Higher crude demand supports India-bound Suezmax rates

Suezmax rates from the Mideast Gulf to the west coast of India have been rising on account of higher demand from Indian state-controlled refineries. Indian state-controlled refiners continued to operate at higher capacities this month in anticipation of an increase in fuel demand in 2022. “Indian charterers have been quite active over the past few

Cummins and Sinopec ally to produce green hydrogen

Cummins Inc. and China Petrochemical Corporation, owned by the Sinopec Group, announced the formation of a 50:50 joint venture through Cummins Enze Hydrogen Technology Co., Ltd to develop green hydrogen. The joint venture will accelerate the affordability and availability of the fuel through increased technological innovation, research and development, as well as manufacturing capacity. Cummins

Pak Oil refineries shutting down production due to massive import of HSFO

The local oil refineries are shutting down their production due to massive import of High Sulphur Fuel Oil (HSFO) by the government and low demand from the power sector. Pakistan Refinery Limited has become the third one to announce its closure following Byco Petroleum Pakistan Limited (BPPL), now renamed as Cnergyico Pk Limited, and National

Saudi Aramco CEO warns of anxiety if investment in fossil fuels is cut sharply

Amin Nasser, CEO of Saudi Aramco, the world’s largest oil producer, urged world leaders on Monday to continue investing in fossil fuels that warm the world. The assumption that we can move to clean energy “evening” is “terribly flawed.” In a statement at the World Oil Conference in Houston, Texas, Nacelle said that moving to

Seasonal weakness could take some heat out of oil prices

Oil prices are expected to stabilise near current levels over the next few months, then decline progressively over the course of next year, according to the latest forecasts from the US Energy Information Administration. The EIA expects output increases from OPEC+, US shale firms and other oil producers will outpace slowing growth in consumption, helping

Pak OCAC requests DG Oil to resolve furnace oil overload issue

Independent Power Producers (IPPs) are allegedly under-maintaining stocks of High Sulphur Furnace Oil (HSFO) and Low Sulphur Furnace Oil (LSFO), with reportedly all storages of power plants empty or having a back up of only 2 to 3 days at the moment, following which the Oil Company Advisory Council (OCAC) has requested the Petroleum Division

RIL to restructure, repurpose gasification assets

Mukesh Ambani-led Reliance Industries (RIL) informed in an exchange filing that the company will restructure and repurpose gasification assets as the board of RIL has decided to implement a Scheme of Arrangement to transfer Gasification Undertaking into a Wholly-Owned Subsidiary. The board has accordingly approved a Scheme to transfer the Gasification Undertaking as a going

Indian refiners’ October crude processing up over 11%

Indian refiners’ crude oil throughput in October rose from the previous month, government data showed on Tuesday, in tandem with a jump in fuel consumption to the highest in seven months. Refiners processed 4.96 million barrels per day (bpd) (20.96 million tonnes) last month, up 11.5% from 4.45 million bpd in September, the data showed.

Japan to subsidise refiners to ease oil price impact

Japan is planning to give subsidies to the country’s refiners for the first time to offset the impact of surging oil prices on domestic oil product values. The government will provide funding to refiners when the country’s retail prices of products such as gasoline exceed a certain level, to avoid further increases, Japan’s trade and

Most Indian state refineries run at max capacity

Most Indian state-controlled refineries are operating at maximum capacity or higher, as transport fuel demand continues to increase with further gains expected in the coming months.  MRPL was operating its 300,000 b/d refinery in Mangalore at more than 100pc and will continue to operate at these levels this month, while Bharat Petroleum (BPCL) was running