Turkey, Iraq Extend Oil Pipeline Agreement
Turkey and Iraq are set to sign, within days, a one-year agreement to keep open the crude oil pipeline between the two countries, Turkish Energy Minister Alparslan Bayraktar said on Thursday.Their decades-old pipeline agreement, which governs exports through the pipeline, is due to expire on July 27."We have brought the agreement that will cover the next 12 months to the final stage.
Physical Crude Cargoes Drop as Middle Eastern Supply Rises
Physical crude oil cargoes are selling at steep discounts around the world, changing trade flows as markets come under pressure from fast-rising Middle Eastern supply with Iran set to boost sales following a temporary reprieve from U.S. sanctions.The discounts, the biggest in years in some cases, follow the signing of a 60-day interim deal between the U.S. and Iran aimed at ending the war that began on February 28.
US Energy Shares Fall, Crude Prices Drop as US and Iran Make Deal
U.S. energy shares fell on Monday as crude prices dropped after Washington and Tehran agreed terms to end their months-long conflict and reopen the Strait of Hormuz, a vital oil transit chokepoint.The U.S. and Iran will sign a memorandum of understanding in Switzerland on Friday, said the prime minister of Pakistan, which helped mediate talks between the two sides.U.S. President Donald Trump said on Sunday the Strait of Hormuz…
Indian Crude Imports Up More Than 3% Month-on-Month in April
India's crude oil imports rose more than 3% month-on-month in April to 20.08 million metric tons, government data showed.On a yearly basis, crude oil imports slipped 4.3%, from 20.99 million tons in April 2025, data from the Petroleum Planning and Analysis Cell showed.India is the third-largest importer and consumer of oil globally so the data is a key indicator of its demand.Imports of crude oil products fell over 40% on a yearly basis to 2.34 million tons in April…
Saudi Crude Supply to China Remain at Record Low in July
Saudi Arabia's crude oil sales to China are expected to stay at record lows in July as elevated prices in the wake of the U.S.-Israeli war on Iran continue to weigh on demand from the world's largest crude importer, sources familiar with the matter said.The allocations, closely watched by market participants as a gauge of Chinese demand, indicate that refiners remain reluctant to import…
Crude Oil Loadings Continue at Yanbu Port Despite Pipeline Attack
Crude loadings at Saudi Arabia's Red Sea port of Yanbu have continued despite an Iranian attack on Wednesday on the country's East-West Pipeline, sources at two buyers from the port and a third trading source told Reuters on Thursday.Saudi state oil firm Aramco declined to comment.Iran attacked the 7-million-barrel-per-day pipeline hours after a ceasefire was agreed to pause the Iran war…
Venezuelan Refineries Drop to to 31% of Crude Processing Capacity
Venezuela's refining network is processing some 399,000 barrels per day (bpd) of crude, or 31% of its 1.29 million-bpd installed capacity, below the 35% of capacity it reached in February as state-run company PDVSA struggles to keep units in service after restarting them, workers said this week.The South American country has increased oil output and exports since it agreed to a flagship supply pact with the U.S.
Indian Refiner Reliance Buys Venezuelan Crude From State-Run PDVSA
A unit of India's refiner Reliance Industries has begun loading a 2-million-barrel cargo of Venezuelan heavy crude directly bought from state-run energy company PDVSA, according to a company document and shipping data on Monday.Since Caracas signed a flagship oil supply deal with Washington after the U.S. capture of President Nicolas Maduro in January, only a small group of companies…
West African Crude Flows Slow; Sellers Hold Cargoes Amid Hormuz Closure
West African crude oil trade for April-loading cargoes has slowed, despite shortages caused by the Iran war, as sellers reserve barrels for their own refineries unless particularly high bids emerge, four crude traders told Reuters.The unusual development is another sign of how the U.S.-Israeli war against Iran, which has effectively shut tanker traffic through the Strait of Hormuz and forced Middle East producers Saudi Arabia…
UAE Output of Crude Drops, Strait of Hormuz Closure Forces Shut-Ins
The United Arab Emirates' daily oil output is down by more than half as the Iran conflict and the effective closure of the Strait of Hormuz forced state oil giant ADNOC to implement widespread production shut-ins, two sources told Reuters.The halt of commercial navigation through the critical maritime chokepoint, which is normally used to transport about a fifth of the world's oil supply…
Asian Oil Refineries, Petrochemicals Cut Runs as MidEast Conflict Escalates
Several Asian refineries and petrochemical companies were forced to cut runs and declare force majeure as the U.S.-Israel war on Iran disrupted crude and feedstock exports from the Middle East.Asian steam crackers, which source more than 60% of their naphtha feedstock from the Middle East, have been quick to declare force majeure on petrochemical supplies to customers.Three operators…
India's MRPL Declares Force Majeure on Fuel Exports as Iran Conflict Disrupts Crude Supplies
India's Mangalore Refinery and Petrochemicals has suspended fuel exports due to the Middle East conflict that has disrupted crude oil flows from the Gulf, two sources familiar with the matter said on Wednesday.The company has declared force majeure on all upcoming gasoline export cargoes for March and April, two separate trade sources said.MRPL had awarded two to three cargoes of gasoline…
China Oil Refiners Feel Safe From Iran Conflict Disruption with Crude Stockpile
Refiners in China, the world's top oil importer, have enough supply on hand to weather near-term disruption from the Iran conflict, bolstered by recent record purchases of Iranian and Russian crude and robust government stockpiling, traders said.A prolonged supply disruption could, however, force the country's refiners to curb output and run down commercial stockpiles, some of the traders said.China has around 900 million barrels in strategic inventories…
Nigerian Crude Oil Loading Programs Hold Steady for April
Loading of four key Nigerian crudes in April will hold steady, preliminary loading programmes seen by Reuters showed, while lower demand and high freight rates continued to weigh on Angolan differentialsAmong recent offers was Kissanje at dated Brent minus 85 cents, compared to dated Brent minus $1 heard in December, showing demand had slowly picked up, a trader said.Others were Angola's Hungo crude at dated Brent minus $3.15, compared to minus $1.90 heard in January, and Olo
Transneft Cuts Crude Oil Intake After Ukrainian Drone Attack
Russia's oil pipeline monopoly Transneft has cut crude intake into its system by some 250,000 barrels per day after a Ukrainian drone attack on its Kaleykino pumping station on Monday, two sources familiar with the situation said on Tuesday.The cuts mostly affected shipments from Tatarstan producer Tatneft, one of the sources said.Ukrainian drones hit the major Kaleykino station, which…
Petromidia Refinery to Shut Down for Scheduled Revision in March
Romania's Black Sea crude oil refinery Petromidia, the largest in the country, will shut down for a scheduled revision in March, its owner said on Tuesday, potentially squeezing fuel supply and putting upward pressure on prices.The refinery is owned by Rompetrol Rafinare, which is majority-controlled by KMG International (KMGI), part of Kazakh state oil firm KazMunayGaz. The Romanian state holds a 45% stake.The refinery sources crude oil from Kazakhstan.
Hungary to Release 1.8 Million Barrels of Crude From Reserves
Hungary's government will release about 1.8 million barrels of crude oil from its strategic reserves after a drone attack on the Druzhba pipeline late last month stopped oil flow, according to a government decree published late on Thursday.Hungary and Slovakia, which have the only remaining refineries in the European Union using Russian oil through Druzhba, have been trying to secure…
Phillips 66, Citgo Look to Directly Buy Venezuelan Crude
U.S. refiners Phillips 66 and Citgo Petroleum are seeking to buy heavy crude directly from Venezuelan state oil company PDVSA starting in April to maximize profits, rather than purchasing through trading houses and U.S. oil major Chevron, according to sources familiar with the efforts.Trading houses Trafigura and Vitol in January secured the first U.S. licenses to export Venezuelan oil as part of a $2 billion deal between Caracas and Washington.
First Crude Oil Cargo From South Sudan Loaded by BB Energy After Legal Dispute
Commodities trader BB Energy has loaded its first South Sudanese crude oil cargo after the negotiation of new terms for the fuel that was meant to be delivered in 2025.BB Energy took legal action against South Sudan in the London courts last year, alleging the country had failed to deliver any oil after it prepaid a combined $142 million for five cargoes in 2025 and one in 2024, according to legal documents seen by Reuters.In November…
Hungary, Slovakia Turn to Croatia to Secure Russian Oil
Hungary and Slovakia have asked Croatia to help them secure Russian oil and Hungarian company MOL initiated the release of strategic crude reserves after disruption to flows via Ukraine that the two countries have blamed on Kyiv.Kyiv's foreign ministry last week said a Russian attack on a Ukrainian pipeline was responsible for the halt in flows to Eastern Europe since January 27.Ukrainian…
