A new US-Iran memorandum of understanding allows Tehran to resume oil and fuel exports, potentially boosting the Iranian economy by over $60 billion annually. The deal eases sanctions, enabling wider sales and access to frozen funds, though critics warn of strengthening the regime.
The Strait of Hormuz reopens after over 100 days of disruption, releasing 62 million barrels of crude. A US-Iran peace deal allows traffic resumption, but the influx may lead to an oversupplied market, concerning Asian refiners.
Falling global energy prices, potentially due to a US-Iran agreement, could offer relief to Indian refiners and gas consumers. Brent crude has dropped to nearly $83/barrel, impacting India's 88% crude import dependence. LNG prices, though moderated, remain elevated.
Indian refinery executives anticipate oil prices dropping below $80/barrel within weeks if a US-Iran deal is signed Friday, reopening the Strait of Hormuz. This would end hostilities, lift the US naval blockade, and allow Iranian crude back to global markets.
Indian refiners have secured sufficient crude oil and LPG supplies to last through August and mid-July, respectively, by increasing purchases from suppliers like ADNOC and through spot tenders, amid ongoing Middle East energy supply disruptions.
Indian refiners are adjusting plants to process difficult crude grades and boost fuel output due to disruptions from the Iran conflict and potential Strait of Hormuz closure. Technology licensors like Lummus Technology are assisting in optimizing yields and adapting assets.
Indian refiners increased oil imports from Venezuela, Brazil, Angola, and Nigeria due to Middle East supply disruptions caused by the Israel-US war. Russia remained a key supplier, though its share decreased. Overall imports were steady in April but down year-on-year.
Indian refiners are shifting crude oil imports from the Middle East to Latin America and Africa due to shipping disruptions in the Strait of Hormuz caused by the Israeli-U.S. war. Despite reduced Russian oil imports in April, Russia remains India's top supplier, followed by the UAE and Saudi Arabia.
India's state-run refiners have increased retail prices for diesel and petrol by nearly 1% for the third time in a week. This move aims to reduce processor losses and manage demand spikes, with cumulative hikes now reaching 5.5% for diesel and 5% for petrol.
Venezuela has become India's third-largest crude oil supplier in May, overtaking Saudi Arabia and the US, as refiners seek cheaper heavy crude amid West Asia conflict disruptions. Imports from Venezuela surged to 417,000 bpd.
The US has extended a sanctions waiver for 30 days, allowing countries to buy Russian seaborne crude. This move aims to stabilize global markets and aid vulnerable nations, potentially softening prices and benefiting Indian refiners who have increased purchases from Russia.
SEOUL, May 6 (Yonhap) -- The foreign ministry said Wednesday it held a working-l...
China ordered companies to ignore US sanctions against five oil refiners accused of buying Iranian crude, an unprecedented pushback against American financial measures less than two weeks before a presidential summit. The US action “violates international law and the basic norms of international relations”, China’s Ministry of Commerce said on Saturday. The sanctions cover a refinery in Dalian owned by Shanghai-listed Hengli Petrochemical, along with four independent “teapot” refineries –...
China's Ministry of Commerce has instructed domestic firms to disregard US sanctions imposed on five Chinese oil refineries accused of trading Iranian fuel, labeling the US action as improper extraterritorial application.
China's Ministry of Commerce has instructed domestic companies not to comply with US sanctions targeting refiners allegedly linked to Iranian oil trade. The US Treasury warned banks last month against dealing with privately-owned teapot refineries, which it says account for the majority of China's oil purchases from Iran. China denies direct imports of Iranian crude and argues sanctions without UN mandate are illegal under international law. Oil prices have surged past $120 per barrel for the first time since 2022 following the closure of the Strait of Hormuz after US-Israeli operations against Iran in late February.
China's Commerce Ministry has blocked U.S. sanctions against five Chinese oil refiners accused of buying oil from Iran, stating the sanctions violate international law.
A chemical leak at Catalyst Refiners silver recovery plant in Institute, West Virginia killed two people and sent about 30 to hospitals Wednesday. A violent chemical reaction involving nitric acid during a cleaning process produced toxic hydrogen sulfide. Seven ambulance workers were among the injured. A shelter-in-place order was issued for over five hours. OSHA has opened an investigation.
Indian refiners have doubled their Russian oil purchases for April to 60 million barrels, paying premiums above Brent benchmarks as the US-Israeli conflict with Iran disrupts shipping through the Strait of Hormuz.
