Oilprice.com

1 day ago | oilprice.com | Tsvetana Paraskova

Spain did not import any crude oil from Venezuela in April, ahead of a U.S. deadline in May for foreign operators to wind down operations in the South American country, official Spanish data showed on Friday. Earlier this year, Spain’s imports of crude oil from Venezuela jumped by nearly 60% in January and February compared to the same period of 2024.

1 day ago | oilprice.com | Tsvetana Paraskova

The Dangote oil refinery in Nigeria, Africa’s largest crude processing facility, has been buying increasing volumes of U.S. crude WTI despite the fact that Nigeria is the biggest crude oil producer in Africa. But Africa’s top OPEC member has been struggling to materially boost domestic crude output, so the 650,000-barrels-per-day refinery has been sourcing more WTI crude as the facility is ramping up to capacity.

1 day ago | oilprice.com | Tsvetana Paraskova

Slowing fuel demand in China and weaker growth elsewhere have prompted the biggest private refiners in India to raise their fuel sales at home as margins abroad are falling. Reliance Industries of billionaire Mukesh Ambani, as well as Nayara Energy, whose largest shareholder is Russia’s oil giant Rosneft, are increasing their fuel sales in India, Reuters reports. India’s fuel demand growth remains solid and will rise at a steady clip in the coming years.

1 day ago | oilprice.com | Tsvetana Paraskova

The UK’s upcoming industrial strategy should include action to slash energy costs which are among the highest in the world and hinder growth, the House of Commons Business and Trade Committee warned in a report on Friday, as business leaders are also calling for a decisive action to cut industrial energy costs. The UK government is set to unveil an industrial strategy next week—Britain’s first such strategy this decade—to spur growth in an ever-changing geopolitical and trade landscape.

1 day ago | oilprice.com | Tsvetana Paraskova

Last year, SAF production volumes reached 1 million tons, double the 500,000 tons produced in 2023. However, SAF accounted for just 0.3% of global jet fuel production and 11% of global renewable fuel. Clean jet fuel, which can be made from used cooking oil, wastes, or plants, reduces carbon dioxide (CO2) emissions by up to 80%, the aviation industry says.