Fairway Energy Partners is drilling to a cavern 2,000 feet underground and plans to pump it full of 11 million barrels of oil. The project is one of many in Texas and around the globe that has sprung up to house the overwhelming supply of oil. Source Houston Chronicle
India’s monthly oil imports from Iran plunged to their lowest in a year in November with Tehran dropping two places to become only the sixth biggest supplier after New Delhi cut purchases due to the impact of U.S. sanctions, according to ship tracking data and industry sources. Source: Reuters
British Prime Minister Theresa May wants reassurances that a section of the Brexit withdrawal agreement known as the Irish backstop is temporary. EU leaders say they will at least try to avoid triggering it. Source: Deutsche Welle
China’s November refinery throughput rose from a year earlier, heading for an annual record, official data indicated on Friday, although the runs eased from highs touched in the previous two months as product inventories swelled and sales slowed. Source: Reuters
