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US, Iranian diplomats to meet on 26 February

  • Market: Crude oil, Natural gas
  • 23/02/26

US and Iranian diplomats will hold another round of talks in Geneva, Switzerland, on 26 February, despite militant rhetoric from both sides.

Oman's foreign minister Badr Albusaidi announced the date and venue of planned talks in a social media post on Sunday. The previous two rounds of talks did not resolve differences over Iran's nuclear program.

President Donald Trump's administration has moved more US naval and air force resources to the region near Iran. Tehran threatened to retaliate against US bases and interests across the Middle East in the event of a US attack.

Trump on 20 February said he is considering a possible, limited strike on Iran to pressure Tehran to make unspecified concessions.

The US naval buildup in the region near Iran is the largest since 2003, when the US was preparing to invade Iraq, think tank Center for Strategic and International Studies experts Mark Cancian and Chris Park said in a report on 20 February.

But the naval and air force assets deployed to the region do not indicate any deployment of ground forces, the experts said. The composition of the US military buildup is comparable to the 1998 operation that featured multiple days of air strikes against Iraq, Cancian and Park wrote. The military assets in place as of 20 February would allow launching 50-100 Tomahawks or other long-range missiles against targets in Iran, according to them.

Trump is scheduled to give his annual State of the Union address to the US Congress on Tuesday evening, Washington time. Trump's administration has not briefed lawmakers on the rationale behind the threats to use military force against Iran, and the president has not asked for congressional authorization to target Iran.

By Haik Gugarats

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23/02/26

Denmark considers extending N Sea production licences

Denmark considers extending N Sea production licences

London, 23 February (Argus) — The Danish government will "initiate a process" to look at possibly extending one or more production licences in the Danish North Sea until 2050, to contribute to European energy security and independence, it said. The government has invited gas producers in the North Sea to explore an extension to their permits past 2042, which was the initial year in which most licences were set to expire before the country's 2045 climate neutrality goal. Any licence extension must fit within the framework of the North Sea Agreement — signed in 2020, committing the country to cancel all future oil and gas licensing rounds and set a phase-out date of 2050 for fossil fuel extraction — and within Denmark's long-term climate goals. The government has asked the Danish underground consortium (DUC) — which operates the Tyra hub — to "explore an extension" beyond the current 2042 expiry. The DUC welcomes the government invitation and has expressed interest in extending its operating licence, DUC stakeholder BlueNord said on Sunday. Tyra hub output set consecutive six-year monthly production highs in November and December . Europe is in dire need of energy independence, and while renewables expansion can help the bloc achieve that goal, natural gas will still play a significant part of the energy mix in the coming year, the Danish government said. "Europe must stand on its own two feet," Danish industry and trade minister Mortern Bodskov said. "This requires that we invest massively in our own energy capacity. First and foremost in green solutions. But also in the supply that keeps production running," he added. Denmark has a legally binding target to reduce greenhouse gas (GHG) emissions by 70pc by 2030, from a 1990 baseline — more stringent than the EU-wide target. It committed at the UN Cop 30 climate summit in November to a 2035 goal of 82pc GHG cuts by 2030, from the same baseline, one of the most ambitious in the world. The bill to set this target in law is currently under consultation. Denmark aims to reach net zero emissions by 2045 and negative emissions beyond that. Renewable sources made up more than half of Denmark's total energy supply in 2024, IEA data show. The government has set aside 4bn kroner ($632mn) annually for 15 years from 2034 to reach its climate goals. By Georgia Gratton and Alejandro Moreano Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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Ghana's Tema refinery says RFCC due online by May

23/02/26
News
23/02/26

Ghana's Tema refinery says RFCC due online by May

London, 23 February (Argus) — Ghana's 45,000 b/d Tema Oil Refinery (TOR) is conducting a major turnaround at its 14,000 b/d residual fluid catalytic cracker unit (RFCC), it told Argus today. The works are due to conclude by end of April-early May, the company said. TOR's RFCC has been offline since the refinery restarted at the end of December , according to information from Ghana's downstream regulator NPA. The regulator publishes irregular downstream market bulletins, in which TOR's RFCC has been described consistently since December 2025 as "shut down". Ghana's gasoline imports have been broadly steady since TOR's return online. Year-to-date arrivals are 48,000 b/d, down from 50,000 b/d in the same period a year earlier. It is uncertain if the return of TOR's RFCC would immediately lead to a rise in gasoline production. The company has previously said it wants to replace a 6,500 b/d catalytic reformer with a 10,000 b/d continuous catalytic reformer. A source in the country said TOR is seeking investors for this. The company was asked if blending component-producing units are operational at the refinery. By George Maher-Bonnett Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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Denmark considers extending N Sea production licences

23/02/26
News
23/02/26

Denmark considers extending N Sea production licences

London, 23 February (Argus) — The Danish government will "initiate a process" to look at possibly extending one or more production licences in the Danish North Sea, to contribute to European energy security and independence, it said. "Geopolitical realities underline the need for Europe to take more responsibility for its own energy supply… Europe must be able to stand on its own two feet when it comes to energy supply and security", the government said. The potential extension is framed in terms of energy security for Europe, rather than solely for Denmark. "The government will investigate whether it makes sense to extend one or more licenses — not for Denmark's sake, but for Europe's", climate and energy minister Lars Aagaard said. Although Europe is moving away from Russian energy, it is "still dependent on imported energy", including from the US, Danish minister of economic affairs Stephanie Lose said. Any licence extension must "take place within the framework of the North Sea Agreement and Denmark's long-term climate goals and international obligations", the government said. The North Sea Agreement, signed in 2020, committed Denmark to cancel all future oil and gas licensing rounds and set a phase-out date of 2050 for fossil fuel extraction. Denmark was the biggest oil and gas producer at the time to establish an end date for the fuels' extraction. "I would have preferred that Europe could make do with green energy. But the reality is different, and I fundamentally believe that it is better for Europe to get gas from Denmark than from countries outside our continent", Aagaard said. Denmark has a legally binding target to reduce GHG emissions by 70pc by 2030, from a 1990 baseline — more stringent than the EU-wide target. It committed at the UN Cop 30 climate summit in November to a 2035 goal of 82pc GHG cuts by 2030, from the same baseline, one of the most ambitious in the world. The bill to set this target in law is currently under consultation. Denmark aims to reach net zero emissions by 2045, and negative emissions beyond that. Renewable sources made up more than half of Denmark's total energy supply in 2024, IEA data show. The government has set aside 4bn Danish kroner ($632mn) annually for 15 years from 2034 to reach its climate goals. By Georgia Gratton Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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US regulatory rollback raises wider oil sector concerns

23/02/26
News
23/02/26

US regulatory rollback raises wider oil sector concerns

Washington, 23 February (Argus) — President Donald Trump has repealed more than 15 years of regulations limiting greenhouse gas emissions from vehicles, an action that raises doubts over the future of other climate regulations. The US Environmental Protection Agency (EPA) earlier this month revoked tailpipe standards that limited CO2 emissions, in addition to repealing its 2009 endangerment finding that gave it the ability to regulate greenhouse gas emissions from vehicles. Trump says the tailpipe rules were part of a "giant scam" to address climate change, forcing consumers to buy vehicles they did not want. The now-gutted tailpipe rules were among the last remaining federal measures to constrain CO2 emissions from cars and trucks. The Republican-led Congress last year voted to block California from enforcing its own tailpipe rules, after which lawmakers eliminated all penalties for carmakers that fail to meet federal fuel-economy standards. US car manufacturer General Motors said last month it expects $500mn-750mn in savings this year from no longer having to purchase fuel-economy compliance credits. The tailpipe repeal will likely increase fuel demand and thereby raise gasoline prices by 75¢/USG by 2050 in constant dollar terms, or 29pc above a reference-case scenario, according to the EPA. That would be a positive development for US oil producers and refiners. Ahead of the rollback, the US Energy Information Administration's reference case in its Annual Energy Outlook showed fuel demand from light-duty vehicles falling to 4.9mn b/d by 2050 from 8.3mn b/d this year. But the additional spending on fuel could start to bite for consumers. Under one scenario the EPA modelled, consumers would face net losses of $180bn over 2027-55, as greater spending on fuel and maintenance overwhelms any upfront savings from cheaper vehicles. The EPA relied on an alternative scenario, where oil prices plunge to $47/bl by 2050 compared with a reference-case scenario of $91/bl, to demonstrate the rollback would produce net savings of $250bn by 2055. None of the EPA's analyses accounted for the billions of dollars in health costs from additional air pollution or damage from climate change. Under a recent policy change, the EPA assigned a value of $0 for negative air pollution externalities, despite outcry from environmentalists that say this has distorted its analyses. Methane uncertainty The sweeping arguments the EPA used to repeal its tailpipe rule could complicate the oil sector's push for long-term stability in federal methane regulations. To support the revoking of the tailpipe standards and the underlying endangerment finding, the EPA says it now believes the US' Clean Air Act is only able to regulate "local and regional" air pollution, rather than global greenhouse gas emissions. The EPA also says it was futile to issue costly rules in the US because it believes the climate benefits will be immaterial. If the courts agree with that argument, that could spell trouble for a separate methane regulation. "It seems logically impossible to set standards for methane if the EPA's argument in its recent rule rescinding the endangerment finding succeeds," Harvard Law School's Environmental and Energy Law Programme director, Jody Freeman, says. Oil groups have sought to retain federal methane regulations, with some change to reduce costs. Doing so would avoid creating uncertainty over millions of dollars of investments the industry has already made in emission controls, while also preventing backlash from foreign buyers that have to consider carbon intensity when buying LNG and oil. The EPA has yet to say if it wants to repeal its methane authority. EPA administrator Lee Zeldin last year said he plans to reconsider the methane rule, but the agency is months late in releasing a proposal. By Chris Knight Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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Trump threatens 15pc tariff on all US imports

22/02/26
News
22/02/26

Trump threatens 15pc tariff on all US imports

Washington, 21 February (Argus) — President Donald Trump on Saturday said he will slap a 15pc tariff on all US imports, less than 24 hours after his administration unveiled a 10pc global import tax meant to replace the emergency tariffs struck down by the Supreme Court on Friday. Trump, in a social media post, said that he "will be, effective immediately, raising the 10pc Worldwide Tariff on Countries, many of which have been 'ripping' the U.S. off for decades, without retribution (until I came along!), to the fully allowed, and legally tested, 15pc level". Trump cited "a thorough, detailed, and complete review of the ridiculous, poorly written, and extraordinarily anti-American decision on Tariffs issued" on Friday as a justification for his decision. The White House has yet to release an official record of any decision to implement Trump's 15pc tariff threat. Trump on Friday had to rescind executive orders he signed in the past year that imposed tariffs by invoking the economic emergency authority that the Supreme Court found to be illegal. Trump, in a separate proclamation on Friday, invoked Section 122 of the 1974 Trade Act to impose a 10pc tax on all US imports from 24 February. Trump's decision on Friday exempted energy, critical minerals, fertilizers and certain agricultural imports from new import taxes. The 10pc tax, which was to be in effect for 150 days — until 24 July — exempted imports eligible for duty-free treatment under the US-Mexico-Canada free trade agreement (USMCA). Why 10pc or 15pc? It is not clear why Trump announced on Saturday that he would raise the Section 122 tariff to the maximally allowed 15pc, or why his administration initially chose a lower rate, at 10pc. The Trump administration had signaled since mid-January that it would opt for a 10pc tariff under Section 122 authority if the Supreme Court struck down Trump's emergency tariff. The Trump administration said it was planning to use the 150-day duration of the Section 122 tariffs to rapidly put in place other tariffs targeting specific industries and countries under existing, previously used trade authorities. While Trump said that his Section 122 tariff authority is "legally tested", no other president has invoked this power, and US courts have not weighed on its merits before. But Supreme Court justice Brett Kavanaugh, who dissented from the majority decision that struck down Trump's emergency tariffs, cited Section 122 five times in his separate opinion issued on Friday. Kavanaugh argued that since Congress delegated to the executive branch broad tariff authority to impose tariffs under Section 122 and multiple other laws, there was no reason to dispute Trump's authority to impose tariffs by invoking economic emergencies. Trump on Saturday called Kavanaugh "my new hero", together with two other justices who voted to uphold Trump's tariffs. Trump continued to lob insults at conservative justices who voted to strike down his tariffs, calling them "fools" and "lapdogs" of "radical left Democrats". More court action likely Despite criticism of the court's decision, Trump and his top officials have tried to put a positive spin on the ruling by arguing that he will instead impose "stronger" tariffs and raise even more revenue. But his Section 122 tariffs likely will face challenges in courts. The Supreme Court's majority opinion hinged on the finding that Congress did not explicitly authorize Trump to impose taxes, in the form of tariffs, under the legal authority he has cited. Chief justice John Roberts and two of the justices Trump appointed during his first term, Neil Gorsuch and Amy Coney Barrett, also referenced the "major questions" doctrine to justify their decision, meaning that Congress, not the White House, should decide on matters of major economic significance. Trump has left little doubt that he plans to bypass Congress in rolling out new tariffs. "I have the right to do tariffs," he said on Friday. "We have a right to do pretty much what we want to do." The Republican-led US Congress has not challenged Trump's tariff authority to date, although lawmakers have increasingly voiced concerns about the effect of tariffs on prices. In the House of Representatives, where the Republican majority has shrunk to one, several Republican members have expressed support for the Supreme Court's decision. Trump on Saturday blasted one of those lawmakers, Jeff Hurd (R-Colorado), for "a lack of support, in particular for the unbelievably successful TARIFFS imposed on Foreign Countries and Companies". Trump endorsed Hurd's opponent in the upcoming Republican primary. By Haik Gugarats Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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