Chinese authorities are looking to ease the domestic fuel glut and reducing pollution by heavily taxing as of June the imports of several kinds of blending fuels which are being used by refiners to produce lower-quality fuels.
Lukoil’s production in Q1 of 2021 amounted to 2.152 mln barrels of oil equivalent per day (boe/d), excluding the West Qurna-2 project in Iraq.
Sasol Ltd. agreed to sell a 30% stake in a natural gas pipeline running from Mozambique to South Africa for as much as 5.1 billion rand ($361 million) in order to pay down debt.
Oil prices continued to decrease on Friday as a key U.S. pipeline restarted on late Wednesday and runs with almost half of its capacity on Thursday.
Beijing to levy consumption tax on imported mixed aromatics, light cycle oil, bitumen blend from June 12
China’s finance ministry said May 14 imports of mixed aromatics, light cycle oil and bitumen blend will be subject to consumption tax from June 12.
Oil refining throughput at the refineries in Germany went down by 17.5% in the reporting period quarter-on-quarter due to the repeated lockdown in the country due to the COVID-19 pandemic followed by a drop in the demand for petroleum products.
SK Hynix has disclosed its intention to expand investments in system semiconductors.
Oil headed for a the biggest weekly drop since early April as countries in Asia continue to fight persistent Covid-19 outbreaks, highlighting the patchy recovery from the pandemic even as U.S. demand picks up.
The author is an analyst of KB Securities.
Oil prices fell on Friday after dropping about 3% a day earlier as coronavirus cases remained high in major oil consumer India and as a key fuel pipeline in the United States resumed operations after being shut due to a cyber attack.