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BPs refinery in Rotterdam had both its crude units offline on Tuesday morning, Reuters reports, citing energy consultancy Wood Mackenzie. A crude unit with a capacity of 200,000 barrels per day (bpd) went offline early on Tuesday. This follows the shutdown of the other 200,000 bpd crude unit in early May for planned maintenance.
Spring maintenance at some large state-controlled refineries in the worlds top crude oil importer is the key reason for the low volumes that Saudi Arabia has allocated for April. These amount to about 34 million barrels, down from 41 million barrels allocated for March, according to Reuters data.
sanctions and refinerymaintenance, Bloomberg has reported, citing data from Vortexa. million barrels of crude to China daily, which was 20% lower than export flows in May 2024. Crude oil exports from Iran to its biggest buyer, China, shrank last month on tighter U.S. Per that data, Iran shipped a little over 1.1
(Investing) –HOUSTON – The price spread between WTI Midland crude in West Texas and Houston has narrowed this year as cold weather hurt Permian production, driving up prices, but weaker refinery and export demand on the U.S. That compared to an average of 50 cents a barrel a year ago, when record crude production at the top U.S.
Asias imports of refined petroleum products plunged in April to the lowest level since 2020, due to higher spring refinerymaintenance at key fuel exporters in the region and softer demand for gasoline and diesel. million barrels in April, down from 195.54 Asias imports of light and middle distillates slumped to 166.37
crude oil stockpiles rose and fuel inventories fell last week as seasonal refinerymaintenance season ticked along, the Energy Information Administration (EIA) said on Wednesday. million barrels to 435.2 Crude inventories rose by 1.4
A substantial drop in the spot market price for Emirati crude has triggered a demand surge from Asia, Reuters reported today, citing data for a record trade of 10 million barrels of Murban crude on an S&P Global Platts market-of-close basis this month.
(BOE Report) – Phillips 66 reported a bigger-than-expected loss in the first quarter on Friday, as lower refining margins amid a widespread maintenance and turnaround activity across the U.S. per barrel during the January-March quarter, from $11.01 a barrel a year earlier. refining sector weighed on its performance.
Cenovus will begin planned maintenance work on multiple units at its 160,000-barrel-per-day refinery in Toledo, Ohio in mid April, a source familiar with plant operations said on Thursday. Roughly a third of the facility will be down for maintenance as early as the second week of April, the source said.
Cold air tugged the price of West Texas Intermediate (WTI) crude oil up above $80 per barrel mid-January (Figure 1, red line). commercial crude oil inventory declining into January tugged the spot price of WTI crude oil up to $80 per barrel (Figure 1). The consensus is set up to be caught short by refinery runs next increasing.
This development comes on the heels of another report that lingering strikes and protests in the French refining sector and seasonal maintenance at plants elsewhere in Europe cut into the OPEC producers sales. Each cargo is about a million barrels of crude. Well over 80% of Frances 1.1 Long-haul buyers like Indian Oil Corp.
While the price-per-barrel of oil has recovered since the staggering lows of 2016, its down again from earlier 2019 highs, and may not reach $100/barrel any time soon. IoT-enabled insights are proving useful for predictive maintenance, remote monitoring, and risk mitigation.
Saudi Arabia has nine local refineries with a combined capacity of 3.33 million barrels of oil per day (bpd), accounting for roughly 3% of global demand, which are configured to process its domestically produced crude oil. The kingdoms domestic refineries processed 2.94 It operates another 4.3 million bpd in April and 1.42
(Oil & Gas 360) – Over the past few weeks, several headlines regarding the international oil business have surprised market watchers: A note on the news: Break-even oil prices- oil and gas 360 The news that the OPEC+ group decided to increase its production rate in May by 411,000 barrels a day (b/d). Iran exports 1.8 million b/d.
Summary : The IEA reports that global crude supply is exceeding demand by 600,000 bpd, pushing oil prices toward the $60-$80 per barrel range, with U.S. refinery shutdowns of 400,000 bpd are contributing to the surplus. bcfd, negative Waha Hub prices caused by pipeline maintenance, and mild weather forecasts through April.
due to seasonal maintenance. Gasoline inventories fell by 1 million barrels, 3% below the five-year average, and refinery utilization rose to 90.2%. With oil production generating up to five barrels of wastewater per barrel of oil, the industry sees treatment as a solution to water shortages but demands legal certainty.
Overall, Rystad Energy analysis signals upside in oil prices and refinery margins towards the summer. Refinery crude demand is on a growth curve between May and August, signalling a more bullish oil price environment. The US could take advantage of softening prices to fill the strategic petroleum reserve (SPR) with Middle East barrels.
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