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MABUX ARA LNG Bunker Index
Port LNG$/mton MGO LS$/mton Date
ARA
1 449.00
+93.00
1 380.00
+5.00
Sep 7
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Port	LNG$/mton	MGO LS$/mton	Date
ARA	1 449.00	+93.00	1 380.00	+5.00	Sep 7

MABUX Global Bunker Index

380HSFO$/mton		VLS FO$/mton		MGO LS$/mton		Date
661.28	+7.18	825.55	+6.00	1 457.18	+7.24	Sep 9

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MABUX Market Differential Index (MDI)

Correlation between market bunker prices (MBP) and MABUX Digital Bunker Price Benchmark (DBP)

All Indexes in $/mton	380HSFO			VLS FO			MGO LS			Date
All Indexes in $/mton	MBP Index	DBP Index	MDI	MBP Index	DBP Index	MDI	MBP Index	DBP Index	MDI	Date
Rotterdam	590	680	-90	697	768	-71	1 380	1 593	-213	Sep 9
Singapore	650	713	-63	852	876	-24	1 267	1 586	-319	Sep 9
Fujairah	657	662	-5	865	816	+49	1 468	1 649	-181	Sep 9
Houston	543	678	-135	730	802	-72	1 327	1 449	-122	Sep 9

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Latest News
- 2026-09-09
  Oil nears $100 as fresh Middle East strikes raise supply risks
  Oil prices rose for the fourth straight session, gaining more than $1 in early trade on Wednesday after renewed attacks across the Middle East heightened worries about supply disruptions. Brent crude futures rose 1.4%, to $99.33 a barrel by 0212 GMT,... Read more Oil prices rose for the fourth straight session, gaining more than $1 in early trade on Wednesday after renewed attacks across the Middle East heightened worries about supply disruptions.
  
  Brent crude futures rose 1.4%, to $99.33 a barrel by 0212 GMT, while U.S. West Texas Intermediate crude was at $94.34 a barrel, up 1.4%.
  
  Brent crude prices have jumped by a quarter since early August as hopes for a permanent resolution to the six-month-old war faded and as fighting flared again, with prices fast approaching the key $100-a-barrel mark.
  
  The Middle East war intensified on Tuesday with Iranian-backed Houthis in Yemen launching strikes on several Saudi cities, further embroiling a U.S. ally in the conflict.
  
  The U.S. forces hit multiple Iranian oil tankers and Iran targeted a U.S. base in Jordan.
  
  "Recent developments only reinforce the view that we are still some way from a restart in (peace) talks. In the meantime, the market is likely to continue to price in a sizeable risk premium," ING analysts said in a note.
  
  The latest attacks threaten to deepen disruptions to Middle East oil supplies, already strained by strikes on regional energy infrastructure and key shipping lanes.
  
  While Saudi Arabia has diverted some exports away from the Strait of Hormuz, any sustained attacks on the kingdom could complicate efforts to keep crude flowing to global markets, analysts said.
  
  "Iran’s attacks on Saudi energy facilities and the subsequent destruction of five Iranian tankers raised concerns about another prolonged disruption to oil supplies," OCBC analysts said in a note.
  
  Source: Reuters/Investing.com
- 2026-09-09
  Oil Nears $100 as U.S. Destroys Five Iranian Tankers
  Oil prices continued to climb towards the $100 mark in early Asian trading on Wednesday after the U.S. destroyed five more Iranian crude tankers and Iran targeted U.S. forces in Jordan. These attacks are just the latest phase of a major escalation that... Read more Oil prices continued to climb towards the $100 mark in early Asian trading on Wednesday after the U.S. destroyed five more Iranian crude tankers and Iran targeted U.S. forces in Jordan. These attacks are just the latest phase of a major escalation that began over the weekend when U.S. forces hit three other oil tankers in response to the IRGC targeting two U.S. warships.
  
  At the time of writing, both benchmarks were up by over $1, with WTI trading at $94.39 a barrel and Brent rising to $99.46.
  
  U.S. Central Command (Centcom) announced late on Tuesday that American forces had destroyed five Iranian crude oil carriers, once again claiming that it was in response to the IRGC targeting a U.S. Navy warship with ballistic missiles. Four of the carriers, M/T Kaviz, M/T Charminar, M/T Horizon 1, and M/T Riesco, were destroyed in the Gulf of Oman. One of the carriers, M/T Derya, was struck near Kharg Island.
  
  These latest attacks appear to be a continuation of the policy Admiral Brad Cooper outlined on Saturday when he said: “If you shoot at two of our ships, we will impose an even higher economic cost —taking out three of yours.”
  
  Centcom subsequently released footage on social media showing the M/T Riesco sinking following the strike.
  
  In response to the destruction of its oil carriers, Iran targeted U.S. forces in Jordan, with Jordan’s Armed Forces confirming that 20 ballistic missiles had been fired from Iranian territory. Jordan’s Armed Forces intercepted and destroyed 18 of them and reported that the remaining two fell on unpopulated areas and there were no casualties recorded.
  
  The IRGC claimed it had struck Jordan’s al-Azraq Air Base and said it had targeted two U.S. vessels and eight oil tankers in response to the sinking of its tankers. Those claims remain unverified.
  
  Separately, Iran has recovered a U.S. unmanned underwater vehicle in the Strait, although the two sides disagree on the details. Iran is claiming to have “captured one of the most modern, smart, and unmanned submarines”. The U.S. says that an underwater drone “malfunctioned more than a day ago” and that it was “an older model that neither collected sensitive data nor carried any classified sonar or radar equipment.”
  
  Oil prices had already been climbing before this latest escalation, with the Houthis’ Tuesday strikes on Saudi Arabia forcing the Kingdom to halt operating activities at several energy sites. The Saudi Ministry of Energy confirmed that there had been “fires at several locations” and that specialized teams were containing them and assessing the damage.
  
  Beyond just the short-term risk of strikes on major energy infrastructure in the region, oil markets are now contending with the slow but steady destruction of the ‘shadow fleet’ that has been bringing Iranian and Russian crude to markets.
  
  Bullish sentiment is building, and building fast, and there seem to be very few off-ramps to this conflict at the moment. Traders will be watching the American Petroleum Institute’s inventory report due out later today to get further insight into how the physical market is faring. Source: Oilprice.com
- 2026-09-09
  MABUX: Global bunker market may maintain its upward momentum on Sep. 09 amid continued uncertainty over developments in the Stra
  The MABUX World Bunker Index — a composite benchmark reflecting daily prices for 380 HSFO, VLSFO, and MGO – extended its upward trend on Sep. 08: 380 HSFO: USD/MT: 654.10 (+8.03) VLSFO: USD/MT: 819.55 (+6.36) MGO: USD/MT: 1 449.94 (+12.86) As... Read more The MABUX World Bunker Index — a composite benchmark reflecting daily prices for 380 HSFO, VLSFO, and MGO – extended its upward trend on Sep. 08:
  
  380 HSFO: USD/MT: 654.10 (+8.03)
  VLSFO: USD/MT: 819.55 (+6.36)
  MGO: USD/MT: 1 449.94 (+12.86)
  
  As of Sep. 08, the MABUX Market Differential Index (MDI), which measures the spread between Market Bunker Prices (MBP) and the MABUX Digital Bunker Benchmark (DBP), registered the following trends across the four major global bunkering hubs—Rotterdam, Singapore, Fujairah, and Houston:
  
  • HSFO segment: All four ports remained underpriced. The MDI discount narrowed by $6 in both Rotterdam and Fujairah and by $16 in Houston, while widening by $8 in Singapore. Houston's MDI remained above the $100 threshold, while Fujairah moved closer to a 100-percent correlation between MBP and DBP.
  
  • VLSFO segment: Fujairah remained the only overpriced port, with its premium widening by $3. The other three ports were underpriced, with MDI discounts widening by $3 in Rotterdam, $12 in Singapore, and $1 in Houston.
  
  • MGO LS segment: All four ports remained underpriced. MDI discounts widened further by $40 in Rotterdam, $62 in Singapore, $51 in Fujairah, and $54 in Houston. MDI values remained well above the $100 threshold across all four hubs, indicating persistent and significant underpricing.
  
  The global bunker market may maintain its upward momentum on Sep. 09, with market direction remaining highly sensitive to developments surrounding the Strait of Hormuz:
  380 HSFO: plus 3-6 USD/MT, VLSFO: plus 3-9 USD/MT, MGO LS: plus-minus 5–20 USD/MT.
  Source: MABUX
- 2026-09-09
  How the U.S. Is Targeting Iran's Oil Money
  The United States has imposed sanctions on a Turkish investment bank and two subsidiaries, accusing them of helping Iran move oil revenue and providing access to the international financial system as Washington intensifies its campaign to squeeze Tehran. The... Read more The United States has imposed sanctions on a Turkish investment bank and two subsidiaries, accusing them of helping Iran move oil revenue and providing access to the international financial system as Washington intensifies its campaign to squeeze Tehran.
  
  The US Treasury Department on September 4 designated Istanbul-based Golden Global Yatirim Bankasi Anonim Sirketi, along with Golden Global Portfoy Yonetimi and Golden Global Varlik Kiralama, under its Iran sanctions authorities.
  
  The three entities were added to the Treasury's Specially Designated Nationals list, effectively cutting them off from the US financial system. Treasury also issued a general license allowing transactions involving the entities to be wound down.
  
  The action is part of the Trump administration's newly intensified Operation Economic Outcast, which Treasury Secretary Scott Bessent has said will target financial institutions and other channels that help Iran generate and move revenue.
  
  Bessent said financial institutions were continuing to "find out the hard way" that Washington was serious about the campaign. He warned that further action would depend on whether international institutions stopped supporting what he called the "murderous Iranian regime."
  
  The Treasury said Golden Global Bank had facilitated tens of millions of dollars in transactions for the Islamic Revolutionary Guard Corps-Quds Force (IRGC-QF) and provided correspondent-banking access that enabled Iranian funds to move internationally.
  
  Golden Global Yat?r?m Bankas? rejected the US allegations and said it has complied with local ‌and international banking and compliance requirements
  
  Financial Chokepoint -- Not A Knockout Blow
  
  The significance of the action may lie less in Golden Global's size than in the role Treasury says it played in Iran's sanctions-evasion network.
  
  According to Treasury, the bank was established to help Iran's "rahbar" shadow-banking network transfer oil revenue from China to Turkey, where the proceeds could then be converted into cash and gold.
  
  Treasury also said the bank provided services to Iranian financial institutions and accounts controlled by the IRGC-QF and its proxies, including those linked to Turkish businessman Sitki Ayan, whose network was sanctioned by Washington in 2022 over hundreds of millions of dollars in IRGC-QF-related oil sales.
  
  That makes the Turkish bank an example of the kind of intermediary Washington is increasingly targeting: not necessarily the ultimate source of Iran's oil income, but a financial hub that can help move, disguise, or convert the proceeds.
  
  Andrew Sobotka, a former senior sanctions coordinator at the Treasury Department's Office of Foreign Assets Control (OFAC) and now a senior adviser at risk-analytics firm Kharon, told RFE/RL that the designation should be viewed as a warning to financial institutions in countries that continue to conduct business with Iran.
  
  "Treasury’s designation of Golden Global today, and the proposed 311 of Banque Misr's UAE branches last week...should signal to third-country financial institutions that this administration is serious about using multiple tools in its economic security toolbox to go after Iranian financial flows," Sobotka said.
  
  He said US and other G7 correspondent banks could play an important role by pressing their foreign banking partners to strengthen systems for detecting and preventing Iranian transactions.
  
  "Third-country financial institutions should be thinking not only about avoiding sanctions or other actions from the US government, but also about what their correspondent banks might increasingly expect from them," Sobotka said.
  
  How Much Pressure Can US Really Apply?
  
  The broader US objective of such action appears aimed at making banks, money exchangers, and companies in third countries conclude that servicing Iranian business carries risks that outweigh profits.
  
  "The real strategy behind the sanctioning of Golden Global may be deterrence. Treasury wants Turkish banks and companies to look at this designation and decide that Iranian business simply isn’t worth the risk," Brett Erickson, a sanctions expert and managing principal at Obsidian Risk Advisors, told RFE/RL.
  
  But he cautioned that financial de-risking alone would not necessarily cripple Iran's economy.
  
  "Some will. The problem is that de-risking at the margins is still a very long way from breaking the Iranian economy," he said.
  
  The choice of a Turkish bank is significant because Turkey is a major regional commercial and financial hub and a NATO member that maintains substantial economic ties with Iran. Source: Oilprice.com
- 2026-09-09
  A Forgotten Soviet Waterway Could Give China a New Arctic Trade Route
  China, Russia and Kazakhstan are mulling the development of a new northern trade route which would use the Irtysh and Ob rivers to open access for the export of Chinese goods from Russian Arctic ports at the base of the Yamal Peninsula. Trade along... Read more China, Russia and Kazakhstan are mulling the development of a new northern trade route which would use the Irtysh and Ob rivers to open access for the export of Chinese goods from Russian Arctic ports at the base of the Yamal Peninsula.
  
  Trade along the Ob-Irtysh system reached an estimated peak of 9 million tons annually in the 1970s before crashing following the Soviet Union’s collapse in 1991. Kazakhstan and Russia in recent years have floated the idea of reviving the route, but the concept gained momentum only recently, after China signaled its interest.
  
  The plan offers potential economic and geopolitical advantages for all involved. But a variety of factors, some related to global warming, others to competing needs for the rivers’ waters, create substantial obstacles to the trade route’s realization.
  
  According to some estimates, tens of billions of dollars in infrastructure investments will be needed to make the route operational. In addition, making all the required improvements will take a lengthy amount of time, during which global economic and geopolitical conditions could change in ways that diminish the attractiveness of an Ob-Irtysh outlet to northern seas.
  
  Kazakhstan, a lynchpin in the Ob-Irtysh system, published an ambitious development plan in 2024 for its section of the river. The plan aims to boost river cargo volume from near zero to 2.5 million tons per year by 2028, build dock and loading facilities capable of handling 4 million tons annually and develop passenger service to ferry up to 700,000 individuals per year to boost tourism.
  
  Some Kazakh experts believe the time and money needed to realize the plan will pay off. “Billions can be earned by transporting cargo along our own section of the Irtysh alone,” the official news agency Kazinform quoted economist Askat Dyusembayev as saying.
  
  The exigencies of the war in Ukraine have added a sense of urgency to Russia’s backing for the Ob-Irtysh project. An Irtysh-Ob bypass to the northern seas could prove a novel way for the Kremlin to circumvent Western sanctions to secure the dual-use goods and other supplies needed to keep its war effort going, as well as obtain civilian goods to keep a lid on popular discontent.
  
  China’s stance on the idea appears to be shifting from skeptical to cautiously favorable. A report touting the Ob-Irtysh route published August 30 by the South China Morning Post (SCMP) – a Hong Kong-based, English-language publication that built a reputation for independence, but which over the past decade has faced allegations of adhering to Beijing’s political agenda – was seen by some regional analysts as a Chinese Communist Party endorsement of the concept.
  
  The SCMP analysis adopted a wary stance towards the cost of developing the Ob-Irtysh route. At the same time, it indicated that Chinese officials were coming around to the idea that geoeconomic concerns outweigh financial considerations concerning the matter. China presumably would have to provide most of the financing for the Ob-Irtysh route.
  
  For Beijing, the logic of globalization has long held that the cheapest trade route is generally the best route. But China, as it seeks to flex its economic muscle, as well as bring Taiwan under its control, may now be looking to build redundancy and resiliency into its trade system in preparation for a potential clash with the United States.
  
  Specifically, the SCMP analysis pointed out that gaining reliable access to Arctic seas would help protect Beijing’s economic interests and mitigate the risks of closure of key trade sea lanes to China, including the Strait of Malacca and Bering Strait, in the event of some sort of conflict with Washington.
  
  Beyond the investment demands, Mother Nature creates some formidable obstacles. For one, sections of the Ob in Russia are ice-bound and impassable for up to six months every year. Drought, along with heavy irrigation, in recent years have led to low water levels disrupting barge traffic in Russian regions.
  
  Kazakhstan additionally represents a major chokepoint. On the Irtysh, water levels in Kazakhstan’s Abai Region routinely fall to as low as 105 centimeters (about 3.5 feet), too shallow to permit cargo traffic, according to a report published in early 2026 by Rivers without Boundaries, a non-profit watchdog group based in Kazakhstan. The report also noted that levels in the Siberian city of Omsk average about 2.5 meters (over 8 feet).
  
  Kazakh officials have enlisted the help of Russian experts to develop a plan that could ensure the Irtysh’s depth would be at least 1.6 meters along Kazakhstan’s section of the river.
  
  The use of the Irtysh’s waters to generate hydropower adds an element of complexity to regulating water levels and enabling river cargo traffic. Kazakh experts say the construction of plants on the river, especially the Shulbinskaya hydroelectric power station, spurred the demise of river traffic in the late Soviet period. “Due to poorly built locks, the river became impassable. And in the 1990s, the system ceased to function altogether,” Kazinform reported. Locks bypassing power plants will require major improvements.
  
  Elsewhere, a major hydropower project in the Omsk Region has been suspended due to financing difficulties, Rivers without Boundaries reported on August 31. No plan exists for another entity to complete the project, stoking uncertainty about the flow of river traffic in the vicinity.
  
  Meanwhile, moving forward with the Ob-Irtysh trade route would appear to create a quandary for China, which may face a tough decision about prioritizing trade or agriculture in western Xinjiang Province, where the Irtysh originates in the Altai Mountains.
  
  China has built dams and has drained the Irtysh of significant volumes of water to irrigate Xinjiang’s arid lands. Over the past 15 years, the flow of water from China into Kazakhstan via the Irtysh River has fallen by 2.1 cubic kilometers annually, a 22 percent decline in estimated volume. For the Ob-Irtysh trade route to be viable, then, it appears China will have to rethink its water-usage policies in Xinjiang. Source: Oilprice.com
- 2026-09-09
  Oil Prices Are Once Again on the Brink of $100
  Oil prices surge toward $100 as Houthi attacks, U.S. strikes on Iranian tankers and renewed Middle East tensions rattle markets. Europe’s Gas Prices Surge as Storage Fears Return - European natural gas prices have jumped to €75 per MWh ($25.5 per... Read more Oil prices surge toward $100 as Houthi attacks, U.S. strikes on Iranian tankers and renewed Middle East tensions rattle markets.
  
  Europe’s Gas Prices Surge as Storage Fears Return
  
  - European natural gas prices have jumped to €75 per MWh ($25.5 per MMBtu), the highest since 2022 and more than double their level a year ago, as the continent’s low inventories spark fears of winter supply shocks.
  
  - Since the Al Nuaman LNG carrier delivered its cargo to Rovigo, Italy, in early April, the EU has not imported any Qatari LNG, equivalent to 8% of its 2025 imports.
  
  - European gas inventories are currently 66% full, with market watchers seeing Germany and the Netherlands as particularly vulnerable ahead of the winter season, with stocks at 54% and 48%, respectively.
  
  - Worsening Europe's gas import bill, LNG prices delivered into NWE continue to rise along with Asia’s JKM, reaching $24.5 per MMBtu this week, with barely any backwardation between October and December.
  
  - Six-month-high prices sap the Old Continent’s LNG buying, with September LNG imports expected to remain at August readings (7.5 million tonnes), down 13% year-over-year.
  
  Market Movers
  
  - French oil major TotalEnergies (NYSE:TTE) announced that its planned 6 mtpa Papua LNG project is making ‘decisive steps' towards an FID whilst it transferred operatorship to US major ExxonMobil (NYSE:XOM).
  
  - London-based energy giant Shell (LON:SHEL) is reportedly considering divesting all or part of its 72% stake in the Bintulu gas-to-liquids plant, potentially garnering as much as $1 billion.
  
  - Canadian oil producer Tamarack Valley Energy (TSO:TVE) agreed to merge with Headwater Exploration (TSO:HWX) in an all-stock deal worth $7.2 billion, creating the first-ever pure-play Clearwater producer with net output of 80,000 boe/day.
  
  - UK oil major BP (NYSE:BP) has appointed lan Tyler as permanent chair, having been appointed interim chair in May 2026 after his predecessor Albert Manifold was abruptly dismissed.
  
  - Italian oil major ENI (BIT:ENI) has signed a contract for the development of the giant Junin-5 heavy oil field in Venezuela, taking operatorship for the next 25 years.
  
  Tuesday, September 08, 2026
  
  Houthi attacks on Saudi energy infrastructure (and their threats of potential military incursions) as well as US strikes on Iranian oil tankers have lifted oil prices above $99 per barrel, the highest in three months. With Israeli-Lebanese tensions flaring up again, it would only take one bellicose Trump message to push oil back into triple-digit territory.
  
  OPEC+ Holds October Targets Steady. OPEC+ left October 2026 production quotas unchanged after completing the rollback of its 1.65 million b/d voluntary cut in September, shifting focus toward a review of 2027 output baselines as the Iran conflict has capped the group's ability to ramp up output.
  
  Trump Threatens Trade Embargoes if Fed Holds Rates. President Trump warned he could impose a trade embargo on countries running surpluses against the U.S. unless the Federal Reserve cuts its 3.5-3.75% policy rate, potentially targeting major trading partners such as the EU, Canada and Mexico.
  
  Iran Threatens Gulf Exclusion Zone. Iran said it plans to establish a new maritime exclusion zone in the Gulf, expanding it all the way to the blockade perimeter of the US Navy, potentially claiming the UAE port of Fujairah and Oman’s Sohar as it warned the White House of its new ballistic missiles.
  
  Houthi Strikes Disrupt Saudi Aramco. Houthi missile and drone attacks forced the shutdown of operations at several Saudi energy facilities, including new strikes on the 400,000 b/d Jazan refinery and wounded 73 people, an unprecedented escalation of attacks on Saudi energy infrastructure.
  
  Dangote Targets $14 Billion Expansion. Ahead of its upcoming IPO, Nigeria's Dangote refinery disclosed that it plans to invest $14.3 billion to double processing capacity 1.4mn b/d by 2029, seeing the $1.6 billion IPO as a next step towards self-financing after posting a $1.8 billion profit in the first half of 2026.
  
  China Crude Imports Rebound as Beijing Lifts Ban. China's August crude imports rose 6.2% month-on-month to 8.93 million b/d, marking a 2nd consecutive monthly jump as Beijing eased its fuel export ban, while product exports jumped 29% from July despite ongoing weakness in domestic fuel demand.
  
  Milei Eyes Escalation of Falklands Dispute. Argentina’s government said it will file criminal complaints against Navitas Petroleum (TLV:NVPT) and its executives over their activity in the Falkland Islands, intensifying pressure on the 50,000 b/d Sea Lion project ahead of its planned 2028 commissioning.
  
  Congo Tightens Grip on Critical Minerals Data. The DRC plans to launch a state-controlled geological databank by end-2026, giving Kinshasa greater oversight of exploration in a country that holds 6 million tonnes of cobalt reserves but remains only 20% explored, boosting control over future cobalt supply.
  
  Qatar LNG Exits Hormuz After Two-Month Hiatus. Qatar's first LNG cargo since July has successfully transited the Strait of Hormuz, with the Al Marrouna carrier bound for Pakistan, signaling a tentative recovery in exports from a supplier that typically accounts for around 20% of global LNG trade.
  
  Ukraine Hits Ryazan Refinery Again. Ukraine reported a drone strike on Rosneft's 342,000 b/d Ryazan refinery, sparking a fire at the site and marking the most significant hit in September to date, just as Russia's crude processing rates started to rebound after falling to 3.9 million b/dbin July, a 21-year low.
  
  Copper Hits Record as Global Stocks Shrink. The LME’s benchmark three-month copper contract climbed to a record of $14,617 per tonne this week as inventories outside the U.S. tightened sharply, with 51% of LME stocks slated for withdrawal and SHFE stock inventories down 85% since March.
  
  Aramco Delays Cargoes to Europe. Saudi Aramco has reportedly delayed some September oil cargoes to European buyers despite nominations rising to 1.3 million b/d, suggesting Houthi missile strikes in the Red Sea are disrupting exports, with August loadings at a mere 2.2 million b/d.
  
  Sri Lanka Eyes the Doubling of Refining Capacity. Sri Lanka's Ceylon Petroleum Corp plans to double refining capacity to 100,000 b/d within four years and will seek a joint-venture partner through a tender process, seeking to end its dependence on fuel imports in the wake of the U.S.-Iran war.
  
  China Car Sales Slide as Exports Surge. China's passenger vehicle sales fell 24% year-on-year to 1.54 million units in August, the 11th straight year-on-year drop, as carmakers are increasingly relying on demand overseas, with exports jumping 78% to 888,000 vehicles, accounting for 38% of all sales.
  
  Brazil Counts on Pre-Salt Windfall. Brazil expects to raise 22.4 billion reais ($4.4 billion) from a special pre-salt oil auction in 2027, with the proceeds exceeding its projected $3.6-billion primary surplus and forming a key pillar of the government's plan to deliver its first fiscal surplus since 2022.
  
  China Stalls Rio Purchases Amid Iron Ore Talks. China's state-backed CMRG has reportedly instructed steel mills to postpone purchases of Rio Tinto’s Pilbara iron ore during contract negotiations, a move that could affect supplies representing nearly 20% of China's annual iron ore imports. Source: Oilprice.com
- 2026-09-09
  Chevron to Double Venezuela Rig Count in $7 Billion Oil Push
  Chevron plans to double the number of drilling rigs it operates in Venezuela under a five-year expansion that targets roughly 600,000 barrels per day of production. CFO Eimear Bonner said Tuesday that Chevron will add rigs under new contract terms... Read more Chevron plans to double the number of drilling rigs it operates in Venezuela under a five-year expansion that targets roughly 600,000 barrels per day of production.
  
  CFO Eimear Bonner said Tuesday that Chevron will add rigs under new contract terms signed with Venezuela last week. Those terms also give Chevron access to international arbitration, a particularly useful provision in a country with a long history of oil nationalizations and contract disputes.
  
  Chevron’s three Venezuelan joint ventures plan to invest more than $7 billion through 2031. Current production is about 290,000 bpd, all of which is exported to the United States. Chevron says production costs across the expanded operations should remain below $20 per barrel.
  
  The company also received additional acreage in the Orinoco Belt, including Carabobo areas assigned to Petroindependencia. Chevron holds a 49% interest in that venture and has additional development rights near its Petropiar operation.
  
  Chevron has been in Venezuela since 1923 and stayed through the nationalizations that pushed ExxonMobil and ConocoPhillips out in 2007. Those companies are still owed billions under arbitration awards and have yet to return. Chevron kept operating through joint ventures with PDVSA, giving it producing assets, staff and infrastructure already on the ground when Venezuela reopened the sector.
  
  The expansion lands alongside a much larger U.S.-Venezuela oil agreement announced last week. Venezuela granted North American Blue Energy Partners 100-year concessions covering 17 fields with about 65 billion barrels of proven reserves. The agreement gives the U.S. government governance rights and guaranteed access to part of the production, according to the White House. Venezuela’s National Assembly approved the agreement September 1.
  
  Chevron’s barrels have a much shorter runway.
  
  Its existing production is already reaching U.S. refineries, the new acreage sits beside operations Chevron already knows how to run, and doubling the rig fleet increases drilling capacity without waiting for an entirely new operator to build a Venezuelan business from scratch.
  
  The target is another roughly 310,000 bpd from Chevron alone over five years. Source: Oilprice.com
- 2026-09-09
  Canada’s Oil Pivot to Asia Is Starting to Materialize
  Canada’s Trans Mountain pipeline hit full capacity for the first time in June, and the company running it already has another 300,000 barrels per day of capacity planned. Most of those new barrels are expected to head across the Pacific. Trans Mountain... Read more Canada’s Trans Mountain pipeline hit full capacity for the first time in June, and the company running it already has another 300,000 barrels per day of capacity planned. Most of those new barrels are expected to head across the Pacific.
  
  Trans Mountain currently moves 890,000 bpd from Alberta to British Columbia. The operator plans to add 90,000 bpd in the fourth quarter, followed by another 210,000 bpd by the end of 2028, taking total capacity to roughly 1.19 million bpd.
  
  About two-thirds of tankers leaving the Westridge Marine Terminal currently head to Asia, Trans Mountain CEO Mark Maki told Reuters Tuesday. China is the largest customer, with India, Japan, South Korea and Vietnam expected to buy more Canadian crude. Thailand could join that list.
  
  Canadian heavy crude works well in the complex refineries common across Asia. The Iran war has added another reason to buy it: a barrel loaded in British Columbia does not have to pass through the Strait of Hormuz.
  
  Canada is producing enough oil to make the extra pipeline space useful. Output this year is expected to exceed last year’s record 5.3 million bpd, making Canada the world’s fourth-largest producer.
  
  For decades, most of that export story ended in the United States. Canadian producers ship roughly 4 million bpd south, where Midwest and Gulf Coast refineries are configured to process the heavy crude coming out of Alberta.
  
  Trans Mountain opens the door for additional buyers.
  
  Canadian oil sands maintenance is expected to remove roughly 300,000 bpd of production in September, with inventories unusually low, but more Pacific export capacity gives Canadian producers more places to sell once those barrels return.
  
  Canada announced plans in July for another Alberta-to-Pacific pipeline, and Trans Mountain’s expansion is arriving much sooner.
  
  The first 90,000 bpd is scheduled this year. Another 210,000 bpd follows by the end of 2028. Asian refiners are already taking most of the ships leaving the dock. Source: Oilprice.com
- 2026-09-09
  Uganda Set to Become World's Newest Oil Exporter in Early 2027
  The global list of crude oil exporters will expand with Uganda early next year as the African country is moving closer to first oil from a project whose crude will flow through a new pipeline to Tanzania's coast. Landlocked Uganda, where France's supermajor... Read more The global list of crude oil exporters will expand with Uganda early next year as the African country is moving closer to first oil from a project whose crude will flow through a new pipeline to Tanzania's coast.
  
  Landlocked Uganda, where France's supermajor TotalEnergies and China's CNOOC have been developing the Tilenga and Kingfisher oil fields, will become a crude oil exporter in early 2027, the country's officials say.
  
  Uganda National Oil Company (UNOC) has just appointed global energy trader Vitol to market Uganda's Pearl Sweet crude oil ahead of exports expected in early 2027.
  
  Uganda's Minister for Energy and Mineral Development, Monica Musenero Masanza, presented Uganda's Pearl Sweet crude oil to an international audience of refiners, traders, investors, and petroleum industry leaders at the APPEC 2026 conference on Tuesday, UNOC said.
  
  Pearl Sweet, produced from the Tilenga and Kingfisher oil fields has a low sulfur content of 0.12%, and will be exported through the East African Crude Oil Pipeline (EACOP), which is now more than 90% complete, the Ugandan national oil company said.
  
  The $5 billion East African Crude Oil Pipeline (EACOP), which will transport crude from Uganda's Albertine Graben to Tanzania's port of Tanga, is nearly complete, after years of delays and controversies surrounding the project. The development of EACOP is being led by TotalEnergies.
  
  The 1,443-kilometer pipeline will enable Uganda to export its oil for the first time. Production from the Albertine Rift Basin, where TotalEnergies and China's CNOOC are developing the Tilenga and Kingfisher oilfields, is expected to peak at around 200,000 barrels per day (bpd).
  
  The oil pipeline is expected to bring crude from the Lake Albert project in Uganda to the international oil market. It is designed to transport 216,000 barrels of crude oil per day, with a ramp-up of up to 246,000 bpd, Uganda says.
  
  Source: Oilprice.com
- 2026-09-09
  Dutch TTF Gas Jumps 2% as Winter Storage Race Heats Up
  Europe’s benchmark natural gas prices jumped on Tuesday morning in Amsterdam as the Middle East crisis remains a major supply shock amid the European race against time to stock up for the winter. The front-month price at the Dutch Title Transfer Facility... Read more Europe’s benchmark natural gas prices jumped on Tuesday morning in Amsterdam as the Middle East crisis remains a major supply shock amid the European race against time to stock up for the winter.
  
  The front-month price at the Dutch Title Transfer Facility (TTF), the benchmark for Europe’s gas trading, rose by 2% as of 8.40 a.m. Amsterdam time, to hit the highest level since the 2022-2023 crisis.
  
  At $86.90 (74.820 euros) per megawatt-hour (MWh), the price now exceeds the January 2023 levels, when Europe faced the first winter without most of the Russian pipeline gas supply.
  
  Europe’s gas prices last week booked their fourth consecutive weekly gain as the re-escalation in the Middle East dampened hopes that LNG flows from the Strait of Hormuz could normalize soon.
  
  European gas prices have rallied in recent weeks as gas storage sites across Europe are less than 70% full compared to 82% for this time of year in 2025 and a five-year average of above 80%.
  
  Europe is heading into winter with one of the lowest levels of gas in storage in the past two decades as the war in the Middle East crippled LNG supply from Qatar, sent gas and LNG prices in Europe and Asia skyrocketing, and intensified competition for readily available global LNG cargoes that don't need to cross geopolitically charged chokepoints.
  
  “The potential for a global ‘fight for fuel’ is there, particularly in a colder winter,” Go Katayama, principal insight analyst for LNG at intelligence firm Kpler, told Bloomberg last week.
  
  In a sign of intensifying competition, Asia's spot LNG price surged last week to the highest level since 2022.
  
  “European and Asian gas prices have surged as the market adjusts to a more prolonged disruption to LNG supply,” analysts at Timera Energy wrote in a note earlier this week.
  
  “Europe is pricing up to outcompete Asia for marginal LNG.” Source: Oilprice.com

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