Category: Oil & Petrochemicals
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Iraq Trucks Oil Through Syria to Bypass Strait of Hormuz
Iraq is trucking fuel oil through Syria to Baniyas, offering an alternative Mediterranean export route amid Strait of Hormuz disruptions.
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Solvay Earnings Fall 26.6% in Third Quarter
Solvay reported €173 million in third-quarter EBITDA, down 26.6% organically, as weak soda ash demand and disruptions weighed on results.
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Nippon Shokubai Acquires GOO Chemical for ¥20 Billion
Nippon Shokubai acquires Japan’s GOO Chemical for ¥20 billion, strengthening its semiconductor materials and specialty chemicals portfolio and global reach.
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Mitsubishi Chemical Schedules Memphis MMA Production Halt
Mitsubishi Chemical schedules a two-week maintenance shutdown at its Memphis MMA plant, raising concerns over US acrylics supply and prices.
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Chemours Net Profit Jumps to $196 Million
Chemours reports $196 million in quarterly net profit, helped by PFAS insurance proceeds, as sales increase to $1.54 billion overall.
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Clariant Sales Rise 5.6% as Profit Margin Narrows
Swiss chemicals group Clariant reports third-quarter sales growth of 5.6% in local currencies, while its adjusted EBITDA profit margin declines.
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INEOS Petrochemical Earnings Plunge 60% Quarter-on-Quarter
INEOS Quattro earnings fell 60% quarter-on-quarter as weak European chemical demand, lower prices and renewed Asian competition pressured profitability.
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Saudi Aramco Profits Jump 35% to €32 Billion
Saudi Aramco reported a 35% quarterly profit increase, supported by higher crude prices and a major petrochemical joint venture sale.
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UAE Boosts Oil Exports After Leaving OPEC
The UAE says oil exports increased after leaving OPEC, as higher crude production reshapes regional supply amid the Iran conflict.
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Petkim to Build New Polyethylene Complex in Türkiye
Petkim plans an 850,000-tonne-per-year polyethylene complex in Türkiye, using Univation technology. The project remains subject to a final investment decision.
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INEOS Plans Acrylonitrile Production Halt
Polymerupdate reports a planned INEOS acrylonitrile production halt. The affected plant, location, reason and expected duration have not been confirmed.
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Formosa Plastics Declares Force Majeure in Texas
Formosa Plastics declared force majeure on selected polyethylene grades after a Texas plant shutdown. The affected unit and restart date…
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Repsol to Open New PE and PP Plants in Portugal
Repsol expects two new Portuguese plastics plants to start soon, adding 600,000 tonnes of annual polyethylene and polypropylene production capacity.
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Thai Chemical Giants Merge to Challenge China
Thailand’s PTTGC and SCGC plan a petrochemical joint venture targeting global top-ten scale as Chinese overcapacity pressures regional plastics producers.
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Oil Majors Make Billions but Refuse to Build Refineries
Five oil giants earned $56.3 billion in quarterly profits but remain reluctant to build refineries despite tight fuel supplies worldwide.
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TotalEnergies Doubles Profit as Diesel Prices Soar
TotalEnergies doubles quarterly profit to $8.3 billion as diesel shortages and exceptional refining margins deliver a massive windfall for shareholders.
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Iraq Jails Politicians Over $22 Million Oil Corruption Scandal
Two Iraqi politicians receive prison sentences and must repay over $22 million following corruption convictions involving state-owned oil refinery contracts.
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Oil Prices Fall as JD Vance Pushes Iran Toward Negotiations
Oil prices decline as JD Vance seeks renewed Iran talks, but Middle East attacks and supply disruptions keep markets nervous.
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Trump, Venezuela and the Oil Reality Check
Trump celebrates Venezuelan oil imports and booming American drilling, but declining Texas rig counts and industry data complicate his claims.
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Saudi Arabia Under Fire: Oilfields, Refineries and Pipelines Hit Since the Iran War Began
Since February 2026, Saudi energy infrastructure has faced reported missile and drone attacks. This chronology examines targeted facilities, refinery disruptions,…
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Versalis: 43% Production, 57% Green Bullshit
Italian chemical giant Versalis operates at just 43% capacity, raising serious concerns about industrial decline, competitiveness, jobs and Eni’s strategy.
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India Denies US Pressure to Cut Russian Oil Imports
India denies US pressure over Russian oil imports, insisting commercial interests, competitive pricing and Middle Eastern discounts drive purchasing decisions.
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QatarEnergy Chief Calls for Protection of Energy Infrastructure and Shipping Routes
QatarEnergy urges protection of LNG infrastructure and shipping routes during conflict, highlighting risks to global supplies and maritime trade.
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Eni Bets Big on Venezuela’s Oil Riches Despite Political Risks
Eni eyes a major Venezuelan oil investment, betting on massive production growth despite political uncertainty, regulatory hurdles and economic risks.
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BASF Teams Up with China’s Highsun to Rescue European Nylon
BASF and Chinese caprolactam giant Highsun explore a 50:50 joint venture combining their European polyamide 6 businesses to cut costs.
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EU Waste Shipment System Disrupts European Recycling Industry
European recyclers warn that DIWASS technical failures threaten waste shipments, urging the European Commission to postpone implementation requirements until July…
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Struggling UK Chemical Factories Plead for £1bn Help
UK chemical makers seek a £1bn Autumn Budget programme to unlock £3bn of private investment as 2026 output slumps 2.4%.
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Geopolitics Adds $20 a Barrel to Oil, Fund Manager Says
Gallo Partners’ CIO says Middle East uncertainty has added roughly $20 a barrel to oil, as prices slip 2% Monday.
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ENI and the Brindisi Fiasco
How do you sell a petrochemical cracker after shutting down the industrial ecosystem that makes it valuable? ENI’s restructuring in…
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India Targets $1 Trillion Chemicals Industry by 2040
India targets a $1 trillion chemicals industry by 2040, investing in chemical parks, infrastructure and manufacturing to accelerate industrial growth.
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Syria Could Become a Major Player in Middle East Oil and Gas
Syria attracts international energy investment, seeking to revive oil production and become a strategic alternative to the Strait of Hormuz.
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Trump Furious Over Ukrainian Strikes on Russian Oil Refineries
Trump condemns Ukrainian strikes on Russian refineries, warning of rising fuel prices as tensions with Zelensky threaten American military support.
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Alaska LNG Project Rocked by Alleged Secret Russian Financing
Senior executives quit a $25 billion Alaska LNG project amid allegations of secret Russian financing, raising concerns over US sanctions.
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China’s Petrochemical Expansion Challenges Europe’s Industrial Future
China’s competitive exports and Europe’s rising costs intensify industrial tensions, prompting Brussels to consider trade-defence measures to protect strategic manufacturing…
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Kremlin Confirms US-Russia Talks Over Lukoil’s $22 Billion Assets
Washington and Moscow discuss Lukoil’s $22 billion foreign assets as US sanctions complicate potential acquisitions by international energy companies.
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Eni Doubles Profits, Raises Dividend and Share Buybacks
Eni doubles quarterly profits to €2.8 billion, announces €1.3 billion special dividend and raises share buybacks to €3.8 billion.
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EU Rejects Arctic Oil and Gas Despite Energy Crisis
The EU rejects Arctic oil and gas despite Europe’s energy crisis, while Norway expands drilling and Russia strengthens its presence.
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Trump Invokes Defense Production Act to Boost US Oil Production
Trump invokes the Defense Production Act to expand US oil production, strengthen energy infrastructure and safeguard national security through federal…
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Rosneft Fears Long-Term Damage from Ukraine War
Rosneft faces mounting financial pressure as Ukrainian refinery attacks disrupt production, increase repair costs and threaten its long-term viability.
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China Faces Petrochemical Shortages as Prices Rise
China’s petrochemical inventories are shrinking amid feedstock shortages, driving up chemical prices despite continued industry overcapacity and uncertain future demand.
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Ukrainian Refinery Strikes: Is Someone Trading on Inside Information?
Are oil traders profiting from advance knowledge of Ukrainian refinery strikes?
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Trump’s Secret Venezuela Oil Deal Raises Questions
Trump’s controversial Venezuela oil deal reportedly grants extensive access to American investors, raising concerns about transparency, secrecy and potential beneficiaries.
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Gulf Oil Exports Surpass Prewar Levels Despite Iranian Attacks
Gulf oil exports exceed prewar levels despite Iranian attacks, reaching 24 million barrels daily, while soaring shipping costs sustain prices.
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UK Approves Long-Delayed Jackdaw Gas Field
Britain approves Jackdaw gas production, potentially boosting domestic supply by 6%, strengthening energy security and supporting hundreds of North Sea…
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Trump Pushes for More Diesel as US Prices Top $6
Trump urges refiners to increase diesel production as US prices surpass $6 per gallon, but supply relief faces significant delays.
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Oil Prices Can Fall $38 in One Day
On March 9, 2026, WTI crude oil experienced a historic $38 intraday price swing, demonstrating how dramatically prices can fluctuate.
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France Is Burning, Macron Is Touring the Gulf
As France erupts in protests, Macron tours wealthy Gulf states seeking oil, leaving angry citizens questioning his priorities and leadership.
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UK Oil Industry Urges Government to Unlock New North Sea Projects
North Sea industry leaders urge the UK government to approve more drilling projects, potentially unlocking £50 billion in energy investment.
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Nigerian Unions Issue Ultimatum for Petrol Price Reduction
Nigeria’s labour unions demand lower petrol prices, threatening further action as fuel costs rise and household purchasing power deteriorates.
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Goldman Sachs Predicts Brent Oil at $80 in 2027
Goldman Sachs expects Brent crude to average $80 per barrel in 2027 as Middle Eastern oil supplies recover. The bank…
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Oil Flows Through Strait of Hormuz Recover to 80%
Oil flows through Hormuz recover to 80% of pre-war levels, while Washington seeks additional diesel supplies to stabilize markets.
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China Reports Overnight Petrochemical Production Disruptions
Chinese chemical producers report plant outages and planned maintenance, raising concerns about supply disruptions across several important industrial chemical markets.
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Iran Offers to Reopen Strait of Hormuz Within Seven Days
Iran proposes reopening the Strait of Hormuz within seven days, provided Washington lifts restrictions and agrees to its conditions.
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TotalEnergies Declares Force Majeure on Polystyrene in France
TotalEnergies declares force majeure on polystyrene after an unexpected shutdown in France, raising concerns about European plastic supplies and prices.
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Türkiye Could Soon Announce New Oil Discovery at Gabar
Türkiye anticipates a new oil discovery at Gabar as exploration expands and the country seeks greater energy independence.
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Trump Allows India to Keep Buying Cheaper Russian Oil
Trump waives tariffs on Russian oil buyers, allowing India to maintain cheaper imports despite rising global crude prices and shipping…
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Brent Crude Could Reach $120
Brent crude could reach $120 as Iranian shipping attacks, Ukrainian refinery strikes and escalating geopolitical tensions threaten global oil supplies.
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Oil prices surge toward $110 a barrel
It’s going to be a cold and expensive winter in Europe Source https://en.mehrnews.com/news/248671/Oil-prices-surge-toward-110-a-barrel
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Could a Dollar Agreement Bring Brent Oil Down to $77?
Could a coordinated dollar agreement between the United States, Russia and Saudi Arabia strengthen the dollar, increase global oil supplies…
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Is the EU Buying Stolen Russian Gas from Ukraine?
Could Russian gas allegedly stolen from Ukrainian transit pipelines years ago have entered EU markets? Questions remain about ownership and…
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IEA Says Ukrainian Attacks Cause Diesel Shortages
Ukrainian attacks on Russian refineries are worsening global diesel shortages, cutting fuel supplies and driving up costs for consumers worldwide.
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Ukrainian Military Allegedly Behind Nord Stream Pipeline Explosions
Personal Remarks We helped Ukraine, funded its war effort, and opened our doors to its refugees. And how are we…
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Covestro to shut down Antwerp Activities
Covestro reportedly plans to reduce polycarbonate production capacity in Antwerp by 75%, highlighting mounting pressure on Europe’s plastics industry.
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Saudi Aramco comes to rescue of Europe
Saudi Aramco offers extra crude oil cargoes to European buyers, potentially boosting supply as energy markets face ongoing uncertainty.
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Operation 777: Bring Crude Oil Prices Down to $77 a Barrel by October 27
A call to oil industry executives and world leaders to lower energy prices, ease inflation, support consumers and make affordable…
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Oil Prices Fall Despite Attacks in the Strait of Hormuz
Oil prices fall despite Middle Eastern tensions as Washington considers easing tanker sanctions and increased production reduces global supply concerns.
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Trump Considers Easing Oil Tanker Sanctions as Prices Fall
Trump considers relaxing sanctions on oil tankers to ease shipping shortages, reduce transport costs and bring down global oil prices.
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Britain’s £47 Billion North Sea Oil Decision
Britain faces mounting pressure to approve major North Sea oil and gas projects amid investment uncertainty, environmental opposition and energy…
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UAE Oil Production Hits Record High After Leaving OPEC
UAE oil production reaches record levels after leaving OPEC, despite regional conflict and ongoing disruptions to Middle Eastern shipping routes.
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Chevron and Egypt Near $4 Billion Gas Pipeline Deal
Chevron and Egypt advance a $4 billion pipeline project to transport Cypriot natural gas to international markets through Egyptian infrastructure.
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Trump Announces Massive Oil and Gas Exploration Plans in Greenland
Trump announces potential large-scale Greenland oil, gas and mineral exploration, but officials have not confirmed projects or drilling rights yet.
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Russian Plastics Processors Seek Government Support as Costs Rise
Russian polymer processors seek government support as weakening demand, rising costs and falling equipment investment put pressure on the domestic…
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Dangote Refinery Reports $4.7 Billion Profit Ahead of Historic IPO
Nigeria’s Dangote Refinery reports $4.73 billion profit as it prepares Africa’s largest IPO, attracting investors amid strong fuel demand.
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Saudi Aramco’s Giant Petrochemical Complex in China Opens Soon
Saudi Aramco’s giant Chinese refinery and petrochemical complex approaches production, expanding crude processing and manufacturing capacity for plastics chemicals.
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IEA Warns Global Diesel Shortages Could Continue into 2027
The IEA warns diesel supplies may remain tight through 2027 as disrupted Russian and Middle Eastern exports drain inventories worldwide.
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Saudi Arabia Promises Stable Oil Exports
Saudi Arabia pledges uninterrupted oil exports despite Houthi missile attacks, as escalating regional tensions fuel uncertainty and global oil volatility.
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Bahrain Plans Major Plastics Chemicals Complex
Bahrain plans a new petrochemical complex producing paraxylene and benzene, key raw materials for plastics, polyester fibres and packaging.
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Plastic Prices Rise as European Buyers Hold Back
Description (20 words): European polystyrene and ABS producers are pushing through price increases amid higher feedstock costs, but weak demand…
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OPEC Slashes 2026 Oil Demand Growth Forecast by 71%
OPEC cuts its 2026 oil demand growth forecast by 71%, reflecting weaker consumption while expecting a recovery in 2027.
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Bahrain Plans Major Paraxylene and Benzene Complex
Bahrain plans a major petrochemical complex producing paraxylene and benzene, expanding its capacity to supply plastics and polyester manufacturers.
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Eni Sells Stakes in Indonesian Oil and Gas Projects
Eni sells stakes in Indonesian oil and gas projects to local companies, strengthening domestic ownership while maintaining its regional presence.
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Oil Prices Fall as Russian Diesel Returns to Global Markets
Oil prices decline as Russian diesel returns to global markets, potentially easing fuel shortages despite continuing Middle East supply risks.
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EU Criticises Trump’s Plan to Buy Russian Diesel
European leaders criticise Trump’s Russian diesel deal, warning it could weaken sanctions pressure on Moscow while questioning its impact on…
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India’s ONGC Launches New Petrochemicals Trading Company
India’s ONGC launches a joint venture to streamline petrochemical trading, improve distribution and strengthen its position in the chemicals market.
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Oil Giants Pull Out of Saudi Energy Summit After Deadly Attacks
Major oil executives withdraw from Saudi energy summit following deadly Houthi attacks, raising concerns about security and regional stability.
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Trump Pushes Ukraine to Stop Attacking Russian Oil Refineries
Trump pressures Zelensky to stop bombing Russian refineries, hoping to lower fuel prices, but Russia has not accepted the ceasefire.
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US Benzene Prices Remain Uncertain
US benzene contract uncertainty is disrupting chemical markets, delaying purchases as buyers rely on inventories while awaiting clearer pricing agreements.
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Trump Provides Diesel Tax Relief for Truckers and Farmers
Trump temporarily permits highway use of dyed diesel and defers federal excise taxes, aiming to reduce fuel costs for farmers…
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Trump Asks Zelensky to Stop Sabotaging the Oil Market
Trump demands an end to Ukrainian strikes on Russian refineries, blaming them for rising diesel prices and threatening further consequences.
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Trump and Putin Strike Diesel Deal
Trump and Putin announce a landmark diesel deal, promising lower fuel prices, renewed cooperation and economic benefits for both nations.
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BASF Considers Bigger Bid for Evonik
BASF considers raising its €10.3 billion offer to acquire German rival Evonik, potentially reshaping Europe’s chemical industry amid growing competition.
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African Investors Struggle to Buy Shares in Dangote’s Refinery
Dangote’s refinery seeks $1.6 billion from investors, but fragmented African financial regulations make buying shares difficult across national borders.
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Shell Buys 30% Stake in Canadian Offshore Oil Project
Shell acquires 30% of Canada’s Bay du Nord offshore oil project, targeting production of up to 175,000 barrels daily by…
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Carlyle Abandons $22 Billion Lukoil Deal
US investment firm Carlyle walks away from buying Russian oil giant Lukoil’s foreign assets as American sanctions complicate the sale.
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Trump’s $15 Billion Oil Pipeline Raises Conflict-of-Interest Questions
Trump’s Middle East envoy faces conflict-of-interest questions over financial ties to a company involved in a $15 billion oil pipeline.
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Oil Prices Fall Following Trump’s Statement on Iran
Oil prices fall after Trump eases fears of an attack on Iran, while Middle East tensions continue threatening global supplies.
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Shipping US Oil to China Has Become Too Expensive
American crude oil becomes increasingly unaffordable for Chinese refiners as soaring tanker costs threaten trade between the two countries.
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Saudi Arabia Expands Its Global Energy Empire Beyond Oil
Saudi Arabia expands its global energy influence through oil refineries, renewable energy projects and international investments, strengthening its economic power.
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Iraq Earns $5 Billion a Month from Oil Exports
Iraq generates up to $5 billion monthly from oil exports, maintaining strong revenues despite regional tensions and disruptions to production.
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Nigeria Announces 30-Day Fuel Price Discount
Nigeria announces a 30-day fuel discount through state-owned NNPC to ease rising petrol prices and provide temporary relief to consumers.
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