Generic Hero BannerGeneric Hero Banner
Latest market news

Oman to close land borders for one week

  • Market: Oil products
  • 17/01/21

Oman has announced it will close its land borders for one week from tomorrow, in a move aimed at protecting its population from the spread of the more infectious strains of Covid-19 that emerged in several countries last month.

The decision may have a minor impact on transport fuel demand in the sultanate, but also possibly in neighboring Saudi Arabia, and the UAE with which Oman shares a border.

Oman's ministry of interior said today that the sultanate's land borders will be closed from 18:00 local time on 18 January for one week but warned that the closure may be extended if deemed necessary.

The sultanate had previously closed all of its air, land and sea borders for one week in mid-December for the same reason, but lifted its ban on 29 December as initially planned.

It is unclear what has prompted this move, particularly given that the Covid-19 situation in the country has been improving steadily since October. Oman has reported an average of 170 new Covid-19 cases daily since the start of December, down from 308 cases in November and 510 in October.

But the focus on land borders could point to concerns about the situations developing in its neighboring countries — namely the UAE, where average daily Covid-19 case numbers have risen sharply to above 3,200 on average in the past week, up from 1,258 on average in December and 1,208 in November. In Saudi Arabia, as in Oman, average case numbers have fallen to 128 so far in January, down from 336 in November and 409 in October.

In October Oman's domestic gasoline and gasoil consumption stood at 55,100 b/d and 35,500 b/d respectively, 4pc and 3pc lower than in September, according to the latest data from Oman's National Centre of Statistics and Information. The consumption fell after Oman introduced a nighttime curfew in October that lasted for one week.


Sharelinkedin-sharetwitter-sharefacebook-shareemail-share

Related news posts

Argus illuminates the markets by putting a lens on the areas that matter most to you. The market news and commentary we publish reveals vital insights that enable you to make stronger, well-informed decisions. Explore a selection of news stories related to this one.

News
07/05/25

Asian airlines divert, cancel flights to avoid Pakistan

Asian airlines divert, cancel flights to avoid Pakistan

Singapore, 7 May (Argus) — Asian airlines have announced diversions or cancellation of flights to avoid the Pakistani airspace, against the backdrop of escalating tensions between India and Pakistan. Most regional airlines' flights have been avoiding the airspace above Pakistan and neighboring west India regions since 6 May, according to data from FlightRadar24. Just a handful of flights flew over Pakistan shortly after Pakistan's Airports Authority issued a safety notice to pilots, known as Notam, announcing the reopening of airspace over Lahore and Karachi on 7 May. Pakistan announced a 48-hour closure of its airspace on 6 May, suspending all domestic and international flights following India's attacks on nine targets in Pakistan . India's flag carrier Air India has cancelled all its flights to and from domestic stations including Jammu, Srinagar, Leh, Jodhpur, Amrisar, Bhuj, Jamnagar, Chandigarh and Rajkot, until at least noon of 7 May. Singapore Airlines Group's Singapore Airlines (SIA) and budget arm Scoot have also been avoiding Pakistani airspace and using alternative flight paths since 6 May, according to the group. Two major Taiwanese airlines also announced their protocols in response to the situation. Taiwan's Eva Air said on 7 May that flights to and from Europe region might be influenced because of the closure of Pakistan's airspace. Fellow Taiwanese airline China Airlines have also cancelled or diverted at least six flights between Taiwan and Europe since 6 May in response to the escalating tensions. Escalating conflicts could cause prolonged disruptions on flight schedules between the Middle East and Pakistan, as well as between Asia and Europe. This comes at a time when regional airlines are already negatively impacted by flight disruptions in the Middle East . Pakistan is a typical jet fuel importer in South Asia. The country has imported around 6,600 b/d jet fuel in the first quarter of 2025, according to Pakistan's Oil Companies Advisory Council (OCAC). Pakistan's state-owned PSO has a market share of 99pc of the country's jet fuel market. By Lu Yawen Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Find out more
News

Fuel theft in Mexico rose 10pc in 2024: Pemex


06/05/25
News
06/05/25

Fuel theft in Mexico rose 10pc in 2024: Pemex

Mexico City, 6 May (Argus) — Mexican state-owned Pemex lost 10pc more product to fuel theft in 2024 despite increased surveillance and the detection of fewer illegal taps on its pipelines. Stolen hydrocarbons — mainly gasoline and diesel, but also including some fuel oil, jet fuel and even crude — amounted to 17,000 b/d in 2024, up from 15,400 b/d a year prior, according to its 2024 annual report filed with the US Securities and Exchange Commission. The rise came despite a 21pc drop in discovered illegal pipeline taps, which fell to 11,774 from 14,890 a year earlier. Pemex attributed the continued losses to the limited effectiveness of government efforts. "The actions we have taken in conjunction with the Mexican government to reduce the illicit fuel market have not produced sustained improvement in recent years," Pemex said. Under former President Andres Manuel Lopez Obrador's administration, Pemex implemented a stricter policy against fuel theft and moved some transition to truck from more theft-prone pipelines. But the illicit market remains widespread. The finance ministry has estimated that stolen or illicit fuel could supply up to 30pc of Mexico's 1.2mn b/d gasoline and diesel demand. Much of it enters as mislabeled imported refined products as petrochemicals, additives or biofuels, which are exempt from excise taxes. Earlier this month, the US administration said it uncovered a wide-ranging scheme by drug cartels to smuggle Mexican crude into the US, for sale in domestic markets or for re-exports. Pemex estimates 2024 losses to fuel theft at Ps20.53bn ($1.05bn), up from Ps20.17bn the previous year. Still, surveillance efforts helped reduce alerts from leak detection systems by 23pc, from 16,075 in 2023 to 12,414 in 2024. Pemex said all alerts were addressed and 18.4mn l (116,000 bl) of hydrocarbons were recovered. By Édgar Sígler Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

News

US EIA will not release international outlook in 2025


06/05/25
News
06/05/25

US EIA will not release international outlook in 2025

Washington, 6 May (Argus) — The US Energy Information Administration (EIA) no longer expects to publish one of its major energy reports this year after losing some of its staff through President Donald Trump's efforts to downsize the federal workforce. The EIA does not plan to publish its International Energy Outlook (IEA) — which models long-term global trends in energy supply and demand — this year because of a loss of staff responsible for producing the report, according to an internal email initially reported by the news outlet ProPublica . The EIA confirmed the authenticity of the email. "At this point, you can assume that we will not be releasing the IEO this year," the EIA's Office of Energy Analysis assistant administrator Angelina LaRose wrote in the 16 April email. "This was a difficult decision based on the loss of key resources." Oil and gas producers, traders, utility companies, federal regulators and foreign governments have come to rely on the data and models from the EIA, an independent agency within the US Department of Energy. The 2025 version of the IEO might still be published early next year, the EIA said. The agency for now is focusing on trying to "preserve as much institutional knowledge as possible" with an "all hands-on deck" effort under which remaining staff will document models and procedures on long-term modeling, LaRose wrote in the email. Trump and his administration have worked to cut the size of the government's workforce through voluntary buyouts and a process known as a reduction in force. The EIA has yet to say how many personnel it has lost, but about a third of the agency's 350 staffers have accepted voluntary buyouts, according to a person familiar with the situation. The White House last week proposed an 18pc budget cut for the non-nuclear portions of the Department of Energy, but has yet to say if it is seeking to cut spending at the EIA. Last month, the EIA released its premier report, the Annual Energy Outlook , but omitted its traditional in-depth analysis. A technical issue on 1 May delayed the release of a key natural gas storage report by more than three hours, the EIA said. By Chris Knight Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

News

Mexico's manufacturing contraction deepens in April


05/05/25
News
05/05/25

Mexico's manufacturing contraction deepens in April

Mexico City, 5 May (Argus) — Activity in Mexico's manufacturing sector shrank for a 13th straight month in April, with declines accelerating in production and new orders, according to a survey of purchasing managers. The manufacturing purchasing managers' index (PMI) fell to 45.5 in April from 46.9 in March, finance executives' association IMEF said, moving further below the 50-point threshold that separates growth from contraction. US tariffs imposed since March are adding pressure to Mexico's manufacturing sector, which makes up about a fifth of the national economy. The auto industry, responsible for roughly 18pc of manufacturing GDP, may be the hardest hit by the new measures, including a 25pc tariff on auto parts that took effect 3 May. Mexico remains the top exporter of vehicles to the US, supplying 23pc of all US auto imports in 2024. But IMEF said tariffs compound broader, mostly domestic headwinds, including reduced public spending and investor uncertainty stemming from sweeping legal and regulatory reforms. New investment has stalled since late 2024. The PMI index for new orders fell by 2.5 points to 41.8, the lowest since June 2020. Production dropped by 2.5 points to 43.6, while employment fell by 0.6 point to 46.4. New orders and production have now been in contraction for 14 straight months, and employment for 15. Inventories saw the steepest drop in April, falling 4 points to 46.3 — sliding from expansion to contraction — as manufacturers accelerated shipments after tariff implementation dates were confirmed. IMEF's non-manufacturing PMI — which covers services and commerce — remained in contraction for a fifth consecutive month but edged up by 0.5 points to 49.0 in April. Within that index, new orders rose by 0.6 points to 48.1, employment increased 1.3 points to 48.6 and production held steady at 47.5. By James Young Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

News

Alcmene withdraws ExxonMobil Miro shares offer


05/05/25
News
05/05/25

Alcmene withdraws ExxonMobil Miro shares offer

Hamburg, 5 May (Argus) — Austrian company Alcmene has withdrawn from its plans to buy ExxonMobil's share in German refining joint venture Miro. Alcmene told ExxonMobil of the withdrawal on 29 April, putting an end to a drawn-out sales process. ExxonMobil agreed in October 2023 to sell its 25pc stake in Miro, which operates the 310,000 b/d Karlsruhe refinery in Germany. The sale was initially put on hold by a court order following a petition by fellow shareholder Shell in April 2024. The court in Karlsruhe dismissed ExxonMobil's appeal in the final instance in July, prohibiting the company from selling its stakes without prior agreement by Shell. Shell holds 32.25pc in the venture, Russian state-controlled Rosneft has 24pc and US firm Phillips 66 has 18.75pc. Rosneft's German business has been under state trusteeship since September 2022. Rosneft plans to sell all of its German assets. By Natalie Müller and Fenella Rhodes Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Generic Hero Banner

Business intelligence reports

Get concise, trustworthy and unbiased analysis of the latest trends and developments in oil and energy markets. These reports are specially created for decision makers who don’t have time to track markets day-by-day, minute-by-minute.

Learn more