Crude oil

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.

Oil refiners, unions press U.S. EPA on biofuel blending costs

Oil refining company and labor union representatives pressed the U.S. Environmental Protection Agency at a virtual meeting last week to lower costs of the nation's biofuel blending program .

EIA estimates show a decrease in global surplus crude oil production capacity in 2022

The EIA's new report, titled Global Surplus Crude Oil Production Capacity, provides estimates of global surplus crude oil production capacity in both OPEC countries and non-OPEC countries.

Shell gets $1 B refining boost, upgrades oil and gas assets

Shell said surging demand for oil products that had almost tripled refining profits in the second quarter would boost earnings by up to $1.2 B.

Oil from U.S. reserves sent overseas as gasoline prices stay high

More than 5 MM barrels of oil that were part of a historic U.S. emergency reserves release to lower domestic fuel prices were exported to Europe and Asia last month.

India to drop windfall tax if oil prices fall $40 a barrel

India will only withdraw its windfall tax introduced last week for oil producers and refiners if global prices of crude fall as much as $40 a barrel from present levels.

Production at Venezuela's largest refinery hit by blackout

Production at Venezuela's largest refinery, which can process about 645,000 barrels of oil per day (bpd), was halted late on Saturday by an electrical fault that caused a blackout.

The downstream rundown: In case you missed it 7/1

In case you missed any downstream news, this piece will give you a summary of some of the top stories from last week.

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.