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Economics

Asian refiners face diesel supply glut in 2024

Diesel supply in Asia is set to jump in 2024 fueled by new refineries in the Middle East and robust exports from China, and is likely to outpace the region's world-leading demand growth.

Brazil's Petrobras mulls Mubadala refining partnership

Brazilian state-run oil company Petrobras said it will analyze a proposal from Abu Dhabi sovereign investor Mubadala on creating a strategic refining and biorefining partnership in the northeastern state of Bahia.

Foreign shareholders freeze participation in Russia's Arctic LNG 2

Foreign shareholders are suspending participation in the Arctic LNG 2 Russian liquefied natural gas (LNG) plant project due to sanctions.

More ships carrying oil avoid Red Sea route

At least two ships transporting oil or oil products between the U.S. Gulf Coast and India last week were re-routing from the Red Sea, as a U.S.-led coalition geared up to help safeguard vessels from attacks by Yemen's Houthi militants.

Russian railway gasoline exports more than doubled in December

Russia more than doubled railway exports of gasoline in the first 17 days of December from the same period in November on lifted fuel embargo and rising production, while domestic demand is seasonally falling.

Singapore's middle distillate stocks fell to a 4-mos low, as exports rise

Singapore's inventories of middle distillates fell further to a fresh 4-mos low of around 8 MMb, as net exports of both diesel/gasoil and jet fuel/kerosene rose.

Eni's Plenitude unit valued at 10 B euros in deal with EIP

Eni has agreed to sell a 9% stake in its low-carbon and retail unit Plenitude to Energy Infrastructure Partners (EIP) through a deal that values the unit at 10 B euros ($11 B) including debt.

EU to investigate Chinese biodiesel dumping allegation

The European Union said it would begin an anti-dumping investigation into biodiesel imports from China, which the bloc's industry says has slashed domestic production.

Venezuela's PDVSA to settle debt to Curacao's refinery with fuel supply

Venezuela's state-run Petróleos de Venezuela, S.A. will supply fuel to Curacao's refinery to settle debts left by the oil company after ceasing operations at the Caribbean island's facility in 2019.

U.S. refiners cut gasoline export prices on Panama Canal drought

U.S. Gulf Coast refiners have reduced gasoline export prices to their lowest since 2021 because restrictions on shipping through the Panama Canal have left exporters unable to send as much of the motor fuel to international markets.