Economics

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.

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.

Oil hits 3-week high as China eases COVID curbs

Oil hit a three-week high on Tuesday as China's latest easing of COVID-19 restrictions spurred hopes of a demand recovery, although prices pared gains after some U.S. energy facilities shut by winter storms began to restart.

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.

Asia jet fuel set for bumpy ride in 2023 despite some China recovery

A full recovery in jet fuel consumption will boost Asian refiners' margins and crude demand further, lifting global prices.

JPMorgan sets 2030 emissions targets for polluting industries

JPMorgan said it had set targets to cut emissions tied to its finance and dealmaking in the iron and steel, cement and aviation sectors, as those emissions linked to oil and gas usage rose.

Harvest to buy storm-hit refinery-turned-terminal from Phillips 66

Harvest Midstream will buy the Belle Chasse terminal in Louisiana from U.S. refiner Phillips 66, the privately held company said this week, a move that will boost its existing regional crude pipeline systems.