China’s Sinopec to Slash Refinery Rates amid Crude Supply Shock
The top Asian refiner, China’s state-controlled Sinopec, plans to slash this month its refinery processing rates by 11-13% as crude supply is choked by the Middle East war, Reuters reported…
Hormuz Crisis Forces Massive Saudi Oil Shut-In
Saudi Arabia has slashed oil output by roughly 20% as the war with Iran continues to choke off exports from the Persian Gulf, in what could become one of the…
U.S. strike near Iran’s Kharg Island heightens risk of oil supply disruption
(Bloomberg) – A U.S. strike near Iran’s Kharg Island, the country’s main crude export hub, has heightened concerns about potential disruptions to global oil supply as conflict in the Middle…
Trump orders restart of California’s Santa Ynez offshore oil unit
(WO) – The Trump administration has ordered the restart of offshore oil production at California’s Santa Ynez Unit and the associated Santa Ynez Pipeline System, directing operator Sable Offshore Corp.…
U.S. clarifies 172 MMbbl SPR release will be oil exchange
(Bloomberg) – The U.S. Energy Department reiterated Sunday that a planned 172-million-barrel release of oil from the country’s Strategic Petroleum Reserve would be structured as an exchange. The agency…
Banks Hike Oil Price Forecasts, and Some See $150 Crude
Investment banks are scrambling to revise up their oil price forecasts as the Middle East war cripples supply from the most important oil-producing region, with some expecting oil to surge…
19 Million Barrels of Russian Crude Cleared for Sale in Asia
Refiners can legally buy at least 19 million barrels of Russian crude held on 25 tankers in Asia under the one-month U.S. waiver allowing sales as Middle Eastern supply is…
Kazakhstan’s Tengiz Oilfield Supply Uninterrupted Despite New Incident
The operator of Tengiz, the biggest oilfield in Kazakhstan, on Friday said it is investigating an incident from Wednesday, which has not interrupted supply. The field, operated by a Chevron-led…
