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Latest market news

Vietnam buys second Bonny Light crude cargo

  • Market: Crude oil
  • 28/05/20

Vietnam's Binh Son Refinery (BSR) has bought its second cargo of Nigerian Bonny Light crude for the country's 145,000 b/d Dung Quat refinery,

BSR bought about 1mn bl of Bonny Light through tender for delivery in the fourth quarter of 2020.

BSR received its first-ever cargo of Bonny Light crude in October 2019. Vietnam bought a spot cargo of Nigerian light sweet Agbami crude in February 2018, but had never previously bought Bonny Light.

But imported grades still make up a small portion of Dung Quat's crude slate. BSR will prioritise the use of domestic crude at the refinery, including procuring spot cargoes of Vietnamese grades, to manage its costs in a volatile crude market, the company said last week. BSR has participated and won several spot tenders issued by Vietnamese state-owned PVOil to sell Vietnamese crudes.

The Dung Quat refinery is currently running at 100pc of capacity, despite a fall in domestic demand for oil products amid severe limitations on travel and business activity.

BSR is deferring the full maintenance shutdown of Dung Quat to mid-August. The shutdown was originally scheduled for 12 June to 1 August but was postponed after supply and logistics disruptions caused by the Covid-19 pandemic affected the availability of some refinery spare parts.

By Yvette Choo

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06/02/26

India to buy $500bn of US energy, other products

India to buy $500bn of US energy, other products

Washington, 6 February (Argus) — India has committed to buying $500bn of US energy commodities, coking coal, aircraft and parts, precious metals and technology products in the next five years, the White House said Friday. A fact sheet detailing the preliminary terms of the US-India trade deal also announces plans by the US to slash the general tariff on imports from India to 18pc from 25pc. President Donald Trump on Friday separately signed an executive order removing an additional 25pc tariff on imports from India, which was imposed in August to pressure New Delhi to cut imports of Russian crude. The US will commit to removing tariffs on some aircraft and parts imported from India, as well as providing some relief for tariffs on steel and copper imports from India, according to the fact sheet , which does not provide a timeline for these actions. The US will also provide a preferential tariff quota for imports of cars and auto parts from India. The US and India also committed to increasing trade in key components underpinning the construction of data servers. India plans to eliminate or reduce tariffs on all US industrial goods and "a wide range" of US agricultural products. The terms of the deal as outlined in the fact sheet will be finalized in further negotiations, according to the White House. By Haik Gugarats Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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US adds pressure on Iran after talks resume: Update

06/02/26
News
06/02/26

US adds pressure on Iran after talks resume: Update

Recasts, updates with secondary tariff on Iran oil. Washington, 6 February (Argus) — President Donald Trump's administration on Friday announced actions aimed to add economic pressure on Iran after another round of US-Iran nuclear talks concluded in Oman without much progress. An executive order by Trump, released by the White House Friday afternoon, pledges to impose additional tariffs on US imports from countries engaged in business with Iran. The penalty is not automatic and is not set at a specific amount — it could be "for example 25pc", the order states. The US administration will determine whether any country continues to engage in business with Iran after 7 February and will then decide whether to apply the additional tariff, according to the order. US presidential envoy Steve Witkoff and Iran's foreign minister Abbas Araqchi met in Muscat, Oman, on Friday and the two governments plan to hold additional meetings at a future date, according to the host country's foreign minister, Badr Albusaidi. Araqchi told Iranian reporters that he held firm to discussing only the nuclear portfolio — rather than also addressing Iran's missile program and other issues raised by the US. Araqchi said that he asserted "the rights that the Iranian people have", which is likely a reference to Tehran's demand to continue to have nuclear enrichment capacity. The US administration is eyeing permanent curbs on Iran's nuclear program. Also on Friday, the US Treasury Department announced sanctions on 14 additional tankers allegedly linked to a network transporting Iranian crude and LPG. Whether the negotiations will avert another round of US strikes against Iran remains to be seen. Diplomats from the two countries last engaged in talks in April-June 2025, before Trump ordered a bombing raid against nuclear facilities in Iran. The new tanker sanctions were announced shortly after the talks concluded in Muscat. The pattern of combining diplomacy and sanctions pressure continues the tactic deployed by Trump's administration during the previous round of US-Iran talks. Friday's sanctions also include 15 entities and individuals allegedly tied to the Iranian oil trade. The one major difference from last year's sanctions approach is a lack of enforcement against China-based entities involved in trading Iranian crude. Iranian crude cargoes mostly are delivered to buyers in China via a network of intermediaries and shadow fleet tankers and involve ship-to-ship transfers in international waters near Malaysia and Indonesia. The US is finding it difficult to fully enforce sanctions against Iranian crude because of Tehran's ability to retaliate, US secretary of state Marco Rubio said on 28 January. Trump, who had ordered a US naval buildup in the Middle East, threatened military strikes against Iran, but also expressed a willingness to negotiate with Tehran. By Haik Gugarats Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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Algeria’s Saharan Blend export disruptions to continue

06/02/26
News
06/02/26

Algeria’s Saharan Blend export disruptions to continue

London, 6 February (Argus) — Algeria's state-owned Sonatrach expects weather-related disruptions to its Saharan Blend crude exports to continue in February, a source at the firm told Argus . Algeria's crude exports — made up entirely of the light sweet Saharan Blend — fell to a multi-year low of 201,000 b/d in January as bad weather delayed loadings, the source said. Argus estimates exports at 476,000 b/d in December. Spot prices for Saharan Blend rose to a $2/bl premium to North Sea Dated in mid-January, when European refiners — particularly in the Mediterranean — were seeking alternatives to light sour CPC Blend. But with Europe approaching spring refinery maintenance and CPC Blend exports picking up again , Saharan Blend has eased by 70¢/bl to a $1.30/bl premium to Dated. The Algerian grade, which trades on a fob basis, is also under pressure from rising freight rates. The cost of shipping an Aframax-sized cargo of Saharan Blend across the Mediterranean and to northwest Europe has averaged around 40pc higher in the second half of January into early February, compared with the first half of January. Sonatrach raised the official February formula price for Saharan Blend to a $2.50/bl premium to Dated, up by $1.50/bl from January and the highest since December 2022. The company typically circulates its retroactive official price after clearing most of its own supplies. By Aydin Calik and Lina Bulyk Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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Crude Summit: Brazilian export logistics are stretched

05/02/26
News
05/02/26

Crude Summit: Brazilian export logistics are stretched

New York, 4 February (Argus) — Brazilian crude exporters are working to address bottlenecks that are becoming overburdened by the country's surging exports, according to speakers at the Argus Americas Crude Summit today. The potential lack of enough dynamic positioning (DP) tankers to ferry crude from the country's offshore production sites to the coast for transfer onto standard tankers for export is "something everyone has to be worried about," said Fernando Colares Nogueira, Petrobras' head of crude oil, said at the event. Brazil's crude production climbed by 12pc year over year to 3.77mn b/d in 2025 , and is expected to rise further this year . To meet the demand, Petrobras has six of these DP tankers on order, said Nogueira, which would add to the roughly 50 that already operate along the Brazilian coast. The port of Acu is the receiving port for much of these crude-laden DP tankers, but is struggling to keep up with the rising ship-to-ship transfers happening at the port and needs "relief", said PetroChina International Trading's vice president of crude Alipio Ferreira. Petrochina is investing in improving port infrastructure across the country, including building a new terminal in Puerto Central, said Ferreira. By Nicholas Watt Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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Crude Summit: Canadian oil to Asia is ‘kicking up’

04/02/26
News
04/02/26

Crude Summit: Canadian oil to Asia is ‘kicking up’

Houston, 4 February (Argus) — Canadian crude highly sought by Asian refiners and the region will "pick up the slack" if Californian demand wanes, Trans Mountain said today at the Argus Americas Crude Summit in Houston, Texas. "We've been pleasantly surprised by the increase in demand, and it is primarily China and it is primarily petrochemical demand," Trans Mountain vice president of business development Jason Balasch said. "It's been kicking up lately." California has also been a key destination for Canadian crude after Trans Mountain's 590,000 b/d expansion came online in May 2024, but aging refineries and stringent state regulations are prompting downstream operators to shutter facilities. Chinese refiners meanwhile have taken a shine to Canadian crude, like Access Western Blend (AWB), which has both light and a heavy ends. The crude's ability to produce higher amounts of naphtha is especially of interest, as that is a key feedstock for the country's growing petrochemical industry. The now 890,000 b/d dual pipeline system has given Albertan oil producers a meaningful alternative to shipping almost all of its crude to US refiners, while removing any doubts over how willing Asian refiners would be to take Aframax-sized cargoes from Vancouver, British Columbia. "As we approached startup in late 2023, early 2024, it was viewed primarily as a California export play, but it's really becoming an Asian play," said Balasch. The demand for space on Trans Mountain's system is evident in utilization that averaged above 90pc in the fourth quarter, according to Balasch. This is up from 87pc in the third quarter and, coupled with restrictions on Enbridge's 3.1mn b/d Mainline that delivers crude into the US, is another signal more space out of the Western Canadian Sedimentary Basin will be needed. Further expansion of Trans Mountain system is being planned to help meet growing Asian demand. The federally-owned company is less than two years removed from bringing online its 590,000 b/d Trans Mountain Expansion (TMX) project, and this week applied to the regulator to increase capacity by 90,000 b/d using drag reducing agent (DRA). The DRA project could be online as early as January 2027, according to the application. Trans Mountain is considering another 210,000 b/d expansion after that, which could be brought online in either 2029 or 2030, Balasch said. That would bring total pipeline capacity up to about 1.19mn b/d, with another 35,000 b/d potentially flowing "seasonally". Moving mountains Even with optimization projects, a pipeline pinch is expected by many forecasters, including RBN president David Braziel, who said rising Canadian production may outpace egress as early as 2027 or 2028. Politically, energy security is now top of mind, which has shone a bright light on the missteps by Canada's approach to oil and gas development over the past decade, Braziel said, but political will is not all that is required. "Politics is politics," said Braziel. "It's really the economics of projects and the markets that are going to fundamentally decide what gets built." Optimization projects by Trans Mountain and Enbridge are expected to give some relief, but yet another supply crunch may develop beyond 2030, raising the need for another pipeline altogether. If Trans Mountain's two optimization projects are completed, the pipeline will be physically maxed out with no other low hanging fruit left to deliver large tranches of capacity. The Alberta government has long-called for more pipeline capacity and is planning to submit a proposal to the federal government by June. Alberta premiere Danielle Smith said previously a 1mn b/d pipeline to British Columbia's north coast would be ideal and has made an arrangement with Canada's prime minister Mark Carney to pursue those plans, but that will be no small feat. Carney wants to further diversify trade away from a hostile US administration and energy is a key component of talks, making strides with other countries who have also been caught up in US president Donald Trump's trade wars. By Brett Holmes Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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