U.S. crude stockpiles dip, gasoline builds as demand slackens

U.S. crude oil stockpiles edged lower last week but gasoline inventories posted a larger-than-expected build on weakened demand, the Energy Information Administration said.

Saudi minister sees lack of refining capacity in market, not lack of oil

Saudi Arabia's foreign minister said that he saw no shortage of oil in the market, but a lack of oil refining capacity, making it necessary to invest more in capacity to process crude oil into various oil products.

Corpus Christi polymers plant in Texas resumes construction

Indorama Ventures announced that construction of an integrated PTA-PET plant in Corpus Christi, Texas, will resume in August this year.

Karbala oil refinery to start production before year end

Production at Iraq's Karbala oil refinery south of Baghdad will begin by the end of the year.

Oil settles lower ahead of potential large U.S. rate hike

Oil prices settled lower but pared nearly all losses after falling more than $4 earlier in the session as investors focused on the prospect of a large U.S. rate hike later this month that could stem inflation but at the same time hit oil demand.

Green Fuels for Denmark receives IPCEI status

The funding will help enable the consortium behind Green Fuels for Denmark to develop the first phases of the project as part of the industrialization of renewable hydrogen and green fuels needed to compete with fossil-based alternatives.

Online Exclusive Executive Viewpoint: The economics of reliability: Global refining 2022

The refining segment provides some of the starkest examples of reliability, facility performance, and profitability that we have seen in recent history. Still, the takeaway continues to be the same: when it comes to big industries, reliability wins, and unreliability loses.

IEA chief says price cap on Russian oil should include refined products

Prices of refined products, such as gasoline and diesel, have soared even more than crude oil in the wake of the loss of Russian supply, because of a global refinery capacity crunch following the closure of several plants around the world.

U.S. refiners step up imports of gasoline-friendly West African crude

U.S. refiners last quarter imported West African oil at the highest rate in nearly three years, customs data showed, buying the gasoline-friendly crudes as they boosted motor fuel production to meet summer driving demand.

Venezuela's refining arm Citgo on the verge of yet another power shake-up

A new battle for control of Citgo Petroleum, the eighth largest U.S. oil refiner and Venezuela's foreign crown jewel, could soon be unleashed under a proposed management shake-up by the South American country's opposition lawmakers.