Crude Summit: Argentina coexisting with TMX crude line

Market: Crude oil
06/02/25

Competition into the western US from the expansion of Trans Mountain's 890,000 b/d crude pipeline system in western Canada was not as severe as feared by Argentina producers.

There is "still a place" for Argentina's Medanito crude on the US west coast, Francisco Villamil, executive trading manager at upstream producer Vista, said at the Argus Global Crude Summit Americas in Houston.

Argentina producers were "pretty concerned" when the expansion went into service last May. At first, they felt price effects of the increased supply in the Pacific basin, but differentials stabilized and 50pc of TMX exports now go to Asia.

The TMX system connects producers in Alberta to the docks at Burnaby, adjacent to Vancouver, British Columbia, and its capacity roughly tripled when the 590,000 b/d Trans Mountain Expansion (TMX) went into service. TMX has been a popular outlet for shippers, both for selling to US west coast refiners and also for producers looking to bypass the US altogether and target Asian countries.

Since the TMX expansion came on line, the US west coast has received about 159,000 b/d from Vancouver, or 48pc of total Vancouver crude exports, according to Vortexa. Most of the remaining Vancouver exports went to China.

Argentina averaged a record-breaking 717,100 b/d of crude production in 2024, the country's energy secretary reported.

By Eunice Bridges

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17/11/25

Cop: Ministers left with mountain of work at Cop 30

Belem, 17 November (Argus) — Ministers gathering for the second week of the UN Cop 30 climate summit are tasked with piecing together informal negotiations, including on a potential roadmap on transitioning away from fossil fuels, responses to the lack of ambition in new climate plans, and other topics on the official agenda. Ministers will have to wrap up talks held in informal presidency consultations on four key topics — unilateral trade measures, climate finance obligations, emissions reporting and responses to climate plans — even though it remains unclear how a potential deal might look. The Brazilian Cop 30 presidency released a note on 17 November highlighting where parties continue to disagree. Gaps remain on finance, with some countries eyeing a work programme, while developed countries reaffirm that their obligations towards developing countries are covered under the new $300bn/yr finance goal agreed last year in Baku . There are also five options on the response to climate plans. One is to have an "annual consideration" under official negotiations of the report weighing country targets and actions, while another is to have an unnamed roadmap to accelerate implementation, international co-operation and investment to be published before Cop 31. Some negotiating groups, including the alliance of small island states (Aosis) and the Environmental Integrity Group (EIG) are supporting the creation of a fossil fuel phase-out roadmap, while the "EU strongly welcomes the idea for a roadmap being discussed at Cop 30," energy commissioner Dan Jorgensen said. Germany, Spain, Switzerland and the UK have also signalled support. But UK energy minister Ed Miliband pointed out the difficulty for some countries to move away from fossil fuels, including reliance on hydrocarbons for energy and jobs. Brazil and Colombia are also supporting the roadmap. But few other developing oil producers have spoken in favour of it, pointing to their dependence on hydrocarbons, the need for increased finance flows and a just transition. "It's acceptable that Nigeria is ready to transition, but transitioning now has to be consistent with a bunch of economic priorities," the director general of Nigeria's national council on climate change Omotenioye Majekodunmi said. Transitioning away from fossil fuels "must recognise the very strong differences in economic opportunities," she said. The Arab Group, which includes major oil producers Saudi Arabia and the UAE, wants to focus on the climate finance obligations of developed countries. The calls for a fossil fuel roadmap have yet to turn into something more tangible, according to the presidency. Brazilian environment minister Marina Silva said that she does not expect a decision on this at this Cop but welcomes the "beginning of the construction". Even if a roadmap fails to materialise in Belem, the pressure on fossil fuels is likely here to stay at climate summits. Official talks Ministers will also need to agree on official items this week, including adaptation, just transition and the UAE dialogue, which aims to advance the implementation of the global stocktake (GST). The GST agreed two years ago at Cop 28 in Dubai featured the call to transition away from fossil fuels and triple renewable energy capacity by 2030, which has since received some pushback. To help them, the Brazilian presidency asked countries to finish all technical works on the agenda items by 18 November. Cop 30 chief executive Ana Toni struck a positive note about negotiations at the end of the first week, saying several texts have already been approved, but conceded that a lot of work remained to be done. An informal text on the just transition work programme featured options with language on fossil fuels and the phase-out of fossil fuel subsidies, but the paragraphs face opposition. The text recognises the role of transitional fuels — largely natural gas — while transition minerals have been included within the scope of the programme. "To get, you must give, and being honest, we need to be giving more," UN climate body UNFCCC executive secretary Simon Stiell said. "The issues that may not be priorities for you are clearly issues and priorities for other nations," he added. By Lucas Parolin and Caroline Varin Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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Cop: 'Tangible' transition from fossil fuels needed

15/11/25

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15/11/25

Cop: 'Tangible' transition from fossil fuels needed

Belem, 15 November (Argus) — Kazakhstan's deputy minister of natural resources Mansur Oshurbayev today called for a "tangible, not rhetorical" transition away from fossil fuels at a panel during the UN Cop 30 climate summit in northern Brazil. Nigerian and Fijian representatives at the same panel noted the need for "real alternatives" for industry and workers, and for the finance to support a transition, respectively. The topic of moving away from fossil fuels has drawn attention at Cop 30, with host country Brazil's President Luiz Inacio Lula da Silva calling for a roadmap to overcome dependence on them . But talks on the topic are moving slowly. Cop 30 chief strategy and alignment officer Tulio Andrade said earlier this week that they are not on the formal negotiation table. Almost 200 countries agreed to transition away from fossil fuels at Cop 28 in 2023. Some developing nations such as Colombia are eager for a phase-out plan at Cop 30, but others, especially in the Middle East and Africa, are concerned that it might hinder their development, according to delegates. A growing number of countries are discussing an option similar to the so-called Baku to Belem roadmap , which sets out paths to scale climate finance for developing countries to $1.3 trillion/yr by 2035. A fossil fuel phase-out roadmap could look similar, a French delegation source said. Any reduction in fossil fuel production can only come "with real alternatives for firms, workers and regions", Oshurbayev said during the panel. "We must preserve and redeploy this human capital into activities that support the climate transition and do not directly compete with the coal and oil and [natural] gas operations", he added. The phase out of fossil fuels is a "difficult conversation", the director general of Nigeria's national council on climate change Omotenioye Majekodunmi said. Around 80pc of Nigeria's economy relies on fossil fuels and the country uses about 40GW of fossil-powered generators to generate electricity, he said. But there have been some strides at the national level, such as removing taxes on photovoltaic systems, solar panels and batteries, which will allow "small mom and pop shops and homes to adopt renewable energy options other than burning gasoline and diesel", he said. The country also removed long-standing fuel subsidies in 2023. The Netherlands' vice-minister of climate and energy Michel Heijdra called on countries to reduce fossil fuels subsidies earlier in the week during a Cop 30 high-level event. And fossil fuel subsidies throughout the world are mostly "underpriced, underused or unjust", the deputy chief of IMF's climate policy division Diego Mesa said. Nigeria is also considering creating an additional tax on oil products, Majekodunmi said, which would encourage the country to "reimagine alternative energy sources to drive its economy". The country will rely on natural gas as a "transition fuel" as it winds down over-dependence on fossil fuels, Majekodunmi said. Electrification can also help countries reduce fossil fuel usage, Oshurbayev said. Bold and joint action will be needed to mitigate the consequences of irreversible climate change, including to phase out fossil fuels, the permanent secretary of Fiji's environment and climate change ministry Sivendra Michael said. And any such action will require financing, he told Argus on the sidelines. Some countries, such as India and Saudi Arabia, are pressing for the climate finance obligations of developed countries to developing countries to be addressed at this summit. This is one of four contentious topics that did not make it onto the official agenda, but that countries are discussing in consultations overseen by the Cop presidency. "The ball is [in the] rich countries' court", Michael said. The technical phase of Cop 30 is now wrapping up, as countries' ministers are starting to arrive. The talks will shift into a political phase from 17 November. By Lucas Parolin and Rhys Talbot Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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Croatia's Omisalj crude receipts drop in October

14/11/25

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14/11/25

Croatia's Omisalj crude receipts drop in October

Barcelona, 14 November (Argus) — Crude receipts at the Croatian terminal of Omisalj fell in October, as a refinery served by the port caught fire and a disagreement continued between Omisalj's terminal operator and Hungary. Overall Mediterranean crude imports dropped sharply in the month. Omisalj receipts declined to 75,000 b/d last month, from 145,000 b/d in September, according to Argus tracking. Deliveries averaged 125,000 b/d in January-October, up from 110,000 b/d across 2024. The terminal serves Croatian firm Ina's 90,000 b/d Rijeka refinery and is the start of the 400,000 b/d Adria pipeline that can supply three landlocked refineries — Mol's 161,000 b/d Szazhalombatta in Hungary and 115,000 b/d Bratislava in Slovakia, and NIS' 96,000 b/d Pancevo in Serbia. Receipts fell as the US sanctioned NIS, and Szazhalombatta had a fire . There were sharp words over transit conditions between Mol and Janaf, in a long-running dispute. October deliveries to Omisalj comprised 45,000 b/d of Azeri BTC Blend, plus 30,000 b/d of Caspian CPC Blend. Argus assessed average crude quality at Omisalj in January-October at 37°API and 0.7pc sulphur, lighter than the 2024 average of 35.8°API and 0.7pc sulphur. Seaborne crude receipts at Mediterranean terminals — including Croatia, Spain, Greece, France's Fos-Lavera and Italy excluding Trieste — fell to 3.39mn b/d from 3.63mn b/d on the month. This was the lowest since June, when there were major works at two Greek refineries and Spain sharply cut crude purchases as a consequence of the end-April Iberian power outage. October arrivals were down on a combination of a string of planned and unplanned works and an ownership dispute in Italy, unplanned maintenance in France, Szazhalombatta's fire and the US' NIS sanctions. For refineries functioning correctly, middle distillate and gasoline cracks are buoyant . Greek's Helleniq Energy expects them to stay strong to year-end . For the second month in a row the biggest crude supplier to the Mediterranean region was the US, with 495,000 b/d down from 565,000 b/d in September. Libya supplied 440,000 b/d and Iraq 445,000 b/d. This was the most Iraqi crude in the Mediterranean since November 2023, supported by strong Greek demand for Basrah Medium, plus returning Kirkuk supply . By Adam Porter Mediterranean Europe crude imports mn bl Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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More oil, gas firms have emissions action plans: OGDC

14/11/25

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14/11/25

More oil, gas firms have emissions action plans: OGDC

London, 14 November (Argus) — Oil and gas firms that are signatories to the Oil and Gas Decarbonisation Charter (OGDC) have increasingly set out plans to address their operational emissions, methane emissions and flaring, a report from the OGDC said today. Of the companies signed up to the charter in 2024, 36 reported having "interim action plans" for scope 1 and 2 emissions reductions for 2030, 31 reported that they had methane action plans and 33 reported having flaring action plans — up from 31, 20 and 22, respectively, in 2023. Of the signatories, 36 have third-party verification systems in place, the report found. The charter was signed at Cop 28 in 2023 and now has 55 signatories, representing around 40pc of global oil production and around 35pc of global oil and gas output. Of the signatory companies, around two-thirds are state-owned. OGDC signatories produced nearly 59mn b/d of oil equivalent (boe/d) in 2024. The OGDC estimated that total operated scope 1 and 2 emissions for all charter signatories stood at around 1bn t/CO2 equivalent (CO2e) in 2024. The estimate was based on submissions for operated scope 1 and 2 emissions from 41 signatories, which totalled just above 800mn t/CO2e in 2024. Scope 1 and 2 emissions usually make up a minority of oil and gas producers' total emissions. But scope 3, or end-use, emissions represent the vast majority of oil and gas producer emissions, with estimates in the range of 80-95pc of the total. A report from a group of more than 130 scientists on 13 November found that emissions from fossil fuels are projected to reach a record high of 38.1bn t/CO2 this year. Global emissions from "human activities" stood at 53.2bn t/CO2 equivalent (CO2e) in 2024, without factoring in emissions from land use, land use change and forestry, the EU's Edgar programme found in September. Charter signatories invested around $32bn in "low-carbon solutions" which include renewables, carbon capture, hydrogen and "low-carbon fuels" in 2024, according to the report. Signatories agree to aim for net zero operations by 2050, "near-zero upstream methane emissions" by 2030, zero routine flaring by 2030 and to "set and share" a 2030 goal for scope 1 and 2 emissions. TotalEnergies, a signatory to the charter, today committed $100mn to a fund which supports technologies to cut emissions "across the oil and gas value chain". The fund — Climate Investment — is partnered with the charter and will help signatories "on their decarbonisation path", within the charter's scope, TotalEnergies said. By Georgia Gratton Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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US, allies fall out over Venezuela: Update

13/11/25

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13/11/25

US, allies fall out over Venezuela: Update

Adds update on US operations, Venezuelan opposition comment. Washington, 13 November (Argus) — US president Donald Trump's administration is pushing back on allies' criticism of its strong-arm approach toward Venezuela — the latest point of disagreement within the G7 group of major economies. The US has built up a large naval presence near Venezuela since early September — including the Gerald R Ford aircraft carrier strike group as of 11 November — and has carried out almost 20 lethal attacks on small boats it accuses of ferrying drugs. US defense secretary Pete Hegseth on Thursday labeled efforts to remove "narco-terrorists from our hemisphere" as Operation Southern Spear, to be led by the Southern Command which oversees military forces in Central America, South America and the Caribbean. The US administration's legal pretext for the build up and Trump's statements that he is considering attacks on Venezuela's soil have come under skeptical review from US lawmakers from both parties. G7 foreign ministers ahead and during their meeting in Canada on 10-11 November expressed similar sentiments. The US strikes against boats disregard international law, French foreign minister Jean-Noel Barrot said. There is no legal basis for the US attacks, EU foreign affairs commissioner Kaja Kallas told NBC News on Wednesday. "I don't think that the EU gets to determine what international law is," US secretary of state Marco Rubio told reporters late on Wednesday. "I do find it interesting that all of these countries want us to send and supply, for example, nuclear-capable Tomahawk missiles to defend Europe, but when the US positions aircraft carriers in our hemisphere where we live, somehow that's a problem." The EU has backed Ukraine's request last month to equip Ukrainian forces with Tomahawk missiles to enable Kyiv to strike targets deep inside Russia. But Trump appears to have denied the request. The US armada assembled near Venezuela, including the Gerald R Ford group, carries an estimated 170 Tomahawks, defense experts Mark Cancian and Chris Park with think tank the Center for Security and International Studies wrote on 10 November. The Tomahawk inventory is comparable with the number of missiles the US military previously used in campaigns of limited duration, such as in Libya in 2011, the experts said. US naval maneuvers and boat strikes so far have had no impact on Venezuela's oil exports and energy shipments across the Caribbean. Chevron — allowed to resume business in Venezuela just before the naval build up began — appears to have imported 155,000 b/d to the US from Venezuela in October, based on data from Kpler ship tracking. Venezuela's crude output was at an estimated 1.1mn b/d in October. Independent refiners in China absorb the bulk of Venezuelan crude exports not loaded by Chevron. Venezuelan imports to China were at an estimated 500,000 b/d in October, with many more cargoes available than there are buyers, despite Merey discounts widening to $12/bl against Ice Brent. What next? The US has not carried out a unilateral military intervention in the western hemisphere since 1989, when it toppled Panamanian president Manuel Noriega's government and transported him to the US where he was convicted in court of involvement in drug trafficking. Trump, Rubio and other US officials have made public statements suggesting that removing Maduro from power is among possible options for the US naval force. Maduro faces a US prosecutors' indictment over alleged drug trafficking and the US has offered a $50mn bounty for his capture. Venezuela this week passed a law obligating the general population to defend Maduro's regime, with the president calling for "maximum preparation". Additional military forces have not been highly visible in the capital of Caracas in recent days. Interior minister Diosdado Cabello threatened members of Venezuela's political opposition, saying "don't say we didn't warn you" if the US "does anything to any of us." Opposition leader Maria Corina Machado said from hiding late on Wednesday that Venezuela is "in the final hours" of what will be a "peaceful transition." But the US military resources assembled in the Caribbean suggest that a full blown invasion is not likely. Trump's deployment of the US military has been more limited so far this year — bombing Yemen's Houthis and Iran, and quickly declaring victory. "Attacks on the cartels have the advantage that the US can walk away at any time ... claiming that it damaged cartel operations and thereby reduced the flow of drugs into the US," Cancian and Park wrote. The Trump administration has told US lawmakers that its military operations are a "non-international armed conflict" with an unspecified group of "designated terrorist organizations". A legal opinion written by Trump's Justice Department in late July — and shared with the US Congress in early November — did not explicitly mention Venezuela and merely asserted the right to target trans-national criminal organizations anywhere, by all means. By Haik Gugarats Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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Crude Summit: Argentina coexisting with TMX crude line

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Cop: Ministers left with mountain of work at Cop 30

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Croatia's Omisalj crude receipts drop in October

Croatia's Omisalj crude receipts drop in October

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