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Latest market news

Brazil court suspends offers of 18 oil, gas blocks

  • Market: Crude oil, Natural gas
  • 10/08/26

A federal court in Brazil's federal district has suspended future offers for a combined 18 oil and natural gas blocks in three basins in response to a civil lawsuit filed by climate activist group Arayara.

The blocks are in the Potiguar, Sergipe-Alagoas and Espirito Santos basins. The three basins produced a combined 21,641 b/d of oil equivalent in June, according to Brazil hydrocarbons regulator ANP.

Arayara presented technical evidence that suggests that the blocks "overlapped with or encroached upon conservation units, ecological corridors, quilombola territories, breeding grounds for endangered species and regions of high importance for biodiversity", it said.

The decision "reinforces the need for a prior assessment of environmental risks before including areas in bidding rounds", the group added.

ANP will now be unable to offer the blocks until further environmental studies are conducted in the area.

But none of the suspended blocks was due to be offered in ANP's next two auctions, to be held on 7 October. The agency will offer 22 blocks in a concession auction, including two in Espirito Santo and five in Potiguar.

ANP did not immediately answer Argus' requests for comments.

By Lucas Parolin

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11/08/26

Australia's Santos loads first Pikka crude cargo

Australia's Santos loads first Pikka crude cargo

Sydney, 11 August (Argus) — Australian independent Santos has loaded the first cargo from its 80,000 b/d Pikka oil project, based in Alaska's North Slope (ANS) region. The initial shipment of 450,000 bl of ANS crude left from the Port of Valdez on the Polar Resolution bound for the US west coast (USWC), Santos said on 11 August. Total ANS production averaged at 462,100 b/d in the week to 31 July , Alaskan government data show. Continuous production at the field began in June . Output is currently averaging at 23,000 b/d, with full project capacity expected to be reached in the third quarter of this year. Operator Santos holds a 51pc share of Pikka, and Spanish joint venture partner Repsol owns 49pc. ANS crude was at $85.73/bl on 10 August, down from $127.42/bl on 4 May with strong USWC refining economics and supply concerns are boosting ANS values. Medium crude supplies remain tight due to uncertainty linked to the Middle East conflict, while the ANS 3-2-1 refining crack spread on the US West Coast averaged at a near-record $77/bl last week. By Tom Major ANS crude price ($/bl) Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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US extends but narrows Jones Act waiver

10/08/26
News
10/08/26

US extends but narrows Jones Act waiver

New York, 10 August (Argus) — President Donald Trump's administration said it will continue to waive domestic shipping requirements under the Jones Act for another 90 days, albeit with stronger oversight than the previous waiver. The waiver, first enacted 17 March, will now require the Department of Defense to consult with the US Maritime Administration (MARAD) on the availability of Jones Act vessels prior to an individual shipping voyage before determining whether the waiver can be applied, a White House official told Argus . This marks a shift from the waiver's current iteration, valid through 16 August, that relies on the vessel operator or charterer documenting their reasoning. As of 7 August, MARAD data show that around half of the reasons given for the 212 documented Jones Act waiver voyages simply cite the shipment's coverage under the waiver, while only 19 entries mention Jones Act vessels not being available. The new waiver still covers most products that were covered previously, such as diesel, gasoline, crude, soybean oil and fertilizers, but coal and coal-derived products are no longer allowed, according to the official. US-based shipping groups expressed strong opposition to a waiver extension, particularly under the existing blanket waiver authority used since March. "The government can respond to a genuine emergency without turning an exceptional waiver into a standing invitation for foreign operators to enter routine domestic commerce," former US federal maritime commissioner William Doyle said in an op-ed in the Washington Examiner on 10 August. The Trump administration issued the waiver of the Jones Act — which allowed foreign flagged and owned vessels to carry US-to-US shipments in place of US-flagged, US-owned and US-crewed vessels — on 17 March on national security grounds under section 501a and later extended it by 90 days. But some of the voyages conducted under the waiver have been criticized by the domestic maritime industry as not serving any national security purpose . The waiver was issued to ensure US airfields and military installations are properly supplied with fuel, but has otherwise been highly popular with US refiners. Republican lawmakers urged Trump in July to restore the Jones Act, calling the waiver "a loophole exploited by adversarial countries to erode America's maritime dominance". By Charlotte Bawol Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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US Senate starts recess without permitting deal

10/08/26
News
10/08/26

US Senate starts recess without permitting deal

Washington, 10 August (Argus) — The US Senate left town on Saturday for a five-week summer break without finishing its work on a bipartisan infrastructure permitting bill, complicating the path to enacting the legislation this year. Getting the bill done before the August recess was the "best chance" for it to become law, Senate Environment Committee chairman Shelley Moore Capito (R-West Virginia) said in June. But on 8 August, the Senate recessed after voting 90-6 for a funding bill that would avoid a shutdown in seven weeks. Senate negotiators have yet to release any text of the permitting bill, and they only have three weeks in session before the midterm elections on 3 November. Oil and renewable industry officials see an increasing likelihood that any votes on the permitting bill will not take place until after the midterms. If Democrats win control of either chamber, Republicans see slim chances to pass a permitting bill in the lame duck session or the next two years because of friction between Democrats and President Donald Trump. "It's going to be almost a dead issue from my perspective, in terms of thinking that the House is going to be able to do something constructive if the House flips," US senator Alan Armstrong (R-Oklahoma) said on 29 July. Congressional negotiators say they are not giving up on permitting, although they are floating the idea of narrowing the bill's scope to focus on issues with bipartisan agreement. Timing will not be an issue if the final bill has broad enough support among Republicans and Democrats, Senate Energy and Natural Resources Committee ranking member Martin Heinrich (D-New Mexico) said in a podcast interview POLITICO published on 3 August. He attributed delays with the bill to the Trump administration rather than his Republicans counterparts. "It has been the White House that consistently throws up new challenges, and that just makes it harder for us to sell any product to our caucuses," Heinrich said. Democrats have spent the last year warning the White House that taking further steps to undermine wind and solar development would make it more difficult for them to support a permitting bill, with little apparent success. The administration halted work on offshore wind projects that were under construction until they were blocked in court. The US Department of Defense was recently ordered by a federal judge to restart reviews of wind farms that had been frozen for a year. A recent proposal by the administration to weaken enforcement of the National Historic Preservation Act was "not helpful" to permitting legislation, Heinrich said. Republicans who are pushing for a permitting deal say it would be short-sighted of Democrats to scuttle a deal just because the administration has been blocking some projects. Armstrong, who was the executive chairman of pipeline company Williams before being appointed to the Senate, said a permitting bill would address the issue Democrats want to resolve. "Our industry's had its toes stepped on plenty of times," Armstrong said on 29 July. "I totally understand the emotions of that, but this is about legislating in a way that we don't have to tolerate that." The White House appears poised to unilaterally make changes to permitting policy even absent any legislation, although oil and renewable industry officials say those changes would not offer the certainty they need to invest billions of dollars in new infrastructure. As early as this month, the administration plans to finalize changes to make it harder for states to block "section 401" water permits for pipelines and to propose new rules for offshore wind permitting, according to a regulatory dashboard. 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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Q&A: Aspect hopes for Venezuela progress

10/08/26
News
10/08/26

Q&A: Aspect hopes for Venezuela progress

New York, 10 August (Argus) — International wildcatter Alex Cranberg, chairman of Aspect Holdings, told President Donald Trump at a meeting with oil executives in January that Venezuela offered a "tremendous amount of opportunity". He tells Argus' Stephen Cunningham how his company's plans there are developing. Six months on from the White House meeting, how has the investment outlook for Venezuela's energy industry changed? Many companies, including ours, are making good progress toward obtaining technical data, evaluating investment opportunities and progressing suitable contract terms. There is more to do. What have your first-hand impressions been of Venezuela's oil sector? I have been very impressed with the open welcome we have received from a broad cross section of Venezuelans, including government and [state-owned] PdV officials. I have also been very impressed with the quality of technical assessments and situational understanding of the professionals that we have interacted with. You told President Trump that wildcatters like Aspect can "kick-start" production by moving quickly and taking on early-stage risk. Have you been able to put that strategy into practice yet? Aspect is certainly one of the earliest players, especially in the "greenfield" exploration role that we specialise in. I fully expect to have contracts in place and investment moving forward in the next several months. Has the Iran war strengthened the case for investing in Venezuela? Obviously this is a dramatic illustration of the vulnerability of Middle Eastern energy supplies and therefore of the importance of growing energy supplies in our own hemisphere. What are you hearing about the impact of the earthquake on Venezuela's energy infrastructure? Could it affect investment plans or project timelines? The earthquake is an enormous and tragic event. It certainly will both make operations and contract progress more difficult and more essential. We are ourselves turning part of our Venezuelan bandwidth and focusing it on earthquake relief via emergency medical supply. Some major oil companies are still calling for greater certainty around contracts, dispute resolution and security before investing in Venezuela. Are there specific policy or legal changes you'd like to see in the next 12 months that would unlock significantly more investment? It is a process, but one that I'm confident will eventually end up in a satisfactory place. I think US government or multilateral provision of political risk insurance would be a major positive. And the US government is the only entity that can in fact provide reasonable cost insurance with little risk and attractive returns to itself… since it controls the relevant revenue stream. If the investment outlook continues to improve, how much could Venezuela's crude production increase over the next 2-3 years? I'm not able to make short-term predictions, but I believe that Venezuela could easily top 6mn-7mn b/d in 10-12 years if it provides an accommodative and attractive investment environment. Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

News

Japan mulls cost-sharing for crude diversification

10/08/26
News
10/08/26

Japan mulls cost-sharing for crude diversification

Tokyo, 10 August (Argus) — Japan is considering introducing a scheme to share costs among refiners and trading houses to support imports of diversified crude cargoes that do not transit the strait of Hormuz, as it seeks to strengthen energy security following recent disruptions in the Middle East. The country's trade and industry ministry Meti set up a working group in late July to enhance the resilience of Japan's petroleum supply chains. At its latest meeting on 7 August, the group proposed a scheme to raise and disburse funds to support stable imports of crude oil and naphtha that do not pass through the strategic chokepoint. The scheme would cover additional diversification costs, such as higher freight and insurance expenses, compared with shipments routed through the strait of Hormuz, Meti said. Under the proposed scheme, importers such as refiners and trading houses will pay funds to Japan's energy security agency, Jogmec. Such importers would submit plans for crude sourcing diversification to the government, and Jogmec will provide financial support for approved projects based on criteria such as economic efficiency and their contribution to crude procurement diversification. Such diversified procurement would require higher transport costs in normal times, because of longer delivery days or the need to use pipelines. By collecting funds from importers and providing them for diversification efforts would provide greater certainty for importers and help offset the higher costs associated with longer transportation distances compared with supplies via Hormuz, Meti said. The working group has yet to discuss and design further details of the scheme. Meanwhile, the working group also proposed replenishing Japan's strategic petroleum reserves (SPR) during the April 2026-March 2027 fiscal year, Meti said. Japan released around 90mn bl of government-held SPR following the outbreak of the US-Iran war. After the release programme was completed, government stockpiles stood at around 170mn bl. As current inventory levels are below the IEA standards, so Tokyo is considering replenishing the SPR to restore compliance, Meti said. Japan faced supply disruptions especially for naphtha, as the country was reliant on the Middle East for naphtha imports. The working group is also discussing how to secure stockpiles to meet domestic demand for naphtha, and it proposed replenishing strategic crude stockpiles to levels equivalent to 90 days' worth of Japan's crude imports during the April 2027-March 2028 fiscal year, while taking into account feedstock requirements for domestic naphtha production. There is an opinion that it would be preferable to hold stockpiles in the form of crude oil from a safety perspective, given naphtha's high volatility, Meti said. By Kohei Yamamoto Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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