Page 2 - Repi Refining News Today

There are currently 10.5 million barrels of Saudi crude in floating storage off the Egyptian Red Sea port of Ain Sukhna, down by almost half from mid-June, according to data from oil analytics firm Vortexa.

Nigeria's average daily petrol consumption has fallen by 28% since President Bola Tinubu scrapped a popular but costly subsidy on the fuel at the end of May, data from the industry regulator shows.

India is considering bilateral agreements with countries such as Japan to allow them to use carbon credits linked to green hydrogen production in India in exchange for investment and purchase deals, two government sources and one industry source told Reuters.

Exxon Mobil has agreed to develop more than 6,100 lithium-rich acres in Arkansas with Tetra Technologies Inc , the second move this year by the oil giant for control of assets needed to produce the electric vehicle battery metal.

Indonesian state energy company PT Pertamina plans to begin producing bioethanol from sugarcane and cassava this year and has also begun production of green hydrogen using geothermal energy, its CEO told a conference on Wednesday.

A Russian oil firm is asking Venezuela's state-run company PDVSA for permission to take control of exports from their joint ventures to revive cash flow from the five companies, which have been hard-hit by U.S. sanctions, two people involved in the talks said.

China is relentlessly adding new petrochemical capacity despite a global glut as the country's refiners diversify from transport fuels, threatening to depress margins worldwide through 2024 as weak economic growth saps demand.

Global oil market fundamentals are expected to remain sound for the rest of the year, underpinned by healthy demand in developing countries, especially in China and India, Saudi Aramco CEO Amin Nasser said on Monday.

OPEC expects global oil demand to rise to 110 million barrels per day (bpd) and overall energy demand to rise 23% by 2045, its Secretary General Haitham Al Ghais said on Monday.

Things have been topsy turvy lately on the roadsides of West African nations where cheap contraband petrol from Nigeria has abruptly doubled in price, upending an informal sector that is central to the region's economic activity.