Economics

U.S. commercial crude stocks build, SPR posts record drawdown as refiners ramp up

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 ready to increase Adriatic oil pipeline capacity, Hungary says

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 achieves AWS energy competency status

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 tops $120 a barrel on Saudi pricing despite OPEC+ deal

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.

The downstream rundown: In case you missed it

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

Slovakia says hardest hit by Russia oil sanctions, expects solidarity

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, fuel stockpiles fall in tight market

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.

Slovak refiner says sanctions plan will halt exports, threaten operations

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.

Industry Perspectives: Hydrocarbon Processing’s Mid-Year Update webcast to be held in late June

Nichols, Lee, Hydrocarbon Processing Staff

Over the past several years, the hydrocarbon processing industry (HPI) has been engaged in a whirlwind of peaks and valleys.

Supply Chain: Strategic cost management: Uncover supply chain inefficiencies

Long, P., Opportune LLP

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.