Crude Processing

Asian refiners, particularly in Thailand, Indonesia, and South Korea, are evaluating alternative routes for Mediterranean and North African crude deliveries, considering the risks associated with the Red Sea shipping route.

The Chinese government's decision to permit teapots to utilize 2024 crude import quotas in advance of Dec. intake has stirred limited interest among refiners.

In Nov., the Spanish port of Cartagena experienced a significant surge in crude receipts, with a diverse slate comprising 14 grades, including a new North American grade.

The new refinery in Nigeria, Africa's largest, has reached a pivotal milestone with the arrival of its inaugural crude cargo, signifying the commencement of operations after enduring years of setbacks.

Asian refiners are demonstrating resilience in the face of OPEC and its allies committing to extended crude production cuts through the first quarter of 2024.

The world's fourth-largest crude importer increased crude oil imports by 4.4% in Oct. compared to the previous year.

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.