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You can unsubscribe from these updates at any time. We manage your personal data in accordance with our privacy policy.Phillips 66 reported a process unit upset yesterday at its 356,000 b/d Wood River refinery in Roxana, Illinois.
The refinery reported flaring activity associated with the upset at 3:30pm ET on 28 November in a filing to state hazardous material monitors. Flaring lasted for roughly 30 minutes, according to the filing.
The company did not comment on the unit associated with the flaring event.
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.
London, 11 May (Argus) — The UAE's departure from Opec has reinforced Saudi Arabia's already dominant leadership of the group, but it also presents an opportunity for other members, including smaller ones, to gain greater influence over policy decisions. The exit of the UAE from Opec and the wider Opec+ has shaken the alliance to the core and raised serious questions over the group's cohesion. It could even prompt others to reassess their membership in the group. But life outside Opec would be challenging. Most Opec members have historically relied on larger producers, particularly Saudi Arabia, to lead policy given its superior market knowledge and intelligence, in the expectation that its decisions will ultimately benefit all. The UAE was perhaps unique among the group in its ability to go it alone. Unlike most other members, it has a proven ability to rapidly deploy new production capacity. And no other member, apart from Saudi Arabia, has the sort of deep oil market knowledge that would allow it to successfully navigate global oil markets. Still, the importance of ensuring group cohesion could lend a greater voice to other members on policy decisions and potentially see Saudi Arabia adopt a more accommodating stance. After all, even the exit of a small African producer would present poor optics, particularly if it happens soon after the UAE's departure. The chief candidates for a greater role in Opec, and by extension Opec+, are the group's other Mideast Gulf producers Iraq and Kuwait. Iraq remains Opec's second largest member and has ambitious plans to increase its production capacity from around 4.5mn b/d to 6mn b/d. While it has the reserves, the country has struggled to advance long-standing growth projects, including export capacity expansions, largely due to political instability. It is also paying the price of not building sufficient export infrastructure that would allow it to meaningfully bypass the strait of Hormuz. If Iraq is to play a more influential role within Opec, it may also have to assert greater control over production in the semi-autonomous Kurdish region, which has long undermined its credibility in the group. Kuwait is also a major producer and one of the few members with significant spare production capacity. Before the effective closure of the strait, Kuwait was producing around 2.6mn b/d compared to its stated production capacity of about 3mn b/d. But while it has ambitious plans to boost capacity to 4mn b/d, recent additions have merely managed to counter natural decline. Its total reliance on the strait of Hormuz for its oil exports has also meant it has been one of the hardest hit members due to the closure of the waterway. Other members such as Algeria may also clamour for a greater role. While its production capacity is smaller, the country its politically stable and is located outside the increasingly precarious Mideast Gulf region. It also highly values its membership for the international recognition this brings — something that is even more important to smaller African members. The UAE's exit could even prompt Opec to speed up efforts to sign up new members. Opec+ crude output plummeted by 1.59mn b/d in April, Argus estimates. The drop left group production about 11mn b/d below pre-war levels and was mainly driven by further reductions in the Mideast Gulf as members had to shut in production due to the war and effective closure of the strait of Hormuz — their main export outlet (see table). Russia's output is also under pressure from Ukrainian attacks on its oil facilities. Opec+ crude production mn b/d Apr Mar* Target† ± target Opec 9 13.40 14.71 23.49 -10.09 Non-Opec 9 12.59 12.91 13.45 -0.86 Opec 18 25.99 27.62 36.94 -10.95 Total Opec+ 31.34 32.93 na na *revised †includes extra cuts agreed in Apr 23 Opec wellhead production mn b/d Apr Mar Target† ± target Saudi Arabia 6.32 7.00 10.17 -3.85 Iraq 1.40 1.70 4.30 -2.90 Kuwait 0.56 1.17 2.60 -2.04 UAE 2.02 1.90 3.43 -1.41 Algeria 1.00 0.98 0.98 0.02 Nigeria 1.57 1.45 1.50 0.07 Congo (Brazzaville) 0.30 0.26 0.28 0.02 Gabon 0.19 0.21 0.18 0.01 Equatorial Guinea 0.04 0.04 0.07 -0.03 Opec 9 13.40 14.71 23.49 -10.09 Iran 2.95 3.08 na na Libya 1.35 1.23 na na Venezuela 1.05 1.00 na na Total Opec 12^ 18.75 20.02 na na †includes extra cuts agreed in Apr 23 ^Iran, Libya and Venezuela are exempt from production targets Note: UAE exit is effective from 1 May Non-Opec crude production mn b/d Apr Mar* Target† ± target Russia 9.00 9.20 9.64 -0.64 Oman 0.83 0.83 0.82 0.01 Azerbaijan 0.46 0.46 0.55 -0.09 Kazakhstan 1.72 1.80 1.58 0.14 Malaysia 0.35 0.35 0.40 -0.05 Bahrain 0.02 0.06 0.20 -0.18 Brunei 0.08 0.08 0.08 0.00 Sudan 0.01 0.01 0.06 -0.05 South Sudan 0.12 0.12 0.12 0.00 Total non-Opec 12.59 12.91 13.45 -0.86 *revised †includes extra cuts agreed in Apr 23 Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Singapore, 11 May (Argus) — US president Donald Trump has deemed Iran's response to a plan to end the war "totally unacceptable", indicating there is no end in sight to the conflict yet. "I have just read the response from Iran's so-called 'Representatives'," Trump said in a social media post. "I don't like it — TOTALLY UNACCEPTABLE!" he said. Crude futures rose by about 4pc in Asian trading today. The front-month July Ice Brent contract rose to $105.32/bl at around 11:00 Singapore time (03:00 GMT), up by 3.9pc from the close on 8 May. US benchmark WTI rose even more sharply. The front-month June contract was at $99.68/bl, a gain of 4.5pc from 8 May. Trump on 6 May claimed that a peace deal that was under discussion with Iran would reopen the strait of Hormuz to navigation and lift the US blockade on Iranian trade. Iran's foreign ministry said it was still reviewing a US proposal, state news agency Isna said on the same day. But the US proposal "contains some unacceptable clauses", according to Tasnim news agency, which is affiliated with Iran's Islamic Revolutionary Guard Corps. Iran's counter-proposal has not been published, but the text emphasises the need to immediately end the war, lift US sanctions related to Iran's oil sales, end the maritime blockade of Iran, and ensure Iranian management of the strait of Hormuz if the US fulfils certain commitments, according to an informed source cited by Tasnim. "[The war] is not over because there's still nuclear material, enriched uranium that has to be taken out of Iran," Israeli prime minister Benjamin Netanyahu said in a televised interview on CBS on 10 May. "There's still enrichment sites that have to be dismantled," he said. Previous statements from Washington and Tehran have outlined a possible agreement that would curb Iran's nuclear programme in exchange for sanctions relief for Tehran. But both sides have drawn red lines, with the US insisting on eliminating Iran's theoretical capacity to produce nuclear weapons, and Tehran emphasising continued control over the strait Hormuz. By Prethika Nair Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
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.
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