Imperial Oil Ltd said on Thursday that it plans to invest C$720 MM ($538.64 MM) to construct a renewable diesel facility near its Strathcona refinery at Edmonton, Canada.
BASF investors said that oil and gas business Wintershall Dea's exit from Russia, though painful, clears the way for plans to take it public and for BASF to focus on its chemicals operations.
U.S. crude oil stockpiles last week posted a large build that took analysts by surprise, as inventories in the Cushing, Oklahoma, storage hub gained while the market continued to recover from a winter storm last month.
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.
Oil prices rose on Friday and were on track to gain over 7% on the week due to solid signs of demand growth in top oil importer China and expectations of less aggressive interest rate rises in the United States.
After increasing 68% from January through June, the energy component of the S&P Goldman Sachs Commodity Index (GSCI) ended the year 10% higher than the first trading day of 2022.
North Dakota's soybean industry is at the forefront of what could be a once-in-a-generation transformation in coming years, with two new processing plants set to open in 2023 and 2024 to meet rising domestic biofuel production.
Workers at bp's Rotterdam refinery, which is currently offline, will not help restart operations unless their wage demands are met, union leaders said on Monday.
India would be one of the countries most exposed if Russia refuses to sell crude oil at the capped price under proposed sanctions to be imposed by the United States and the European Union.
U.S. oil refiners this quarter will run their plants at breakneck rates, near or above 90% of capacity, as tight fuel supplies spur high profits and operating rates, according to company forecasts and analysts surveyed by Reuters.