Venezuelan crude cargo leaves Israel without unloading

Spanish Market: Crude oil, Oil products
09/03/26

A cargo of Venezuelan crude slated to discharge in Israel for the the 197,000 b/d Haifa refinery has not unloaded and has instead sailed to Greece likely because some units at the facility are shut following an escalation in the US-Iran conflict.

According to Argus tracking, around 75,000t of 16°API Venezuelan Merey crude on board Suezmax tanker Poliegos was slated to unload at the Israeli port of Haifa, where refiner Bazan has its refinery. The Poliegos arrived offshore the Israeli port of Ashdod in the early hours of 2 March. It waited until the evening of 6 March when it began moving north. Over the weekend it sailed to Greece and is now at anchor near the port of Piraeus, with its cargo on board.

The reasons for this and the current status of the Haifa refinery are not clear. Bazan shut some units at Haifa on 28 February after the first wave of attacks began in the US-Iran war.

The cargo on the Poliegos was one of the first to leave Venezuela for Europe after US military intervention in the country. The vessel was chartered by trading firm Vitol, delivering half its cargo to the company's 300,000 b/d Sarroch refinery in Italy, before sailing to Israel.

By Adam Porter

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09/03/26

US shale offers no quick remedy to Iran war price spike

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Drone attacks test Oman's bid as Hormuz bypass

09/03/26

Drone attacks test Oman's bid as Hormuz bypass

Dubai, 9 March (Argus) — Oman's ports have been seen as a safer alternative for cargoes seeking to avoid the strait of Hormuz, but recent drone attacks are raising questions over whether the sultanate can remain insulated from the ongoing US-Iran war. Oman's deep-water ports — Duqm, Salalah and Sohar — sit on the Arabian Sea outside the strait, allowing tankers to bypass the narrow waterway and reduce exposure to potential security risks. Tanker traffic through the strait has slowed to a treacle after several tankers were attacked since the conflict began on 28 February and as insurers raised premiums or withdrew war risk coverage for the region. Oman's geographical location has long been viewed as a key advantage to avoid the Hormuz critical chokepoint, encouraging companies to reroute cargoes through the region, with some buyers preferring to lift shipments directly from the sultanate's ports. Ship-tracking data from Kpler showed that the vessel Valery Roma , carrying around 37,000t of 95R gasoline from Paradip, which was originally headed to Jebel Ali, is now being diverted to Oman's Duqm, confirmed by port agent data. The tanker Advantage Passion which was chartered to load 60,000t of jet fuel from Jubail for northwestern Europe on 3 March, is currently anchored near Oman's Sohar. Sohar is the busiest in terms of overall cargo volumes and handles a mix of dry bulk and liquid cargoes, while Salalah, located at the southeastern tip of the country, serves as a major container transshipment hub, Rystad Energy commodity markets vice president Valerie Panopio said. Last year, Salalah expanded its container terminal capacity from 4.5mn TEU to 6.5mn TEU following upgrades at all six berths and a yard expansion. But recent drone strikes on Oman's commercial ports have undermined hopes that the country can avoid a regional hostilities spillover, raising concerns among shipowners, insurers and traders about whether the country's ports can still function as transshipment hubs. Several drones struck the ports of Duqm and Salalah last week, with at least one fuel storage tank hit at Duqm and debris falling near terminal areas . And changes to war-risk coverage on regional maritime routes have complicated the picture, with Sohar now falling within an insurer-designated war-risk area, potentially increasing charter and insurance costs for vessels calling at the port. The Joint War Committee, which represents the London insurance market, recently expanded its list of high-risk maritime areas to include waters around Oman along with Bahrain, Djibouti, Kuwait and Qatar, according to a market circular. But one broker said that tanker booking enquiries from Sohar and other Omani ports were still increasing noticeably even though the area is classified as high risk. Rising security risks are now beginning to feed into shipping insurance costs. Additional war-risk premiums (AWRP) for tankers transiting Omani waters have climbed to around 0.4pc of vessel value, up from about 0.1pc previously, according to an insurance broker. Shipping sources said rates have risen even further — to around 1pc — for vessels transiting the wider Mideast Gulf region. By Rithika Krishna Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

G7 to assess Mideast Gulf crisis as oil tops $100/bl

09/03/26

G7 to assess Mideast Gulf crisis as oil tops $100/bl

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Bahrain’s Bapco issues force majeure after refinery hit

09/03/26

Bahrain’s Bapco issues force majeure after refinery hit

Dubai, 9 March (Argus) — Bahrain's state-owned Bapco Energies has declared a force majeure on its operations after its 405,000 b/d Sitra refinery was hit in an attack linked to the ongoing US-Iran war, the company said on Monday. The move follows Iranian drone strikes in the early hours of Monday in the Sitra area, where the refinery is located. Authorities said the attacks hit civilian residential areas near the energy complex, damaging several homes and leaving dozens of civilians injured. The incident marks the second confirmed attack affecting the Sitra refinery complex since the war between Iran, Israel and the US began on 28 February. The refinery recently underwent upgrade works that expanded its capacity to 405,000 b/d from 267,000 b/d, a development that significantly lifted Bahrain's overall refining output in 2025. Bapco said domestic fuel supplies remain secure, adding that "contingency plans are in place to ensure continued deliveries to the local market without disruption". Force majeure allows companies to suspend contractual obligations when events beyond their control disrupt operations. Neighbouring Kuwait has also taken similar steps, with state-owned KPC issuing a force majeure notice on its crude and refined product exports . The war, now in its tenth day, has triggered a wave of attacks on energy infrastructure across the the Mideast Gulf. Saudi Arabia's 550,000 b/d Ras Tanura refinery was targeted twice last week, while several drones aimed at Saudi Aramco's 1mn b/d Shaybah oil field were intercepted early on Monday, authorities said. Iranian strikes have also affected LNG facilities in Qatar and fuel storage tanks in the UAE and Oman. The attacks have raised concerns over potential disruptions to regional oil and gas supplies, pushing crude prices higher in recent sessions . The war shows almost no signs of easing, with US president Donald Trump on 7 March vowing to hit Iran "very hard" again as Tehran continued retaliatory missile and drone attacks across the region . By Rithika Krishna and Bachar Halabi Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Supply fears trigger fuel rationing in Australia

09/03/26

Supply fears trigger fuel rationing in Australia

Sydney, 9 March (Argus) — Fears of insufficient supply of diesel and gasoline have led to a surge in fuel demand across Australia, leading to at least one fuel supplier to begin rationing sales to non-contracted buyers and sparking fresh calls for Canberra to intervene in fuel markets. Some independent wholesalers have struggled to obtain extra volumes due to surging demand, especially in regional and rural areas, as suppliers prioritise meeting the needs of contracted customers, a source familiar with the matter told Argus . One firm sought supply from other companies with larger market share, but all have been hit with the same wave of buying and have moved to ensure they meet the needs of contracted customers, leaving insufficient volumes available for others. Fuel supply chains are being tested by consumer behaviour during the ongoing US-Iran war, Australia's Labor federal energy minister Chris Bowen said on 9 March, responding to concerns about potential fuel rationing. But the government believes every single contract is being honoured, Bowen said, citing discussions with importers and distributors, which he said would continue. He added that the nation's fuel security was in a good position. Nonetheless, diesel supply is reportedly tightening in regional areas, where it is heavily used by the agricultural sector. "I do know that there is some supply chain issues which is really being caused by a spike in demand of people seeking to buy extra diesel," Bowen said. The minister said he will meet with industry representatives tomorrow to ensure every possible action is being taken to help Australia through uncertain times. But it is impossible to say how long before the war becomes a problem for Australia's fuel supply, Bowen added. Regional shortages Some retailers are running low on supply because Australians are buying fuel at far higher rates than usual, with some reportedly stockpiling fuel at home, a spokesperson for motorists' lobby the National Roads and Motorists' Association said today. The group urged Australians to stop panic buying. One small Queensland-based distributor Bartranz Petroleum said it had been allocated just 10pc of its usual daily liftings from Brisbane due to hoarders depleting stocks at retail locations, despite no interruption to refined product imports from Singapore — the largest source of gasoline imports to Australia. The conservative Coalition opposition is urging the government to use powers under the Petroleum and Other Fuels Reporting Act to identify customers at risk of fuel shortages – especially farmers, manufacturers and the transport industry – to ensure supply gaps are addressed as a priority. Terminal gate prices (TGPs) for the wholesale market in Australia's state capitals have surged since the war in Middle East began (see graph), while retail prices have also jumped higher. Australian fuel suppliers have been referred to the Australian Competition and Consumer Commission for increasing fuel prices at retail sites across the country, above what is expected from higher international prices. By Tom Woodlock and Tom Major Diesel TGP's in Australian state capitals A¢/litre Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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