Barge fleets will likely be downsized as rising operational expenditures and narrow differential between Singapore-delivered Marine Fuel 0.5%S and ex-wharf basis depresses margins, prompting bunker suppliers who time-chartered these barges to consider a contract lapse upon expiry.
With record petrol sales achieved in FY21, Pakistan’s overall oil sales increased by 18 per cent year-on-year to 19.4 million tonnes, signalling a sharp economic recovery compared with the 12pc drop in FY20 owing to the Covid-19 related lockdowns.
Oil giants Sinopec and PetroChina both expect a rise in net income for the first six months of the year due to rising crude oil prices as the global economy improves, reported Bloomberg.
Oil prices inched lower on Friday after OPEC+ ministers delayed a meeting on output policy as the United Arab Emirates balked at a plan to add back 2 million barrels per day (bpd) in the second half of the year.
COVID-19 tests will be mandatory for wrestlers and officials at this year’s Kirkpinar Oil Wrestling tournament, the Turkish Wrestling Federation announced Friday.
Oil prices were little changed on Friday after OPEC+ ministers delayed an output policy meeting.
As prices have exceeded $75 per barrel this June, the most accurate forecasters predict a further rally fuelled by recovering demand and tight OPEC supply – albeit at a more modest pace.
The twin woes of travel restrictions and limited blending appetite will likely prompt refiners in China to keep jet fuel and kerosene output at relatively lower levels for now, industry sources said.
Self-produced commodities, better supply chain key to sales growth
Crude futures settled higher July 1 after a smaller-than-expected bump in OPEC+ crude output, even as the group’s monitoring committee adjourned without a production recommendation.