Oil prices have risen after Iran seized a tanker off the coast of Oman, raising concerns fuel prices could increase. The oil tanker was heading for Turkey on Thursday when armed men ordered it to sail to an Iranian port. The price of Brent crude oil jumped by more than 2%, to $78.40 a barrel.
The Biden Administration took one more baby step towards refilling the nation’s Strategic Petroleum Reserves (SPR), announcing on Friday a request for proposal for another 3 million barrels of crude oil for May delivery. The Strategic Petroleum Reserve started out at the onset of the current administration’s term with 638.1 million barrels in storage—the nation’s rainy day.
The Total Energies refinery in Port Arthur, Texas, has been forced to shut down its two crude distillation units and two vacuum distillation units, due to a malfunction at the gasoline-producing unit, sources with knowledge of the refinery operations have told Reuters. After a malfunction at the gasoline-producing fluidic catalytic cracker (FCC) at the 238,000.
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The first batch of fuel export quotas that China has issued for 2024 is basically unchanged from the first batch of allowances for 2023, Chinese consultancies and trading sources told Reuters on Friday. Chinese refiners are allowed to export diesel, gasoline, and jet fuel under strict quota regulations, with allowances for each refiner that are usually issued.
Refining margins for diesel in Northwest Europe end this year 40% below the levels from the end of 2022, despite the EU ban on seaborne imports of Russian petroleum products that came into effect in February 2023. Europe has imported more diesel from the Middle East and Asia this year to offset the loss of.
Crude oil inventories in the United States rose this week by 1.837 million barrels for the week ending December 22, according to The American Petroleum Institute (API), after recording a 939,000-barrel build in crude inventories in the week prior. API data shows a net build in crude oil inventories in the United States of just.
China took in half of all the crude oil that Russia exported this year, with India a close second, Deputy Prime Minister Alexander Novak said today on state TV. China now accounts for 45% to 50% of Russian oil and fuel exports, while India is taking in some 40%, Novak said. The increase is particularly.
Iran has exported $26.46 billion worth of crude oil since the start of its calendar year, in March, contributing to a 7% increase in total trade, which stood at $112 billion in the period. This is according to customs data from Tehran, as cited by Reuters. For next year, Iran’s government is making budget plans based on.
Crude oil rose on Tuesday following the latest strike by Yemen’s Houthis on a container ship in the Red Sea and retained the gain when trade began today as well. Yesterday, crude oil booked its biggest gain in over a week, according to Bloomberg, following the news that the Houthis had struck a container vessel owned by.
