Economics

Indonesia raises price of widely used fuel by 32%, adds to cost-of-living concerns

Opinion: Hormuz reopening could be OPEC’s undoing

The Iran war and the closure of the vital waterway – through which nearly a fifth of the world’s oil and gas flowed before the conflict – have sharply diminished output from the Organization of the Petroleum Exporting Countries and moved the industry’s center of gravity away from the Middle East.

U.S. sanctions Cuban state oil company, adding obstacles for fuel imports

Washington has imposed sanctions on an array of Cuban entities and people, including the island nation's president, as it seeks to intensify pressure on Cuba's communist leaders.

EU proposes 21st package of sanctions against Russia, targeting banks, refiners, traders, LNG

The EU has proposed a 21st package of sanctions against Russia for its war in Ukraine, heavily targeting the country's banks and crypto networks as well as drone production, oil traders and refiners.

EIA: U.S. jet fuel production rises after prices doubled in March

Higher crude oil prices and supply concerns, particularly in Europe and Asia, which previously imported much of their jet fuel supply from the Persian Gulf, have driven up jet fuel prices.

Indian companies willing to deepen presence in Venezuela

New Delhi was the second-largest importer of Venezuelan oil in May, with purchases of 427,000 bpd.

AFPM suing U.S. EPA over RFS ‘Set 2 rule,’ the administration’s most expensive regulation

DNV announces financial close of $650-MM H2 fertilizer project in Paraguay

The $650-MM project is one of the world's first industrial-scale green fertilizer plants to be financed in a non-recourse basis, a standalone, asset-backed financing structure where lenders look only to the project itself for repayment.

JM to acquire Cormetech, materially enhancing scale in clean air solutions

Under the terms of the transaction, JM will acquire Cormetech for an enterprise value of $360 MM payable in cash on completion, which represents a 10.3x acquisition multiple based on Cormetech's expected 2026 EBITDA.

Petrovietnam says supertanker with Iraqi oil arrives at refinery port