Oil refinery news

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.

In the Nigerian oil and gas sector, fields and refineries are set to lead upcoming project starts, accounting for about 57% of the total project starts between 2023 – 2027, says GlobalData.

These works are part of the Refinery Development Master Plans (RDMP) launched by PT Pertamina to revitalise the Cilacap, Balongan, Dumai, and Balikpapan refineries to improve their production capacity and competitiveness.

Westwood’s intelligence solution for energy transition stakeholders, Atlas New Energies has recently launched, and revealed that blue hydrogen is the key to driving development of hydrogen and CCS clusters.