UK bitumen consumption falls 20pc on year

Spanish Market: Oil products
16/01/25

UK bitumen demand dropped by almost 20pc in the third quarter of 2024, and in January-September fell by more than 10pc compared with the previous year, continuing a weak trend since 2021, data from the UK government's department for energy security and net zero (DESNZ) show.

The UK consumed 351,000t of bitumen in the third quarter, a drop of 19.5pc from the same period in 2023. Consumption in January-September fell by 10.4pc from the same period of 2023 to 1.18mn t.

This follows a downward trend in consumption since 2021 in the UK market. Between 2021 and 2023, UK domestic consumption fell by 16.4pc, while production dropped by 41.5pc.

Bitumen production rose in the third quarter though, by 6.7pc on the year to 131,000t. Production for 2024 up until October rose by 27.3pc on the year to 425,000t.

The market slowdown is part of an overall downward trend across UK petroleum products. Between 2018 and 2023, total UK petroleum product deliveries for domestic consumption have fallen by 11.6pc, while total UK petroleum product output fell by 13.9pc.

The UK has just one remaining bitumen-producing refinery, at Eastham, after the Lindsey refinery in northeast England ceased bitumen production in 2023. UK production has been on a downward trend for longer though, dropping since 2006, with the country becoming more reliant on bitumen imports.

UK road and construction firm Tarmac said in December that it would start receiving bitumen cargoes at the 20,000t Dagenham bitumen terminal in southeast England in late January. The terminal is operated by trading firm Trafigura's Puma Energy.

Market participants expect highway spending and bitumen demand to stay slow as the UK government faces public finances pressure.

By Tim van Gardingen

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.

16/01/25

BP to axe 4,700 staff, cutting 5pc of global workforce

London, 16 January (Argus) — BP confirmed today that its current cost-cutting programmes are expected to lead to a headcount reduction of around 4,700 roles at the company itself — about 5pc of its global workforce — along with a reduction of some 3,000 contractor roles. The job cuts were outlined in an internal email to employees from chief executive Murray Auchincloss in which he explained that since June last year BP has stopped or paused 30 projects as part of a multi-year plan "to simplify and focus" the company. It is also taking other measures, such as increased digitalisation, to drive efficiency into its organisation, he said. The email detailed the number of staff positions that would be affected and noted that 2,600 of the 3,000 contractors who are leaving BP had already done so. BP launched a cash cost reduction programme last spring aimed at shaving at least $2bn off the company's yearly outgoings by the end of 2026. Around a quater of those cost savings are set to be implemented this year. BP's overall employee numbers have grown to around 90,000, with headcount rising significantly over the past couple of years through acquisitions, including its purchase of service station network TravelCenters of America which brought 20,000 employees with it. The company issued a trading update on 14 January that flagged it would report a weaker fourth quarter when it releases its financial results on 11 February. BP is also scheduled to hold a strategy day in London on 26 February. By Jon Mainwaring Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Модернизация Ферганского НПЗ завершится в 2026 г.

16/01/25

Модернизация Ферганского НПЗ завершится в 2026 г.

Riga, 16 January (Argus) — Работы по модернизации Ферганского НПЗ планируется завершить к 2026 г., сообщил отраслевой источник. Мощность завода после завершения проекта, который реализует компания Saneg, владеющая предприятием с 2022 г., вырастет в два раза, до 2 млн т/год. Ожидается, что в результате модернизации стоимостью около $400 млн завод начнет производство моторного топлива пятого класса, авиакеросина Jet A-1/ТС-1 и базовых масел группы II+/III. Глубина переработки превысит 92%, а выход светлых продуктов превысит 75%. Для производства высококачественных нефтепродуктов в настоящее время строятся пять технологических установок, реконструируются существующие. За счет оптимизации 116 из 325 существующих на заводе резервуаров, установки понтонного оборудования на 41 емкости, а также строительства 36 новых резервуаров планируется резко сократить потери при хранении нефтепродуктов, по данным НПЗ. После модернизации Ферганский завод сможет производить 260 тыс. т высокооктанового бензина, 538 тыс. т дизтоплива и 450 тыс. т авиакеросина. ________________ Больше ценовой информации и аналитических материалов о рынках нефти и нефтепродуктов стран Каспийского региона и Центральной Азии — в еженедельном отчете Argus Рынок Каспия . Вы можете присылать комментарии по адресу или запросить дополнительную информацию feedback@argusmedia.com Copyright © 2025. Группа Argus Media . Все права защищены.

Singapore’s bunker demand hits record high in 2024

16/01/25

Singapore’s bunker demand hits record high in 2024

Singapore, 16 January (Argus) — Bunker demand at the port of Singapore hit a record high of 54.9mn t in 2024, with Singapore remaining the biggest bunkering hub in the world. Bunker demand jumped by 6pc on the year at the island nation, with total and conventional bunker sales reaching an all-time high, according to the Maritime and Port Authority of Singapore (MPA). "Singapore continues to be the world's largest container transshipment hub," said transport minister Murali Pillai at the Singapore Maritime Foundation (SMF) New Year Conversations this week. Total container throughput also hit a record high of 41.12mn twenty-foot equivalent unit (TEU) in 2024, surpassing 40mn TEUs for the first time, Pillai added. This was up from 39m TEUs in 2023. The number of tanker arrivals for the year reached 25,802, up from 24,763 in 2023. Singapore's bunkering of alternative marine fuels also breached the 1mn t mark in 2024, with 882,830t of bio-fuel blends and 463,948t of LNG bunkered at the port. Bunkering of bio-blends, using very-low sulphur fuel oil (VLSFO) and used cooking oil methyl ester (Ucome), jumped by 51pc from 518,000t in 2023 to 779,900t in 2024. Demand for high-sulphur fuel oil (HSFO)-based B24 rose to 89,300t in 2024, from only 5,600t bunkered in 2023, as blending HSFO with Ucome picked up. This was supported by more scrubber installations by ship owners and the push to meet green savings targets set by the International Maritime Organization's (IMO) Carbon Intensity Index (CII) and EU-led FuelEU Maritime. Among other alternative marine fuels, LNG bunkering more than quadrupled to 463,900t in 2024 versus 110,900t. Interest to bunker LNG has surged among ship owners in this region since 2024, in an effort to again meet the compliance requirements set by IMO and EU. Methanol for bunkering demand remained modest with sales registered only for one month last year, 1,626t in May. Singapore VLSFO demand declined by 3.7pc from 2023 to 29.6mn t in 2024. Its HSFO demand grew for the fifth year in a row to 20.2mn t in 2024, and was up by 21pc from 2023. Singapore's marine distillates sales rose by 2pc from 2023 to 3.8mn t in 2024, but fell from its 2020 peak of 4.7mn t. Ranking MPA also published a list of its five top biofuel bunker and top 10 conventional bunker suppliers in 2024, which showed some reshuffling. South Korean refiner SK Energy joined Singapore's top five biofuel suppliers in 2024, but it was not on MPA's list of 14 registered biofuel bunker suppliers in 2023. BP had ranked third in 2023, but fell out of the top five in 2024. Chevron, Maersk, Minerva and Vitol were Singapore's other top five biofuel bunker suppliers. Glencore entered the top 10 ranking of conventional marine fuel suppliers in 2024, after it ranked 11th in 2023. Shell ranked ninth in 2023, but dropped out of the top 10 in 2024. The companies which remained in the top 10 were BP, Chevron, Eng Hua, Equatorial, Global Energy, Petrochina International, Sinopec Fuel Oil, TFG Marine and Vitol. Among these, Equatorial, TFG Marine and Chinese suppliers, Petrochina International and Sinopec Fuel Oil, made up the top ranks by volumes in 2023. There were a total of 41 conventional bunker suppliers in Singapore in 2023. By Mahua Chakravarty and Stefka Wechsler Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Trump energy nominee vows to expand US LNG

15/01/25

Trump energy nominee vows to expand US LNG

Washington, 15 January (Argus) — President-elect Donald Trump's nominee to lead the US Department of Energy (DOE), oil executive Chris Wright, said today he supports expanded LNG production and an "evolution" in energy systems to address climate change. Wright, the chief executive of oil services company Liberty Energy, told lawmakers he would focus on trying to "unleash American energy at home and abroad" and to restore "energy dominance" if confirmed to the position.Wright also said that DOE should support innovation and technology, and revisit federal policies that make it "too easy to stop projects" and very hard to begin them. "Previous administrations have viewed energy as a liability instead of the immense national asset that it is," Wright said at a confirmation hearing with the Senate Energy and Natural Resources Committee. "To compete globally, we must expand energy production, including commercial nuclear and liquified natural gas, and cut the cost of energy for Americans." Trump, after being sworn in on 20 January, is expected to quickly order DOE to lift a pause on licensing of new LNG export facilities that President Joe Biden imposed nearly a year ago. DOE is also responsible for managing the US Strategic Petroleum Reserve, which currently holds 394mn bl of crude, and oversees a vast portfolio of loans and grants for clean energy projects, including an $8bn program intended to support the development of new hubs for clean hydrogen. Wright did not offer in-depth comments on the timeline for issuing licenses to proposed LNG export terminals, which Trump has pledged to approve on his "very first day back." But Wright committed he would consider how licensing more LNG export capacity could affect US natural gas prices, which could increase by 31pc by 2050 if LNG exports are "unconstrained", a study from President Joe Biden's administration found . Democratic lawmakers at the hearing raised concerns about Wright's past comments that downplayed the risks of climate change. US senator Alex Padilla (D-California), whose state is dealing with tens of billions of dollars in damage from ongoing wildfires, cited a LinkedIn post in 2023 in which Wright said alarm about wildfires raging in Canada at the time were simply "hype to justify impoverishment from bad government policies." Wright, who wrote in a separate LinkedIn post that there is no "climate crisis" , said he stood by his 2023 comments on the wildfires. Wright said climate change is a "real and global phenomenon", and that DOE has a role to play by supporting progress in technologies such as nuclear, solar, geothermal and battery storage. "It is a real issue," Write said. "It's a challenging issue, and the solution to climate change is to evolve our energy system." Wright is widely expected to win confirmation in the Senate, where Republicans will have a 53-47 majority once Ohio governor Mike DeWine (R) fills the seat recently vacated by US vice president-elect JD Vance. Trump has said Wright will also serve on his newly created Council of National Energy, which will oversee policies across the federal government related to energy. By Chris Knight Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

IEA nudges global refinery runs forecast higher

15/01/25

IEA nudges global refinery runs forecast higher

London, 15 January (Argus) — The IEA has made a marginal increase to its forecast for global refinery runs this year, driven by the "recent resilient performance" of US and European refineries. The Paris-based energy watchdog now expects global crude throughput of 83.4mn b/d in 2025, whereas its previous projection was 83.3mn b/d. At the same time, it has trimmed its estimate for 2024 runs by 20,000 b/d to 82.7mn b/d on the back of downgrades in Asian throughput. The slight upgrade to the 2025 forecast assumes that US and European refineries extend their recent resilience through the first quarter. But "even as we turn more positive on the short-term outlook, it is important to acknowledge that European refineries remain under pressure from shifting trade patterns, rising carbon costs, higher energy outlays and looming capacity closures", the IEA said today in its latest Oil Market Report (OMR). OECD throughput is forecast to fall by 370,000 b/d to 35.7mn b/d this year "as capacity closures in the United States and Europe drag on activity levels", the agency said. But it marks an upwards revision from last month's projection for the OECD of 35.6mn b/d in 2025. The IEA sees non-OECD refinery runs rising by 1mn b/d to 47.6mn b/d this year. This is a downwards adjustment of 80,000 b/d from the last OMR, but the IEA also trimmed its estimate for 2024 non-OECD throughput by the same amount — so the growth rate is unchanged. The 2025 forecasts for India, China, Pakistan, the Philippines and Singapore have all been cut compared with last month's OMR. The IEA now expects Chinese runs to rise by 240,000 b/d to 14.8mn b/d this year. Last month's forecast had Chinese throughput increasing to 14.9mn b/d. "2025 could prove to be another challenging year for Chinese independent refineries, despite increased crude import quotas, as higher import duties squeeze profitability and recent US sanctions impact access to Russian and Iranian barrels," the agency said. The IEA has raised its 2025 forecast for Nigerian throughput by 60,000 b/d to 460,000 b/d, citing the restart of state-owned NNPC's Warri and Port Harcourt refineries and the start-up of Dangote's 150,000 b/d residue fluid catalytic cracking unit. But it noted that challenges remain in terms of crude supply. By Josh Michalowski Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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