18 Jul 2026

Oilprice.com

• Alberta and Ottawa are reviving a scrapped pipeline plan: a 3,300-kilometre line from Hardisty to Sarnia carrying up to 500,000 bpd, with room to grow to 800,000 bpd.
• Carney is putting up C$150 billion for Alberta and British Columbia infrastructure while promising Indigenous communities a real ownership stake in the pipeline.
• British Columbia's oil tanker ban stays in place, a concession that appears to have brought BC's premier and coastal First Nations on side.

A new oil pipeline could connect eastern and western Canada as the oil-rich country seeks to become more self-reliant and reduce its energy dependence on the United States. However, not everyone is in support of the project, which is at odds with Canada’s climate targets.

Alberta is home to vast oil reserves, totalling around 158.9 billion barrels. At present, the United States is the main importer of Canadian crude, which accounted for 63.4 per cent of U.S. crude imports in 2025. In recent years, as Canada’s federal government has favoured plans for a green transition, thereby hindering the expansion of the oil industry...

https://oilprice.com/Energy/Crude-Oil/Canada-Unveils-New-Pipeline-to-Cut-Reliance-on-US-Oil-Routes.html

NEW YORK, July 16 (Reuters) - U.S. refiner margins registered a fresh record high for the third consecutive session on Thursday, as low stockpiles and worsening tensions in the Middle East threaten potential supply shortfalls in the world's largest fuel consuming nation.

U.S. refiners have been the biggest beneficiaries of the Iran war as international buyers have clamored for their supplies, pushing the country's fuel exports to record ‌highs. As a result, however, domestic fuel stockpiles have dropped and lifted fuel prices sharply, weighing on consumer budgets in the peak summer driving season and posing potential problems for farmers in the country's Midwest.

The 3-2-1 crack spread , the most widely used benchmark for U.S. refiner profitability, rose over 2% to close at $69.66 a barrel, a record high. The spread, traded on the New York Mercantile Exchange...

https://www.reuters.com/business/energy/us-refiner-margins-hit-new-records-fuel-shortage-concerns-grow-2026-07-16/

16 Jul 2026

Oilprice.com

• India is emerging as the world's new "swing supplier" of refined fuels, rapidly redirecting diesel, jet fuel, and gasoline exports to markets facing the biggest shortages.
• Strong refining capacity and diverse crude imports allow Indian refiners to capitalize on disruptions caused by Russian refinery outages, Middle East conflicts, and tight European fuel markets.
• With refining capacity set to expand further, India is increasingly shaping global fuel flows while balancing export opportunities with domestic energy security.

For years, the world's swing oil producer has been Saudi Arabia. Need more crude? Riyadh opens the taps. Too much oil? Riyadh closes them. But while everyone has been watching who controls crude production, another swing producer has quietly been taking shape—one that deals in diesel, jet fuel, and gasoline instead of crude oil.

It's India, and they’re taking charge.

When Middle Eastern refineries were damaged during the Iran/US war, when Russian diesel exports collapsed under the weight of Ukrainian drone strikes, and when Europe found itself scrambling for replacement barrels yet again, Indian refiners did a little carpe diem...

https://oilprice.com/Energy/Crude-Oil/India-Is-Becoming-the-Worlds-Refining-Swing-Producer.html

13 Jul 2026

Bloomberg

(Bloomberg) — A wave of Ukrainian attacks has pushed Russian refining runs to the lowest in more than 21 years, deepening a domestic fuel crunch and further squeezing the global market.

Crude-processing rates have averaged 3.91 million barrels a day so far this month, the lowest level since March 2005, according to figures compiled by EA Analytics. That’s more than 1.4 million barrels a day below the year-ago average, the data show.

The drop in production has prompted a ban on most diesel exports to the end of July, in addition to restrictions on gasoline and jet fuel shipments introduced earlier. The loss of diesel from a key global supplier has driven prices to multiyear highs, with the market already tightened by disruptions to Middle East flows.

Russia has classified its official statistics on refinery operations, making independent assessments of damage to the industry challenging...

https://financialpost.com/pmn/business-pmn/russian-refinery-runs-plunge-to-lowest-in-more-than-two-decades

9 Jul 2026

Bloomberg

Traffic through the Strait of Hormuz came to a near standstill on Thursday, after the US struck Iran for a second straight day as a fragile truce between the two sides looked increasingly shaky.

Observable movements in the world's most vital energy conduit largely occurred along an Iran-approved route nearer to the waterway's north, while the US-supported Omani corridor was quiet, ship-tracking data show.

Among larger vessels, only a US-sanctioned supertanker heading out of the Persian Gulf was seen in the strait, alongside an Iranian-flagged container ship. It's possible that some vessels may be crossing with their transponders turned off...

Most Read from Bloomberg Businessweek

https://finance.yahoo.com/energy/articles/hormuz-traffic-grinds-near-halt-030551125.html?guccounter=1&guce_referrer=aHR0cHM6Ly93d3cuZ29vZ2xlLmNvbS8&guce_referrer_sig=AQAAAIZsC1wj_-jDfZv_IuXXwl5Pp_SBDQAL--srVn9Z1n-gVyb4rWZKbLnRCBRpaWlRSWo21GdqRvALMMyDi_m-In-zIBT-r3lyFnjJaqt8pe_D-rhglI4EOJlpnEAsEiI6spcvi5Rqd12xDHH0ILZk3xsDq36xXZxRXZ-dhSL8zMA5

July 6 (Reuters) - Ukrainian drones struck Russia's largest oil refinery in Omsk, deep in Siberia, on Monday in what would be one of Ukraine's longest-range attacksof the war, Kyiv's military said on Monday. Local Russian authorities confirmed the strike.

In ‌a statement, Ukraine's General Staff said that the strike had caused a fire at the Omsk refinery, located around 2,700 km (1,700 miles) from Ukrainian-held territory and close to Russia's border with Kazakhstan.

Vitaly Khotsenko, governor of the Omsk region, said Ukraine had attacked the refinery and said that Russian air defences had destroyed most of the drones involved in the strike.

There were no casualties and emergency services were ⁠working at the scene, Khotsenko said in a post on the Russian messaging app MAX...

https://www.reuters.com/business/energy/ukrainian-drones-hit-russias-largest-refinery-one-deepest-strikes-yet-2026-07-06/

MOSCOW, July 8 (Reuters) - Ukrainian drones attacked three Russian oil refineries, Russian tankers in the Sea of Azov and pipeline pumping stations, Ukrainian and Russian officials said on Wednesday, in a night of large-scale attacks that stretched from the Ukrainian border to the Ural Mountains.

Russia has been suffering from severe fuel shortages in some regions, as Ukraine conducts a drone campaign against its oil refineries and energy infrastructure, with Kyiv hitting targets increasingly distant from its own territory.

Kyiv struck the Omsk refinery on Monday, Russia's largest, located deep in Siberia, about 2,700 km from Ukrainian-controlled...

https://www.reuters.com/pt/mundo/UZVMN6WA5FM7JJF6MOPUYXKVHY-2026-07-08/

7 Jul 2026

CBS News

The Trump administration on Tuesday revoked a waiver that allowed Iranian oil sales, a key source of revenue for the regime, after the Islamic Revolutionary Guard Corps attacked three tankers in the Strait of Hormuz.

The Treasury Department said that "General License X," which was issued two weeks ago as part of an interim peace deal between the U.S. and Iran and exempted Iranian oil sales from U.S. sanctions, would be superseded by a narrower waiver called "General License X1."

The new license does not authorize any new Iranian oil sales after Tuesday. It allows a grace period until July 17 for transactions already in process and authorized under the previous license, with the money from those sales placed in a "blocked, interest-bearing account."...

https://www.cbsnews.com/news/us-rescinds-waiver-permitting-iranian-oil-sales-after-iranian-attacks-on-tankers/

SINGAPORE/DUBAI, June 30 (Reuters) - The United Arab Emirates boosted crude oil and condensate exports to ‌a record high in June, preliminary Kpler and Vortexa ship-tracking data showed, shortly after the Gulf producer left OPEC.

The decision to end almost 60 years of membership of the Organization of the Petroleum Exporting Countries on May 1 during the U.S.-Israeli war with Iran was aimed at maximising the value of its resources, free from the constraints of the producer group's quotas.

Iran's chokehold on the Strait of Hormuz, meanwhile, prompted Abu Dhabi National Oil Company (ADNOC) to set up a tanker shuttle service to export ⁠its crude on vessels with their transponders switched off to reduce the risk of attack while sailing through the Gulf, helping these so-called dark vessels to evade attacks...

https://www.reuters.com/business/energy/uae-exports-record-oil-volumes-after-opec-exit-ship-tracking-data-shows-2026-06-30/

SINGAPORE, July 2 (Reuters) - At least five supertankers carrying a total 10 million barrels ‌of Saudi oil loaded from Ras Tanura have exited the Strait of Hormuz, with Saudi Aramco switching to spot pricing to speed sales in Asia, according to trade sources and shipping data.

Saudi Aramco (2222.SE), opens new tab resumed loadings from Ras Tanura, the world's largest oil port, on Friday after a halt of nearly four months. The Saudi national oil company is ramping up loadings and shipments to Asia, adding to a prompt glut that has depressed Brent crude to about $70 a ⁠barrel from close to $120 in March following the interim U.S.-Iran peace deal.

In addition to using its Bahri tanker fleet to deliver the cargoes, the world's top oil exporter offered the crude to its Asian customers on a spot pricing basis to attract demand as competition among suppliers heats up...

https://www.reuters.com/business/energy/saudi-aramco-ramps-up-exports-ras-tanura-switches-spot-sales-sources-say-2026-07-02/

CALGARY, Alberta, June 22 (Reuters) - The government of Alberta, Canada's main oil-producing province, is in talks to export more crude oil to Japan and reduce that country's ‌reliance on the Middle East, the province's Energy Minister Brian Jean said in an interview on Monday.

Alberta has offered to help fund the construction of a coker unit that would enable one or more Japanese companies to process heavy crude produced in Alberta's oil sands, Jean said. The province also is exploring whether Alberta heavy crude could be combined with a lighter, synthetic oil to make a blend more suitable for Japanese refiners, Jean added.

"We want to work ⁠with them to make sure that they're able to take our oil over a long period of time," said Jean, who was in Japan last week for in-person talks with Japanese government...

https://www.reuters.com/business/energy/alberta-talks-with-japan-boosting-canadian-crude-imports-2026-06-22/

LONDON/SINGAPORE, June 25 (Reuters) - Crude shipments through the Strait of Hormuz rose this week to their highest level since the U.S.-Israeli conflict with Iran began in February after a ceasefire deal reopened the waterway, data showed ‌on Thursday.

Concerns about how long the strait would stay open also boosted trade.

Still, while there was an increase in oil shipments amid strong demand, especially in Asia after months of disruptions, overall sailings are still a fraction of the daily average of 125 ships passing through the strait before the February 28 conflict began.

Four tankers carrying six million barrels of crude oil sailed through the strait on Thursday and an additional four million barrels of Iranian crude onboard two separate tankers also left...

https://www.reuters.com/business/energy/crude-shipments-through-hormuz-highest-since-war-amid-concerns-over-iran-exit-2026-06-25/

SINGAPORE, June 25 (Reuters) - China's state-owned refiners are considering resuming Iranian oil purchases, but competing alternative supplies and falling domestic fuel demand will temper their interest, said several industry sources.

Any purchases ‌would be the first since 2019 when Sinopec and PetroChina bought Iranian crude shortly after U.S. President Donald Trump reimposed sanctions on Tehran's petroleum exports in his first term.

PetroChina and Sinopec are examining the banking, insurance and shipping considerations needed to resume their Iranian transactions, said three of the sources, officials at Chinese state oil companies who spoke on condition of anonymity as the subject is sensitive.

The decision follows Monday's U.S. waiver allowing global customers to buy Iranian oil and...

https://www.reuters.com/business/energy/china-state-refiners-considering-resuming-iran-oil-imports-sources-say-2026-06-25/

SINGAPORE, June 26 (Reuters) - Saudi Aramco resumed oil loading on Friday at its Ras Tanura terminal in the Gulf ‌after a near four-month halt, shipping data from LSEG showed.

Two Very Large Crude Carriers were seen loading crude at the terminal, while another waited nearby, the data ⁠showed. Each VLCC is capable of loading 2 million barrels of oil.

Saudi Aramco could not be immediately reached for comment outside office hours.

The Saudi energy major last loaded a cargo from the Ras Tanura port for China on March 8, the data ‌showed, ⁠and had to divert all its exports to the Red Sea port of Yanbu after an Iranian blockade of the Strait of Hormuz...

https://www.reuters.com/business/energy/saudi-aramco-resumes-oil-loading-ras-tanura-after-4-month-halt-data-shows-2026-06-26/

SINGAPORE, June 24 (Reuters) - Three stranded tankers carrying 5 million barrels of crude oil were exiting the Strait of Hormuz on Wednesday, with two heading to Asia, shipping data showed, as the interim deal between Iran and the U.S. unlocks more supply stuck ‌in the Gulf, bringing down global prices.

South Korean-flagged VL Breeze, a Very Large Crude Carrier carrying 2 million barrels of Qatari condensate and Abu Dhabi crude, passed the strait and is heading to Daesan, data from LSEG and Kpler showed. The supertanker is chartered by South Korean refiner Hyundai Oilbank.

VLCC Plata Carrier, chartered by Indian Oil Corp (IOC.NS), opens new tab, is heading out of the strait with 2 million ⁠barrels of Saudi crude, alongside Suezmax tanker Prudent Warrior, which is heading for Sohar, Oman, with 1 million barrels of Iraqi Basrah crude...

https://www.reuters.com/business/energy/more-stranded-oil-tankers-exit-hormuz-adding-global-supply-2026-06-24/

24 Jun 2026

Oilprice.com

The independent refiners in China, the so-called teapots, have slashed their refinery run rates to the lowest level since 2017, as high feedstock prices, weak domestic fuel consumption, and restricted exports have hit margins.

Refinery runs at the refiners in the Shandong province slumped to just 50.5% last week, per data from consultancy JLC cited by Bloomberg. These run rates are even lower than in 2020, when the pandemic hit China’s fuel consumption. The current utilization rates are at the lowest level since August 2017, when the independent refiners saw their run rates crash to a low of 44%, according to the data tracked by JLC. 

All Chinese refiners have slashed refinery utilization rates in recent months as imports crashed...

https://oilprice.com/Latest-Energy-News/World-News/Chinas-Teapot-Refineries-Cut-Operations-to-Their-Lowest-Level-Since-2017.html

June 24 (Reuters) - Moscow's oil refinery will be offline for at least six months after suffering extensive damage in Ukrainian drone attacks, two industry sources said on Wednesday, complicating Russian efforts to tackle fuel shortages across the world's largest country.

The refinery, located on the southern outskirts of the ⁠Russian capital, is the largest fuel supplier to the Moscow region. It was hit twice this month by Ukrainian drones, forcing it to halt operations.

"It will take at least half a year to repair," one of the sources said...

https://www.reuters.com/business/energy/moscow-oil-refinery-hit-by-drone-attacks-is-unlikely-resume-production-this-year-2026-06-24/

WASHINGTON, June 22 (Reuters) - The United States authorized Iranian oil sales on Monday, easing decades-old sanctions as it ‌pushes toward a final peace deal with Tehran in return for commitments on nuclear inspections and free transit through the Strait of Hormuz.

The general license, announced by the Treasury Department, allows the sale of crude oil and petrochemical and petroleum products of Iranian origin through August 21.

The license says Iranian oil can be imported into the U.S. when necessary to complete its sale, delivery or offloading. The U.S. has not meaningfully ⁠imported Iranian oil since Washington imposed measures after the 1979 revolution...

https://www.reuters.com/business/energy/us-issues-iran-related-general-license-oil-sales-2026-06-22/

Bahrain's Alba Acquires Aluminium Dunkerque, the EU's Largest Aluminium Smelter, for USD 2.2 Billion

2 Jun 2026

Alba Newsletter

Aluminium Bahrain B.S.C. (Alba), the world's largest single-site aluminium smelter, has agreed to acquire Aluminium Dunkerque – the largest aluminium smelter in the European Union – in a transaction valued at approximately USD 2.2 billion, marking a pivotal step in Alba's strategy to build a global low-carbon aluminium platform. The deal was announced jointly with American Industrial Partners, who are the current owners of Aluminium Dunkerque, and Bpifrance, the French public investment bank who will acquire a minority stake in the company alongside Alba.

The Memorandum of Understanding with Bpifrance (MoU) was signed in Paris on the sidelines of the Choose France Summit – the leading investment summit – in the presence of His Excellency Shaikh Salman bin Khalifa Al Khalifa, Minister of Finance and National Economy and Chairman of Mumtalakat Holding Company, and Mr Nicolas Forissier, France's Minister Delegate for Foreign Trade and Economic Attractiveness. The parties to the signing ceremony were represented by Mr Khalid Amro Al-Rumaihi, Chairman of Alba's Board of Directors; Mr Dino Cusumano, Managing Partner at American Industrial Partners; and Mr José Gonzalo, Executive Director of Capital Development at Bpifrance.

Upon closing of the transaction, Alba will acquire 100% of Aluminium Dunkerque in a transaction valued at approximately USD 2.2 Billion, to be fully financed by a consortium of Alba's banking partners. The MoU between Alba and Bpifrance further provides for a capital investment of EUR 100 million by Bpifrance in the transaction, representing a 6% ownership stake in Aluminium Dunkerque...

https://www.albasmelter.com/en/article/alba-acquires-aluminium-dunkerque

BEIJING, June 18 (Reuters) - China's oil consumption is expected to drop in 2026 amid a pivot to new energy and high oil prices due to the Iran war, according to a report ‌published by PetroChina's research unit.

China, the world's second-largest oil consumer, is forecast to consume 753 million tons of oil in 2026, a 4.9% drop from 2025 when consumption rose by 3.6%, according to a report by PetroChina Planning and Engineering Institute.

Here are some other key figures from the report:

• China's crude ⁠production is forecast at 217 million tons in 2026, up 0.5% year on year.
• Oil demand is plateauing and projected to fall to around 700 million tons by 2030.
• Oil refining capacity is set to reach 963 million tons per annum in 2026, an increase of 15 million tons.
• Refined oil consumption is forecast at 324 million tons in 2026, down 6.4% from 346 million tons in 2025...

https://www.reuters.com/business/energy/petrochina-forecasts-chinese-oil-consumption-will-drop-49-this-year-2026-06-18/

KNPC is continuing efforts to expand the refining capacity of Mina Al-Ahmadi and Mina Abdullah refineries by increasing the output of several operating units

Najeh Bilal Al-Seyassah, Arab Times

June 17, 2026

KUWAIT CITY: Kuwait National Petroleum Company (KNPC) became the largest oil refining facility in the Middle East after acquiring the Zour Refinery, with its actual daily refining capacity reaching 1.4136 million barrels of oil, hence, securing the leading position in the region.

Saudi Aramco ranked second with a total daily refining capacity exceeding one million barrels. Its refining assets include the SATORP Refinery, which has a capacity of 460,000 barrels per day, and the Ras Tanura Refinery, whose capacity exceeds 550,000 barrels per day. The Abu Dhabi National Oil Company (ADNOC) is in third place through its management of the Ruwais Refining Complex in the United Arab Emirates (UAE)...

https://www.zawya.com/en/world/middle-east/knpc-leads-regional-refining-race-surpasses-aramco-ie0vn344

HOUSTON, June 17 (Reuters) - Overall US crude inventories fell ‌last week to 758.5 million barrels, its lowest since ⁠March 1985, the Energy Information Administration said on Wednesday.

Total inventories, including commercial stocks and those ‌in ⁠the Strategic Petroleum Reserve, fell by 17.2 million in ⁠the week ended June 12, according ⁠to the data.

https://www.reuters.com/business/energy/us-crude-stocks-fall-its-lowest-since-march-1985-eia-says-2026-06-17/

17 Jun 2026

The Guardian

Senior US officials have revealed the contents of a preliminary memorandum of understanding (MOU) between Washington and Tehran to end the 110-day conflict which has cost thousands of lives and devastated the world economy.

The officials dictated the MOU to journalists on Wednesday, before it was signed by Donald Trump and Iranian counterpart Masoud Pezeshkian. Both sides have 60 days to negotiate the terms before a final agreement.

This is what the deal includes:

An immediate, permanent halt to fighting on both sides – including in Lebanon

To start, both the US and Iran, along with their allies, agree to declare an end to military operations on all fronts the moment the document is signed.

Senior officials on the call read out the line:

“The United States of America and the Islamic Republic of Iran and their allies in the current war by signing this MOU declare the immediate and permanent termination of military operations on all fronts, including in Lebanon.”

The inclusion of Lebanon is significant, and it effectively requires Iran to rein in Hezbollah. Israel retains the right to strike back if Hezbollah attacks regardless, officials added. Israel was not a party to the negotiations or the MOU, and may not feel bound by the agreement...

https://www.theguardian.com/world/2026/jun/17/us-iran-deal-trump

17 Jun 2026

Bloomberg

As the world awaits the full reopening of the Strait of Hormuz following the signing of an interim peace deal between Iran and the U.S., the United Arab Emirates is working on a highly ambitious plan to try to end its dependence on the critical choke point.

“We’re moving toward having zero Hormuz dependency and that’s regardless of whether it’s open or not,” the UAE’s Minister of Foreign Trade Thani Al Zeyoudi said in an interview. “It’s going to open and we hope that will happen quickly, but we will not stop the new plan.”

The effective shuttering of Hormuz since the U.S. and Israel began bombarding Iran in late February has highlighted the critical importance of the waterway to global supplies of energy and other commodities, from fertilizers and helium to aluminum. The UAE has already benefited from being able to partially bypass the strait, using an existing pipeline to keep some crude moving through ports on its east coast...

https://www.ttnews.com/articles/uae-cut-dependency-hormuz

Oilprice.com

A major Saudi Arabian refinery damaged during the Iran conflict will not return to full operations until early 2027, according to TotalEnergies CEO Patrick Pouyanné, raising fresh concerns about the pace of recovery in global fuel markets even as a U.S.-Iran peace agreement moves forward.

Speaking before France’s National Assembly on Wednesday, Pouyanné said the 460,000-barrel-per-day SATORP refinery in Saudi Arabia is still operating at only 70% capacity after being struck by three drones in April.

“Our Saudi Arabian refinery underwent damage by three drone strikes. It’s currently running at about 70% capacity and probably won’t be fully repaired until after this year is over,” Pouyanné told...

https://oilprice.com/Latest-Energy-News/World-News/TotalEnergies-Saudi-Refinery-Wont-Fully-Recover-Until-2027.html