Afghanistan and Iran sign cooperation agreement on food, pharmaceuticals
Afghanistan and Iran have signed an implementation plan to strengthen regulation of food, medicine, and health products based on a 2023 cooperation ag...
Chevron has extinguished a large fire at its El Segundo refinery after an evening explosion in a jet fuel unit forced multiple processing units offline. No injuries were reported, and all personnel were accounted for, the company said.
Chevron’s 285,000-barrel-per-day El Segundo refinery, the second largest in California and the company’s second-biggest in the U.S., took several units offline on Friday following a major blaze that began on Thursday night in the Isomax 7 unit, which upgrades mid-distillates into jet fuel.
Consultancy data cited by traders indicated shutdowns at the 60,000 bpd catalytic reformer, the 45,000 bpd hydrocracker and the 73,000 bpd fluid catalytic cracker, while crude distillation units remained online. Chevron confirmed the fire was out and said all workers and contractors had been accounted for.
Los Angeles Mayor Karen Bass said there was no known impact on the Los Angeles International Airport. LAX declined to comment. The refinery supplies roughly a fifth of California’s motor fuels and about 40% of jet fuel consumed in southern California, including LAX.
Market participants expect aviation to feel the sharper pinch. Analysts said jet fuel prices jumped about 33 cents per gallon on Friday afternoon, while California petrol prices are seen rising modestly, by roughly 5 to 15 cents per gallon for now, as the main petrol-making unit was not directly affected. California’s nearly 28 million drivers were already paying close to $4.70 per gallon on Friday, compared with a national average under $3.22.
To cover lost output, traders said California will likely pull in more jet fuel cargoes from Asian refiners, particularly South Korea, Taiwan and Japan. The Long Beach area had recently been receiving around 45,000 to 50,000 bpd of jet imports and may need at least one additional shipment in the coming weeks.
The incident lands as the state’s refining system faces tighter balances over the coming months. Phillips 66 is winding down its 139,000 bpd Los Angeles-area refinery for permanent closure, and Valero’s Benicia refinery is set to close in April 2026. Together, those plants produce about one-fifth of California’s petrol supply. Analysts said the El Segundo fire could amplify the pre-existing tightness and support regional fuel prices as operators and buyers prepare for the December shutdown.
Local officials reported no evacuation orders for neighbouring residents, though Manhattan Beach advised a shelter-in-place until 2 a.m. Social media videos showed a large fireball and an orange sky over western Los Angeles as safety flares were activated to burn off hydrocarbons that could not be processed normally.
State and federal safety agencies said they will investigate the cause of the explosion and fire. El Segundo last reported an isolated fire in December 2022. Industry trackers noted several U.S. refinery incidents in 2025. The facility’s total storage capacity is about 12.5 million barrels across roughly 150 major tanks, though sources could not confirm current jet fuel inventories.
Vince Zampella, co-creator of the Call of Duty gaming franchise, has died in a car crash involving a Ferrari crash on Monday in Los Angeles, United States.
Israeli Prime Minister Benjamin Netanyahu said Israel is monitoring recent Iranian military exercises and will raise the issue with U.S. President Donald Trump during his visit to Washington next week.
Israel’s government has approved the creation of 19 new Jewish settlements in the occupied West Bank, a move that analysts say further undermines the prospects for a viable Palestinian state.
The European Union stands at a crossroads: to receive new members and accelerate the enlargement process in order to strengthen its role in the international arena, or to risk strategic stagnation by delaying expansion in favor of internal reform.
Paramount has reaffirmed its bid to acquire Warner Bros. Discovery, offering $30 per share in cash and backing the proposal with a $40.4 billion personal equity guarantee from billionaire Larry Ellison, despite the target company’s board urging shareholders to reject the offer.
Russian liquefied natural gas (LNG) shipments to China have surged by 1.6 million tonnes in November marking a 143% increase from the same period last year.
The European Union has released €2.3 billion in financial aid to Ukraine to support urgent social and civil infrastructure needs. According to political analyst Orkhan Nabiyev, this move reflects the EU’s assessment that a peace deal with Russia is unlikely in the near future.
At least 11 Afghan nationals have died were killed and nine others injured after a pickup truck collided with an oil tanker in Pakistan late on Sunday.
U.S. President Donald Trump has criticised the release of photographs linking former President Bill Clinton to the late convicted sex offender Jeffrey Epstein, calling the move a political distraction by Democrats.
A massive Russian strike on Ukraine killed at least three people, including a four-year-old, as air raids and power outages hit cities nationwide. President Zelenskyy condemned the attack, urging greater pressure on Moscow.
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