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Latest market news

Canada to double tariff on US steel, aluminum

  • Market: Crude oil, Metals, Natural gas
  • 25/08/26

Canada will set 50pc tariffs on imported US steel and aluminum from 8 September as part of a retaliatory package targeting $28bn of imports from its southern neighbor.

The move doubles Canadian tariffs on US steel and aluminum from 25pc, matching US taxes of 50pc on imports of those products from Canada.

The Canadian government announced the retaliatory package of tariffs on Tuesday, days after the US implemented a 50pc tariff on cement, plywood and other imports from Canada. The new US tariffs took effect on 22 August.

The latest US tariffs and Canada's retaliatory tariffs do not apply to energy, potash fertilizer or critical minerals, but they will add additional costs to other key US imports. Raising tariffs on cars and auto parts will further disrupt the integrated North American auto industry.

Trade talks between the US and Canada ended abruptly last week, and no new talks are planned. US president Donald Trump and Canadian province Ontario premiere Doug Ford traded insults on social media and on TV in the past two days. Trump on Tuesday said the US is considering renaming the shared Lake Ontario to "Lake America".

Trump on Monday threatened to double tariffs on cars and auto parts made in Canada to 50pc from 1 January.

By Haik Gugarats

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25/08/26

Venezuela looks to lighten up its crude

Venezuela looks to lighten up its crude

Caracas, 25 August (Argus) — Venezuela is best known for its heavy and extra-heavy crude reserves, but energy officials are calling for more exploration of its lighter crude and condensate resources to help boost output overall. "At this point we are putting more exploration efforts into light and medium crudes to leverage our production," energy minister Paula Henao told potential investors earlier this month in Houston, Texas. Lighter crude is essential as diluent for heavy and extra-heavy crude production, but Venezuela only produces about 200,000-240,000 b/d oflighter crude of about 30°API out of its 1.2mn b/d of total output, a source in state-owned PdV said. Venezuela has long needed to import diluent, typically naphtha, for blending, with the US now supplying about 75,000 b/d so far in 2026, based on Kpler ship tracking data. It will need more than twice that much if it wants to meets it goal of increasing output to 3mn b/d by 2030. Lighter crude can also help fill this gap. Every 10,000 b/d shortfall in Venezuela's naphtha can reduce crude export capacity by 25,000–30,000 b/d, Argus Consulting estimates. About 86pc of Venezuela's reserves of 303bn bl are extra-heavy crude in the Orinoco oil belt, but there are also lighter reserves, Henao highlighted. To Tomoporo Venezuela has long pinned its hopes for more lighter crude production on the Tomoporo field, nicknamed the "giant of the west". It lies in the states of Zulia and Trujillo in the Lake Maracaibo oil-producing region. The field has both onshore and offshore wells, with reserves of 2.5-2.65bn bl of crude of about 32° API and condensate as well as associated gas from the Misoa formation. Tomporo was producing about 150,000 b/d in 2004, but that has fallen to 50,000-55,000 b/d, based on PdV data seen by Argus from the Tomoporo as well as the adjoining Barua and Motatan fields. Lack of investment, mismanagement and even theft of equipment including copper cable have hurt output there, industry source have said. Spain's Repsol has been the primary foreign operator in that field since 2004, but US sanctions limited its operations. In April Repsol agreed to assume operational control at its Petroquiriquire oil asset, which has encompassed the Tomoporo field and La Ceiba fields since 2024, under relaxed US sanctions. Repsol holds a 40pc share and PdV the remaining 60pc. Repsol in 2024 said it planned to invest $400mn to rehabilitate existing wells and raise output by 20,000 b/d. By Jose Chalhoub Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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Q&A: ElectraLith targets $2,500/t lithium refining

25/08/26
News
25/08/26

Q&A: ElectraLith targets $2,500/t lithium refining

London, 25 August (Argus) — Australian lithium technology firm ElectraLith recently received an $A2.9mn ($2.1mn) government grant to fund it's direct lithium extraction technology. Chief executive Charlie McGill spoke to Argus about the challenges of water scarcity and building lithium processing capacity outside China. Edited highlights follow: Your latest funding award is focused on refining rather than extraction. What does the pilot involve? The pilot will be deployed at a customer's operation in Western Australia and is designed to demonstrate the refining side of our technology. We'll take an intermediate spodumene-derived stream and convert it into battery-grade lithium hydroxide or lithium carbonate. What is important to understand is that our broader system combines extraction and refining, but the refining stage can also operate independently. That's why this pilot is valuable. It lets us prove that part of the flowsheet in a commercial setting while we continue advancing integrated opportunities elsewhere. Beyond Australia, we're progressing discussions around pilot programmes in Latin America, most likely Chile, as well as a number of opportunities in the US that we hope to advance over the next six to 12 months. Where do you think ElectraLith's competitive advantage lies? At its core, the company is an intellectual property business rather than a manufacturing business. The value does not come from building boxes or producing membranes ourselves. It comes from the way we configure existing technologies and use electrodialysis to extract and refine lithium without consuming water or chemicals within the process itself. One lesson we've learnt is that not every part of a system needs to be developed in-house. We've partnered with membrane suppliers because they are experts in membranes, just as we're focused on developing the extraction and refining technology. That approach allows us to move faster and avoid taking on unnecessary capital and technical risk. How important is water scarcity to the future of lithium development? I think water is becoming one of the defining issues for parts of the industry, particularly in regions where communities are already concerned about competing demands on scarce resources. The obvious example is Chile's Atacama desert, where water availability is under constant scrutiny, but there are also parts of North America where the same pressures exist. In those regions, reducing water use is not simply an environmental benefit. It can influence whether a project is accepted by local communities and ultimately whether it gets built. At the same time, the advantage is not limited to water-stressed assets. Removing water and chemicals also removes a large component of operating costs. So even where water is plentiful, there is still a strong economic case for simplifying the process. You've previously suggested costs could be around half that of your competitors. Can you say more? As with most things in lithium, it depends on the resource. For a good-quality brine, we generally think about costs around $2,500/t, plus or minus roughly 20pc. Some Chilean brines can perform materially better because lithium concentrations are high and power costs can be relatively favourable. At the other end of the spectrum, lower-grade resources or locations with expensive electricity will inevitably sit above that range. What matters more than the headline number is understanding that electricity and resource quality are usually the biggest cost drivers. What is the biggest challenge facing direct lithium extraction today? The industry has largely moved beyond proving that lithium can be extracted in different ways. The challenge now is proving that those technologies can operate reliably at scale. There are a number of promising approaches, including adsorption, ion exchange, solvent extraction and electrochemical systems such as ours. What separates them is not necessarily pilot-scale performance, but whether they can be deployed repeatedly across different resources and continue operating efficiently over long periods. That is why the next wave of pilot projects is so important. The sector remains relatively young and there is still no clear incumbent technology. Why are governments increasingly focused on refining? A large share of global lithium refining still takes place in China, even though lithium production is spread across countries such as Australia, Chile and Argentina. As a result, many governments have realised that mining alone does not create a complete supply chain. If you want domestic battery materials industries, you also need refining capacity and the technical expertise that comes with it. Five years ago the industry spent much of its time discussing resources. Increasingly the discussion is shifting towards processing, refining and qualification because those are the areas where some of the biggest bottlenecks now exist. Where should governments direct support if they want more lithium supply? Refining would be at the top of the list. Recycling has an important future role, but there simply are not enough end-of-life batteries available today for it to solve the industry's near-term supply challenge. In the meantime, governments that want more local lithium processing need to help projects move from pilot scale to commercial operation. Funding can play a role in that, but so can faster permitting and reducing barriers that slow the deployment of new refining capacity. By Chris Welch Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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Iraq's Somo issues rare Basrah spot crude sale tender

25/08/26
News
25/08/26

Iraq's Somo issues rare Basrah spot crude sale tender

Singapore, 25 August (Argus) — Iraq's state-owned oil marketer Somo issued what appears to be its second tender to sell Basrah crude on a spot basis since the start of the US-Iran war. Somo offered medium sour Basrah Medium and heavy sour Basrah Heavy loading across 1-10, 11-20 and 21-30 September on a fob basis from Iraq's Basrah Oil Terminal (BOT), according to a tender document seen by Argus . The tender closes on 26 August. Potential buyers were invited to bid for their desired volume, and to submit bids at a differential to the pricing benchmark of their intended destination. Bids for Asia-Pacific bound cargoes should be submitted at a differential to the September average of Dubai and Oman assessments, while buyers in Europe and the US should submit bids at a differential to North Sea Dated and the Argus Sour Crude Index (ASCI), respectively. This appears to be the second tender that Somo has issued to sell Basrah cargoes since the effective closure of the strait of Hormuz after the US-Iran war began at the end of February. The firm issued a tender in late June offering at least 2mn bl of July-loading Basrah Medium and Basrah Heavy, also on a fob basis from BOT, according to Argus ' tracking. Recent spot Basrah crude offers have been made by international trading firms , not Somo, with cargoes offered on a fob ship-to-ship (STS) transfer basis near Fujairah in the Gulf of Oman, and on a delivered basis to buyers across Asia-Pacific, Europe and the Mediterranean. Besides the rare spot sale tenders, Somo has consistently offered term crude at steep discounts to official selling prices to its customers to lift their contractual term volumes at BOT, although this has not drawn much interest from Asian refiners. The Iraqi cabinet also approved on 18 August a new crude discount mechanism , although it did not identify which buyers or purchases would qualify for the mechanism. By YouLiang Chay, Rhalain Reyes and Fabian Ng Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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Hormuz weekend traffic mixed with no deal in sight

24/08/26
News
24/08/26

Hormuz weekend traffic mixed with no deal in sight

New York, 24 August (Argus) — Vessel traffic through the strait of Hormuz was mixed over the weekend, rising on Saturday before falling on Sunday, while Iran and the US continue to move further away from finding a diplomatic resolution to reopen the waterway. On 22 August 34 ships passed through the waterway, while on 23 August transits dropped to 16, according to data from maritime security firm Windward. Over the past seven days, the Middle East region exported nearly 6mn b/d of crude via the US Navy blockade line to global markets, vessel information firm TankerTrackers.com said today, around a third of the pre-war average for February 2026 of 19mn b/d. The US-imposed blockade on Iranian ports is being enforced from outside the strait of Hormuz between the Gulf of Oman and the Arabian Sea. Iran is looking to further tighten its grip on the strait, with the Persian Gulf Strait Authority on Monday, announcing stronger transit rules for vessels transiting the narrow waterway. Bilateral discussions between Iran and Oman on traffic through the strait will resume this week, with Omani foreign minister Badr bin Hamad Al Busaidi scheduled to visit Tehran on Tuesday, an Iranian foreign ministry spokesperson told state affiliated Irna. Meanwhile, the US announced its new Operation Economic Outcast Monday, which aims to isolate Iran economically following unsuccessful attempts at using military force to make the country reopen the strait of Hormuz to pre-war commercial vessel traffic levels. US officials have claimed large flows of energy through the strait of Hormuz for weeks despite little evidence to corroborate the figures . Weekend tanker traffic Vessel traffic on 22 August hit its highest in over a month at 34 transits, split between 20 inbound transits and 14 outbound along both the southern US-assisted traffic lane and the northern Iranian-controlled lane, according to Windward. This is likely the most traffic recorded since 7 July, when 36 vessels transited the strait, per Argus reporting . A total of 11 tankers transited the strait that day, including six inbound transits on the southern lane and one on the northern lane. There were four outbound tanker transits, split between three northern and one southern transit, Windward data shows. Notable inbound southern-lane transits included Grit , a very large crude carrier, that will likely load 2mn bl of crude in the Dubai lightering area, Kpler data shows.The LPG tankers Delma and Gas Warich were both scheduled to load around 500,000 bl each at Adnoc's Ruwais refinery, while the tanker Alfonso was set to load around 250,000 bl of fuel oil in Iraq, Kpler data shows. Outbound transits included three tankers on the northern lane that are likely to load in Iran, and a ballast bitumen tanker, per Kpler. On 23 August strait of Hormuz transits dropped to 16, split between six inbound and 10 outbound transits, mostly on the southern transit lane, according to Windward data. There were three three inbound tanker transits on the southern lane and one on the northern lane, per Windward data. Inbound transits included the Gas Marakua and the Olympios Gas , set to load around 500,000 bl and 300,000 bl of LPG, respectively, at Qatar's Ras Laffan refinery, and the medium range refined oil products tanker Imperial . 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' new Iran campaign tries to spread the pain

24/08/26
News
24/08/26

US' new Iran campaign tries to spread the pain

Washington, 24 August (Argus) — The US' latest effort to apply economic pressure against Tehran announced Monday follows a familiar strategy of threatening punishment against Iran's foreign economic partners. President Donald Trump's administration "is no longer managing the Iranian threat — we are ending it," Treasury secretary Scott Bessent said Monday in announcing "Operation Economic Outcast", in which Treasury's enforcement arm intends to cut off Iran's financial lifeline to the world. The measures, which Bessent dubbed "Economic D-Day" for its targeting of Iran's economy, include sanctions against shippers based in the UAE, Singapore and Hong Kong and against six tankers owned by those entities. Treasury's Office of Foreign Assets Control (OFAC) also imposed sanctions on French biofuels plant La Nivernaise De Raffinage and its parent company Wellbred and affiliates in the UAE and Switzerland. OFAC accused Wellbred, which is headquartered in Singapore and trades LPG and oil products, of being under the control of Iranian businessman Mohammad Hossein Shamkhani, whom the US previously accused of trading oil and products on behalf of Tehran. Wellbred did not immediately comment on OFAC's sanctions designation. OFAC separately issued new guidance warning of potential sanctions against any entity cooperating with Iran's aviation, digital asset, gold, shipping and technology sectors. OFAC also canceled sanctions waivers allowing Iran's participation in international athletic tournaments and enabling US-Iranian academic exchanges. OFAC also issued additional warnings against cooperating with the Persian Gulf Strait Authority (PGSA), an entity Tehran established earlier this year to enforce its claim over the management of ship traffic through the strait of Hormuz. PGSA, in turn, warned on Monday that vessels breaching strait of Hormuz transit rules could face restrictions on future passages, including fines, seizure or confiscation. Many years of "maximum pressure" Bessent described Treasury's actions on Monday as "unprecedented" in scope. But Treasury has been targeting energy and other sectors of the Iranian economy non-stop since Trump in May 2019 declared a policy of "maximum economic pressure" against Iran and vowed to reduce the country's crude exports to zero. OFAC has added hundreds of tankers and shipping companies to its sanctions list over their alleged business interactions with Tehran in the past seven years. China has been the primary economic partner of Iran and the main destination for Iranian crude exports since the imposition of US sanctions against Tehran in 2019. But Bessent did not explicitly outline any new action in the works against Chinese oil buyers and banks dealing with Tehran. "We want to make clear to here today that no one is above the reach of US sanctions," Bessent said, adding that he expects "a major announcement of a financial institution being sanctioned by the end of this week". China and Iran held talks on the situation in the Mideast Gulf on Sunday, the Chinese government said, signaling Beijing's continued diplomatic support for Tehran despite the US announcement of a new economic pressure campaign. Bessent implicitly acknowledged the potential for global turmoil if the US actually makes good on its promise to penalize all entities dealing with Iran. "Why would I want to blow up the global financial system?" he said. "We believe that it is important to level set and give people a cure period, but they should know that that will move very quickly and that we are serious." Trump has held talks with foreign leaders to urge them to drastically cut business ties with Iran, Bessent said, without providing any details. 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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