Exxon Says EU Methane Rules Would Add 13% to Refiners’ Oil Costs

European Union rules intended to curb emissions of methane, a potent greenhouse gas, could add about 13% to the cost of crude oil imports and deal a hammer blow to the bloc’s industrial base, Exxon Mobil Corp. warned ahead of a meeting of leaders this week.

About 80% of the EU’s current imports of crude oil would not satisfy the bloc’s methane criteria in 2027, Matt Crocker, Exxon’s president of product solutions, told Bloomberg. Securing alternate supplies from the smaller pool of compliant crudes would add about $9 to the average price the bloc pays per barrel, he said. ...