Data showing some US-headquartered oil and gas firms paid less in taxes to the US than to foreign governments could be a focus in an upcoming Congress tax policy debate. ExxonMobil reported paying nearly $1.2bn to the US in 2023, and $5.6bn to the UAE, according to a first-time ‘Form SD' report filed with the Securities and Exchange Commission. In its own report, Chevron says it paid nearly $1.2bn in the US, against $4bn to Australia. Independent Hess paid $190,000 in the US and $50mn to Malaysia. Industry officials say the data do not provide a comprehensive view of obligations, which can vary from country to country depending on the tax code and their operations. The payment disclosures also do not cover payroll taxes or state and local taxes, for example, and do not say if a company had carryover net operating losses or tax credits that reduced its overall tax bill in the US.
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Japan's Cosmo Energy mulls LNG-fired power plant
Japan's Cosmo Energy mulls LNG-fired power plant
Osaka, 19 June (Argus) — Japanese energy firm Cosmo Energy is considering building a gas-fired power plant, given that domestic electricity demand is projected to continue rising. No details of the project framework have been decided. The company unveiled the considerations in its business plan to 2035, which was released on 18 June. The firm is mulling a gas-fired power plant while aiming to develop its renewable energy capacity, including wind and solar. LNG-fired generation can counter imbalances in renewables output. The firm aims to raise renewable capacity to 490MW by the April 2028-March 2029 fiscal year, up from 364MW in 2025-26. It also plans to increase power sales by 35pc to 3.1TWh over the same period. But power sources need to balance economic viability with decarbonisation, without being limited to green energy, the company said. Cosmo is also looking to expand its upstream exposure to natural gas beyond its traditional crude oil business. Details, such as location and timeline, have yet to be decided as the plan remains under consideration. The company may explore such opportunities in the UAE, where it plans to expand oil production . It remains unclear whether Cosmo will also move into liquefaction and LNG trading, even if it expands into upstream gas production and gas-fired generation. Fellow energy firm Idemitsu decided in March to invest in MidOcean Energy, an LNG company backed by US investment firm EIG, with the possibility of engaging in LNG trading. By Motoko Hasegawa Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Opec revises 2050 oil demand forecast higher
Opec revises 2050 oil demand forecast higher
London, 18 June (Argus) — Opec has raised its long-term oil demand forecast and put greater emphasis on what it sees as a continuing shift in energy-transition policy, pointing to governments and companies placing more weight on energy security, affordability and oil and gas investment. The 2026 World Oil Outlook (WOO) puts global oil demand at 124.1mn b/d in 2050, up from 122.9mn b/d in last year's report. Its 2030 forecast is unchanged at 113.3mn b/d, while its 2040 projection rises to 121.7mn b/d from 120mn b/d in the 2025 WOO. The upward revision to the 2050 forecast is modest, but the policy framing is firmer than last year. Opec says the "shift in energy transition narratives" identified in the 2025 WOO has continued over the past year, with more countries seeking what it calls a "more balanced approach" that takes in energy security, availability and affordability as well as emissions reductions. The WOO says recent geopolitical tensions have prompted major energy consumers to rethink their positioning in global energy markets, although it treats current market volatility as a short-term issue rather than a direct driver of its long-term forecasts. The report also says major energy companies are "re-orienting themselves towards a focus on oil and gas", after previously presenting themselves more broadly as "energy solution providers". Opec does not provide a direct reconciliation of the higher 2050 oil demand number. But its regional tables show the increase from last year's WOO is concentrated mainly in the OECD and Africa, partly offset by a lower projection for China. OECD demand is still projected to decline over the long term, but to 38mn b/d in 2050, compared with 37.2mn b/d in the 2025 WOO. African demand is put at 9.2mn b/d, up from 8.8mn b/d, while China's 2050 forecast is lower at 18mn b/d, compared with 18.4mn b/d last year. India remains the largest single source of long-term oil demand growth, although its 2050 forecast is little changed. Opec sees Indian demand rising from 5.6mn b/d in 2025 to 13.8mn b/d in 2050, compared with a 2050 forecast of 13.7mn b/d in last year's WOO. Non-OECD demand is projected to rise by 26.9mn b/d between 2025 and 2050, while OECD demand falls by 7.9mn b/d. Last year's WOO saw non-OECD demand increasing by 27.7mn b/d and OECD demand declining by 8.5mn b/d between 2024 and 2050, so direct growth comparisons are affected by the shifted base year. The sectoral drivers are broadly unchanged. Road transport, petrochemicals and aviation remain the three largest sources of incremental oil use. Opec now sees road transport demand rising by 5.7mn b/d to 2050, aviation by 4.2mn b/d and petrochemicals by 4.6mn b/d. Last year's WOO put the comparable increases at 5.3mn b/d, 4.2mn b/d and 4.7mn b/d, respectively, although from a 2024 rather than 2025 base. On supply, the broad outlook is little changed. Opec sees global liquids supply rising to 124.2mn b/d by 2050, compared with 123mn b/d in last year's WOO. Supply from producers outside the Opec+ alliance is seen plateauing at around 60mn b/d in the 2030s, while Opec+ producers' share of global liquids supply again rises to 52pc by 2050, from 48pc in 2025. Last year's WOO also put the group's 2050 share at 52pc. Opec puts cumulative oil-related investment needs at $17.7 trillion over 2026-50, including $14.5 trillion upstream, $1.9 trillion downstream and $1.3 trillion midstream. Last year's WOO estimated $18.2 trillion over 2025-50, including $14.9 trillion upstream, but the comparison is affected by the different forecast window and dollar basis. Opec also sees downstream balances tightening later this decade. The deficit between required and net potential refining capacity is projected to rise to more than 1.5mn b/d by 2030, as demand growth outpaces net capacity additions, particularly in Asia-Pacific. The 2026 WOO lists 4.9mn b/d of refining additions in 2026-30, compared with 5.8mn b/d in last year's outlook for 2025-30, while global refinery utilisation rises from 80.8pc to 82.7pc over 2025-30. By James Keates Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
US, Iran confirm signing of peace deal
US, Iran confirm signing of peace deal
Singapore, 18 June (Argus) — The presidents of the US and Iran have electronically signed the memorandum of understanding (MoU) to end the conflict that has caused global supply shocks and price volatility in energy and commodity markets, marking the start of efforts to reopen the strait of Hormuz. The US' White House in a social media post early today confirmed that US president Donald Trump signed the deal in Versailles, France. Iranian president Masoud Pezeshkian has also signed the text, according to Iran's semi-official news agency Tasnim, which is affiliated with the country's Islamic Revolutionary Guard Corps (IRGC). The signing, which was originally scheduled to take place on 19 June in Switzerland, kicks off a period of 60 days to negotiate a final agreement on Iran's nuclear programme, as well as other issues. "The Islamabad MoU shall enter into force with immediate effect and as a first step, [the] Islamic Republic of Iran will instantly reopen the strait of Hormuz and the United States of America will immediately lift the naval blockade," said Pakistani prime minister Shehbaz Sharif, who has been facilitating negotiations between the US and Iran, in a social media post on X. Oil prices fell in early Asian trading. The front-month August Ice Brent contract fell to $78.29/bl as of 11:30 Singapore time (03:30 GMT), down by 1.6pc from the previous day's close. The July Nymex WTI contract dropped to $75.41/bl, down by 1.8pc from the day before. Under the deal, Iran is committing to ensure that the movement of vessels from the Mideast Gulf to the Gulf of Oman and vice versa resumes to pre-war levels within 30 days, taking into consideration the need to remove technical obstacles and neutralise mines. Iran also commits to allowing the passage of ships with no charge for a period of 60 days — a reference to the Iranian proposal to charge tolls or service fees on vessels transiting the strait. The traffic of commercial vessels will immediately start, and Iran and Oman will hold consultations to define the future administration and maritime services in the strait of Hormuz, in accordance with applicable international law and the sovereign rights of coastal states of the strait of Hormuz. The US will lift all types of sanctions on Iran, on a schedule that will be negotiated as part of the final agreement. This is subject to Iran meeting its obligations with regard to its nuclear programme. The US Treasury will also issue waivers allowing exports of Iranian crude oil, petrochemical products and their derivatives, and all related services including banking, insurance and transportation, according to the draft agreement. The US and its "regional partners" will create a plan for the "rehabilitation and economic development" of Iran, ensuring financing of at least $300bn. Trump on Wednesday justified his decision to grant unprecedented concessions to Iran on sanctions and other issues by the need to fully reopen the strait of Hormuz. Trump acknowledged that the US has run out of military options to settle the conflict and to wrest control of Hormuz from the Iranian government. "If we didn't do this deal, we could have dropped more bombs for another two, three, four weeks, but you would never have the Hormuz strait open, you would never have success," Trump told reporters at the conclusion of the G7 leaders' summit in France. By Prethika Nair Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Brazil’s central bank cuts target rate to 14.25pc
Brazil’s central bank cuts target rate to 14.25pc
Sao Paulo, 17 June (Argus) — Brazil's central bank lowered its target rate by a quarter point to 14.25pc today in its fourth meeting of 2026, while ongoing uncertainty over the Mideast Gulf war continues to weigh on the outlook. The decision to lower the rate, announced on Wednesday, followed similar 0.25pc cuts in March and April . Domestically, economic activity appears to be recovering from the previous quarter, and the labor market shows signs of resilience, the central bank's monetary committee Copom said. Despite inflation risks continuing to be higher than usual, the committee decided to maintain its cutting trajectory, it said. In the US, Federal Reserve policymakers kept the target rate unchanged Wednesday for a fourth meeting this year while penciling in a possible rate hike by the end of the year. Brazil's headline inflation accelerated to an annual 4.72pc in May . Inflation expectations, as calculated by the bank's Focus survey, remain above target at 5.3pc for 2026 and 4.1pc for 2027. Economic growth slowed to an annual 1.8pc in the first quarter, according to official statistics agency data. For full-year 2025, GDP growth slowed to 2.3pc from 3.4pc in 2024 By João Curi Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
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