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Kuwait's KPC raises Jul sulphur price by $145/t
Kuwait's KPC raises Jul sulphur price by $145/t
London, 6 July (Argus) — Kuwait's state-owned sulphur producer KPC has set the July Kuwait Sulphur Price (KSP) at $950/t fob Kuwait, up by $145/t from the June KSP of $805/t fob. Freight rates as of 2 July were $108-116/t for a 30,000-35,000t shipment to Chinese ports. This implies a delivered cost of $1,058-1,066/t cfr, with additional insurance premiums raising prices further on a delivered basis. This is a record level for the KSP, at $460/t above the previous record set at $490/t fob in June 2022. By Maria Mosquera Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Australia's OCE cuts FY2026-27 crude output projection
Australia's OCE cuts FY2026-27 crude output projection
Sydney, 6 July (Argus) — Australia is likely to produce less oil in the fiscal year ending 30 June 2027 than previously forecast, according to the federal government's commodity forecaster, the Office of the Chief Economist (OCE). The OCE cut its forecast for Australia's crude oil and condensate production to 222,000 b/d in 2026–27 from 237,000 b/d in its previous outlook , according to the June Resources and Energy Quarterly (REQ) report released on 3 July. Australia is expected to produce just 209,000 b/d in 2027-28, down by 11pc from 235,000 b/d forecast for 2025-26. Crude imports for refining purposes are also forecast to increase into next decade ( see table ). The revision reflects ongoing oilfield depletion, particularly in Western Australia's offshore Carnarvon Basin, where the OCE said several fields are nearing end of life. Australia's LPG output is forecast to rise slightly from the previous fiscal year through 2027-28 before beginning to decline. Higher prices are expected to support earnings, with rising oil values projected to increase 2025-26 export earnings by A$2.3bn ($1.6bn) to A$10.4bn, and 2026-27 earnings by A$2.5bn to A$9.9bn. Globally, the OCE noted that declining oil demand in OECD countries is due to lower road transport fuel consumption and increased adoption of EVs , while efficiency gains for internal combustion engines also cuts fuel demand. This trend is being partially offset by rising jet fuel consumption. By Tom Major Australia's crude, condensate and LPG forecasts (b/d) 2024-25 2025-26 (f) 2026-27 (f) 2027-28 (f) 2028-29 (f) 2029-30 (f) 2030-31 (f) Total crude/condensate production 263,000 235,000 222,000 209,000 188,000 177,000 170,000 Crude/condensate exports 251,000 244,000 213,000 201,000 180,000 173,000 166,000 Crude/condensate imports 169,000 189,000 207,000 207,000 207,000 207,000 207,000 LPG production 90,000 91,000 97,000 98,000 97,000 95,000 93,000 f - forecast Source: OCE REQ Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Australia's gasoil, jet stocks rise, EV sales increase
Australia's gasoil, jet stocks rise, EV sales increase
Sydney, 6 July (Argus) — Australia's gasoline stocks have dipped on the week to 30 July but gasoil and jet fuel levels have increased, as electric vehicle (EV) sales rose for the month of June, according to Australia's federal government. Australia's fuel importers held stocks of 22.2mn bl of gasoil, 11.1mn bl of gasoline and 5.9mn bl of jet fuel of stocks in-country and within Australia's exclusive economic zone on 30 June, Australia's energy minister Chris Bowen said on 4 July, or about 38 days of gasoil supply, 41 days of gasoline and 34 days of jet fuel. This is one more day's supply of gasoil than a week earlier, three days fewer of gasoline and five more days' worth of jet fuel over the same period. EV sales have soared during June, with 23.4pc of purchases battery EVs, according to the Federal Chamber of Automotive Industries (FCAI). This compares FCAI data showing just 8.3pc of new vehicle sales comprising battery EVs last year . China is now the leading source of Australia's total new vehicle sales with 35.5pc of sales, followed by Japan with 20.7pc and Thailand with 17.8pc. Australia's temporary cut to fuel excise and the heavy vehicle road user charge was rolled back by half but extended by a month , effective 1 July. The temporary discount both taxes has been lowered to 16A¢/litre, (11¢/litre) raising the effective excise rate to 36.6A¢/litre until 2 August. By Tom Major Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Opec+ 7 agree another output target hike in August
Opec+ 7 agree another output target hike in August
London, 5 July (Argus) — Seven core Opec+ members have decided to raise their crude production targets further in August as they prepare the ground to significantly boost output following the interim deal to end the US-Iran war. Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman agreed on Sunday to implement another 188,000 b/d increase to their collective crude production ceiling in August. This leaves just 188,000 b/d of voluntary cuts in place, which could be fully unwound in September. The decision marks the fifth increase since the start of the US-Iran war on 28 February, which prompted Tehran to severely disrupt shipping through the strait of Hormuz and forced Mideast Gulf producers, including Saudi Arabia, Iraq and Kuwait, to implement unprecedented output reductions. Argus estimates that crude production from these three countries in May was close to 8.5mn b/d below their cumulative target at roughly 8.7mn b/d. Overall Opec+ output in May was down 9.6mn b/d from the level before the war began. But the relaxation of targets over the past few months could see the group exceed their pre-war output once flows through the strait of Hormuz normalise. The US-Iran interim deal on 17 June has already led to a pick-up in transits through the strait and allowed Saudi Arabia, Iraq and Kuwait to restore some of their output. Further gains will depend on whether shipping through the waterway continues to recover and how the US-Iran peace talks evolve over the next few weeks. The seven Opec+ members are next scheduled to meet next on 2 August. By Aydin Calik Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
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