Economics

Exxon profit set to soar again; White House wants more oil

Wall Street analysts sharply increased their ExxonMobil Corp second-quarter profit estimates after the largest U.S. oil producer projected it could almost double its first-quarter earnings.

Venezuela's second largest refinery suspends gasoline production

Venezuela's state company PDVSA has suspended gasoline production at the country's second largest refinery due to an outage at its reformer.

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.

The downstream rundown: In case you missed it 6/24

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

Cost of Mexico oil refinery rising to up to $12-B, president says

A major new oil refinery under construction on Mexico's Gulf coast will ultimately cost between $11 B and $12 B, up from around $8 B originally estimated by the government.

Surge in U.S. renewable diesel supply won't offset loss of petroleum diesel

A flood of U.S. renewable diesel plants set to come online in the next three years will not be enough to offset the loss of petroleum diesel refining capacity from plant closings since 2019.

Kuwait investing to meet any OPEC output increase

Kuwait Petroleum Corporation chief said the Gulf producer had the capacity to reach its OPEC quota and was moving to its first offshore production as it invests to meet future oil demand.

Biden says decision on pause on federal gasoline tax could come by end of week

U.S. President Joe Biden said on Monday that a decision on whether to pause a federal gasoline tax could come by the end of this week, as the United States struggles to tackle soaring gasoline prices and inflation.

Petrobras CEO resigns amid political blowback on fuel prices

The chief executive of Brazil's state-run oil company Petrobras resigned on Monday in the face of mounting pressure from politicians after the firm announced a fuel price hike last week.

The downstream rundown: In case you missed it 6/17

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