Economics

Oil steadies as higher inventories balance U.S debt bill progress

Oil steadied as a potential pause in U.S. interest rate hikes and the passing of a crucial vote on the U.S. debt ceiling bill were offset by a report of rising inventories in the world's biggest oil consumer.

OPEC+ unlikely to deepen oil supply cuts at June 4 meeting

OPEC and its allies are unlikely to deepen supply cuts at their ministerial meeting despite a fall in oil prices toward $70 per barrel.

Biodiesel import flood could drown European market

A flood of potentially "dubious" biodiesel imports into Europe from China needs to be subject to closer EU vetting or it could trigger the collapse of the European Union's biofuels industry, top producer body EWABA said.

Lukoil raises oil output at Iraq's West Qurna 2 to 480,000 bpd

Russia's Lukoil has increased oil production at Iraq's southern West Qurna 2 oilfield by 80,000 barrels per day bpd to a total of 480,000 bpd.

Eni bets on agri-business in Africa to expand biofuel production

Italy's Eni is investing in farming in several African and Asian countries as it aims to produce by itself around one fifth of the agricultural feedstock it will need for its biofuel business by 2025, two top executives at the energy group said.

Nigeria's NNPC says it will end monopoly on petrol supplies

Nigeria's state owned oil company NNPC will soon end its monopoly on petrol supplies, its chief executive told local television, a day after it nearly tripled prices at its fuel stations countrywide.

Indorama Ventures and Carbios reaffirm partnership to build first-of-a-kind PET biorecycling plant in France

Indorama Ventures Public Company Limited and Carbios announce the signing of a non-binding Memorandum of Understanding to form a Joint Venture for the construction of the world’s first PET biorecycling plant in France .

Neste to use lower-emission marine fuel in two vessels transporting renewable diesel to Sweden

Emerson helps optimize innovative recycling process

Global software and technology leader Emerson is helping the Swedish cleantech company HaloSep to optimize their unique process that turns hazardous incinerator flue gas residue from waste-to-energy plants into usable materials.

Future refineries in India may be smaller capacity

India will look at building smaller oil refineries because of problems in acquiring land as it aims to raise its annual refining capacity to 9 million bpd.