Crude oil

U.S. to sell additional 20 MM barrels of oil from strategic reserve

The United States has already sold 125 MM barrels from the reserve with nearly 70 MM barrels already delivered to purchasers.

Galp posts 90% profit leap on soaring oil prices and refining margin

Portuguese oil and gas company Galp Energia reported a 90% jump in adjusted second-quarter profit, citing soaring oil prices and a sharp increase in its refining margin.

Global gasoline cracks collapse, blow to refiners' profits

A sudden crash in global gasoline prices in the past two weeks has dented refiners' profits, pushing up inventories in key trading hubs around the world while looming exports from China and India also add to pressure on growing stockpiles.

Sinopec outbid for Russian ESPO crude in July

Sinopec Corp has cut its purchases of Russia's ESPO crude oil in July as other buyers, including from India, were willing to pay higher prices.

The downstream rundown: In case you missed it 7/22

In case you missed any downstream news, here are the top stories from last week.

Nigeria petrol subsidy seen nearly 70% higher at $16.2 B next year

Nigeria could spend up to 6.72 T naira ($16.2 B) next year if it keeps a fuel subsidy in place, a nearly 70% jump from this year's budget.

Production at Brazil's Petrobras falls; refinery utilization nears 100%

Oil production at Brazil's Petrobras fell in the second quarter as asset divestments and increased work stoppages took their toll, while the company's refinery utilization rate hit a whopping 97%.

Pemex to upgrade its six refineries after completing 340,000 bpd new plant construction

Octavio Romero, director of Mexican state oil Pemex, said the company will work in the second half of Mexican President Andres Manuel Lopez Obrad´s term on improving its six refineries after completing during the first half of the six-year period the construction of a new 340,000 barrels-per-day (bpd) refinery with a $10-B investment.

BASF confirms final phase of MDI expansion at Geismar Verbund site

BASF is moving forward with the final phase of the expansion project for the methylene diphenyl diisocyanate (MDI) plant at its Verbund site in Geismar, Louisiana.

Iran boosts crude supply to Venezuela for refining, freeing up exportable oil

Iran is increasing supplies of a key crude grade that Venezuela is using to boost its aging refineries' productivity and free domestic oil for exports.