Refineries in Europe look for alternative crude supplies

Refineries in Europe are looking for alternative crude supplies as they shun Russian imports following Moscow’s invasion of Ukraine. Poland’s PKN Orlen is ramping up crude oil deliveries from Saudi Arabia and spot North Sea crude purchases following Russia’s invasion of Ukraine. “PKN Orlen reached an agreement on increased deliveries of five additional tankers from

Oman’s petroleum output dropped 25%

Oman’s refineries and petroleum industries’ production declined by 25% by the end of March 2022 compared to March 2021, mainly due to the transfer of the outline to the Sohar 2 Refinery since February 2022. The production of standard grade petrol (M-91) by Omani refineries increased by 27.2% at the end of March 2022 to

Indian crude runs set to increase amid healthy margins

India saw its average refining run rates slowing marginally in March amid volatility in crude oil prices triggered by the Russia-Ukraine conflict, but analysts expect robust margins and a sustained revival in demand for oil products to lift overall year-on-year growth in throughput close to double digits. In addition to a sharp recovery in oil

Amid cash crunch, refineries in Pakistan decline to increase production

Refineries in Pakistan declined the government’s call to raise output to ward off possible fuel shortages down the road as world oil markets are far from stable, citing multiple challenges including cash flow constraints. Local refineries in Pakistan after a meeting with Petroleum Division high-ups expressed their inability to increase production citing cash flow and

China’s exports of VLSFO increased 21%

China’s clean marine fuel exports rose 21% in the first two months of 2022 from a year ago, following an increase in Beijing’s export quotas, customs data showed. Exports of low-sulphur fuel oil reached 3.64 million tonnes in January and February, up from 3.02 million tonnes in the corresponding period last year, data from the

Israel to clampdown polluting oil refineries

Israel approved in principle a plan to shut down Haifa’s oil refineries and petrochemical plants, marking Israel’s first-ever planned dismantling of an industrial zone and an important step toward complying with the Paris climate change agreement. But the resolution contained no timeframe for the closure, nor was any budget approved for it. Implementing it will

China’s 2021 oil refinery output rises 4.3% to record on strong demand

China’s refinery output hit a record in 2021, up 4.3% from 2020, on robust first-half fuel demand and as refiners ramped up processing to fill a supply gap after a hefty new tax closed loopholes in blending fuel imports. Total refinery throughput last year reached 703.55 million tonnes, or 14.07 million barrels per day (bpd),

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