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China’s petrochemical industry saw an increase in revenues and a decline in profits in 2022, according to the China Petroleum and Chemical Industry Federation (CPCIF). The country’s petrochemical industry registered a total revenue of 16.56 trillion yuan (about 2.41 trillion U.S. dollars) in 2022, climbing 14.4 percent year on year, …

Spokesman of the Atomic Energy Organization of Iran Behrouz Kamalvandi has underlined that the Islamic Republic has not enriched uranium above 60 percent purity so far. Kamalvandi told IRNA in an exclusive interview on Sunday night that the member states of the International Atomic Energy Agency (IAEA) are tasked with …

International Energy Agency (IEA) head Fatih Birol has warned of possible energy shortages next winter as relatively little new liquefied natural gas (LNG) is coming to the market while China’s consumption set to rise this year. European governments made many correct decisions over the last year to ensure energy supply, …

Oil prices ended the week lower as strong US economic data sparked concerns of further interest rate increases, which in turn could crimp economic growth and dampen demand for crude. Brent, the benchmark for two thirds of the world’s oil, settled 2.51 per cent lower at $83 a barrel at …

Europe’s thirst for U.S. crude oil is expected to remain elevated, VP of Midstream for Chevron Corp said today on the sidelines of the Argus Americas Crude summit. “A key change in flow is U.S. crude going to Europe. For this year, I’m pretty confident Europe is short of Russian …

The United States is on track to receive nearly 3 million barrels of crude oil from Venezuela this month, according to shipping documents seen by Reuters. Chevron is on track to ship 100,000 barrels of Venezuelan crude oil per day into the United States as part of a license it …

U.S. steel prices continue to rise amid ongoing price hikes from domestic steelmakers. The ascent for HRC prices accelerated throughout January as they jumped by over 10%. Meanwhile, plate prices returned sideways with a modest month-over-month rise of just under 2%. Of course, this came after prices traded down throughout …

The Chinese reopening and new refineries coming online are set to raise the crude oil imports in the world’s top importer to a record-high this year, industry consultants told Reuters. Chinese crude oil imports could increase to average as high as 11.8 million barrels per day (bpd) this year, rising …

The Chinese Ministry of Commerce has recently met with representatives of around ten independent refiners to inquire about how much Russian crude oil the private refiners are importing and at what prices, sources familiar with the matter told Reuters on Friday. China is buying increased volumes of Russian crude as …

Brent Crude prices are not expected to reach $100 per barrel in 2023 unless a major geopolitical event rattles markets again, according to JPMorgan. The OPEC+ alliance could add 400,000 barrels per day (bpd) to supply this year, and Russian exports could recover by the middle of 2023, JPMorgan said …