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Hormuz oversight meeting postponed: Update
Hormuz oversight meeting postponed: Update
Adds details throughout Singapore, 14 September (Argus) — A summit between eight Mideast Gulf littoral states to discuss the strait of Hormuz, scheduled for today, has been postponed, Oman's foreign minister said. The meeting was to take place in Salalah, Oman, between the foreign ministers of Iran, Iraq and the six members of the Gulf Co-operation Council (GCC) to address a proposal developed by Iran and Oman for safe passage of commercial vessels through the waterway. Oman's foreign minister Badr Albusaidi said the meeting was postponed "in the interests of consensus". The country's foreign ministry said the delay was "in order to prepare the appropriate conditions for constructive dialogue that contributes to achieving sustainable understandings that support the security of the region and its stability." The summit's buildup was not smooth. Drones originating in Iraq targeted Saudi Arabia's 7mn b/d East-West pipeline, forcing state-controlled Saudi Aramco to shut it down. Iraq is home to Iran-backed militia groups, which Riyadh said attacked several of its oilfields in the central and eastern Saudi Arabia earlier this year. Saudi Arabia has faced repeated attacks in recent weeks on energy infrastructure in its southern regions by the Yemen-based Houthi rebels, who are also supported by Tehran. Bahrain's ministry of foreign affairs said on 12 September it would not participate in the meeting, stating it "would not be a party to any collective meeting that includes Iran prior to the restoration of diplomatic relations." "The security and stability of the region cannot be built on turning a blind eye to aggressions, nor purchased by remaining silent on their consequences," it said, noting Bahrain has been subjected to attacks on infrastructure and civilian facilities, including the targeting of an ammonia tank, which "nearly led to comprehensive disaster." The targeting of the East-West pipeline further reflects that attacks on civilian and economic facilities "represent a present danger, not a bygone matter," the ministry said. Saudi Arabia's request The East-West pipeline, which moves crude from Saudi oil fields and processing facilities near the Gulf to the Red Sea port of Yanbu, has been Saudi Arabia's primary route for exporting crude since the start of the US-Iran war. The pipeline came under multiple attacks on 10 September , causing damage and injuring several people. The attacks probably targeted pumping stations that facilitate the flow of oil through the pipeline. Riyadh has provided no details of the damage or a timeline for restoring operations. Saudi Arabia issued no statements linking the attacks on its infrastructure to Monday's meeting, but Iran's foreign ministry spokesman Ebrahim Baghaei said Riyadh had requested the meeting in Oman be postponed, at least in part because of developments relating to the Houthis in Yemen. Baghaei denied any Iranian involvement in the attacks on the Saudi pipeline, attributing such suggestions to "those who wish ill on our region." Crude futures rose today. The front-month November Ice Brent contract rose to near $110/bl, up by nearly 5pc from the close on 11 September. By Prethika Nair and Nader Itayim Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
BYD's EV ambitions challenge fuel demand outlook
BYD's EV ambitions challenge fuel demand outlook
Beijing, 14 September (Argus) — Debate over the extent to which electric vehicles (EVs) will erode the market share of internal combustion engine (ICE) vehicles and the impact on fuel demand has resurfaced following recent comments from a senior executive at China's largest new energy vehicle (NEV) manufacturer BYD. But the long-term outcome will depend heavily on the pace of technological progress, particularly in next-generation battery technologies. Li Ke, executive vice-president of BYD, said in an TV interview with overseas automotive media outlet Carwow.es that conventional fuel vehicles have little long-term future in China as ultra-fast charging technologies become more widely available. "In China, with the growing adoption of BYD's flash-charging technology, I believe ICE vehicles have no future. That is very clear," Li said. BYD has launched its second-generation blade battery-based fast-charging technology , enabling charging from 10pc to 70pc in around five minutes and near full charge in nine minutes. The company had built 4,239 fast-charging stations by March and plans to have 20,000 by the end of 2026. She also disclosed that BYD plans to launch vehicles equipped with solid-state batteries in 2027. Li added that the transition may take longer in overseas markets, but argued that the long-term trajectory remains the same, with EVs eventually replacing conventional fuel-powered vehicles. Strong overseas demand continued to drive sales growth at BYD in August , after overseas revenue exceeded domestic revenue for the first time in the first half. BYD became the first major global automaker to formally discontinue production of pure gasoline-powered passenger vehicles in March 2022, shifting its focus entirely to battery electric vehicles (BEVs) and plug-in hybrid electric vehicles (PHEVs). The rapid increase in EV penetration in China over the past decade, together with the prospect of another step change driven by large-scale adoption of solid-state batteries, has remained a long-term threat to gasoline and diesel demand. China's gasoline and diesel demand is set to decline sharply this year as elevated prices accelerate fuel substitution, according to state-controlled refiner Sinopec's think-tank EDRI. But Li did not specify whether BYD's planned 2027 solid-state battery vehicles would represent large-scale commercial deployment or limited pilot production. The distinction could have major implications for the future competitiveness of ICE vehicles and the pace of EV adoption. In previous comments, BYD said 2030 would mark the beginning of large-scale commercial adoption of solid-state batteries in EVs. Many industry observers view solid-state batteries as a potentially transformative technology because of their higher energy density, shorter charging times and improved safety compared with conventional lithium-ion batteries. But large-scale commercialisation remains subject to overcoming challenges related to production costs, manufacturing yields and battery longevity. Widespread adoption of solid-state batteries could trigger another phase of rapid growth in EV sales by addressing consumer concerns over driving range and charging convenience. Others argued that commercialisation timelines remain uncertain and that conventional lithium-ion technologies, particularly lithium iron phosphate (LFP) batteries, will continue to dominate the market in the medium term. China remains the world's largest EV market, and battery technology development is expected to play a key role in determining the future balance between EVs and conventional vehicles over the coming decade. Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
German gasoline prices hit highest since March 2022
German gasoline prices hit highest since March 2022
Hamburg, 14 September (Argus) — Wholesale gasoline prices in Germany rose to their highest level since March 2022 on 7 September, supported by higher crude prices, refinery maintenance across Europe, low water levels on the Rhine and Russia's continuing export ban. Gasoline prices, along with diesel and heating oil, are at exceptionally high levels in Germany, approaching the peak reached in March 2022. Unlike in 2022, when prices spiked only briefly, domestic gasoline prices have remained above €180/100 litres for more than a week. The highest level so far this year was just under €184/100l on 7 September. Ice Brent crude futures have risen sharply since early September, although they remain below this year's previous high of $121.86/bl reached at the end of April. The latest rally, like that in Ice gasoil futures, has been driven largely by renewed tensions between the US and Iran in late August and concerns over the impact on global energy supplies. Maintenance at several northern European refineries is also supporting gasoline prices. Planned work is under way this month at Klesch's 251,000 b/d Gelsenkirchen refinery in Germany, Neste's 205,000 b/d Porvoo plant in Finland, ExxonMobil's 270,000 b/d Fawley refinery in the UK and Orlen's 373,000 b/d Plock site in Poland. Argus estimates these maintenance programmes could take 450,000-550,000 b/d of northern European crude distillation capacity offline at their September peak. Unplanned outages, including at Varo's 68,000 b/d Cressier refinery in Switzerland, have further tightened supply. Low water levels on the Rhine are also complicating gasoline blending in Germany. Restrictions on barge movements of blending components are increasing transport costs and limiting supplies available to domestic blenders. Russia's ongoing export ban on gasoline and diesel is adding to market tightness. While sanctions prevent direct imports of Russian fuel into the EU, the loss of Russian export volumes has intensified competition for supply in other markets and is supporting prices. By Johannes Guhlke Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Saudi East-West oil pipeline shut after attack: Update
Saudi East-West oil pipeline shut after attack: Update
Updates with changes throughout New York, 11 September (Argus) — State-owned Saudi Aramco has shut down its 7mn b/d East-West crude pipeline, Saudi Arabia's primary conduit for exporting crude since the start of the US-Iran war, following drone attacks originating in Iraq, Riyadh said on Friday. The pipeline, which moves crude from Saudi fields near the Mideast Gulf to the Red Sea port of Yanbu, came under multiple attacks on Thursday morning, according to the Saudi energy ministry. Saudi Aramco shut down the pipeline as a precautionary measure, while several people have been injured by the attacks. The attacks likely targeted pumping stations that facilitate the flow of oil in the pipeline. Riyadh did not provide details of damage or a timeline for restoring the pipeline's operations. The Saudi foreign ministry said the attacks originated in Iraq. Riyadh in July had blamed Iran-backed groups in Iraq for drone attacks on oil fields in its eastern and central regions. Saudi Arabia then carried out retaliatory air strikes against Iran-affiliated Iraqi militia installations in Iraq. But Riyadh on Friday clarified that — at Baghdad's request — it is not planning retaliatory attacks on Iraqi soil. Iraq's central government confirmed that the attack originated in Iraq, condemned the unnamed perpetrators and vowed to investigate the attack and to take "legal measures against anyone proven to be involved". A September 2019 drone attack on Saudi Aramco's Abqaiq processing facility also originated in Iraq. In the wake of the US-Israeli attack on Iran on 28 February and the de facto closure of the strait of Hormuz by Iran, Saudi Arabia quickly diverted crude through the East-West pipeline. While the line could not replace all the volumes that moved through the strait before the war, it has helped relieve pressure on global crude markets. A pumping station at the terminus of the pipeline on the Red Sea coast came under direct Iranian missile attack in April, reducing the throughput capacity. The Saudis repaired that damage. But since mid-July, Houthi militants in Yemen have conducted their own attacks. Houthis captured the Red Sea port city of Mocha on Friday , bringing the group closer to the Bab el-Mandeb strait, a key outlet for Saudi oil exports to Asia. By Charlotte Bawol and Haik Gugarats Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.