European Bitumen Market Update July 2024
Related news
Australia's Hazer, CRV mull SAF, clean fuels plant
Australia's Hazer, CRV mull SAF, clean fuels plant
Sydney, 12 May (Argus) — Australian bioenergy developers Hazer and Continual Renewable Ventures (CRV) have partnered to assess opportunities for sustainable aviation fuel (SAF) and renewable diesel production in Australia. The firms plan to assess the viability of a 175mn litres/yr SAF and renewable diesel refinery in Kwinana, Western Australia, using the hydroprocessed esters and fatty acids (HEFA) pathway, the firms said on 12 May. The proposed plant, known as New Rise ANZ Project 1, will use canola oil and hydrogen as primary feedstocks. Hazer would supply low-emissions hydrogen using its methane pyrolysis technology, which produces hydrogen and graphite from natural gas without directly generating CO2 emissions. The hydrogen would be used to de-oxygenate canola oil and other HEFA feedstocks to produce SAF and renewable diesel. Recent fuel insecurity driven by the US-Iran war has led to greater focus on local production of renewable fuels, Hazer's chief executive Glenn Corrie said. There are currently no commercial SAF or renewable diesel plants in Australia, but they are in the planning stages. Australian bioenergy developer Jet Zero completed a feasibility study in May for its proposed 400mn litres/yr HEFA SAF and renewable diesel facility in Gladstone, Queensland. Ampol and GrainCorp have also partnered to develop a 750mn litre/yr SAF and renewable diesel project using the HEFA pathway in Brisbane. By Lawrence Wen Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Trump backs suspension of US gasoline tax
Trump backs suspension of US gasoline tax
Washington, 11 May (Argus) — President Donald Trump said on Monday he wants to suspend a federal tax on gasoline as a way to ease prices for consumers, as his efforts to reopen the strait of Hormuz and end the war in Iran continue to hit obstacles. The excise tax on gasoline should be suspended until it is "appropriate" to reinstate, Trump told reporters, as he reiterated his prediction that gasoline and oil prices would "drop like a rock" once the war with Iran ends. The US collects a tax of 18.4¢/USG on gasoline and 24.4¢/USG on diesel. Pausing the collection of the tax, which would require approval by the US Congress, could put downward pressure on surging fuel prices that are nearing a four-year high. "It's a small percentage, but it's still money," Trump said. US consumers paid an average of $4.45/USG for regular grade gasoline, inclusive of taxes, in the week ending 4 May, according to the US Energy Information Administration. Trump had campaigned heavily on lowering prices — he pledged to cut gasoline prices in half within a year — but his war against Iran has caused price spikes. Trump has yet to say if he supports suspending only the gasoline tax or also the tax on diesel. Suspending fuel taxes has bipartisan support. US senator Josh Hawley (R-Missouri) said on Monday he would introduce a bill to suspend the gasoline tax. In March, US senators Mark Kelly (D-Arizona) and Richard Blumenthal (D-Connecticut) introduced a bill to suspend the tax through 1 October. Earlier this year, Senate majority whip John Barrasso (R-Wyoming) sponsored a bill to repeal a separate 16.4¢/bl tax on crude and refined products under the "Superfund" hazardous waste site cleanup program. Despite the political appeal of pausing fuel taxes, doing so would blow a major hole in the budget for roads and highways. Suspending gasoline and diesel fuel taxes would cost $39bn/yr, nonprofit group Committee for a Responsible Federal Budget said in March. A one-year fuel tax holiday would cause the US Highway Trust Fund, which pays for highways and road repairs, to run out of funding in June 2027, or 14 months early, the group said. Trump has been struggling to negotiate an end to the war with Iran in a way that would reopen the strait of Hormuz and meet other policy goals. On Monday, he reiterated complaints with Iran's latest offer to end the war as a "piece of garbage". Trump also said the US-Iran ceasefire that began a month ago was under strain. "I would say the ceasefire is on massive life support," Trump said. High gasoline prices have become a growing frustration to the administration. After the White House spent much of last year taking credit for declines in the national average price that drivers paid for gasoline, Trump's cabinet is arguing that the focus by the news media on national prices is misplaced. "If any of you could write a story that isn't the national average price of gasoline, it's just, that's a fake thing," US interior secretary Doug Burgum said Monday during an event held by the news outlet Breitbart. "The price of gasoline varies by state, varies by policy, varies by taxes, and there's some really rich reporting in there about the choices people have made." By Chris Knight Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Iran says its response to US 'reasonable, generous'
Iran says its response to US 'reasonable, generous'
Dubai, 11 May (Argus) — Iran's foreign ministry said on Monday that Tehran's response to the latest US proposal to end the war was "reasonable" and "generous," pushing back against US president Donald Trump's characterisation of it as "totally unacceptable." "Is our proposal for safe passage through the strait of Hormuz excessive? Is an important issue like re-establishing security and peace in the region, an irresponsible demand?" foreign ministry spokesman Esmail Baghaei asked, rhetorically. "All we proposed were reasonable and responsible demands, and generous proposals, not only for Iran's national interests, but also for the good, stability and security of the region and the world," he said. Trump overnight labelled the Iranian position as "totally unacceptable," dashing hopes of an imminent conclusion to the conflict. Crude futures rose sharply in early trading today, with the front-month July Ice Brent contract hitting an intraday peak of $105.99/bl before coming off to trade just below $104/bl. Trump last week said a peace deal under discussion with Iran would reopen the strait of Hormuz to navigation and lift the US blockade on Iranian trade. Baghaei today said the US' conditions continue to be "one-sided… and unreasonable". The US has been highlighting the reopening of the strait of Hormuz, and a shuttering of Iran's nuclear capabilities, as its top conditions to bring the war to an end. Washington is looking for Iran to put an end to its nuclear enrichment activities, and to hand over its stocks of around 400kg of highly-enriched uranium. But Iran's priorities to end the war lie elsewhere, which has been complicating the diplomatic track. "At this stage, our focus is on what is urgent," Baghaei said. "And what is urgent is ending the war in all its forms, including Lebanon and ensuring the safety and security of navigation through the [Mideast] Gulf and the strait of Hormuz… which includes stopping the illegal actions of the US against commercial ships." "What decisions we make on the nuclear issue, on Iran's [highly enriched] materials and on issues related to enrichment activities is something we will discuss when the time is right," Baghaei said. By Nader Itayim Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Aramco 1Q profit jumps 26pc despite Hormuz disruption
Aramco 1Q profit jumps 26pc despite Hormuz disruption
Dubai, 10 May (Argus) — State-controlled Saudi Aramco said it sold more crude and refined products in the first quarter than in the same period last year, despite shipping disruption through the strait of Hormuz since late February. The company did not disclose volumes but said higher sales, combined with firmer crude and product prices, lifted revenue to $115bn from $108bn a year earlier. Adjusted profit rose by 26pc year on year to $33.6bn, exceeding the $31.16bn median of analysts' forecasts. The increased revenues came despite the US-Iran war causing severe disruption to Mideast Gulf oil flows through the strait of Hormuz during the final month of the quarter. The effective closure of the waterway has forced Saudi Arabia, the UAE, Iraq, Kuwait, Qatar and Bahrain to reduce exports of crude and products since the start of March, weighing on crude output. Kuwait, Qatar, Bahrain and, to a large extent, Iraq have shut in the largest volumes of crude production relative to total output, reflecting their near total dependence on the strait to export oil. Saudi Arabia and the UAE have also shut in significant volumes, but to a lesser extent as a share of total production because both have pipelines that allow some exports to bypass the strait. The 7mn b/d East-West pipeline, which runs from the Abqaiq oil processing complex in eastern Saudi Arabia to the Yanbu port on the Red Sea, has "reached its maximum capacity", Aramco chief executive Amin Nasser said. "Our East-West pipeline... has proven itself to be a critical supply artery, helping to mitigate the impact of an energy shock and providing relief to customers affected by shipping constraints in the strait of Hormuz," Nasser said. Aramco did not disclose its oil and gas production for the quarter. Argus estimated Saudi crude output, including its share of production from the Saudi-Kuwaiti Neutral Zone, at 7mn b/d in March, down from 10.88mn b/d in February and 10.08mn b/d in January. This puts average Saudi crude output for the quarter at 9.32mn b/d, down from 10.03mn b/d in the previous quarter but up from 8.93mn b/d in the first quarter of 2025. The Saudi oil giant sold its crude at an average of $76.9/bl in the first quarter of 2026, marginally higher than $76.3/bl in the same three-month period in 2025. Aramco's board declared a base dividend of $21.9bn for the first quarter, up by 3.5pc from the corresponding period in 2025. The dividend will be paid in the second quarter. By Nader Itayim Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.