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Refineries are switching to biofuels or shutting down due to hostile regulationsbut demand for oil products is growing. This could result in either a market imbalance that will make these products more expensive or a geographical imbalance, which those who care about supply security wouldnt like.
Oil started the week with a gain, after an Iranian missile attack caused damage to the Haifa refinery in Israel over the weekend, prompting a partial shutdown, Israeli media reported, saying the facility remained operational. At the time of writing, Brent crude was trading at $74.83 per barrel.
BPs refinery in Rotterdam had both its crude units offline on Tuesday morning, Reuters reports, citing energy consultancy Wood Mackenzie. This follows the shutdown of the other 200,000 bpd crude unit in early May for planned maintenance. A crude unit with a capacity of 200,000 barrels per day (bpd) went offline early on Tuesday.
Israel’s OilRefineries said its pipelines and transmission lines in Haifa had been damaged by missile strikes by Iran, according to a regulatory filing to the Tel Aviv Stock Exchange.
(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. refinery utilization stood at 85.6% Gulf Coast pressured that market lower. A 10% tariff by the U.S.
AI in oil and gas is propelling the industry to new heights. The oil and gas industry has always been driven by innovation, and today, artificial intelligence (AI) is pushing the sector into a new era of efficiency, precision, and profitability. Digital twinsvirtual models of physical assetsare also transforming maintenance strategies.
McKinsey estimates mid-size refineries lose $20–50 million annually due to reliability issues. Immediate inspection and shutdown may be necessary to prevent catastrophic failure. Immediate inspection and shutdown may be necessary to prevent catastrophic failure. Please investigate urgently. Please investigate urgently.
Israel’s refinery output for Q1 dropped 16% from the previous quarter to 243,500 b/d, or 82% of nameplate capacity, according to the latest filings from the country’s two refineries: the 197,000 b/d Bazan Refinery at Haifa in the north and the 100,000 b/d Ashdod Refinery in southern Israel.
The Keystone 1 pipeline carries up to 720,000 barrels per day of tarsands from Alberta, Canada to refineries in Texas and Illinois.) TC Energy oil spill PR oil discharge 12-9-22 (Photo: U.S. An emergency shutdown and response was initiated at about 9 p.m. Obama and Pres. CT on Dec. 30 spill. #21:
March 17, 2025 Edition At Valor, our goal is to keep you informed of the latest news and updates from the oil and gas industry. Oils oversupply spiral: can prices stay above $60? 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.
(Oil Price) –The International Energy Agency just threw a bucket of ice water on oil bulls, reporting that crude supply is outpacing demand by 600,000 bpd and slashing its demand outlook for the year. Meanwhile, one prominent oil analyst has said that the world has entered the era of peak oil trading.
(Investing) –HOUSTON -Oil prices rose on Wednesday, buoyed by government data showing U.S. crude oil and fuel inventories fell last week and by mounting concerns about tighter global supply following the U.S. Meanwhile, trade in Venezuelan oil to top buyer China stalled on Tuesday after U.S. Capping oil prices, the U.S.
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