North Sea Ninian South platform shut following fire

Spanish Market: Crude oil
24/06/16

The Ninian South oil platform in the North Sea, which feeds crude into the Brent blend, has been shut down following a fire.

The fire, which happened on 22 June, was swiftly extinguished, Canada-based platform operator CNR International said today. There are no plans to remove staff from the platform, but production remains halted while a full investigation is conducted and no timeline for restart was given.

Crude production at Ninian averaged 11,000 b/d in the first two months of the year, according to latest UK government data. Loadings of Brent crude averaged 120,000 b/d over the same period.

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09/05/25

Iraq edging towards compliance under Opec+ pressure

Dubai, 9 May (Argus) — Iraq managed to produce just below its formal Opec+ crude production target in April for the second month in a row, following intense pressure from other members of the group to improve on its historically poor compliance record. But the country still has much to do to compensate for past overproduction. Over the last 16 months, Iraq has been among the Opec+ group's most prolific quota-busters, alongside Kazakhstan and, to a lesser degree, Russia. Argus estimates the country's output averaged over 130,000 b/d above its 4mn b/d target last year. This non-compliance has strained unity within Opec+ and was the driving force behind the group's recent decision to unwind production cuts at a much faster pace than originally planned. Iraq has made some progress on improving compliance this year, reducing production by around 190,000 b/d in the first four months of 2025 compared with the same period last year, according to Argus assessments. Output stood at 3.94mn b/d in April, which was more than 70,000 b/d below Baghdad's formal 4.01mn b/d quota for the month. And in March, Iraq was 20,000 b/d below its then 4mn b/d quota. But this is far from mission accomplished. Along with other overproducers, Iraq has agreed a plan to compensate for exceeding formal quotas since the start of 2024, yet it has fallen short of its commitments in that regard. April's output was almost 50,000 b/d above its 3.89mn b/d effective quota for the month, taking into account the compensation plan. Iraq attributes its compliance issues to ongoing disagreements with the semi-autonomous Kurdish region over crude production levels. The oil ministry claims it lost oversight of the Kurdish region's production since the Iraq-Turkey Pipeline (ITP) was closed in March 2023. Despite the pipeline closure shutting Kurdish producers out of international export markets, Argus assesses current output in the Kurdistan region ranges between 250,000 b/d and 300,000 b/d, of which considerable volumes are smuggled into Iran and Turkey at hefty discounts to market prices. An understanding between Baghdad and the Kurdistan Regional Government (KRG), when implemented, would see Kurdish production average 300,000 b/d, with 185,000 b/d shipped through the ITP and the rest directed to local refineries. Peer pressure Despite the challenges, it is hard to argue that Iraq is not heading in the right direction. Pressure from the Opec Secretariat and the Opec+ alliance's de-facto leader, Saudi Arabia, has pushed Baghdad to take some tough decisions to rein in production, which include cutting crude exports and limiting crude intake at domestic refineries. Kpler data show Iraqi crude exports, excluding the Kurdish region, fell to 3.34mn b/d in January-April from 3.42mn b/d a year earlier, while cuts to domestic refinery runs have prompted Baghdad to increase gasoil imports to ensure it has enough fuel for power generation. Fearing revenue constraints, Iraq is trying to persuade Opec+ to increase its output quota, motivated by a previous upward revision to the UAE's target. Baghdad's budget for 2022-25 includes plans to spend $153bn/yr. But this is based on a crude price assumption of $70/bl and projected oil exports of 3.5mn b/d, both of which now look out of date. By Bachar Halabi and James Keates Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

White House ends use of carbon cost

09/05/25

White House ends use of carbon cost

Washington, 9 May (Argus) — The US is ending its use of a metric for estimating the economic damages from greenhouse gas (GHG) emissions, the latest reversal of climate change policies supported by President Donald Trump's predecessors. The White House Office of Management and Budget (OMB) this week directed federal agencies to stop using the social cost of carbon as part of any regulatory or decision-making practices, except in cases where it is required by law, citing the need "remove any barriers put in place by previous administrations" that restrict the ability of the US to get the most benefit "from our abundant natural resources". "Under this guidance, the circumstances where agencies will need to engage in monetized greenhouse gas emission analysis will be few to none," OMB said in a 5 May memo to federal agencies. In cases where such an analysis is required by law, agencies should limit their work "to the minimum consideration required" and address only the domestic effects, unless required by law. OMB said these steps are needed to ensure sound regulatory decisions and avoid misleading the public because the uncertainties of such analyses "are too great". The budget office issued the guidance in response to an executive order Trump issued on his first day in office, which also disbanded an interagency working group on the social cost of carbon and called for faster permitting for domestic oil and gas production and the termination of various orders issued by former president Joe Biden related to combating climate change. The metric, first established by the administration of former US president Barack Obama, has been subject to a tug of war between Democrats and Republicans. Trump, in his first term, slashed the value of the social cost of carbon, a move Biden later reversed . Biden then directed agencies to fold the metric into their procurement processes and environmental reviews. The US began relying on the cost estimate in 2010, offering a way to estimate the full costs and benefits of climate-related regulations. The Biden administration estimated the global cost of emitting CO2 at $120-$340/metric tonne and included it in rules related to cars, trucks, residential appliances, ozone standards, methane emission rules, refineries and federal oil and gas leases. By Michael Ball Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Permian output could plateau sooner: Occidental CEO

08/05/25

Permian output could plateau sooner: Occidental CEO

New York, 8 May (Argus) — Oil production from the Permian basin could plateau sooner than expected if operators keep talking about reducing activity levels in the wake of lower oil prices, warned the chief executive of Occidental Petroleum. Vicki Hollub said she previously expected to see Permian output growing through 2027, with overall US production growth peaking by the end of the decade. "It's looking like with the current headwinds, or at least volatility and uncertainty around pricing and the economy, and recessions and all of that, it's looking like that peak could come sooner," Hollub told analysts today after posting first quarter results. "So I'm thinking right now the Permian, if it grows at all through the rest of the year, it's going to be very little." Occidental is reducing the midpoint of its annual capital spending guidance for 2025 by $200mn on the back of further efficiency gains. The US independent also plans to trim domestic operating costs by $150mn. "We continue to rapidly advance towards our debt reduction goals, and we believe our deep, diverse portfolio of high-quality assets positions us for success in any market environment," Hollub said. Occidental closed asset sales of $1.3bn in the first quarter and has repaid $2.3bn in debt so far in 2025. Occidental produced 1.4mn b/d of oil equivalent (boe/d) in the first quarter compared with nearly 1.2mn boe/d in the same period of last year. By Stephen Cunningham Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Trump to grant partial tariff relief to UK

08/05/25

Trump to grant partial tariff relief to UK

Washington, 8 May (Argus) — The US will carve out import quotas for UK-produced cars and, eventually, reduce tariffs on UK steel and aluminum, under a preliminary deal US president Donald Trump and UK prime minister Keir Starmer announced today. The Trump administration will allow UK car manufacturers to export 100,000 cars to the US at a 10pc tariff rate, instead of the 25pc tariff to which all foreign auto imports are subject. The US and the UK will negotiate a "trading union" on steel and aluminum that will harmonize supply chains, US commerce secretary Howard Lutnick said. The US commended the UK government on taking control of Chinese-owned steelmaker British Steel last month. As a result of that action, under yet to be negotiated arrangements, the US would reconsider the UK's inclusion in its 25pc tariffs on steel and aluminum, the White House said. Starmer, speaking after the ceremony, told reporters that US tariffs on the UK-sourced steel and aluminum would, in fact, fall to zero. Trump announced the deal during a ceremony at the White House, with Starmer phoning in. The two leaders suggested that their preliminary deal was as significant as the end of World War II in Europe, 80 years ago. But that deal, which Trump described as "full and comprehensive" hours before its announcement is anything but that. Under the "US-UK Agreement in Principle to negotiate an Economic Prosperity Deal", the US will maintain the 10pc baseline tariff on nearly all imports from the UK that went into effect on 5 April, Trump said. The UK, Trump said, would lower the effective rate on US imports to 1.8pc from 5.1pc. The actual details of the agreement are yet to be negotiated. "The final deal is being written up" in the coming weeks, Trump said, adding that it was "very conclusive". Boeing, beef and biofuel The UK would commit to buying $10bn worth of Boeing airplanes, Trump said. He described the UK market as "closed" to US beef, ethanol and many other products, and said that the UK agreed to open its agricultural markets as a result of his deal. US ethanol exports to the UK, in fact, rose by 23pc year-on-year in March. Under the deal, the UK would expand market access to US ethanol, creating $500mn more in US exports, the White House said. The UK will reduce to zero the tariff on US-sourced ethanol, the UK Department of Business said, adding that "it is used to produce beer". Trump previewed the preliminary deal with the UK as the first of the many trade agreements the US administration is negotiating with many other countries. Trump contended today that there are trade talks underway with the EU and expressed confidence that the US-China trade discussions expected over the weekend would produce results. But Trump added that he will not lower the high tariffs on imports from nearly every US trade partner he imposed last month and described the UK's 10pc tariff rate as a favor to that country. By Haik Gugarats Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Sonatrach Augusta refinery restart extends into May

08/05/25

Sonatrach Augusta refinery restart extends into May

Barcelona, 8 May (Argus) — Crude deliveries to Algerian state-owned Sonatrach's 198,000 b/d Augusta refinery in Italy were higher in April, but it appears a full restart from planned works will take longer than initially expected. Crude deliveries last month were around 70,000 b/d, up from 20,000 b/d in March. Receipts averaged 95,000 b/d in January-April, down from 160,000 b/d overall in 2024. The refinery has been under a planned five-year maintenance shutdown since the end of January, the first turnaround since shortly after Sonatrach bought the plant from ExxonMobil in 2019. Sonatrach initially said the facility would be back online by 30 April, with units restarting in two phases. But the company in an updated note to local authorities said an atmospheric distillation unit, propane deasphalter, hydro-desulphuriser, propane splitter and other secondary units would potentially flare on restart up to 31 May. One of these segments is the butamer unit, which caught fire in April . It is unclear if the fire added to the length of the overall stoppage. Sonatrach has not replied to queries on the matter. It was anticipated the turnaround would be a little quicker than in 2019 (see chart), but the two periods of maintenance now appear to be roughly similar. Crude delivery last month included over 45,000 b/d of Saudi Arab Light, 15,000 b/d of Kazakh Kebco and over 5,000 b/d of Algerian Saharan Blend. Argus assessed these at a weighted average gravity of 33.7°API and 1.5pc sulphur content, compared with 36.5°API and 0.9pc sulphur in February, before receipts all but stopped for the works. Receipts averaged 34.7°API and 1.2pc sulphur in January-April, compared with 35.2°API and 0.9pc sulphur overall in 2024. The pace of delivery in May is slow. Around 750,000 bl of Arab Light has discharged but no tankers are signalling arrival. By Adam Porter Augusta crude receipts mn bl Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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