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Russian Oil Refining Capacity Plummets 14.5%. Reuters calculations showed on Friday that the share of Russia’s refining capacity that is offline this month has jumped from August to 14.5% of all processing capacity amid Ukrainian drone attacks and planned and unplanned technical outages.? According to estimates based on data from industry sources compiled by Reuters, the Russian oil refining capacity that’s now offline jumped by 34% in September.? As more of Russia’s refining capacity is now offline, this could lead to higher crude oil exports as Russia doesn’t… https://ow.ly/Mb8B105IAAv

Oil Prices Poised for Weekly Gain. Crude oil prices extended their gains from Thursday earlier today and looked set to interrupt a three-week losing streak, if the gains hold. They might well reverse, however, as Gulf of Mexico oil producers begin to restart operations following Hurricane Francine. The hurricane had prompted the shut-in of as much as 42% of Gulf production, equal to about 730,000 barrels daily, supporting prices. However, more than this was affected in terms of total production, according to UBS analysts, who put the total amount affected at 1.5 million barrels… https://ow.ly/XhB7105IyWF

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Rising Oil Supply Emerges as Top Concern for Crude Traders. Rising global oil supply appears to be on top of the list of concerns for oil trading giants and industry analysts, according to the speakers at the Asia Pacific Petroleum Conference (APPEC) in Singapore this week. Many participants in the event expressed more concern about upcoming supply than about slowing demand. While recognizing that demand has undershot expectations this year, renowned analysts and the top executives at oil traders fear a growing oversupply next year. The OPEC+ group plans to unwind its ongoing production cuts gradually over… https://ow.ly/58jU105ImRE

Libya’s Oil Exports Crashed by 81% Amid Political Standoff. Amid the ongoing political standoff between rival governments, Libya’s crude oil exports plummeted to 194,000 barrels per day (bpd) last week, an 81% plunge compared to the previous week, according to data from Kpler cited by Reuters. Last week, the average export levels were way off the 1 million bpd in exports in the previous weeks, the data showed on Wednesday. Libya’s National Oil Corporation (NOC) has canceled some cargoes, although it has not declared force majeure on all exports from the country. NOC has declared force majeure… https://ow.ly/aHCM105ImRA

World’s Top Oil Trader Sees China’s Gasoline Demand Peaking by 2025. China’s gradual shift toward electric vehicles will bring about domestic gasoline demand peaking either this year or next, according to the top executive of the world’s largest independent oil trader, Vitol Group. “Gasoline is likely to peak this year or next year in China — not because nobody’s moving, but simply because the fleet is slowly changing towards electric vehicles,” Vitol Group’s CEO Russell Hardy told Bloomberg in an interview published on Monday. Earlier this year, Vitol pushed back its expected… https://ow.ly/5WCW105I7vp

OPEC+ to Begin Oil Production Increase in 2025. The OPEC+ group will begin adding supply to the market in 2025, for the first time since 2022, Jim Burkhard, vice president of research at S&P Global Commodity Insights, said at the Asia Pacific Petroleum Conference (APPEC) on Monday. “We think in 2025 for the first time in a couple of years, first time since 2022, OPEC+ will increase production,” Burkhard said at the conference in Singapore organized by S&P, as carried by Reuters. Last week, the OPEC+ alliance led by Saudi Arabia and Russia decided to delay the unwinding of… https://ow.ly/ouub105I7vn