Economics

Oil settles lower ahead of potential large U.S. rate hike

Oil prices settled lower but pared nearly all losses after falling more than $4 earlier in the session as investors focused on the prospect of a large U.S. rate hike later this month that could stem inflation but at the same time hit oil demand.

IEA chief says price cap on Russian oil should include refined products

Prices of refined products, such as gasoline and diesel, have soared even more than crude oil in the wake of the loss of Russian supply, because of a global refinery capacity crunch following the closure of several plants around the world.

Shell wants to share more of its blockbuster profits, CEO says

Shell is considering boosting shareholder returns on the back of bumper profits from soaring energy prices, while the extra cash will also help it shift more swiftly towards renewables and low-carbon energy.

Hungary fuel price cap could lead to shortages

Hungary's cap on fuel prices should be lifted because it will lead to shortages "sooner or later", the CEO of Hungarian oil and gas company MOL said.

Citgo ready to resume oil imports from Venezuela if U.S. authorizes

Citgo Petroleum is willing to resume imports of Venezuelan crude, suspended since 2019 by Washington's sanctions on its parent company PDVSA, if the U.S. government authorizes the flow.

History of the HPI: The 1980s: Oil spike/collapse, liquid crystals, conducting polymers and the rise of AR/VR

Nichols, Lee, Hydrocarbon Processing Staff

Several major impactful events took place in the global oil and gas and petrochemical industries in the 1980s.

Enabling a circular economy delivery model through truckable modularization

Villegas, M., Koch Modular Process Systems

As resources become scarcer, and as costs continue to rise, companies are looking for new methods to reduce their material feedstock costs and remain competitive.

Exxon profit set to soar again; White House wants more oil

Wall Street analysts sharply increased their ExxonMobil Corp second-quarter profit estimates after the largest U.S. oil producer projected it could almost double its first-quarter earnings.

Venezuela's second largest refinery suspends gasoline production

Venezuela's state company PDVSA has suspended gasoline production at the country's second largest refinery due to an outage at its reformer.

Oriente crude exports suspended, Napo flowing amid force majeure

Exports of Ecuador's flagship Oriente crude remain suspended under a force majeure declaration as the spread of anti-government protests hurts oil output.