India and Saudi Arabia are to collaborate on the development of two integrated refinery and petrochemical plants in India. The plan was announced after Indian prime minister Narendra Modi met Saudi counterpart Mohammed bin Salman in Jeddah on 22 April, as part of the India–Saudi Arabia Strategic Partnership Council. Saudi Arabia in 2019 pledged to invest $100bn in India in several sectors including energy and petrochemicals. No further details have been provided but the projects could be Indian state-run BPCL's planned facility in Andhra Pradesh and oil firm ONGC's refinery project in Gujarat, according to industry participants. Plans for a 1.2mn b/d refinery in Ratnagiri alongside the UAE's Adnoc have been abandoned because of logistical and land acquisition challenges, industry participants say.
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US-Iran war: Latest news
US-Iran war: Latest news
Singapore, 9 March (Argus) — A round-up of the latest Argus news stories focusing on the US-Iran conflict. TOP STORIES G7 to assess Mideast Gulf crisis as oil tops $100/bl Crude pares gains on IEA stock release report: Update 2 Iran's IRGC warns against continued attacks on energy Saudi Arabia's Shaybah oil field hit by drones again Fire at UAE's Fujairah storage contained Drone attacks tests Oman's bid as Hormuz bypass LATEST NEWS Crude and oil products Vietnam plans oil tax cut on escalating US–Iran war Bahrain's Bapco issues force majeure after refinery hit Asia's gasoline market jumps on weekend attacks Supply fears trigger fuel rationing in Australia Vietnam seeks to diversify fuel import sources Thai refineries issue force majeure on war, export ban China's CNOOC raises naphtha prices on cracker halt Asian prompt LSFO prices spike on supply fears Vietnam to curb crude exports to meet local demand Petrochemicals Kuwait's TKSC declares force majeure over US-Iran war China's Wanhua declares FM on supplies to Middle East Southeast Asia faces methanol supply crunch: Update Japan's Mitsubishi Chemical slows ethylene production Singapore's TPC declares FM on upstream supply woes Fertilizers Chinese domestic sulphur prices rise on US-Iran war Southeast Asian urea prices surge on US-Iran war Bitumen Singapore's Shell, Thai IRPC issue FM on bitumen export Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Iran’s IRGC warns against continued attacks on energy
Iran’s IRGC warns against continued attacks on energy
Dubai, 9 March (Argus) — A spokesman for a key command unit of Iran's Islamic Revolutionary Guard Corps (IRGC) warned the US and Israel overnight not to carry out further attacks on critical energy facilities, saying Iran's armed forces would retaliate in kind across the region. "We expect governments of the Islamic countries to warn the criminal United States and barbaric Zionist regime against inhumane actions, like attacks on fuel and energy installations, as soon as possible, or else, similar actions will be taken in the region," Ebrahim Zolfaghari said. The warning came a day after Israel struck numerous fuel storage facilities across Tehran , which it said were used to support Iranian military infrastructure, and after US forces hit a major desalination plant on Qeshm island in the Mideast Gulf. Iranian media reported that oil storage depots in Karaj, Shahran, Aghdasieh and Shahr-e Rey — all in or around Tehran — were targeted in the strikes. The depots in Shahran and Shahr-e Rey were also attacked during the 12-day war in June 2025, though on a much smaller scale . State media also said the 220,000 b/d state-owned Tehran refinery was damaged, but the extent of the impact remains unclear. Thick smoke from the weekend attacks has left parts of the capital shrouded in darkness. "Since the beginning of this invasion, the criminal United States and helpless Zionist regime have achieved nothing but the killing of innocent and defenceless men and women," Zolfaghari said, adding that they had "gone beyond this to the point that they have targeted parts of the fuel and energy infrastructures". He claimed the Iranian armed forces had "so far refrained from any similar action" in its retaliation against Israel, US bases and targets in neighbouring Mideast Gulf states out of "serious regard for the interests of the Muslim people stationed in those countries". But Iran has already targeted key energy installations across the region over the past week with varying degrees of success. Drone strikes have been launched at Saudi Arabia's 550,000 b/d Ras Tanura refinery, Kuwait's 346,000 b/d Mina al-Ahmadi refinery and Bahrain's 405,000 b/d Sitra refinery. The Ras Tanura facility has been offline since early last week. Saudi Arabia's 1mn b/d Shaybah and 250,000 b/d Berri oil fields have also been targeted by drones in recent days, with the latest attack reported earlier today. All strikes on the two fields have been intercepted, Saudi authorities said. Numerous oil product storage tanks at terminals in the UAE and Oman have also been targeted throughout the past week By Nader Itayim Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
US shale offers no quick remedy to Iran war price spike
US shale offers no quick remedy to Iran war price spike
New York, 9 March (Argus) — US shale producers are unlikely to be in any hurry to help save the day as oil prices surge higher because of growing supply disruptions in the Middle East due to the US and Israel's war with Iran. For the time being, the US oil sector may be content to sit on the sidelines, given uncertainty over the expected duration of the conflict as well as what the long-lasting repercussions will be for energy infrastructure in the key oil-producing region. US president Donald Trump has yet to call on domestic producers to ramp up output to alleviate the oil price jump — the US benchmark has reached its highest since 2024. Instead, the administration has touted "well-supplied" oil markets and proposed insurance backstops and naval escorts to help tankers resume safe passage through the strait of Hormuz, the key chokepoint for energy exports that has been effectively blocked by Iranian attacks. In any case, the shale sector has been wedded to a policy of capital discipline for so long now that it would require a sea change in boardroom strategy to reverse course. This suggests any cash windfall from the oil price rise will be funnelled to shareholders through higher dividends and share buy-backs rather than into fresh drilling campaigns. Publicly traded producers recently set out their stalls for 2026, which mostly involved plans for minimal output growth amid efforts to chase further efficiency and productivity gains , while keeping spending firmly under control. Also, the latest round of industry consolidation has seen large swathes of the shale patch fall into the hands of the biggest public operators. They are unlikely to be swayed either way by short-term price fluctuations and may stick to existing plans. Leading US independent ConocoPhillips may have summed up the general mood before the conflict broke out, when its chief executive Ryan Lance said plans were more or less fixed for the year. "With what we're trying to execute, we don't like to whipsaw these programmes up or down," he said. In the past, privately held firms could have been counted on to respond quickly to price spikes, but their ranks have been thinned by the acquisition spree of the past three years , and their inventory has dwindled. Capital restraint And although front-month contracts for crude have moved up sharply since the war broke out, the back end of the futures curve has lagged behind. Operators need to see signs that the rally will be sustained, as well as gains across the futures curve, before they think about revising drilling plans, analysts say. "You need the back end of that curve to increase a lot for there to be a response on the US shale side," energy consultancy Enverus analyst Alex Ljubojevic says. And the current price rally may need to run for longer before there would be a meaningful response from shale. "You'd need to see a $90-100/bl price deck, a consistent price deck, for operators to start allocating more capital to some of these plays," Ljubojevic says. And while shale has been known for its flexibility in the past, it would take some time for additional barrels to come on line even if there was a determined push to boost production. "Incremental supply would require several months, given drilling, completion and infrastructure lead times," analysts at bank JP Morgan say. US crude output is forecast to fall next year as activity slows, the US Energy Information Administration says. Outside the prolific Permian basin of west Texas and southeast New Mexico, shale growth has slowed rapidly. Concerns have grown that the best quality acreage is close to being exhausted and that growth will plateau before long. By Stephen Cunningham Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Drone attacks test Oman's bid as Hormuz bypass
Drone attacks test Oman's bid as Hormuz bypass
Dubai, 9 March (Argus) — Oman's ports have been seen as a safer alternative for cargoes seeking to avoid the strait of Hormuz, but recent drone attacks are raising questions over whether the sultanate can remain insulated from the ongoing US-Iran war. Oman's deep-water ports — Duqm, Salalah and Sohar — sit on the Arabian Sea outside the strait, allowing tankers to bypass the narrow waterway and reduce exposure to potential security risks. Tanker traffic through the strait has slowed to a treacle after several tankers were attacked since the conflict began on 28 February and as insurers raised premiums or withdrew war risk coverage for the region. Oman's geographical location has long been viewed as a key advantage to avoid the Hormuz critical chokepoint, encouraging companies to reroute cargoes through the region, with some buyers preferring to lift shipments directly from the sultanate's ports. Ship-tracking data from Kpler showed that the vessel Valery Roma , carrying around 37,000t of 95R gasoline from Paradip, which was originally headed to Jebel Ali, is now being diverted to Oman's Duqm, confirmed by port agent data. The tanker Advantage Passion which was chartered to load 60,000t of jet fuel from Jubail for northwestern Europe on 3 March, is currently anchored near Oman's Sohar. Sohar is the busiest in terms of overall cargo volumes and handles a mix of dry bulk and liquid cargoes, while Salalah, located at the southeastern tip of the country, serves as a major container transshipment hub, Rystad Energy commodity markets vice president Valerie Panopio said. Last year, Salalah expanded its container terminal capacity from 4.5mn TEU to 6.5mn TEU following upgrades at all six berths and a yard expansion. But recent drone strikes on Oman's commercial ports have undermined hopes that the country can avoid a regional hostilities spillover, raising concerns among shipowners, insurers and traders about whether the country's ports can still function as transshipment hubs. Several drones struck the ports of Duqm and Salalah last week, with at least one fuel storage tank hit at Duqm and debris falling near terminal areas . And changes to war-risk coverage on regional maritime routes have complicated the picture, with Sohar now falling within an insurer-designated war-risk area, potentially increasing charter and insurance costs for vessels calling at the port. The Joint War Committee, which represents the London insurance market, recently expanded its list of high-risk maritime areas to include waters around Oman along with Bahrain, Djibouti, Kuwait and Qatar, according to a market circular. But one broker said that tanker booking enquiries from Sohar and other Omani ports were still increasing noticeably even though the area is classified as high risk. Rising security risks are now beginning to feed into shipping insurance costs. Additional war-risk premiums (AWRP) for tankers transiting Omani waters have climbed to around 0.4pc of vessel value, up from about 0.1pc previously, according to an insurance broker. Shipping sources said rates have risen even further — to around 1pc — for vessels transiting the wider Mideast Gulf region. By Rithika Krishna Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
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