Afreximbank, an oil and gas investor, has allocated $3 billion to support local refineries
A senior executive revealed that the African Export-Import Bank, (Afreximbank), which is a major investor in oil-and-gas projects, had set aside $3 billion for financing the purchase of refined goods within Africa, as part of plans to increase refining capacities. Bank and analysts say that Africa exports 80% of its crude oils and 45% of its natural gas…
Trump tariffs are set to worsen the woes in the petchems industry
Industry officials and analysts warned that the new U.S. import duties will further reduce demand for global producers of petrochemicals and increase capacity cuts in a sector plagued with low margins. The tariffs announced on Wednesday by President Donald Trump are expected to increase prices for electronic goods, appliances, and packaging.
US tech and retail stocks lead the rout following Trump's tariff blow
Apple, Walmart and Nike are among the U.S. megacap tech companies that led to a global meltdown after President Donald Trump announced new tariffs. The fears about a cost spike across many industries were heightened by these new tariffs. The tariffs threaten to disrupt the global trade order and upset businesses.
Trump's tariffs have already been carved out in a significant way. Russell: Oil and gas
Energy commodities were excluded from the new tariffs announced by U.S. president Donald Trump. White House announced on Wednesday that the baseline of 10% for all imports into the United States and even higher for major trading partners will not apply to crude oil and natural gas, or refined products. The…
US Businesses brace themselves for more pain when Trump imposes reciprocal tariffs
The U.S. president Donald Trump announced on Wednesday a number of reciprocal duties on trading partners, the latest of a long list of duties that have been imposed by him since he returned to the White House in early this year. From April 5, the U.S. is imposing a baseline 10% tariff on all imports into…
Trump exempts oil imports from his sweeping tariffs
The White House announced on Wednesday that imports of refined products, oil and gas were exempted by President Donald Trump from his new sweeping tariffs. The exemption is a welcome relief for the U.S. Oil Industry, which was concerned that new taxes could disrupt flow and increase costs of everything from…
Nigeria’s Refining Revolution is Reshaping West Africa’s Energy Landscape
The launch of the Dangote Refinery near the Port of Lagos presents an exciting opportunity to transform the energy and shipping markets in West Africa. And it stands to boost Nigeria’s role as an influential player in the global oil industry, fostering economic growth and regional development.Nigeria’s standing…
Indonesia's Pertamina promises to improve transparency after corruption allegations
Indonesia's state owned energy company Pertamina publicly apologized on Monday and promised to improve its governance following the arrest of five executives from one of its units for alleged corruption in relation to oil imports. Last week, the Attorney General's Office arrested five executives from three…
US oil licenses and authorizations for Venezuela
Since the United States first imposed sanctions against Venezuela's energy industry in 2019, it has granted licenses to certain oil companies, allowing them to export Venezuela's oil into specific destinations. Washington imposed sanctions after international observers reported irregularities at elections which have kept Nicolas Maduro on the throne repeatedly.
EIA: US crude stocks fall as refining increases, fuel inventories increase
The Energy Information Administration (EIA), which released its report on Wednesday, said that U.S. crude stockpiles dropped unexpectedly as refining activity increased, while gasoline and distilate inventories showed a surprise build. The EIA reported that crude inventories dropped by 2.3 millions barrels, to 430.2 million in the week ending February 21.
Goldman Sachs: Trump's tariffs will have a limited impact on oil and gas prices
Goldman Sachs stated in a Sunday note that the new tariffs placed by U.S. president Donald Trump on imports coming from Canada, Mexico and China will likely have a limited impact on oil and gas prices globally. The bank stated that the potential tariff-driven decrease in U.S. Natural Gas imports from Canada was too small to have a significant impact on U.S. Natural Gas prices.
The US sanctions against Russia have caused a spike in global diesel prices
Analysts and LSEG data indicate that global diesel prices and refinery margins increased following the latest round U.S. sanctions against Russia's oil market on the expectation of tightening supplies. On Jan. 10, the United States imposed their toughest sanctions yet against Russian producers and tanks to reduce the revenue of the No. 2 oil exporter in world.
China's oil refinery production in November increased by 0.2% year/year
China's refinery output in November increased slightly compared to last year, ending a seven-month drop, according to official data released on Monday. The National Bureau of Statistics (NBS), according to its data, showed that refiners processed 58.51 millions metric tons of crude last month. This is equivalent to 14,24 million barrels of oil per day.
ONEOK's Q3 profit rises on the back of strong demand and a narrower annual forecast
Pipeline operator ONEOK announced a 52.6% increase in its third-quarter profits on Tuesday. This was largely due to higher demand for natural gas in the Rocky Mountain Region, as well as higher volumes of natural gases and natural gas liquids. The company reported that raw feed volumes of natural gas liquids in the Rocky Mountain Region (NGLs) increased by 7%…
China's oil demand starts to decline after 2023, when it peaked.
The oil products demand in China - long the driving force behind global crude consumption - peaked in 2023. It is expected to decline by 1.1% per year between 2023-2025. This drop will accelerate in the following years, according to a China oil analyst. The decline in Chinese oil demand due to the adoption of LNG trucks and electric cars (EV)…
Nigeria Seeking Operators for State-owned Oil Refineries
Nigeria's state-owned NNPC Ltd oil company said it has started the tender process for the operation of the Warri and Kaduna refineries, which are scheduled to begin processing crude this year.The oil refineries, which are being upgraded after being shut for several years, have the capacity to process 125…
Ghana starts construction of $12 billion petroleum hub
Ghanaian president Nana Akufo Addo broke ground for the construction of an oil refinery capable of processing 300,000 barrels per day. The government hopes that this will transform the West African nation into a regional petroleum hub. However, critics claim the project has flaws. Ghana, second largest cocoa producer in the world, began producing oil in 2010.
Aramco to Acquire 40% Stake in Gas & Oil Pakistan
Aramco, one of the world’s leading integrated energy and chemicals companies, signed definitive agreements to acquire a 40% equity stake in Gas & Oil Pakistan Ltd. (“GO”).GO, a diversified downstream fuels, lubricants and convenience stores operator, is one of the largest retail and storage companies in Pakistan.
How Much Oil Does the EU Import from Russia?
The European Union has agreed to ban the bulk of imports of Russian crude and oil products in its latest round of sanctions following Moscow's invasion of Ukraine.The ban on seaborne crude imports will be phased in over six months and for seaborne refined products over eight months. It excludes deliveries…
Exxon Q4 Earnings Poised to Exceed Pre-pandemic Level
Exxon Mobil Corp's fourth quarter profit should top Wall Street's consensus and surpass its pre-pandemic levels, lifted by better-than-expected earnings from oil and gas, analysts said.Credit Suisse, Scotiabank and JPMorgan have raised their fourth quarter earnings estimates following Exxon's flagging of sharply higher oil and gas operating profit last week.
