(Oil Price) – Shandong Port Group, operator of key oil ports used by China’s independent refiners, has prohibited access and services to tankers sanctioned by the U.S. Treasury, a move that could curb Chinese oil imports and raise costs for local refiners, trade sources have told Reuters. Shandong Port Group has issued a notice, seen by the trade sources, banning ports from
(Investing) – BEIJING – China’s commerce ministry has proposed export restrictions on some technology used to make battery components and process critical minerals lithium and gallium, a document issued on Thursday showed. If implemented, they would be the latest in a series of export restrictions and bans targeting critical minerals and the technology used to process them, areas in which
(World Oil) – China Petroleum & Chemical Corporation (Sinopec) has released the first sustainability report published by a Chinese company in Algeria, detailing its achievement in fulfilling economic, safety, environmental, and social responsibilities in the region and advancing the vision of New Algeria. Algeria is the largest country in Africa with the fourth largest economic output. Sinopec adheres to the vision
(Investing) – Oil futures dropped from their highest levels in weeks on Monday, pressured by weakness in consumer spending in China, the world’s largest oil importer. Brent crude futures fell 32 cents, or 0.4%, to $74.17 a barrel by 1300 GMT after settling on Friday at their highest since Nov. 22. U.S. West Texas Intermediate crude dropped by 27 cents, or
(Oil Price) – Russia’s state oil firm Rosneft has agreed to supply nearly 500,000 barrels per day (bpd) of crude to India’s Reliance Industries in the biggest oil supply deal between the two countries, Reuters reported on Thursday. The 10-year agreement is worth roughly $13 billion a year at current prices. Under the deal, Rosneft will deliver 20-21 Aframax-sized cargoes (80,000 to 100,000 metric tons)
Oil & Gas 360– Eighty-three years ago the United States pivoted its foreign policy attention to the Indo-Pacific following Japanese military attacks on US Territories of Hawaii and the Philippines. Shortly thereafter, it also found itself in a war in Europe as well. It could not pivot away from either Europe or the Indo-Pacific. Twenty-first century US foreign policy attention has
(Oil Price) – Back in June, we reported that Singapore-based oil and commodities trading powerhouse Trafigura Group was still dealing with the fallout of a massive nickel scam that rocked global metal markets in 2023, as well as the effects of past corruption scandals. Trafigura has grown into one of the biggest diversified commodities traders in the world: last year, the firm traded an average
Oil Price Despite lower international oil prices, Chinese state-held oil and gas giant CNOOC reported on Monday its highest-ever profit for the third quarter, on the back of record oil and gas production. CNOOC, which specializes in offshore oil and gas developments in China and internationally, booked a net profit of $5.2 billion (36.93 billion Chinese yuan) for the third quarter, up
(BOE Report) – KAZAN, Russia – Here’s a brief summary of the outcome of the BRICS summit: * XI AND MODI – Chinese President Xi Jinping and Indian Prime Minister Narendra Modi met just two days after New Delhi announced that it had reached a deal with Beijing to resolve a four-year military stand-off on their Himalayan frontier. * LOTS
(Investing) – LONDON-Oil futures dropped on Friday as they headed for a roughly 7% weekly drop as China’s economic growth slowed and threats to supply abated in the Middle East. Brent crude futures fell 89 cents, or 1.2%, to $73.56 a barrel by 1328 GMT, while U.S. West Texas Intermediate crude was at $69.72 a barrel, down 95 cents or 1.3%. The
(Oil & Gas 360) – While much of the hydrogen discussion centers around green and blue hydrogen and their differences in processing (e.g., eliminating emissions versus carbon capture), results, and energy-derived, evolving hydrogen technologies yield new applications and colors. Among the types being produced today is black hydrogen derived from coal gasification. Despite its negligible impact on carbon emissions, some
Oil Price The U.S. North American neighbors are emerging as the latest competitors of the United States to ship LNG to Asia, the world’s biggest and most important LNG-importing region. While U.S. LNG development has suffered a series of setbacks in recent months, Canada and Mexico are looking to tap the growing Asian market for the super-chilled fuel, analysts tell
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