Refiners

Second-quarter earnings will highlight the Iran conflict's uneven impact on corporations. US oil majors and refiners are projected to see record profits from higher crude prices, while Gulf companies face mixed results with energy firms gaining but airlines, retailers, banks, and real estate companies struggling due to disrupted shipping and weakened tourism and consumer demand. The US-Iran ceasefire's instability keeps regional risk premiums elevated.

Russia increased subsidies to refiners in June to address fuel shortages. Motorists in Moscow were observed queuing for fuel at a gas station on June 30.

The Federal Competition and Consumer Protection Commission (FCCPC) in Nigeria has warned refiners, importers, depot operators, marketers, and retail outlet owners against exploiting consumers. This follows a sharp global crude oil price drop that has not led to significant reductions in local petroleum product prices.

The Iran war has boosted U.S. oil producers and refiners, with stock prices rising 20%-70% this year due to higher crude prices and demand. Analysts suggest elevated prices may persist through 2027-2028, driven by global reserve rebuilding and geopolitical shifts. Companies like Chevron, Exxon Mobil, and U.S. shale producers have seen significant gains.

India's total crude oil imports increased by 8% in May, driven by a 21% rise in Russian oil imports. Refiners in India boosted their purchases, contributing to the growth in Russian oil imports.

Russia's multi-billion payouts to refiners are reducing state revenues. The financial support to refiners is impacting government income.

The US has warned Chinese refiners about potential sanctions risks associated with processing Iranian oil. This comes amid ongoing tensions between the US and Iran over oil exports.