AsianOil - Asia Oil & Gas

China leans on inventories to cushion Iran shock, likely to wait before resuming purchases

The smaller-than-expected stock draw is largely explained by a sharp reduction in refinery activity. First-quarter processing averaged 14.95mn bpd, leaving May output an estimated 2.29mn bpd lower.

EU closes Russian oil 'refining loophole' but sanctions gaps remain - KSE

The EU's ban on petroleum products refined from Russian crude oil in third countries has sharply reduced the flow of Russian-linked fuel into Europe, but significant loopholes remain and products derived from Russian oil continue to reach the EU.

Pakistan’s LNG imports rebound with seventh Qatari cargo since April

Pakistan has received another liquefied natural gas (LNG) shipment from Qatar, taking the total number of cargoes delivered to the country since the start of April to seven.

India’s Russian oil imports set for record high in June

India’s purchases of Russian crude oil are on course to reach an all-time monthly high in June, as refiners increase procurement of discounted barrels amid supply uncertainties linked to tensions in West Asia.

US eases Iran oil sanctions, price on Brent crude drops over 3.5%

The United States has partially lifted sanctions on Iranian oil exports following what officials have described as encouraging progress in negotiations aimed at ending hostilities between Washington and Tehran.

Nigeria's NNPCL urged to fast-track Chinese refinery partnership

The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has called on the Nigerian National Petroleum Company Limited (NNPCL) to accelerate negotiations with two Chinese companies to revive the Port Harcourt and Warri refineries

Malaysia drops nationwide subsidised diesel to $0.50/litre under MyKad system

Prime Minister and Finance Minister Datuk Seri Anwar Ibrahim has announced a restructuring of the country's retail fuel mechanics, executing a bold dual-track energy overhaul to protect domestic purchasing power while building permanent fuel reserves

Reliance accelerates clean energy expansion as Ambani bets on India's energy boom

Pakistan eases energy-saving curbs

Pakistan has rolled back a series of fuel conservation and austerity measures introduced earlier this year, reinstating previous operating arrangements for businesses and transport.

Vietnam boosts energy security with Petrovietnam agreements

Petrovietnam has signed two major agreements aimed at boosting hydrocarbon production, strengthening energy security and supporting Vietnam's long-term economic growth.

Malaysia’s Petronas strikes deals with Turkmenistan’s Turkmennebit to expand Caspian Sea presence

Malaysia’s Petronas Carigali on June 19 struck agreements with Turkmenistan’s state concern Turkmennebit and state enterprise Hazarnebit that will expand its Caspian Sea presence.

Arctic LNG 2 Plant gets Boost as Russia’s Second LNG Icebreaker Nears Completion

With a South Korean-built Arc-7 LNG carrier redeployed from Yamal LNG, Arctic LNG 2 will soon have three ice breaking carriers to ship cargoes through the Northern Sea Route in winter.

Malaysia locks in long-term Russian oil, gas guarantees

Malaysian Prime Minister Datuk Seri Anwar Ibrahim has finalised an energy-security agreement with Russia during the two-day working visit to the Russia-ASEAN Summit in Kazan, Turkmenistan

Australian Unions Reach Deal with Inpex to End Strikes at Ichthys LNG Plant

Australian union groups have come to an agreement with Japanese energy firm Inpex to halt strike action at the Ichthys LNG facilities.

PetroChina and Indian Oil fail to secure tankers for Iraqi crude shipments

Chinese and Indian oil buyers have faced difficulties securing very large crude carriers (VLCCs) to transport Iraqi crude from Basra ports amid soaring freight rates and tightening vessel availability.

South Korea cuts gas import tariffs to 0%

South Korea will eliminate import tariffs on liquefied natural gas and liquefied petroleum gas under a quota system in the second half of 2026, the Ministry of Finance and Economy announced on June 18.

Thai fuel prices expected to remain elevated

Motorists in Thailand are unlikely to see significant relief at petrol stations before the final quarter of 2026, as a combination of supply disruptions and domestic policy measures continues to keep fuel prices elevated

Petrovietnam profit jumps 39% despite debt challenges

The state-owned energy group closed the year with total assets exceeding VND1,178 trillion ($44.7bn), up nearly VND100 trillion from 2024.

Malaysian energy company Vantris Energy exits PN17 classification after restructuring

Marking the end of a corporate survival story in corporate Malaysia, Vantris Energy Berhad (KLSE: VANTNRG), formerly known as Sapura Energy Berhad, has officially repaired its capital structure

Japan secures crude lifeline as energy security drive broadens

For now in Japan, officials feel that current procurement plans, alternative import arrangements and stockpile levels provide a sufficient buffer to support both fuel consumption and industrial demand.

China lives within its means, the resulting fuel demand slump easing pressure on oil markets

Petrol sales at Sinopec, China’s largest refiner and fuel retailer, fell 8% year on year in April, while diesel sales were also down – by 6%.