European Bitumen Market Update July 2024
Related news
No clear path to pre-war Hormuz return: D’Amico
No clear path to pre-war Hormuz return: D’Amico
New York, 13 March (Argus) — Tanker operator D'Amico sees significant headwinds facing global shipping even if the strait of Hormuz can effectively reopen to commercial traffic given infrastructure damage in the Mideast Gulf and mines possibly lingering in the strait. "There are almost 19mn b/d between crude and refined products which used to transit through Hormuz, so around 18pc of total oil supply and 25pc of seaborne volume," D'Amico chief executive Carlos Balestra di Mottola said. "I expect when the war ends, unfortunately, we will not be able to see all the flows we were seeing from this region," di Mottola said. Reopening the strait of Hormuz would remove the major chokepoint that has starved global markets of typical Mideast Gulf flows of refined oil products and crude oil. But the reality on the ground has shifted in the two weeks since the US and Israel began striking Iranian targets. Expecting a similar level of output from the Mideast Gulf in the near term even with the removal of this chokepoint may be too presumptuous, according to di Mottola. "I believe, unfortunately, [flows of crude oil and refined products] might not be able to come back to full speed immediately," di Mottola said. "It will crucially depend on how severely damaged all this oil infrastructure is. We are reading headlines every day of refineries being attacked, export terminals being attacked, so we really will only be able to assess and understand the extent of this damage when things calm down." Iranian mines suspected to be resting on the seabed of the strait remain the biggest wildcard for shippers and insurers alike. A full reopening of the strait would require assurances of total mine removal from the area, which would likely require significant time to complete. "Before sending our vessels, we want to make sure that there aren't any mines which could be hitting our vessels," di Mottola confirmed. He noted that none of the company's 21 medium range tankers and six long range 1 tankers were stuck within the Mideast Gulf, but that the company did cancel one contract with a charterer because it was not safe to enter the region. Di Mottola also pointed to ongoing Red Sea loadings as providing some relief to the de facto closure of the strait of Hormuz in the meantime, but only at a fraction of typical flows. "There is the potential to reroute, through some pipelines [to the Red Sea], part of this production, around 3.54mn b/d, but that leaves still a deficit of around 15mn b/d and lost oil output which cannot be easily replaced," di Mottola said. By Ross Griffith Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Brazil biodiesel blend hike faces delay
Brazil biodiesel blend hike faces delay
Sao Paulo, 13 March (Argus) — Brazil's mines and energy ministry has ruled out raising the biodiesel blend before feasibility tests are completed, amid increased lobbying for a higher mandate as oil prices rise on the US-Iran war. Market participants had expected Brazil's national energy policy council (CNPE) meeting — originally scheduled for yesterday and postponed to 19 March — to include a biodiesel blend increase on the agenda. But the mines and energy ministry told Argus that tests on blends ranging from 16pc to 25pc remain in the final phase of methodological consolidation and experimental activities have not yet started. Without tests proving the new blend levels are technically feasible, the law does not allow the mandatory blend increase schedule to move forward, the ministry said. Brazil's fuels of the future law projected an increase in the blending mandate to 16pc from the current 15pc this month. The ministry expects to start experimental trials in the first half of 2026. The original schedule planned for the tests to be completed in June, with final validation in August. Brazilian hydrocarbons regulator ANP today approved a draft ordinance establishing guidelines for its participation in one of the projects that will test biofuels blends. Brazil's parliamentary front for biodiesel FPBio has intensified lobbying to increase the biodiesel blend to 17pc from 15pc, calling it a "strategic measure for energy sovereignty, economic stability and the protection of Brazilian consumers". Brazil can currently supply up to a 21.6pc biodiesel blend into diesel, industry associations Abiove and Aprobio said in a joint statement supporting the increase. Prices for imported 10ppm (S10) diesel at Brazilian ports surpassed biodiesel contract prices on 6 March for the first time since October 2023, as global oil derivative prices rose on the US-Iran war. The government announced on 12 March measures to eliminate the federal VAT-like PIS/Cofins tax levy on diesel imports and sales to mitigate the impact of the Iran war on oil prices. Market participants also expect the CNPE meeting to address the authorization of biodiesel imports, but there is no official confirmation on the subject. Ethanol market participants have also speculated a rise in the mandatory ethanol blend in gasoline to 32pc from 30pc, but there are no official timelines set in the Fuels of the Future law for this change. The mines and energy ministry said it continuously monitors the international energy scenario and its potential effects on the domestic fuel market. By Lucas Lignon Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
US oil sector warns against export restrictions
US oil sector warns against export restrictions
Washington, 13 March (Argus) — A spike in gasoline and diesel prices triggered by the US-Israel war with Iran has prompted oil industry officials to preemptively argue against potential calls for the reinstatement of crude export restrictions the US lifted more than a decade ago. Oil industry officials see no indications that President Donald Trump or other policymakers are considering a ban on exports, which they say would cause chaos in global markets and cut off energy supplies to allies when they need it most. In 2015, the industry successfully lobbied the US Congress to lift export limits that had been in place for decades, opening up a US crude export market that averaged 4mn b/d last year. "We don't believe the idea of banning domestic exports is being considered seriously, nor should it be," an oil industry official said. "The US doesn't have a supply problem, and halting exports only hurts our economy." But the recent surge in fuel prices — retail diesel prices rose by nearly $1/USG in the week ending on 9 March, and regular grade gasoline increased by nearly 50¢/USG — has put the industry on the defensive. Banning exports would likely result in an oversupply of light sweet crude in shale producing areas such as the US Gulf coast, where most of the region's refineries are optimized to process sour crude, according to industry leaders. "Pulling American oil off the world market would further tighten global supply and could trigger cascading economic consequences for consumers," American Petroleum Institute chief executive Mike Sommers said in a series of posts on X that attacked "bad policy ideas" of restricting exports. US energy secretary Chris Wright said during an interview on CNN on Thursday there was "no discussion" in the administration on banning oil exports. Trump, who has spent his second term focused on achieving "energy dominance", the same day said the ramp-up in oil prices would result in a financial benefit to the US. "The United States is the largest Oil Producer in the World, by far, so when oil prices go up, we make a lot of money," Trump wrote on his social media platform. But the administration's approach on a separate energy policy lever has already shifted. As recently as last week, administration officials said they were not considering the release of crude from the US Strategic Petroleum Reserve (SPR). That stance changed as sustained Iranian attacks on ships near the strait of Hormuz drove up oil prices. Trump on Wednesday ordered the release of 172mn bl of crude from the SPR, the second-largest release since the reserve was created. Reimposing a ban on crude exports could create a "short-run bonanza" for US refineries that specialize in processing light sweet crude, which they could buy at a discount, economists at the US Federal Reserve Bank said in a research report in 2022. But those dynamics would not last because lower prices would lead shale producers to cut output, according to the report, and domestic fuel prices would be unchanged as long as refiners could export refined products. By Chris Knight Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
US economy slows sharply in 4Q: BEA
US economy slows sharply in 4Q: BEA
Houston, 13 March (Argus) — The US economy grew at a revised 0.7pc annual rate in the fourth quarter, half the pace originally reported because of downward revisions in government spending and exports, the Bureau of Economic Analysis reported today. Growth in gross domestic product (GDP) was revised lower from an initial estimate of 1.4pc, according to the bureau's second of three estimates for the quarter released Friday. Real final sales to private domestic purchasers, comprising consumer spending and private fixed investment, increased by 1.9pc in the fourth quarter, revised down from 2.4pc in the 20 February estimate. The personal consumption expenditure (PCE) price index, a measure of inflation, was unchanged at 2.9pc. The second report on GDP, originally scheduled for 26 February, was delayed because of a federal government shutdown in October-November. With the latest revisions, GDP grew at a slower 2.1pc rate in 2025, down from an originally reported 2.2pc. It contracted by 0.6pc in the first quarter, and grew by 3.8pc in the second quarter and by 4.4pc in the third quarter 2025. GDP grew by 2.9pc in 2023 and by 2.8pc in 2024. By Bob Willis Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.