After the historically low temperatures across the south this week, it may take weeks for some of the largest refineries in the country to get back up to full production.
For the 2021 calendar year, there will be 5.8 million barrels per day crude production cuts. These cuts are an effort to balance the current oversupply due to COVID-19 with an estimated demand forecast for the year.
The oil patch is rallying today being led by refined products. This is due to the fact that Hurricane Sally has left a trail of “catastrophic” rainfall in Alabama earlier this week and is now barreling through the Carolinas and is hindering supply at petroleum terminals.
The use of drones are being utilized in various industries all the time, from the military to recreation, but could we see the use of drones in the oil and gas industry? Of course, the drone model DJI M300 is used quite frequently in refinery inspections. “The accuracy of measurement increases with every new DJI drone model” says, Italian Engineer and spokesman, Flavio Dolce.
Philadelphia Energy Solutions (PES) announced the closing of their doors a couple of weeks ago, but there was, and still is, a lot of uncertainty for what that means for the future of the union workers and the physical plant itself. PES recently announced its commitment to extend pay for union workers through August 25th, according to StateImpact Pennsylvania. U.S. Senator Bob Casey and PES representatives have confirmed that PES will pay its workers through the expiration of their collective-bargaining agreement. While the unions are holding on to hope that parts of the refinery will remain open or sell to a new operator quickly, it seems increasingly unlikely that will happen.
Philadelphia Energy Solutions Inc (PES) announced Wednesday that they are shutting down operations within the next month after the explosion and fire that occurred in the early morning of June 21. The refinery is the oldest and largest on the East Coast of the United States that once produced 335,000 barrels-per-day. The cause of the fire is still unknown, but the aftermath of the explosion is being felt immediately, in not only the local region but also the entire eastern seaboard.
Analysts are getting increasingly worried that the refining industry will not be prepared in time to meet the lower sulfur regulation under the new International Maritime Organization (IMO) set to begin January 1, 2020 and will subsequently increase diesel prices in relation to crude oil.
Just a few miles off the coast of Venezuela, in the bright blue Caribbean Sea, sits a small Dutch Island, Aruba also known as One Happy Island. Perhaps you have heard of it. Located on the South East part of the island is an idled 235,000 barrel-per-day refinery owned by Citgo Petroleum.