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IEA calls for more releases from diesel stocks
IEA calls for more releases from diesel stocks
London, 11 October (Argus) — The IEA said today that its members should consider further releases of diesel from strategic stocks, 11 days after the G7 agreed what it called a "substantial" diesel release. Members should see if they are able to accelerate releases to fulfil any remaining commitments agreed in March, when they pledged to make 400mn bl of crude and products available, and should prioritise diesel, the IEA's executive director Fatih Birol said. Any members that have completed their March commitments could consider if more releases are necessary, he said. The March stock release was weighted two-thirds crude and one-third products, and was in direct response to the effective closure of the strait of Hormuz in the immediate aftermath of the US-Israeli attack on Iran. Middle East crude exports and production have rebounded in recent weeks, although the gains remain fragile. The IEA's latest intervention has been prompted by a combination of the Iran war and Ukraine's accelerated bombing campaign against Russian refineries in the summer. These have curtailed around one third of global diesel exports and sent refining margins for middle distillates to above $100/bl. Record-high tanker freight rates present an obstacle to moving diesel from any areas of surplus to regions of acute need. The G7's plan to release more emergency stocks left many questions open. Diesel traders bemoaned a lack of detail on timing and volumes, and although France and Germany have since given some specifics, information on contributions from elsewhere in Europe has been limited. The US appears to be going its own way, with President Donald Trump on 9 October claiming a deal to buy Russian diesel. Moscow has yet to confirm this. Washington prohibited imports of diesel from Russia in 2022 in response to its invasion of Ukraine, and Russia has a diesel export ban in place until the end of October. The IEA's governing board will meet on 15 October "to take stock" of efforts to release more diesel, the agency said today. By Ben Winkley Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
New strike on Riyadh airport kills 12, injures 309
New strike on Riyadh airport kills 12, injures 309
Dubai, 11 October (Argus) — A strike on King Khalid International Airport in Riyadh has killed at least 12 people and injured 309, Saudi Arabia's General Authority of Civil Aviation (GACA) said early on Sunday. Saturday's attack was the third on the airport over the past week and the deadliest single attack in any Gulf Co-operation Council (GCC) country since the US-Iran war began in late February. A source with knowledge of the situation said the attack targeted passenger terminal 3, which is used for domestic flights. Operations at the airport were temporarily suspended, GACA said. The dead included four Saudi citizens, two Bangladeshis and one national each from the US, Egypt, Jordan, Syria, Palestine and Sudan, GACA said. Some of the 309 injured were in a "critical condition", it said. The attack came a day after Yemen's Houthi rebels declared an air blockade of Riyadh airport, saying only humanitarian flights that had secured approval from the Houthi authorities would be permitted to land or depart. Houthi military spokesman Yahya Saree reiterated that guidance on social media platform X around the time of Saturday's attack. In a subsequent statement on Sunday, Saree renewed warnings against using Saudi airports and airspace, saying they remained exposed to attack by Houthi forces. He said the warning did not apply to airports serving Mecca and Medina, and that the group would continue its policy of "airport for airport, siege for siege, and escalation for escalation" until it achieved its objectives. The Houthis have carried out a series of attacks on Saudi energy infrastructure and airports in recent weeks as fighting intensifies between the group and forces aligned with Yemen's Saudi-backed internationally recognised government. The latest attack brings the death toll from missile and drone strikes on Saudi airports to at least 18 this week. Two attacks on Riyadh airport on 9 October killed three people, including a pilot who worked for national carrier Saudia, while attacks on Riyadh and Abha international airports on 6-7 October killed another three. The Saudi-led coalition, which has backed the Yemeni government in its fight against the Houthis for more than a decade, separately said a projectile had fallen near King Fahd International Airport in Dammam, on Saudi Arabia's east coast. Shortly after the Riyadh airport attack, US president Donald Trump was asked whether Washington would consider joining Saudi military action against the Houthis. Trump said the US "may" join and that his administration would "make a decision" soon. "We move very quickly," he said. By Nader Itayim Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Voluntary biodiesel use furthers Brazil climate goals
Voluntary biodiesel use furthers Brazil climate goals
Sao Paulo, 9 October (Argus) — Voluntary use of biodiesel in Brazil above its 15pc mandate is broadening across sectors, highlighting diverse approaches to decarbonization and energy security amid intensifying global conflicts. The pending implementation of a regulated carbon market in Brazil means companies will need to reduce or offset greenhouse gas emissions. To meet those obligations, many are expanding their use of biofuels alongside the purchase of carbon credits. Biofuel use could also gain ground as an alternative to petroleum-based diesel, especially during price spikes driven by geopolitical conflicts such as the Mideast Gulf conflict and the Russian war in Ukraine, market participants from biofuel companies and industries say. Biodiesel is typically more expensive than diesel in Brazil, but that relationship can flip during periods of global tension. Between 2 March, the first trading day after the start of the US-Iran war, and 6 October, the price of S10 diesel at the southern port of Paranagua, in Parana state, reached R7,402($1,480)/m³, the highest level since the 2020 start of Argus' historical series. Biodiesel in the same period was quoted at R5,434/m³ in the spot market in Araucaria, also in Parana. Companies have also begun to pay greater attention to energy security in light of recurring international crises and supply risks. Brazil imports between 20-25pc of its diesel demand, leaving it exposed to foreign market conditions. In this context, biofuels are gaining importance not only as a decarbonization tool but also as an alternative to reduce reliance on imported fuels and bolster energy security. This concern has been reinforced by recent events highlighting the vulnerability of global supply chains. Russia, one of the world's leading diesel exporters and historically a major supplier to Brazil, went so far as to restrict overseas shipments to safeguard its domestic market during the war in Ukraine. In the US, statements by President Donald Trump regarding potential limits on fuel exports have also fueled fears of a tightening in global supply. "Companies need to analyze the magnitude of the risk associated with not having the product [diesel]" in hand, said Daniel Furlan Amaral, regulatory affairs director at the Brazilian vegetable oil industry association Abiove. "This will become a component of companies' risk matrices." Industries from mining to consumer goods test higher blends Brazilian mining giant Vale is among the firms testing higher biodiesel blends. In Mariana, in southeast Minas Gerais state, the company uses 30–50pc biodiesel blends in part of its truck fleet, which has a capacity of up to 190 tonnes (t). Vale sees biodiesel use, once performance parameters are validated, as having the potential to generate meaningful environmental gains and serve as a benchmark for large-scale adoption across the sector. The miner is also investing in solutions such as ethanol and battery-electric trucks. A Brazilian-based subsidiary of German auto giant Mercedes-Benz is also testing diesel with a 30pc biodiesel blend in its vehicles. According to the automaker, the trials assess component durability and equipment performance under long-term operating conditions. Besides Mercedes-Benz, state-controlled Petrobras is running tests with 20–25pc blends to evaluate the potential for emissions reductions, while rail operator Rumo uses a 16pc blend in part of its rail fleet. There are also cases of pure biodiesel use in specific applications. Mercedes-Benz reported positive results with the fuel during the Rota Sustentavel COP30 initiative, carried out in partnership with Brazilian biofuel producer Be8. In the initiative, a truck traveled about 4,000km between Passo Fundo, in the southern state of Rio Grande do Sul, and Belem, in the northern state of Para, cutting greenhouse gas emissions by about 99pc, according to researchers from the Instituto Maua de Tecnologia. Among other firms evaluating biodiesel use are consumer goods giant Unilever, which uses pure biodiesel in boilers; maritime logistics firm Wilson Sons Servicos Maritimos, in waterborne operations; and power plant Energetica Suape II, in thermoelectric generation engines. Be8 and other biodiesel producers, such as Amaggi, Potencial, Binatural and Oleoplan, are also conducting evaluations with blends above the mandatory level. Regulatory shift eases voluntary blending Hydrocarbons regulator ANP is revising the rules for voluntary biodiesel use above the mandatory 15pc blend. Previously, companies needed prior authorization from the agency. With a provisional procedure now in effect, companies only need to notify the agency of their use. The regulator has been aligning its rules with Brazil's Fuel of the Future law to streamline procedures and provide legal certainty for the adoption of these alternatives. Replacing prior authorization with a notification model had long been sought by the industry, according to Abiove. According to Amaral, the process required approvals from different agencies — including the Brazilian environment and renewable natural resources institute Ibama — and could take more than six months to complete. "All these requirements discouraged interest" in the past, Amaral said. By Natalia Dalle Cort Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Assembly talks key to Venezuela elections: Rubio
Assembly talks key to Venezuela elections: Rubio
Caracas, 9 October (Argus) — Productive discussions between Venezuela's duel national assemblies are key to eventually holding new elections there, US secretary of state Marco Rubio said today after meeting with the leader of the opposition-controlled legislature. Head of the 2015-elected assembly Dinorah Figuera "has our 100pc percent support" in working towards electoral reform in Venezuela, Rubio said. The 2015 assembly — the last one the US recognizes as legitimate — and the acting assembly led by the brother of interim President Delcy Rodriguez began a series of reconciliation talks in August that will resume in a third phase on 14 October. The next round is meant to focus on selecting new member of the supreme court, which plays a key role in elections, and guaranteeing political rights, Rubio said. Future talks will seek to reform the national electoral council and repealing laws that repress freedoms. The meeting in Washington DC comes as former hopeful president candidate for the opposition Maria Corina Machado has been unable to return to Venezuela despite expressing a desire to do so. Machado and other members of Venezuela's political opposition that faced arrests and harassment under former leader Nicolas Maduro have called for quick elections after the US seized Maduro on 3 January. Some US oil producers have also pointed to elections as a key sign of long-term stability needed for major investments, but Rubio has repeatedly said that Venezuela's institutions must be stabilized first. A peaceful transition in Venezuela "will require a lot of hard work, a little bit of patience [and] free and fair elections", Rubio said. Acting national assembly leader Jorge Rodriguez has pointed to potential elections in 2030 . Both Delcy and Jorge Rodriguez expect to continue in their roles until at least the end of the administration of US president Donald Trump in 2028, some national assembly sources have said. Protests have broken out in Venezuela in recent weeks, mostly against worsening public services and frequent power outages. The lack of clear results from assembly talks and no roadmap to elections are among other complaints. By Jose Chalhoub Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
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