The US court-appointed special master who has been tasked with overseeing the auction of Venezuelan state-owned PdV's US refining subsidiary, Citgo, Robert Pincus, plans to object to a last-minute motion by the Venezuelan government to delay the sale process by four months. Caracas and PdV filed a motion on 17 September looking to pause the sale of Citgo, which is being auctioned off to settle debts owed by PdV. Pincus is also dealing with last-minute legal challenges outside of the Delaware courts overseeing the sale by "alter-ego" claimants looking to "circumvent" the sales process and "jump the line" for enforcing claims against PdV, he said.
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Opec+ 8 to agree new May output increase: Sources
Opec+ 8 to agree new May output increase: Sources
Dubai, 5 April (Argus) — The eight core Opec+ members scheduled to meet today to discuss May output policy have agreed on a production increase but are still discussing the volume, delegate sources told Argus , despite conflict in the Mideast Gulf disrupting the group's supplies. "Another increase in production is being agreed," the delegate sources said, adding that the volume is "not fully decided yet." Asked where the increase would come from, given production cuts across Mideast Gulf producers following Iran's shutdown of the strait of Hormuz, a source said: "It will come." Saudi Arabia, Iraq, Kuwait, Russia, the UAE, Algeria, Oman and Kazakhstan agreed on 1 March to raise their collective crude production ceiling by 206,000 b/d in April. The increase is part of a process the group began in April 2025 to unwind a large set of production cuts. That meeting came a day after the US and Israel launched air strikes on Iran, and before Tehran moved to block trade routes through the strait of Hormuz, limiting oil flows to global markets from the world's most critical waterway, which typically handles around 15mn b/d of crude supply. This has pushed Iraq, Kuwait, Saudi Arabia and the UAE to either reduce production or shut in volumes entirely, with Kuwait declaring force majeure on oil exports. Production from these four countries — all part of the Opec+ core group — is estimated to have fallen by a combined 9.15mn b/d, according to Argus assessments, versus February levels. By Bachar Halabi Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Several Mideast Gulf energy sites hit by drones
Several Mideast Gulf energy sites hit by drones
Dubai, 5 April (Argus) — Energy-linked facilities and installations across Mideast Gulf countries were hit by a new round of Iranian drones strikes overnight, as the US-Israeli war with Iran intensifies. Kuwait's state-owned KPC reported that the building housing both its headquarters and the country's oil ministry "was targeted" by a drone in the early hours of Sunday, 5 April, causing a fire at the site. A source with knowledge of the incident confirmed that the building itself was struck. Videos circulating on social media showed a large fire burning from the top of the building. The attack caused "significant material damage," the finance ministry said in a separate statement. The building, located in Kuwait City's Shuwaikh district, had already been evacuated and no injuries were reported, KPC said. Emergency teams are continuing efforts to contain and manage the fire. Another strike in Kuwait targeted two power and water desalination plants, resulting in "significant material damage" and the shutdown of two electricity generation units, the ministry of electricity and water said. This represents the third attack on Kuwait's power infrastructure in less than a week, following strikes reported on power and desalination plants on 3 April and 30 March . Kuwait has eight major power plants dotted along its coast, the majority of which also include desalination units that supply a significant portion of the emirate's freshwater. The first attack on 30 March targeted the Doha West facility near Doha port. Kuwait has yet to disclose which facilities were targeted on 3 April and early today. In neighbouring Bahrain, state-owned Bapco Energies reported a fire at a storage tank at "one of its storage facilities" after what it described as "an Iranian drone attack" in the early hours of Sunday. By 09:41 local time, Bapco Energies said the fire had been "fully extinguished" and the situation brought under control. Damage assessments are ongoing, and no injuries were reported. Bahrain's GPIC said several operational units were hit by Iranian drones early today, triggering fires that were later extinguished. Damage assessments are ongoing, with no casualties reported. Abu Dhabi authorities said that "several fires" broke out at the Borouge petrochemicals facility after debris from an intercepted drone fell on the site early Sunday. Operations at the facility have been "suspended immediately, pending an assessment of the damage," Abu Dhabi said. No injuries were reported. These attacks came hours after the Iraqi oil ministry reported an attack "by unidentified drones" on a storage facility at the 300,000 b/d Buzurgan oil field — one of three fields that make up the Missan cluster operated by China's state-owned CNOOC. The attack did not result in any injuries, the ministry said. The war with Iran is now in its sixth week, with Tehran responding to US and Israeli strikes on its territory, facilities and infrastructure by launching missiles and drones against targets in Israel and across the Mideast Gulf. By Nader Itayim and Bachar Halabi Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
US rescues fighter pilots after Iran shoots down F-15
US rescues fighter pilots after Iran shoots down F-15
Singapore, 5 April (Argus) — US forces have rescued two aircrew members after their fighter jet was shot down over Iran on 3 April, averting a high-profile prisoner-of-war crisis that could have injected fresh uncertainty into the US-Israeli war against Tehran. The second airman was rescued by the US military late on Saturday, a day after the other pilot was found, president Donald Trump said in a social media post. The crew member, a colonel, was located "behind enemy lines in the treacherous mountains of Iran, being hunted down by our enemies," Trump said. Iran shot down the F-15 fighter jet on 3 April and also caused the crash of an A-10 attack aircraft near the strait of Hormuz on the same day, according to reports. Trump on Saturday reiterated his threat to attack Iran's power infrastructure if Tehran does not reopen the strait of Hormuz by 6 April. By Kevin Foster Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Trump again threatens 6 April Iran power attack
Trump again threatens 6 April Iran power attack
Houston, 4 April (Argus) — US president Donald Trump on Saturday reiterated his threat to attack Iran's electric power infrastructure if the country does not allow unfettered passage through the strait of Hormuz. In a social media post at 8am ET, Trump referenced his 26 March decision to hold off on the attacks until 6 April to allow purported negotiations to continue. There is little indication that the sides have come close to an agreement in the intervening days. "Remember when I gave Iran ten days to MAKE A DEAL or OPEN UP THE HORMUZ STRAIT," Trump wrote in the post Saturday. "Time is running out — 48 hours before all Hell will reign down on them. Glory be to GOD!" Trump's renewed warning comes a day after two US warplanes were shot down over Iraq. Traffic has increased through the strait of Hormuz in the past week as Iran has signaled willingness to allow transit by ships tied to nations not directly allied with the US and Israel. Two very large crude carriers (VLCC) carrying non-Iranian crude left the Mideast Gulf on 2 April , the first such shipments since the start of the war on 28 February. A range of other vessels passed through earlier last week . Tanker traffic could pick up even further, as Iran on Saturday said it would exempt neighboring Iraq from restrictions on vessel passage through the strait. "I declare that our brotherly country Iraq is exempt from any restrictions we have imposed in the Strait of Hormuz, and these restrictions apply only to enemy countries," according to a statement from a spokesman for Iran's military broadcast through the WANA News Agency in Tehran. "We have deep respect for Iraq's national sovereignty; you are a nation that still bears the marks of the American occupation, and your struggle against the United States is worthy of appreciation and praise." Prior to the war, Iraq exported as much as 3.3mn b/d from its Basrah terminals for shipping through the strait of Hormuz. Throughout the first five weeks of fighting Iraq has maintained limited crude exports, with most volumes moving on the Iraq–Turkey pipeline and, to a lesser extent, on trucking through Syria and Jordan. In mid-March Iraqi officials said they were in talks with Iran about resuming tanker transits. By Tom Fowler Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
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