Air passenger traffic up at Australia’s Sydney, Perth

Spanish Market: Oil products
24/07/24

Australia's Perth airport logged its highest ever passenger numbers in the 2023-24 fiscal year to 30 June, breaking a record set in 2013-14, while Sydney remained behind pre-Covid-19 pandemic levels.

About 16.1mn passengers used Perth airport topping the previous 14.9mn high a decade earlier. Perth's regional passenger numbers for 2023-24 edged over 6mn, outstripping interstate passengers of 5.7mn and international at 4.3mn, likely showing an increase in mining and resources activity in the state's minerals and gas provinces. Fly-in, fly-out passengers comprise a major part of Perth's total because of the remote location of many of the state's resources projects.

Sydney airport, Australia's largest, reported 9.74mn passengers for April-June, led by increased international traffic and representing a 94pc recovery rate on international passengers recorded in pre-pandemic April-June 2019. Sydney's passenger numbers for this year's first half remained 7pc below 2019 but 10pc higher than the same time last year.

Australia's second-largest airport Melbourne reported 35.13mn passengers for 2023-24.

Australian jet fuel sales averaged 158,000 b/d for January-May, behind the 161,000 b/d in 2019 but 8pc above 2023's average of 146,000 b/d, according to Australian Petroleum Statistics. Imports were also up by 11pc on a year earlier for the same period.

By Tom Major

Sydney air passenger traffic (mn)
	Apr-Jun '24	Jan-Mar '24	Apr-Jun '23	Jan-Jun '24	Jan-Jun '23	Jan-Jun '19	q-o-q % ±	y-o-y % ±

Total	9.74	10.30	9.16	20.06	18.17	21.60	-5	6
International	3.77	4.16	3.36	7.93	6.69	8.30	-9	12
Domestic	5.97	6.16	5.80	12.13	11.49	13.30	-3	3
Source Sydney Airport

Related news posts

Argus illuminates the markets by putting a lens on the areas that matter most to you. The market news and commentary we publish reveals vital insights that enable you to make stronger, well-informed decisions. Explore a selection of news stories related to this one.

24/04/25

Southwest Airlines shortens outlook to 2Q only

Houston, 24 April (Argus) — Southwest Airlines withdrew its full-year 2025 and 2026 financial forecasts due to economic uncertainty caused by US tariffs. The US-based passenger airline limited its outlook to just the second quarter 2025 during its first quarter earnings release on Thursday, saying a projected economic slow-down would pressure unit revenue to be flat and possibly fall by 4pc compared to the second quarter 2024. In the second quarter available seat miles (ASM) — a measure of capacity — are expected to rise by 1-2pc compared to the same quarter in 2024. First quarter ASMs were down by 1.9pc to 41.3bn from the same three-months in 2024, which was in-line with their expectations. Southwest's first quarter load factor, or the percentage of seats filled, dropped by 4.4pc from the prior year to 73.9pc. First quarter total operating expenses, including jet fuel, dropped by 2.2pc from the previous year to $6.65bn. Southwest paid $2.49¢/USG for jet fuel in the first quarter, a decrease of 16pc from 2024. Fuel efficiency improved in the first quaer due more fuel-efficient aircraft, with 500mn USG consumed, down by 4.6pc compared to the same quarter in 2024. Expected lower jet fuel prices should help ease operating cost in the upcoming months. Southwest expects to pay $2.20¢/USG to $2.3¢/USG for jet fuel in the next quarter. Southwest narrowed its first quarter 2025 net loss to $149mn from $231mn a year earlier. By Carrie Carter Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Water levels delay Tennessee River lock reopening

24/04/25

Water levels delay Tennessee River lock reopening

Houston, 24 April (Argus) — The US Army Corps of Engineers (Corps) will delay the reopening of the Tennessee River's Wilson Lock by three weeks after high floodwater disrupted repair plans. The Wilson Lock is now planned to reopen in mid-June or July, the Corps said this week. The lock's main chamber has been closed since September after severe cracks were found in the structure. The Corps initiated evacuation procedures so personnel and equipment could be removed before any water entered the dewatered lock and ruined repairs after high water appeared too close to the lock's edge. The water did not crest above the temporary barrier the Corps installed to keep water out. Delays at the lock averaged around 10 days as of 24 April, according to the Corps. Barge carriers fees have been in place for each barge that must pass through the auxiliary chamber of the lock since 25 September, when the lock first closed. Restricted barge movement placed upward pressure on fertilizer prices in surrounding areas as well. The lock still requires structural repairs to the main chamber gates, including the replacement of the pintle components, the Corps said. This is the fourth opening delay the Corps have issued for the Wilson Lock, with the prior opening dates being in November , then April and then in June . The Wilson Lock will enter its eighth month of repairs next month. By Meghan Yoyotte and Sneha Kumar Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Valero's Mexico fuel import permit reinstated: Update

24/04/25

Valero's Mexico fuel import permit reinstated: Update

Include market comments, details of Valero operations in Mexico. Houston, 24 April (Argus) — Independent US refiner Valero said its permit to import fuel into Mexico has been reinstated after being suspended earlier this month. The temporary suspension was imposed by Mexico's tax authority SAT on 9 April as part of the country's efforts to fight fuel smuggling, Valero said. The suspension was lifted after the company reached out to stakeholders and customs officials in Mexico and was "quickly exonerated of any wrongdoing," Valero said Thursday morning during its first quarter earnings call. Valero on 23 April sent a notice to customers in Mexico saying its import operations had resumed, but the two-week stop disrupted supply in several regions. Some cities, like Irapuato in Guanajuato state northwest of Mexico City, remain without product, according to market sources. "Although this is all unfortunate and created significant supply disruption for our customers, it is part of an effort in Mexico to limit the import of illegal fuel," Valero chief financial officer Gary Simmons said in the earnings call. Fuel smuggling is rampant in Mexico, with illicit fuel sales accounting for up to 30pc of Mexico's 1.2mn b/d of gasoline and diesel demand, according to finance ministry estimates. Most of the illicit supply enters Mexico through mislabeling oil products at the US-Mexico border as petrochemicals, additives or biofuels, which are not subject to excise taxes on diesel and regular gasoline. Earlier this month Mexico stopped the movement of all fuel trucks as part of fight against fuel smuggling. Valero top importer to Mexico Valero is the largest private fuel importer in Mexico, operating an extensive distribution network supported by its refineries in the US Gulf coast and a system of terminals, pipelines, rail routes, truck routes and waterborne logistics. Its fuel sales accounted for 10pc of Mexico's gasoline and diesel demand on 9 April, according to the company. The company imports road fuels by pipeline from its Corpus Christi and Three Rivers refineries in Texas to the 195,000 bl NuStar storage terminal in Nuevo Laredo, Tamaulipas. Valero's waterborne fuel deliveries arrive at the 2.1mn bl Sempra terminal in Veracruz, from which it supplies other terminals near Puebla, Mexico City and Guadalajara. Valero stores fuel at four private-sector terminals in Mexico, with over 4mn bl of capacity. The company is also expected to start storing fuel at the new 1.1mn bl OTM maritine terminal in Altamira, Tamaulipas, in the near future. The company operates a network of over 290 retail fuel stations in Mexico and also supplies fuel to other retailers and fuel marketers. In Mexico Valero holds gasoline, diesel and jet fuel import permits valid through 2038. Valero is one of only a handful of private-sector companies with such permits, as Shell, Marathon and ExxonMobil hold permits to import only gasoline and diesel. Private-sector companies started importing fuel into Mexico in 2016 after the market opened to more competition, but under former president Andres Manuel Lopez Obrador's administration, the energy ministry (Sener) cancelled dozens of fuel import permits. By Eunice Bridges and Antonio Gozain Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Valero's Mexico fuel import permit reinstated

24/04/25

Valero's Mexico fuel import permit reinstated

Houston, 24 April (Argus) — Independent US refiner Valero said its permit to import fuel into Mexico has been reinstated after being suspended earlier this month. The temporary suspension was imposed by Mexico's tax authority SAT on 9 April as part of the country's efforts to fight fuel smuggling, Valero said. The suspension was lifted after the company reached out to stakeholders and customs officials in Mexico and was "quickly exonerated of any wrongdoing," Valero said Thursday morning during its first quarter earnings call. Fuel smuggling is a rampant problem in Mexico, with illicit fuel sales accounting for up to 30pc of Mexico's 1.2mn b/d of gasoline and diesel demand, according to finance ministry estimates. Most of the illicit supply enters Mexico through mislabeling oil products at the US-Mexico border as petrochemicals, additives or biofuels, which are not subject to to excise taxes on diesel and regular gasoline. Earlier this month Mexico stopped the movement of all fuel trucks as part of fight against fuel smuggling. In Mexico,Valero holds gasoline, diesel and jet fuel import permits valid through 2038. Valero is one of only a handful of private-sector companies with such permits. Shell, Marathon and ExxonMobil hold permits to import only gasoline and diesel. Valero is the largest private fuel importer in Mexico. On 9 April, its sales accounted for 10pc of Mexico's gasoline and diesel demand, according to the company. Private-sector companies started importing fuel into Mexico in 2016 after the market opened to more competition, but under former president Andres Manuel Lopez Obrador's administration, the energy ministry (Sener) cancelled dozens of fuel import permits. By Eunice Bridges Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Eni cuts capex on macro headwinds, tariff uncertainty

24/04/25

Eni cuts capex on macro headwinds, tariff uncertainty

London, 24 April (Argus) — Italy's Eni has cut its spending plans for this year in response to macroeconomic headwinds, uncertainty around trade tariffs and a lower oil price outlook. The company is planning a series of "mitigation measures" worth over €2bn [$2.28bn], a key element of which is a reduction in 2025 capex to below €8.5bn from previous guidance of €9bn. Eni now expects net capex — which takes into account acquisitions and asset sales — to come in below €6bn this year, compared with its initial plan of €6.5bn-7bn. Other savings will come from "mitigating actions" around its portfolio, operating costs and "other cash initiatives", the firm said. Eni's plan reflects a tariff-driven deterioration in the outlook for the global economy and, in turn, global oil demand and oil prices. The company has revised its Brent crude price assumption for 2025 down to $65/bl from $75/bl previously. It has also lowered its refining margin indicator assumption for the year to $3.5/bl from $4.7/bl. The lower oil price assumption has not changed the company's upstream production forecast — it still expects 2025 output to average 1.7mn b/d of oil equivalent (boe/d). But Eni's production in the first quarter was only 1.65mn boe/d, 5pc lower than the same period last year. The firm's gas production took the biggest hit, falling by 9pc on the year to 4.5bn ft³/d (861,000 boe/d) as a result of divestments and natural decline at mature fields. Liquids output fell by 1pc year on year to 786,000 boe/d. Eni reported a profit of €1.17bn for January-March, 3pc lower than the same period last year. Underlying profit— which strips out inventory valuation effects and other one off-items — fell by 11pc on the year to €1.41bn. Eni said the fall in profits was mainly due to lower oil prices. The company also had to contend with weaker refining margins and throughputs, as well as a continuing downturn in the European chemicals sector. By Aydin Calik Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Business intelligence reports

Get concise, trustworthy and unbiased analysis of the latest trends and developments in oil and energy markets. These reports are specially created for decision makers who don’t have time to track markets day-by-day, minute-by-minute.

Learn more