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Latest market news

Asphalt tank fails in South Houston

  • Market: Oil products
  • 29/04/26

An asphalt tank ruptured on Wednesday afternoon at a Martin Asphalt facility in the city of South Houston, Texas, resulting in one fatality.

Video from the scene by a local television news station showed a partially collapsed tank and liquid asphalt flooding a large part of the facility as well as flowing out of the grounds and over a nearby road. The Houston Fire Department's Public Information Office confirmed the rupture resulted in a fatality.

The Harris County Fire Marshal's Office reported the incident and noted the possible fatality at 4:36pm via a post on X. The South Houston Fire Department as well as Houston Fire Department hazmat and rescue units responded to the scene.

Martin Asphalt did not immediately respond to a request for comment. The company produces asphalt for paving and roofing applications, along with numerous specialty asphalt blends.

By Angelina Contreras

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29/04/26

France's fossil fuel roadmap a key step: think tanks

France's fossil fuel roadmap a key step: think tanks

Edinburgh, 29 April (Argus) — France's roadmap to transition away from fossil fuels, which combines energy policies and climate targets in one document, is an important step, even though no new goals were announced, energy and climate think tanks said today. France released the roadmap yesterday, during the first conference on Transitioning Away from Fossil Fuels, ongoing in Santa Marta, Colombia. The plan matches France's climate goals with its energy policies in one document, including its national low carbon strategy and its new electrification plan set out in April . It reiterates the country's goal to move from a share of around 60pc fossil fuels in final energy consumption in 2023 to 40pc in 2030 and 30pc in 2035, to reach net zero emissions in 2050. The government plans to phase out coal by 2030, oil by 2045 and natural gas by 2050, under its national low carbon strategy and its roadmap. "France is one of the few countries in the world to have such a precise schedule for a gradual exit from fossil fuels," the French environment ministry said. The French roadmap aims to inspire partner countries on long-term planning, it said. France's last two remaining coal-fired power plants are scheduled to close or be converted by next year. The roadmap also states that over 95pc of fossil fuels burned in the country are imported. France eyes a 50pc reduction in gross greenhouse gas (GHG) emissions by 2030 compared with 1990, to reach net zero emissions by 2050. Although the country did not announce new goals, the roadmap sends an important signal, think-tank International Institute for Sustainable Development (IISD) energy policy advisor Natalie Jones said. "Higher ambition and not solely repackaging existing policies would have been even better, but an explicit fossil fuel phase strategy, with timelines, is new and welcome," she said. She added that the framing of the roadmap in relation to UN Cop climate summits, the global stocktake and climate action is significant. The first global stocktake, agreed on in 2023 at Cop 28, called for a transition away from fossil fuels in energy systems. "Few countries tackle all fossil fuels together — this gives other countries a critical opportunity to follow suit, while fossil fuel-producing nations can also lay out plans to diversify their economies as global demand for fossil fuels wanes in the decades ahead," said global research organisation WRI director of international climate action David Waskow. Asked about whether other EU countries could release fossil fuel transition roadmaps in the future, EU climate commissioner Wopke Hoekstra yesterday said that whether roadmaps are "specifically about phasing out fossil fuels… is secondary to impact". He reiterated the EU's goals — net zero emissions by 2050 and a 55pc reduction for 2030, from 1990 levels — pointing out that the wording is about reducing emissions rather than specifically phasing out fossil fuels. The "reality is… the same, you cannot be at 90pc [of emission cuts] in 2040 if you will not radically phase out fossil fuels", Hoekstra said. The EU updated its climate law earlier this year to add a 90pc GHG reduction by 2040, from 1990 levels, although up to 5pc of the target can be met using international carbon credits. Fossil fuel producer Colombia also presented a draft fossil fuel transition roadmap this week, developed with researchers, and designed to act as a potential standard for other countries to use. It aims to achieve a 90pc reduction in primary fossil fuel demand over 2026-50, and a 90pc cut in "whole energy system emissions" from 2015-50, while expanding access to energy. The plan pointed to the country's dependence on fossil fuels for revenues. Colombia exports oil and coal worth $25bn, against around $1bn in fossil fuel imports — mainly oil products, according to the roadmap. By Caroline Varin and Lucas Parolin Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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N African bitumen buyers look west for supply

29/04/26
News
29/04/26

N African bitumen buyers look west for supply

London, 29 April (Argus) — North African bitumen buyers swung away from Greek supply and instead bought more Spanish and Italian product, which was often cheaper and more plentiful, particularly in the first quarter of this year. North African imports of Greek bitumen totalled 65,000t in the first quarter, compared with 164,000t in the same period of 2025, Kpler data shows. Imports from Greece also fell significantly in the fourth quarter of 2025, with the western Mediterranean becoming the primary import option for north African contractors. After the US-Israeli strikes on Iran on 28 February and following the blockade of the strait of Hormuz, market participants in Algeria and Morocco anticipated significantly tightened supply out of Greece. Exports out of Greek refineries, particularly Motor Oil Hellas' (MOH) 180,000 b/d Agioi Theodoroi plant, remain short in supply with feedstock crude cargoes held up in the strait of Hormuz. The refinery regularly imports bitumen-rich crude such as Iraqi Basrah. Meanwhile, exports from Helleniq Energy's 140,000 b/d Aspropyrgos refinery have been less appealing to north African buyer. Any shift to Aspropyrgos is difficult after prolonged maintenance cut production. The work, originally planned for February-March, is now scheduled to end in early May. In addition to this, contractors in Algeria and Morocco were already sitting on surplus stocks accumulated over the fourth quarter of 2025. This allowed them to back off from new, more expensive deals out of the eastern Mediterranean after the Iran war sent high-sulphur fuel oil (HSFO) and crude prices soaring. Both Spanish Repsol-Asesa joint owned 180,000 b/d Tarragona and Italian Sonatrach-owned 198,000 b/d Augusta refineries were able to offer cargoes at lower values. In the first quarter, Spanish and Italian exports to north Africa totalled 31,000t and 122,000t, respectively. Algeria, which had not imported Spanish cargoes since 2023, briefly resumed such imports owing to weaker cargo values offered. Spain's Repsol was largely immune to price spikes as surplus cargo availability and tepid domestic demand allowed them to offer cargoes at a discount of $15-20/t to fob Mediterranean HSFO values in March, compared to closer to flat to HSFO for other Mediterranean suppliers. Looking ahead, Algerian and Moroccan bitumen demand is expected to increase in the coming weeks. Some of this demand will continue to be met by western Mediterranean refiners. Turkey's Dortyol, is now offering greater volumes after flows of product originating in Iraqi Kurdistan resumed in December. By Navneet Vyasan North African bitumen imports Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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Australia promises no gas tax on existing LNG contracts

29/04/26
News
29/04/26

Australia promises no gas tax on existing LNG contracts

Sydney, 29 April (Argus) — No export taxes will be placed on LNG contracted by trade partners, Australia's prime minister has promised, after weeks of intensive lobbying by unions, anti-gas campaigners, economists and industry. The weeks following the US-Iran war showed it was critical to not jeopardise trade links with Asia or the investment needed from overseas partners, prime minister Anthony Albanese said in Perth on 29 April. Anti-fossil fuel groups had been calling for a 25pc tax on exports to raise money for Australia's weakening federal budget. But Western Australia's premier and other key Labor politicians close to the resources sector opposed such measures, citing the need for investment continuity . An east coast gas reservation would instead be instituted but only affect future export contracts , Albanese added. The ongoing shock from the Middle East war is leading to a renewed spotlight on Australia's lack of sovereign refining capacity. Australian ministers have been regularly dispatched to trading partners in east Asia in recent weeks to shore up supplies of gasoil, gasoline and jet fuel as well as fertilizer. Australia holds only 49 days' supply , slightly more than half of the IEA's mandated net import coverage of 90-days at the end of February and down by one day from January. Australia held 44 days of gasoline, 33 days of gasoil and 30 days of jet fuel consumption under its minimum stockholding obligation as of 21 April. The foreign minister is travelling to Japan, China and South Korea this week , which receive large volumes of Australian LNG and also export significant fuel volumes to Australia. By Tom Major Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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Fossil-fuel talk participants call for framework

28/04/26
News
28/04/26

Fossil-fuel talk participants call for framework

Santa Marta, 28 April (Argus) — Some countries participating in a conference in Colombia to discuss a transition away from fossil fuels called for stronger international cooperation and legal frameworks to help manage the shift. Around 60 countries are participating in the First Conference on Transitioning Away from Fossil Fuels in Santa, Marta, Colombia, and co-hosted by the Netherlands from 24-29 April. The two-day conference, which gathers ministers and other high-level officials from the participating countries, began on Tuesday. The participating countries — which together account for around one-fifth of global oil production, one-third of consumption and one-third of the world's GDP, Colombia has said — mentioned frustrations over existing multilateral frameworks based on consensus and "influenced by interests of the fossil fuel industry". Colombia's environment minister Irene Velez-Torres called for "multilateralism without de facto vetoes" that is "capable of translating agreements into implementation". "We must pave the way for a legal instrument that names what it phases out and how we finance it," Panama's special representative for climate change Juan Monterrey said, also calling on participating countries to commit to banning drilling for hydrocarbons in specific zones. Monterrey also told Argus that he expects the event to set up a few permanent working groups or streams that can carry the work in the future. Other speakers at the plenary, such as Slovenia's state secretary Uros Vajgl, Germany's environment and climate action secretary Jochen Flasbarth and Spain's ecological transition minister Sara Aagesen also urged for "practical cooperation". Others, such as Nigeria's regional development minister, said that the countries must discuss the phase down, not out, of fossil fuels. Nigeria is a crude producer and its national energy mix is heavily reliant on fossil fuels. Brazil's secretary for climate change Aloisio de Melo said on the sidelines that a fossil fuel phase out would not be one-size-fits-all. "There is no ambition for a standard roadmap," he said, adding that it is important that each country takes ownership of its own process. Many countries also mentioned a recent International Court of Justice advisory opinion that said that countries have obligations to contribute to cutting emissions, and breaching those commitments could constitute a "wrongful act". Reality check Many participating countries also emphasized how the effects of the war in Iran on fuel prices have underscored the need to transition away from fossil fuels. EU climate commissioner Wopke Hoekstra called the energy crisis brought on by the war in Iran "a reality check". "We in Europe are losing half a billion euros each day this war continues," he said. It would be "irresponsible to ignore the second energy crisis in five years", the UK's special climate representative Rachel Kyte said. The war in Iran has shown that "a fast implementation of the agreed transition from fossil fuels is not just vital to combat climate change, but is also vital for energy security and energy," Cop 30 chief executive Ana Toni told conference attendees in Santa Marta. By Lucas Parolin Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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No clear timeline for Brazil fossil fuel phase out

28/04/26
News
28/04/26

No clear timeline for Brazil fossil fuel phase out

Santa Marta, 28 April (Argus) — Brazil has no set timeline to publish its roadmap to phase out fossil fuels, the environment ministry's secretary for climate change Aloisio de Melo told Argus . Brazilian president Luiz Inacio Lula da Silva on 8 December asked the energy, environment and finance ministries to draft a resolution by February mapping out the phase-out of fossil fuels. That had followed Lula's previous calls to create an international plan to move away from fossil fuels during a leaders' summit only a few days before the UN Cop 30 climate summit held in November in Brazil. But the call did not make it to the summit's final decision despite backing´ from over 80 countries . Instead, the Cop 30 presidency pledged to create a roadmap on the issue outside of official negotiations. But the Brazilian ministries never published the resolution requested by Lula. Instead, the plan has been submitted to the national energy policy council, which will be responsible for developing it, de Melo said in the sidelines of the First Conference on the Transitioning Away from Fossil Fuels , being held in Santa Marta, Colombia, from 24-29 April. The process to draft Brazil's roadmap has many moving parts and will "involve a lot of dialogue", de Melo said. "It's a process and we're not simplifying the approach," he said. "It's not just a matter of having big long-term goals, but of having a real trajectory with clear milestones, instruments, means and so on," which is "much more complex", he he said. One of the discussions surrounding the roadmap is its timeline, de Melo said, adding that the process "will take quite a bit of time" because it needs to have "a strong, solid institutional base that truly integrates with Brazil's energy planning". "It's not about having a document with some grand speeches and messages, but something that is actually consistent, solid and guiding over time and that transcends presidential administrations", he said. Phasing out fossil fuels could run counter to Brazil's plans of increasing crude production. It produces around 4mn b/d of crude , making it one of the 10 largest producers globally, according to its hydrocarbon regulator ANP. The country plans to expand crude output to 5.3mn b/d by 2030, according to energy research bureau Epe, hinging on new exploratory frontiers such as the southern Pelotas basin and the environmentally sensitive equatorial margin. But the production goals and the roadmap can coexist, de Melo said. The plan will focus on some decarbonization solutions that are "more or less ready and actionable" such as biofuels, he said. "But there are other solutions that are in the development and finalization phase." Additionally, Brazil's planned production growth will not take place in the short term, he said. So there is time to see how fossil fuels, mainly for transportation, will be used in a cleaner energy matrix over time. By Lucas Parolin Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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