Iran Is Planning An Oil Export Boost

Iran is preparing to boost production and exports of crude oil as talks on the nuclear deal with the United States continue to progress, government officials said, as quoted by Bloomberg. According to the report, Iran could return to a production level of 4 million bpd in as little as three months. What’s more, it could add to that figure millions of barrels of crude currently in storage, the report said. At the moment, the National Iranian Oil Company is preparing fields for greater production, even though a deal is not certain at all. Even…

Australia’s Refiners Receive Government Aid To Boost Fuel Security

Australia’s government will provide US$1.5 billion (AUS$2 billion) in payments to its last two refiners to ensure that they stay open until 2030 and supply the country with domestically-produced fuels, Prime Minister Scott Morrison said on Monday. Australia will soon find itself with just two operating refineries, compared to eight operational sites 20 years ago. Due to its geographical position, Australia has lost the competition in the refining business as small and old refineries cannot rival the booming oil processing capacity in Asia,…

Gulf Countries Are Rushing To Unload Non-Essential Oil Assets

For decades, evidence has been piling up which proves mankind’s influence on climate change. Although the global economy remains largely driven by fossil fuels, the energy transition has gained traction in recent years. The changing tide can also be seen in countries that are heavily invested and dependent on the fossil fuel industry. This includes the hydrocarbon-rich Arab states of the Middle East that are gradually taking into account a carbon-free future. These states seem to realize that they won’t be able to depend on their oil…

Chinese Refiners Ramped Up Crude Processing In April

China’s refinery throughput increased by 7.5 percent annually in April, signaling a sustained recovery in crude processing, although the volumes were lower than the record-highs seen last November, according to data from the National Bureau of Statistics cited by Reuters. Last month, refinery throughputs averaged 14.09 million barrels per day (bpd), up from 13.1 million bpd in April of 2020 and slightly up from 14.08 million bpd processed in March 2021, when throughput jumped by 20 percent compared to March 2020. The average crude processing…

Chinese Refiners Ramped Up Crude Processing In April

China’s refinery throughput increased by 7.5 percent annually in April, signaling a sustained recovery in crude processing, although the volumes were lower than the record-highs seen last November, according to data from the National Bureau of Statistics cited by Reuters. Last month, refinery throughputs averaged 14.09 million barrels per day (bpd), up from 13.1 million bpd in April of 2020 and slightly up from 14.08 million bpd processed in March 2021, when throughput jumped by 20 percent compared to March 2020. The average crude processing…

Oil Markets Optimistic As Air Travel Starts To Recover

The number of global commercial flights has more than doubled since this time last year, while U.S. traveler throughput has jumped six-fold since May 2020, suggesting that global jet fuel demand is starting to lift off. The U.S. Transportation Security Administration (TSA) has been screening more than 1 million passengers at American airports every day since the middle of March. Most recently, 1,850,531 passengers traveled on May 16, up from just 253,807 passengers on the same day last year. Yesterday’s figure is still off the 2,620,276 passengers…

OPEC’s Oil Exports Are Surging By 1 Million Bpd In May

OPEC’s oil exports have jumped by 1 million barrels per day (bpd) so far in May, while the OPEC+ group started easing the production cuts by 350,000 bpd this month, tanker tracker Petro-Logistics said on Monday. At the ministerial meeting in early April, the OPEC+ group decided to gradually return over 1 million bpd to the market between May and July. The OPEC+ collective oil production is set to rise by 350,000 bpd in both May and June and by more than 400,000 bpd in July. Additionally, Saudi Arabia will also gradually ease its extra unilateral…

Leading Chinese Lithium Producer May Open Battery Plant In Argentina

China’s Ganfeng Lithium, one of the world’s top producers of the commodity used in electric vehicle batteries, has inked an initial deal to explore setting up a batteries plant in Argentina.The Chinese company, which counts automakers Tesla and BMW among its customers, is developing the Cauchari-Olaroz lithium brine project in Argentina’s northwestern Jujuy province.The project, in which Ganfeng has a 51% stake, is slated to produce of 40,000 tonnes of lithium carbonate equivalent per year and is scheduled to start production…

Leading Chinese Lithium Producer May Open Battery Plant In Argentina

China’s Ganfeng Lithium, one of the world’s top producers of the commodity used in electric vehicle batteries, has inked an initial deal to explore setting up a batteries plant in Argentina.The Chinese company, which counts automakers Tesla and BMW among its customers, is developing the Cauchari-Olaroz lithium brine project in Argentina’s northwestern Jujuy province.The project, in which Ganfeng has a 51% stake, is slated to produce of 40,000 tonnes of lithium carbonate equivalent per year and is scheduled to start production…