US oil inventories fall on record exports: Update

Spanish Market: Crude oil
29/04/26

Adds report details.

US crude inventories fell last week by 6.2mn bl with exports surging past 6mn b/d for the first time on record, the Energy Information Administration (EIA) reported today.

Crude stocks in the week ended 24 April fell to 459.5mn bl, down from 465.7mn bl in the week prior. Stocks were higher by 19.1mn bl compared to the same week last year.

Inventories at the Cushing storage hub in Oklahoma fell on the week by 796,000 bl to 29.8mn bl and were 4.1mn bl higher than a year earlier. Stocks in the greater US midcontinent region, including Cushing, rose by 569,000 bl from the previous week to 114.4mn bl.

Crude exports rose to 6.44mn b/d, up by 1.64mn b/d from the week prior and the highest on record. The previous high of 5.63mn b/d was set in the week ended 24 February 2023.

Imports fell by 328,000 b/d to 5.75mn b/d, marking the first time exports have exceeded imports into the US over the course of a week, according to EIA data going back to 2001. As a result, net imports dropped by 1.97mn b/d to -688,000 b/d.

Crude inventories at the US Strategic Petroleum Reserve (SPR) fell by 7.1mn bl to 397.9mn bl, as part of a targeted 172mn bl drawdown announced last month. The withdrawal rate of 1.02mn b/d across the seven-day period ranks behind only six other weeks found between June and October 2022.

SPR stocks are not included in the overall EIA commercial crude inventory figures.

US crude production averaged 13.6mn b/d across the week, steady from a week earlier but 121,000 b/d higher than a year ago.

Refinery runs nationwide fell last week by 94,000 b/d to 16.3mn b/d. Throughputs were down by 52,000 b/d compared to a year earlier.

Refinery utilization rates averaged 89.6pc nationwide, up from both 89.1pc in the previous week and 88.6pc in the same week last year.

By Brett Holmes

US weekly crude stocks/movements
Stocks mn bl	24-Apr	17-Apr	±%	Year ago	±%
Crude oil (excluding SPR)	459.5	465.7	-1.3%	440.4	4.3%
- Cushing crude	29.8	30.6	-2.6%	25.7	15.8%
Imports/exports '000 b/d
Crude imports	5,750	6,078	-5.4%	5,498	4.6%
Crude exports	6,438	4,798	34.2%	4,121	56.2%
Refinery usage
Refinery inputs '000 b/d	16,274	16,180	0.6%	16,326	-0.3%
Refinery utilisation %	89.6	89.1	0.6%	88.6	1.1%
Production mn b/d	13.6	13.6	0.0%	13.5	0.9%
— US Energy Information Administration

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29/04/26

France's fossil fuel roadmap a key step: think tanks

Edinburgh, 29 April (Argus) — France's roadmap to transition away from fossil fuels, which combines energy policies and climate targets in one document, is an important step, even though no new goals were announced, energy and climate think tanks said today. France released the roadmap yesterday, during the first conference on Transitioning Away from Fossil Fuels, ongoing in Santa Marta, Colombia. The plan matches France's climate goals with its energy policies in one document, including its national low carbon strategy and its new electrification plan set out in April . It reiterates the country's goal to move from a share of around 60pc fossil fuels in final energy consumption in 2023 to 40pc in 2030 and 30pc in 2035, to reach net zero emissions in 2050. The government plans to phase out coal by 2030, oil by 2045 and natural gas by 2050, under its national low carbon strategy and its roadmap. "France is one of the few countries in the world to have such a precise schedule for a gradual exit from fossil fuels," the French environment ministry said. The French roadmap aims to inspire partner countries on long-term planning, it said. France's last two remaining coal-fired power plants are scheduled to close or be converted by next year. The roadmap also states that over 95pc of fossil fuels burned in the country are imported. France eyes a 50pc reduction in gross greenhouse gas (GHG) emissions by 2030 compared with 1990, to reach net zero emissions by 2050. Although the country did not announce new goals, the roadmap sends an important signal, think-tank International Institute for Sustainable Development (IISD) energy policy advisor Natalie Jones said. "Higher ambition and not solely repackaging existing policies would have been even better, but an explicit fossil fuel phase strategy, with timelines, is new and welcome," she said. She added that the framing of the roadmap in relation to UN Cop climate summits, the global stocktake and climate action is significant. The first global stocktake, agreed on in 2023 at Cop 28, called for a transition away from fossil fuels in energy systems. "Few countries tackle all fossil fuels together — this gives other countries a critical opportunity to follow suit, while fossil fuel-producing nations can also lay out plans to diversify their economies as global demand for fossil fuels wanes in the decades ahead," said global research organisation WRI director of international climate action David Waskow. Asked about whether other EU countries could release fossil fuel transition roadmaps in the future, EU climate commissioner Wopke Hoekstra yesterday said that whether roadmaps are "specifically about phasing out fossil fuels… is secondary to impact". He reiterated the EU's goals — net zero emissions by 2050 and a 55pc reduction for 2030, from 1990 levels — pointing out that the wording is about reducing emissions rather than specifically phasing out fossil fuels. The "reality is… the same, you cannot be at 90pc [of emission cuts] in 2040 if you will not radically phase out fossil fuels", Hoekstra said. The EU updated its climate law earlier this year to add a 90pc GHG reduction by 2040, from 1990 levels, although up to 5pc of the target can be met using international carbon credits. Fossil fuel producer Colombia also presented a draft fossil fuel transition roadmap this week, developed with researchers, and designed to act as a potential standard for other countries to use. It aims to achieve a 90pc reduction in primary fossil fuel demand over 2026-50, and a 90pc cut in "whole energy system emissions" from 2015-50, while expanding access to energy. The plan pointed to the country's dependence on fossil fuels for revenues. Colombia exports oil and coal worth $25bn, against around $1bn in fossil fuel imports — mainly oil products, according to the roadmap. By Caroline Varin and Lucas Parolin Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

US oil inventories fall on record exports: EIA

29/04/26

US oil inventories fall on record exports: EIA

Calgary, 29 April (Argus) — US crude inventories fell last week by 6.2mn bl with exports surging past 6mn b/d for the first time on record, the Energy Information Administration (EIA) reported today. Crude stocks in the week ended 24 April fell to 459.5mn bl, down from 465.7mn bl in the week prior. Stocks were higher by 19.1mn bl compared to the same week last year. Inventories at the Cushing storage hub in Oklahoma fell on the week by 796,000 bl to 29.8mn bl and were 4.1mn bl higher than a year earlier. Stocks in the greater US midcontinent region, including Cushing, rose by 569,000 bl from the previous week to 114.4mn bl. Crude exports rose to 6.44mn b/d, up by 1.64mn b/d from the week prior and the highest on record. The previous high of 5.63mn b/d was set in the week ended 24 February 2023. By Brett Holmes US weekly crude stocks/movements Stocks mn bl 24-Apr 17-Apr ±% Year ago ±% Crude oil (excluding SPR) 459.5 465.7 -1.3% 440.4 4.3% - Cushing crude 29.8 30.6 -2.6% 25.7 15.8% Imports/exports '000 b/d Crude imports 5,750 6,078 -5.4% 5,498 4.6% Crude exports 6,438 4,798 34.2% 4,121 56.2% Refinery usage Refinery inputs '000 b/d 16,274 16,180 0.6% 16,326 -0.3% Refinery utilisation % 89.6 89.1 0.6% 88.6 1.1% Production mn b/d 13.6 13.6 0.0% 13.5 0.9% — US Energy Information Administration Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Japanese VLCC exits Mideast Gulf after talks with Iran

29/04/26

Japanese VLCC exits Mideast Gulf after talks with Iran

Singapore, 29 April (Argus) — Japan has secured the passage of one of its vessels through the strait of Hormuz following talks between Tokyo and Tehran, Japanese prime minister Takaichi Sanae said today. The vessel, which had been stuck in the Mideast Gulf for almost two months, exited the strait on 29 April and is now heading towards Japan, Takaichi said. Takaichi did not name the vessel, but the details match the very large crude carrier (VLCC) Idemitsu Maru , which ship tracking data show passed through the strait of Hormuz on 28-29 April after having been largely stationary since early March. The tanker is owned by Japanese refiner Idemitsu. The VLCC is carrying around 2mn bl of Arab Light crude, which it loaded at Saudi Arabia's Juaymah terminal on 3 March. It is due to arrive at Nagoya in Japan on 17 May, according to Vortexa. This appears to be one of the first Japanese tankers to have successfully exited through the strait of Hormuz since the start of the US-Iran war in late February. Japan has made repeated representations to Iran about the need to restore free and safe transit through the strait of Hormuz for Japanese and other vessels, Takaichi said today. This included direct talks between Takachi and Iranian president Massoud Pezeshkian, she said. Japan has an overwhelming reliance on the Mideast Gulf for its crude imports. Shipments from the region accounted for 94pc of its total imports last year. Tokyo has released supplies from its domestic stockpiles and turned to alternative sources , notably the US, to manage supply disruptions from the Middle East. By Kevin Foster Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Fossil-fuel talk participants call for framework

28/04/26

Fossil-fuel talk participants call for framework

Santa Marta, 28 April (Argus) — Some countries participating in a conference in Colombia to discuss a transition away from fossil fuels called for stronger international cooperation and legal frameworks to help manage the shift. Around 60 countries are participating in the First Conference on Transitioning Away from Fossil Fuels in Santa, Marta, Colombia, and co-hosted by the Netherlands from 24-29 April. The two-day conference, which gathers ministers and other high-level officials from the participating countries, began on Tuesday. The participating countries — which together account for around one-fifth of global oil production, one-third of consumption and one-third of the world's GDP, Colombia has said — mentioned frustrations over existing multilateral frameworks based on consensus and "influenced by interests of the fossil fuel industry". Colombia's environment minister Irene Velez-Torres called for "multilateralism without de facto vetoes" that is "capable of translating agreements into implementation". "We must pave the way for a legal instrument that names what it phases out and how we finance it," Panama's special representative for climate change Juan Monterrey said, also calling on participating countries to commit to banning drilling for hydrocarbons in specific zones. Monterrey also told Argus that he expects the event to set up a few permanent working groups or streams that can carry the work in the future. Other speakers at the plenary, such as Slovenia's state secretary Uros Vajgl, Germany's environment and climate action secretary Jochen Flasbarth and Spain's ecological transition minister Sara Aagesen also urged for "practical cooperation". Others, such as Nigeria's regional development minister, said that the countries must discuss the phase down, not out, of fossil fuels. Nigeria is a crude producer and its national energy mix is heavily reliant on fossil fuels. Brazil's secretary for climate change Aloisio de Melo said on the sidelines that a fossil fuel phase out would not be one-size-fits-all. "There is no ambition for a standard roadmap," he said, adding that it is important that each country takes ownership of its own process. Many countries also mentioned a recent International Court of Justice advisory opinion that said that countries have obligations to contribute to cutting emissions, and breaching those commitments could constitute a "wrongful act". Reality check Many participating countries also emphasized how the effects of the war in Iran on fuel prices have underscored the need to transition away from fossil fuels. EU climate commissioner Wopke Hoekstra called the energy crisis brought on by the war in Iran "a reality check". "We in Europe are losing half a billion euros each day this war continues," he said. It would be "irresponsible to ignore the second energy crisis in five years", the UK's special climate representative Rachel Kyte said. The war in Iran has shown that "a fast implementation of the agreed transition from fossil fuels is not just vital to combat climate change, but is also vital for energy security and energy," Cop 30 chief executive Ana Toni told conference attendees in Santa Marta. By Lucas Parolin Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

No clear timeline for Brazil fossil fuel phase out

28/04/26

No clear timeline for Brazil fossil fuel phase out

Santa Marta, 28 April (Argus) — Brazil has no set timeline to publish its roadmap to phase out fossil fuels, the environment ministry's secretary for climate change Aloisio de Melo told Argus . Brazilian president Luiz Inacio Lula da Silva on 8 December asked the energy, environment and finance ministries to draft a resolution by February mapping out the phase-out of fossil fuels. That had followed Lula's previous calls to create an international plan to move away from fossil fuels during a leaders' summit only a few days before the UN Cop 30 climate summit held in November in Brazil. But the call did not make it to the summit's final decision despite backing´ from over 80 countries . Instead, the Cop 30 presidency pledged to create a roadmap on the issue outside of official negotiations. But the Brazilian ministries never published the resolution requested by Lula. Instead, the plan has been submitted to the national energy policy council, which will be responsible for developing it, de Melo said in the sidelines of the First Conference on the Transitioning Away from Fossil Fuels , being held in Santa Marta, Colombia, from 24-29 April. The process to draft Brazil's roadmap has many moving parts and will "involve a lot of dialogue", de Melo said. "It's a process and we're not simplifying the approach," he said. "It's not just a matter of having big long-term goals, but of having a real trajectory with clear milestones, instruments, means and so on," which is "much more complex", he he said. One of the discussions surrounding the roadmap is its timeline, de Melo said, adding that the process "will take quite a bit of time" because it needs to have "a strong, solid institutional base that truly integrates with Brazil's energy planning". "It's not about having a document with some grand speeches and messages, but something that is actually consistent, solid and guiding over time and that transcends presidential administrations", he said. Phasing out fossil fuels could run counter to Brazil's plans of increasing crude production. It produces around 4mn b/d of crude , making it one of the 10 largest producers globally, according to its hydrocarbon regulator ANP. The country plans to expand crude output to 5.3mn b/d by 2030, according to energy research bureau Epe, hinging on new exploratory frontiers such as the southern Pelotas basin and the environmentally sensitive equatorial margin. But the production goals and the roadmap can coexist, de Melo said. The plan will focus on some decarbonization solutions that are "more or less ready and actionable" such as biofuels, he said. "But there are other solutions that are in the development and finalization phase." Additionally, Brazil's planned production growth will not take place in the short term, he said. So there is time to see how fossil fuels, mainly for transportation, will be used in a cleaner energy matrix over time. By Lucas Parolin Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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