Crude Processing

Petroineos, a joint venture between PetroChina and Ineos, announced plans to close the 150K b/d Grangemouth refinery in Scotland, converting it into a fuel import terminal by spring 2025.

Louisiana State University's Center for Energy Studies has reported diminishing concerns about the closure of smaller USGC oil refineries.

Chinese independent refiners (‘teapots”), formerly the primary purchasers of Venezuelan crude prior to US sanctions relief, are now refraining from fresh oil acquisitions due to unpredictable discounts on cargoes after major international players re-entered Venezuelan trades.

In October, Spain's Tarragona port experienced a substantial surge in crude deliveries, reaching over 195K b/d, a notable increase from the 160K b/d recorded in Sept.

China's independent refineries experienced a substantial 49% drop in heavy feedstock bitumen blend imports in Oct., with Shandong refineries hitting a three-month low of around 979K mt compared to September's 1.93MM mt.

The refining complex in Sicily, Italy, experienced a decline in crude oil receipts, with deliveries dropping from 245K b/d in Sept. to 225K b/d.

The Dangote oil refinery in Nigeria is poised to make a significant impact on the oil industry, and the Nigerian National Petroleum Corporation (NNPC) is playing a vital role in its development.

China's state-owned firm is making a strategic move to resume Venezuelan oil imports after a four-year hiatus.

In the month, Italy's Priolo refinery complex, owned by GOI Energy, witnessed a remarkable surge in US West Texas Intermediate (WTI) crude oil deliveries for the third consecutive month.

In the last month of 3Q, the Spanish Mediterranean port of Tarragona saw a shift in its crude oil deliveries as US West Texas Intermediate (WTI) crude usurped rival grades, establishing itself as the leading supply source.