Latest news with #oilrefiners
Bloomberg
18 hours ago
- Business
- Bloomberg
California Regulator Wants to Pause Newsom Refinery Profit Cap
California's energy market regulator is backing off a plan to place a profit cap on oil refiners in the state. Siva Gunda, vice chair of the California Energy Commission, said during a Friday briefing that the cap would 'serve as a deterrent' to refiners boosting investments in the state. Gunda said the commission wants to increase gasoline supply in California after two refineries announced plans to close in the next year, accounting for about one-fifth of the state's crude-processing capacity.
Bloomberg
20-06-2025
- Business
- Bloomberg
China's Record Oil Stockpile Offers Buffer as Iran Crisis Builds
Oil refiners in China — the largest takers of Iranian crude — are unfazed for now about the possibility of interruptions to Middle Eastern supplies given the nation has a record stockpile that provides a temporary buffer. At present, China's total onshore inventory stands at a record 1.18 billion barrels, according to Kayrros, which monitors stockpiling. That includes holdings in the private oil-refining region of Shandong, which reached a peak of 355 million barrels, with part of that build due to a new storage tank and refinery opening, according to Antoine Halff, co-founder and chief analyst.
Bloomberg
13-06-2025
- Business
- Bloomberg
Trump Plans Biofuel Quota Boost, Seeks to Crimp Foreign Supply
The Trump administration is proposing oil refiners blend more biofuels into gasoline and diesel next year while seeking to discourage the use of imported supplies. The plan being unveiled by the Environmental Protection Agency on Friday would require refiners to mix a record 24.02 billion gallons of biofuels into traditional transport fuels, according to a news release from the EPA. That would be almost 8% higher than 2025, but short of what some oil companies and biofuel producers were seeking.
Arabian Business
28-05-2025
- Business
- Arabian Business
Saudi Arabia may cut July oil prices to Asia amid OPEC+ supply surge: Report
Oil refiners expect Saudi Arabia may cut its crude prices for Asian buyers in July to the lowest in six months. They base their expectations on tracking losses in benchmark prices driven by rising supply from OPEC+. The July official selling price (OSP) for flagship Arab Light crude may drop by 40 to 50 cents to between 90 cents and $1 a barrel from the previous month, four Asian refining sources said in a Reuters survey. Saudi crude prices may drop Such a cut would put the Arab Light OSP in July at the lowest since January, Reuters data showed. Saudi crude OSPs are usually released around the fifth of each month, and set the trend for Iranian, Kuwaiti and Iraqi prices, affecting about 9 million barrels per day (bpd) of crude bound for Asia. For other Saudi grades, the July OSPs for Arab Extra Light, Arab Medium and Arab Heavy crude are expected to decrease by 30-45 cents a barrel from June, the survey showed. Oil prices have tumbled since OPEC+, which includes the Organization of the Petroleum Exporting Countries and allies such as Russia, agreed to increase production by nearly 1 million barrels per day (bpd) in April, May and June. Eight OPEC+ countries, set to meet on Saturday, may decide to raise output in July by a further 411,000 bpd, Reuters reported, citing unnamed sources. The supply hikes have come just as global economic growth faces headwinds from a tariff war launched by the US. In a bearish sign, some crude cargoes remained unsold from the previous month, one of the survey respondents said. Rising supplies have weighed down Middle Eastern benchmarks this month, with the average cash Dubai premium to swaps at $1.21 per barrel as of May 27, down 45 cents from April's average. State oil giant Saudi Aramco sets its crude prices based on recommendations from customers and after calculating the change in the value of its oil over the past month, based on yields and product prices.
