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Renewable shifts in 4 nations near 1.5°C target: Report
Renewable shifts in 4 nations near 1.5°C target: Report
Edinburgh, 19 August (Argus) — Uruguay, Namibia, the Netherlands and Denmark are the only countries coming closer to achieving the annual global growth rates for renewable power capacity to 2030 needed to stay on track with limiting the global temperature rise to 1.5°C, as major emitters lag behind, according to Systems Change Lab — an initiative led by climate think-tank the World Resources Institute (WRI). No country has increased solar and wind over a five-year period at the rate needed to hit targets compatible with limiting global warming to 1.5°C, Systems Change Lab said. The Paris agreement seeks to curb the global rise in temperature to "well below" 2°C above pre-industrial levels, and pursues a 1.5°C limit. Its signatories recognised in 2023 "the need for deep, rapid and sustained reductions in greenhouse gas emissions in line with 1.5°C". Solar and wind need to account for 57-78pc of the global electricity mix by 2030, but only made up 17.4pc of global electricity generation, according to the group's State of Climate Action 2025 report. But Uruguay, Namibia, the Netherlands and Denmark achieved around three-quarters of the annual global growth rate required from 2025 to 2030. In Uruguay, wind power generation rose to 32pc of the country's mix in 2018 from 1pc in 2013 — the fastest five-year renewable energy increase globally. In Namibia, solar grew to 39pc of electricity from 6pc in 2017-22, while solar and wind power rose to 45pc of electricity generation from 14pc between 2019 and 2024 in the Netherlands, according to Systems Change Lab. In Denmark, around 60pc of the country's electricity comes from wind, the highest share globally, it said. Uruguay, Namibia, the Netherlands and Denmark accounted for 0.08pc, 0.03pc, 0.27pc and 0.07pc, respectively, of the world's total greenhouse gas emissions in 2024, according to the EU's Edgar data. In comparison, China accounted for 29pc of global emissions and the US for 11pc, according to Edgar data. Even though China and the US — the world's two largest greenhouse gas emitters — build the most renewable energy capacity each year, solar and wind account for less than one-quarter of electricity generation in both countries, it said. "Other countries have both a large population and have achieved a high share of solar and wind in their national electricity mix, like Spain 42pc, Germany 45pc and the UK 36pc, but for those three countries, the growth took place over a longer period at slower rates," the group said. Although the four countries' economies and geographies are vastly different, Systems Change Lab found that for all of them, energy security concerns — reliance on fossil fuel and power imports — helped the initial shift, while progress depended largely on long-term policies and stable investment conditions. Political support meant that the policies were maintained over a long enough period to build up a critical speed, it said. Unlike Denmark, which started earlier than the other three countries, Uruguay and Namibia did not need to rely on subsidies because renewable costs have fallen and other options were expensive, but "they still needed to implement policy reforms to ensure the private sector could supply energy at competitive prices". "Achieving real systems change will require rapid rates of growth in solar and wind to be achieved and sustained in all countries," it said. "Developed countries that have greater historical responsibility for greenhouse gas emissions and greater capability to act should aim to grow renewables more quickly than the global average to accommodate other countries where a rapid shift is less feasible". By Caroline Varin Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Northwest Mexico fuel sales fall 13pc in June
Northwest Mexico fuel sales fall 13pc in June
Mexico City, 18 August (Argus) — Retail gasoline and diesel sales fell by 13pc across Mexico's northwestern states in June, with Baja California, Baja California Sur, Sonora and Chihuahua states all posting declines from a year earlier as gasoline and diesel demand weakened throughout the region. Combined retail fuel sales in the four states fell to about 137,500 b/d in June from 158,500 b/d a year earlier, according to Argus calculations using the latest data from the national energy commission (CNE). Baja California remained the region's largest fuel market and recorded the steepest decline among the four states, with total demand falling by 14pc to 47,000 b/d from 55,000 b/d a year earlier. Baja California Sur also posted a 14pc decline, with fuel demand falling to 11,500 b/d from 13,500 b/d. Chihuahua's fuel sales fell by 12pc to 44,000 b/d from 50,000 b/d, while Sonora recorded a 12pc decline to 35,500 b/d from 40,500 b/d. The figures cover sales through retail fuel stations operating under the state-owned Pemex brand and other private brands. They exclude diesel supplied directly to industrial consumers and self-supply users, which account for a substantial share of Mexico's diesel demand. The data therefore reflect retail fuel demand rather than total consumption. Gasoline accounted for most of the decline across the four states. Combined regular and premium gasoline demand fell by 14pc to about 107,000 b/d from 125,000 b/d a year earlier. Regular gasoline sales declined by 11pc to 92,000 b/d from 104,000 b/d, while premium gasoline demand fell by 28pc to 15,000 b/d from 21,000 b/d. Baja California recorded the steepest decline in volume terms. Combined regular and premium gasoline demand fell by 15pc to 38,500 b/d from 45,500 b/d a year earlier. Chihuahua followed, with gasoline demand declining by 13pc to 33,500 b/d from 39,000 b/d. Sonora's gasoline sales fell by 13pc to 26,000 b/d from 30,000 b/d, while Baja California Sur recorded a 14pc decline to 9,000 b/d from 10,500 b/d. Diesel-related fuels also weakened throughout the region. Combined sales of diesel and ULSD fell by 9pc to about 30,500 b/d from 34,000 b/d a year earlier. All four states posted lower diesel demand, in contrast to Nuevo Leon, where retail diesel sales rose in June. Premium gasoline recorded the steepest decline among the region's major fuel categories. Sales fell by 28pc across the four states, compared with an 11pc decline in regular gasoline demand. Baja California posted the largest loss in premium volume terms, while Sonora, Baja California Sur and Chihuahua recorded similar declines. The June data suggest fuel demand weakened across a broad section of Mexico's northern region. Consumption declined in border markets such as Tijuana, Mexicali, Juarez and Nogales, as well as in tourism-oriented Baja California Sur, indicating the slowdown was not confined to a single state. Northwestern Mexico is supplied through a combination of Pacific coast shipments and cross-border imports. Pemex's Pacific logistics system moves fuel produced at the 330,000 b/d Salina Cruz refinery, as well as imported product, by tanker to terminals including Rosarito, Guaymas and La Paz. Rosarito is connected by pipeline to Ensenada and Mexicali, while Guaymas supplies Hermosillo and Ciudad Obregon in Sonora, with tank trucks serving other inland markets. Chihuahua can receive US product through the El Paso-Ciudad Juarez corridor, as well as supply moving north from Gomez Palacio, Durango state. Private-sector companies supplement Pemex through marine, pipeline, rail and truck imports. US projects could reshape supply Fuel flows in western US are also being reshaped after the closures of Phillips 66's 139,000 b/d Los Angeles complex and Valero's 145,000 b/d Benicia refinery removed about 17pc of California's refining capacity. The losses could tighten export availability and increase competition for Pacific coast cargoes in the near term, particularly for Baja California. But they are also prompting projects intended to move Midcontinent and US Gulf coast supply west, reducing Arizona's historical dependence on southern California. Phillips 66, Kinder Morgan and HF Sinclair reached FID this month on the $5bn, 230,000 b/d Western Gateway system, targeting completion in 2029. The project would move fuel through a new pipeline from Borger, Texas, to Phoenix, Arizona, before sending some volumes west into California through a reversal of Kinder Morgan's existing SFPP West line. Oneok is separately considering its proposed 200,000 b/d Sun Belt Connector from El Paso, Texas, to Phoenix, while HF Sinclair is evaluating a first-phase expansion that could add 35,000 b/d of capacity to move Rocky Mountain supply into Nevada. None of the projects include a Mexican extension, but El Paso and Tucson, Arizona, are established supply points for fuel moving into northern Mexico. Additional supply at those hubs and in southern California could become available to buyers in Chihuahua, Sonora or Baja California through existing cross-border logistics, depending on prices and import regulations. By Cas Biekmann and Antonio Gozain Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Hormuz closed until US delivers on MoU pledges: Iran
Hormuz closed until US delivers on MoU pledges: Iran
Dubai, 18 August (Argus) — Iran will keep the strait of Hormuz closed until the US fulfils commitments made under the now-expired ceasefire agreement signed in June, parliament speaker Mohammad Bagher Ghalibaf said on Tuesday. The memorandum of understanding (MoU), signed on 18 June, set a 60-day deadline to negotiate an end to the war, reach a deal on Iran's nuclear program and ensure safe passage through Hormuz. The agreement included provisions for the US to begin easing economic and sanctions pressure on Iran. The deadline expired on Monday. The MoU collapsed in mid-July after weeks of disputes over control and administration of the strait, during which Iran targeted several vessels and the US reinstated its naval blockade. "As we predicted, the enemy, who accepted the memorandum to end the war out of desperation, soon reneged on its commitments in order to compensate for its heavy political defeat," said Ghalibaf, who has led the Iranian negotiating team. Hostilities in the region have subsided after an intensification in the weeks after the MoU's collapse, but Iran has continued attacks on shipping , restricting vessel transits through Hormuz. Only 12 vessels crossed the strait on 16 August, eight inbound and four outbound, according to maritime security firm Windward, compared with well over 100 daily crossings before the war began in late February. Ghalibaf said the strait "will not reopen until the US commitments in the memorandum, including lifting the blockade, releasing the frozen assets, lifting the oil embargo, ending the threats and military operations on all fronts, and other conditions that the US committed to." By Nader Itayim Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Oil futures: WTI rises as US-Iran deal window closes
Oil futures: WTI rises as US-Iran deal window closes
Calgary, 17 August (Argus) — WTI crude futures rose by 2.6pc today as Iran said a deal with the US is ‘no longer relevant' and as the US threatened to attack Oman. September Nymex WTI rose by $2.10/bl to $84.50/bl while October Ice Brent rose by $2.35/bl to $90.87/bl. The October Brent-October WTI spread widened by 8¢/bl to $7.13/bl. WTI at the Magellan East Houston terminal was discussed at a prompt $1.05-$1.25/bl premium bid-ask spread to the Cushing benchmark at 3pm ET, according to the Argus Crude Market Ticker, broadly steady with Friday's $1.14/bl volume-weighted average premium. A 60-day window that Iran and the US agreed on in mid-June to negotiate an end to the war and to reach a deal on Iran's nuclear program "is no longer relevant" following repeated US violations of the agreement, Iran's foreign ministry spokesman Esmail Baghaei said on Monday . Signed on 18 June, the agreement, a memorandum of understanding, was meant to also kickstart a process whereby Iran would ensure the return of shipping through the strait of Hormuz back to pre-war levels within 30 days, and allow for the passage of ships with no charge for 60 days. The agreement's 60-day window closed today. Disagreements over control and administration of the strait of Hormuz after the agreement was signed had prompted Iran to target vessels as they crossed they key waterway, resulting in the agreement's collapse in early July. US president Donald Trump on Monday threatened to bomb Oman if it "gets in the way" of negotiations between the US and Iran over the strait of Hormuz. Trump made the threat to "bomb the [expletive] out of" Oman in an unaired interview with Fox News on Monday. The White House subsequently confirmed the remarks, which were made in regards to talks between Oman and Iran over the future administration of the strait of Hormuz. Trump on 14 August threatened an indefinite naval blockade against Iran — and a US territorial claim on the strait of Hormuz — marking a new approach to pressuring Tehran. "After we finish defeating Iran, which is being very badly defeated, pretty soon I'll be declaring the Hormuz strait a territory of the United States," Trump said. Abu Dhabi's state-owned Adnoc sold at least 16mn bl of spot crude originating from within the strait of Hormuz through its latest tender that closed last week, with Indian buyers accounting for almost half of the traded volumes. Indian refiners bought a combined 7mn bl of light sour Das and medium sour Upper Zakum crude through Adnoc's eighth sale tender. Nymex RBOB rose by 8.6¢/USG to $3.2701/USG while Nymex ultra-low sulphur diesel rose by 15.42¢/USG to $4.4371/USG. By Brett Holmes Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
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