Oil News Today

Futures spreads widen as Irving Oil refinery remains shut

Cash prices for New York Harbor refined oil products were static, but futures spreads widened Tuesday morning as Irving Oil's 300,000 b/d refinery in Saint John, New Brunswick, remained shut after an explosion Monday.

Saudi Arabia will not be able to fill looming oil supply gap

Iranian oil minister Bijan Zanganeh on Monday dismissed claims by Saudi Crown Prince Mohammed bin Salman that Saudi Arabia was prepared to make up for any oil market shortfall caused by US sanctions on geopolitical rival Iran.

Japan's crude oil import costs to rise

Japan's crude oil import costs are set to rise from September as local refiners start to replace Iranian barrels with more expensive supplies from the Middle East and elsewhere, while the upward trend in international outright oil prices remained firmly…