Economics

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.

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.