Pakistan's gasoline consumption rose 17.5% year on year to 4.385 million mt in fiscal 2015-16, while high speed diesel consumption rose 2.6% to 6.223 million mt and furnace oil sales fell 250,000 mt to 8 million mt.
The deal between Essar and a consortium led by Kremlin oil giant Rosneft (ROSN.MM) appeared dead in the water two months ago after Saudi state energy firm Aramco weighed in, according to seven Russia, India and Saudi-based industry sources familiar with or involved in the negotiations.
After more than a decade, China has decided to restore tax rebates on exports of gasoline, gasoil and jet fuel, a sign that Beijing is more than comfortable with the domestic supply situation for oil products.
Министр энергетики Российской Федерации Александр Новак и Министр экономики, торговли и промышленности Японии Хиросигэ Сэко провели первое заседание Российско-Японского Консультационного энергетического совета.
U.S. crude oil production declined 8.9 percent from year ago levels. However, at an average of 8.6 million barrels per day, domestic crude oil production in September increased by 0.8 percent from August–the first month over month increase in six months. Compared with year to date 2015, domestic crude oil production declined 6.1 percent. Compared to third quarter of 2015, crude oil production decreased 8.5 percent for the third quarter of 2016. September crude oil production was the third highest level for the month and the second highest year to date level in 31 years, since 1985.
Rosneft and Pertamina signed an Agreement envisaging the creation of a Joint Venture (JV) with the scope of implementing the project for the construction of the Tuban refining and petrochemical complex to be located in the eastern part of Java (Indonesia).
The decline in earnings was driven largely by the decline in crack spreads (the price difference between crude oil and petroleum products) in the second quarter. In addition to changes in crack spreads, which serve as an indicator of refinery profits, earnings per barrel reflect transportation costs and other operating expenses. Also, refiners use different crude oil blends and produce different yields of refined products, which changes the per barrel earnings among refiners.
“Combining CNPC’s operational expertise with BP’s technology and experience, we now expect to leverage the synergies between these blocks. This new PSC clearly demonstrates our continued commitment to invest in projects in China which will deliver long-term value to BP, to our Chinese partners and, most importantly, to the country.”
Customs data showed on Monday that diesel exports rose 181.8 percent to a record 1.53 million tonnes, almost tripling China's average monthly export volume in 2015.
Indonesia's Pertamina has signed a deal with Petrochemical Commercial Company (PCC) of Iran for the import of refined petroleum and petrochemical products.