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Latest Market News

EU eyes gas filling and oil stock co-ordination

  • Spanish Market: Crude oil, Electricity, Emissions, Natural gas, Oil products
  • 13/04/26

EU-wide co-ordination of gas storage filling and oil stock releases are among measures the European Commission will present on 22 April to tackle the energy crisis, said commission president Ursula von der Leyen on Monday.

Von der Leyen said bloc-wide co-ordination of gas storage filling is aimed at preventing member states from competing against each other, and co-ordinated oil stock releases are intended to achieve the largest possible effect on markets.

The bloc's fossil fuel import bill has increased by more than €22bn ($25.8bn) since the start of the US-Iran war on 28 February, von der Leyen said after discussions with EU commissioners. She said the "smallest" part of energy costs comes from the emissions trading system (ETS).

Von der Leyen will "shortly" consult with EU states on updated ETS benchmarks using "all the flexibilities" the legal text allows, she said. The commission is "on track" to present the full review of the ETS in July, and will put forward legal proposals on electricity taxes and grid charges in May, with an "ambitious" new target on electrification.

"The grim reality is that fossil fuels will remain the most expensive options in the years to come," von der Leyen said. She added that renewables and nuclear together now account for over 70pc of EU electricity generation.

By Dafydd ab Iago

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14/04/26

Экспорт нефтепродуктов - BSP: Кулевский НПЗ готов к расширению

Экспорт нефтепродуктов - BSP: Кулевский НПЗ готов к расширению

Moscow, 14 April (Argus) — Black Sea Petroleum (BSP) — частная компания, созданная в 2022 г. для реализации проекта строительства и эксплуатации НПЗ в Кулеви — первого нефтеперерабатывающего предприятия в Грузии. Завод начал переработку сырья осенью 2025 г. и в ближайшие два года планирует значительно расширить номенклатуру и объемы производимой продукции. О текущей работе и дальнейших планах развития НПЗ Black Sea Petroleum Argus рассказал представитель компании — совладелец и генеральный директор Давид Поцхвериа. — Какова мощность завода в настоящее время? Какие нефтепродукты вы выпускаете? — Как вы знаете, завод начал переработку сырья осенью 2025 г. Номинальная мощность предприятия на данный момент составляет 1,2 млн т/год, при этом реальная загрузка может быть и выше — до 1,5 млн т/год в зависимости от типа нефти. Среди выпускаемых продуктов — газойль, нафта и мазут. Конкретные параметры по качеству могут варьироваться в зависимости от сырья, поступающего на завод. — Какое сырье завод перерабатывает? — С начала эксплуатации завода мы использовали разные источники сырья — поставки шли по железной дороге из Азербайджана и морским транспортом из Новороссийска. Мы, как и представители таможенных органов Грузии, очень внимательно относимся к происхождению сырья и его соответствию всем нормам строгого внутреннего комплаенса. Так как мы глобальный игрок, и у нас глобальные планы, прозрачность при закупках и продажах для нас играет принципиальную роль. Для обеспечения соответствия международным требованиям BSP использует систему KYC-скрининга World-Check от LSEG, сотрудничает с британскими и швейцарскими юридическими компаниями для получения юридического заключения и поддерживает постоянный диалог с государственными институтами Грузии. Мы двигаемся в направлении диверсификации сырья. Мы работаем над увеличением переработки сырья из Туркменистана, Казахстана и Азербайджана. Надеемся, что уже с апреля — мая доля поставок из этих стран на предприятие вырастет. Для НПЗ вопрос поставок нефти по железной дороге имеет и важное коммерческое значение, поскольку такие закупки для нас даже интереснее с точки зрения логистики, чем поставки по морю. Таким образом, с экономической точки зрения наша цель — максимально увеличить объемы поставок сырья с других направлений. Кроме того, не стоит забывать, что вопрос сырья важен в контексте возможности поставок нефтепродуктов на премиальный рынок Европы. — Рассматриваете ли вы возможность использования темных нефтепродуктов в качестве сырья для завода? — Безусловно, мы рассматриваем все потенциальные варианты с целью обеспечения НПЗ и будем делать это всегда, исходя из дальнейших темпов развития предприятия. Мы намерены считать экономику по каждому виду сырья. — Какие планы у предприятия по запуску новых установок в 2026 г.? Как может увеличиться загрузка завода в связи с этими запусками? — Как мы уже отметили, сейчас у нас работает первая установка первичной переработки нефтяного сырья. Общий объем инвестиций составил $150 млн, включая не только технологические установки первого этапа, но и инженерные коммуникации, инфраструктуру и общезаводские объекты. Данные инвестиции позволяют значительно сократить сроки введения в эксплуатацию технологических блоков последующих этапов проекта. В марте мы начали строительство второй установки первичной переработки номинальной мощностью 3,3 млн т/год и установки Merox для производства авиакеросина, спрос на который особенно высок — как в нашем регионе, так и в Европе. Запуск планируется в начале 2028 г. Кроме того, в рамках дальнейшего развития проекта начато расширение резервуарного парка с увеличением суммарной емкости хранения на дополнительные 120 000 м3 (общая емкость — 170 000 м3). Таким образом, в начале 2028 г. мы сможем достичь номинальной мощности переработки 4,5 млн т/год с потенциалом роста загрузки вплоть до 5 млн т/год. В первой половине 2027 г. мы планируем запустить вакуумный блок на уже рабочую мощность с битумной установкой. Соответственно, в первой половине 2027 г. мы сможем выйти на выпуск новых продуктов — вакуумного газойля и битума. — Когда завод перейдет на выпуск продуктов стандарта Евро-5? Куда может поставляться эта продукция? — Мы планируем выйти на стандарт Евро-5 по бензину и дизтопливу к концу 2028 г. Активно работаем в этом направлении с нашим техническим партнером, Honeywell UOP, подписаны первые контракты для проектирования установок вторичной переработки, необходимых для выпуска моторного топлива высших стандартов, в частности — по установке изомеризации, риформинга и гидроочистки. Важно отметить, что в утвержденном генеральном плане развития завода предусмотрено строительство новых установок с выходом на рост производства, поэтому с точки зрения инфраструктуры и коммуникаций все подготовлено к будущему расширению. Для нас приоритет — реализация нефтепродуктов на внутреннем рынке Грузии. Поэтому после того как мы начнем производить бензин и дизтопливо пятого класса, мы будем стремиться в первую очередь поставлять продукцию на внутренний рынок. Если будут возможности, мы также планируем наладить экспорт в соседние страны, но по остаточному принципу, исходя из приоритета отгрузок в адрес грузинских покупателей. — Как устроена текущая логистика предприятия? — У нас долгосрочный и надежный контракт с терминалом Socar в Кулеви, через который поступает сырье и вывозятся наши нефтепродукты. Сотрудничество учитывает планируемое расширение производственных мощностей предприятия в ближайшем будущем. На Кулевском терминале, принадлежащем Socar, BSP оперирует 10 резервуарами для хранения нефти и нефтепродуктов. — Планирует ли завод заключать долгосрочные контракты с трейдерами, или пока в приоритете спотовая торговля нефтепродуктами? — В настоящее время мы покупаем и реализуем сырье и нефтепродукты на терминале в Кулеви в рамках внутренних закрытых тендеров по каждому отдельному грузу. Мы взаимодействуем со всеми крупными торговыми компаниями, которые работают в нашем регионе. При этом возможности нашей команды позволяют нам оставаться гибкими. Мы готовы рассматривать и иные формы и формулы продаж, исходя из их рентабельности. Однако опыт показывает, что именно спотовая торговля на данном этапе позволяет достичь максимальной прибыльности. Вы можете присылать комментарии по адресу или запросить дополнительную информацию feedback@argusmedia.com Copyright © 2026. Группа Argus Media . Все права защищены.

Q&A: Hormuz tensions put spotlight on marine insurance

14/04/26
14/04/26

Q&A: Hormuz tensions put spotlight on marine insurance

Singapore, 14 April (Argus) — As tensions in the Middle East disrupt global shipping routes, insurance has become a critical factor for vessel operators and cargo owners. George Grishin, chairman of UK-registered Lloyd's insurance broker Oakeshott Insurance Group, spoke with Argus on 13 April about how the shipping industry is responding to the announcement of a two-week ceasefire, the insurance options currently available, and the potential long-term implications that the US-Iran war could have for relations between shipowners and insurers. How has the insurance market reacted to the announcement of a two-week ceasefire? The announcement briefly encouraged insurers to return to the market, particularly for quoting war risk cover for vessels transiting high-risk areas, such as the strait of Hormuz. War risk premiums are extremely sensitive to geopolitical developments, and rates can change daily. A ceasefire needs to be stable and verifiable before insurers are willing to reduce prices or expand capacity. What is really happening is that insurers are reassessing risk in real time, and in some cases, they simply cannot accept it. There were reports that insurers withdrew cover entirely during the escalation. Is that accurate? Not exactly. Much of this confusion comes from a misunderstanding of different types of marine insurance. Physical damage to vessels and cargo is covered by hull and machinery (H&M) or war risks insurance. Protection and indemnity insurers (P&I) cover a shipowner's third-party liabilities, not damage to the ship itself. Typical P&I cover includes third-party liabilities, such as crew injury or pollution, for example. War risk insurance for physical damage has remained available in many cases, but often at a higher cost and with tighter conditions. How does war risk insurance work when a region is classified as high-risk? Once an area is listed by the Joint War Committee (JWC), war risk cover for calls in that area is automatically excluded. Shipowners or cargo owners then have to buy additional cover for specific voyages or periods, typically priced as a percentage of the vessel or cargo value and valid for just seven days. This applies to ports as well as sea passages. The most recent expansion of the listed areas prior to the current escalation took place in December 2023, when Guyana was added. The list was subsequently updated on 3 March 2026, with the inclusion of several countries that had not appeared on it for many years — Bahrain, Djibouti, Kuwait, Oman and Qatar. At the same time, the geographical scope was widened to cover parts of the Persian/Arabian Gulf, the Gulf of Oman, parts of the Indian Ocean, the Gulf of Aden and the southern Red Sea. What kind of costs are shipowners facing today? Additional war risks premium (AWRP) levels for tankers and bulk carriers stood at around 1pc on 13 April with a 35–50pc no claim bonus (NCB) applied to vessels remaining in the Mideast Gulf. NCB is a discount given by insurers if no claim is made during the period of cover. AWRPs for H&M in the Gulf of Oman and in the Bab el-Mandeb strait were reported at around 0.5pc and 0.75pc, respectively. Passage through the strait of Hormuz is considerably more complex. At one point during the ceasefire discussions, insurers quoted around 3pc of value for a single passage for a seven-day period on 10 April, but those quotes were quickly withdrawn. Why is the strait of Hormuz particularly difficult to insure? The probability of an incident is simply too high, especially for vessels carrying oil or gas. Insurers have to price risk based on probability, and in some scenarios the likelihood of a vessel being hit could be extremely high. Charging higher premiums of, for example, 25–50pc of vessel value would theoretically reflect that risk, but such rates are commercially unviable, no shipowner could afford them. In those cases, insurers may refuse to quote altogether. Are all vessels treated the same from an insurance perspective? No. Flag, ownership, and cargo type matter enormously. Indian- and Chinese-flagged vessels have faced fewer restrictions in recent weeks, and container ships and bulk carriers are generally seen as lower-risk than tankers. Insurers also scrutinise ultimate beneficial ownership (UBO) and compliance very carefully before offering cover. Why do some owners still insure vessels that are stuck in port? This is where the London Blocking and Trapping Addendum becomes important. It extends war risk cover to situations where a vessel is unable to leave a port or waterway for a continuous agreed period, typically six or 12 months, due to war-related closure. If that period is exceeded, the vessel can be treated as a total loss, even without physical damage. Does blocking and trapping insurance require a separate policy? No. It is an extension of existing war risk cover. It costs more, but it protects against long-term immobilisation rather than just physical damage. This type of cover proved crucial for vessels trapped, for example, in Ukrainian ports in 2022–23, where some owners eventually received full compensation for their ships. Could recent events change the relationship between shipowners and insurers? Yes. Trust has been strained, particularly when owners see insurance becoming unavailable just when they need it most. But insurers face their own constraints — they cannot price risk at levels that are mathematically accurate but commercially impossible. The long-term challenge will be finding a sustainable balance between affordability and realistic risk pricing in an increasingly unstable geopolitical environment. What needs to happen for insurance conditions to improve? Time and clarity. Insurers need a longer observation period to assess whether a ceasefire is genuinely holding. Only then will premiums stabilise and capacity return. Until that happens, insurance will remain costly, selective, and highly conditional. By Anna Cherkizova Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

IEA warns Hormuz oil export recovery will take months

14/04/26
14/04/26

IEA warns Hormuz oil export recovery will take months

London, 14 April (Argus) — Oil exports through the strait of Hormuz are likely to take around two months to stabilise once the waterway reopens, the IEA estimates. Disruptions to shipments through the strait due to the US-Iran war have forced producers in the Mideast Gulf to shut in part of their output because of limited alternative export routes. The IEA estimates that the shut-ins cut global oil supply by 10.1mn b/d in March and forecasts a further 2.9mn b/d decline in April. A sustained recovery in production depends on restoring exports through Hormuz. Laden tankers would first need to exit the Gulf, after which empty vessels inside the waterway would load cargoes and draw down stocks, the IEA said. "It will be impossible to start upstream production or refining unless there is a foreseeable loading programme with adequate available storage at ports," the IEA said. Tanker availability could slow that process. Around 390 vessels, including 210 laden tankers, were trapped in the strait when the conflict began on 28 February, the IEA said. Since then, a net 49 tankers have exited. Many ballast tankers waiting outside Hormuz have since moved to other markets, meaning it could take longer for ships to return to pick up the first cargoes once exports resume, the agency added. Iraq may face particular difficulties in restarting exports quickly because of limited storage capacity at its ports. Upstream constraints could further delay a production recovery. Half of Mideast Gulf oil fields have "sufficient reservoir pressure and fluid characteristics" to return to pre-war output within about two weeks once exports resume, rising to 80pc after roughly one month, the IEA said. The remaining 20pc may prove harder to restart because of issues such as "pressure depletion or flow impairment from wax or asphaltene deposition". Many of these more complex fields are in Iraq and Kuwait, the agency said, adding that some lost pre-war production may not return. "Some fields may require specialised oil field services, including workovers, coiled-tubing units, chemical treatments or perforation," the IEA said. Fields relying on secondary or enhanced oil recovery could face longer restart times because they depend on uninterrupted supplies of gas, power, steam and chemicals, the agency added. By Aydin Calik Opec+ crude production declines 'mn b/d Mar Feb Mar vs Feb Saudi Arabia 7.25 10.40 -3.15 Iraq 1.57 4.57 -3.00 Kuwait 1.19 2.54 -1.35 UAE 2.37 3.64 -1.27 Bahrain 0.04 0.18 -0.14 Iran 3.63 3.69 -0.06 source: IEA Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Oil demand to fall at fastest pace since Covid: IEA

14/04/26
14/04/26

Oil demand to fall at fastest pace since Covid: IEA

London, 14 April (Argus) — Global oil demand is set to contract at the fastest pace since the Covid-19 pandemic as the effective closure of the strait of Hormuz causes the largest supply disruption in history, the IEA said today. In its latest Oil Market Report (OMR), the Paris-based agency said the war in the Middle East caused global oil supply to plummet by 10.1mn b/d in March and demand to fall by 800,000 b/d on the year. The supply losses have forced refineries in the Middle East and Asia to cut runs by around 6mn b/d in April, the IEA said, with total global runs expected to fall by 1mn b/d in 2026. The agency forecasts global oil demand will drop by 2.3mn b/d on the year in April, 1.5mn b/d in the second quarter and by 80,000 b/d for 2026 as a whole. The IEA's previous forecast for this year was 640,000 b/d of demand growth. Should disruptions continue beyond May, demand destruction would be much higher, the IEA said. The IEA's forecasts are in sharp contrast to those of Opec, which this week kept its global oil demand growth forecast unchanged at 1.38mn b/d , despite the war in the Middle East. The largest hit to demand has so far been felt in Asia, the agency said, with petrochemical producers slashing output due to a loss of LPG/ethane and naphtha feedstocks. These two products alone account for 1.8mn b/d of the projected fall in demand for April, the IEA said. Households and businesses have also been impacted and flight cancellations in the Middle East, Asia and Europe have caused sharp falls in jet fuel demand, the IEA said. Beyond the immediate physical supply shock, the IEA said soaring oil prices would be the main driver of demand destruction "especially in the OECD where the pass-through into retail fuel prices is already well advanced". The IEA presented two scenarios on how the supply shortages could unfold. In its base case, the agency assumes oil flows gradually return from May, which would flip the market from a supply deficit into a surplus in the second half of the year. In a protracted scenario where supplies remain constrained for longer, demand could fall by 5mn b/d year-on-year on average from 2Q26 through 4Q26, the IEA said. This would lift the global call on stocks to an "untenable" 6mn b/d and force additional demand destruction measures to "balance the market and avoid even deeper economic damage." Current supply through the strait of Hormuz remains highly restricted. The IEA said that loadings of crude, natural gas liquids and refined projects in the Mideast Gulf averaged around 3.8mn b/d in early April compared to more than 20mn b/d in February before the war. While Saudi Arabia, the UAE and Iraq have increased exports through routes that bypass the strait — from about 4mn b/d before the war to 7.2mn b/d — the net loss in exports from the region is more than 13mn b/d, the IEA said. The outages have seen global observed oil inventories to fall by 85mn bl in March, with stocks outside the Mideast Gulf falling by 205mn bl. But with the Mideast Gulf unable to use the strati of Hormuz, floating storage of crude and oil products inside the region rose by 100mn bl and onshore stocks by 20mn bl. By Aydin Calik Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Western Australia buys gasoil for strategic reserve

14/04/26
14/04/26

Western Australia buys gasoil for strategic reserve

Sydney, 14 April (Argus) — The government of Western Australia (WA) has bought 4mn litres (25,157bl) of gasoil from independent supplier Cambridge Gulf as part of its plan to set up its own strategic reserve independent from Australia's national stockpile, it announced today. Through an arrangement with independent fuel supplier Cambridge Gulf, the gasoil will be stored in Wyndham in the Kimberley region and 100pc owned by the state. Wyndham is in the far north of WA. Wyndham has only received one part-cargo delivery of gasoil so far this year, according to vessel tracking data from Vortexa. The 49,200 deadweight-tonne Pacific Montana discharged 21,700 bl of gasoil in February after making much larger deliveries to Port Hedland and Geraldton in late January. Gasoil is needed in remote regions of WA like the Kimberley region for long-haul transport as well as power generation because communities there are not connected to the power grid. Gasoil demand in the region has waned in recent years following closures of mines like Kimberley Metals Group's 1.5mn t/yr Ridges Iron Ore project and Rio Tinto's Argyle diamond mine. Around 85pc of gasoil sales in WA are non-retail ( see graph ). The mining and agriculture sector receives the bulk of those supplies. The minimum stockpile obligation has not been working optimally for the state because not every fuel supplier has large fuel storage there, WA energy minister Amber-Jade Sanderson said in a press conference on 12 April. By Tom Woodlock Western Australia diesel sales in 2025 (mn bl) Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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