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Latest Market News

Georgia's Kulevi crude deal covers refinery capacity

  • Spanish Market: Crude oil, Oil products
  • 01/09/26

Georgia's Black Sea Petroleum (BSP) will receive around 100,000t/month of crude under a previously announced supply agreement with an unnamed international trading company, the company told Argus.

The volume broadly matches the 24,000 b/d nameplate capacity of BSP's Kulevi refinery. The agreement, signed in July, runs until the end of 2027 and includes an extension option.

BSP expects to receive Kazakh and Libyan crude under the deal as it shifts feedstock away from Russian-origin supplies. The company said its first Libyan crude cargo arrived at Kulevi on board the Kriti Legend on 30 August.

The refinery stopped processing Russian crude on 24 August.

The Kriti Legend discharged 774,000 bl of Libyan Es Sider crude and subsequently loaded 700,000 bl of low-sulphur straight-run (LSSR) fuel oil, according to Kpler data.

By George Maher-Bonnett

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01/09/26

US resumes air strikes against Iran

US resumes air strikes against Iran

Washington, 1 September (Argus) — US forces began to carry out strikes against Iran at 12pm ET (16:00 GMT) on Tuesday following apparent Iranian attacks on Saudi tankers attempting to transit through the strait of Hormuz. US strikes hit targets on Qeshm island in the strait of Hormuz and near Bandar Abbas in southern Iran, according to Iranian news agency Tasnim, which is affiliated with the Islamic Revolutionary Guard Corps (IRGC). Washington appeared to expect strong retaliation from Iran, with US embassies in Jordan, Qatar, Bahrain and Oman issuing security warnings to US citizens living in those countries. Two very large crude carriers (VLCCs) carrying Saudi crude have been involved in separate security incidents in the strait of Hormuz, according to navigational warnings from the Pakistan Navy. The US and Iran exchanged strikes on Monday for the first time in more than a month. The US said it had taken "limited, precise action" against Iran's IRGC minelaying forces on Larak island in Hormuz, while the IRGC said it retaliated with ballistic missile attacks against US bases in Jordan. The Pentagon cited the IRGC attack on the US base in Jordan as an additional justification for the military action on Tuesday. Iran's ability to target ships passing through Hormuz counters recent US claims of having decisively eliminated Tehran's military threat and of enabling an increase in oil exports through the critical Mideast Gulf waterway. Vessel traffic through the strait of Hormuz remained low on Monday amid increased attacks on commercial vessels transiting the waterway, according to data from maritime security firm Windward. Trump on Monday "officially" declared Iran a "failed nation", citing the supposed destruction of its military potential. Treasury secretary Scott Bessent, speaking on the sidelines of the G20 finance ministerial in North Carolina on Tuesday, likewise described Iran as "militarily crushed" and said that the US was prioritizing its naval blockade and new economic sanctions against Iran to bring pressure on Iran. Bessent at the same time downplayed the importance of Hormuz. "In two years, the strait of Hormuz will be like a worthless piece of water," he said, citing projects by Mideast Gulf states to diversify exports from the region by pipelines. Earlier Tuesday Iranian president Masoud Pezeshkian said the country would immediately reciprocate if the US returns to its commitments under an interim agreement reached in June. Tehran has repeatedly linked the restoration of free navigation through the strait of Hormuz to US implementation of the June agreement. By Haik Gugarats Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Hormuz traffic Monday still low amid attacks

01/09/26
01/09/26

Hormuz traffic Monday still low amid attacks

New York, 1 September (Argus) — Vessel traffic through the strait of Hormuz remained low on Monday amid increased attacks on commercial vessels transiting the waterway, according to data from maritime security firm Windward. A total of 13 vessels transited the strait of Hormuz on Monday, split between six inbound transits, including four tankers, and seven outbound transits, including three tankers. All vessel transits on Monday took place on the northern Iranian-controlled traffic lane, Windward data shows, with no vessels in the southern US-protected lane. Iran appears to have struck a Saudi Arabian very large crude carrier in the strait late on Monday, while it was transiting in the southern US-protected traffic lane . This was the second attack on a commercial vessel transiting through the southern lane in three days. By Charlotte Bawol Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Iran says it will reciprocate if US honors June deal

01/09/26
01/09/26

Iran says it will reciprocate if US honors June deal

Dubai, 1 September (Argus) — Iran will immediately reciprocate if the US returns to its commitments under an interim agreement reached in June, president Masoud Pezeshkian said on 1 September, as tensions between Tehran and Washington flared again around the strait of Hormuz. "If the US returns to its commitments under the memorandum of understanding, the Islamic Republic of Iran will immediately reciprocate," Pezeshkian said during a speech at the Shanghai Cooperation Organisation (SCO) summit in Bishkek, according to Iran's state-run news agency Irna. The June agreement, reached after around three months of negotiations mediated by Pakistan and Qatar, sought to end the conflict that began with US and Israeli strikes on Iran on 28 February. But the accord quickly began to unravel amid disagreements over its implementation. Pezeshkian said Washington began violating its commitments less than two weeks after the agreement was reached, adding that Iran had responded "proportionately". Tehran has repeatedly linked the restoration of free navigation through the strait of Hormuz to US implementation of the June agreement. The comments came a day after the US and Iran exchanged strikes for the first time in more than a month. The US said it had taken "limited, precise action" against Iran's IRGC minelaying forces on Larak island in the strait of Hormuz, while the IRGC said it retaliated with ballistic missile attacks against US bases in Jordan. The latest exchange followed a period of relative calm after daily strikes between 11-23 July. Commercial shipping through Hormuz remains severely disrupted. Maritime security risks have also increased in recent days. A tanker was struck by three unidentified projectiles during an outbound transit through Hormuz late on 31 August, according to UK Maritime Trade Operations, a day after another tanker was hit by an unknown projectile during an inbound transit. SCO cooperation Pezeshkian said on 31 August that war was in no one's interest and that Tehran remained open to a negotiated solution with Washington. He used the SCO summit to also call for deeper economic and energy cooperation among member states, proposing the creation of an "SCO energy consortium" spanning production, supply, transportation and consumption. Pezeshkian also proposed the establishment of an SCO bank, greater use of national currencies in settlements between member states and a common export and investment insurance mechanism. He argued that the measures could strengthen trade, financing and supply-chain resilience among SCO members and reduce vulnerability to external disruptions. The SCO includes China, Russia, India, Pakistan, Iran and several central Asian states. By Bachar Halabi Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

US Group II base oil margins diverge slightly

31/08/26
31/08/26

US Group II base oil margins diverge slightly

Houston, 31 August (Argus) — US Group II base oil margins compared with feedstocks rose, but they fell relative to competing fuels, tracking along a more volatile crude market. Base oil premiums to both remain near record highs, which continues to support elevated operating rates. The Argus US domestic spot Group II N100 premium to four-week average low-sulphur vacuum gas oil (VGO) rose to $3.97/USG during the week ended 28 August, up from $3.95/USG the previous week. Margins remained above year-earlier levels of $1.28/USG. The Argus US domestic spot Group II N100 premium to four-week average US Gulf coast diesel fell to $2.55/USG last week, down from $2.58/USG the previous week. Margins remained above year-earlier levels of 95¢/USG. Base oil margins have been relatively steady in August alongside prices because of growing concerns around demand destruction. US refiners continue to prioritize building inventories for the ongoing US Atlantic coast hurricane season, rather than discounting prices to move more volumes. More availability of South Korean- and Indian-origin cargoes into South America and the US is putting some pressure on US base oil sellers to consider discounts if Atlantic basin hurricane disruptions remain minimal or non-existent. Base oil margins over diesel narrowed for the seventh consecutive week because of surging diesel values and shortages of the fuel. Market participants still see base oil crack spreads above diesel crack spreads. However, market participants are growing increasingly concerned that growing shortages of diesel will continue to narrow the spread and could push refiners to reduce base oil output in favor of fuels. Feedstock VGO prices fell during the week alongside lower crude. Market participants continue to see VGO margins at elevated rates from fuel-producing units. Four-week average VGO moved to a premium of $32.78/bl during the week ended 28 August, down from $33.63/bl the previous week. That spread was $14.61/bl a year earlier. By John Dietrich Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Trump to meet with US refiners on fuel prices

31/08/26
31/08/26

Trump to meet with US refiners on fuel prices

Houston, 31 August (Argus) — US president Donald Trump will meet with "small, mid-size, and large" US refiners at the White House on Tuesday to discuss fuel prices, interior secretary Doug Burgum said. The discussions will include supply chain issues as well as "getting back to a policy where we're actually supporting refiners as opposed to try to run them out of business", Burgum said Monday in a broadcast interview with Fox Business. The White House meeting comes as US fuel prices, especially distillates, have soared since late February because of global supply shortages caused by the US-Iran war, as well as Ukraine's drone campaign against Russian refineries. US refiners, who have helped fill the gap in global supply, reported bumper profits in the second quarter with margins doubling from a year earlier. US refiners are running at utilization rates above 97pc in recent weeks, trying to take advantage of the higher prices, according to US Energy Information Administration (EIA) estimates. Some US refiners have also postponed maintenance projects to next year to keep running plants at high levels. The Trump administration has taken steps that it believes will ease domestic fuel prices ahead of the midterm elections in November, including a continuing waiver of the Jones Act shipping law and large releases from the US Strategic Petroleum Reserve, but prices continue to average far above year-earlier levels. US retail gasoline prices averaged $4.085/USG in the week ended 24 August, up by $1.15/USG from the week ended 23 February, before the US-Israel strikes on Iran, according to EIA data. US diesel prices averaged a four-year high of $5.652/USG in the week ended 24 August, up by $1.84/USG from the week ended 23 February. Burgum said that the Jones Act waiver helped lower the prices of gasoline in the US northeast but that there is a "series of other red tape and regulations" that have been added in some states, like California, that are "designed to choke out refining of hydrocarbons in America". The Jones Act waiver, which was extended by another 90 days on 10 August with some new requirements, allows shippers to transport oil and other energy-related products from one US port to another without using US-built, US-crewed and US-flagged ships, as the 1920 Jones Act requires. The Trump administration also issued an emergency waiver earlier this month allowing winter gasoline blends to be sold about two weeks earlier, in another attempt to tackle the surge in fuel prices. By Eunice Bridges Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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