Australia establishes fuel supply taskforce

: Oil products
26/03/19

The federal Australian government has established a national fuel supply taskforce, appointing former head of the country's energy regulator Anthea Harris as its leader.

Prime minister Anthony Albanese announced the appointment after a national cabinet meeting with state and territory leaders today.

Harris will provide regular updates on the fuel supply outlook and how fuel is being distributed domestically. State and territory leaders will also appoint a representative to work with Harris, with the taskforce to operate under the Department of the Prime Minister and Cabinet.

The federal government is responsible for fuel security and supply, while the states manage distribution.

Canberra maintains that recent supply issues have been driven by a spike in demand caused by panic buying rather than by constraints in supply chains. The government has not ruled out future fuel rationing but said it has no plans to introduce such measures at this stage.

"Our fuel supply is currently secure — but I want us to be over-prepared," Albanese said in a statement today.

By Tom Woodlock

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26/03/18

Brazil’s central bank cuts target rate to 14.75pc

Sao Paulo, 18 March (Argus) — Brazil's central bank lowered its target rate to 14.75pc in its second meeting of 2026, in a bid to smooth out fluctuations in economic activity and boost jobs even amid the backdrop of rising global tensions. The decision to lower the rate, announced on Wednesday, follows a string of decisions to keep it unchanged at 15pc from June 2025 until now. Domestically, economic activity appears to be moderating while the labor market is showing signs of resilience, the central bank's monetary committee said. Headline and underlying inflation measures continue to soften, but still remain above the inflation target. Inflation risks are higher than usual after the US-Israeli war on Iran broke out, the committee, known as the Copom, said. In the US, Fed policymakers Wednesday, kept the target rate unchanged for a second meeting this year. The lower rate in Brazil may be the start of a cutting cycle for the year, former Copom member Sergio Goldenstein said last week. It is not a one-time adjustment despite the lack of predictability due to rising global conflicts since the start of 2026, he said. Brazil's headline inflation decelerated to an annual 3.81pc in February. Still, inflation expectations, as calculated by the bank's Focus survey, remain above target, at 4.1pc and 3.8pc for 2026 and 2027. For full-year 2025, GDP growth slowed to 2.3pc from 3.4pc in 2024 and 3.2pc in 2023, IBGE data show. By João Curi Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Qatar's Ras Laffan comes under attack: Update 2

26/03/18

Qatar's Ras Laffan comes under attack: Update 2

Adds more details. Washington, 18 March (Argus) — The Ras Laffan industrial complex sustained damage on Wednesday after a missile attack, QatarEnergy said. "Emergency response teams were deployed immediately to contain the resulting fires, as extensive damage has been caused," QatarEnergy said. All personnel have been accounted for, and no casualties have been reported, QatarEnergy said in a post on the X platform. Tehran earlier on Wednesday listed the 305,000 b/d Ras Laffan refinery in Qatar among five downstream facilities it would attack shortly in retaliation for what it described as US-Israeli strikes on Iranian gas treatment plants at the South Pars gas field. It was not immediately clear whether the refinery itself was directly attacked or sustained any damage. It also was not clear whether the 77mn t/yr Ras Laffan LNG export terminal sustained damage. Tehran also threatened strikes against the 400,000 b/d Samref refinery at Yanbu and the Sadara petrochemical complex at Jubail in Saudi Arabia, Qatar Chemical in Doha and the Al-Hosn sour gas field in Abu Dhabi. Riyadh also came under attack on Wednesday night local time. The Saudi defense ministry said it intercepted 4 ballistic missiles "... resulting in some debris falling in different areas of the capital" but without "damage or casualties, according to preliminary assessments". By Haik Gugarats and Annemarie Pettinato Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Mexico GDP outlook clouded by Iran war: IMEF

26/03/18

Mexico GDP outlook clouded by Iran war: IMEF

Mexico City, 18 March (Argus) — Mexico's finance executives association IMEF slightly raised its 2026 GDP growth forecast in its March survey, but warned the conflict in Iran has added uncertainty to US-Mexico-Canada (USMCA) free trade agreement negotiations, further clouding the outlook. IMEF increased its 2026 growth forecast to 1.4pc from 1.3pc in its previous survey, citing upward revisions to fourth-quarter 2025 GDP and similar adjustments by the central bank and other private sector surveys. "But this is just one tenth of one percent, which, in addition, does not fully incorporate the events that have taken place since 28 February," said Herrera, given many of the executives filed responses before the start of the US-Iran war. Herrera added that higher energy prices are unlikely to hit first-quarter GDP, given advanced gasoline purchases, with prices set before the war erupted. "But a risky situation is starting to take shape for Mexico, the effects of which we will mainly see in the second quarter," Herrera said, as uncertainty builds ahead of the 1 July USMCA review deadline. "We think investment will remain suppressed until we have good news on that front," he added, amid concerns the US could extend the process through its November midterm elections. The Middle East conflict could also pressure Mexico's fiscal deficit, IMEF said. "Finding a solution to this confrontation is proving slower than originally anticipated, and it is highly likely that our country will suffer the effects of increased gasoline and food prices," the association said. Mexico's government has already indicated it would subsidize fuel excise taxes to cushion rising prices, but this could push the projected 4.5pc fiscal deficit closer to the 5pc level seen in 2025, IMEF said. As a result, IMEF warned that public-sector debt could reach 60pc of GDP, potentially triggering a credit rating action and pushing sovereign and state-owned Pemex debt closer to non-investment grade. The group also flagged increased volatility in the peso-dollar exchange rate, noting this could begin generating pass-through effects to inflation if the conflict persists for several months. For now, IMEF continues to see the central bank issuing two quarter-point rate cuts to the target interest rate, to 6.5pc from the current 7pc, by the end of 2026, and held its end-2026 inflation estimate at 4pc. IMEF slightly strengthened its peso outlook, forecasting Ps18.35/$1 by end-2026, compared with Ps18.4/$1 in the previous survey. By James Young Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Attacks on UAE energy assets increase as war broadens

26/03/18

Attacks on UAE energy assets increase as war broadens

Dubai, 18 March (Argus) — Iran and its regional proxies have stepped up attacks on Mideast Gulf energy infrastructure. The latest attacks in the UAE came after Tehran vowed retaliation against the country for hosting US attacks on Iran's Kharg island. Repeated drone strikes on Fujairah port have exposed the vulnerability of the UAE's main oil storage and bunkering hub. An attack on Tuesday, 17 March started a fire and disrupted terminal operations, according to authorities. No injuries were reported, while market sources said at least two terminals were affected, forcing some berths to close and vessels to move to anchorage. The latest strike came only a day after a fire in the Fujairah industrial zone halted oil loadings, and followed a drone attacks on 14 March that damaged at least two crude storage tanks. On Monday 16 March, operations at Abu Dhabi's Shah gas field were suspended after a drone attack caused a fire at the site. This appeared to be the first direct hit on an upstream asset in the UAE. The field, jointly operated by state-owned Adnoc and US firm Occidental Petroleum, is located 210 km southwest of Abu Dhabi near the Saudi border, in an increasingly exposed energy corridor. Saudi Aramco's 1mn b/d Shaybah oil field was also targeted by drones for three consecutive days since March 7 . Shah is one of the world's largest sour gas developments and Adnoc said in May it was exploring raising its capacity to 1.85bn ft³/d from 1.45bn ft³/d. The site also accounts for around 5pc of global sulphur production. The attacks on Shah and Fujairah's terminals underline how the conflict is spilling across the UAE's energy sector, from storage and export infrastructure to upstream production assets, as the US Iran moves into its third week. The escalation comes after US strikes on more than 90 military targets on Iran's Kharg Island on 13 March, after which Tehran said the weapons had been fired from the UAE, including from a location very close to Dubai .Trump later threatened to target energy infrastructure on the island to force Tehran to reopen the strait of Hormuz, though the initial strikes avoided oil facilities at Iran's main crude export hub. Published official figures suggest the UAE has come under more attacks than several of its Gulf peers since the war began on 28 February. The UAE said its air defences have encountered at least 304 ballistic missiles, 15 cruise missiles and 1,627 drones. That compares with 178 ballistic missiles and 384 drones intercepted by Kuwait, and 106 ballistic missiles and 176 drones by Bahrain. In neighbouring Iraq, the Majnoon oil field in the Basrah province was also targeted in recent days, according to state news agency Ina. The field is one of Iraq's giant oilfields, and officials have previously said output is around 240,000 b/d with plans to raise capacity to 450,000 b/d. The bulk of recent attacks has focused on refining and storage infrastructure. A fire broke out at an unidentified facility in Adnoc's 817,000 b/d Ruwais refining complex on March 10, while Saudi Aramco's 550,000 b/d Ras Tanura refinery on the country's east coast was targeted twice that week, on March 2 and March 4. Bahrain's 405,000 b/d Sitra refinery and Kuwait's 346,000 b/d Mina al-Ahmadi refinery have also come under attack. The conflict has not been one-sided, with Israel also hitting Iranian oil facilities, including storage depots in and around Tehran, according to state media . By Rithika Krishna Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Qatar's Ras Laffan comes under attack: Update

26/03/18

Qatar's Ras Laffan comes under attack: Update

Updates with details throughout Washington, 18 March (Argus) — The Ras Laffan industrial complex sustained damage after a missile attack on Wednesday, QatarEnergy said. "Emergency response teams were deployed immediately to contain the resulting fires, as extensive damage has been caused," QatarEnergy said. Qatar's interior ministry attributed the attack to Iran and said that it has "gained preliminary control over the fire at Ras Laffan, with no reported injuries". Tehran earlier on Wednesday listed the 305,000 b/d Ras Laffan refinery in Qatar among five downstream facilities it said it would attack shortly in retaliation for what it described as US-Israeli strikes on Iranian gas treatment plants at the South Pars gas field. It was not immediately clear whether the refinery or the nearby 77mn t/yr LNG export terminal were directly attacked or sustained any damage. Tehran also threatened strikes against the 400,000 b/d Samref refinery at Yanbu and the Sadara petrochemical complex at Jubail in Saudi Arabia, Qatar Chemical in Doha and the Al-Hosn sour gas field in Abu Dhabi. Saudi Arabia also came under attack on Wednesday night local time, according to the Saudi defense ministry. "Part of an intercepted ballistic missile" fell near a refinery located south of Riyadh, the ministry said. It also reported intercepting drones aimed at an unnamed gas facility in the country's east. By Haik Gugarats Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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Australia establishes fuel supply taskforce

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Brazil’s central bank cuts target rate to 14.75pc

Brazil’s central bank cuts target rate to 14.75pc

Qatar's Ras Laffan comes under attack: Update 2

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Mexico GDP outlook clouded by Iran war: IMEF

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Attacks on UAE energy assets increase as war broadens

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