Demand Uncertain for Canada’s Proposed Export Pipeline: Chatham House
A proposed new oil pipeline from Alberta to Canada's West Coast aiming to increase exports by 1 million b/d could lack demand in the long run due to uncertain appetites from Asian markets amid a push toward renewable energy, says U.K. think tank Chatham House. In a Thursday report, Chatham House said the July proposal by Ottawa, Alberta and five Canadian oil sands companies to diversify oil exports and grow new markets by increasing seaborne exports from Western Canada "risks swapping dependence on the U.S. for other uncertain foreign markets." Read More
Phillips 66, Kinder Morgan, HF Sinclair OK Texas-to-US West Coast Product Pipeline
Kinder Morgan, Phillips 66 and HF Sinclair on Tuesday made a final investment decision and moved forward with a joint venture to build the Western Gateway Pipeline, a 1,300-mile refined product pipeline slated to provide fuel to California, Arizona and the broader U.S. West Coast region. Read More
Western Gateway Pipeline Set for Final Investment Decision Next Month or So: Phillips 66
After Kinder Morgan, Phillips 66 confirmed on Wednesday that its 1,300-mile refined products pipeline connecting fuel supply to California and the broader West Coast is set for a final investment decision next month or so. Read More
Record Crack Spreads Highlight Global Supply Tightness
The initial stages of the U.S.-Iran conflict were focused on crude oil and the impact of the Strait of Hormuz closure would have on crude oil availability, but that focus has shifted from crude availability to product availability over the last couple of months. Read More
Jones-Act Waiver Helps US West Coast Fuel Supply as Refiners Mull Product Pipeline Proposals
With the Middle East conflict showing no signs of abating anytime soon, U.S. West Coast refiners said the Jones Act waiver will continue to help fuel supply into California from out-of-state refineries as they evaluate long-term refined product pipeline proposals to alleviate the region's chronic shortages. Read More
Canada’s Cenovus Plans Turnaround at Lima, Ohio, Refinery, Sees Record Oil Sands Production
Cenovus Energy will go ahead with comprehensive planned maintenance at its 185,000 b/d Lima, Ohio, refinery scheduled for this September or October despite the current high crack spread environment, Eric Zimpfer, head of downstream at the Canadian integrated energy company, said Wednesday. Read More
One More Challenge to an Already Difficult Oil Market Supply Crunch
On July 20, the Houthis announced a maritime embargo targeting Saudi Arabia and vessels transiting the Bab al-Mandeb Strait. One day later, reports of two Saudi ships being attacked by the Houthis are circulating media outlets, underpinning an uptick on Brent prices this week. Read More
The Permian Drilling Paradox of Negative Gas Prices and Resilient Oil Economics
It is rare for crude oil prices to fall into negative territory. The last time the market saw that kind of shock was during the early stages of the pandemic. Read More
China Emerges as SM Swing Supplier Amid Mideast Crisis
The recent conflict in the Middle East has fundamentally altered the global styrene monomer trade, accelerating China’s emergence as the region’s dominant swing supplier while exposing the petrochemical industry’s dependence on Gulf feedstock and exports. Read More
FACTBOX: Countries Impose Fuel Export Restrictions During Global Energy Crisis
President Donald Trump on Monday reimposed a U.S. blockade on Iranian ports in response to Iran’s attacks on commercial ships in the Strait of Hormuz that effectively ended a three-month cease-fire, a sign that the global energy supply shortfall caused by the Middle East conflict will not be over anytime soon. Read More
Asia PX-Naphtha Spread Falls 19% on Month Amid Lower Energy Costs, Weak Demand
The Asia paraxylene-naphtha spread weakened in the first 13 days of July, narrowing 19.1% compared to the corresponding period in June to $310.48 per metric ton CFR China on the back of falling energy costs and sluggish demand, which dragged down spot PX prices sharply over the same period, OPIS data shows. Read More
California Resources Corporation Files for California Pipeline System Acquisition
California Resources Corporation filed an application with the California Public Utilities Commission seeking approval to acquire control of the San Pablo Bay Pipeline and Crimson California Pipeline, two major crude oil pipeline systems serving California refineries. Read More
Local, Federal Oil Drilling Policies Diverge in California
Los Angeles officials and the Bureau of Land Management took actions last week that split the direction of regional policy on oil drilling operations in California. Read More
US Total Refining Capacity Down Again in 2025 After Two Refinery Shutdowns: EIA
U.S. total refining capacity fell for a second consecutive year in 2025 following the closure of two major refineries without any new additions last year, the Energy Information Administration said Friday. Read More
KPC Boosts Oil Output to 2 Mln b/d; Lifts All Force Majeure Notices
Kuwait Petroleum Corp. plans to raise the country’s oil production to 2 million b/d within a week, following the reopening of the Strait of Hormuz, said the Center for Government Communication in a social media post late Thursday. Read More
Geopolitical Breakthrough Triggers Global Benzene Selloff Amid Looming Supply
Asia’s benzene market is experiencing a sharp structural realignment as a landmark peace agreement between the U.S. and Iran reshapes global energy and petrochemical flows. Benzene prices have collapsed in tandem with a plunging crude complex, ending months of geopolitical risk premiums and regional supply scarcity, according to industry sources. Read More
Sinopec Cuts Benzene Price for Second Time in Three Days
Sinopec lowered its domestic benzene list price by 300 yuan per metric ton ($44/mt) to 7,100 yuan/mt ex-warehouse on Wednesday, equivalent to about $906/mt CFR China on an import-parity basis. This extends a recent downward trend amid steep losses in regional benzene and domestic Chinese markets, according to industry sources. Read More
Latest Release Pushes SPR Stocks to Lowest Levels in More Than 40 Years
The U.S. released 8.9 million bbl of crude from the Strategic Petroleum Reserve last week, sending stockpiles to their lowest levels in more than four decades, according to Department of Energy data Monday. Read More
Asia’s Refined Prices Down as US, Iran Reach Deal
Prices of refined products fell in Asia as news of an interim U.S.-Iran peace deal which could reopen the Strait of Hormuz triggered a decline in oil prices. Read More
Pemex Crude Exports Hit Lowest April Level in Over Three Decades
Mexico's state-owned oil company Pemex recorded its lowest crude oil export volume for April since at least 1990, shipping 418,284 b/d during the month, according to the latest company data. The figure was also 35.4% lower than a year ago. Read More
S&P Questions Pemex Production Target, Cites Unresolved Operational Issues
Mexican state owned company Pemex's plan to become financially self-sustainable by boosting crude output to 1.8 million b/d faces significant challenges, with S&P Global Ratings analysts warning that it will likely require continued government support for years to come amid declining oil production and underperforming refineries. Read More
As Supply Shortage Drags On, Crude Option Traders Brace for Sharp Price Swings
Crude oil option traders are bracing for both sharp increases and steep declines in underlying crude futures contracts amid continued uncertainty over restoring vital global oil flows three months into the Middle East war. Read More
Permian Basin Crude Production Expected to Grow 3.3% in 2026: East Daley
Crude output in the Permian Basin is expected to grow by 3.3% this year as producers respond to higher oil prices but continue to exercise capital discipline, according to a note Wednesday from East Daley Analytics. Read More
Pemex Tula Boosts April Processing Runs While Dos Bocas Falls to 43% Capacity
Mexico's state-owned company Pemex processed 1.06 million b/d of crude in April, more than 15% above the level reported a year ago, with the 340,000-b/d Tula refinery leading the company's seven refineries. Read More
Feds Mull New Oil and Gas Drilling Across Southwest Lands
The Bureau of Land Management is soliciting public input on proposed oil and gas drilling expansion in Arizona and Nevada ahead of federal lease sale, the agency said in a press release Tuesday. Read More
Pemex CEO Rodríguez Steps Down, CFO Carpio Nominated as Successor
Mexican President Claudia Sheinbaum announced Thursday in a social media video that Víctor Rodríguez Padilla will step down as chief executive of state-owned oil company Pemex after just over a year and a half in the role. Read More
Resumption of Physical Oil Supply Could Take Much Longer After US-Iran Deal: Rystad
Global physical supply of crude oil could take up to eight weeks to return to pre-conflict levels amid growing optimism over a new U.S.-Iran deal allowing shipping traffic to resume through the Strait of Hormuz, Rystad Energy said Wednesday. Read More
European Imports of US-Origin Propylene in April Jump 37% on Month
European imports of propylene from the U.S. in April to date have jumped by 37% from the overall total for March, as supply tightens in the region amid the ongoing Middle East conflict, according to the latest Vortexa shipping data. Read More
UAE Will Leave OPEC Group on May 1: State Media
The United Arab Emirates (UAE) will exit the Organization of the Petroleum Exporting Countries (OPEC) and the wider OPEC+ group from May 1 after nearly 60 years, Emirati state news agency WAM announced Tuesday. Read More
Mexico Agrees to Send 1 Million Bbl of Crude to Japan in July: Sheinbaum
Mexico will export 1 million bbl of crude to Japan in July under an agreement announced last week by Mexican President Claudia Sheinbaum, as the Asian nation seeks to offset supply disruptions following the closure of the Strait of Hormuz. Read More
Refinery Decommissioning Bill, Others Inch Forward in State Legislation
California Sen. Catherine Blakespear's bill on refinery decommissions (SB 1259)inched closer to the senate floor last week alongside a handful of energy-focused bills. Read More
Oil Execs See No Quick Fix for Iran War-Related Market Disruptions: Dallas Fed
Oil executives surveyed by the U.S. Federal Reserve Bank of Dallas are pessimistic about a quick reopening of the Strait of Hormuz and frustrated by market uncertainty generated by the Middle East conflict. Read More
Asia rPET Prices Up in Q1 on Holiday Disruptions, Mandates, Mideast Conflict
Asia’s recycled polyethylene terephthalate or rPET prices have strengthened since January, supported by seasonal supply disruptions in February and stronger compliance-driven demand in March amid rising cost pressure linked to the ongoing Middle East conflict, market sources said. Read More
Pemex Contains Diesel Spill at Deer Park Refinery Dock in Houston
State oil company Pemex said it has contained a diesel spill at the dock area of its 340,000-b/d Deer Park refinery in the Greater Houston area, with no reported impact to the surrounding community or navigation channel. Read More
28 Vessels Cross Hormuz Strait Ahead of US Blockade Threat
A total of 28 vessels have crossed or are transiting the Strait of Hormuz since Saturday ahead of the threat of a U.S. military blockade, with 16 ships entering and 12 vessels exiting the Middle East Gulf via the strategic chokepoint, according to ship-tracking data from Kpler. Read More
Fire Contained at Pemex’s Dos Bocas Refinery; Third Incident in a Month
Mexico's state-owned company Pemex said it extinguished a fire late Thursday at the coking plant of its 340,000 b/d Dos Bocas refinery in Tabasco, with no reported injuries and limited impact on operations. The incident marks the third accident in less than a month. Read More
Energy Barriers in Mexico Raise Concerns Ahead of USMCA Review: US Trade Representative
Persistent friction in Mexico's energy sector could emerge as a risk to concluding the upcoming review of the United States-Mexico-Canada Agreement on schedule as the U.S continues to flag regulatory barriers and operational constraints affecting companies operating in the country. Read More
Extending the Conflict Timeline
As the conflict between the U.S., Israel and Iran extend into a second month and the potential of U.S. troops arriving on the ground seemingly takes shape, the risks to our original timeline have been upgraded. Read More
Ship Fuel Costs up $393 Million/Day as US, Israel Strikes on Iran Spur Oil Prices Higher
Shipping companies are spending an extra €340 million ($394 million)/day in additional fuel costs due to the ongoing conflict between the U.S., Israel and Iran, according to the European Federation for Transport and Environment (T&E) in a report on March 27. Read More
Mexico Inspects Seven Tankers, Pipelines as Part of its Investigation into Source of Gulf Oil Spill
Mexican government officials on Monday said they had completed inspections of seven of 13 offshore vessels as they continue to search for the source of a large oil spill in the western Gulf of Mexico earlier this month. Read More
Pemex Crude Processing Rises in February on Tula Gains, While Dos Bocas Loses Momentum
Mexican state-owned oil company Pemex processed 1.18 million b/d of crude in February, more than 33% above that of February 2025, driven by a sharp increase in output from its 270,000 b/d Tula refinery as the 340,000 b/d Dos Bocas failed to match December's output for a second-straight month. Read More
The Case for Oil Prices to Stay Below $150
The U.S.-Iran conflict is wrapping up its fourth week and Brent crude oil is maintaining a price north of $100 per barrel. OPIS acknowledges that there is no definite timeline for a conclusion, however we have recently increased our expectations for the conflict to last six weeks. Should fighting conclude after six weeks, it will potentially require up to twelve weeks of recovery and for marine transit to normalize. The coming days will be critical as U.S. military is being staged to potentially enter the Middle East. Read More
CERAWeek 2026: Global Oil Supply Disruption Unprecedented in Scale With no Near-Term Resolution, Executives Say
HOUSTON -- The closure of the Strait of Hormuz has produced a supply disruption with no parallel in the modern history of global oil markets, compounded by the simultaneous infrastructure attacks across Central Asia that have removed a second significant export corridor, executives and officials said Tuesday at CERAWeek 2026 by S&P Global in Houston. Read More
Mexico Weighing Pemex-Petrobras Partnership to Develop Deepwater Plays in Gulf: Sheinbaum
Mexican President Claudia Sheinbaum on Tuesday said her administration is reviewing a proposed partnership between state-owned oil company Pemex and Brazil's Petrobras to develop deepwater oil and natural fields in the Gulf of Mexico. Read More
CERAWeek 2026: Hormuz Closure Has Flipped Market Headwinds Into Tailwinds, ConocoPhillips CEO Says
HOUSTON -- What a month ago appeared to be headwinds for the energy industry have turned into tailwinds following the closure of the Strait of Hormuz and deepening conflict in the Middle East, ConocoPhillips Chief Executive Officer Ryan Lance said Tuesday at CERAWeek by S&P Global. Read More
Pemex Reports Second Oil Spill at Dos Bocas Refinery and Larger Offshore Release
State-owned oil company Pemex said Monday that it had recovered about 549,000 liters of crude oil spilled over the weekend at its 340,000-b/d Dos Bocas refinery in Tabasco state. The company said it was continuing work to contain and clean up the discharge, which came less than a week after another spill led to a fatal fire outside the facility. Read More
Sable Resumes Southern California Pipeline Platform Operations, Plans First Sales by April
Sable Offshore Corp. has restarted the Santa Ynez Unit portion of its Southern California system following directions from the Department of Energy and President Trump and anticipates its first sales by April, the company said Monday. Read More
DOE Says Half of Planned 172-Million-Bbl SPR Release Will be Loaned to Buyers
Half of the planned 172-million-bbl release of oil from the Strategic Petroleum Reserve will be loaned to buyers, who will be required to return eventually to the stockpile, the Trump administration said. Read More
New War Risk Insurance Premiums Expected for Middle East Gulf by March 7
Following an escalation of tensions in the Middle East Gulf, insurance underwriters are expected to issue new war risk premiums by March 7, a shipping management firm informed OPIS on Thursday. Read More
Pemex Says 2025 Crude Oil Processing Rate Topped 1 Million b/d for First Time Since 2015
Mexican state-owned oil company Pemex said its seven domestic refineries processed an average of 1.014 million b/d of crude oil in 2025, up 12% from 2024, marking the first time since 2015 that annual average refinery throughput exceeded 1 million b/d. Read More
South Korea Gets Ready to Tap Internal Oil Reserves Amid Iran Crisis
South Korea is prepared to release oil from its strategic reserves and supply stored petroleum to the domestic market if the ongoing conflict in the Middle East continues and depletes private inventories, said the government in an urgent meeting to discuss the situation. Read More
Freight, Oil Volatility Pressure Asia’s rPET Market Amid Mideast Tensions
Asia’s recycled polyethylene terephthalate or rPET market is beginning to feel the ripple effects of escalating Middle East tensions, with participants pointing to rising crude prices, freight disruptions and shifting procurement strategies as key emerging risks. Read More
Mexico Sees No Immediate Fuel Price Impacts from Mideast Clash: Analysts
Mexican energy analysts on Monday said they don't expect the U.S. and Israeli attacks against Iran will have an immediate impact on the country's retail fuel prices. Read More
OPEC+ Members Agree to Increase Oil Output by Higher-than-Expected 206,000 b/d
OPEC+ member countries on Sunday said they would increase production by 206,000 b/d starting in April. Read More
European Oil Prices, Tanker Freight Rates Climb Amid US, Israel Strikes on Iran
Refined oil prices and tanker freight rates for shipping refined products into Europe from the Middle East started to climb on the last trading day of February ahead of the U.S. and Israel launching an offensive against Iran, an analyst told OPIS Sunday. Read More
Hormuz Shipping Risk Emerges as Main Market Threat After Iran Strikes: Analysts
The potential for maritime disruption in the Strait of Hormuz to trigger broad economic fallout across global trade networks is now the central focus for markets following Israeli and U.S. strikes on Iran, according to Abhi Rajendran, fellow at the Center for Energy Studies at Rice University's Baker Institute. Read More
Risk of Oil Supply Disruption ‘Significantly Heightened’ Following Strikes Against Iran: Lipow Oil Associates
Crude prices appear poised to jump when trading reopens Sunday evening after joint U.S. and Israel strikes against Iran, raising the risk of a broader supply shock in the Middle East, said Andy Lipow, President of Houston-based Lipow Oil Associates. Read More
Oil Prices Inch Higher After US and Israel Strike Iran
Oil prices were firmer early Saturday following reports that the US and Israel launched pre-emptive strikes against Iran, escalating tensions in the Middle East, according to the Wall Street Journal. Read More
EU Resumes Imports of Indian Diesel After Sanction Hiatus
The European Union has received its first cargo of Indian diesel after a six-week hiatus that coincided with the implementation of a ban on oil products based on Russian crude. Read More
Cuba Fuel Shortage Puts Mexican Government in an ‘Impossible Situation’: Analyst
The Mexican government is facing an "impossible position" on Cuba as it is limited to sending humanitarian aid to the Caribbean country, while being unable to resume crude oil or fuel exports to an island running critically low on both, according to Ricardo Torres, a research fellow at American University. Read More
HF Sinclair Hopeful on Western Pipeline Project, Forms Branded Marketing JV
HF Sinclair officials on Wednesday said the company is continuing to evaluate a refined product pipeline expansion that will allow it to serve U.S. West Coast markets and announced a fuel-distribution joint venture that would supply fuel from its refineries. Read More
Naphtha Gains Most From Lifting of Sanctions on Venezuelan Crude Oil
On Jan. 5, the U.S. launched an operation to take the then Venezuelan President, Nicolas Maduro, into custody. It also began to exert greater control over Venezuela's energy sector, lifting sanctions on crude oil and refined product exports it imposed in 2019. Read More
California Law Opens Pathway for New Kern Drilling as Refinery Capacity Declines
In less than six weeks, California's oil and gas permitting has already outpaced the entirety of 2025. Read More
Marathon Invests in New Projects to Boost Margins on Rosy Refining Outlook
Marathon Petroleum is investing in three new projects at its 638,000 b/d Garyville, La., and 140,000 b/d El Paso, Texas, facilities with an aim to increase margins and fuel production on the back of a bullish refining outlook, Chief Executive Maryann Mannen said on Tuesday. Read More
Mexico’s Dos Bocas Emerges as Pemex’s Top Refinery in December
Pemex's 340,000 b/d Dos Bocas refinery became the Mexican state-owned oil company best-performing plant in December, processing 263,402 b/d of crude, its highest output since it began running crude in 2024. Read More
European Carbon Allowances Eyed as Finance Tools Amid Rising Prices
European industrial operators have used free carbon allowances for financing purposes such as repurchasing agreements and as collateral for loans, and experts familiar with the deals say that rising carbon prices could encourage such practices. Free carbon allowances are handed to big emitters in several industrial sectors subject to the EU and UK emissions trading systems (ETSs) to stop operators from being at a competitive disadvantage to imports from countries without carbon prices. But an investigation by OPIS shows that such allowances are being used for wider financing purposes. Read More
Previously Scheduled Turnaround to Mark Start of Benicia Shutdown
A previously scheduled turnaround at Valero's 150,000 b/d Benicia refinery may mark the beginning of the end of refining operations at the Northern California facility, according to city officials and West Coast trading participants. Read More
US Gulf Coast Refining Outlook Remains Bright for Coming Years, RBN Analysis Concludes
The need for refining capacity in the U.S. Gulf Coast region is expected to grow by 400,000 b/d over the next two decades, while other regions of the country will most likely see the need to reduce capacity or see it remain flat, according to an analysis by RBN Energy released Friday. Read More
Phillips 66 CEO Says Venezuelan Heavy Crude Imports to Gulf Coast Could Reshape Market
Phillips 66 said the return of Venezuelan heavy crude to the U.S. Gulf Coast could reshape North American heavy crude flows and compete with Western Canadian Select oil in the near term. Read More
Sheinbaum Says Mexico Will Remain Key Fuel Supplier to Cuba As Venezuela Exports Decline
Mexico will continue to send crude oil and gasoline to Cuba, President Claudia Sheinbaum said Wednesday, after Venezuelan energy exports to the island nation were curtailed by U.S. sanctions and actions and may be halted. Read More
PBF Energy Says it Plans to Conduct Turnaround Work at Most of its Refineries in 2026
PBF Energy is planning turnaround work at nearly all of its refineries this year and expects plant outages in the first, second and fourth quarters. Read More
2026 Preview: Dangote, Dos Bocas Impacts Eyed in Gulf Coast Gasoline Market
U.S. Gulf Coast gasoline market participants say their key focuses in the new year will be the potential effects of increased production from Nigeria's 650,000 b/d Dangote and Mexico's 340,000 b/d Dos Bocas refineries. Read More
Oil Surplus Outlook, Uncertain Geopolitics Led OPEC+ to Pause Hikes: Rystad
A looming global crude oil surplus, uncertainties over U.S. policies toward Venezuela and the continuing war between Ukraine and Russia led OPEC and allied producers to pause further production increases in the first quarter of 2026, analyst Rystad Energy said Sunday. Read More
Oil Markets on Edge as Sanctions Against Lukoil, Rosneft Kick In
U.S. sanctions on Lukoil and Rosneft entered into force on Friday, potentially reducing Russia's ability to export crude oil and refined products into global markets even further. Read More
Oneok Reports Third Quarter Refined Product Shipments Increased 1-3% from Q2
Oneok on Wednesday reported its third quarter financial results, which showed refined product shipments in the quarter were up by about 1-3% from quarter two. Read More
Phoenix to Receive Half of Proposed Product Pipeline’s Volumes: Phillips 66
Phillips 66 expects about half of the refined product volumes shipped on its proposed Western Gateway pipeline from the U.S. Midcontinent to Arizona and California would be shared equally by both states, Brian Mandell, the company's executive vice president for marketing and commercial said on Wednesday. Read More
As Reliance on Imported Gasoline Rises, California Adapts to a ‘New World’
California's gasoline imports over the first 10 months of 2025 have already exceeded totals for any year since at least 2004, according to Energy Information Administration data. Read More
China to Levy Retaliatory Special Port Fees on US Vessels
China's Ministry of Transport said Friday it will begin imposing special port service fees on U.S.-owned and -operated vessels calling at Chinese ports starting Oct. 14 in response to a similar move by the U.S. Read More
US-Mexico Energy Trade Drops 21% in 2024 as Crude Imports Decline
The value of energy trade between the U.S. and Mexico in 2024 dropped to its lowest level since 2020 amid falling fuel prices and reduced Mexican oil output, according to a recent report from the U.S. Energy Information Administration using data from the U.S. Census Bureau. Read More
Judge Says Biden Exceeded His Authority With Offshore Drilling Ban
A federal judge has reversed a last-minute effort by former President Joe Biden to permanently ban drilling off several sections of the U.S. coast. Read More
Russia’s Diesel Exports Plunge Amid Ukrainian Attacks on Refineries
Russia’s diesel exports plummeted in September to an eight-year low for the month as a recent wave of Ukrainian drone attacks has significantly disrupted the country’s refining system. Read More
OPIS Forum: Energy Transition is about Diversification, Not a Linear Shift
The simultaneous rise in consumption of both fossil fuels and renewables is making energy transition less a simple phase-out of traditional fuels and more an expansion of power sources, with the process likely to take longer than expected, given varying stages of development across the world, said panelists at the OPIS Energy and Chemicals Forum on Wednesday. Read More
OPIS Forum: China’s Primary Energy Consumption Forecast to Grow at Slower Rate
China’s primary energy consumption is expected to maintain its growth momentum till around 2040, albeit at a decelerating pace, according to Sinopec Economics and Development Research Institute at the OPIS Energy and Chemicals Forum in Singapore on Wednesday. Read More
Oil Price to Fall Sharply in Coming Months on Stock Buildup, OPEC Hikes: EIA
The Energy Information Administration said on Tuesday it expects the price of crude oil to decline significantly in the coming months, weighed down by large oil inventory builds as OPEC and its allied members increase oil production. Read More
Will European Refinery Run Rises Boost Diesel Yields and Support Margins?
The International Energy Agency’s July Oil Market Report says that European refinery throughput in July 2025 is projected to be 11.3 million barrels/day, up from 11 million b/d in June and 10.9 million b/d in May. The IEA added “the current strong margin environment and rising crude supplies increase the chances that runs will surprise to the upside in the coming months.” Read More
OPEC+ Production August Increase Covered by Current Production
On July 5, the eight members of OPEC+—the grouping of the Organization of the Petroleum Exporting Countries (OPEC) and ten other oil exporters—that agreed last December to an additional voluntary cut of 2.2 million barrels/day over a two-year period, announced the final stage of the unwinding of these cuts one year ahead of schedule by agreeing to a production increase of 548,000 b/d effective Aug 1. Read More
Insolvent UK Lindsey Refinery Continues to Operate but Closure Looms
The U.K. government confirmed that it is funding operations at the 113,000 b/d Lindsey refinery for the time being while it assesses options for the future of the site after owners Prax Group filed for insolvency. Read More