on 11/14/2023

IEA raises forecasts for 2023, 2024 global refinery runs

The International Energy Agency has raised its 2023 and 2024 forecasts by around 160,000-170,000 b/d in its latest report Nov. 14. It now expects global crude runs to rise by 1.9 million b/d in 2023 and by 1 million b/d in 2024, to average 82.6 million b/d and 83.6 million b/d, respectively. It has

on 11/14/2023

Wintershall Dea joins UK Poseidon CCS project

German oil and gas producer Wintershall Dea has joined the Poseidon carbon capture and storage project in the UK, the company said in a statement Nov. 14. The project, which it is estimated will store 1 billion mt of CO2, is the second CCS development for the company in the UK, following an award fo

on 11/14/2023

China independent refineries see govt raising fuel oil import quota: sources

China's small independent refineries expect the government to raise the fuel oil import allowance for 2023 to allow them to bring in more barrels as an alternative feedstock for the remainder of the year, refining sources told S&P Global Commodity Insights Nov. 14. There has been widespread talk tha

on 11/14/2023

IEA raises 2023 oil demand and supply growth estimates

The International Energy Agency on Nov. 14 raised its estimates for oil demand and supply growth in 2023 by 100,000 b/d and 200,000 b/d respectively, citing Chinese demand on the one hand and "outperforming" production in the US and Brazil on the other. In its monthly oil market report, the IEA said

on 11/14/2023

South Korea's Hyundai Oilbank to export gasoline, diesel to the US

South Korea's smallest oil refiner Hyundai Oilbank will export more than 3.6 million barrels of gasoline and diesel to the US next year, extending a term contract with US petroleum product distributer, Sunoco, the company said Nov. 14. The refiner said that under the contract, it cannot provide a br

on 11/13/2023

Johan Sverdrup crude demand slips in European market adjustment

Norway's Johan Sverdrup crude, the rising star of the European market in recent months, may be losing some of its status as the go-to replacement for Russia's Urals, as markets adjust and Equinor considers the field's possible decline. The rise of Johan Sverdrup crude production proved a life-saver

on 11/13/2023

EU carbon allowances could equal 50% of fuel cost: Yara

The cost of fuel in shipping's energy transition will rise alongside the costs of compliance and the price implications of EU carbon emissions could be equivalent to 50% of fuel costs, an official at Yara Marine Technologies said. The EU Emissions Trading System is scheduled to be extended to cover

on 11/13/2023

OPEC says recent market slump 'overblown', with oil demand still robust

Oil market fundamentals are still strong, with healthy demand ahead, OPEC said in its latest outlook Nov. 13, blaming the recent slump in crude prices on speculators and their "exaggerated negative sentiments." OPEC pointed to sturdy economic growth in the US and China, and slightly revised up its d

on 11/10/2023

Negative PA margins could contribute to sharp drop in US imports from Italy

US imports of phthalic anhydride from Italy through September dropped by 86% on the year, International Trade Commission data showed, and negative production margins could be contributing to the drop. Volumes from Italy from January through September dropped to 1,375 mt from 10,052 mt in the corresp