Qatar's Ras Laffan comes under attack: Update

Spanish Market: Crude oil, Natural gas, Oil products
18/03/26

Updates with details throughout

The Ras Laffan industrial complex sustained damage after a missile attack on Wednesday, QatarEnergy said.

"Emergency response teams were deployed immediately to contain the resulting fires, as extensive damage has been caused," QatarEnergy said. Qatar's interior ministry attributed the attack to Iran and said that it has "gained preliminary control over the fire at Ras Laffan, with no reported injuries".

Tehran earlier on Wednesday listed the 305,000 b/d Ras Laffan refinery in Qatar among five downstream facilities it said it would attack shortly in retaliation for what it described as US-Israeli strikes on Iranian gas treatment plants at the South Pars gas field.

It was not immediately clear whether the refinery or the nearby 77mn t/yr LNG export terminal were directly attacked or sustained any damage.

Tehran also threatened strikes against the 400,000 b/d Samref refinery at Yanbu and the Sadara petrochemical complex at Jubail in Saudi Arabia, Qatar Chemical in Doha and the Al-Hosn sour gas field in Abu Dhabi.

Saudi Arabia also came under attack on Wednesday night local time, according to the Saudi defense ministry. "Part of an intercepted ballistic missile" fell near a refinery located south of Riyadh, the ministry said. It also reported intercepting drones aimed at an unnamed gas facility in the country's east.

By Haik Gugarats

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18/03/26

Qatar's Ras Laffan comes under attack: Update 2

Adds more details. Washington, 18 March (Argus) — The Ras Laffan industrial complex sustained damage on Wednesday after a missile attack, QatarEnergy said. "Emergency response teams were deployed immediately to contain the resulting fires, as extensive damage has been caused," QatarEnergy said. All personnel have been accounted for, and no casualties have been reported, QatarEnergy said in a post on the X platform. Tehran earlier on Wednesday listed the 305,000 b/d Ras Laffan refinery in Qatar among five downstream facilities it would attack shortly in retaliation for what it described as US-Israeli strikes on Iranian gas treatment plants at the South Pars gas field. It was not immediately clear whether the refinery itself was directly attacked or sustained any damage. It also was not clear whether the 77mn t/yr Ras Laffan LNG export terminal sustained damage. Tehran also threatened strikes against the 400,000 b/d Samref refinery at Yanbu and the Sadara petrochemical complex at Jubail in Saudi Arabia, Qatar Chemical in Doha and the Al-Hosn sour gas field in Abu Dhabi. Riyadh also came under attack on Wednesday night local time. The Saudi defense ministry said it intercepted 4 ballistic missiles "... resulting in some debris falling in different areas of the capital" but without "damage or casualties, according to preliminary assessments". By Haik Gugarats and Annemarie Pettinato Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Mexico GDP outlook clouded by Iran war: IMEF

18/03/26

Mexico GDP outlook clouded by Iran war: IMEF

Mexico City, 18 March (Argus) — Mexico's finance executives association IMEF slightly raised its 2026 GDP growth forecast in its March survey, but warned the conflict in Iran has added uncertainty to US-Mexico-Canada (USMCA) free trade agreement negotiations, further clouding the outlook. IMEF increased its 2026 growth forecast to 1.4pc from 1.3pc in its previous survey, citing upward revisions to fourth-quarter 2025 GDP and similar adjustments by the central bank and other private sector surveys. "But this is just one tenth of one percent, which, in addition, does not fully incorporate the events that have taken place since 28 February," said Herrera, given many of the executives filed responses before the start of the US-Iran war. Herrera added that higher energy prices are unlikely to hit first-quarter GDP, given advanced gasoline purchases, with prices set before the war erupted. "But a risky situation is starting to take shape for Mexico, the effects of which we will mainly see in the second quarter," Herrera said, as uncertainty builds ahead of the 1 July USMCA review deadline. "We think investment will remain suppressed until we have good news on that front," he added, amid concerns the US could extend the process through its November midterm elections. The Middle East conflict could also pressure Mexico's fiscal deficit, IMEF said. "Finding a solution to this confrontation is proving slower than originally anticipated, and it is highly likely that our country will suffer the effects of increased gasoline and food prices," the association said. Mexico's government has already indicated it would subsidize fuel excise taxes to cushion rising prices, but this could push the projected 4.5pc fiscal deficit closer to the 5pc level seen in 2025, IMEF said. As a result, IMEF warned that public-sector debt could reach 60pc of GDP, potentially triggering a credit rating action and pushing sovereign and state-owned Pemex debt closer to non-investment grade. The group also flagged increased volatility in the peso-dollar exchange rate, noting this could begin generating pass-through effects to inflation if the conflict persists for several months. For now, IMEF continues to see the central bank issuing two quarter-point rate cuts to the target interest rate, to 6.5pc from the current 7pc, by the end of 2026, and held its end-2026 inflation estimate at 4pc. IMEF slightly strengthened its peso outlook, forecasting Ps18.35/$1 by end-2026, compared with Ps18.4/$1 in the previous survey. By James Young Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Attacks on UAE energy assets increase as war broadens

18/03/26

Attacks on UAE energy assets increase as war broadens

Dubai, 18 March (Argus) — Iran and its regional proxies have stepped up attacks on Mideast Gulf energy infrastructure. The latest attacks in the UAE came after Tehran vowed retaliation against the country for hosting US attacks on Iran's Kharg island. Repeated drone strikes on Fujairah port have exposed the vulnerability of the UAE's main oil storage and bunkering hub. An attack on Tuesday, 17 March started a fire and disrupted terminal operations, according to authorities. No injuries were reported, while market sources said at least two terminals were affected, forcing some berths to close and vessels to move to anchorage. The latest strike came only a day after a fire in the Fujairah industrial zone halted oil loadings, and followed a drone attacks on 14 March that damaged at least two crude storage tanks. On Monday 16 March, operations at Abu Dhabi's Shah gas field were suspended after a drone attack caused a fire at the site. This appeared to be the first direct hit on an upstream asset in the UAE. The field, jointly operated by state-owned Adnoc and US firm Occidental Petroleum, is located 210 km southwest of Abu Dhabi near the Saudi border, in an increasingly exposed energy corridor. Saudi Aramco's 1mn b/d Shaybah oil field was also targeted by drones for three consecutive days since March 7 . Shah is one of the world's largest sour gas developments and Adnoc said in May it was exploring raising its capacity to 1.85bn ft³/d from 1.45bn ft³/d. The site also accounts for around 5pc of global sulphur production. The attacks on Shah and Fujairah's terminals underline how the conflict is spilling across the UAE's energy sector, from storage and export infrastructure to upstream production assets, as the US Iran moves into its third week. The escalation comes after US strikes on more than 90 military targets on Iran's Kharg Island on 13 March, after which Tehran said the weapons had been fired from the UAE, including from a location very close to Dubai .Trump later threatened to target energy infrastructure on the island to force Tehran to reopen the strait of Hormuz, though the initial strikes avoided oil facilities at Iran's main crude export hub. Published official figures suggest the UAE has come under more attacks than several of its Gulf peers since the war began on 28 February. The UAE said its air defences have encountered at least 304 ballistic missiles, 15 cruise missiles and 1,627 drones. That compares with 178 ballistic missiles and 384 drones intercepted by Kuwait, and 106 ballistic missiles and 176 drones by Bahrain. In neighbouring Iraq, the Majnoon oil field in the Basrah province was also targeted in recent days, according to state news agency Ina. The field is one of Iraq's giant oilfields, and officials have previously said output is around 240,000 b/d with plans to raise capacity to 450,000 b/d. The bulk of recent attacks has focused on refining and storage infrastructure. A fire broke out at an unidentified facility in Adnoc's 817,000 b/d Ruwais refining complex on March 10, while Saudi Aramco's 550,000 b/d Ras Tanura refinery on the country's east coast was targeted twice that week, on March 2 and March 4. Bahrain's 405,000 b/d Sitra refinery and Kuwait's 346,000 b/d Mina al-Ahmadi refinery have also come under attack. The conflict has not been one-sided, with Israel also hitting Iranian oil facilities, including storage depots in and around Tehran, according to state media . By Rithika Krishna Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Dated benchmark hits highest since mid-2022

18/03/26

Dated benchmark hits highest since mid-2022

London, 18 March (Argus) — European crude benchmark North Sea Dated has surged to its highest price since late July 2022, as the supply crunch from the Mideast war has engulfed Europe. Dated hit $112.83/bl on 18 March, up by $10/bl from the previous session and more than $40/bl higher than in late February, before the war in the Mideast Gulf broke out. The last time he Atlantic basin benchmark was anywhere close to this level was in late July 2022. At that time Europe was bracing for a shortage and a significant shift in crude flows due to sanctions on supply from Russia after it attacked Ukraine. Dated reflects the price of light sweet crude in Europe. The benchmark is used to trade crude grades produced in Europe, Caspian countries, north and west Africa, as well as the Americas. It also underpins Ice Brent futures. The fallout from the Mideast war was slower to manifest in Europe than in Asian markets, as the supply disruption to European refiners was slightly delayed by longer shipping times. Europe is still receiving some last cargoes of Iraqi Basrah grades that departed before Hormuz was shut and are sailing around the Cape in South Africa. And Saudi crude travelling to Europe does not have to pass the strait of Hormuz, so flows to the region are so far largely unaffected. Some traders also noted that the price of Dated had been capped by sales of prompt March cargoes of benchmark grades, which set Dated. Vitol, which was due to receive several physical cargoes of benchmark grades in March in a settlement of North Sea forward positions, publicly sold six shipments of US WTI this week, all for delivery in last days of March–first days of April. Most European refiners would have secured supplies for those dates some weeks prior, and buying supply for storage has been highly uneconomical due to wide backwardation. Prices that Vitol's cargoes fetched were $3-4/bl below prices that refiners said they were paying for later deliveries. Low differentials for unwanted prompt cargoes briefly pressured Dated, but once those were placed, Dated has started rising. Some market participants think that Dated will further extend its gains, as it is still more than $45/bl below the Dubai benchmark. Refiners in Europe increasingly voice concerns that the current crude prices are unsustainable in the midterm. Refinery cracks in the region are steeply backwardated. While wide cracks for key oil products in April still allow for high feedstock costs, sharply lower May cracks could lead to a reduction in refinery runs, unless crude prices ease, traders said. By Lina Bulyk Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Brazil updates climate plan through 2035

18/03/26

Brazil updates climate plan through 2035

Sao Paulo, 18 March (Argus) — Brazil's government launched its updated climate plan on Tuesday, setting targets for specific sectors such as forests and transportation and proposing carbon-neutral technology roadmaps to more than halve its greenhouse gas emissions (GHG) by 2035 from 2005 levels. The previous plan was launched in 2008. Brazil has committed to reducing its GHG emissions by 59-67pc by 2035 and to achieve net-zero by 2050, according to its latest nationally determined contribution under the Paris Agreement. "There are no environmental policies without scientific evidence," Brazil's science and technology minister Luciana Santos said during an event in federal capital Brasilia to launch the plan. "We are not only reacting to disasters, we are anticipating solutions," she added. The plan draws up measures to attract climate financing in both the public and private sectors — with programs such as the Amazon fund and Eco Invest . The government expects to discuss the plan every two years and update it every four years, the environmental ministry said. The climate plan also includes eight policy routes for mitigation and another 16 for climate change adaptation, which were all approved in December, totaling 312 in all. It includes plans for adaptation measures in sectors such as agriculture, cattle raising, mining, energy and transport, among others. But some environmental groups said that the sectorial energy plan for mitigation is not ambitious enough to reach a fossil fuel phase-out. This particular plan foresees to reduce emissions in both crude and natural gas supply chains but does not provide any timeframes, while it also includes expanding the country's nuclear power generation, which would be "unnecessary" and more expensive than other power generation alternatives, climate umbrella group Observatorio do Clima's public policies coordinator Suely Araujo said. The government is working on a roadmap to phase out fossil fuels, but has not yet presented it . President Luiz Inacio Lula da Silva called for a global roadmap on the topic during a global summit days prior to the UN Cop 30 climate summit held last November in northern Brazil. By João Curi Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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Qatar's Ras Laffan comes under attack: Update

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