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Iran repeats will to end conflict, but needs guarantees
Iran repeats will to end conflict, but needs guarantees
London, 1 April (Argus) — Iran's president Masoud Pezeshkian said Tehran has the "necessary will" to bring the current conflict with the US and Israel to an end, but only once it gets ironclad guarantees that they will not attack Iran again in the future. "The solution to normalising the situation is to stop their aggressive attacks," Pezeshkian said late on 31 March. "We have not sought tension or war at any point, and we have the necessary will to end this war, provided the essential conditions are met, especially guarantees this aggression will not be repeated." Pezeshkian's comments were made in a telephone call with the president of the European Council, Antonio Costa, to discuss ways to de-escalate a situation that the latter said had become "extremely dangerous". The war in the Middle East is now in its fifth week, with the US and Israel continuing their heavy aerial campaign against numerous targets across Iran. Tehran has been responding to the attacks by launching missiles and drones at Israel and US-linked assets across the Mideast Gulf, including critical energy infrastructure in Gulf Co-operation Council states. Iranian retaliatory attacks on commercial vessels in and around the strait of Hormuz have heavily restricted traffic through the key waterway, severely curtailing exports of crude oil, oil products, LNG, fertilisers and other commodities from the region. "The current situation in the… strait of Hormuz is a direct result of the hostile and aggressive actions of the US and the Zionist regime [Israel] against Iran," Pezeshkian said, reiterating that the strait is only closed to vessels with links to "Iran's aggressors and their supporters". Several Asian countries, including Malaysia and Thailand, have said in recent days that Iran has given assurances of safe passage for their vessels through the strait. Pakistan's foreign minister Ishaq Dar said over the weekend that Iran had also approved 20 Pakistani-flagged vessels to sail through the strait. Pezeshkian's comments came as US president Donald Trump said US forces could leave Iran within two to three weeks, potentially signalling the end of the ongoing war. "All I have to do is leave Iran, and we will be doing that very soon," Trump said late on 31 March, offering a timeline of "maybe two weeks, maybe three". The Trump administration has been claiming negotiations with unidentified Iranian officials since last week, repeatedly boasting of "very good" progress. Iranian officials have consistently denied that any negotiations are underway. But in an apparent change of tack, Trump said ending the war was now not dependent on securing a formal agreement with Tehran. "Iran does not have to make a deal, no," Trump said. "They don't have to make a deal with me." By Nader Itayim Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
UK most at risk in Europe from jet and diesel squeeze
UK most at risk in Europe from jet and diesel squeeze
London, 1 April (Argus) — Stock, demand and trade data suggest the UK is the most exposed country in Europe to tightening diesel and jet fuel supply, with Denmark and Portugal also at risk. Short jet fuel (see chart 1) and diesel (see chart 2) trade balances, combined with low stock cover leave these net importers particularly vulnerable if traffic through the strait of Hormuz remains effectively closed. Countries where production matches or exceeds consumption — such as Poland and Greece — can operate with lower stocks because they are less reliant on imports. And countries that rely on imports but hold deeper stocks, such as Ireland, are better cushioned against Mideast Gulf supply disruptions. The assessment draws on national statistics reported to the Joint Organisations Data Initiative (Jodi) and the EU's Eurostat, combined with Argus analysis. The conflict in the Middle East is unlikely to see any European country run out of refined oil products entirely because the war limits only part of their import supply. Even the least well-stocked countries have a few weeks of cover if they lost both domestic output and imports. But national stocks could fall to uncomfortably low levels, leading to localised shortages and sharper price swings even where overall stocks remain. The theoretical life expectancy of national stocks offers a simple guide to the relative risk of such local shortages. If Mideast Gulf supply cannot be replaced, and if the impact spreads proportionally across importers, then the UK could exhaust kerosine stocks in three months and gasoil in nine, according to Argus calculations using Jodi data. These categories mainly represent jet fuel and road diesel. Portugal could run out of jet fuel stocks in four months, based on Eurostat data. Hungary could run out in five months, Denmark in six, Italy and Germany in seven, and France and Ireland in eight. Refinery closures have tightened jet fuel balances across western Europe as demand has risen, while diesel balances have been less affected because demand has broadly declined. On road diesel, Denmark could in theory deplete stocks in nine months. Romania could do so in 16 months, Austria in 21 and the Czech Republic in 23. These figures are illustrative rather than forecasts: in practice, stock life would likely converge to some extent as countries with thinner cover would bid higher for imports to slow the depletion of their inventories. Seasonal patterns will also affect stockdraws. Stocks usually fall in spring and autumn because of refinery maintenance, and rise in summer when runs increase. But imports also fluctuate seasonally, so any major disruption could unsettle normal trends. In Portugal's case, jet fuel stocks should cover this spring because its only refinery got its maintenance work out the way last year. But Portugal usually resumes jet imports around May, mainly from the Mideast Gulf. If tanker traffic through the strait of Hormuz is still heavily restricted by then, its jet stocks could decline rapidly. Poland holds very low jet fuel stocks but is close to self-sufficient, producing roughly what it consumes. It had less than one month of cover at the end of 2025 — the lowest among major EU states — but it need not draw stocks unless refinery issues arise or higher international prices pull product across borders. Both risks are real: Poland's two largest refineries face heavy maintenance this year, and its national balance masks the fact that it regularly imports and exports jet fuel across different borders. If those flows fall out of balance, Poland's thin stocks could drain. Ireland is fully dependent on jet fuel imports, as its sole refinery does not produce jet. But its deep stocks — nearly four months of cover — would cushion a complete loss of supply. By Benedict George Chart 1 Chart 2 Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Kuwait’s airport fuel depots hit by drones
Kuwait’s airport fuel depots hit by drones
Dubai, 1 April (Argus) — Fuel depots in Kuwait's International Airport have been targeted by an Iranian drone attack today, causing a "massive blaze", Kuwait's public authority for civil aviation announced. The attack caused significant damage to the fuel tanks owned by the Kuwait Aviation Fueling company, but no casualties or injuries were reported. Kuwait's International airport has been repeatedly targeted since the start of the US-Israel war with Iran, with a 28 March attack damaging the airport's radar system . Kuwait's airspace has been closed since the start of hostilities on 28 February, prompting Kuwait's Jazeera Airways to shift operations to Qaisumah airport in Saudi Arabia. The repeated Iranian attacks on aviation infrastructure in the Middle East have continued to disrupt flight operations across the region — one of the world's busiest aviation corridors. By Ieva Paldaviciute Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Asia fuel crunch pushes Australia to US, Europe
Asia fuel crunch pushes Australia to US, Europe
Sydney, 1 April (Argus) — Australia is drawing oil products from the US and Europe to replace cancelled Asian cargoes, as regional export curbs, refinery run cuts and conflict-related disruptions tighten supply and extend voyage times for importers. Six shipments of fuel to Australia had been cancelled or deferred following the outbreak of the US-Iran war as of 22 March, energy minister Chris Bowen said. There have been no further official updates, but several of the lost shipments have been replaced with alternative supplies, he said. Australia imported an average of 79.75 clean product cargoes/month in 2025, including 42.8 gasoil cargoes, 16 gasoline and 7.75 jet fuel shipments, according to Vortexa. The Export Finance and Insurance Corporation Act passed through the Australian parliament yesterday, giving government agency Export Finance Australia new authority to underwrite additional cargoes of critical imports , including fuel and fertilizer, because rising risk premiums are challenging independent importers. A surge in demand from panic buying shortly after the war started has added to the urgency to replace cancelled cargoes as service stations across the country have run out of fuel, especially in regional areas. Australia held 17.1mn bl of gasoil, 10.6mn bl of gasoline and 5.2mn bl of jet fuel on 24 March, equivalent to around 30 days of gasoil and jet fuel consumption and 39 days of gasoline, according to the Department of Climate Change, Energy, the Environment and Water. Long haul flows rise from the US At least eight tankers loaded in the US are currently en route to Australia, vessel tracking data from Vortexa show, comprising six gasoil cargoes and two gasoline shipments. Combined, the vessels are carrying more than 2.3mn bl of diesel and just over 600,000 bl of gasoline ( see table ). Three of the diesel cargoes were loaded at Phillips 66's 105,000 b/d Ferndale refinery on the US west coast, while one gasoline cargo was shipped from ExxonMobil's 612,000 b/d Beaumont refinery on the US Gulf coast and a gasoil cargo was loaded at Valero's 135,000 b/d Meraux refinery in the US Gulf. Two additional cargoes were loaded at ExxonMobil's 522,500 b/d Baton Rouge refinery with Vortexa showing both carrying gasoil, while Kpler data indicates the Medium Range tanker Nord Ventura is carrying jet fuel from the refinery to Australia. Another cargo was loaded at Chevron's 112,000 b/d refinery in Pasadena, Texas. Australia draws gasoil from Europe Australia is set to import a rare gasoil cargo loaded via ship-to-ship transfer in the Amsterdam-Rotterdam-Antwerp (ARA) region to replace lost Asian supply. The Long Range 2 (LR) tanker STI Solace is transporting 707,100 bl of gasoil to Botany Bay near Sydney for early May arrival, having loaded via ship-to-ship (STS) transfer from the 115,000dwt Oslo Star in the North Sea on 19 March according to Vortexa and Kpler. The STI Solace may have been chartered by ExxonMobil or BP, market sources said. The Oslo Star , also an LR2 tanker, had previously loaded 242,768 bl and 536,647 bl of gasoil from Kuwait's Al Zour and Mina Al Ahmadi refineries. The vessel traversed the strait of Hormuz on 22 February before heading through the Suez Canal toward northeast Europe, where it then discharged 125,796 bl of gasoil into Rotterdam storage prior to making the STS transfer. Asian supply remains constrained Arrivals of gasoil into Australia fell by nearly 1.47mn bl in March compared with January, Vortexa data show ( see graph: Australia middle distillates imports in 2026 ). Gasoline and jet fuel arrivals were down by 0.25mn bl and 1.85mn bl over the same period. April arrivals are on track to be even lower, with a particularly sharp drop expected in gasoil flows. Some late-April loadings could still reach the east coast before month-end, although sailing times from southeast and northeast Asia typically range between 10-20 days. Regional availability has tightened sharply since Beijing instructed refiners to halt exports of transportation fuels and Seoul imposed export caps limiting shipments to 100pc of their 2025 monthly levels. Lower refinery run rates across the Asia-Pacific have further reduced spot supply to Australian buyers. Delivered product prices into Australia have risen since the conflict began, with delivered US Gulf coast gasoil into Japan — an imperfect proxy for Australian delivered pricing from the US Gulf — showing strong gains. Freight costs would add a premium to any US Gulf cargoes bound for Australia. By Tom Woodlock Fuel shipments from US and Europe to Australia bl Product Volume ETA Vessel Loading point Discharge port Diesel 277,500 14-Apr Cape Andiamo Meraux, US Gulf Newcastle, NSW Diesel 175,700 19-Apr Atlantic Sunshine Ferndale, USWC Melbourne, Vic Diesel 293,900 20-Apr Maersk Cyprus Ferndale, USWC Brisbane, Qld Gasoline 300,000 20-Apr CL Zhaoge Beaumont, US Gulf Botany Bay, NSW Gasoline 316,200 24-Apr Hansa Sealancer Pasadena, US Gulf Botany Bay, NSW Diesel 24,600 24-Apr Hansa Sealancer Pasadena, US Gulf Botany Bay, NSW Diesel 323,500 27-Apr Betelgeuse Ferndale, USWC Brisbane, Qld Diesel 707,100 29-Apr STI Solace STS in ARA region Botany Bay, NSW Diesel 300,000 5-May Largo Eagle Baton Rouge, US Gulf Port Hedland, WA or Sydney, NSW Diesel or Jet Fuel 285,000 10-May Nord Ventura Baton Rouge, US Gulf Port Hedland, WA Source- Vortexa Australia middle distillates imports in 2026 Asia fuel crunch pushes Australia to US, Europe Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
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