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Middle East

Shell quits Iraqi petrochemicals plant talks

Oil major Shell has withdrawn from talks on building a petrochemicals plant in the southern oil hub of Basra.

Oil little changed as demand concerns offset Middle East tensions

Oil futures were little changed as rising concerns about global demand caused the market to take a break after prices jumped about 6% last week on worries that Middle East tensions could cause supply problems.

TotalEnergies no longer sending ships through Red Sea

TotalEnergies has not sent ships through the southern strait leading to the Red Sea and the Suez Canal for several weeks, extending its ships' travel time to Europe, the French oil major said.

Oman's Duqm refinery units currently working at 100% capacity

Oman's Duqm refinery units are currently working at 100% capacity of 230,000 bpd.

SOCAR ships Azeri BTC oil to Thailand via Cape of Good Hope

Azerbaijan's state oil company SOCAR is shipping Azeri BTC oil to Thailand via Africa's Cape of Good Hope to avoid the Red Sea.

Iran's oil minister traveling to Venezuela for talks on refining, petrochemicals

The ministers plans to discuss joint refining, engineering and petrochemical projects, including the overhaul of Venezuela's refineries

Return of U.S. oil sanctions on Venezuela to hit revenue, fuel imports

The return of U.S. sanctions on Venezuela's oil and gas sectors would hurt the OPEC country's ability to collect cash from its oil exports, crimp new energy investments and raise the risks of domestic fuel scarcity.

Red Sea worries cause spike in refined fuel prices, but market will adjust

The main impact from the escalating tensions in the Middle East and the threat to ships transiting the Red Sea isn't on crude oil prices, but rather on the heightened vulnerability of refined fuels.

Borouge 4 construction surpasses 50% completion milestone

Borouge announced that the Borouge 4 project, one of the largest industrial projects underway in the UAE, is over 50% complete.

Uganda in talks with UAE investment firm over planned oil refinery

Uganda is negotiating with an investment company led by a member of Dubai's royal family to develop a planned $4-B refinery for some of its crude oil.