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Strike continues at Libyan port as tanker diverts

  • : Crude oil
  • 21/02/08

A tanker has been forced to divert from Libya's Marsa el-Hariga terminal, where strike action among guards has prevented crude from being exported for two weeks.

The Suezmax Delta Eurydice was initially bound for Marsa el-Hariga, but shipping sources said it diverted for the nearby Es Sider terminal today. It is due to arrive at Es Sider tomorrow, according to Vortexa.

The Delta Eurydice is one of three tankers that have been scheduled to load crude at Marsa el-Hariga since industrial action among members of the Petroleum Facilities Guard (PFG) started last month in a dispute over pay. Shipping sources said the Front Cruiser may have also cancelled its call at Marsa el-Hariga, but shipping data show it lingers by the terminal and market participants said it is likely to hold its position. Likewise, the Malibu remains by the terminal.

Members of the Petroleum Facilities Guard (PFG), which typically protect state-controlled oil firm NOC's ports and infrastructure, first threatened strike action at Marsa el-Hariga, as well as the ports of Ras Lanuf and Es Sider, on 24 January. The said they had not been paid their field allowance — which tops up their base salaries — for most of last year. The Government of National Accord (GNA) in Tripoli responded the same day with a pledge to honour the wages of the PFG faction at Marsa el-Hariga, but a contingent of the group was unconvinced that the payments would materialise, and port operations have not yet resumed.

Vessel tracking data show no crude has been exported from Marsa el-Hariga since the Suezmax Delta Sky departed with 1mn bl of Sarir/Mesla for the Chinese port of Dalian on 21 January, but NOC has yet to declare force majeure on loadings, a trading source said. Five 1mn bl cargoes of Sarir/Mesla crude had been due to depart the port this month, according to preliminary loading data compiled by Argus.

As of today, guards at Es Sider and Ras Lanuf are not on strike, shipping sources said, even though a 10-day deadline for the GNA to resolve their wage demands has now expired. A meeting at Libya's finance ministry last week resulted in a government promise that the field allowance deducted from salaries of "all contracting individuals" in November and December last year would be repaid by the end of March, the PFG said.

The agreement involves some PFG contractors being registered as Libyan military personnel or receiving revised employment contracts. The PFG's five branches currently operate in association with Libya's defence ministry but are administered by NOC and the oil ministry. Ties between the PFG and NOC have proved tenuous in the past because of the former's frequent suspension of oil activities in support of regional tribes or Khalifa Haftar's Libyan National Army (LNA).

Strikes over unpaid wages used to be a regular fixture in Libya's oil sector prior to last year's blockades in which the PFG joined Russian, Sudanese and Syrian mercenaries in closing down most of the country's onshore terminals and oil infrastructure for eight months. The blockades were lifted in September. Argus estimates that Libyan crude output averaged 1.16mn b/d last month, while exports reached 971,000 b/d.


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25/04/10

EIA slashes WTI outlook by $7/bl on trade uncertainty

EIA slashes WTI outlook by $7/bl on trade uncertainty

Calgary, 10 April (Argus) — The US light sweet crude benchmark will be nearly $7/bl lower this year than previously expected, with an ongoing trade war stifling global demand by nearly 500,000 b/d, the Energy Information Administration (EIA) said today. WTI at Cushing, Oklahoma, is expected to average $63.88/bl in 2025, the agency said in its latest Short-Term Energy Outlook (STEO), lower by $6.80/bl from its March forecast. It will fall further to $57.48/bl in 2026, or $7.49/bl lower from the prior STEO. Brent prices saw similar downward revisions and is now forecast at $67.68/bl in 2025 and $61.48/bl in 2026. The latest STEO was to be released on 8 April, but the EIA said it needed more time to rerun its models in light of last week's sweeping tariff action by US president Donald Trump and subsequent retaliation by China. The protectionist measures have led major banks to cut oil price forecasts amid growing concerns over a stagnating US economy. The EIA completed its analysis on 7 April meaning it did not incorporate the most recent developments, including Trump's 9 April pause on the highest levels of punitive tariffs against key US trading partners and an increase in Chinese tariffs . The latest forecast is "subject to significant uncertainty," said the EIA. Global consumption of oil and liquid fuels is now expected to average 103.64mn b/d in 2025, lower by 490,000 b/d from the previous forecast. Consumption in 2026 is forecast at 104.68mn b/d, lower by 620,000 b/d. Global production meanwhile was lowered by to 104.1mn b/d for 2025 and to 105.35mn b/d for 2026. These are lower from the prior forecast by 70,000 b/d and 43,000 b/d, respectively. In the US, domestic consumption is projected to average 20.38mn b/d in 2025, lower by 70,000 b/d compared to last month's STEO. Consumption was lowered for 2026 by 110,000 b/d at 20.49mn b/d. Domestic production will come in at 13.51mn b/d in 2025 and 13.56mn b/d in 2026, the EIA said. This is lower by 100,000 b/d and 200,000 b/d, respectively, compared to the March STEO. By Brett Holmes Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Norway plans to cut GHGs, but remain oil, gas producer


25/04/10
25/04/10

Norway plans to cut GHGs, but remain oil, gas producer

London, 10 April (Argus) — Norway's government has proposed a greenhouse gas (GHG) emissions reduction of a minimum 70-75pc by 2035, from a 1990 baseline, but has also committed to the country remaining "a stable and predictable supplier of oil and gas produced with low emissions". The government today set out plans for a 2035 GHG reduction target, as well as a wider climate plan for the country. The 2035 GHG reduction targets build on Norway's 2030 goal of "at least" a 55pc reduction in GHGs, again from 1990 levels. Norway has a legislated goal of "a low-emission society" by 2050 — GHG reductions of 90-95pc from the 1990 baseline. Norway's government underlined its commitment to Paris climate agreement goals and phasing out the use of fossil fuels "towards 2050", but also said that it would "not prepare a strategy for the end phase of Norwegian oil and gas". "The government's plan is about phasing out emissions, not industries", it said, noting that Norway is "a significant contributor to Europe's energy security". Norway is the largest producer and only net exporter of oil and gas in Europe. "The government will further develop the petroleum industry and facilitate the future provision of fields… production will continue to be efficient and with low emissions," the government said. It aims for the country's oil and gas sector — the country's highest-emitting industry — to bring emissions from production to net zero in 2050. The bulk of oil and gas emissions are from downstream use — known as scope 3. Norway plans to achieve the majority of its proposed 70-75pc GHG cuts through national measures, including reduced fossil fuel use and both technical and nature-based carbon removals. It also plans to purchase emissions reductions from outside the EU and European Economic Area. This refers to internationally transferred mitigation outcomes (ITMOs) — emission credits — under Article 6 of the Paris climate agreement. Norway's parliament will consider the proposals. Once legislated in the country's climate act, Norway plans to communicate its updated plans to the UN. Signatories to the Paris climate agreement are expected to submit updated climate plans — known as nationally determined contributions (NDCs) — to UN climate body the UNFCCC every five years. The deadline for NDCs setting out climate goals up to 2035 was in February, but many countries have yet to submit plans . By Georgia Gratton Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Colombian crude gains on US tariff uncertainty


25/04/09
25/04/09

Colombian crude gains on US tariff uncertainty

Sao Paulo, 9 April (Argus) — Colombian heavy sour crudes have reached their narrowest discounts to Ice Brent in at least four years, supported by uncertainty surrounding US tariffs and tight supplies of similar grades. Castilla's discount to Ice Brent was $3.50/bl on Tuesday and Vasconia's was at $1.45/bl, $4.40/bl and $3.15/bl tighter than on 2 January, respectively. Castilla has not reached that narrow of a level against the benchmark since early 2021 and Vasconia has not since mid-2019. Outright prices were $60.89/bl for Vasconia and $58.84/bl for Castilla on Tuesday. Colombian crude discounts started to narrow in January after US president Donald Trump mentioned plans for a 25pc tariff on all imports from Mexico and Canada, which produce competing heavy sours. Amid the uncertainty, buyers opted to secure supply that might not face tariffs, sources said, despite delays in tariffs implementation in early February and March. But a sweeping executive order last week excluded energy commodities from tariffs, as well as trade covered under the US-Mexico-Canada free trade agreement (USMCA). Then on Wednesday Trump announced he will pause many of the tariffs on other products for 90 days, but no changes have been announced for energy imports . Despite Trump's tariff exemptions on crude imports to the US, tight availability of heavy supply for US Gulf refiners could still support relative values for Colombian grades. Subbing in Colombian crudes are seen as good substitutes for heavy crude from the US' nearest neighbors, especially Mexican supplies, which are widely used by US Gulf coast refiners. Additionally, Colombia's geographical location makes shipping to the US Gulf coast quicker and less costly compared with other South American countries, such as Ecuador, which also produces heavy sour crude. Further tightening heavy supply for Gulf coast refiners, the US government announced in March that the deadline for the end of Chevron's waiver to produce in Venezuela is 27 May, stopping the flow of crude to the US from its joint venture with state-owned PdV. Chevron brought about 222,000 b/d in Venezuelan crude to the US from January-November 2024. according to the US Energy Information Administration (EIA). Even with the volume representing a fraction of Gulf coast imports, it represents almost 30pc of total Colombian output. Its production reached 760,000 b/d in January, according to oil services chamber Campetrol, citing figures from hydrocarbons agency ANH. Further US tariffs on countries that take delivery of Venezuelan oil and natural gas could also make Colombian barrels more attractive, although Ecuadorean crudes are possible regional supply alternatives too. Meanwhile, Mexico's state-owned Pemex has faced quality issues with its crude production since late last year, which could lead to Gulf coast buyers turning to Colombian barrels as alternatives. Pemex acknowledged issues with salt and water levels in its crude in February but denied that international buyers have rejected shipments because of those concerns. Mexico's policy of expanding domestic refining has also contributed to a decline in crude exports to the US in recent years. Colombian crude values have also likely been supported by firmer competing Canadian crude values at the US Gulf coast. Canadian crude differentials have firmed in part because of upgrader turnaround season in Alberta's oil sands region, slowing production. The shutdown of the 622,000 b/d Keystone pipeline from the region after a spill in North Dakota on 8 April also limited supply, buttressing prices. By João Scheller Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

China hikes US import tariffs to 84pc


25/04/09
25/04/09

China hikes US import tariffs to 84pc

Singapore, 9 April (Argus) — China will raise import tariffs on US goods by 50 percentage points to 84pc, effective 10 April, the country's State Council said today. The increase matches the hike in US tariffs on Chinese imports imposed by US president Donald Trump earlier today. China does not appear to have exempted any products from its higher tariffs, which will take effect at 12:01am local time on 10 April (4:01pm GMT on 9 April). "The US escalation of tariffs on China is a mistake on top of a mistake, which seriously infringes on China's legitimate rights and interests and seriously undermines the rules-based multilateral trading system," the State Council said. Trump's targeted import tariffs on the US' main trading partners, including a cumulative 104pc tariff on China, took effect earlier today. China's 84pc tariff increases to around 100pc for some commodities that were caught up in earlier rounds of tariffs announced in February and March, including crude, coal, LNG and some agricultural products. By Kevin Foster Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Ice Brent below $60/bl for first time since Feb 2021


25/04/09
25/04/09

Ice Brent below $60/bl for first time since Feb 2021

London, 9 April (Argus) — Front-month Ice Brent crude futures prices today fell below $60/bl for the first time since 8 February 2021. The June contract hit an intra-day low of $59.77/bl at around 10:20 GMT, lower by 4.8pc on the day. The front-month has not settled below $60/bl on any trading day since 5 February, 2021. Accumulated losses in the futures contract are now more than $15/bl, or more than 20pc, since a combination of broad US tariffs and a surprise acceleration of Opec+ output return on 3 April ended around a month of consistent price gains. US tariffs on imports from a range of key trading partners take effect today. A 10pc baseline tariff on imports from nearly every foreign country already went into effect on 5 April. By Ben Winkley Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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