Oil refinery news

The EIA has reported that record volumes of crude oil were imported into China during 1H23 because of refinery expansions in the country and initiatives to reopen the economy.

As part of the drive to decarbonise its European refineries, TotalEnergies is launching a call for tenders for the supply of 500 000 tpy of green hydrogen.

The US Energy Information Administration (EIA) expects global oil inventories to decline by almost a half million bpd in 2H23.

While the oil markets have been volatile, Northwest European diesel and gasoline margins have increased to a high level during Q323, improving the total refining margin outlook for Neste’s oil products.

Production cuts among OPEC+ members are limiting availability of medium and heavy sour grades of crude oil and contributing to higher relative prices for these grades, reversing typical price relationships.

Unplanned refinery outages and lower gasoline production capacity are increasing the costs of producing summer-grade gasoline in the US.

The EIA has reported that refiners in China processed and imported record volumes of crude oil in 1H23, sourcing much of the additional crude oil runs from Russia, Iran, Brazil, and the US.

The US Energy Information Administration (EIA) has forecast higher oil prices in 2H23, and into 2024.

McDermott has been awarded a project management consultancy contract from IOCL for the maleic anhydride unit at the Panipat refinery and petrochemical complex, located 62 miles from New Delhi, India.

With record high margins in 2022 pushing toward increasing market tightness, volatility, and potential long-term challenges, players can use this time as an opportunity to become more resilient. Cherry Ding, Tim Fitzgibbon, Hari Govindahari and Brian Roth, McKinsey, discuss.