Kazakhstan Refineries Plan to Increase Oil Refining by 6% in 2018

BP-Azerbaijan has begun drilling a new production well from the "Central Eastern Azeri" (ACE) platform in the Azeri-Chirag-Gunashli (ACG) field, the Vice President of BP-Azerbaijan, Russell Morris, announced yesterday.

SOCAR Petroleum has opened its first gas station in the city of Shusha. The new gas station, located on one of the busiest highways – the Shusha-Khankendi-Lachin road, is equipped with three fuel dispensers. Gasoline grades AI-92, AI-95, AI-98, and diesel fuel are available at the station.

TotalEnergies has become the main supplier of American LNG, but the company continues to supply Russian LNG to Europe from the Russian “Yamal LNG” project. The CEO of the French energy giant, Patrick Pouyanné, warned Europe against banning Russian LNG until 2027, stating that the market will not be able to redirect 18 million tons of Russian supplies until new projects are launched globally.

The United States has set a goal to physically remove Iranian oil from the market, and combined with restrictions on Russian oil, this results in a significant reduction in supply volumes. The U.S. has targeted Iranian barrels, aiming to completely remove them from the market.