Economics

Neste SAF has been delivered to New York using existing petroleum pipelines

SAF has been safely delivered to New York’s LaGuardia Airport through the Colonial and Buckeye pipeline systems – two essential pieces of American energy infrastructure.

Chevron completes acquisition of Renewable Energy Group

Chevron Corporation completed its previously announced acquisition of Renewable Energy Group, Inc. following approval by REG stockholders.

Japan's Idemitsu to slash refinery capacity due to shrinking oil demand

Idemitsu Kosan plans to cut its capacity by 13% in less than two years as the ageing and shrinking population in Japan and the global shift to greener energy eats into household demand for petroleum.

Oil prices slide on Beijing COVID warning, inflation concerns

Oil prices slipped more than $2 on Monday as a flare-up in COVID-19 cases in Beijing quelled hopes for a rapid pick-up in China's fuel demand, while worries about global inflation and economic growth further depressed the market.

Biden looking to address oil refinery capacity, White House adviser says

U.S. President Joe Biden is looking at ways to bring in more oil supplies amid rising energy costs, including working to address oil refinery capacity.

Under U.S. sanctions, Iran and Venezuela sign 20-year cooperation plan

Iran and Venezuela, oil producers grappling with crippling U.S. sanctions, signed a 20-year cooperation plan in Tehran, with the Islamic Republic's supreme leader saying the allies would continue to resist pressure from Washington.

The downstream rundown: In case you missed it 6/10

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

U.S. average gasoline prices reach $4.85 per gallon in early June, more than anticipated

U.S. gasoline prices surged in early June 2022 from a week earlier by over a quarter of a dollar during a spring holiday known as Memorial Weekend that took the average fuel pump reading nationwide to about $4.85 per gallon.

Saudi cuts crude supply to some Chinese refiners in July, sources say

Saudi Aramco has notified at least five North Asian refiners, mostly Chinese, that it will be supplying less than contracted volumes of crude oil in July.

High fuel prices could erode public support for energy transition, Chevron CEO says

Europe's plan to double down on renewable fuels in response to rising fuel costs could have the unintended short-term effect of increasing prices and slow down the energy transition, Chevron Corp Chief Executive Michael Wirth said.