following on from a deal on Monday where a group of firms backed by the commodity trading company agreed to buy Lukoil's Italian refinery.

China issues second set of 2023 oil import quotas, up from 2022

According to the document from the Ministry of Commerce, 44 companies, mostly independent refiners, were given 111.82 MMt in import quotas in this round.

Russia's Lukoil agrees to sell Italian refinery to consortium

Russia's Lukoil has sold its Italian refinery to a consortium of Western private equity and trading firms in the first major asset sale since Moscow's invasion of Ukraine, the companies said on Monday.

Venezuela's oil exports slipped despite big assist from Iran

Venezuela's oil exports last year declined due to infrastructure outages, U.S. sanctions and rising competition in its key Asia market despite assistance from ally Iran, according to shipping data and documents.

Venezuela's lack of dredging causes trouble for Chevron's heavy oil exports

A shipping channel snafu is slowing Chevron Corp's efforts to load tankers at one of its four Venezuelan joint ventures and bring heavy crude to the United States.