Asia/Pacific
Developing countries see more resin imports as China, U.S., Europe demand challenged
Brazil-based Braskem, Latin America´s biggest petrochemical organization, is seeing atypical scenarios in plastic resin markets that include very large flows of plastic resin exports from the world´s top producer countries into the less developed areas because much of the Northern Hemisphere demand remains challenged.
Abundant, cheap Iranian oil supply to cap Russian prices in China
Rising prices of a popular Russian crude sold to China are poised to peak soon as more independent refiners are likely to switch to cheaper oil from Iran which has ramped up exports to fresh 4-1/2 year highs in August, several trade sources said.
Indian refiner HPCL meets up to 23% of oil need with Russian grades
Indian refiner Hindustan Petroleum Corp Ltd is meeting up to 23% of its oil needs through discounted Russian grades, its chairman Pushp Kumar Joshi said at the company's annual shareholder meeting.
India’s sluggish oil consumption weighs on global prices
India’s petroleum consumption increased to a record high in the first seven months of 2023 but growth has slowed markedly as the rebound from the coronavirus pandemic and lockdowns is completed.
China's Shandong province completes country's largest port oil storage facility
The third phase of China's largest single coastal oil storage facility has been completed and went into operation in Qingdao port, in the eastern province of Shandong, the state media outlet China News reported.
India diesel exports to Singapore set for highs in Aug, drop for Europe
India's diesel exports to Singapore are set to hit a 19-month high in August and exceed 330,000 metric tons, boosted by cheaper freight costs and low inventories in the Asian oil hub, traders and analysts said.
Singapore's middle distillates stocks surge despite higher gasoil exports
Singapore's middle distillates stockpiles surged by more than 1 million barrels from last week, as the impact of lower jet fuel/kerosene outflows offset an increase in gasoil net exports, official data showed.
Asia oil refining margins climb, but a peak looms
The profit from turning a barrel of crude oil into refined fuels has hit a 13-month in Asia but there are signs that the rally may be starting to lose momentum.
Total spending on fuel subsidies topped $7 T in 2022, IMF says
Global subsidies for fossil fuels rose by $2 T over the past two years to reach a record $7 T in 2022, according to new estimates from the International Monetary Fund.
U.S. expands sanctions on Myanamar jet fuel, cites junta airstrikes
The United States expanded its sanctions against Myanmar to include foreign companies or individuals helping the country’s military junta to procure jet fuel that it uses to launch airstrikes on its own people, the U.S. Treasury Department said in a statement.
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