Oil products
Overview
Argus has been bringing price transparency to the oil industry since 1970, providing valued insight into all refined products and biofuels markets globally.
Our range of industry-leading price benchmarks, all informed by the most robust methodologies, provide a true reflection of how the markets operate and are relied upon across the value chain to facilitate global trade.
Our experts are embedded in local markets across the world and are in constant contact with market participants for the latest spot market intelligence. Their insights underpin our price assessments and market analysis, enabling our clients to make the most effective decisions for their business.
Oil products market coverage
Argus is the leading independent provider of market intelligence to the global energy and commodity markets. Our price assessments and market intelligence are available for every kind of refined oil product. Explore the coverage most relevant for your industry.
Latest oil products news
Browse the latest market moving news on the global oil products industry.
SAF needs nuanced crop feedstocks policy: Panel
SAF needs nuanced crop feedstocks policy: Panel
London, 25 September (Argus) — Fuel producers and crop suppliers increasingly support the careful use of intermediate crops for sustainable aviation fuel (SAF), aiming to ease feedstock shortage concerns, attendees heard at the SAF Global Summit in London this week. Policymakers are wary of increasing use of crops in biofuels because of food scarcity and previous deforestation scandals. But delegates said Europe urgently needs more feedstocks to curb costs, and that nuanced policy can address these concerns. Farmers grow intermediates crops between rotations to regenerate soil. German life sciences firm Bayer said they could grow oilseeds like camelina, winter canola or pennycress. Farmers already monitor vast field-level data that could enable certification, Bayer's biofuels lead Peter Muller said. Current policy oversimplifies the issue, favouring binary choices of "crop bad, used cooking oil (UCO) good, electricity good", said BP's vice president of regulatory affairs, bioenergy, Eirik Pitkethly. "There's a whole layer of nuance we need to get into," he said. Using a fraction of intermediate crops that EU farmers already grow and do not harvest could yield 2.5mn t of SAF, enough to meet the EU's 2030 SAF mandate, Pitkethly said. "The scale is massive," he said. "It's too good to ignore. But it's difficult and there are challenges in getting the rules right." Lax regulations in the early days of the biofuels industry led to "deforestation in carbon-sensitive environments" and created "more emissions than using fossil fuels," which still makes policymakers hesitant, Pitkethly said. Pragmatic policy would find a "sweet spot", avoiding overburdening farmers while setting enough protections, such as requiring multi-year data to prove no land use change. Policymakers could block carbon-sensitive geographies from supplying feedstock if necessary, he said. The EU appears closer than the UK to opening the door to intermediate crops, Pitkethly said. Cover crops are allowed under EU rules, but details are lacking on which crops qualify and what evidence producers must provide on sustainability. Pitkethly said none of the European Commission's several drafts have provided the clarity needed. Other panellists said companies should be allowed to grow crops for SAF in desert regions, where there would be no competition with food. Egypt could make SAF with its non-edible desert crop jojoba, said grower Saraya's chief operations officer, Middle East, Omar El Mougy. Keeping costs down Narrowing the feedstock pool for hydrotreated esters and fatty acids (HEFA), the most established and cheapest route for making SAF, forces aviation to rely on larger amounts of more expensive SAF types instead, Pitkethly said. Replacing fossil jet fuel with SAF may need in the region of 400mn t/yr of SAF, but using only waste oils may reach a ceiling of 40mn t/yr because of global constraints on the main UCO feedstock, he said. The shortfall could be filled with novel SAF types like alcohol-to-jet or synthetic SAF from electrolytic hydrogen and carbon (e-SAF). These are more costly than HEFA, and it would be far more economical to maximise the HEFA feedstock pool as far as possible first, Pitkethly said. By Aidan Lea Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
US warns vessels over Houthi Red Sea threat
US warns vessels over Houthi Red Sea threat
Singapore, 25 September (Argus) — The US Maritime Administration has urged US-flagged commercial vessels to switch off their Automatic Identification System (AIS) when transiting high-risk waters around the Red Sea and Gulf of Aden, as Houthi attacks on commercial shipping persist. The guidance, effective from 23 September, also advises vessels to vary routes and speeds, limit electronic transmissions and remain as far from Yemen's coastline as safely possible to make them harder to track and target. The guidance follows a resumption of attacks by Iran-backed Houthi militants on commercial shipping. Tankers Daisy , a coastal tanker and Amzan , a very large crude carrier (VLCC) were struck by Houthi missiles off Yanbu, Saudi Arabia, on 5 and 24 August, respectively. Yemen's Iran-backed Houthi militant group announced a ban on Saudi Arabian "maritime navigation" on 20 July, threatening the transit of Saudi-affiliated vessels through the Bab el-Mandeb strait. The group subsequently seized the Red Sea port city of Mocha on 11 September, enhancing the Houthi's ability to disrupt vessel traffic and provide Iran with an additional means of exerting pressure on international shipping. Vessels with links to Israel, the US, the UK or Saudi Arabia are considered to be at greater risk when transiting the southern Red Sea, Bab el-Mandeb and the Gulf of Aden, according to the advisory. The heightened threat also extends to vessels belonging to companies or fleets identified as having previously called at Saudi ports. Potential attacks could involve missiles, aerial or surface drones, small-arms fire, explosive boats, illegal boardings and vessel seizures, the US Maritime Administration cautioned. Attacks could also create navigation hazards for other commercial vessels operating nearby. The US advised its flagged vessels transiting the Red Sea, Bab el-Mandeb, Gulf of Aden, Arabian Sea and Somali Basin to switch off AIS unless masters consider doing so a risk to navigational safety. While ships have previously been attacked with AIS both on and off, disabling it can make vessels more difficult to track and accurately target, it said. Ships should also avoid repeating routes, waypoints and speeds used on previous voyages where possible, while minor changes in course and speed could also help to complicate targeting. Operators were warned that other electronic transmissions, including onboard commercial systems and Wi-Fi, could also reveal vessel information. Ships receiving instructions from the Houthis or entities claiming to represent Yemeni authorities to divert, activate AIS or provide voyage information should disregard them and continue their passage where safe, the advisory said. US-flagged vessels were also advised to coordinate voyage planning with US naval authorities and immediately report attacks, suspicious activity or other security incidents. Separately, vessel traffic through the strait of Hormuz held at 12 crossings on 23 September, unchanged from 22 September , Windward data show. About 10 vessels were inbound and two were outbound. Three inbound vessels used the southern US-assisted route and six took Iran's northern corridor, while both outbound vessels used the southern route. By Sean Lui, Sureka Elangovan and Jared Bateman Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Brazil bunker suppliers ask for ethanol regulation
Brazil bunker suppliers ask for ethanol regulation
Sao Paulo, 24 September (Argus) — Brazilian bunker suppliers are urging Brazil's hydrocarbons regulator ANP to include ethanol in its upcoming national marine biofuels regulation, arguing that the biofuel was only partially addressed in the initial proposal released for public comment. The proposed regulation aims to align Brazil's bunker fuel framework with international standards and would allow suppliers to market biodiesel, hydrotreated vegetable oil (HVO) and gas-to-liquids (GTL) products without requiring specific authorization, provided the fuels meet ANP specifications. Ethanol, however, would remain subject to special authorization requirements, a provision that has drawn criticism from both bunker suppliers and ethanol producers. ANP initially argued that ethanol was not included because the proposal is intended to align domestic regulations with ISO 8217:2024 specifications and standards recognized by the International Maritime Organization (IMO). The IMO has not yet developed specific guidelines for ethanol bunkering operations. During a public hearing on Wednesday, the Brazilian bunker association Abrabunker and ethanol producers' association Unica jointly called on ANP to establish a dedicated ethanol standard that would allow suppliers to market the fuel without obtaining special approval. The groups proposed that the specification of ethanol set in Brazil's existing Resolution 907 — aimed at ethanol for road-fuel use — also be accepted for marine fuel use. The proposal covers both anhydrous and hydrous ethanol grades for bunkering operations. Industry participants argued that including ethanol in the regulation would help stimulate domestic production and logistics infrastructure development ahead of wider global adoption of the fuel in the maritime sector. According to Abrabunker, the measure would position Brazil to capitalize on its large ethanol industry and strengthen its role in the emerging alternative marine fuels market. Brazil ethanol output has been growing rapidly with the expansion of corn-based production. The country is expected to produce 39.8bn liters (686,959 b/d) of ethanol in 2026, up by 6.4pc from a year earlier, according to energy research firm EPE. The firm sees a 20pc growth to 50bn l by 2035 from 2026 levels. Brazil currently lacks a comprehensive regulatory framework defining storage requirements and fuel specifications for biodiesel, HVO and ethanol sold to vessels. Suppliers must obtain special authorization from ANP to conduct alternative bunker fuel operations. Petrobras and Raizen are the only companies currently authorized to market biodiesel bunker blends containing up to 24pc biodiesel. Ethanol authorizations have been granted on a case-by-case basis for testing purposes. Bunker One received approval earlier this year to conduct a 100pc ethanol bunkering trial in Brazil. By Gabriel Tassi Lara and Maria Lígia Barros Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Mexico exposed to potential US diesel export ban
Mexico exposed to potential US diesel export ban
Mexico City, 24 September (Argus) — A US ban on diesel exports would expose Mexico to higher import costs and localized supply shortages, while testing the government's ability to hold pump prices below Ps27/liter ($5.80/USG) with little room left for further tax relief. Record-high US prices of diesel prompted US Republican lawmakers to call for curbing exports of the fuel. US president Donald Trump publicly backed those calls on 22 September and said a decision would come "fast". Treasury secretary Scott Bessent said the administration was examining whether a full or partial ban would be feasible. Energy secretary Chris Wright said on Wednesday that the administration would not halt diesel exports and instead favored voluntary adjustments to diesel flows. Refiners have warned that blocking exports would fill available storage within weeks and force them to cut overall fuel production, potentially raising gasoline prices. Wright's comments make voluntary restrictions more likely than a blanket ban, but Trump has yet to announce a final decision. Mexico would be among the most exposed markets if shipments were restricted. US distillate exports to Mexico averaged about 220,000 b/d in 2025 and held close to that level in January-June 2026, US Energy Information Administration data show. Roughly 185,000 b/d came from the US Gulf coast and 35,000 b/d from the west coast during the first half of the year. Domestic production would provide some support. Pemex produced 289,000 b/d of diesel in July, including 93,400 b/d at the Olmeca refinery, and sold almost 359,000 b/d domestically. But Mexico still exported 77,200 b/d that month, while Pemex imported 90,500 b/d. Olmeca's Gulf coast location can make waterborne exports commercially attractive, while moving large volumes to inland demand hubs can be costlier and constrained by existing infrastructure. Exported barrels therefore could not necessarily be redirected quickly to replace US supply. The difference between Pemex's imports and total US shipments also reflects private-sector suppliers, which would have fewer options than Pemex to absorb a sudden disruption. Pemex holds a 70-80pc market share of Mexico's diesel market. The immediate effect would likely be a sharp increase in replacement costs before a nationwide shortage. Importers could seek cargoes from Europe or Asia, but longer voyages, limited terminal capacity and a global shortage would make substitution expensive. Russia has restricted exports, Middle East refinery and shipping disruptions have reduced supplies and US inventories have fallen to historically low seasonal levels. Northern Mexico and markets supplied through cross-border pipelines and tank trucks would be particularly vulnerable to a sudden halt. Pemex's 312,500 b/d Deer Park refinery in Texas would also remain subject to US export rules despite its Mexican ownership. Price policy leaves Mexico with a second problem. The government has committed to keeping retail diesel prices below Ps27/liter and is already waiving the full excise tax for 19-25 September, plus complementary credit. Trump's remarks this week suggest that his administration is seriously considering an intervention in fuel markets, although its eventual form is not clear. Refiners and the rest of the US energy industry have stepped up lobbying efforts in opposition to any limits on fuel exports. But even partial controls could tighten Mexican supply if Washington prioritizes Europe or other allies, and uncertainty alone may encourage importers to build inventories. A policy aimed at lowering US diesel prices could transfer a significant part of the supply and fiscal burden to Mexico. By Antonio Gozain and Haik Gugarats Pemex's July diesel balance ’000 b/d Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Spotlight content
Browse the latest thought leadership produced by our global team of experts.
Explore our oil products services
Whether you’re looking for independent spot price assessments or long-term market analysis, we have the solutions you need for the refined oil and biofuels markets. Explore the range of our services.
Key price assessments
Argus prices are recognised by the market as trusted and reliable indicators of the real market value. Explore some of our most widely used and relevant price assessments.
