U.S. oil producers profiting from sky-high prices are doling out billions to shareholders and building cash reserves, a strategy irking lawmakers and voters struggling with record fuel prices while winning over Wall Street. Soaring fuel prices have boosted inflation to a 40-year record and are...
Feedstock consumption at Shandong’s independent refineries rebounded to a four-month high of 8.18 million mt, or 1.93 million b/d, in May amid restarts from maintenances, with the level expected to be stable in June. The volume in May jumped 16.9% from the 26-month low of 7 million mt in April,...
OPEC on June 14 said it expects rising demand for its crude oil, forecasting robust global economic growth in the months ahead and projecting for the first time that Russia’s production will fall year on year. In its closely watched monthly oil market report, the producer bloc kept its forecast of...
World oil demand growth will slow in 2023, OPEC delegates and industry sources said, as surging crude and fuel prices help drive up inflation and act as a drag on the global economy. Fuel use has rebounded from the 2020 pandemic-induced slump and is set to exceed 2019 levels this year even as...
https://www.hellenicshippingnews.com/opec-sees-global-oil-demand-growth-slowing-in-2023-sources-say/
Latin American diesel saw its third big wave of near-record prices in June even as sources said June 10 that production has gone all out to try and keep up with high demand. Countries from Mexico to Argentina are looking to buy, sometimes in a big way, but for different reasons. Mexico has...
China will raise retail prices for gasoline and diesel by 390 yuan ($57.91) and 375 yuan per tonne, respectively, effective midnight Tuesday, the National Development and Reform Commission said. This will bring the retail prices to a new high after a series of hikes earlier this year. Advertisement...
https://www.hellenicshippingnews.com/china-hikes-retail-gasoline-diesel-prices-to-new-highs/
Norwegian oil firms and employees have agreed in principle a new wage deal, avoiding for now a strike at nine fields that could have hit the country’s petroleum output, employers and unions said on Sunday. Two of the three unions that negotiated with oil firms will seek approval from their members...
Rich countries have made a dangerous dash for fossil fuels in response to the Ukraine war, the U.N. secretary-general said on Tuesday, warning that new investments being made in coal, oil and gas were “delusional” given their impact on climate change. “The energy crisis exacerbated by the war in...
https://www.hellenicshippingnews.com/u-n-chief-says-the-dash-for-new-fossil-fuels-is-delusional/
Annual financial reports by 119 publicly traded exploration and production companies show aggregate proved reserves of crude oil and natural gas increased by 19.2 billion barrels of oil equivalent (BOE) in 2021. A number of factors affect proved reserve levels, some of which depend on the price of...
India’s fuel consumption jumped 23.8% in May from a year earlier, continuing a recovery from a relatively low base in 2021 when the world’s third biggest oil consumer was in the grip of a second wave of COVID-19. Consumption of fuel, a proxy for oil demand, totalled 18.27 million tonnes last month,...
https://www.hellenicshippingnews.com/indias-fuel-demand-jumps-24-year-on-year-in-may/