Sources say that Trump EPA will shift at least half the waived biofuel obligation to big refiners
According to sources familiar with discussions, the Trump administration has agreed on a plan requiring 'big oil refineries' to cover?at least half the obligations for blending biofuels that were waived over the past few years under the Small Refinery Exemption Program. This decision may not be welcomed by larger oil refineries who have claimed that higher blending requirements would increase their costs. It could benefit the biofuels industry by increasing demand for blending credit.
Sources say that Trump EPA will shift at least half the waived biofuel obligation to big refiners
According to sources familiar with discussions, the Trump administration has settled on a plan requiring big oil refineries?to make up at least half?of?the biofuel blend volumes obligations that were waived in recent years under the Small Refinery Exemption Program. This decision may not be welcomed by larger oil refiners who have claimed that additional blending requirements would increase their costs. It could benefit the biofuels industry by increasing demand for blending credit.
In February, Russia's oil revenues and gas revenues are expected to have halved y/y.
Calculations showed that the Russian state's?oil?and?gas revenue in February 2025 will be almost half as much at 410 billion roubles (5.35 billion dollars) due to a stronger currency and lower oil price. The Kremlin's main source of revenue is oil and gas revenues, which account for more than a quarter of the federal budget. However, this amount has been drained since Russia started its military campaign against Ukraine in February 2022.
Gunvor Management Buyout Values Trading Group at Around $5 Billion, Sources Say
According to two sources, and a calculation made based on the financing of the deal via a loan given to employees, a management buyout has valued Gunvor at around $5 billion. Two sources familiar with the deal said that Gunvor's founder Torbjorn Tornqvist provided a loan to employees of more than 4 billion dollars for the buyout. According to the calculations of the two sources, the loan values Gunvor at $5 billion based on Tornqvist’s 86% stake.
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 Foreign Minister Andrii…
Shipping data shows that Indian diesel exports to West Africa have increased as a result of the EU's ban on Russian crude-derived fuel.
Shipping data from Kpler & Vortexa revealed that India stopped exporting Diesel to the European Union in this month because of the EU's 'ban' on fuels derived from Russian crude. Turkey's exports of diesel to the EU have slowed down over the past few months. These developments show that the EU's policy to punish Russia for its full-scale invasion in Ukraine 2022 is causing a reordering of oil flows between continents.
Indian Diesel Exports to West Africa Jump as EU Bans Russian Derived Fuel
India stopped exporting diesel to the European Union this month due to the European Union's ban on fuel derived from Russian crude and instead sent a record amount to West Africa, shipping data from Kpler and Vortexa showed, while Turkey's diesel exports to the EU slowed in recent months.The developments highlight that the EU policy, aimed at punishing Russia over its 2022 full-scale invasion of Ukraine, is prompting a further reordering of intercontinental oil flows…
Bousso: The geopolitical premium of oil in the ROI vanished by 2025 and is unlikely to return.
In 2025, the global oil markets were faced with multiple black swans events - such as the Israel-Iran War and Ukrainian attacks on Russian refiners. Yet they were barely affected. In an era when energy is abundant, this calm could be the new norm. The year 2025, by any measure, was chaotic in geopolitics, with President Donald Trump's return to his White House and his flurry of trade, diplomatic and policy initiatives dominating the year.
Bousso: The geopolitical premium of oil in the ROI vanished by 2025 and is unlikely to return.
In 2025, the global oil markets were faced with multiple black swans events - such as the Israel-Iran War and Ukrainian attacks on Russian refineries - but they were not fazed. In an age of abundant energy, this calm could be the new norm. The year 2025 will be remembered as a geopolitical chaos, due to President Donald Trump's return in January, and his frenzy of trade, policy and diplomatic initiatives. On June 12, Israel bombed Iranian military, government, and nuclear sites.
Russia expects oil refining in 2025 to be flat with 2024
The Russian energy ministry announced on Thursday that the country's oil refinery, coal and gas?production?will remain largely unchanged in 2025, compared with 2024, despite repeated Ukrainian drone attacks against energy facilities. Russia is the third largest oil producer in the world, after Saudi Arabia and the United States. It also holds the largest known reserves of natural gas. Since August, Ukraine has resumed drone strikes deep within Russia.
China's daily oil refineries processing rate reaches two-year high
China's crude throughput rose 6.8% in September compared to a year ago, according to official data released on Monday. The country's refineries also increased their utilization rates. According to the National Bureau of Statistics (NBS), the world's second largest oil consumer processed approximately 15.26 million barrels of crude per day in September. According to records, the daily processing rate has been at its highest level since September 2023.
US, UK Ramp Up Pressure on India to Stop Russian Oil Imports
Western powers have ramped up pressure on Russia's oil sales amid its war with Ukraine as U.S. President Donald Trump said India would stop buying and Britain imposed sanctions on top Russian oil firms.Ukrainian President Volodymyr Zelenskiy is schedule to meet Trump in Washington on Friday to push for military and energy support at a time when Kyiv and Moscow are escalating the war with attacks on energy infrastructure.Indian officials are also in Washington for trade talks, with the U.S.
Kyiv reports that a Russian drone and missile barrage has hit Ukraine's gas installations.
Volodymyr Zelenskiy, the president of Ukraine, said that Russia had launched an overnight attack on Ukraine targeting infrastructure with more than 300 drones. He said that the attack was on targets in central Vinnytsia, Poltava, and the northeastern regions of Sumy, Kharkiv, and Kharkiv. As the war enters its fourth year, Russia continues to attack Ukraine's power and energy facilities. Initially, it targeted electricity infrastructure but has this year increased its focus on gas infrastructure.
US Imposes Sanctions on Oil Refineries and Purchases
The U.S. imposed sanctions on about 100 individuals, entities and vessels, including a Chinese independent refinery and terminal, that helped Iran's oil and petrochemicals trade, the administration of President Donald Trump said on Thursday.The Treasury Department sanctioned the Shandong Jincheng Petrochemical Group, which it said is an independent teapot refinery in Shandong Province that has purchased millions…
Novak, the Deputy Prime Minister of Russia, says that Russia has gradually increased its oil production.
The Interfax news agency reported that Alexander Novak, Deputy Premier, said on Wednesday that Russia had been steadily increasing its oil production, and was close to meeting last month the output quota set by the OPEC+ oil producing group. The Russian energy sector has suffered a serious setback in the last two months as a result of dozens of drone attacks by Ukraine on its oil and natural gas infrastructure. These attacks primarily targeted oil refineries.
BP abandons plans for Rotterdam biofuels facility
A company spokesperson announced on Monday that BP had stopped working on its Rotterdam Biofuels Plant. This is the latest in a series of abandoned biofuels by oil companies like BP and Shell due to weak demand. BP announced in February that, after a disastrous foray into the renewables sector in 2020, it would redirect its spending to oil and gas projects. The company also dropped its goal to produce 100,000 barrels of biofuels per day by the end the decade.
The IEA reports that Russia's oil export revenues fell in August.
The International Energy Agency reported on Thursday that Russia's revenues from crude oil and petroleum products fell in August, to the lowest level since the beginning of the conflict with Ukraine. The Russian energy industry is being challenged by drone attacks on oil refineries, export pipelines and Western sanctions. The IEA reported that revenues dropped by $920 millions from July to $13.51 Billion due to a decrease in crude oil and fuels exports…
The IEA reports that Russia's oil export revenues fell in August.
The International Energy Agency reported on Thursday that Russia's revenues from crude oil and petroleum products fell in August, to the lowest level since the beginning of the conflict with Ukraine. The Russian energy industry is being challenged by drone attacks on oil refineries, export pipelines and Western sanctions. The IEA reported that revenues dropped by $920 millions from July to $13.51 Billion due to a decrease in crude oil and gasoline exports…
Russian ESPO Crude Prices Remain Steady From Chinese Demand
Russian ESPO Blend crude prices held steady for October-loading cargoes as robust demand from China offset growing pressure from Western sanctions and ample supply, traders said on Monday.Cargoes loading from the Far Eastern port of Kozmino in October were sold at a premium of around $2 per barrel to ICE Brent on a delivery basis to Chinese ports, little changed from September levels, they said.Intense Ukrainian drone strikes have hit several major Russian oil refineries in recent weeks…
Russia claims to have extinguished a fire at a large oil refinery following the latest Ukrainian drone attacks
Russia announced on Thursday that an attack by a Ukrainian drone had put out a fire in an oil refinery located in the southern Krasnodar Region. The drone was part of a campaign launched by Kyiv against President Vladimir Putin's most important economic sector. On Russian oil refineries, and infrastructure for exporting to show that it can fight back while the United States attempts to broker a peaceful deal.