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CommodityOilPrice.com

India's Crude Oil Import Bill Soars 46% as Middle East Crisis Drives Up Prices

India paid $15.4 billion to import crude oil in September, up by 46% from the year-ago import bill of $10.5 billion, as international oil prices and the Indian import crude basket soared amid reignited tensions in the Middle East. India, the world’s third-largest crude oil importer, saw its crude imports rise by 7% in September from a year earlier. But the price to pay for crude oil imports…

CommodityOilPrice.com

Greenpeace Protest Forces Shutdown at Woodside’s $12.5 Billion Gas Project

Two Greenpeace activists were arrested in Australia after they caused a halt in operations at Woodside Energy’s Scarborough LNG platform, off the coast of Western Australia. The two were charged with “interfering with offshore petroleum installations or operations”, the local authorities said in a statement as cited by ABC. The maximum penalty for that charge is 10 years in prison. The two…

CommodityOilPrice.com

Oil Prices Slip as Trump-Putin Diesel Deal Raises Supply Hopes

Crude oil prices began the week with a dip on traders' expectations of a boost in diesel fuel supply under the deal agreed by the presidents of Russia and the United States. However, the dip in oil benchmarks came from a much higher point than a week ago, leaving prices palpably elevated. At the time of writing, Brent crude was changing hands for $107.84 per barrel, with West Texas Intermediate…

CommodityOilPrice.com

America Needs 48,000 Tons of Rare Earth Magnets. It Only Makes 300

Last year, America needed roughly 48,000 metric tons of the most common rare earth magnet, and domestic sources supplied just 300 tons. The rest had to come from somewhere else, and China makes more than 90% of the world's supply. To make matters worse, in January, that supply gets cut from both directions. On January 1, the Pentagon's ban on Chinese magnets in its supply chain takes effect, and…

CommodityOilPrice.com

Record Shipping Costs Force Oil Producers to Slash Prices

Freight is reshaping global oil trade and the prices producers can command for their crude. Soaring shipping costs are pushing delivered prices beyond what refiners are willing to pay, forcing sellers to cut differentials or find buyers closer to home. With Chinese refiners inclined to wait for transport costs to ease, some producers are committing barrels for future loading at prices that leave…

CommodityOilPrice.com

Hormuz Is Turning Shipping’s Fuel Bill Into a Supply Crisis

The Hormuz crisis is not only hitting crude oil and gas, but also container shipping. It is also tightening its grip on global shipping through the fuel tanks of vessels carrying world trade. Disrupted exports, constrained refinery supplies, and increasingly unreliable deliveries are clearly at present pushing the bunker market into a dangerous position. Fuel remains available internationally,…

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