原油
概要
アーガスの原油価格は、1970年の開始以来、世界の原油市場において確固たる地位を築いてきました。私たちは、市場に最も適した透明性のある手法を用いて取引状況を報告しています。
私たちの価格は、商業契約、公的な販売価格、社内移転価格、税制計算、さらには政府や上流、中流、下流の石油産業のあらゆる分野で使用される経済モデルに採用されています。
現在、米国産原油は世界中で需要が高まり、米国湾岸ではパイプラインと海上輸送市場が交わる地点が、世界の原油価格形成の中心となっています。アーガスが評価するArgus WTI MidlandやArgus WTI Houstonは、20年以上にわたり米国産原油の現物基準価格として、デリバティブ市場の決済指数としても使用されています。
アーガスは、豊富で信頼性の高い深い情報を提供することにより、世界の原油市場に貢献しています。
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Japan must lower dependence on Middle East crude: PAJ
Japan must lower dependence on Middle East crude: PAJ
Tokyo, 21 May (Argus) — Japan must explore ways to reduce its dependence on the Middle East for crude oil, a lesson it has learnt from the current crude oil supply crisis, president of the Petroleum Association of Japan (PAJ) said on 20 May. More than 90pc of Japan's crude imports originate from the Middle East. Supplies from the Middle East, such as Saudi Arabia and the UAE, have continued to reach Japan via routes outside of the strait of Hormuz, despite the disruptions. But the country must explore ways towards lowering that dependence and consider how much to lower that reliance, Shunichi Kito, president of the PAJ and chairperson of Japanese refiner Idemitsu said. Japanese refiners have been expanding supply sources of crude given the disruptions to supplies transiting through the strait, with the US becoming one of Japan's main sources of crude. Sourcing crude from Latin America including Mexico, Ecuador and Venezuela is a possibility, Kito said, pointing to Alaskan crude and sanctions-exempt Russian crude as well. Japan would work to diversify its supply sources by procuring crude oil from these regions, he added. But Japan's refineries are configured to process Middle Eastern crude. Refiners are currently trying to minimise the impact from the diversification of sources by analysing the properties of all alternative crude sources and blending them accordingly. "Revising and changing the supply structure to some extent will contribute to ensuring stable energy supply. Over the medium- to long- term, modifications to facilities may also be necessary," Kito said. "If a situation arises where capital investment is required to implement alternative measures for stable energy supply, we will also need to respond accordingly." Middle Eastern crude made up 94pc of Japan's crude oil imports in 2025, data from Japan's trade and industry ministry Meti show. Japan has secured around 60pc and over 70pc of its crude requirements for May and June, respectively, through alternative procurement, Japanese prime minister Sanae Takaichi said earlier in May. This includes supplies from the Middle East transiting through alternative routes other than the strait. Crude oil from the Middle East and the US will account for most of such alternative supplies in both months. By Kohei Yamamoto Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Adnoc CEO sees long road back from war disruption
Adnoc CEO sees long road back from war disruption
London, 20 May (Argus) — The disruptions to energy supplies caused by the US-Israel war with Iran may not fully resolve until the middle of 2027, even if the conflict ends soon, Abu Dhabi state-owned Adnoc's chief executive Sultan al-Jaber has said. "Even if this conflict ends tomorrow, it will take at least four months to get back to 80pc of pre-conflict flows and full flows will not return before the first or even second quarter of 2027," al-Jaber told an Atlantic Council event. For the UAE's operations, he said damage and costs are still being assessed. "The time it will take to get back to full operational capacity… is case by case," he said. "Some will take several weeks and some will take several months." The UAE has borne the brunt of Iranian attacks in the 2½ months since the US and Israel began the war, with al-Jaber acknowledging today damage to Adnoc infrastructure and facilities. Iran has also effectively closed the strait of Hormuz, leading the UAE to seek alternative routes to market for its energy products. Al-Jaber said a new crude pipeline to the port of Fujairah, outside Hormuz, is "more than 50pc complete". "Energy security is no longer about your ability to continue to produce," al-Jaber said today. "It is about routes, storage and redundancy. Too much of the world's energy still moves through too few chokepoints." He said if Iran manages to retain control of Hormuz, "then freedom of navigation is finished". "If we don't defend this principle today, we will spend the next decade defending against the consequences," he said. Al-Jaber also called for the energy sector to address "underinvestment". "Upstream investment is around $400bn a year, which barely offset natural decline rates; global spare capacity is around 3mn b/d, it should be closer to 5mn b/d," he said. "We have 30-35 days of effective cover [in inventory] we need to at least double that." He reiterated that the UAE's recent decision to quit Opec was driven by a desire for greater flexibility . "We didn't move away from something, we moved towards something," he said. "We're moving toward a world that needs more energy, with demand for oil staying way above 100mn bl into 2040s, the world needs more of what the UAE produces." By Ben Winkley Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Japan's refinery run rates rise in May despite Iran war
Japan's refinery run rates rise in May despite Iran war
Tokyo, 20 May (Argus) — Japan's average refinery run rates in the week to 16 May was higher compared with May levels during the previous five years, because of the country's progress on procurement of alternative crude oils and despite supply disruptions resulting from the outbreak of the US-Iran war. Run rates at Japanese refineries averaged 76pc in the week to 16 May, up by 2.8 percentage points on the week, according to the Petroleum Association of Japan (PAJ). Operational capacity rose to 2.95mn b/d, up by 0.8pc from the previous week, while crude throughput also rose to 2.36mn b/d, up by 3.8pc on the week. The 76pc rate is higher than the monthly average levels ranging at 61.7-75.9pc in May over 2021-25. So far in May, the weekly run rates remain strong compared with the levels in previous years, marking 73.3pc in the week of 3-9 May and 77.3pc in the week of 26 April-2 May. Japan is making progress on purchases of alternative crude oils via routes other than the strait of Hormuz. Refinery operations have remained active even with the effective closure of the strait of Hormuz stemming from the US-Iran war as a result. Japan's oil reserves add to these procurement efforts. Refiners are putting in a lot of effort into securing supplies of alternative crude oils, Shunichi Kito, chairperson of Japanese refiner Idemitsu and also president of the PAJ, said on 20 May. They have managed to ensure stable procurement and maintain refinery operations given their efforts and the ongoing release of national reserves, he added. Japanese refiners have been working to secure crude cargoes after the start of the US-Iran war. The US has become one of the main sources of crude supplies. There is a possibility that supplies could be sourced from central and south America including Mexico, Ecuador and Venezuela, Kito said, adding that there is a Japanese refiner moving to procure crude from Alaska . He also pointed to Japan's sanctions-exempt Russian crude imports . In addition to procurement efforts, the Japanese government has been providing fuel subsidies, aiming to cap the nationwide average retail gasoline price at around ¥170/litre ($1.06/litre). Japan's subsidised retail gasoline prices averaged ¥169.2/litre as of 18 May, down by ¥0.2/litre from a week earlier, according to the trade and industry ministry Meti. Meti has set the gasoline subsidy for the week of 21-27 May at ¥41.80/litre, down from ¥42.60/litre in the previous week. It also provides the same subsidy for gasoil, kerosine and fuel oil, while setting the subsidy for jet fuel at 40pc of that for gasoline. By Kohei Yamamoto Japanese refinery activity 16-May-26 9-May-26 18-Apr-26 17-May-25 ±% w-o-w ±% m-o-m ±% y-o-y Crude throughput (mn b/d) 2.36 2.28 2.13 2.26 3.8 11.1 4.4 Refinery runs (%) 76.01 73.25 68.42 72.82 2.8 7.6 3.2 Operable capacity (mn b/d) 2.95 2.92 2.84 2.74 0.8 3.7 7.5 Name plate capacity (mn b/d) 3.11 3.11 3.11 3.11 0 0 0 Crude stocks (mn bl) 56.55 52.9 55.77 73.41 6.9 1.4 -23 Oil product stocks (mn bl) Gasoline n/a n/a n/a 11.52 n/a n/a n/a Jet fuel n/a n/a n/a 4.72 n/a n/a n/a Kerosine n/a n/a n/a 11.87 n/a n/a n/a Gasoil n/a n/a n/a 11.76 n/a n/a n/a LS marine diesel n/a n/a n/a 2.16 n/a n/a n/a HS marine diesel n/a n/a n/a 2.69 n/a n/a n/a LSFO n/a n/a n/a 3.86 n/a n/a n/a HSFO n/a n/a n/a 7.53 n/a n/a n/a *Naphtha stocks are not available *Month ago and year ago mean four weeks and 52 weeks ago Source: Petroleum Association of Japan Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Iran warns new US-Israeli strikes will broaden war
Iran warns new US-Israeli strikes will broaden war
Dubai, 20 May (Argus) — Iran's Islamic Revolutionary Guard Corps (IRGC) warned on Wednesday that any renewed US or Israeli strikes on the country would lead to a broadening of the war beyond the Mideast Gulf region. "If the aggression against Iran is repeated, the regional war that was promised will extend beyond the region this time, and our crushing blows will land you… in places you cannot imagine," the IRGC said. The threat comes in response to incendiary rhetoric aimed at Iran's leadership, even as diplomacy has been taking place since a ceasefire was agreed in early April. US president Donald Trump said on Monday that "serious negotiations are now taking place" but warned Tehran, again, that "the clock is ticking" and that Iran had "better get moving, FAST, or there won't be anything left of them." Trump also said he was ready to carry out a new attack on Iran on Tuesday, but decided to postpone it after an intervention from the leaders of Qatar, Saudi Arabia and the UAE. Around six weeks of intense US and Israeli bombing targeting key officials, facilities and infrastructure linked to Iran's leadership, military and energy caused significant damage, but largely failed to weaken the regime's grip on power. The strikes also prompted Tehran and the Iranian armed forces to effectively close the strait of Hormuz, which has dramatically disrupted the movement of commercial vessels through the key waterway ꟷ including crude, oil products and LNG tankers. This in turn forced several Mideast Gulf countries that depended heavily on the strait to export oil and LNG to shut-in meaningful amounts of production, putting upward pressure on commodity prices. Front-month Ice Brent futures are hovering above $110/bl, more than 50pc up from before the US and Israel launched their initial salvo on Iran on 28 February. These new threats show Washington and Tel Aviv "have not learned from the major and strategic defeats" of the past few weeks, the IRGC said, warning that Iranian retaliation for any new strikes would be more widespread and more intense. While the US and Israel "attacked us with all their capabilities [in the initial phase of the war]… we did not use all of our capabilities," the IRGC said. Trump said on Tuesday he had put off a "major attack for a little while… hopefully forever," after the Mideast Gulf leaders told him they felt "they are very close to making a deal [with Iran]." "If we can do that where there is no nuclear weapon going into the hands of Iran, and if [the Mideast Gulf countries] are satisfied, we will probably be satisfied also," Trump said. Iranian state broadcaster IRIB said on Wednesday that Pakistan's interior minister had arrived in Tehran for talks with unnamed Iranian officials. Pakistan has been acting as the primary mediator between Iran and the US, and hosted a first round of talks between the sides in Islamabad in April. By Nader Itayim Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
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