International

France has “questions” about refining margins, and decisions could be made to curb excessive profits, French Finance Minister Bruno Le Maire told journalists on Thursday. Inflation has been a concern across Europe, and the French government has taken strides to lower the cost of basic goods and services such as …

Russia is again reviving the possibility that it could ban all crude oil product exports in order to stabilize volatile fuel prices in the country, Russia’s TASS new agency said . Alternatively, Russia could increase its oil product exports duty to $250 per tonne. This duty will be refunded for …

According to the World Bank, global seaport trade traffic reached 841 million TEUs (20-foot container equivalent units) in 2021. In this infographic, Visual Capitalist’s Freny Fernandes and Winifred Amase use that data to highlight the countries with the highest seaport trade traffic. China Leads All Seaport Trade Traffic With a …

Trade at Russia’s three largest ports has been surging and is approaching prewar levels despite sweeping sanctions by the Group of Seven (G7) leading economies, according to a new report. “Activity in Russia’s ports is surprisingly high. For the first time since the outbreak of the Ukraine war, the volume …

Saudi Arabia’s oil giant Aramco has told at least five refiners in North Asia that it would supply the full crude oil volumes by contract next month, Reuters reported on Monday, quoting sources familiar with the plans. Aramco, the world’s top crude oil exporter, will ship the full volumes North …

The number of oil rigs operating in the U.S. increased this week for the first time since June as crude prices soared, but drilling remains well below where it was at the beginning of the year. Some 513 drill rigs are operating in the U.S., up one from the previous …

When Iraq in April asked a US federal court to enforce an arbitration ruling against Turkey, seeking $1.4bn damages in relation to crude oil exports from its autonomous Kurdistan region, everyone was caught off guard in Ankara. Iraq had not notified Turkish officials, let alone tried to have a conversation …

Libya has shut four oil ports as a precautionary measure while state-owned National Oil Corp. declared a state of maximum alert on Sept. 10, before a possible hurricane headed for the country. Ras Lanuf, Zueitina, Brega and Es Sidra ports will be shut for at least three days, a source …

India announced on Saturday the launch of a global biofuel alliance at a G20 summit in New Delhi to boost the use of cleaner fuels. The alliance, with the United States and Brazil as its founding members, would help accelerate global efforts to meet net zero emissions targets by facilitating …

Lukoil PJSC’s trading unit Litasco SA is launching a Mexico operation as the oil giant seeks new markets for Russian products under widespread sanction. Litasco hired oil products trader Yuri Carreno for its new office in Mexico City, according to people with knowledge of the situation. Carreno, who previously spent …