OilRefining

China's Energy Policy Shift: Oil Refiners Urged to Reduce Fuel Production in Favor of Chemicals

30 days ago

In a significant directive aimed at transforming its energy landscape, the Chinese government has mandated oil refiners to cut back on fuel output and transition toward the production of chemicals. This announcement, emerging from the annual session of the National People's Congress (NPC), signifies a pivotal moment in China's approach to energy production and industrial strategy.

Italian Oil Refiner Saras to Shut Down Geneva Trading Office Amid Restructuring

4 months ago

In a significant shift within the energy sector, Italian oil refiner Saras has announced the closure of its trading office in Geneva. This strategic decision aligns with the company's larger restructuring efforts aimed at adapting to the evolving market dynamics and improving operational efficiency.

Dangote's Nigerian Oil Plant Secures US Crude for First Time in Three Months

4 months ago

In a significant development for Nigeria's oil market, the Dangote Oil Refinery has made its first purchase of U.S. crude oil in three months, signaling a potential shift in import strategies and highlighting the dynamism of the global oil trade. This procurement marks a pivotal moment for Nigeria, a country richly endowed with natural resources yet often reliant on foreign oil to meet its domestic refining needs.

China's Oil Refiners Grapple with Declining Profits Amid Oversupply Crisis

5 months ago

China's oil refining sector is currently facing significant challenges as an overwhelming supply of crude oil is dramatically affecting profitability and prompting several refineries to temporarily reduce operations. The latest reports indicate that refiners are contending with a surplus of domestic fuel, leading to escalated competition and, consequently, economic strain across the industry.

China’s Steel Production and Crude Oil Refining Experience Slumps Amidst Economic Woes

6 months ago

In a concerning trend for the global economy, China's steel production and crude oil refining operations have both seen significant declines. Recent reports indicate that the country's monthly steel output dropped by 1.5% in September compared to the previous year, marking the lowest production levels recorded for that month since 2018. This downturn is a critical indicator of the ongoing challenges within China’s manufacturing and construction sectors.