Refining

Independent refineries in China, often called teapots, raised their run rates in March in a positive sign for oil demand from the world’s largest importer but worry remains about the immediate outlook. The average run rate for the independents last month was 46%, Reuters reported, citing figures from Chinese energy …

Indian oil refiners have started looking for alternative supplies of crude after President Trump threatened secondary sanctions on Russian energy exports if Moscow refuses to sign a ceasefire deal for the Ukraine. Bloomberg reported that companies such as Bharat Petroleum Corp. and Hindustan Petroleum Corp. were looking for oil cargoes …

India’s state-owned refiner Bharat Petroleum Corporation Limited (BPCL) prepares to issue a tender to buy U.S. WTI crude in four consecutive months this summer, a source with knowledge of the plans told Reuters on Friday. Indian refiners are looking to boost U.S. crude imports to diversify purchases, as the availability …

State-controlled China National Offshore Oil Company (CNOOC) is set to launch a refinery and petrochemicals complex later this year, following a $2.74-billion upgrade, Reuters reported on Tuesday, quoting industry sources. The upgraded joint venture complex on the Daxie Island in Ningbo will feature a 120,000 barrels-per-day (bpd) crude unit, which …

Refiners on the Gulf Coast are shunning crude oil cargos from Mexico that feature an excessively high water content that makes the feedstock unfit for the production of gasoline and diesel fuel, Bloomberg has reported. Instead, refiners are buying more Colombian and Canadian crude, or asking for discounts on the …

China’s independent refiners have slashed their processing rates to the lowest level in nearly five years as costs to procure crude soared amid dwindling Russian supply following the latest U.S. sanctions. Crude supply became more expensive for the private Chinese refiners, concentrated in the Shandong province, and dragged refining margins …

China Petroleum & Chemical Corporation, or Sinopec, saw its refinery throughput drop by 2.03% in 2024 from a year earlier, the biggest Chinese refiner said on Friday. Sinopec’s refinery throughput fell to 252.3 million tons last year, amid an overall decline in Chinese crude processing rates, for the first time …

For much of the past year, oil traders were desperate to find a bullish thesis. Now, in the span of just a few weeks, they have two. On one hand, amid mounting fears of a supply and inventory glut, Biden’s parting gift of accelerated sanctions against Russian oil exporters and …

Weaker fuel demand and depressed refining margins in 2024 resulted in the first annual decline in China’s refinery throughput in over 20 years, excluding the pandemic lockdown year of 2022, government data showed on Friday. Chinese refiners processed on average 14.13 million barrels per day (bpd) of crude oil last …

Indian refiners expect their supply of cheaper Russian crude to be severely crippled with imminent U.S. sanctions expected to be slapped on tankers transporting Russia’s oil, refining sources in India told Reuters on Friday. Indian refiners understand that the outgoing Biden Administration is set to target in a new sanctions …