Petroleum industry
The United States Senate has passed a short-term highway bill extension through December 4, which will ensure highway funding while a conference committee finalizes a long-term highway bill. Senator John Hoeven, a staunch advocate for lifting the ban on U.S. oil exports, sees this extension as an opportunity to
Petroleum industry
Indian oil marketing companies are hesitant to increase their share of oil imports from Iran despite the country lifting sanctions, citing quality issues and uncompetitive pricing. Indian Oil Corporation's Director of Finance, A K Sharma, highlighted that Iranian oil is ranked near the bottom in terms of quality
Petroleum industry
Russia's state-owned oil refineries may face a boost in revenue in 2016, thanks to a bill passed by the State Duma's budget and taxes committee, which aims to maintain the current oil export duty rate for the next year. The bill is estimated to generate an
Petroleum industry
The Soraz oil refinery, a joint venture between China National Petroleum Corp (CNPC) and Niger's government, has resumed production after a 45-day shutdown, but continues to limit output to the domestic market due to an ongoing dispute with Niger's state-owned oil firm Sonidep over crude oil
Petroleum industry
Fluor Corporation, through its joint venture FDH, has been selected by the Kuwait National Petroleum Company to provide engineering, procurement, and construction services for two packages of the Clean Fuels project at the Al-Zour oil refinery site. This contract is a significant win for Fluor, with a total value of
Petroleum industry
Following an explosion at the ExxonMobil refinery in Torrance, California, on February 18, the region's gasoline markets have undergone significant changes. California's typical low gasoline imports have increased dramatically, with imports averaging 10 times their usual level over the five months following the explosion. This sudden
Petroleum industry
U.S. Sens. Lisa Murkowski and Heidi Heitkamp have been leading the charge to lift the ban on U.S. crude oil exports for over a year, with bipartisan support growing in both the Senate and House of Representatives. The House recently approved legislation to lift the ban, which was
Petroleum industry
Legislation to end the four-decade-old ban on U.S. crude oil exports has taken a significant step forward, as the U.S. House of Representatives has approved a bipartisan bill to lift the ban. Sen. Lisa Murkowski, R-Alaska, and Sen. Heidi Heitkamp, D-N.D., have been leading the charge to
Petroleum industry
Oil marketing companies (OMCs), including Indian Oil Corp (IOC), Bharat Petroleum Corp (BPCL), and Hindustan Petroleum Corp (HPCL), have announced a hike in diesel prices, effective October 1, 2015. The price of diesel has been increased by 50 paise per litre, while the price of petrol remains unchanged. This is
Petroleum industry
Petrobras, the Brazilian state-run oil company, announced a significant price increase for gasoline and diesel, sparking a 8.3% surge in the company's shares on Wednesday. The price hike is aimed at offsetting the impact of a weaker Brazilian real against the US dollar, which has made imports
Petroleum industry
ConocoPhillips shares gained 0.95% to $48.81 in afternoon trading on Monday as rising crude prices lifted the oil sector. US drillers cut the number of rigs in use for the third straight week, leading to lower domestic production of shale. Analysts at Goldman Sachs forecasted a decline in
Petroleum industry
Oil prices have risen today after the release of drilling data showing a decline in domestic shale production, leading to a increase in the number of rigs in use. Analysts at Goldman Sachs predict that U.S. crude production will decline by over 250,000 barrels per day between the
