China imported around 12 million barrels of oil a day in June, with refiners in Shandong taking about 2.5 million barrels a day, according to government data. The economics are “questionable” but the return of the refi...  +

Palash Jain, Middle East oil market specialist at London-based consultancy Facts Global Energy (FGE), said prices remain volatile within the $66 to $70 range. “Overall, market fundamentals point toward increased upward press...  +

China enacted higher import tariffs on fuel oil at the start of 2025 and at the end of last year reduced the tax rebates on fuel oil shipments. That led to fuel oil imports declining to their lowest ever for the January-May per...  +

Demand will continue to grow. We will continue to see refining closures and capacity additions will start to wind down. So, despite all the doom and gloom that you might have heard elsewhere, we actually think that the refining...  +

Iranian naphtha is shipped mainly to the UAE, where it is used as a gasoline blendstock. Iran exported about 116,000 b/d of naphtha in January-May, data from consultancy FGE NexantECA show, down by 12pc from its 2024 exports. [...  +

As well as affecting shippers’ bottom lines, such sharp jumps in the cost of hauling fuels will also ripple through the wider petroleum markets. Persian Gulf exports of diesel are almost 1.4 million barrels-a-day, while naphtha...  +

Iman Nasseri, managing director of Middle East at FGE NexantECA, expects oil to jump above $100 per barrel if the strait [Hormuz] is closed. "It seems like $70 to $80 (per barrel) would be the range for the short term if there ...  +

“The possibility that the Strait of Hormuz closes is such a huge binary event, it makes forecasting balances challenging,” consultancy FGENexantECA wrote in a report. “Most market participants we have spoken to are not expectin...  +

FGE analyst Dylan Sim said Indian gasoline consumption and diesel demand are on track to grow around 4% and 2% per year, respectively, over the next decade or so. "Couple that with the market volatility and uncertainties see...  +

Global diesel supply could decline by 100,000 barrels per day (bpd) year-on-year in 2025, while demand will drop 40,000 bpd, according to energy consultancy FGE. Gasoline supply will decline by 180,000 bpd, with demand rising b...  +