The International Energy Agency (IEA) today reduced its forecast for global oil demand for the year, saying that the continued uncertainty caused by coronavirus shows little sign of abating.
Jordan suspends schools, business; scientists critique Russia’s Sputnik-V vaccine; oil demand recovery to decelerate.
Recycling will play an important role in Austrian integrated oil and gas company OMV’s strategy.
China’s domestic refineries processed 14.06 million b/d or 59.47 million mt of crude oil in August, edging down 0.2% month on month, extending a slight downtrend since hitting a record high in June, National Bureau of Statistics data released Sep. 15 showed.
Crude oil futures were rangebound during mid-morning trade in Asia Sept. 15 after OPEC lowered its oil demand forecast in a monthly report.
More refinery closures are on the cards in Europe after Neste announced plans to potentially halt Naantali operations and transform it into a terminal.
Meantime, world oil indexes dropped on Sep.14 amid concerns about a stalled global economic recovery and falling fuel demand.
ADNOC announced that it has successfully completed a placement to institutional investors of 1.25 billion shares in ADNOC Distribution.
GlobalData report: Feedstock optimisation and prospect of netting steady revenues enabling integrated refineries
The conventional refinery model of generating revenue by processing crude to produce transportation fuels is increasingly under threat from falling fuel demand.
Oil rose after economic data from China to the U.S. sparked optimism that an industrial recovery is underway, offsetting a bleak assessment of demand by another top energy organization.