Business

DeepensChina has partially lifted fuel export restrictions imposed earlier this year, allowing refiners to export 2.7 million tons of oil derivatives to destinations excluding Hong Kong and Macau, Reuters has reported, citing unnamed sources with knowledge of the matter.   […]

  The National Economic Council (NEC) approved the refinancing of the company’s Project Gazelle facility on Monday, allowing NNPC to replace the remaining balance of the original 2023 financing with a new structure that provides additional liquidity on improved terms. […]

Tanker crossings in the Strait of Hormuz and Bab el-Mandeb remained subdued at the start of this week despite reports about potential renewal of peace talks based on statements made by President Donald Trump.   A dozen tankers crossed the […]

Georgia’s only oil refinery has begun replacing Russian crude with supplies from Kazakhstan and Libya as owner Black Sea Petroleum races to avoid European Union sanctions that will go into effect in January.   The Kulevi refinery received and processed […]

President Donald Trump demanded that U.S. oil companies immediately lower gasoline prices on Monday after crude futures plunged following his decision to suspend another planned military strike on Iran. In a Truth Social post, Trump instructed producers to “get your […]

Kuwait produced 1.971 million barrels of crude oil daily in July, Reuters has reported, citing unnamed sources. That was up from 1.65 million barrels daily in June, the report noted, which in turn was up from just 580,000 barrels daily […]

Oil prices declined on Friday but remained on course for a monthly gain of around 20 percent, as crude shipments continued to move through key maritime routes despite the absence of any significant progress in negotiations between the United States […]

BP on Friday launched a process to market its North Sea business as the UK-based supermajor looks to simplify its portfolio and invest in high-return projects. The formal launch of a potential sale comes after months of speculation that BP would be divesting part […]

The Caspian Pipeline Consortium has shut down again, following Ukrainian drone attacks on two tankers at the Russian Black Sea port of Novorossiysk, Reuters reported, citing the company operating the pipeline.   According to the operator of the pipeline, the […]

Commodity producing and trading giant Glencore expects to post a profit of $3.3 billion in its marketing division for the first half of the year, as extreme market volatility during the Iran war generated windfall earnings for the energy commodity […]