Economics

Materials storage/corrosion/preservation technology and surplus materials utilization process

U.S. refiners to benefit from Venezuelan crude oil imports

Chinese refiners expected to replace Venezuelan oil with Iranian crude

Caracas and Washington agreed to export up to $2 B worth of Venezuelan crude to the United States, President Donald Trump said on Tuesday, after U.S. forces captured Venezuelan President Nicolas Maduro over the weekend.

India's January Russian oil imports may fall sharply as Reliance expects no deliveries

India emerged as the biggest buyer of discounted Russian seaborne crude following the start of the Ukraine war in 2022. The purchases have fueled a backlash from Western nations.

Hungary's Orban says U.S. intervention in Venezuela good for energy markets

U.S. President Donald Trump, Orban's ally, who has exempted Hungary from U.S. sanctions on Russian energy for the 2026 Hungarian election year, has made clear that he wants to share in Venezuela's oil riches.

Opinion: U.S. oil refiners win, Chinese rivals lose in Trump’s Venezuela strike

Speaking on Saturday after announcing Maduro’s arrest on Truth Social, Trump said he would maintain the U.S. embargo on exports of sanctioned Venezuelan crude oil for now, but also stated that the U.S. would run Venezuela "for a period of time," suggesting U.S. restrictions could be lifted very soon.

India asks refiners for weekly Russian oil import data as it seeks U.S. trade deal

India became the biggest buyer of discounted Russian seaborne crude following the 2022 outbreak of the Ukraine war. But those purchases have fueled a backlash from Western nations, which have targeted Russia's energy sector with sanctions, arguing that oil revenues help fund Moscow's war effort.

Serbia's NIS gets U.S. approval to resume production in its refinery

The U.S. Treasury Department's Office of Foreign Assets Control (OFAC) imposed sanctions on NIS in October as part of broader measures against Russia's energy sector after granting a series of waivers since January.

Residual fuel fills Venezuela's storage tanks as exports cut to minimum

Most ships bound for Venezuelan ports for December and early January cargo deliveries have made U-turns, as the blockade spooks even vessels not under sanctions.

Indian Oil buys first Colombian oil under Ecopetrol contract

Indian refiners are scouting for crude as tighter U.S. and European Union sanctions on Moscow's producers and vessels are disrupting Russian oil imports.