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US will not renew Iran crude sanctions waiver
US will not renew Iran crude sanctions waiver
Washington, 14 April (Argus) — The US Treasury Department said on Tuesday that it will not not renew a previously issued authorization allowing purchases of seaborne Iranian crude when it expires on 19 April. Treasury issued that waiver on 20 March , ostensibly to alleviate the Mideast Gulf supply disruption caused by the US-Iran war. But Treasury on Tuesday said it would pursue "Economic Fury" — likely playing off the Operation Epic Fury designation for the US attacks against Iran, which have been on pause from 7 April. Treasury on Tuesday also doubled down on warnings for foreign banks to avoid any deals with Iran, warning that it is "prepared to deploy secondary sanctions against foreign financial institutions that continue to support Iran's activities". Independent refiners in China have been the only paying customers of Iranian crude since the US imposed a full ban on the Iranian oil industry in 2019. At least one Iranian cargo was en route to India as of 7 April , signalling IOC's Paradip refinery as its new destination after diverting from China. But the brief window of availability of Iranian crude did not generate wider interest as most market participants expected sanctions to snap back and were wary of compliance scrutiny. Tehran is pushing for full sanctions relief in the so-far unsuccessful diplomatic efforts to negotiate an end to the US-Iran war. The US Navy starting Monday began to enforce a blockade of vessels leaving Iranian ports, by preventing their passage through the Gulf of Oman. It is not yet clear how effective the effort is as some ships appear to have moved through the area . Iran already has restricted passage of most ships through the strait of Hormuz. By Haik Gugarats Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Argentina to start 8 new lithium projects by 2030
Argentina to start 8 new lithium projects by 2030
Santiago, 14 April (Argus) — Argentinian and foreign companies will commission eight new, greenfield lithium projects by 2030, more than doubling the country's installed production capacity. Argentina will add eight new brine-based lithium projects in the next four years, bringing the country's total installed production capacity to 409,000 metric tonnes (t) of lithium carbonate equivalent (LCE) by year-end 2030, according to estimates by Argentina's mining secretary Luis Lucero at a market event in Chile on 13 March. The figure, which represents a 157pc increase from this year's 159,000t LCE guidance, would consolidate Argentina as one of the world's leading lithium producers. Two projects are set to be commissioned in the coming months: Galan Lithium's 8,000t/yr Hombre Muerto West (HMW) lithium chloride project and Rio Tinto's 15,000t/yr Sal de Vida lithium carbonate development. Rio Tinto will also inaugurate, in 2028, Argentina's largest individual lithium project, Rincón, set to add 60,000t/yr LCE to the country's production capacity. Three new projects will also debut in 2029, two of them owned by producers not yet established in Latin America. A joint venture (JV) between Revotech Asia and Xizang Zhufeng Resources will commission the 10,000t/yr LCE Sal de Los Ángeles project, while Argosy Minerals will start-up its 12,000t/yr Rincón operation — not to be confused with Rio Tinto's. A JV between Ganfeng Lithium and Lithium Argentina will also comission their PPG projects in 2029, which have a combined nameplate capacity of 150,000t/yr LCE. Lake Resources and Lithium Chile will follow in 2030 with their Kachi and Arizaro projects, expected to add 25,000t/yr each to Argentina's capacity. All eight projects will, in total, add 305,000t/yr LCE of installed production capacity. Argentina's actual production will be much lower, however, as brine projects usually take well over a year to ramp-up to full capacity. Argentina has seven commercially producing lithium projects, in addition to the above-mentioned eight, which are in advanced stages. Argentina's incentive regime focuses on lithium At least two of those projects have already been approved to participate in Argentina's incentive regime for large investments (Rigi) , and two additional developments have already applied to it. Argentina's Rigi grants benefits to approved participants, including exemptions from value-added and import–export taxes, as well as legal protections that allow companies to settle disputes in courts outside Argentina. It also guarantees 30 years of legal stability, ensuring that these benefits cannot be revoked by any future president during that period. Rio Tinto's Rincón and Galán's HMW have already been selected to the Rigi, while Lithium Argentina-Ganfeng's PPG and Rio's Sal de Vida are awaiting approval. In total, 10 lithium projects have applied to Rigi, with three approvals. The developments will invest a combined $14bn in Argentinian lithium production. By Pedro Consoli Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
US says no ships have passed its Iran blockade
US says no ships have passed its Iran blockade
London, 14 April (Argus) — The US navy has allowed no ships to exit Iranian ports during the first 24 hours of the blockade, according to US Central Command (Centcom). "No ships made it past the US blockade and six merchant vessels complied with direction from US forces to turn around to re-enter an Iranian port on the Gulf of Oman," Centcom said. The US began its naval blockade on Monday, 13 April, with the aim to intercept ships leaving Iranian ports or heading to Iran through the strait of Hormuz. This came after US and Iranian officials failed to make a breakthrough in negotiations in Pakistan over the weekend. Centcom said today that the blockade extends along the Iranian coastline, within the Mideast Gulf and in the Gulf of Oman. Ships continued to transit the strait of Hormuz during this period, including several linked to Iran, but US attention instead appears to be focused on a port-by-port blockade rather than on the strait. This could potentially shrink traffic through the strait in the coming days if ships with Iranian cargoes are unable to load or depart. Transit through the strait of Hormuz has been relatively consistent at around 5-10 ships/day in the first half of April, with a high percentage of these being linked to Iran. The Rich Starry , a US-sanctioned Handysize tanker, seemed to pass eastbound through the strait after making a u-turn, then turned around again in the afternoon. By John Ollett Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Europe replacing just 50pc of lost Mideast jet: IEA
Europe replacing just 50pc of lost Mideast jet: IEA
London, 14 April (Argus) — Europe has replaced just over half of the jet fuel supply lost from the Middle East following the US-Iran war and the closure of the strait of Hormuz, leaving the region exposed to possible shortages in the coming months, the IEA said today in its latest Oil Market Report. Current supply trends indicate that jet fuel shortages could emerge at European airports by June. OECD Europe jet fuel inventories typically decline from 37-38 days of forward demand at the start of the year to around 30 days by mid-year, the IEA said. Since 2020, stocks have not averaged below 29 days of cover. The IEA assumes that around 20pc of jet fuel inventories act as an operational cushion that cannot be readily drawn down without disrupting supply systems. On that basis, physical shortages could emerge if inventory cover falls to below 23 days, it said. Airports association ACI Europe warned the European Commission last week that fuel shortages could become a reality within just three weeks. Some European countries hold as little as 20 days of jet fuel inventory, it said. Both ACI Europe and the IEA cautioned that shortages could lead to flight cancellations and demand destruction. The Mideast Gulf typically accounts for a net 75pc of Europe's jet fuel imports. Europe has increased purchases from the US to help offset the loss of Middle Eastern supply. US jet fuel exports reached a record 442,000 b/d in the week to 3 April, according to the US EIA. Three jet fuel cargoes from Nigeria's 650,000 b/d Dangote refinery are also currently en route to Europe, according to Kpler data. But these additional volumes account for just over 50pc of lost Middle Eastern supply at most. "European markets will need to work harder to attract further replacement cargoes from elsewhere if sufficient inventory is to be maintained over the summer months," the IEA said. If Europe replaces around 75pc of lost supply, it should be able to meet peak summer jet fuel demand, although inventories would still fall below the 23-day cover threshold by August, the agency said. Even replacing 90pc of lost volumes would leave the market tightly supplied, with stocks ending 2026 at just 26 days of cover. The UK is the European country most exposed to the disruption , importing around 65pc of its jet fuel demand, according to the IEA. No further jet fuel cargoes heading for Europe have passed through the strait of Hormuz, which normally accounts for around 40pc of the region's jet fuel imports. The final such cargoes discharged last week. Even if the strait were to reopen immediately, crude and product exports would take several months to stabilise , the IEA said. Jet fuel shipments from the US to Europe totalled 366,000t in March, according to Kpler. Imports from the US are set to exceed 450,000t in April — almost double the previous monthly record — based on preliminary data. Independent jet fuel stocks in the Amsterdam-Rotterdam-Antwerp hub fell to a three-year low of 646,000t as of 8 April, down 28pc from a year earlier, according to consultancy Insights Global. The IEA expects global jet fuel output to fall by around 500,000 b/d in the second quarter, as Middle Eastern supply losses combine with refinery run cuts elsewhere caused by tighter crude availability. By Amaar Khan Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
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