Sources say that the Russian refinery in Saratov has stopped operations following a drone attack by Ukraine.
Two industry sources report that the Russian refinery in Saratov halted processing crude oil on August 2 following a Ukrainian drone attack which damaged production equipment and caused fires at the plant. Roman Busargin said that drones attacked his region on Sunday, causing damage to civilian infrastructure within the city of Saratov. He did not identify which facilities were affected. Two industry sources claim that the refinery's CDU-6 unit for crude distillation, the only unit in the refinery to process crude, was shut down after the Ukrainian strike.
Glencore secures processing contract at Wilhelmshaven Oil Refinery in Germany
Four European trading sources have confirmed that 'global miner and commodities traders Glencore' will supply Germany’s Wilhelmshaven Oil Refinery and sell its?refined? fuels after entering into an agreement with HES International. In recent years, oil trading houses have invested in refinery through outright purchases or tolling agreements. Refineries provide increased flexibility and secure outlets for barrels. The sources said that London-listed Glencore has taken over the contract with the refinery, which was previously held by commodities trader Hartree.
Prices for Iranian Oil Stranded at Sea Surge
Iranian oil supplies at sea are rising after Tehran ramped up exports during the interim peace deal with the United States, but sales have been slow as China's independent refiners have turned to cheaper crude from Iraq, the UAE and Qatar.The return of U.S. sanctions this week risks leaving Tehran with more cargoes searching for buyers just as shipments arrive in Asia.In recent weeks, independent Chinese refiners based in the eastern oil hub of Shandong, known as teapots, bought 16 million to 20.5 million barrels of crude from Qatar…
Exxon Mobil Antwerp Refinery Will Pause Output Due to Strike, June 29-July 3
Exxon Mobil's oil refinery in the Belgian port of Antwerp is to stop output from June 29 to July 3 due to a strike action, the company's press office said on Wednesday.Workers at the refinery oppose a plan to cut 35 jobs out of a total of 735, ABVV Petroleum union said on its website.The strike is also related to staff complaints about deteriorating working conditions and fewer opportunities for early retirement, despite ExxonMobil's higher profits due to soaring fuel prices…
Sources say that Rosneft’s Kuibyshev refinery stopped processing on 10 June after a drone attack.
Two industry sources have confirmed that Rosneft, a Russian oil producer, halted oil processing at its Kuibyshev refinery on June 10, following a drone attack. After the strike, which caused damage and fires at the plant, oil?processing at both primary crude distillation units -- CDU-4 & CDU-5, each with a capacity of approximately 10,000 metric tonnes (73,000 barrels per day) -- was halted. Rosneft didn't immediately respond to a comment request. Kyiv has intensified its attacks on Russian energy facilities over the past few months…
Saudi Arabia will burn more oil to generate electricity this summer, as gas production falls
Analysts say that Saudi Arabia will burn more fuel oil imported for power generation in the summer due to a lack of natural gas from oilfields which have been closed?after Iran war curtailed its?oil?exports. Fuel oil consumption at power plants is on the rise just as summer cooling demands are increasing. This is a setback to the Kingdom's efforts to switch to cleaner fuels. After an Iranian blockade of the Strait of Hormuz, the world's largest oil exporter was forced to close more than 3,000,000 barrels of oil per day of production.
Sources say that the Astrakhan Gas Plant of Gazprom halted production of motor fuel after a drone attack on May 13,
Two industry sources have confirmed that Gazprom’s gas processing facility in Russia’s'southern Astrakhan' region has halted motor fuel manufacturing after a fire broke out on May 13 following a drone attack. The plant has suspended its operations. This includes a combined unit that processes stable condensate at the facility, with a capacity of 3,000,000 metric tons per year. Igor Babushkin, the local governor of Astrakhan, reported on his Telegram channel that debris from an Ukrainian drone attack had caused a fire at a gas?processing?plant.
Cuba runs out of diesel fuel and fuel oil due to US oil blockade
Cuba's energy and mines minister announced on Wednesday that the island has run out of diesel, fuel oil and other fuels. The capital Havana is experiencing its worst rolling power blackouts in decades due to a U.S. blockade which has deprived the island of fuel. "We have no fuel at all (oil) and no diesel," Energy minister Vicente de la O told state-run media. He added that the grid national was in "critical" condition. The?minister stated that blackouts had increased in the capital Havana this week and the last, with some neighborhoods without lights for up to 22 hours per day.
Russell: Hormuz's impact on China's commodity imports is evident in the oil and metals prices.
China's imports of commodities are being influenced by the Iran conflict. April data shows a sharp drop in crude oil, but a rise in trade in metals. Customs figures last week showed a sharp decline in crude oil arrivals, the lowest level in nearly four years. Imports in April were down by?20% compared to the same period in 2025, as seaborne imports?declined dramatically?amid a sharp decline of Middle East imports?amid an effective closure of Strait of Hormuz following the U.S. attack on Iran on February 28, 2019.
Idemitsu's new medium-term plan focuses on fossil fuels
Idemitsu Kosan, a Japanese oil refiner, announced on Tuesday a new medium-term fossil fuel-focused plan. The company plans to invest in a total of 1.8 trillion yen (11,4 billion dollars), with 830 billion yen going to existing businesses. This move is a major departure from the previous plan of Idemitsu, which was to reduce fossil fuel assets by fiscal 2030 and generate more profit from non-fossil businesses. Noriaki Sakai, president of Japan, said that the previous plan was based upon an assumption that fossil fuel use would decrease.
Russell: Hormuz's impact on China's commodity imports is evident in the oil and metals prices.
China's imports are being influenced by the Iran war. April data shows a sharp drop in crude oil, but a rise in trade of metals. Customs figures last week showed a sharp decline in crude oil arrivals, the largest in nearly four years. Imports in April were down by?20% compared to the same period in 2025, as seaborne imports from the Middle East dropped sharply due to the closure of the Strait?of?Hormuz? since the U.S. & Israel attacked Iran on 28 February. According to Kpler's data, China only received 648,000 bpd through the Strait of Hormuz during April.
Even if the conflict ends, oil supply shock will worsen due to further decline in inventories
Even if U.S.-Iran reach a peaceful agreement to end their war, oil supplies will tighten in the coming weeks. It will take weeks before oil shipments from the Middle East Gulf can be resumed and reached refiners around the world. Oil companies will therefore continue to deplete the storage tanks they have to meet the 'peak summer demand. World has used temporary buffers to absorb the shock of the Middle East war. These include commercial stocks, oil in transit or stored at sea, and emergency reserves.
Even if the conflict ends, oil supply shock will worsen due to further decline in inventories
Even if U.S. and Iran reach a peaceful agreement to end their conflict, oil supplies will tighten in the coming weeks. It will take weeks for oil to be shipped from the Middle East Gulf to refiners around the world. Oil companies will therefore continue to deplete the storage tanks they have to meet the peak summer demand. World has temporarily buffered the impact of the Middle East war by using?commercial stocks, oil in transit and stored at sea as well as emergency?reserves. Markets and global economies have yet to feel the full impact of the disruption to oil supplies.
Forget about 3% US inflation. McGeever: It's headed for 4%.
Is 4% now the new 2%? The U.S. has had an inflation rate that is so high compared to the Federal Reserve target for such a long time, many observers think policymakers are accepting a higher level. Now, the concern is that inflation will continue to rise. Consumers, businesses and investors might think that policymakers are happy with 3% inflation despite their commitment to the Fed's goal of 2%. Since 2005, headline annual PCE and CPI rates have consistently exceeded the Fed's 2% target.
Amsterdam-Rotterdam-Antwerp Oil Product Stocks Drop to 12-Year Low
Total oil product stocks held independently in the Amsterdam-Rotterdam-Antwerp refining and storage hub were down 4% on the week to their lowest since 2014, as the war in the Middle East disrupts imports, data from Dutch consultancy Insights Global showed on Thursday.Total stocks stood at 4.72 million metric tons, dropping on declines in naphtha and middle distillate inventories, the data showed. Jet kerosene stocks were down 7.6%, continuing their downward trend from recent weeks, to 597,000 tons, to a four-year low, Insight Global's Lars van Wageningen said.
India urges LPG consumers to switch to piped Gas wherever possible
Sujata sharma, an official in the oil ministry, said that India had asked consumers of liquefied petrol gas to avoid buying LPG cylinders out of panic and instead switch to natural gas piped into homes whenever possible. The U.S. and Israel war against Iran has caused global shipping restrictions, which have disrupted India's crude, LPG and liquefied gas supplies. Sharma, joint secretary at the federal oil minister, said that "LPG is a matter of concern." He added that the government was 'fighting against black marketing and hoarding LPG cylinders, in coordination with the states.
EIA reports that US crude oil production rose to a two-month high during February.
The U.S. Energy Information Administration reported on Thursday that U.S. crude oil production rose to 13,63 million barrels a day in February. This is the highest level since December. The U.S. production of oil in February increased both from a month-to-month and yearly perspective. The?EIA data revealed that the average output in January of this year was 13.24 million bpd, and February last years was 12.60 million bpd. The EIA data also showed that the U.S. demand for oil rose in February.
Forget about 3% US inflation. McGeever: It's headed for 4%.
Is 4% now the new 2%? The U.S. has had inflation above the Federal Reserve target for so long, that many observers think policymakers have accepted an even higher level. Now, the concern is that inflation just "keeps rising". Investors, businesses, and consumers could be forgiven for believing that policymakers are happy with a 3% inflation rate, despite the Fed's repeated commitment to 2%. The headline annual PCE inflation rate and CPI rates have been higher than the Fed's target of 2% every month for the past five years.
China crude oil production in January and February was up by 1.9% on an annual basis.
Official data released on Monday showed that China's crude oil output in January and February rose by 1.9% when compared with the same period of last year. This was largely due to higher refinery operating rates. National Bureau of Statistics of China data showed that the total refinery throughput of the second largest oil consumer in the world was 122.63 millions metric tons or approximately 15.17 million barrels a day. China releases a single release of data for both January and February to reduce the impact of Lunar New Year holidays that fall during either of these months every year.
Bangladesh restricts fuel purchases due to Middle East conflict
Bangladesh imposed daily fuel sales limits in response to a 'panic buying' and a'stockpiling of fuels, which raised concerns over supply as the Middle East war roiled the global energy markets. These'measures' follow U.S., israeli, and other airstrikes against Iran, as well as retaliatory strikes by Tehran in the Middle East, which has caused oil shipments to be disrupted through the Strait of Hormuz - a vital energy route - and driven energy prices sky-high. Bangladesh Petroleum Corporation…