Pipeline fire disrupts crude flows to Libyan port

Spanish Market: Crude oil
13/08/24

Crude supplies to Libya's Es Sider export terminal have been disrupted by a fire along a pipeline connecting the port's storage tanks with oil fields, traders and shipping agents told Argus.

The fire, which operator Waha Oil said was extinguished today, affected a pipeline 30km south of Es Sider's crude oil storage facilities. The Es Sider terminal is located in the country's east and is connected to the Sirte basin, Libya's oil heartland.

Any reduction in crude exports from Es Sider will depend on the severity of the damage. Waha Oil produced 261,000 b/d of crude on 12 August and 271,000 b/d flowed through its pipeline system to the terminal, according to an operational report seen by Argus.

One source told Argus that crude flows to the terminal have fallen to around 125,000 b/d, while two others said Waha Oil had been forced to reduce production by 100,000 b/d.

The terminal exports Waha Oil's medium sweet Es Sider grade. Loadings in the three months to July averaged 292,000 b/d, according to Kpler data. Waha Oil was scheduled to export 15 cargoes totalling 9.4mn bl this month, according to loading schedules. Six tankers have loaded Es Sider crude from the port so far this month. The last one to do so was the TotalEnergies chartered Pacific Pearl, which is currently just off the terminal. The next tanker due to load at Es Sider is the BP-chartered T.Kurucesme, which was set to arrive on 14 August.

Crude stocks at the terminal stood at 1.76mn bl as of 12 August, the operational report said. Waha Oil, which is a consortium of TotalEnergies, ConocoPhillips and state-owned NOC, recently said it boosted production capacity to 322,000 b/d. It produced 280,000 b/d last year.

The disruption to operations at Es Sider comes after the country's largest oil field, El Sharara, was forcibly shut down earlier this month. This has led to the shut-in of around 250,000 b/d of production and has prompted NOC to declare force majeure on crude exports from the Zawia terminal.

Opec member Libya typically produces around 1.2mn-1.25mn b/d of crude, but its output has been frequently impacted by political unrest and decrepit infrastructure over the past decade.

By Aydin Calik, Lina Bulyk, Kuganiga Kuganeswaran and Matthew Mitchell

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09/07/25

Trump threatens 50pc Brazil tariff: Update

Updates with comments from Brazil's vice president Washington, 9 July (Argus) — US president Donald Trump is threatening to impose a 50pc tariff on imports from Brazil from 1 August, citing the ongoing trial of that country's former president, Jair Bolsonaro. Trump's letter to Brazil's president Luiz Inacio Lula da Silva, released on Wednesday, is one of the 22 that the US leader sent to his foreign counterparts since 7 July, announcing new tariff rates that the US will be charging on imports from those countries. But his letter to Brazil stands out for allegations of a "witch hunt" against Bolsonaro, who — much like Trump — disputed his electoral defeat and attempted to stay in office. Brazil's supreme court qualified Bolsonaro's actions in 2022 as an attempted coup, ordering him to stand trial. Trump said he will impose the 50pc tariff because "in part to Brazil's insidious attacks on Free Elections and the Fundamental Free Speech Rights of Americans". The latter is a reference to orders by judges in Brazil to suspend social media accounts for spreading "misinformation". Trump separately said he would direct US trade authorities to launch an investigation of Brazil's treatment of US social media platforms — an action likely to result in additional tariffs. Trump's letter to Lula also contains language similar to that included in letters sent to 21 other foreign leaders, accusing Brazil of unfair trade practices and suggesting that the only way to avoid payments of tariffs is if Brazilian companies "decide to build or manufacture product within the US". The Trump administration since 5 April has been charging a 10pc extra "Liberation Day" tariff on most imports — energy commodities and critical minerals are exceptions — from Brazil and nearly every foreign trade partner. Trump on 9 April imposed even higher tariffs on key trading partners, only to delay them the same day until 9 July. On 7 July, Trump signed an executive order further delaying the implementation of higher rates until 12:01am ET (04:01 GMT) on 1 August. Trump earlier this week threatened to impose 10pc tariffs on any country cooperating with the Brics group, which includes Brazil, China, Russia, India and South Africa. Lula hosted a Brics summit in Rio de Janeiro on 6-7 July. Brazil vice president Geraldo Alckmin, speaking to reporters before Trump made public his letter to Lula, said: "I see no reason (for the US) to increase tariffs on Brazil." The US runs a trade surplus with Brazil, Alckmin said, adding that "the measure is unjust and will harm America's economy". Trump has justified his "Liberation Day" tariffs by the need to cut the US trade deficit, but the punitive duties also affect imports from countries with which the US has a trade surplus. By Haik Gugarats and Constance Malleret Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Trump threatens 50pc Brazil tariff

09/07/25

Trump threatens 50pc Brazil tariff

Washington, 9 July (Argus) — US president Donald Trump is threatening to impose a 50pc tariff on imports from Brazil from 1 August, citing the ongoing trial of that country's former president, Jair Bolsonaro. Trump's letter to Brazil's president Luiz Inacio Lula da Silva, released on Wednesday, is one of the 22 that the US leader sent to his foreign counterparts since 7 July, announcing new tariff rates that the US will be charging on imports from those countries. But his letter to Brazil stands out for allegations of a "witch hunt" against Bolsonaro, who — much like Trump — disputed his electoral defeat and attempted to stay in office. Brazil's supreme court qualified Bolsonaro's actions in 2022 as an attempted coup, ordering him to stand trial. Trump said he will impose the 50pc tariff because "in part to Brazil's insidious attacks on Free Elections and the Fundamental Free Speech Rights of Americans". The latter is a reference to orders by judges in Brazil to suspend social media accounts for spreading "misinformation". Trump separately said he would direct US trade authorities to launch an investigation of Brazil's treatment of US social media platforms — an action likely to result in additional tariffs. Trump's letter to Lula also contains language similar to that included in letters sent to 21 other foreign leaders, accusing Brazil of unfair trade practices and suggesting that the only way to avoid payments of tariffs is if Brazilian companies "decide to build or manufacture product within the US". The Trump administration since 5 April has been charging a 10pc extra "Liberation Day" tariff on most imports — energy commodities and critical minerals are exceptions — from Brazil and nearly every foreign trade partner. Trump on 9 April imposed even higher tariffs on key trading partners, only to delay them the same day until 9 July. On 7 July, Trump signed an executive order further delaying the implementation of higher rates until 12:01am ET (04:01 GMT) on 1 August. Brasilia did not immediately react to Trump's threat of higher tariffs. Trump earlier this week threatened to impose 10pc tariffs on any country cooperating with the Brics group, which includes Brazil, China, Russia, India and South Africa. Lula hosted a Brics summit in Rio de Janeiro on 6-7 July. By Haik Gugarats Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Market needs Opec+ output hikes : UAE energy minister

09/07/25

Market needs Opec+ output hikes : UAE energy minister

Vienna, 9 July (Argus) — The oil market needs the additional crude supply coming from Opec+'s accelerated output hikes, UAE energy minister Suhail al-Mazrouei said today, citing the absence of stockbuilds since eight core members of the group began raising production targets earlier this year. "Even with the increases over several months, we haven't seen a major buildup in inventories, which means the market needed those barrels," al-Mazrouei said in Vienna, where he is attending the 9th Opec International Seminar. "We need to look at the fundamentals and build the narrative around them, rather than just news and speculation," he added. Al-Mazrouei said the market is "deeper than what is perceived," referring to a decision by eight Opec+ members to raise their collective August crude production target by 548,000 b/d — a step up from the 411,000 b/d monthly hikes agreed for May, June and July. The eight countries — Saudi Arabia, Iraq, Kuwait, Russia, the UAE, Algeria, Oman and Kazakhstan — had originally planned to unwind 2.2mn b/d of voluntary crude production cuts at a rate of 137,000 b/d each month between April 2025 and September 2026. Asked whether Opec+ is concerned about supply outpacing demand later this year, al-Mazrouei said the group assesses the balance at each meeting. He said focusing solely on prices is short-sighted. "What we want is stability," he said. "That goal requires accepting whatever price the market accepts." Al-Mazrouei also warned of the risks posed by underinvestment in oil and gas. "We are living in an underinvestment environment in oil and gas. The longer this period lasts, the more pain we will face in the years to come," he said. By Bachar Halabi, Aydin Calik and Nader Itayim Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Mideast NOCs, majors upbeat on near-term oil demand

09/07/25

Mideast NOCs, majors upbeat on near-term oil demand

Vienna, 9 July (Argus) — Global oil demand is set to grow by 1.2mn-1.3mn b/d for the rest of 2025, driven by developing economies, strong US gasoline use and China's petrochemicals sector, Saudi Aramco chief executive Amin Nasser said at the Opec seminar in Vienna today. Nasser said demand would continue to rise as per capita oil use in developing countries remains well below levels in Europe and the US. His outlook was echoed by other state-owned oil companies and international majors, who pointed to tight physical markets and resilient buying interest in Asia. The chief executive of Kuwait's KPC, Sheikh Nawaf al-Sabah, said demand "remains healthy" despite macroeconomic headwinds. He said customers in China, Japan and South Korea had recently asked KPC not to cut crude allocations and to send additional barrels if available. "That's an indication that this is a balanced market," Al-Sabah said. He added that demand is likely to remain strong even after the seasonal summer uptick fades in the northern hemisphere. Al-Sabah also noted that the market responded positively to the most recent Opec+ decision to accelerate planned output increases in August . "I just don't see the additional non-Opec supply coming in at a rate that would exceed the demand numbers that we're talking about," he said. BP chief executive Murray Auchincloss said he expects oil demand growth of around 1pc this year. "Physically, markets are tight right now — whether that's oil, gasoline, jet or diesel. They're all quite tight with low storage levels, and China is injecting an awful lot into storage," he said. Shell chief executive Wael Sawan said short-term fundamentals are tight, with "a healthy balance between supply and demand". TotalEnergies chief executive Patrick Pouyanne was more cautious, pointing to structurally lower oil demand growth in China. He said Chinese demand, which previously grew by 700,000-800,000 b/d annually, is now rising by just over 300,000 b/d a year. He added that he hopes India and other emerging markets will offset the slowdown. Still, Pouyanne said global oil demand continues to grow and that supply must keep pace. By Aydin Calik, Nader Itayim and Bachar Halabi Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Alberta, Ontario to study oil pipelines, port, rail

07/07/25

Alberta, Ontario to study oil pipelines, port, rail

Calgary, 7 July (Argus) — Alberta and Ontario plan to study new trade routes to boost economic activity between the two provinces and beyond, with an interest in exporting oil and gas through Hudson Bay, leaders said today. Alberta premier Danielle Smith and Ontario premier Doug Ford signed two memorandums of understanding to drive interprovincial trade and major infrastructure development, including pipelines and rail lines. The broad intent is to further connect Alberta's energy resources to Canada's most populous province, and on to foreign partners, using steel from Ontario. "Built using Ontario steel, new pipelines would connect western Canadian oil and gas to existing, and potential, new refineries in southern Ontario," said Ford during a joint press conference in Calgary, Alberta. A "potential" new deep sea port at James Bay on the south side of Hudson Bay in northern Ontario would also enable further export opportunities for land-locked Alberta, which is trying to get more pipelines built before growing oil sands production fill existing capacity. Oil and gas would need to flow across Saskatchewan and Manitoba to get to Ontario. Alberta has taken an all-of-the-above strategy in its pipeline pursuits, calling for more egress in all directions, including enhanced access to Pacific Rim markets via a 1mn b/d bitumen pipeline to British Columbia's (BC) coast. "Having access to the northwest BC coast is essential to being able to get to Asian markets, and that's the one that we hear the most enthusiasm for," said Alberta premier Danielle Smith, who expects to have some "good news" on that front in a few months. Federal regulations need to be undone: premiers Smith and Ford called on the federal government to significantly amend or outright repeal the onerous Impact Assessment Act and other legislation that has stifled investment, including the oil and gas emissions cap, Clean Electricity Regulations and the Oil Tanker Moratorium Act that currently prevents an oil pipeline to BC's northwest coast. "No one will build a pipeline to tidewaters if there is a ban on tankers," said Ford. "It is the craziest thing I've ever heard of . . . a ban on tankers." Ford is the latest premier to side with Alberta's stance on federal oversight after Saskatchewan premier Scott Moe did in June . Ford's automobile , steel and aluminum sectors have been caught in US president Donald Trump's crosshairs, spurring the premier to look elsewhere to shore up trade, including within Canada. But hostilities from south of the border are not new for Ontario, whose refining sector relies on Enbridge's 540,000 b/d Line 5 cross-border pipeline. "We have the governor of Michigan constantly threatening to close down the pipeline," said Ford. "Do you know the disaster that would create in Ontario?" To both kickstart a lagging economy and pivot away from the US, Canadian prime minister Mark Carney fast-tracked Bill C-5 through Parliament last month to allow "nation building" projects to bypass regulatory hurdles. To be considered for the new "National Interest Projects" list, a project should strengthen Canada's autonomy, provide economic benefits, have a high likelihood of completion, be in the interests of Indigenous groups, and contribute to meeting Canada's climate change objectives. "The days of relying on the United States 100pc, they're done, they're gone," said Ford. By Brett Holmes Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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