Barge delays at Algiers lock near New Orleans
Barges are facing lengthy delays at the Algiers lock near New Orleans as vessels reroute around closures at the Port Allen lock and the Algiers Canal.
Delays at the Algiers Lock —at the interconnection of the Mississippi River and the Gulf Intracoastal Waterway— have reached around 37 hours in the past day, according to the US Army Corps of Engineers' lock report. Around 50 vessels are waiting to cross the Algiers lock.
Another 70 vessels were waiting at the nearby Harvey lock with a six-hour wait in the past day.
The closure at Port Allen lock has spurred the delays, causing vessels to reroute through the Algiers lock. The Port Allen lock is expected to reopen on 28 April, which should relieve pressure on the Algiers lock.
Some traffic has been rerouted through the nearby Harvey lock since the Algiers Canal was closed by a collapsed powerline, the US Coast Guard said. The powerline fell on two barges, but no injuries or damages were reported. The wire is being removed by energy company Entergy.
The canal is anticipated to reopen at midnight on 25 April.
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Russia leads Opec+ output fall
Russia leads Opec+ output fall
London, 10 May (Argus) — Opec+ crude output by members subject to cuts fell by 440,000 b/d in April as Russia began implementing a fresh cut and Iraq and Kazakhstan curbed some of their overproduction. This saw the group's production fall to 34.11mn b/d, which was 140,000 b/d above quota, Argus estimates. Still, this was a marked improvement on the 230,000 b/d overproduction that it recorded in March. The lower production has not provided much support to oil prices, which have shed $5-8/bl in the past month. Several members of the alliance are implementing a new set of "voluntary" cuts that came into effect in January and, for now, run to the end of June. What Opec+ decides to do beyond this will probably be decided at a ministerial meeting in Vienna on 1 June, although the likelihood of a rollover has grown as oil prices have fallen. The big mover last month was Russia, whose output fell by 210,000 b/d to 9.29mn b/d. The drop is related to Russia's pledge to start phasing out an existing 500,000 b/d export cut commitment from April and replace it with a 471,000 b/d production cut by June. But the country remained 190,000 b/d above its new 9.1mn b/d target for April. And while the output fall shows Russia has made headway with its pledge to reduce production, sanctions on the country's oil industry and Ukrainian attacks on its refineries could affect its crude output in the months ahead. Iraq and Kazakhstan also reduced their output last month, while remaining well above target. Iraqi output fell by 40,000 b/d to 4.14mn b/d, mostly owing to lower crude use by the power sector. But this was still around 140,000 b/d above its target of 4mn b/d. Kazakhstan's output fell by 40,000 b/d to 1.54mn b/d — the second month in a row that its output has fallen. But it was also still around 70,000 b/d above its target of 1.47mn b/d. Compensation plans Iraq and Kazakhstan have each submitted plans to the Opec+ Joint Ministerial Monitoring Committee detailing how they intend to compensate for producing above target in the first four months of the year. As things stand, Iraq says it will produce 50,000 b/d below quota in May-September, 100,000 b/d below quota in October-November and 152,000 b/d below quota in December. Kazakhstan's compensation plan starts in May with an initial cut of 18,000 b/d below target. It would then stick to its target in June and July before implementing a cut of 131,000 b/d in August, no cut in September, 299,000 b/d in October, 40,000 b/d in November and no cut again in December. The two countries' plans are dependent on a final production figure for April from secondary sources — including Argus — and could be adjusted after it becomes available. Nigerian production recorded a large fall in April, dropping by 100,000 b/d to 1.4mn b/d, the lowest since 1.28mn b/d in August 2023. This left the country 100,000 b/d below its target of 1.5mn b/d. Production was relatively uneventful in the Mideast Gulf Opec+ contingent. Saudi Arabia's output fell by 30,000 b/d to 8.97mn b/d, the UAE's fell by 20,000 b/d to 2.93mn b/d, Kuwait's dropped by 20,000 b/d, while Bahrain's production increased by 30,000 b/d to 190,000 b/d. All four members were more or less within their targets. Iran, which like Libya and Venezuela is not bound by production targets, boosted its output by another 20,000 b/d to 3.3mn b/d — the highest since October 2018. The gains have come despite US sanctions and Washington's attempts to crack down on the country's oil trade. Opec+ crude production mn b/d Apr Mar* Apr target† ± target Opec 9 21.32 21.54 21.22 0.10 Non-Opec 9 12.79 13.01 12.75 0.04 Total Opec 18 34.11 34.55 33.97 0.14 *revised †includes additional cuts where applicable Opec wellhead production mn b/d Apr Mar* Apr target† ± target Saudi Arabia 8.97 9.00 8.98 -0.01 Iraq 4.14 4.18 4.00 0.14 Kuwait 2.41 2.43 2.41 -0.00 UAE 2.93 2.95 2.91 0.02 Algeria 0.91 0.92 0.91 0.00 Nigeria 1.40 1.50 1.50 -0.10 Congo (Brazzaville) 0.28 0.25 0.28 0.00 Gabon 0.23 0.25 0.17 0.06 Equatorial Guinea 0.05 0.06 0.07 -0.02 Opec 9 21.32 21.54 21.22 0.10 Iran 3.30 3.28 na na Libya 1.22 1.18 na na Venezuela 0.82 0.85 na na Total Opec 12‡ 26.66 26.85 na na *revised †includes additional cuts where applicable ‡Iran, Libya and Venezuela are exempt from production targets Non-Opec crude production mn b/d Apr Mar* Apr target† ± target Russia 9.29 9.50 9.10 0.19 Oman 0.76 0.76 0.76 0.00 Azerbaijan 0.48 0.48 0.55 -0.07 Kazakhstan 1.54 1.58 1.47 0.07 Malaysia 0.35 0.35 0.40 -0.05 Bahrain 0.19 0.16 0.20 -0.01 Brunei 0.08 0.08 0.08 -0.00 Sudan 0.02 0.02 0.06 -0.04 South Sudan 0.08 0.08 0.12 -0.04 Total non-Opec† 12.79 13.01 12.75 0.04 *revised †includes additional cuts where applicable Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
California fuel retailers fear regulatory scrutiny
California fuel retailers fear regulatory scrutiny
Houston, 10 May (Argus) — US fuel retailers like neither the regulatory precedent being set in California nor how the transition to renewable fuels is being managed, but companies sticking it out in the Golden State may reap rewards. California governor Gavin Newsom (D) in March last year signed SB X1-2 into law, allowing the California Energy Commission (CEC) to gather a broad range of profit data from refiners and set a maximum gross gasoline refining margin in an effort to avoid price spikes at the pump. "Unfortunately in California there is no shortage of bad policies that are being proposed," California Fuels and Convenience Alliance director Alessandra Magnasco said this week in a legislative affairs meeting at fuel retailer trade association SIGMA's conference in Austin, Texas. She worries that if CEC fails to make progress in capping margins at the refiner level, they will look further downstream and regulate retailers. The alliance is opposed to what it sees as burdensome reporting requirements mandated by SBX 1-2 that were rushed through the legislature. "They are doing it in a way to leave out industry," Magnasco said. The CEC this week approved further reporting requirements for refiners in the state, mandating they file maintenance schedules with the commission at least 120 days in advance of planned work and within two business days after the start of unplanned shutdowns. "Every bad idea we face has generally been socialized in California first," David Fialkov, vice president of government affairs for US fuel retailer trade association NATSO, said during the SIGMA session. The increased adoption of renewable diesel in California is also causing headaches for fuel supply managers. "I can't even tell my customers which specific terminal might have traditional diesel versus renewable or if they're going to have both," said Deborah Neal, director of price risk management for fuel supplier World Kinect during another SIGMA panel discussion. The introduction of renewable diesel to the California market was done without a specific time line or transition plan, Neal said. "It's messy to say the least." The regulatory environment in California has also dampened appetite for mergers and acquisition activity in the eyes of bankers doing the deals. Gas station buyers who are looking to consolidate smaller assets are not looking at California if they are not already invested there, Matrix Capital Markets' co-head of downstream energy investment banking Cedric Fortemps said at SIGMA. "The operating and legal dynamics are completely different than other parts of the country," Fortemps said. But for companies already operating in California, there is limited out-of-state competition and high barriers to entry. Those companies are keen to grow their existing operations, Fortemps said. By Nathan Risser Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
Brazil to import rice due to southern floods
Brazil to import rice due to southern floods
Sao Paulo, 10 May (Argus) — Brazil's federal government signed a provisional measure that authorizes national supply company Conab to import up to 1mn metric tonnes of rice, following floods in the country's main rice producing state of Rio Grande do Sul. The measure aims to replenish public stocks, while avoiding price speculation and maintaining the grain's price levels in the domestic market, amid the current logistical difficulties for supply, according to Brazil's agriculture minister Carlos Favaro. Conab will hold public auctions and the acquired volumes will be sent to small retailers in metropolitan regions. "It is important to highlight that we will not import everything at once to not compete with our local production," Conab's president Edegar Pretto said. "We must protect our farmers, but remain on alert for prices to not become too high for consumers." Rio Grande do Sul's 2023-24 rice crop expected to account for almost 70pc of national output during the cycle. Alongside crop damage caused by the heavy rainfall, the floods are hampering the product's transportation. The rice purchases are one of many government measures being taken to address the historic floods. The country has also unlocked relief spending and launched a R50.9bn ($9.9bn) program to aid victims . Development bank Bndes will also suspend the debts of companies and farmers hurt by the extreme weather. The floods in the state have left at least 113 dead, 146 people missing and more than 165,000 people displaced, according to the civil defense. By Nathalia Giannetti Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
BNDES vai auxiliar vítimas no Rio Grande do Sul
BNDES vai auxiliar vítimas no Rio Grande do Sul
Sao Paulo, 10 May (Argus) — O Banco Nacional de Desenvolvimento Econômico e Social (BNDES) vai suspender por um ano as dívidas de empresas e produtores agrícolas afetados pelas enchentes recentes no estado do Rio Grande do Sul e vai fornecer R$5 bilhões em créditos para micro, pequenas e médias empresas e microempreendedores. A medida faz parte do Programa Emergencial de Acesso a Crédito do BNDES (FGI PEAC) e entrará em vigor já neste mês. O crédito está incluído no pacote de R$50,9 bilhões anunciados pelo governo federal brasileiro em 9 de maio, que vai auxiliar agricultores, trabalhadores e famílias beneficiárias de programas sociais no estado. A suspensão de dívidas, incluindo pagamentos principais e juros, vai beneficiar pequenos empreendedores e agricultores afetados pelas fortes chuvas e enchentes que atingem o Rio Grande do Sul desde 29 de abril. A medida vai totalizar, entre pagamentos principais e juros, até R$6,1 bilhões em 2024 e até R$1,6 bilhão no próximo ano. O BNDES também poderá contribuir com outros projetos para a reestruturação do estado. Isso inclui construção de escolas, hospitais, pontes e rodovias e desenvolvimento urbano, disse Nelson Barbosa, diretor de Planejamento e Estruturação de projetos do BNDES. Pelo menos 428 cidades foram atingidas pelas enchentes. Até 9 de maio, havia 107 mortes confirmadas e 136 pessoas desaparecidas, de acordo com o boletim da Defesa Civil. Cerca de 1,5 milhão de pessoas foram afetadas pela tragédia. Por Maria Albuquerque Envie comentários e solicite mais informações em feedback@argusmedia.com Copyright © 2024. Argus Media group . Todos os direitos reservados.
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