U.S. commercial crude oil inventories rose unexpectedly last week, while crude in the Strategic Petroleum Reserve fell by a record amount as refiners ramped up production to pre-pandemic levels.
Croatia is ready to increase the capacity of the Adriatic oil pipeline to supply Hungary and Slovakia with crude in case of any disruptions to imports from Russia via the Druzhba pipeline.
GE Digital, the leading software innovator enabling the power generation and energy industries announced that it has achieved Amazon Web Services (AWS) Energy Competency status.
Oil prices were largely unchanged after choppy trade on Monday, buoyed by Saudi Arabia raising its July crude prices but amid doubts a higher output target for OPEC+ oil producers would ease tight supply.
In case you missed any downstream news, this piece will give you a summary of some of the top stories from last week.
Slovakia said on Friday it would be hardest hit by European Union sanctions on Russian oil and it expected solidarity from Brussels to mitigate the impact.
U.S. crude oil and fuel stockpiles fell last week, as demand continued to outstrip supply, with commercial crude inventories drawing down even as more strategic reserves entered the market.
Slovnaft, a unit of Hungary's MOL, said that planned sanctions on Russian oil would in their current form ban oil product exports after 8 months from Slovnaft to its key markets in central Europe such as the Czech Republic, Austria and Poland.
Over the past several years, the hydrocarbon processing industry (HPI) has been engaged in a whirlwind of peaks and valleys.
Controlling costs is critical for any energy company. Firms may spend to grow through acquisition, develop new business, gain market share or invest in new opportunities.