Economics
Asian refiners see little room for Iranian oil, leaving China as key buyer after U.S. waiver
Hit by supply disruptions due to the blockade of the Strait of Hormuz since March, Asian refiners have been aggressively buying oil from the U.S., Russia, Africa and Latin America.
Asia has plenty of crude oil, but refined fuels remain tight
The world's top energy-consuming region is expected to import about 22.18 MMbpd of crude in June, up from 20.35 MMbpd in May.
EIA: U.S. crude inventories decline for tenth week to over 40-yr low
The total stocks, including those from the strategic petroleum reserve, have fallen by 96.25 million barrels since the start of the Iran war, as countries around the globe have called on U.S. oil and products to fill supply gaps.
OPEC sticks to robust oil demand outlook, sees no peak on horizon
The 11-member Organization of the Petroleum Exporting Countries depends on oil for a large part of government income, and its views on demand are higher than those of others in the industry, such as the International Energy Agency.
Indonesia on track to launch B50 biodiesel program on July 1
Indonesia revived its plan to raise the biodiesel ratio to 50% from the current 40% in March, in a response to the oil supply disruptions that followed the U.S. and Israel attacks on Iran.
IEA sees significant 2027 oil surplus after Hormuz recovery
The Iran war is estimated to have blocked more than 14 MMbpd of Middle East oil output.
Opinion: Is the Iran war just an energy shock—or a turning point?
At least 1 billion barrels of crude oil and refined products have been lost from Middle East producers such as Iraq, Kuwait, the United Arab Emirates and Iran itself. As much as 20% of global liquefied natural gas supply is also trapped in the narrow waterway between Iran and Oman.
U.S. refiners can still absorb more Venezuelan oil, Energy Secretary Wright says
Venezuela is sending about half of its total exports of 1.25 MMbpd to the U.S., with the remaining volumes going mainly to India and Europe.
Britain says full import ban on Russian diesel, jet fuel will happen by 2027
The government said existing sanctions were not being lifted, but new sanctions were being phased in.
IMO definition of Brazil corn ethanol carbon footprint a landmark step
In May, the IMO defined the default value of Brazilian corn ethanol's carbon footprint at 20.8 grams of carbon dioxide-equivalent (CO2e) per megajoule, specifically referring to biofuel produced from the country's intermediate or second-corn crop.
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- Moscow oil refinery hit by drone attacks is unlikely to resume production this year 6/24
- ExxonMobil's Antwerp refinery to stop output from June 29–July 3 due to strike 6/24
- Singapore's Aster plans August maintenance for crude, petchem units 6/24
- TotalEnergies must invest in Gulf pipelines to bypass Hormuz, CEO says 6/24
- JERA signs time charter agreements with NYK and MOL for fuel ammonia carriers 6/23
