Latest news with #Khasawneh
Reuters
07-07-2025
- Business
- Reuters
US Gulf Coast fuel oil imports at record low as refiners opt for heavier crude
HOUSTON, July 7 (Reuters) - Fuel oil imports into the refinery hub on the U.S. Gulf Coast hit a record low in June as tighter global supplies prompted refiners to run more heavy, sour crude. When refineries run a heavier, sourer crude slate, they produce more heavy residue, which is either processed in a secondary unit to produce higher value products like gasoline or diesel. Gulf Coast-bound fuel oil imports hit a record low at 213,000 barrels per day in June, down from 233,000 bpd on the month, according to ship tracker, Kpler, compared with 430,000 bpd in June 2024. Refineries along the Gulf Coast account for more than 55% of total U.S. refining capacity. The dip was driven by a drop in Mexican crude volumes, which in June slipped to their lowest since April 2020, at just 22,000 bpd, down from 71,000 bpd on the month. Global high-sulphur fuel oil supplies have tightened as seasonal demand for power burn in the Middle East rises between June and August when air conditioning demand spikes, while U.S. sanctions on Russian oil have further tightened supplies in the long term analysts said. This has driven prices higher and made the feedstock a less economic refinery throughput compared with crude. The daily premium for high-sulphur fuel oil over the Mexican flagship, Maya heavy crude averaged $4.20 a barrel in May, the widest monthly average premium since October, according to prices from Argus Media. Gulf Coast refiners favor Maya as they typically run medium and heavy oil. Higher prices for high-sulphur fuel oil have driven refiners to process less of the feedstock and use more heavy crude, a refinery source said. "U.S. refiners are weighing up fuel oil against crude as a feedstock, and so we've seen lower imports, even with a low stock position, as the margins are just not quite as attractive to run more high-sulphur fuel oil over crude," said Austin Lin, principal analyst, refining and oil products at Wood Mackenzie. Longer term, U.S. refiners have been weaning off imported residual feedstocks and relying more on domestic output for refining, a changing crude diet with more heavy, medium crude imports, and tweaked refinery configurations, said Roslan Khasawneh, senior oil analyst at Kpler. "In part, this is why we have seen U.S. fuel oil inventories trending lower to multi-decade lows and slightly higher domestic fuel oil yields since mid to late last year," Khasawneh said. U.S. residual fuel oil stocks on the Gulf Coast fell last week to their lowest since March 1996, according to the Energy Information Administration, at 10.63 million barrels. "Gulf Coast imports have been on a clear downtrend since Russia's invasion of Ukraine, given the U.S. ban on Russian oil imports," Khasawneh added.
Zawya
06-05-2025
- Business
- Zawya
Jordan: NPC seeks to drill 145 gas wells, reach 418mcf of daily output by 2030
AMMAN — Director-General of the National Petroleum Company (NPC) Mohammed Khasawneh on Monday said that the company's 2025–2030 strategic plan aims to drill 145 gas wells and reach a total daily gas production of 418 million cubic feet. During a visit by the Lower House's Energy and Mineral Resources Committee to NPC, Khasawneh said that this gas production would contribute to reducing the energy bill across various sectors and support achieving self-sufficiency in natural gas, the Jordan News Agency, Petra, reported. He noted that the company's plan is based on three key tracks: accelerating production by increasing the number of drilling rigs and expanding the gas processing plant; preparing technical and financial studies for the construction of a gas pipeline; and ensuring the availability of a consumer base for the produced gas. The director-general also highlighted the importance of increasing production volumes from the Risha gas field and delivering natural gas to the industrial sector, given its role in reducing energy costs in this vital area. Khasawneh reviewed the 'notable' success achieved at the Risha gas field in recent times, thanks to the efforts of the company's national workforce, referring to the size of the field, the equipment used in the drilling operations, and the contribution of the national staff working for the company. Committee members, headed by MP Haitham Ziadin, were briefed on the current operations of NPC and its efforts in extracting natural gas from the Risha field. Ziadin stressed the importance of exploring the Kingdom's mineral wealth, particularly the Risha gas reserves, as a means of fulfilling the vision of relying on Jordanian gas, which would have a direct impact on boosting the national economy. The lawmaker added that gas exploration at Risha would have a direct impact on various economic sectors, help reduce production costs for the industrial sector, create more jobs, and have a positive effect on citizens. He noted that the Lower House would utilise all available means to support the role of the company in achieving further success in gas extraction, reiterating the importance of joint efforts among relevant entities to explore natural and mineral resources nationwide. Talks during the meeting also addressed the importance of the company's recent tender to drill gas wells at Risha on a lump-sum turnkey basis (LSTK), which includes drilling 80 wells over a three-year period to enhance the efficiency of drilling operations and increase the field's production capacity. © Copyright The Jordan Times. All rights reserved. Provided by SyndiGate Media Inc. (
Jordan Times
05-05-2025
- Business
- Jordan Times
NPC seeks to drill 145 gas wells, reach 418mcf of daily output by 2030
Receiving a delegation from the Lower House's Energy and Mineral Resources Committee, Director-General of the National Petroleum Company Mohammed Khasawneh says that increasing gas production will contribute to reducing the energy bill across various sectors (File photo) AMMAN — Director-General of the National Petroleum Company (NPC) Mohammed Khasawneh on Monday said that the company's 2025–2030 strategic plan aims to drill 145 gas wells and reach a total daily gas production of 418 million cubic feet. During a visit by the Lower House's Energy and Mineral Resources Committee to NPC, Khasawneh said that this gas production would contribute to reducing the energy bill across various sectors and support achieving self-sufficiency in natural gas, the Jordan News Agency, Petra, reported. He noted that the company's plan is based on three key tracks: accelerating production by increasing the number of drilling rigs and expanding the gas processing plant; preparing technical and financial studies for the construction of a gas pipeline; and ensuring the availability of a consumer base for the produced gas. The director-general also highlighted the importance of increasing production volumes from the Risha gas field and delivering natural gas to the industrial sector, given its role in reducing energy costs in this vital area. Khasawneh reviewed the 'notable' success achieved at the Risha gas field in recent times, thanks to the efforts of the company's national workforce, referring to the size of the field, the equipment used in the drilling operations, and the contribution of the national staff working for the company. Committee members, headed by MP Haitham Ziadin, were briefed on the current operations of NPC and its efforts in extracting natural gas from the Risha field. Ziadin stressed the importance of exploring the Kingdom's mineral wealth, particularly the Risha gas reserves, as a means of fulfilling the vision of relying on Jordanian gas, which would have a direct impact on boosting the national economy. The lawmaker added that gas exploration at Risha would have a direct impact on various economic sectors, help reduce production costs for the industrial sector, create more jobs, and have a positive effect on citizens. He noted that the Lower House would utilise all available means to support the role of the company in achieving further success in gas extraction, reiterating the importance of joint efforts among relevant entities to explore natural and mineral resources nationwide. Talks during the meeting also addressed the importance of the company's recent tender to drill gas wells at Risha on a lump-sum turnkey basis (LSTK), which includes drilling 80 wells over a three-year period to enhance the efficiency of drilling operations and increase the field's production capacity.
