Iran has boosted capacity at its main crude export terminal on Kharg island, as it looks to boost overall loadings from the country. The terminal's eastern harbour can now handle eight simultaneous tanker loadings, operator IOTC says, with capacity for one additional vessel to load a ship-to-ship cargo. And up to 30mn bl of crude can be stored at Kharg island, IOTC says, following a series of infrastructure upgrades over the past two years. Iran has prepared its oil terminals to be able to export 6mn b/d following the removal of EU and US nuclear-related sanctions, IOTC says. Iranian production was 3.45mn b/d in May, Argus estimates, with exports at 2.1mn b/d. Iranian officials put production at 3.8mn b/d.
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Opec+ 8 to agree new May output increase: Update
Opec+ 8 to agree new May output increase: Update
Adds May output hike of 206,000 b/d, in line with April levels Dubai, 5 April (Argus) — The eight core Opec+ members scheduled to meet today to discuss May output policy have agreed on a production increase in line with April, delegate sources told Argus , despite conflict in the Mideast Gulf disrupting the group's supplies. The eight core Opec+ members will agree to another 206,000 b/d output increase for May, the delegate sources said. More importantly, they will discuss current market conditions related to the ongoing war in the Mideast Gulf and are expected to offer "clarifications" to markets, sources added. Saudi Arabia, Iraq, Kuwait, Russia, the UAE, Algeria, Oman and Kazakhstan agreed on 1 March to raise their collective crude production ceiling by 206,000 b/d in April. The increase is part of a process the group began in April 2025 to unwind a large set of production cuts. That meeting came a day after the US and Israel launched air strikes on Iran, and before Tehran moved to block trade routes through the strait of Hormuz, limiting oil flows to global markets from the world's most critical waterway, which typically handles around 15mn b/d of crude supply. This has pushed Iraq, Kuwait, Saudi Arabia and the UAE to either reduce production or shut in volumes entirely, with Kuwait declaring force majeure on oil exports. Production from these four countries — all part of the Opec+ core group — is estimated to have fallen by a combined 9.15mn b/d, according to Argus assessments, versus February levels. By Bachar Halabi Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Opec+ 8 to agree new May output increase: Sources
Opec+ 8 to agree new May output increase: Sources
Dubai, 5 April (Argus) — The eight core Opec+ members scheduled to meet today to discuss May output policy have agreed on a production increase but are still discussing the volume, delegate sources told Argus , despite conflict in the Mideast Gulf disrupting the group's supplies. "Another increase in production is being agreed," the delegate sources said, adding that the volume is "not fully decided yet." Asked where the increase would come from, given production cuts across Mideast Gulf producers following Iran's shutdown of the strait of Hormuz, a source said: "It will come." Saudi Arabia, Iraq, Kuwait, Russia, the UAE, Algeria, Oman and Kazakhstan agreed on 1 March to raise their collective crude production ceiling by 206,000 b/d in April. The increase is part of a process the group began in April 2025 to unwind a large set of production cuts. That meeting came a day after the US and Israel launched air strikes on Iran, and before Tehran moved to block trade routes through the strait of Hormuz, limiting oil flows to global markets from the world's most critical waterway, which typically handles around 15mn b/d of crude supply. This has pushed Iraq, Kuwait, Saudi Arabia and the UAE to either reduce production or shut in volumes entirely, with Kuwait declaring force majeure on oil exports. Production from these four countries — all part of the Opec+ core group — is estimated to have fallen by a combined 9.15mn b/d, according to Argus assessments, versus February levels. By Bachar Halabi Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Several Mideast Gulf energy sites hit by drones
Several Mideast Gulf energy sites hit by drones
Dubai, 5 April (Argus) — Energy-linked facilities and installations across Mideast Gulf countries were hit by a new round of Iranian drones strikes overnight, as the US-Israeli war with Iran intensifies. Kuwait's state-owned KPC reported that the building housing both its headquarters and the country's oil ministry "was targeted" by a drone in the early hours of Sunday, 5 April, causing a fire at the site. A source with knowledge of the incident confirmed that the building itself was struck. Videos circulating on social media showed a large fire burning from the top of the building. The attack caused "significant material damage," the finance ministry said in a separate statement. The building, located in Kuwait City's Shuwaikh district, had already been evacuated and no injuries were reported, KPC said. Emergency teams are continuing efforts to contain and manage the fire. Another strike in Kuwait targeted two power and water desalination plants, resulting in "significant material damage" and the shutdown of two electricity generation units, the ministry of electricity and water said. This represents the third attack on Kuwait's power infrastructure in less than a week, following strikes reported on power and desalination plants on 3 April and 30 March . 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 freshwater. The first attack on 30 March targeted the Doha West facility near Doha port. Kuwait has yet to disclose which facilities were targeted on 3 April and early today. In neighbouring Bahrain, state-owned Bapco Energies reported a fire at a storage tank at "one of its storage facilities" after what it described as "an Iranian drone attack" in the early hours of Sunday. By 09:41 local time, Bapco Energies said the fire had been "fully extinguished" and the situation brought under control. Damage assessments are ongoing, and no injuries were reported. Bahrain's GPIC said several operational units were hit by Iranian drones early today, triggering fires that were later extinguished. Damage assessments are ongoing, with no casualties reported. Abu Dhabi authorities said that "several fires" broke out at the Borouge petrochemicals facility after debris from an intercepted drone fell on the site early Sunday. Operations at the facility have been "suspended immediately, pending an assessment of the damage," Abu Dhabi said. No injuries were reported. These attacks came hours after the Iraqi oil ministry reported an attack "by unidentified drones" on a storage facility at the 300,000 b/d Buzurgan oil field — one of three fields that make up the Missan cluster operated by China's state-owned CNOOC. The attack did not result in any injuries, the ministry said. The war with Iran is now in its sixth week, with Tehran 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. By Nader Itayim and Bachar Halabi Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
US rescues fighter pilots after Iran shoots down F-15
US rescues fighter pilots after Iran shoots down F-15
Singapore, 5 April (Argus) — US forces have rescued two aircrew members after their fighter jet was shot down over Iran on 3 April, averting a high-profile prisoner-of-war crisis that could have injected fresh uncertainty into the US-Israeli war against Tehran. The second airman was rescued by the US military late on Saturday, a day after the other pilot was found, president Donald Trump said in a social media post. The crew member, a colonel, was located "behind enemy lines in the treacherous mountains of Iran, being hunted down by our enemies," Trump said. Iran shot down the F-15 fighter jet on 3 April and also caused the crash of an A-10 attack aircraft near the strait of Hormuz on the same day, according to reports. Trump on Saturday reiterated his threat to attack Iran's power infrastructure if Tehran does not reopen the strait of Hormuz by 6 April. By Kevin Foster Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
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