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Kuwait's Mina al-Ahmadi refinery hit again by drones
Kuwait's Mina al-Ahmadi refinery hit again by drones
Dubai, 3 April (Argus) — Kuwait's 346,000 b/d Mina al Ahmadi refinery came under another drone attack early on Friday, causing fires in several operational units, state-owned Kuwait Petroleum (KPC) said. It was the third strike on the refinery in just over two weeks. KPC did not specify the extent of the damage or whether refinery operations were affected, but said it was working to maintain operational continuity. No injuries were reported. The refinery was previously hit in the early hours of 19 March, and again early on 20 March, which saw KPC shut a number of affected units as a precaution . Another Kuwaiti refinery, the 454,000 b/d Mina Abdullah plant, was also struck early on 19 March, adding to concerns over the vulnerability of the country's refining system. Kuwait has a third refinery, the 615,000 b/d al-Zour facility, further south, close to the Neutral Zone which Kuwait shares with Saudi Arabia. This latest attack follows weeks of repeated Iranian missile and drone attacks in Kuwait, and elsewhere in the Mideast Gulf region, in response to US and Israeli strikes on Iran. Kuwait's authorities have reported damage to airport and port infrastructure in recent weeks. Its air defenses have intercepted more than 500 drones and 300 ballistic missiles since the US-Israel war with Iran began on 28 February. US president Donald Trump said on Wednesday that military strikes on Iran would continue, dashing hopes for an imminent end to the conflict. By Rithika Krishna Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
First non-Iranian VLCC exiting the strait of Hormuz
First non-Iranian VLCC exiting the strait of Hormuz
London, 2 April (Argus) — A very large crude carrier (VLCC) carrying non-Iranian crude appears to have left the Mideast Gulf, the first since the start of the US-Iran war on 28 February, with a second close behind. The Dhalkut , operated by Trafigura according to the vessel's Q88 documentation, largely cleared the strait and was heading eastward as of 2 April. The Habrut , operated by Sinokor according to Q88 data, was on a similar path during the same timeframe. These could be the first two non-Iranian VLCCs to exit the Mideast Gulf since the war began over a month ago, a potential sign of Iran relaxing restrictions on ship movements. Both tankers are signalling Ras Markaz in Oman as their destination, which is a common method being used by ships in the Mideast Gulf to identify the nationality of the vessel and reduce the likelihood of attack by Iranian forces — but it is unlikely to be the vessels' final destination. The Dhalkat loaded Arab Heavy and Arab Medium crude on 26 February from Juaymah while the Habrut loaded Murban crude on 17 March from Jebel Dhanna, Kpler data show, and both have remained inside the Mideast Gulf since. When the Dhalkat first loaded before the war broke out, it appeared to indicate Myanmar as a destination, vessel tracking data show, and it may proceed there after exiting the strait. At least 14 VLCCs have left the strait of Hormuz since the start of March, according to Kpler data, all loaded from Kharg Island or the FPSO Soroosh , both controlled by Iran. Recently, traffic through the strait has been steady, Another seven vessels crossed on Wednesday, the same as on Tuesday. Three vessels exited the Mideast Gulf, and four vessels entered, transiting westbound through the channel, according to vessel tracking data from MarineTraffic. More notably, two ultra-large container carriers linked to China's Cosco — the CSCL Indian Ocean and CSCL Arctic Ocean — which abandoned attempts to transit on 27 March, transited the strait earlier in the week. Iran's Revolutionary Guard Corps said that day that its navy had turned back three container ships attempting to pass through the strait. By Rhys van Dinther Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Saudi maxes Yanbu flows, taps storage in March
Saudi maxes Yanbu flows, taps storage in March
Doha, 2 April (Argus) — Saudi Arabia's crude exports averaged 5.3mn b/d in March and refined products exports stood at around 800,000 b/d, sources told Argus , after Riyadh successfully rerouted flows to its west coast following the closure of the strait of Hormuz. Crude exports averaged 3.3mn b/d from the Red Sea port of Yanbu and 1.1mn b/d from the kingdom's main Ras Tanura hub, according to trade analytics firm Kpler, bringing the total to 4.4mn b/d. But Saudi Arabia also tapped into its "international storage in Japan, South Korea and the Netherlands for a few days, until rerouted cargoes began arriving at Yanbu," the sources said. Despite the shift, the March figure is well off from pre-war flows in February, when total Saudi crude exports were 7.2mn b/d and refined product exports 1.6mn b/d. The US-Israel war with Iran, which began on 28 February, has effectively halted flows through Hormuz after Tehran began threatening and targeting tankers in and around the strait. This has forced Saudi Arabia and other regional producers to shut in significant volumes of oil and gas output. The kingdom's 7mn b/d East-West pipeline has emerged as a critical strategic asset for both Saudi Arabia and global energy markets. Its ability to rapidly deploy spare infrastructure and reroute exports has reinforced its position as the world's primary supplier of last resort. State-controlled Saudi Aramco began offering Asia-Pacific buyers the option of loading crude from Yanbu during the first week of the war, accelerating the shift towards Red Sea export routes. The East-West pipeline — now Saudi Arabia's primary export outlet — reached full capacity around 25 March , enabling crude exports via Yanbu to climb to around 5mn b/d. The pipeline also supplies roughly 2mn b/d to domestic Red Sea facilities, including 1.5mn–1.6mn b/d to refineries near Yanbu and 400,000–500,000 b/d to the Jizan refinery, as well as power and desalination plants along the coast. Despite the pipeline operating at full capacity, flows remain insufficient to fully offset the loss of Hormuz transit, which previously handled around 15mn b/d of crude. Markets are closely watching the kingdom's ability to sustain flows, particularly after Yemen's Iran-backed Houthi militants launched missiles at Israel on 28 March — marking their first direct involvement since the conflict began. The move raises the risk of further escalation in the Red Sea and around the Bab el-Mandeb, a critical chokepoint for global oil flows. The 1,200km pipeline, linking Saudi Arabia's eastern oil fields to the Red Sea, was developed during the 1980s Iran-Iraq "Tanker War" as part of contingency planning for a potential Hormuz closure. Saudi Arabia has also cut production by around 2.5mn b/d , shutting in several offshore fields — including Safaniya, Marjan, Zuluf and Abu Safa — in response to Iranian missile and drone threats targeting Gulf energy infrastructure. By Bachar Halabi Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
US trade deficit widens in February
US trade deficit widens in February
Houston, 2 April (Argus) — The US trade deficit widened by 4.9pc in February as imports, including capital goods linked to the buildout of artificial intelligence (AI), grew faster than exports. The US trade deficit in goods and services rose to a seasonally adjusted $57.3bn in February from $54.7bn in January, the Bureau of Economic Analysis (BEA) reported Thursday. The deficit in goods rose to $84.6bn in February from $82.1bn in January, while the services surplus fell by $0.2bn to $27.3bn. Total US exports in February rose by 4.2pc to $314.8bn while imports rose by 4.3pc to $372.1bn. Exports of goods rose by $11.5bn to $206.9bn in February, led by shipments of non-monetary gold and industrial supplies including natural gas. Imports of goods rose by $14bn to $291.5bn in February, with capital goods imports up by $7.8bn and crude oil imports up by $1.1bn. "February's jump in imports was relatively broad-based, although imports of computer equipment and semiconductors leapt again, due to the ongoing surge in AI-related capex," Pantheon Macroeconomics said in a note. Exports of services increased by $1.2bn to $106.7bn, and services imports rose by $23bn to $79.3bn. Yearly trade gap shrinkage Still, the deficit in February shrank by more than half from $120bn a year earlier. But that could change with the Mideast Gulf war and the US high court's striking down President Donald Trump's tariffs. "The shake-up in tariff policy following the Supreme Court decision in late February, and disruptions to global supply chains due to the US-Iran war, could trigger more turbulence in the trade data," Oxford Economics' US economist Grace Zwemmer said in a note. The dollar index has climbed from 99.3 on 27 February, the day before the US-Israel war on Iran began, to 99.9 on Thursday, although it is down from 103.7 in early April last year. A stronger dollar makes US imports cheaper, while making exports less competitive. The US trade deficit edged higher to $911bn last year from $904bn in 2024, with the goods deficit rising to $1.24 trillion in 2025 from $1.215 trillion the prior year. Petroleum trade slows US exports of crude and petroleum products, including natural gas liquids, fuel oil and others on an end-use basis, totaled $20.6bn in February, little changed on the month, with imports at $16.8bn in February, up from 15.5bn in January, the report said. Exports of crude averaged 4.3mn b/d in February, up from 3.9mn b/d in January, with imports at 6.35mn b/d in February from 6.1mn b/d in January. Partners The US had a $16.5bn seasonally adjusted deficit with Vietnam in February, a $16.8bn shortfall with Mexico and a $13.1bn deficit with China. The US ran a $5.1bn deficit with the EU and a $7.6bn deficit with South Korea, a $4.7bn deficit with Japan and a $3.2bn shortfall with Germany. The US deficit with Canada narrowed to $741mn in February from January. The US had a $5.6bn surplus with the UK, a $6.8bn surplus with the Netherlands and a $3.8bn surplus with central and south America that included a $1.5bn surplus with Brazil in February. By Bob Willis Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
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