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Latest market news

Cabinda refinery still in testing, no supply yet

  • Market: Oil products
  • 05/02/26

Angola's new 30,000 b/d Cabinda refinery is still undergoing tests several months after commissioning began and has yet to start supplying products, according to joint-venture partner Gemcorp.

Testing has been under way "for several months", the UK-based firm said. "Our focus is completing this process and then start working on the delivery of the products to our partners."

Gemcorp did not give a timeline for first product deliveries.

Commissioning work began in September 2025. At the time, Gemcorp told Argus that it expected fuel production and sales to start around November–December 2025, but no products have yet been supplied.

The refinery is a 90:10 joint venture between Gemcorp and Angola's state-owned oil firm Sonangol.

By George Maher-Bonnett

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03/04/26

Iranian done hits Kuwaiti power and desalination plant

Iranian done hits Kuwaiti power and desalination plant

Dubai, 3 April (Argus) — A power and water desalination plant in Kuwait sustained "material damage" as a result of an Iranian attack in the early hours of Friday, the country's electricity ministry said. The ministry did not disclose which specific facility was hit, saying only that "some components" were damaged in the attack. The ministry did not immediately respond to a request for comment. Kuwait has eight major power plants dotted along its coast, the majority of which also include desalination units that supply a significant portion of the emirate's fresh water. This is the second attack on Kuwait's power and desalination facilities in less than a week. A service building at an unnamed power and water desalination plant sustained "significant material damage" in an attack in the early hours of Monday . Iran has been responding to US and Israeli strikes on its territory, facilities and infrastructure by launching missiles and drones against targets in Israel and across the Mideast Gulf. Iran's armed forces regularly claim they are targeting regional assets and facilities that have links with Israel or the US, but many of the targets being hit clearly do not. Kuwait, in particular, has been experiencing a spike in hits on its critical infrastructure in recent days. The 346,000 b/d Mina al-Ahmadi refinery came under attack for the third time in two weeks early on Friday. The country's 454,000 b/d Mina Abdullah refinery was also struck in the middle of March. Kuwait International Airport has also been repeatedly struck by Iranian drones over the past month. Fuel depots were most recently hit on 1 April and 25 March, while the airport's radar system was struck on 28 March. Kuwaiti airspace has been closed since the start of hostilities on 28 February. Seven overhead power lines in several parts of Kuwait were also taken out of service late last week after debris falling from intercepted drones damaged the network. This caused partial power outages in some parts of the country. 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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Kuwait's Mina al-Ahmadi refinery hit again by drones

03/04/26
News
03/04/26

Kuwait's Mina al-Ahmadi refinery hit again by drones

Dubai, 3 April (Argus) — Kuwait's 346,000 b/d Mina al Ahmadi refinery came under another drone attack early on Friday, causing fires in several operational units, state-owned Kuwait Petroleum (KPC) said. It was the third strike on the refinery in just over two weeks. KPC did not specify the extent of the damage or whether refinery operations were affected, but said it was working to maintain operational continuity. No injuries were reported. The refinery was previously hit in the early hours of 19 March, and again early on 20 March, which saw KPC shut a number of affected units as a precaution . Another Kuwaiti refinery, the 454,000 b/d Mina Abdullah plant, was also struck early on 19 March, adding to concerns over the vulnerability of the country's refining system. Kuwait has a third refinery, the 615,000 b/d al-Zour facility, further south, close to the Neutral Zone which Kuwait shares with Saudi Arabia. This latest attack follows weeks of repeated Iranian missile and drone attacks in Kuwait, and elsewhere in the Mideast Gulf region, in response to US and Israeli strikes on Iran. Kuwait's authorities have reported damage to airport and port infrastructure in recent weeks. Its air defenses have intercepted more than 500 drones and 300 ballistic missiles since the US-Israel war with Iran began on 28 February. US president Donald Trump said on Wednesday that military strikes on Iran would continue, dashing hopes for an imminent end to the conflict. 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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US seeks bids for 10mn bl crude release from SPR

02/04/26
News
02/04/26

US seeks bids for 10mn bl crude release from SPR

Washington, 2 April (Argus) — President Donald Trump's administration is offering to loan out up to 10mn bl of sour crude from the US Strategic Petroleum Reserve (SPR) as part of a release of 172mn bl intended to ease supply shortages caused by the war with Iran. The US Department of Energy's (DOE) second round of "exchange" contracts, announced on Wednesday, is offering 2mn bl of sour crude in April and 8mn bl of sour crude in May from the SPR's Bryan Mound site in Texas. Participating companies will be required to return the crude they borrow by no later than November 2027, in addition to providing an in-kind payment, which will result in the SPR holding more crude than before Trump authorized the drawdown. "Today's action furthers the United States' efforts to move oil quickly to the market and mitigate short-term supply disruptions," DOE assistant secretary of hydrocarbons Kyle Haustveit said. Bids for the second round of exchange contracts are due by 12pm ET on 6 April. DOE already awarded a first round of exchange contracts that will release 45.2mn bl of sweet and sour crude from the SPR by the end of May. Companies awarded contracts will be required to return crude to the SPR between November 2026 and the end of September 2028. For the second round, DOE switched to a formula that will reward companies for the early return of crude to the SPR. That will avoid a financial incentive for most of the returns to take place near the end of 2027. Nymex WTI crude futures at the end of 2027 are trading at a discount of nearly $3/bl compared to the first quarter, based on settlement prices on Wednesday. Under the formula for the 10mn bl release, bidders will be required to return a "minimum" of 17pc more crude than they borrowed for crude returned to the SPR in the first quarter of 2027. For each additional quarter they wait, the minimum will rise by 0.5 percentage points, reaching a maximum rate of 18.5pc for crude returned by November 2027. DOE said it will award contracts primarily based on which companies offer to return the most crude to the SPR. Trump last month granted a 60-day waiver of the Jones Act for crude and other commodities shipped between US ports. The waiver, which is set to expire at 11:59pm ET on 17 May, will enable crude from the SPR to be transported to other US ports without needing to charter US-flagged, US-built tankers that are compliant with the Jones Act. By Chris Knight Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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WTI soars after Trump vows more weeks of attacks

02/04/26
News
02/04/26

WTI soars after Trump vows more weeks of attacks

Houston, 2 April (Argus) — US benchmark WTI crude futures rose by as much as 14pc in early trading today before paring gains as president Donald Trump vowed to hit Iran "extremely hard" over the next two or three weeks. May Nymex WTI was up by about 9pc at $108.84/bl at 11am ET Thursday, after trading as high as $113.97/bl earlier in the session. In his first prime time address to the US public since launching the war with Iran on 28 February, Trump on Wednesday said the US is on track to finish all of its military objectives in the war against Iran "very shortly", but also said he expects the war will continue for weeks, during continued negotiations with Iran. "We're going to hit them extremely hard over the next two to three weeks," Trump said. "We're going to bring them back to the stone ages, where they belong." North Sea Dated crude also hit an 18-year high today , while European jet and diesel prices continued to hit consecutive record highs . Trump used the speech to repeat messages he had posted over the last few days on his social media platform. Countries that depend on oil shipped through the strait of Hormuz should "build up some delayed courage", Trump said, and take control of the waterway where 20pc of global oil flows. Iranian president Masoud Pezeshkian [said late on 31 March}(https://direct.argusmedia.com/newsandanalysis/article/2809002) that Tehran has the "necessary will" to bring the conflict with the US and Israel to an end but only once it has ironclad guarantees that they will not attack Iran in the future. Meanwhile, Iran has given assurances that Philippine-flagged vessels will be granted safe passage through the strait of Hormuz, the Philippine Department of Foreign Affairs (DFA) said on 2 April. The agreement was made during a phone call between foreign affairs secretary Maria Theresa Lazaro and Iran's foreign minister Seyed Abbas Araghchi, DFA said. Several other southeast Asian governments recently stepped up to initiate negotiations with Iran, which has since resulted in the safe passage of some vessels through the strait. The war in the Middle East is in its fifth week, with the US and Israel continuing their heavy aerial campaign against numerous targets across Iran. By Eunice Bridges Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

News

Brazil’s industrial output falls in February

02/04/26
News
02/04/26

Brazil’s industrial output falls in February

Sao Paulo, 2 April (Argus) — Brazil's industrial output stepped down by an annual 0.7pc in February, mainly driven by auto, chemical products and machinery, according to national statistics agency IBGE. The decrease follows an annual 0.2pc increase in January and a 0.1pc decline in December. Production of intermediate goods — feedstocks for industries that do not directly reach the final consumer — rose by 1.1pc in February from a year earlier. Output of non-durable and semi-durable goods fell by 0.3pc from a year earlier. Output of capital goods and durable consumer goods were down by 13.5pc and 9.3pc, respectively, from February 2025. It is the ninth consecutive annualized decline in capital goods production. Auto, chemical products and machinery were among the largest negative contributors, down by 7.3pc, by 6.4pc and 11pc, respectively, from a year prior. Heavy vehicles and NPK fertilizers pushed down their respective categories, IBGE said. Output of petroleum coke, oil products and biofuels rose by 4pc in February from a year earlier, following a 1.2pc decline in January. Metal products output was down by 8.4pc. Brazil's central bank lowered its target rate to 14.75pc in March. Brazil's headline inflation decelerated to an annual 3.81pc in February . By João Curi Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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