Economics

Strike action to resume at Exxon Mobil’s UK Fawley oil refinery in January

Strike action at Exxon Mobil’s 270,000 bpd Fawley oil refinery in southern England is set to resume on Jan. 9, a GMB union spokesperson said this week.

ADNOC Acquires 24.9% Stake in OMV

Abu Dhabi National Oil Company (ADNOC) and Mubadala announced a transaction involving OMV, a global energy and chemicals group, headquartered and listed in Vienna, Austria.

TC Energy has submitted plan to restart Keystone pipeline after spill

TC Energy Corp has submitted its plan to restart the Keystone pipeline to U.S. regulators, a source familiar with the matter said on Tuesday, nearly two weeks after the line ruptured in the worst oil spill in the United States in nine years.

Latin America emerging as hot spot for more climate-friendly jet fuel

Latin America is drawing early investment for jet fuel produced from materials like forest residues and palm oil as emission-conscious airlines scour emerging markets for less-polluting fuel to power flights.

Greece to tap oil refineries levy to fund food allowance for households

Greece expects to raise around 650 MM euros ($690.82 MM) from a windfall tax on its two oil refineries this fiscal year and use the proceeds to help households with their monthly food expenses.

India to remain top buyer of Russia's Urals crude in December

India is taking most of Russia's Urals crude oil loading in December as it remains top buyer for a second month in a row, according to traders and Refinitiv data.

U.S. begins buying back oil for strategic reserve

The U.S. Energy Department said on Friday it will begin buying back oil for the Strategic Petroleum Reserve, or SPR, the first purchase since this year's record 180 MM barrel release from the stockpile.

India may split planned mega refinery to various sites

India is considering building several refineries instead of a single mega plant planned with Saudi Aramco and Abu Dhabi National Oil Company (ADNOC), due to challenges in acquiring land.

Russia replaces Iraq as top oil supplier to India in November

Russia has for the first time emerged as top oil supplier to India replacing Iraq as refiners last month snapped up oil from Moscow fearing a price cap from Dec. 5 could hit supplies and choke payment avenues, data obtained from trade sources showed.

China's December refined oil exports may hit record near 7 MMt

China may close the year with record shipments of key transportation fuels in December as refiners rush to use their export quotas and maximize overseas profits to compensate for tepid domestic fuel demand caused by COVID-related curbs.