Freight rates for VLCCs (Very Large Crude Carriers) on the main route from the Persian Gulf to China have reached a two-month peak due to growing demand for long-haul Atlantic barrels, according to market sources.
Freight rates for VLCCs (Very Large Crude Carriers) on the main route from the Persian Gulf to China have reached a two-month peak due to growing demand for long-haul Atlantic barrels, according to market sources.
Independent Chinese refineries reduced their imports of bitumen blends in October due to rising prices and the entry of competitors, notably PetroChina, following the lifting of US sanctions on Venezuelan oils.
Independent Chinese refineries reduced their imports of bitumen blends in October due to rising prices and the entry of competitors, notably PetroChina, following the lifting of US sanctions on Venezuelan oils.
Oil prices currently reflect the view that a 1973-style oil embargo is an extremely unlikely response to the crisis in Gaza. However, the leaders of OPEC's largest producers have made irrational decisions in the past.
Oil prices currently reflect the view that a 1973-style oil embargo is an extremely unlikely response to the crisis in Gaza. However, the leaders of OPEC's largest producers have made irrational decisions in the past.
Officials from Russia and Saudi Arabia have announced continued voluntary cuts in oil supply until the end of 2023, in response to concerns over OPEC+ production policy and tensions in the Middle East.
Officials from Russia and Saudi Arabia have announced continued voluntary cuts in oil supply until the end of 2023, in response to concerns over OPEC+ production policy and tensions in the Middle East.
Nigeria's state oil company, NNPC Ltd, is set to supply up to six crude oil cargoes to the new 650,000-barrel-per-day Dangote oil refinery in December for testing. This partnership between NNPC and the Dangote refinery, financed by Aliko Dangote.
Nigeria's state oil company, NNPC Ltd, is set to supply up to six crude oil cargoes to the new 650,000-barrel-per-day Dangote oil refinery in December for testing. This partnership between NNPC and the Dangote refinery, financed by Aliko Dangote.
Oil refinery utilization rates in China are down on the third-quarter record, due to lower margins and a shortage of export quotas, which could impact crude oil demand in the world's largest importer and influence global oil prices.
Oil refinery utilization rates in China are down on the third-quarter record, due to lower margins and a shortage of export quotas, which could impact crude oil demand in the world's largest importer and influence global oil prices.
Niger's military-appointed Prime Minister Ali Mahaman Lamine Zeine inaugurated a 2,000 km pipeline linking oil fields in the southeast to Benin, marking a crucial moment for the Niger economy.
Niger's military-appointed Prime Minister Ali Mahaman Lamine Zeine inaugurated a 2,000 km pipeline linking oil fields in the southeast to Benin, marking a crucial moment for the Niger economy.
The Ugandan government plans to entrust exclusive rights for the supply of petroleum products to a subsidiary of the global energy trader Vitol, putting an end to a system that used to involve neighboring Kenya for the import of these products.
The Ugandan government plans to entrust exclusive rights for the supply of petroleum products to a subsidiary of the global energy trader Vitol, putting an end to a system that used to involve neighboring Kenya for the import of these products.
A consortium led by McDermott and Petrovietnam Technical Services Corporation (PTSC) wins a major contract for the Block B gas development project, off the southwest coast of Vietnam.
A consortium led by McDermott and Petrovietnam Technical Services Corporation (PTSC) wins a major contract for the Block B gas development project, off the southwest coast of Vietnam.
Chevron Australia announced on October 30 that it had won majority support for its proposed enterprise agreements with employees at its Gorgon and Wheatstone LNG facilities following a vote that closed over the weekend.
Chevron Australia announced on October 30 that it had won majority support for its proposed enterprise agreements with employees at its Gorgon and Wheatstone LNG facilities following a vote that closed over the weekend.
The UK government has awarded 27 new hydrocarbon exploration and drilling licenses in the North Sea, a decision that has drawn criticism from environmental NGOs and raised questions about the country's commitment to climate change.
The UK government has awarded 27 new hydrocarbon exploration and drilling licenses in the North Sea, a decision that has drawn criticism from environmental NGOs and raised questions about the country's commitment to climate change.
The European Union is making progress towards energy independence from Russia, but remains aware of the vulnerability of its energy markets, as stated in its annual Energy Union 2023 report.
The European Union is making progress towards energy independence from Russia, but remains aware of the vulnerability of its energy markets, as stated in its annual Energy Union 2023 report.
U.S. crude oil and gasoline inventories rose unexpectedly, impacting oil markets, due to factors such as lower refinery utilization rates and lower crude exports, despite slightly lower gasoline demand.
U.S. crude oil and gasoline inventories rose unexpectedly, impacting oil markets, due to factors such as lower refinery utilization rates and lower crude exports, despite slightly lower gasoline demand.
The move towards cleaner energy in Colombia is discussed, with assurances from Ecopetrol CEO Ricardo Roa that this does not mean the end of the oil industry.
The move towards cleaner energy in Colombia is discussed, with assurances from Ecopetrol CEO Ricardo Roa that this does not mean the end of the oil industry.
