Crude oil
Mexico's new Olmeca oil refinery now seen processing 243,000 bpd in 2024
Mexican state oil company Pemex's top executive estimated that the firm's newest refinery will process 243,000 bpd of crude in 2024 during its first year of operations, before ramping up to near full capacity in 2025.
Biden administration slowly puts oil back into the SPR emergency stash
The administration of President Joe Biden is slowly putting oil back into the Strategic Petroleum Reserve, after selling a record amount from the emergency stockpile in 2022.
India to sign 5-year energy MoU with Guyana
India approved signing a 5-year MoU with Guyana to cooperate in the hydrocarbon sector as the South Asian nation looks to diversify its oil import sources.
Iran's oil trade with China stalls as Tehran demands higher prices
China's oil trade with Iran has stalled as Tehran withholds shipments and demands higher prices from its top client, tightening cheap supply for the world's biggest crude importer.
OPEC December oil output rises by 70,000 bpd
OPEC and allies, known as OPEC+, agreed to cut their output target by 2 million barrels per day from November 2022 through 2023. As part of this, the 10 OPEC members bound by the deal had a target to produce 25.416 million bpd.
APA to acquire rival Callon Petroleum in $4.5-B deal
U.S. oil producer APA announced it was buying rival Callon Petroleum in an all-stock transaction valued at $4.5 B including debt, following on the heels of a record year for dealmaking in the largest U.S. shale field.
Oil climbs as supply concerns deepen with Libyan oilfield disruption
Oil benchmark Brent rose by around a $1 a barrel, after reports of a disruption to Libya's top oilfield added to supply concerns emanating from tensions in the Red Sea.
China crude flows to storage poised to pick up after half-year lull
China's flow of crude oil into inventories faded over the second half of last year as the world's top importer reduced purchases in response to higher prices.
India turns to Saudi as purchases of Russian oil fall in December
India increased imports of Saudi oil in December as payment problems drove its Russian oil buys to an 11-month low, with at least five cargoes of the sweet Sokol variant heading to other locations, data from vessel tracking agencies showed.
China gives most refiners full crude import quotas for 2024
China has released 179.01 MMt of crude oil import quotas for 2024, 60% more than the January batch last year as almost all the refiners received their annual allocations.
- KBR's phenol technology selected by SABIC Fujian Petrochemicals 4/25
- Honeywell Technology helping to produce SAF with lower cost and waste 4/25
- Nigeria's NNPC partners local firm on new 100,000 bpd refinery 4/25
- Stranded cargo shows credit challenges at Nigeria's Dangote refinery 4/25
- Low U.S. distillate consumption reflects slow economic activity and biofuel substitution 4/25
- Clariant catalysts reduce customers’ footprints by 40 million tons of CO2e in 2023 4/25
