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Crude oil

Heavy oil shortages are driving up refiners' cost

Mexican export cuts and a rerouting of Canadian output are shrinking already limited supplies of heavy crude in the Atlantic basin, driving up refiners' costs with a likely knock-on effect to industries ranging from shipping and construction to Middle Eastern power plants.

India's fuel demand increases more than 6% y-o-y

According to the country's Petroleum Planning and Analysis Cell, India's fuel consumption rose by 6.1% year-on-year in April.

Iraq increases domestic refining capacity by 360,000 bpd within the past year

Iraq's Minister of Oil announced that Iraq's domestic refining capacity increased by 360,000 bpd within the last year, moving closer to achieving the country's goal of self-sufficiency in domestic fuels production.

Mexico's Pemex exported 20,000 bpd of crude, fuel to Cuba in H2 2023

Mexico's state oil company Pemex exported about 20,000 bpd of crude and refined products to Cuba in H2 2023 through a company it owns.

Shell records nearly $8-B Q1 profit on the back of refining, chemicals/products and LNG divisions

Shell reported a Q1 profit of $7.7 B, boosted by Red Sea trading disruptions, Russian refining outages and Shell's LNG production increases.

Sinopec's $4.5-B refinery in Sri Lanka to challenge India's fuel export market share

Sinopec aims to establish its first fully-controlled overseas refinery at Sri Lanka's Hambantota port. This move, driven by changing global strategy and slowing domestic demand, intensifies competition with India's efforts to expand its energy presence in the region.

S-Oil expects Q2 refining margins to remain steady then trend upward

South Korea's S-Oil forecast that second-quarter refining margins will be steady, supported by regular maintenance in the region, then trend upward in tandem with higher demand as the summer season gets underway.

Vitol to charter supertankers from U.S. to Nigeria's Dangote refinery

Commodities trader Vitol has agreed to charter two supertankers to deliver crude oil to Nigeria's giant Dangote refinery from the U.S. in May, according to a shipping source and fixtures data.

Refiner Valero beats profit estimates on resilient demand, tight supplies

Refiner Valero Energy beat first-quarter profit estimates, benefiting from sustained demand as supplies remained tight due to disruptions in Russia and maintenance work at U.S. refineries.

Imperial Oil gets Q1 boost from higher production; refining throughput weighs

Canada's Imperial Oil saw higher profit in its first quarter on as the integrated oil firm was helped by robust production but saw maintenance activities weighing on its throughput volumes.