US, European March car sales extend recovery

Market: Oil products
23/04/10

Singapore, 23 April (Argus) — US passenger car and light truck sales rose almost a quarter in March, and 37pc from February, as the country's vehicle market continued its recovery from the previous year's slump.

Sales rose 24pc from a year earlier to 1.066mn in March, outpacing the 15pc rise during the first three months of the year, according to automotive consultant Autodata. The growth rate got a boost from the low base level last year, when several vehicle makers were about to file for bankruptcy protection. US car and light truck sales fell to 10.4mn last year, down 21pc from 13.2mn in 2008 and more than 16mn in 2007.

In Europe, new car registration growth also got a boost from a low base level the previous year. Car registration numbers rose 10.8pc in March from a year earlier to 1.64mn, when sales and economic growth in the region was slumping. But the recovery throughout the region was mixed, with German new car registration volumes slumping 26pc, while the UK saw a 27pc rebound.

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10/06/26

Bunker lead times grow since US–Iran war began

Sao Paulo, 10 June (Argus) — Shipowners and traders have been booking spot bunker fuel supplies further in advance since the start of the Iran–US conflict, according to data collected by Argus . The longer lead times, between the placing of a bunker fuel order and the fuel being supplied, reflect concerns about potential supply disruptions and strategies to deal with price volatility. Disruption to shipping through and around the strait of Hormuz has encouraged buyers to secure fuel as far as four to six weeks ahead rather than risk encountering shortages, market participants said. Argus ' bunker assessments are typically for deliveries with a maximum of 9-12 days and up to 14 days for certain African ports. The shift reflects concerns about reduced availability, with around 20pc of global crude having previously transited the strait now missing and therefore restricting supply of bunker grades. Higher freight costs have also reduced the economic incentive for suppliers to import fuel, which further reduced availability. Very-low-sulphur fuel oil (VLSFO) prices have strengthened sharply across major bunkering hubs since the start of the US-Iran war, reflecting tightening feedstock availability and growing supply concerns. Delivered VLSFO indications in Rotterdam have rose by around 45pc from 28 February to 31 May, prices in Panama increased by 49pc and in Singapore by 47pc. The tightening market has been particularly evident in Fujairah, the world's fourth-largest bunkering hub, where an acute supply shortage has left most suppliers without prompt VLSFO availability until mid-June. Market participants said disruptions to regional feedstock flows and the loss of supply from Kuwait's al-Zour refinery sharply reduced local blending activity, pushing Fujairah VLSFO premiums to record highs of $500-700/t against front-month Singapore cargo values in early June. The change in buying patterns has been happening worldwide. Delivery times for VLSFO in Singapore have extended to about 10-15 days forward in some cases, depending on supplies given tight blendstock availability, traders said this week. Typical delivery periods of about 7-10 days forward remain possible. Singapore loadings for low-sulphur marine gasoil (LSMGO) have also slowed, with market participants expecting this to ease only in the second half of June. LSMGO supplies are tight because of delays in cargo arrivals from South Korea, and most current availability will go towards previously booked orders. The lead time for high-sulphur fuel oil (HSFO) has been steady at around 4-5 days, as supplies are ample in Singapore. In Gibraltar, the average lead time in the three months before the war started was around five days. This is now 10 days. In Rotterdam the average booking period is up to 10 days from seven. In South America, rising vessel traffic through the Panama Canal has increased congestion and lengthened waiting times. The tighter transit window has pushed bunker buyers in Balboa and Cristobal to secure fuel further in advance, with market participants reporting a shift away from prompt procurement toward longer lead-time bookings to ensure product availability and align deliveries with delayed canal crossings. The average bunker fuel lead time in the Panama Canal increased to 14 days in March-May, from 10 days in the three months ending 28 February. In Brazilian ports, longer lead times have also been driven by rising fuel oil export flows to Singapore, where demand for Brazilian supply has increased because of the disruption linked to the strait of Hormuz. The additional export pull has reduced feedstock availability for VLSFO blending in Brazil, tightening prompt supply at key ports like Santos and Paranagua. Santos' average bunker fuel lead times increased to 10 days in March-May, from eight days in the three months to 28 February. In Paranagua, average lead times rose to 13 days from 10 days over the same period. By Gabriel Tassi Lara, Natália Coelho and Cassia Teo Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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Kuwait eyes regional pipeline tie-ups to bypass Hormuz

10/06/26

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10/06/26

Kuwait eyes regional pipeline tie-ups to bypass Hormuz

Dubai, 10 June (Argus) — Kuwait's state-owned KPC is exploring potential tie-ups with fellow Gulf Co-operation Council (GCC) countries Saudi Arabia and the UAE that could help move its crude and oil products in the event of any future disruptions to flows through the strait of Hormuz. Kuwait is totally dependent on the strait to export its crude and oil products, while Saudi Arabia and the UAE have pipelines that allow them to divert a share of their oil to ports outside the strait. That has helped them better navigate the more than three-month closure of Hormuz triggered by the start of the US-Iran war on 28 February. "We are in discussions with our brothers in Saudi Arabia and in the Emirates to look at how to expand the pipeline system that they have to accommodate Kuwaiti barrels coming up," KPC chief executive Sheikh Nawaf al-Sabah told the Atlantic Council Global Energy Forum. Saudi Arabia's 7mn b/d capacity East-West pipeline can carry crude from the Abqaiq oil processing complex in the Eastern Province to the Yanbu terminal on the Red Sea for export. The UAE's 1.7mn b/d Adcop pipeline carries crude from Habshan in Abu Dhabi to Fujairah, outside the strait of Hormuz. Sheikh Nawaf said the GCC typically has a mechanism that if one member cannot export oil for whatever reason, another with additional capacity could export on their behalf "and tally it up afterwards." But since "nobody has that capacity" given the situation in the strait, "instead, we are working with our brothers to look at pipeline capacity that can grow out," he said. He did not specify which projects Kuwait was studying with its neighbors. The KPC chief did caution, however, that an alternative export route would not totally insulate Kuwait, or any other country, from risk. Pipelines "are only as safe as the export facility at the end of it," Sheikh Nawaf said. "And you've seen how Iran has targeted both the Saudi and Emirati pipelines, and how those [attacks] have been effective, to a certain degree." Fujairah was targeted on five separate occasions between late February and early June, according to Argus tracking, Saudi Arabia's Yanbu port was targeted once, and the East-West pipeline was targeted once , temporarily reducing throughput capacity by around 700,000 b/d. "A long pipeline needs compression. So, if you hit one node of that compression, you've got to rebuild that," said Sheikh Nawaf. "The easiest thing to rebuild or replace is the pipeline itself. But if you hit the compression facility, that takes more time." "And worse yet, is if you hit the export facility, because then, the pipeline is essentially useless," he said. "And we would have to work together with our partners [to recover]." Swift-ish recovery The disruption of oil flows through the strait of Hormuz forced Kuwait to scale back its crude production capacity to about 25pc of pre-conflict levels. "We took our production levels down at the beginning of the war, carefully and methodically, to what is only required for local consumption in Kuwait, because we could not export anything," Sheikh Nawaf said. Latest Argus estimates put Kuwaiti crude output at 580,000 b/d in May, compared with 2.59mn b/d in February. Many weeks of on-and-off diplomacy between Iran and the US has not led to clarity on when marine traffic could meaningfully recover, but Sheikh Nawaf said when it does Kuwait should be able to resume the majority of its production within less than a month. "We could get back to 80pc of our shut-in production [back] in less than a month, probably three weeks, because we have resilient reservoirs," he said. With around 2mn b/d of crude output shut-in, this would imply a return of 1.6mn b/d within weeks, lifting output to around 2.1mn b/d. Sheikh Nawaf suggested the shut-in of some reservoirs may have "benefited" them because it "allowed them to settle and recharge, essentially, the underground pressure." But he said the final 20pc "is always the hardest," which could take another "three to four months" to recover. 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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BP confirms shift to two‑segment structure

09/06/26

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09/06/26

BP confirms shift to two‑segment structure

London, 9 June (Argus) — BP confirmed today that it will reorganise its business into two segments — Upstream and Downstream — from 1 July. The Upstream segment will combine BP's oil and gas regions, covering exploration, development and production. It will also include upstream joint ventures, alongside the company's renewable natural gas and carbon capture and storage businesses. The Downstream segment will include refining, terminals and pipelines, as well as BP's mobility and convenience retail operations. It will also cover biofuels, aviation and hydrogen, and include the company's remaining 35pc stake in its Castrol lubricants business. BP's Supply, Trading & Shipping function will operate across both segments, supporting "delivery and value creation across the integrated system", the company said. Its renewable power businesses — including solar and offshore wind, where BP is pursuing an asset-light model — will sit within the Technology function. The reorganisation was trailed shortly after new chief executive Meg O'Neill joined the company in April . Focusing BP around two distinct segments "is an important step in accelerating delivery" and will "reduce complexity and strengthen execution", O'Neill said today. The move brings BP's structure closer to that of US peers Chevron and ExxonMobil. O'Neill previously spent more than two decades at ExxonMobil. BP is currently organised into three main segments — Gas & Low Carbon Energy, Oil Production & Operations, and Customers & Products — alongside an Other Businesses and Corporate segment. The company said the new structure will clarify accountabilities and enable "faster, more effective" decision-making. O'Neill has previously said that moving BP's refining into a dedicated downstream segment, from the largely upstream Production & Operations business, would allow leadership to better "maximise value from the front of the refinery all the way to the end-customer". BP said Gordon Birrell, currently executive vice-president of Production & Operations, will lead the new Upstream segment. Customers & Products head Richard Harding will serve as interim head of Downstream until a permanent executive vice-president is appointed. By Jon Mainwaring Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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UAE's Fujairah out of VLSFO bunker supplies

09/06/26

News

09/06/26

UAE's Fujairah out of VLSFO bunker supplies

Dubai, 9 June (Argus) — An acute supply crunch resulting from the US-Iran war has left the UAE port of Fujairah, the world's fourth-largest bunkering port, depleted of very-low sulphur fuel oil (VLSFO). Most major bunker suppliers in Fujairah have completely pulled out of the market, reporting zero availabilities for the rest of the first half of June. The US-Israel war with Iran has severely disrupted local VLSFO production by cutting imports of feedstock materials and has severed supply from Kuwait's 615,000 b/d al-Zour refinery, leaving remaining bunkering volumes barely able to meet even very slim demand. "Nothing is moving here and will stay the same until we get a cargo from somewhere," a major bunker supplier said. Argus -assessed spot premiums for delivered VLSFO rose to all-time highs of $500-700/t against front-month Singapore VLSFO cargo values in the first week of June. In the neighbouring port of Khor Fakkan, where some sellers still have scarce supplies, a supplier sold a cargo on 8 June at a $450/t premium to the price basis. Under normal market conditions, bunker premiums typically hover around $10–20/t. But market participants anticipate some near-term relief with an expected arrival of low-sulphur straight run residuals (LSSR) in mid-June. A 100,000t cargo of LSSR from Nigeria's Dangote refinery, on board the Indonesia Prosperity , is scheduled to arrive in Fujairah on 16 June, according to global trade analytics firm Vortexa. The vessels charterer is trading firm Vitol, who owns a 100,000 b/d refinery in Fujairah. "It will take few days for LSSR to be blended into marine fuel grade VLSFO," one bunker trader said. "Vitol has its own bunkering arm in Fujairah which will have a priority for access over other suppliers." The volume of VLSFO sales in deals collected for assessment by Argus fell to a record low of 1,085 t/d in May, down from 1,760 t/d of sales in April. Argus compiles daily data on deals from Fujairah suppliers, traders and buyers, capturing up to a quarter of the market, offering a snapshot of broader market trends. By Elshan Aliyev Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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Iran says suspends military operation against Israel

08/06/26

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08/06/26

Iran says suspends military operation against Israel

London, 8 June (Argus) — Iran has suspended its attacks on Israel, state media said today citing the Islamic Revolutionary Guard Corps (IRGC). Crude prices pared some earlier gains. The IRGC said it has suspended military operations that saw ballistic missiles fired at targets in northern Israel. This was Iran's first attack on Israel since 8 April, and promoted retaliatory airstrikes by Israel on what it said were military targets in western and central Iran. "Any continuation of [Israeli] hostilities and wrongdoing — particularly in southern Lebanon — will be met with far harsher and more devastating actions than those previously taken," the IRGC said according to state news agency IRNA. Tehran deems Israeli military action in Lebanon as a part of the wider war involving the two countries and the US, and has said it wants an end to Jerusalem's incursions as part of any deal that could reopen the strait of Hormuz. Israel and Lebanon's central government have reached several ceasefire agreements, with the US facilitating those talks. But Lebanon's central government has little control over Hezbollah, the Iran-backed militant group that has been attacking civilian and military targets in northern Israel. Earlier on Monday, US president Donald Trump appealed for calm. "Israel and Iran must immediately stop "shooting"," he wrote on his Truth Social account. He again said a peace deal is close, "subject to ignorance or stupidity getting in its way", and said the US naval blockade of Iranian shipping in the Gulf of Oman "will remain in place and in full force and effect", until a deal is reached. The front-month August Ice Brent contract fell back from earlier highs after the Iranian announcement, to trade up by around 1pc on the day at $94.13/bl as of 11:50 GMT. It hit an intraday high of above $98/bl earlier in the day. By Ben Winkley Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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US, European March car sales extend recovery

Related news posts

Bunker lead times grow since US–Iran war began

Bunker lead times grow since US–Iran war began

Kuwait eyes regional pipeline tie-ups to bypass Hormuz

Kuwait eyes regional pipeline tie-ups to bypass Hormuz

BP confirms shift to two‑segment structure

BP confirms shift to two‑segment structure

UAE's Fujairah out of VLSFO bunker supplies

UAE's Fujairah out of VLSFO bunker supplies

Iran says suspends military operation against Israel

Iran says suspends military operation against Israel

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