After Harvey, Aramco Shuts Down Biggest Refinery in US

Harvey, Aramco
Harvey, Aramco
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After Harvey, Aramco Shuts Down Biggest Refinery in US

Harvey, Aramco
Harvey, Aramco

Damages resulting from Harvey storm on the US refining sector mounted as Motiva Enterprises – owned by Aramco – announced that it would completely halt operating in Port Arthur refinery because of the flood.

“At 5 a.m. on Wednesday, Motiva began a controlled shutdown of the Port Arthur refinery in response to increasing local flood conditions,” the company said – it added that restarting the refinery would depend on flood waters receding.

Barclays clarified in a research memorandum that the US stocks data this week and the next one won’t be accurate, which means that the data won’t be clear for a period of time. This would affect oil prices that are influenced by stocks’ data.

Goldman Sachs estimated in its statement issued on Monday that the storm would increase domestic crude oil availability by about 1.4 million barrels a day if the case remained the same. The bank added that until August 27, refineries of 3 million barrels per day capacity were shut down, knowing that they represent 16.5 percent of the overall refining capacity in the US.

Bloomberg revealed on Tuesday that the capacity of refineries that shut down is 2.35 million barrels a day. Some refineries haven’t been shut down yet (by the time Bloomberg published its report) but some units were and refining was curbed. Among them is the 605,000 barrel-per-day (bpd) Port Arthur, Texas, plant, Motiva Enterprises.

Goldman Sachs stated that 4.4 million barrels of US refining capacity has been shut by Harvey on Tuesday, that represents nearly 23 percent of US refining production. Restarting plants under even the best conditions can take a week or more.

The Energy Information Administration in US issued a report on Wednesday, revealing a sharp drop in crude stocks in the US last week despite the increase of refineries’ product.



China Vows Tougher Action against Smuggling of Strategic Minerals

A woman holds an umbrella to shelter from the sun walks along a street in Beijing, China, Thursday, July 17, 2025. (AP Photo/Mahesh Kumar A.)
A woman holds an umbrella to shelter from the sun walks along a street in Beijing, China, Thursday, July 17, 2025. (AP Photo/Mahesh Kumar A.)
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China Vows Tougher Action against Smuggling of Strategic Minerals

A woman holds an umbrella to shelter from the sun walks along a street in Beijing, China, Thursday, July 17, 2025. (AP Photo/Mahesh Kumar A.)
A woman holds an umbrella to shelter from the sun walks along a street in Beijing, China, Thursday, July 17, 2025. (AP Photo/Mahesh Kumar A.)

China vowed on Saturday to step up a crackdown and toughen law enforcement against smuggling of strategic minerals seen as vital to national security and critical for development.

The remarks by the commerce ministry came a day after the state security ministry accused foreign spy agencies of having tried to "steal" rare earths and pledged to crack down on infiltration and espionage targeting the critical sector.

The world's largest supplier of dozens of strategic minerals, China began imposing export curbs in 2023 on supplies vital to sectors ranging from chipmaking and the energy transition to defense.

The commerce ministry remarks, describing smuggling and export of strategic minerals as a severe problem to be combated, came at a meeting of officials responsible for export control coordination and other government bodies.

"Cases of smuggling by a small number of criminals for their own selfish interests and collusion between domestic and foreign parties are still occurring," it said in a statement.

Evasive methods such as false declarations and third-country transshipment were taking on increasingly covert forms, it added, urging government bodies to prevent illegal outflows of strategic minerals and related technologies.

China has adopted a "zero-tolerance" approach to smuggling and export of strategic minerals, which it will fight with a heavy hand, through special efforts to toughen law enforcement, the ministry said.

In May China said it would strengthen controls on the entire supply chains of strategic mineral exports while tightening its grip on materials deemed crucial to national interest.

Earlier, Beijing launched a special campaign to tackle smuggling of strategic minerals such as gallium, germanium, antimony, tungsten and some rare earths.