Crude oil

EU proposes 21st package of sanctions against Russia, targeting banks, refiners, traders, LNG

The EU has proposed a 21st package of sanctions against Russia for its war in Ukraine, heavily targeting the country's banks and crypto networks as well as drone production, oil traders and refiners.

Chinese refiners delay projects with Middle East oil supply disrupted

The delays come as the Iran conflict has crunched refiners' margins, with the Middle East oil supply disruption driving up crude prices, while they face state fuel price caps. At the same time fuel demand has weakened due to electric vehicle growth.

U.S. oil exports surge, draining domestic crude inventories toward rock bottom

Cushing is among the largest oil storage hubs in the world. Oil levels in its tanks have fallen rapidly since the war began and Iran effectively closed tanker traffic through the Strait of Hormuz.

Indian companies willing to deepen presence in Venezuela

New Delhi was the second-largest importer of Venezuelan oil in May, with purchases of 427,000 bpd.

Kuwait can restore 70% of oil output in 6–8 weeks of Hormuz reopening, KPC executive says

Kuwait's timeline for its production recovery is shorter than some forecasts for a full reopening of transits through the Strait of Hormuz.

South America's stealthy ascent to key crude oil swing supplier

Led by Brazil, Guyana and Venezuela, the region has delivered the largest increase in oil exports of any producing bloc so far this year, reshaping global trade patterns and reinforcing the Atlantic basin's role in global supply.

ADNOC resumes naphtha exports via alternative Oman route

China seen tapping deeper into oil stockpiles as imports hit decade-low

China allows output cuts by some money-losing independent refiners

Some refiners in the eastern province of Shandong, popularly called teapots, were told recently that they can cut output to no lower than 80% of last year's monthly average.

IEA forecasts chance of critically low stockpiles before peak summer demand

Fuel demand typically peaks in the Northern Hemisphere summer when people drive and fly on holiday.