Economics

MOL sources alternative oil supplies as Druzhba pipeline outage drags

Hungary's MOL group has ordered tankers delivering Saudi, Norwegian, Kazakh, Libyan and Russian oil to supply its Hungarian and Slovak refineries and halted diesel supplies to Ukraine as it scrambles to overcome an outage of the Druzhba pipeline.

U.S. refined product exports by tanker increase to > 6.3 MMbpd in January

Japan's oil and gas independence climbs to highest since 2009

The rise to the highest since 2009 is attributed to progress in energy development projects involving Japanese firms and a decline in oil and gas imports.

Former Lukoil-owned ISAB refinery in Sicily exits crisis procedure

The refinery - located in Priolo, Sicily - entered the procedure early last year to negotiate with creditors, after its ownership shifted from Russian oil group Lukoil to Cypriot private equity fund G.O.I. Energy.

Suffocating Western pressure may finally force Russian oil output cuts

Moscow has successfully redirected most of its seaborne crude to China, India and Turkey, often relying on a “shadow fleet” of aging, uninsured tankers to circumvent restrictions while offering steep discounts.

TotalEnergies booked loss in France due to refining activities, CEO says

French oil major TotalEnergies did not pay corporate tax in France last year because its operations in the country led to a loss of between €200 MM ($237.22 MM) and €300 MM.

Slovakia says Druzhba oil supplies interrupted, expected to resume in coming days

The economy ministry said the interruption did not affect Slovakia's energy security and gave no further details on the length of the expected suspension of flows.

Indonesia's Medco expansion plans bet on rising energy demand in Southeast Asia

Russia to send crude oil and fuel to Cuba soon, Izvestia reports

Cuba is grappling with fuel shortages after the U.S. moved to choke off its oil supplies. The communist-run island has warned international airlines that jet fuel will no longer be available, the latest sign of fast-worsening conditions.

EIA: U.S. crude stocks increase by most in a year after storm hit refining, exports

U.S. crude stocks rose last week as refining and export activity slowed during a winter storm last month, while domestic output started to recover from the freeze.