Poland's 210,000 b/d Gdansk refinery is increasing production after completing scheduled maintenance earlier this month. Most of the units taken off line for between late February and early April have restarted, as planned, operator Rafineria Gdanska said on 7 April. Maintenance was conducted on crude and vacuum distillation units, a diesel hydrotreater, the MHC mild hydrocracker, a reformer, the jet fuel Merox and hydrogen generation units, and two sulphur recovery units. A second phase of planned maintenance at Gdansk takes the refinery's three base oil units off line from 8 April until mid-May. Rafineria Gdanska is a joint venture of state-controlled Orlen with 70pc and state-controlled Saudi Aramco holding 30pc. Orlen is planning maintenance on a hydrocracker at its 373,000 b/d Plock refinery in Poland from 13 May until 24 June. The Polish company's 63,000 b/d Kralupy refinery in the Czech Republic has been shut down for scheduled maintenance since mid-March and should restart in early May. Orlen's 190,000 b/d Mazeikiai refinery in Lithuania was off line for 30 days of planned maintenance last month.
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US high-balling Hormuz energy flows
US high-balling Hormuz energy flows
New York, 20 August (Argus) — US officials continue to claim a high number of tankers are exiting the strait of Hormuz through US-assisted transits, despite vessel tracking and satellite information pointing to much lower traffic through the strait. "Right now, the strait is open. A lot of boats are coming through. We are getting a lot of oil out," US President Trump said on 19 August at the White House. But vessel information firm TankerTrackers.com said on 20 August that only 5mn b/d is departing the US Navy blockade line regardless of where the loading or transfer of crude is taking place, in response to claims by US officials that 10mn b/d are traveling through the strait of Hormuz. The US-imposed blockade on Iranian ports is being enforced from outside the strait of Hormuz between the Gulf of Oman and the Arabian Sea, so the TankerTrackers.com figure likely includes loadings at the UAE and Oman's eastern ports within the Gulf of Oman, beyond the confines of the strait itself. US Energy Secretary Chris Wright claimed last week that an average of 9mn b/d exited the strait of Hormuz, a figure much higher than available information. "We do have control of the strait, you would have seen media reports that large amounts of energy are getting out, and you know I think that we can continue doing that in the southern lane," US Treasury Secretary Scott Bessent in an interview with CNBC on 20 August. Available vessel tracking and satellite data does not corroborate the assertions made by US officials that many tankers are going through the strait of Hormuz on the US' southern transit lane. Some tanker traffic is occurring through the strait, undetected by conventional vessel tracking systems since vessels are transiting with their automatic identification systems off. But these transits are visible through satellite imagery, on both the US-supported southern lane and the northern Iranian-controlled lane, data from maritime security firm Windward shows. These observable flows are at a fraction of pre-war levels, while many vessels transiting through the southern lane have been subject to attacks by Iranian forces. Tanker flows through the strait of Hormuz itself are projected by vessel tracking firm Vortexa to stand at around 941,400 b/d for the period of 14-21 August, comprised mostly of Iraqi and Saudi shipments. Most of the energy that is leaving the Mideast Gulf following the outbreak of the US-Iran war is doing so through the UAE and Oman's eastern ports. Estimates from Vortexa place exports via Fujairah port in the week between 14-21 August around 2.06mn b/d while exports via Sohar and Muscat, Oman, totaled around 1.15mn b/d in the same period. Vessel tracking data shows around 4mn b/d total departing from around the Mideast Gulf, including flows through Hormuz, in the last week. The White House did not respond to a request for comment from Argus to provide additional details on the US' efforts to support tanker transits through the strait of Hormuz. Hormuz tanker traffic on Iranian lanes up Vessel traffic through the strait of Hormuz over the last 24 hours totaled 16 vessels, mostly transiting through the northern, Iranian-controlled transit lane, split between 10 inbound transits and six outbound transits, data from maritime security firm Windward shows. Tanker traffic totaled 12 vessels, split between seven inbound and five outbound transits, most of which took place on the northern lane, Windward data shows. The Liberia-flagged Sweden Prosperity and the Hong Kong-flagged Hestia transited the strait inbound through the southern corridor, Windward data shows. However, the Hestia has turned back following its successful inbound transit and is currently idling off the eastern coast of the UAE, data from vessel tracking service Vortexa shows. The Hestia is one of at least two China-affiliated very large crude carriers to abandon its transits through the strait of Hormuz over the last few days. The remaining five inbound transits took place on the northern, Iranian controlled lane, according to Windward. For outbound transits, a single transit took place on the US-supported southern lane, Windward tracked the Ashley which transited dark. The Ashley is laden with 469,000 bl of fuel oil it loaded at Dubai lightering area on 16 August and is currently idling off Fujirah, according to Kpler data. By Charlotte Bawol Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Mediterranean naphtha exports to Asia hit 4-month high
Mediterranean naphtha exports to Asia hit 4-month high
London, 19 August (Argus) — Mediterranean naphtha exports to Asia have risen to a four-month high in August, as recovering Asian petrochemical demand and supply uncertainty in the Middle East draws more barrels east, helping absorb surplus supply from a weak European market. Loadings from the Mediterranean bound for Asia have averaged 219,000 b/d so far in August, up from 126,000 b/d in July, a four-month high, according to Kpler data. Asian petrochemical producers restarted cracker operations after extended shutdowns earlier this year caused by poor margins and feedstock supply disruptions, increasing spot demand for imported naphtha. While the Middle East traditionally supplies much of Asia's naphtha requirements, ongoing tensions in the region have encouraged buyers to source cargoes further afield from the Mediterranean . The arbitrage remained open, with Mediterranean cargoes continuing to be fixed for delivery into Asia, including on LR1 tankers, a naphtha trader familiar with east-west flows said. European naphtha demand remains subdued. Record-low Rhine water levels have further restricted consumption by disrupting feedstock deliveries to inland petrochemical crackers and limiting outbound product movement. Water levels at the Kaub bottleneck fell to a record low of 17cm this month, leaving the upper Rhine largely inaccessible to barges. Crackers at Wesseling have been among the most exposed to reduced river traffic after Shell's closure of its nearby 147,000 b/d refinery increased reliance on imported feedstocks. Further south, BASF's Ludwigshafen crackers face challenges moving products and co-products by barge, while some petrochemical crackers have struggled because they rely on river water for cooling. Weaker domestic demand has left more naphtha available for export. Independently-held naphtha stocks in the ARA hub rose to 598,000t on 13 August, 74pc above levels a month earlier. Supply has been supported by high naphtha yields from lighter crude slates and strong refinery runs, participants said. Increased flows of light Mediterranean crude and CPC Blend at attractive prices have encouraged refiners to process lighter feedstocks , boosting naphtha output. European naphtha cracks against Ice Brent futures have traded at a discount for most of August, averaging about $4/bl over the past week. Naphtha cracks against prompt North Sea Dated crude have also remained firmly negative, averaging about $7/bl over the same period. European gasoline blending has given limited support for naphtha demand despite favourable margins, a gasoline trader told Argus . The gasoline-naphtha spread climbed back above $300/t over the past week, while the Eurobob oxy swap September-October spread closed at $93.75/t on 17 August, the strongest backwardation since October 2022 . Buying interest for naphtha and high-octane blending components such as reformate has slowed despite the supportive economics, limiting an alternative outlet for surplus supply, traders said. Arbitrage economics improved in recent days. The east-west naphtha swap spread, which surged to record highs during the Middle East hostilities in July before retreating, widened to $37.50/t on 19 August from $30/t on 13 August, improving incentives for eastbound movements. By Jide Tijani Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Saudi Aramco VLCC exits Gulf through Hormuz
Saudi Aramco VLCC exits Gulf through Hormuz
London, 19 August (Argus) — A very large crude carrier (VLCC) laden with Saudi state-controlled Aramco crude loaded at Mideast Gulf ports has passed through the strait of Hormuz and is destined for Sohar, Oman, according to ship tracking data. This is probably the first Aramco cargo to pass Hormuz in August. The Singapore Prosperity , owned by South Korea's Sinokor, loaded 301,000t of crude at the Saudi ports of Ras Tanura and Juaymah, Kpler data show. It broadcast an automatic identification system (AIS) signal on 17 August near Juaymah and then went 'dark' before reappearing today near Fujairah, UAE. The VLCC is now broadcasting Sohar as its destination, where the cargo could be transferred ship-to-ship (STS). Aramco recently offered prompt cargoes of Arab Medium and Arab Heavy crude grades to several Asian customers loading on an STS basis at Sohar. Three more Sinokor tankers loaded Aramco crude in August, according to Kpler data: Malaysia Prosperity , Algeria Prosperity , and Bulgaria Prosperity . Their locations are unclear, as none has sent an AIS signal in the past week. These loadings mark a rebound in Aramco's Mideast Gulf exports, which collapsed in mid-July after the expiry of the US-Iran memorandum of understanding. Exports are recovering as shipments from Saudi Arabia's Red Sea port of Yanbu appear to be disrupted by the Yemen-based Houthi militant group. The Houthis have claimed attacks on eight Saudi-linked tankers around the Bab el-Mandeb strait at the Red Sea's southern entrance. Although Aramco chief executive Amin Nasser said this has not affected Aramco's export capacity , Kpler data show crude exports from Yanbu fell to about 15.8mn t in July, down by 6.6pc from 16.9mn t in June. Exports so far in August are around 3.8mn t, according to Kpler. Strait threat Singapore Prosperity passed through Hormuz at a time of elevated threats to shipping, with strikes on at least five ships in the past week . The UAE accused Iran of targeting two vessels affiliated with state-owned Adnoc last week. Iranian parliamentary speaker Mohammad Bagher Ghalibaf said on 18 August that the strait will remain closed until the US fulfils commitments made under the now-expired ceasefire agreement signed in June. By Leonard Fisher-Matthews Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Iraq expands crude discounting as oil revenue falls
Iraq expands crude discounting as oil revenue falls
Dubai, 19 August (Argus) — Iraq has approved a new crude discount mechanism in an attempt to restore exports and bolster oil revenue after traffic restrictions through the strait of Hormuz sharply reduced crude sales. The cabinet on 18 August approved crude purchases from 1 September at a 30pc discount to the lower of state-owned marketer Somo's price or the oil price stipulated in the federal budget. The financial impact of the mechanism will be reviewed, according to a statement from prime minister Ali al-Zaidi's office. The statement did not identify which buyers or purchases would qualify for the mechanism, or how it would interact with the steep discounts Somo is already offering buyers loading Iraqi crude from southern terminals. The cabinet also approved three-month contracts, starting on 1 September, allowing specialised international and Iraqi companies to handle crude exports through multiple outlets. The statement did not explain what those companies will do beyond handling exports, which outlets will be used, or whether the measure affects Somo's role in Iraqi crude sales. Somo this month offered term customers Basrah Medium and Basrah Heavy cargoes loading in August at discounts of $25-29.80/bl to their respective official selling prices (OSPs), reflecting the additional logistical, insurance and security costs buyers face when loading crude at Basrah and moving it through the strait of Hormuz. Basrah Medium loading on 1-10 August was offered at a $27/bl discount to its OSP, falling to $26/bl for 11-20 August and $25/bl for the rest of the month. Basrah Heavy discounts ranged from $29.80/bl for early-August loading to $27.80/bl later in the month. Those discounts widened from the $14-18.80/bl Somo offered for July-loading cargoes, underlining the pressure on the Iraqi government to move more crude and restore its main source of revenue. Iraq exports most of its crude from southern terminals inside the Mideast Gulf, leaving it particularly exposed to disruption around the strait of Hormuz. Loadings averaged around 3.5mn b/d before the US-Iran war but fell sharply after traffic through the strait was restricted. Exports have since partly recovered, according to oil minister Basim Mohammed Khudair, who said on 14 August that Iraq had exported around 2mn b/d so far this month , up from 49mn bl, or 1.58mn b/d, in July. But volumes remain well below pre-war levels. At least four tankers carrying Iraqi crude this month have used ship-to-ship (STS) transfers to move cargo through Hormuz to waters near Fujairah, according to Vortexa data. Abu Dhabi's Adnoc Trading has also offered August-loading Basrah crude on a fob STS basis near Fujairah, as well as delivered cargoes to buyers in Asia-Pacific, Europe and the Mediterranean. The arrangement allows refiners to buy Iraqi crude without sending their own vessels through Hormuz, shifting some of the logistical, insurance and security burden to traders able to move crude out of the Mideast Gulf. The cabinet has given the oil minister authority to establish new transport routes under existing contracts and renew those agreements. State-owned Oil Pipelines has been instructed to expand loading platforms. The government has also approved mechanisms covering advance payments for Iraqi crude sales and where buyers' payments and deposits will be held. Fiscal squeeze The export disruption has already opened a large gap in Iraq's public finances. Federal spending reached 57.18 trillion Iraqi dinars ($43.6bn) in the first half of 2026, against revenues of ID35.9 trillion, according to finance ministry data, leaving a deficit of more than ID21 trillion. Oil revenue fell to ID28.5 trillion from ID57 trillion in the first half of 2025, effectively halving year on year as constrained exports deprived Baghdad of its principal source of income. Non-oil revenue increased to ID7.4 trillion from ID4.9 trillion, lifting its share of government receipts to around 20pc. But the increase fell well short of offsetting the loss of oil income. The squeeze is compounded by the rigidity of Iraqi spending. Operational expenditure accounted for ID54.67 trillion of first-half spending, while investment expenditure was just ID2.5 trillion. Salaries, pensions, social welfare, subsidies and bonuses amounted to ID48.76 trillion, equivalent to 85pc of total expenditure. The figures leave Baghdad with limited room to absorb an extended disruption to crude exports and help explain the government's willingness to accept substantial discounts to move more barrels. By Bachar Halabi Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
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