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Released September 13, 2024 | SUGAR LAND
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News highlights gathered by Industrial Info and IIR Energy (Sugar Land, Texas) dealing with the energy markets.
REFINING
Scotland's Only Oil Refinery to Close Next Year - Grangemouth, Scotland's only oil refinery, is to close in 2025 with the loss of 400 jobs, operator Petroineos (London, England) said on Thursday, as part of plans to turn the 100-year-old plant into a fuels import terminal. Petroineos said last November it was preparing to shut Grangemouth, Britain's oldest refinery. Production will cease in the second quarter of next year, subject to an employee consultation, a company spokesperson said. Subscribers to Industrial Info's Global Market Intelligence (GMI) Plant Database can click here for the plant profile. (Reuters)
CRUDE OIL
China's Crude Oil Imports Increase - China's crude oil imports staged a rebound in August, rising to the highest in a year. The world's biggest crude oil importer saw arrivals of 49.1 million metric tons in August, equivalent to 11.56 million barrels per day (BBL/d), according to customs data released on September 10. This was the highest monthly total since August last year, and also a strong gain on the 9.97 million BBL/d seen in July, which was the weakest monthly total for almost two years. While the August imports look strong, it's worth noting that they are still down 7% from the same month in 2023, and imports for the first eight months of this year are 3.1% below those for the same period last year. (Reuters)
IEA Cuts Oil Demand Growth Forecast - Global oil demand will rise less than previously thought this year, led by weakness in China, the International Energy Agency (IEA) said on Thursday, bolstering its view that consumption is heading toward a plateau this decade. World demand will rise by 900,000 BBL/d, the IEA said in a monthly report, down 70,000 BBL/d or 7.2% from its previous forecast, which is at the lower end of the range the industry expects. (Reuters)
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About IIR Energy
Energy asset information on power plants, oil refineries and natural gas infrastructure is now more important than ever. A unit of Industrial Info Resources, IIR Energy provides infrastructure information on these assets, as well as real-time tracking of planned and unplanned interruptions affecting the commodity-trading community. We are the number one source for information about power plant outages, refinery turnarounds and midstream natural gas disruptions.
About Industrial Info
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 trillion (USD).
REFINING
Scotland's Only Oil Refinery to Close Next Year - Grangemouth, Scotland's only oil refinery, is to close in 2025 with the loss of 400 jobs, operator Petroineos (London, England) said on Thursday, as part of plans to turn the 100-year-old plant into a fuels import terminal. Petroineos said last November it was preparing to shut Grangemouth, Britain's oldest refinery. Production will cease in the second quarter of next year, subject to an employee consultation, a company spokesperson said. Subscribers to Industrial Info's Global Market Intelligence (GMI) Plant Database can click here for the plant profile. (Reuters)
CRUDE OIL
China's Crude Oil Imports Increase - China's crude oil imports staged a rebound in August, rising to the highest in a year. The world's biggest crude oil importer saw arrivals of 49.1 million metric tons in August, equivalent to 11.56 million barrels per day (BBL/d), according to customs data released on September 10. This was the highest monthly total since August last year, and also a strong gain on the 9.97 million BBL/d seen in July, which was the weakest monthly total for almost two years. While the August imports look strong, it's worth noting that they are still down 7% from the same month in 2023, and imports for the first eight months of this year are 3.1% below those for the same period last year. (Reuters)
IEA Cuts Oil Demand Growth Forecast - Global oil demand will rise less than previously thought this year, led by weakness in China, the International Energy Agency (IEA) said on Thursday, bolstering its view that consumption is heading toward a plateau this decade. World demand will rise by 900,000 BBL/d, the IEA said in a monthly report, down 70,000 BBL/d or 7.2% from its previous forecast, which is at the lower end of the range the industry expects. (Reuters)
About IIR Energy
Energy asset information on power plants, oil refineries and natural gas infrastructure is now more important than ever. A unit of Industrial Info Resources, IIR Energy provides infrastructure information on these assets, as well as real-time tracking of planned and unplanned interruptions affecting the commodity-trading community. We are the number one source for information about power plant outages, refinery turnarounds and midstream natural gas disruptions.
About Industrial Info
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 trillion (USD).
