Fire reported near Saudi Arabia’s Ras Tanura complex

: Crude oil, Oil products
26/10/27

A fire broke out near Saudi Arabia's Ras Tanura oil export terminal early on Tuesday, a source with knowledge of the matter said. Yemen's Houthi rebels shortly afterwards claimed an attack on the nearby refinery.

The fire has since been contained, the source said, although the extent of any damage remains unclear.

State-controlled Saudi Aramco did not immediately respond to a request for comment. The Houthis, meanwhile, said they had launched a ballistic missile at the 550,000 b/d Ras Tanura refinery. Houthi spokesman Yahya Saree claimed the strike caused "massive fires" at the site.

The refinery is part of the wider Ras Tanura industrial complex, which also houses one of Saudi Arabia's main crude export terminals.

The refinery has been targeted several times since the start of the US-Iran war in late February. Aramco shut the facility for more than three months after two Iranian attacks in early March.

The latest incident comes as the conflict between Saudi Arabia and the Yemen-based Houthis escalates. The group this month widened its targeting beyond military and energy facilities to include international airports and Aramco's headquarters in Dhahran.

The Houthis over the weekend claimed attacks on several Saudi energy facilities, including the 400,000 b/d Petro Rabigh refinery and petrochemicals complex and crude pumping stations along the 7mn b/d East-West pipeline. The pipeline carries crude westwards to the Red Sea port of Yanbu for export. It also supplies refineries, power stations and desalination plants along the Red Sea coast.

Neither Aramco nor the Saudi government has confirmed those claimed attacks. But Argus understands that at least one pumping station on the East-West pipeline was damaged over the weekend. The damage was limited and did not affect operations.

An earlier attack on the pipeline system in early September forced Saudi Arabia to shut it temporarily. Aramco restarted flows within a week, with throughput recovering to 5.8mn b/d by early October.

By Nader Itayim

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26/10/27

International fossil fuel finance down under Cop pledge

Edinburgh, 27 October (Argus) — International fossil fuel project finance from countries in the Clean Energy Transition Partnership (CETP) dropped by 72-80pc to $3.3bn last year compared with a 2019-21 baseline, but Italy, Germany and Switzerland are still not meeting the goal, according to a report by think-tank the International Institute for Sustainable Development (IISD). Under the CETP, signed in 2021 on the sidelines of the UN Cop 26 climate summit in Glasgow, 40 countries and jurisdictions pledged to end international public finance for fossil fuels by the end of 2022. The signatories include Canada, Norway, the UK, Germany, Italy, the Netherlands and Denmark. The US left the alliance in February 2025. The commitment covers public finance provided through development finance institutions, export credit agencies and multilateral development banks. "The CETP is an example of how international agreements with time-bound commitments, combined with ongoing monitoring and accountability efforts, can shift international energy finance away from fossil fuels and toward clean energy, although scaling clean energy financing has been slow," IISD said. But clean energy finance from the CETP countries in the same period only rose by 28pc to $5.6bn and only 42pc of the funding removed from fossil fuel investments has been going towards clean energy, according to IISD. Some countries have yet to meet their Cop 26 pledge. Italy has provided $6bn in international fossil fuel finance since the end of 2022, when countries were due to meet their CETP target, while Germany and Switzerland provided $2.5bn and $1.6bn, respectively. By Caroline Varin Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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Climate plans improve but off track for 1.5°C goal: UN

26/10/27

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26/10/27

Climate plans improve but off track for 1.5°C goal: UN

Edinburgh, 27 October (Argus) — Countries' nationally determined contributions — climate plans — have improved in quality and scope, but progress in lowering emissions remains "substantially off track" to limit temperature rises to 1.5°C and keep a temporary overshoot short, according to a report from UN climate body the UNFCCC released today. The report took into account 127 new nationally determined contributions — climate plans — released between 1 January 2024 and 31 August 2026, representing 154 out of 194 parties to the Paris agreement. The 154 parties account for around 71pc of total greenhouse emissions, according to the report. The report does not include the US — the world's second-biggest emitter — since the country officially left the Paris accord last year. The UNFCCC found that GHG emission reductions — including land use, land-use change and forestry — stemming from the implementation of NDCs are projected to peak and decline by 2035, reaching 6pc below 2019 levels on average. The cuts would imply "best-estimate warming of 1.7-2.3°C by the end of the century", the report said, adding that "returning warming to 1.5°C would require substantial additional GHG emission reductions in the coming years". The NDCs "show improvement, compared with the previous NDCs, in the quality and depth of information provided, as well as broader thematic coverage", the UNFCCC said. The organisation found that energy transition is a common theme in the NDCs and that electrification plays "an increasingly important role in reducing emissions while strengthening energy security". "Against the backdrop of recent energy crises, almost two thirds of parties highlighted the contribution of mitigation measures to energy security, particularly through renewable energy and energy efficiency improvements," the report said. The report showed that 27pc of countries referred "to transitioning away from fossil fuels in energy systems in a just, orderly and equitable manner" as per the call made at Cop 28 in Dubai and that 10pc reported targets for cutting fossil fuel fired power generation by 2035, representing a 258TWh reduction. Around 6pc of the parties included fossil fuel phase-out targets, according to the report. The report found that parties in their NDCs increased their focus on creating enabling conditions for renewable energy deployment, efficiency improvements and electrification, with around 70pc reporting measures to improve electricity grids. It also showed that 92pc of the parties included methane in their NDCs and, of those, 29pc pointed to renewable energy generation as a key supply-side driver of energy security by replacing imported fuels with domestic energy sources. A total of 94pc of parties mentioned in their NDCs that they plan to use — or may use — voluntary co-operation under Article 6 of the Paris agreement and 81pc referred to the use of internationally transferred mitigation outcomes — when countries exchange emissions savings bilaterally to be counted towards their NDCs. The UN Cop 31 climate summit due to take place in Turkey next month "can help address some of the key gaps highlighted in this year's reports with its focus on practical measures to support greater implementation, UNFCCC executive secretary Simon Stiell said. By Caroline Varin Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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Q&A: IMO net-zero plan unlikely by 2026: IBIA

26/10/26

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26/10/26

Q&A: IMO net-zero plan unlikely by 2026: IBIA

Sao Paulo, 26 October (Argus) — The International Bunker Industry Association (IBIA) will hold its annual convention on 10-12 November in New York, ahead of the International Maritime Organization (IMO)'s MEPC 85 meeting later in the month. Participants will be looking for greater clarity on the proposed net-zero framework and its implications for investment, fuel pathways and the pace of the shipping sector's energy transition. Ahead of the IBIA annual convention, Argus spoke with IBIA's president Adrian Tolson about the industry's expectations for the event and the forthcoming MEPC 85, the outlook for ethanol and biodiesel in the Americas, and the challenges for LNG in North America. Regulatory certainty is the maritime sector's most urgent need, said Tolson. But he expressed skepticism that the current IMO Net Zero Framework proposal would pass without significant compromises. He also warned that prolonged uncertainty has delayed investment in alternative-fuel infrastructure, while stressing that no single fuel is likely to dominate the sector's energy transition. Instead, biofuels may play a larger role in South America than in North America, where policy incentives make them less competitive, while LNG remains constrained by infrastructure bottlenecks despite abundant US production. The bunker industry will gather at the IBIA conference just weeks before a potentially decisive MEPC 85 . What is IBIA's expectation for the meeting and how important is it to have a net-zero framework approved by the end of this year? A global regulation is very important. It's important to have a consistent regulation on a global basis. What the industry wants to avoid with the IMO meeting is some sort of regulations that coexist in the world and that are inconsistent with one another. And what is decided in fact doesn't matter that much, what is important is to have some sort of decision and some sort of clarity. But when you look at the net-zero framework as it was proposed initially, my view is that the regulation is in trouble and is unlikely to pass. What will come out of it is a bit hard to say, but I think there will be a compromise at some level, and I think it will not include any version of the net-zero fund that was proposed initially. Our expectations are not brilliant right now. This could change in the next couple of weeks. There might be new compromises, but I'm not optimistic. Until the IMO provides a clear net-zero framework and emissions rules for each fuel pathway, the industry has paused some investments in production, storage, and bunkering infrastructure needed to support the energy transition. Once there is an adopted and approved framework, is the sector in a comfortable position to tackle the new regulatory regime? 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It seems increasingly clear to the market that there will be no single "fuel of the future", but rather a mix of fuels that takes into account the potential of each region, as well as the economic viability within each country and port. Now looking at only the Americas, could we say that the fuel of the future will likely be biofuels — ethanol and biodiesel? I think we can't assume that. The region has capacity for production of both fuels. Biodiesel and renewable diesel are drop-in fuels, which makes it more interesting when compared to other possibilities. But the challenge in the United States is the Renewable Fuels Act and the RIN system, which make biofuels of every nature in the US very expensive to the bunker sector because selling products as road fuel has more governmental incentives. And the Act seems unlikely to be changed any time in the short term. But in Latin America it is different. There has been some development on biodiesel supply. 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Low Rhine water levels constrain German fuel supply

26/10/26

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26/10/26

Low Rhine water levels constrain German fuel supply

Hamburg, 26 October (Argus) — Low Rhine water levels are increasingly leaving fuel terminals in western Germany short of supplies, particularly diesel, as constrained barge capacity disrupts deliveries. HVO spot availability at Rhine locations also remained limited. Several traders reported that supplies had run out at terminals operated by different companies in the week ending 23 October, with diesel particularly affected. Heating oil shortages were also reported at Bayernoil's 207,000 b/d Vohburg-Neustadt refinery complex following a sharp increase in October demand. An inspection that began in October 2025 has left only one heating oil tank available, restricting storage capacity. Supply constraints also affected terminals on the Mittelland Canal. Low Rhine water levels have prompted more barge operators to divert north through the Ems and into the canal. The Waterways and Shipping Authority (WSA) said in early October that the route through the Dollart and Dortmund-Ems Canal had become the main alternative for traffic heading towards the Ruhr region. Traffic was running at twice its normal level, pushing the route to its capacity limits. HVO availability remained severely restricted at storage terminals reliant on Rhine deliveries. Traders said available transport capacity was being prioritised for conventional fuels, making commercially viable HVO imports difficult. The WSA expects Rhine water levels to rise in the week ending 30 October before falling again in the first week of November. By Johannes Guhlke Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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Conservatives win majority in British Columbia

26/10/26

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26/10/26

Conservatives win majority in British Columbia

Calgary, 26 October (Argus) — The Conservative Party of British Columbia (BC) will form a majority government in the Canadian province for the first time in nearly a century, with the promise of more energy development on the horizon. Lorne Doerkson of the Conservatives will be the next premier after leading his party to 63 of 93 seats in a general election on 24 October. The New Democratic Party (NDP) will be relegated to the official opposition with 28 seats while the BC Green party secured two seats, according to unofficial results from Elections BC. The Conservatives were last in power from 1928-1933. The win also ends a decade-long reign by the NDP. The change in government follows an ill-fated snap election gamble by the now-outgoing premier and NDP leader David Eby, who already held a narrow majority. The next scheduled election was not to happen until 2028, but Eby sought to capitalize on a Conservative party fraught with internal disorder and a new leader that was relatively unknown. Doerkson's Conservatives want to "supercharge" BC's economy, by doubling its natural gas production by 2032 and tripling it by 2035. LNG development and condensate production are also central to the plan. While LNG development unfolded under the NDP's leadership, Eby has been a vocal opponent of shipping Canadian crude from northern BC, which culminated in a deal with prime minister Mark Carney to keep a federal tanker ban intact . The Conservative Party of Canada on Monday said it is pushing to have the oil tanker moratorium removed through Bill C-264, which is heading for a second reading in the House of Commons in Ottawa, Ontario, on 28 October. By Brett Holmes Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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