Two oil tankers collide off UAE coast: Update

Spanish Market: Crude oil, Freight
17/06/25

Adds fire, details on both tankers throughout

Two oil tankers have collided off the coast of the UAE, the country's national guard said today, with at least one seemingly on fire as a result.

The collision occurred early today, 17 June, in the Sea of Oman, around 24 nautical miles off the port of Khor Fakkan on the UAE's east coast, according to the national guard.

It identified one of the vessels as the Antigua and Barbuda-flagged Adalynn, a Suezmax-class tanker that had departed Fujairah heading for the Suez Canal, according to MarineTraffic data. Unverified video on social media shows the Adalynn on fire. The national guard said 24 crew members were removed and brought ashore at Khor Fakkan.

Adalynn was, under a previous name, under US sanctions from March 2022 to September 2023, accused of being used for illicit shipments in support of Iran's Islamic Revolutionary Guard Corps.

Shipping company Frontline said its very large crude carrier (VLCC) Front Eagle was the other tanker. Frontline said there was a fire on the Front Eagle's deck, which was quickly extinguished. All its crew are safe, Frontline said.

Tracking data show the tanker had departed Khor Fakkan and was bound for Zhoushan, China. MarineTraffic data show both tankers are stationary.

The incident comes a day after the UK Maritime Trade Operations (UKMTO) said it had received multiple reports of "increasing electronic interference" in the Mideast Gulf and strait of Hormuz. The interference is probably linked to the latest escalation between Israel and Iran, triggered by Israeli air and missile strikes on several Iranian military and nuclear sites on 13 June. The two sides have since exchanged missile fire with growing intensity, and critical infrastructure was hit over the weekend.

By Nader Itayim, Elshan Aliyev and Ben Winkley

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.

18/07/25

Ex-Pioneer CEO no longer wants to join ExxonMobil

New York, 18 July (Argus) — After successfully winning his appeal against being barred from joining ExxonMobil's board, shale pioneer Scott Sheffield says he is no longer interested in taking up a seat on the oil major's board of directors. The top US antitrust regulator Thursday overturned a ban on Sheffield being appointed to the board, which was a condition of approving ExxonMobil's $59.9bn acquisition of Pioneer Natural Resources, the company founded by Sheffield which he also led. Under the administration of former president Joe Biden, the US Federal Trade Commission had accused Sheffield of seeking to collude with Opec officials over prices and output, allegations he denied. The agency, which is now in the hands of Republican commissioners, threw out the earlier ruling which it said disregarded decades of precedent. Sheffield welcomed the decision to vacate the agency's prior order, which he said was based on an "utterly unfounded smear campaign" that threatened free speech and important debates around energy policy, before taking aim at ExxonMobil. "Exxon signed a rushed, baseless and illegal order barring me and other Pioneer employees from taking an Exxon board seat," he said in a statement. "In doing so, they effectively broke the commitment they made to me in their merger agreement with Pioneer." John Hess, the chief executive officer of US independent Hess, also had his ban on gaining a seat on Chevron's board reversed by the FTC. Chevron's $53.5bn acquisition of Hess closed Friday after the company prevailed in a dispute over a stake in a Guyanese oil discovery. "We are very pleased with the FTC's unanimous decision," a spokesperson for Chevron said. "Mr. Hess is a highly respected industry leader, and our board would benefit from his global experience, relationships and expertise." ExxonMobil did not immediately reply to a request for comment. By Stephen Cunningham Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Brazil's Bolsonaro put under police surveillance

18/07/25

Brazil's Bolsonaro put under police surveillance

Rio de Janeiro, 18 July (Argus) — Former Brazilian president Jair Bolsonaro has been fitted with an ankle monitor after police raided his home in the capital Brasilia, the latest in a series of court-ordered measures that point to a worsening of his legal situation that could deepen tensions between Brazil and the US. Bolsonaro — who is on trial before the supreme court for an attempted coup — has been ordered to remain at home during certain hours and has been banned from social media and from communicating with foreign diplomats and other defendants. The new measures imposed by the court come in the wake of US President Donald Trump's threat to impose 50pc tariffs on imports from Brazil starting 1 August. Trump said the threat is linked to Bolsonaro's prosecution, calling the trial a "witch hunt". In a 47-page court filing, justice Alexandre de Moraes argued that Bolsonaro and his son Eduardo, a federal congressman, sought help from the US government to pressure Brazilian authorities to interfere in the legal process, calling it a "blatant assault on national sovereignty." Eduardo is in the US and has met with Trump several times to lobby in favor of his father. In response to the latest measure, Eduardo called Moraes a "political gangster in robes" who is "trying to criminalize Trump and the US government". In a televised address on Thursday, President Luiz Inacio Lula da Silva called the tariff threat "unacceptable blackmail in the form of threats to Brazilian institutions". His government has set up an inter-ministerial committee to seek a solution to the impending tariffs . Speaking to journalists on Friday morning, Bolsonaro offered to appeal to Trump directly to resolve the issue. He denied attempting a coup or having plans to flee the country. His passport was seized by authorities in February 2024. By Constance Malleret Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Chevron completes Hess takeover after arbitration win

18/07/25

Chevron completes Hess takeover after arbitration win

New York, 18 July (Argus) — Chevron is finally able to close its delayed $53bn acquisition of US independent Hess after an arbitration court ruled against ExxonMobil in a dispute over a share of Guyana's vast offshore riches. ExxonMobil argued it had a right of first refusal over Hess' 30pc stake in the giant Stabroek block, the key attraction behind Chevron's proposed takeover of the company, which was seen as vital in addressing concerns over Chevron's long-term growth prospects. An arbitration hearing was heard in private in London in late May after the two sides were unable to agree on a resolution. While ExxonMobil said today that it disagreed with the ruling by the International Chamber of Commerce (ICC) Tribunal, it would respect the arbitration and dispute resolution process. "We welcome Chevron to the venture and look forward to continued industry-leading performance and value creation in Guyana for all parties involved," a company spokesperson said. Chevron confirmed it had closed the acquisition after prevailing in the arbitration battle with its bigger rival. "This merger of two great American companies brings together the best in the industry," Chevron's chief executive officer Mike Wirth said. "The combination enhances and extends our growth profile well into the next decade." ExxonMobil is the operator with a 45pc stake in the Stabroek block off the coast of Guyana, where an estimated 11bn bl of oil equivalent have been discovered over the past decade. Both it and Chinese state-controlled CNOOC, which has a 25pc holding, had asserted pre-emption rights in relation to the Hess stake. Hess and Chevron had argued that such rights of first refusal do not apply in the event of a corporate takeover. The arbitration process had held up the takeover — first announced in late 2023 — which previously won approval from US anti-trust regulator the Federal Trade Commission as well as Hess shareholders. ExxonMobil has argued in the past that little would change if Hess ended up winning the arbitration case and Chevron went on to complete its acquisition. "We have partnerships with Chevron all over the world," ExxonMobil's senior vice-president Neil Chapman said back in May. "It's been no change in terms of how we're working together at all." By Stephen Cunningham Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Baghdad, Erbil reach deal on Ceyhan oil exports

17/07/25

Baghdad, Erbil reach deal on Ceyhan oil exports

Dubai, 17 July (Argus) — Iraq's federal government and its semi-autonomous Kurdistan region reached an agreement on allocation of oil production volumes, paving the way toward the restart of northern Iraqi crude exports through Turkey's Ceyhan port The terms of the agreement, which Iraq's government approved on Thursday, will require the Kurdistan Regional Government (KRG) to immediately begin delivering at least 230,000 b/d of oil to Iraqi state marketer Somo for exports. In exchange, Baghdad will pay $16/bl — in cash or in kind — under the amended budget law, "as an advance to the Kurdish government," Iraq's government said. The delivered volumes are expected to increase at a later stage. The federal government said it will transfer the salaries of KRG public servants for the month of May, "after the federal ministry of oil or Somo confirms receipt of the full oil quantity — currently 230,000 b/d — at the Ceyhan port". The $16/bl figure referenced in the agreement reflects what the amended budget law stipulates foreign oil companies operating in the semi-autonomous Kurdish region are to be paid for production and transportation costs. Baghdad also explicitly acknowledged KRG's estimate of the total oil production in the region, at 280,000 b/d. As part of the deal, 50,000 b/d will be allocated for the Kurdistan region's domestic use, with the KRG covering the associated costs of production and transfer. Net revenues from those volumes will be transferred to the federal treasury. A source within the international oil companies (IOCs) operating in Kurdistan told Argus that the firms are concerned about being compensated for the 50,000 b/d allocated for local consumption. "IOCs still need a clear plan for how they will receive payment for the $1bn in arrears," the source said, adding, "the KRG and the federal government need to swiftly agree on the scope of work for the independent consultant." The budget law amendment passed in January stipulates that an international consulting firm is to be tasked with auditing the costs of production and transportation in the Kurdistan region. Baghdad and Erbil have yet to agree on the firm or its scope of work. The IOCs refuse to share with Iraq's oil ministry the existing contracts they have signed with the KRG. Meanwhile, the deal also suggests that Baghdad may supply Erbil with up to 15,000 b/d of refined products, if needed, based on a joint committee's assessment of the Kurdish region's needs. The assessment is due within two weeks. The KRG is also expected to transfer an estimated 120 billion Iraqi dinars ($92mn) in non-oil revenues for May to the federal Ministry of Finance. The Iraq-KRG deal is a "milestone toward the resumption of oil exports through the Iraq-Turkey pipeline," said the Association of the Petroleum Industry of Kurdistan, an industry group representing foreign oil companies operating in Iraqi Kurdistan. The group said its members "anticipate additional discussions with [federal government] and KRG officials to establish written agreements prior to resuming exports." Negotiations between Baghdad and Erbil reached a conclusion just as drone attacks in Iraqi Kurdistan led foreign oil companies operating in the region to shut in more than 200,000 b/d of production as of Wednesday. No group has claimed responsibility for the attacks. In the first public accusation voiced by a senior Kurdish official, former Iraqi foreign minister Hoshyar Zebari on Wednesday blamed the attacks on Wilaya-aligned factions — a group of Iran-backed militias. By Bachar Halabi Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

New tariff threat could disrupt Mexico GDP outlook

16/07/25

New tariff threat could disrupt Mexico GDP outlook

Mexico City, 16 July (Argus) — Mexico's association of finance executives IMEF held its 2025 GDP growth forecast steady at 0.1pc in its July survey but warned the outlook could deteriorate if the US raises tariffs to 30pc. The survey of 43 analysts maintained projections for year-end inflation at 4pc and for the central bank's benchmark interest rate to fall from 8pc to 7.5pc by the end of 2025. The sharpest variation came in formal employment, after Mexico's social security administration IMSS reported a net loss of 139,444 formal jobs in the second quarter. IMEF cut its 2025 job creation forecast to 160,000 from 190,000 in June — the seventh and largest downgrade this year. Job losses increased in April, May and June, "a situation not seen since the pandemic in 2020," IMEF said. "If this trend is not reversed, the net number of formal jobs could fall to zero by year-end." "It is still too early to call it a recession, but the rise in job losses is worrying," said Victor Herrera, head of economic studies at IMEF. "The next risk we face is in auto plants. Some halted production after the 25pc US tariff was imposed in April. They did not lay off workers right away — they sent them home with half pay. But if this is not resolved in the next 60-90 days, layoffs will follow." The July survey was conducted before US president Donald Trump said on 12 July he would raise tariffs on Mexican goods from 25pc to 30pc starting 1 August. "What we have seen in the past is that when the deadline comes, the tariffs are postponed or canceled," Herrera said. "Hopefully, that happens again. If not, you can expect GDP forecasts to shift into contraction territory." While the full impact would vary by sector, Herrera said the effective average tariff rate would rise from 4pc to 15pc, with most exports either exempt or subject to reduced rates under regional content rules. But 8–10pc of auto exports would face the full 30pc duty. IMEF expects the peso to end 2025 at Ps20.1/$1, stronger than the Ps20.45/$1 estimate in June. But the group warned that rising Japanese rates — which influence currency carry trades — and falling Mexican rates could put renewed pressure on the peso once the dollar rebounds. For 2026, the GDP growth forecast dropped to 1.3pc from 1.5pc, while the peso is seen ending that year at Ps20.75/$1, slightly stronger than the previous Ps20.90/$1 forecast. By James Young 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

Two oil tankers collide off UAE coast: Update

Related news posts

Ex-Pioneer CEO no longer wants to join ExxonMobil

Ex-Pioneer CEO no longer wants to join ExxonMobil

Brazil's Bolsonaro put under police surveillance

Brazil's Bolsonaro put under police surveillance

Chevron completes Hess takeover after arbitration win

Chevron completes Hess takeover after arbitration win

Baghdad, Erbil reach deal on Ceyhan oil exports

Baghdad, Erbil reach deal on Ceyhan oil exports

New tariff threat could disrupt Mexico GDP outlook

New tariff threat could disrupt Mexico GDP outlook

Business intelligence reports

Argus Refinery Gate Values: A crucial piece of the crude supply chain puzzle

Argus Refinery Gate Values: A crucial piece of the crude supply chain puzzle

Argus Specialised Freight

Argus Specialised Freight

Argus Asia Crack Spread Forward Curves

Argus Russian Domestic Crude Market

Argus Fundamentals