Venezuela faces an even steeper decline in oil production in August as a result of an extensive blackout around Lake Maracaibo. The country's official July output averaged 1.469mn b/d, a loss of 62,000 b/d from 1.531mn b/d a month earlier, according to energy ministry data provided to Opec. The official figure is 57,000 b/d lower than the 1.526mn b/d state-owned PdV reported for July in an internal upstream report. The average of secondary sources reported by Opec was 1.278mn b/d in July, down from 1.325mn b/d in June. Venezuela's waning oil output has accelerated over the past year because of falling oil revenues, steep cuts in maintenance and investment, frequent blackouts and labour shortages. "There are many reasons to believe that production is a lot lower than [PdV is reporting]," a company official says.
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Colombia must rush to hit climate mark: OECD
Colombia must rush to hit climate mark: OECD
Bogota, 6 February (Argus) — Colombia will need to speed expansion of mostly non-hydropower renewable energy such as solar and wind power to achieve deeper emissions cuts and meet climate targets, the OECD said in an environmental performance review. Colombia, a member of OEDC, has relatively low greenhouse gas (GHG) emissions, at 3.7 t/capita compared with the OECD average of 10.7 t/capita. It has taken some steps towards mitigation policies, but reaching its ambitious targets will require further actions, the review found. GHG emissions grew at an average rate of 1.7pc/yr from 2005-2020. Achieving Colombia's target of a 51pc reduction in net GHG emissions will require average reductions of 5.4pc/yr, the review said. Colombia pledged to cut emissions by 51pc by 2030 compared with a business-as-usual scenario — up from a previous 20pc target set in 2015 — and to reach net-zero emissions by 2050. It accounted for 0.43pc of global GHG emissions in 2021, according to the most recent data. In September, Colombia reaffirmed the 2030 target of not exceeding 169mn t CO2 equivalent (tCO2e) in 2030, and set a new target to limit GHG emissions to 155mn-161mn tCO2e in 2035. Despite recent progress, the mitigation policies, actions and measures outlined in Colombia's nationally determined contributions — a global pledge of emissions reductions — remain insufficient to achieve net-zero emissions, the OECD said. Energy transition challenges Colombia continues to rely heavily on fossil fuels, despite having a relatively high share of renewables in its total energy supply, largely because of hydropower. Colombia ended 2025 with 21,028MW in installed power generation capacity, of which 63pc — 13,209MW — was hydropower, according to data from electricity market operator XM. Meanwhile, renewable capacity other than large hydropower reached 2,685MW in 2025, including projects in commercial operation and testing, following the commissioning of 27 new plants totaling 925MW, renewable energy association director Alexandra Hernandez said. Despite recent additions, Colombia will likely miss its target of reaching 6,000MW of renewable capacity by August and 50pc of supply by 2050, as pledged by President Gustavo Petro, Hernandez said. Investment trends remain misaligned with climate goals. Colombia attracted an average of $2.3bn/yr in clean energy investment from 2020-2023, while investment in unabated fossil fuels averaged about $6bn/yr over the same period, the OECD said. Clean energy investment accounted for just 4pc of total gross fixed capital formation in Colombia from 2020–2023, compared with a global average of 7pc. High financing costs remain a major barrier, at 13pc-14pc/yr, said Alejandro Castaneda, president of thermoelectric generators association Andeg. In addition, a 2022 tax reform also increased levies on electricity sales from renewable sources to 6pc from 1pc, aligning them with taxes on fossil fuel-fired generation. Separately, the government has expanded renewable capacity through distributed generation in more remote zones, but additional financing and new business models are needed to reduce costs, the OECD said. Other structural barriers persist. Most emissions are either not priced, priced too low or subsidized. Colombia's carbon tax, introduced at Ps15,000 ($5)/tCO2e, initially applied to fuels such as gasoline, diesel and jet fuel, as well as some industrial uses of natural gas and LPG. In 2025, the tax was extended to coal-fired power generators and coal-burning industries, rising to Ps27,399.14/tCO2e. Even so, the tax remains well below estimated climate-related costs and below carbon pricing levels in comparable economies, the OECD said. The system is also among the few globally that allows companies to use carbon offsets to meet tax obligations. The OECD further highlighted policy misalignment, noting that the updated National Energy Plan 2022–2052, which aims to expand solar and wind capacity, is not fully aligned with the emissions-reduction pathways required to meet Colombia's climate targets. "While the government has progressively increased targets for renewable energy, they lack consistency across policy documents," it concluded. By Diana Delgado Colombia electricity production % Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
US adds pressure on Iran after talks resume: Update
US adds pressure on Iran after talks resume: Update
Recasts, updates with secondary tariff on Iran oil. Washington, 6 February (Argus) — President Donald Trump's administration on Friday announced actions aimed to add economic pressure on Iran after another round of US-Iran nuclear talks concluded in Oman without much progress. An executive order by Trump, released by the White House Friday afternoon, pledges to impose additional tariffs on US imports from countries engaged in business with Iran. The penalty is not automatic and is not set at a specific amount — it could be "for example 25pc", the order states. The US administration will determine whether any country continues to engage in business with Iran after 7 February and will then decide whether to apply the additional tariff, according to the order. US presidential envoy Steve Witkoff and Iran's foreign minister Abbas Araqchi met in Muscat, Oman, on Friday and the two governments plan to hold additional meetings at a future date, according to the host country's foreign minister, Badr Albusaidi. Araqchi told Iranian reporters that he held firm to discussing only the nuclear portfolio — rather than also addressing Iran's missile program and other issues raised by the US. Araqchi said that he asserted "the rights that the Iranian people have", which is likely a reference to Tehran's demand to continue to have nuclear enrichment capacity. The US administration is eyeing permanent curbs on Iran's nuclear program. Also on Friday, the US Treasury Department announced sanctions on 14 additional tankers allegedly linked to a network transporting Iranian crude and LPG. Whether the negotiations will avert another round of US strikes against Iran remains to be seen. Diplomats from the two countries last engaged in talks in April-June 2025, before Trump ordered a bombing raid against nuclear facilities in Iran. The new tanker sanctions were announced shortly after the talks concluded in Muscat. The pattern of combining diplomacy and sanctions pressure continues the tactic deployed by Trump's administration during the previous round of US-Iran talks. Friday's sanctions also include 15 entities and individuals allegedly tied to the Iranian oil trade. The one major difference from last year's sanctions approach is a lack of enforcement against China-based entities involved in trading Iranian crude. Iranian crude cargoes mostly are delivered to buyers in China via a network of intermediaries and shadow fleet tankers and involve ship-to-ship transfers in international waters near Malaysia and Indonesia. The US is finding it difficult to fully enforce sanctions against Iranian crude because of Tehran's ability to retaliate, US secretary of state Marco Rubio said on 28 January. Trump, who had ordered a US naval buildup in the Middle East, threatened military strikes against Iran, but also expressed a willingness to negotiate with Tehran. By Haik Gugarats Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Algeria’s Saharan Blend export disruptions to continue
Algeria’s Saharan Blend export disruptions to continue
London, 6 February (Argus) — Algeria's state-owned Sonatrach expects weather-related disruptions to its Saharan Blend crude exports to continue in February, a source at the firm told Argus . Algeria's crude exports — made up entirely of the light sweet Saharan Blend — fell to a multi-year low of 201,000 b/d in January as bad weather delayed loadings, the source said. Argus estimates exports at 476,000 b/d in December. Spot prices for Saharan Blend rose to a $2/bl premium to North Sea Dated in mid-January, when European refiners — particularly in the Mediterranean — were seeking alternatives to light sour CPC Blend. But with Europe approaching spring refinery maintenance and CPC Blend exports picking up again , Saharan Blend has eased by 70¢/bl to a $1.30/bl premium to Dated. The Algerian grade, which trades on a fob basis, is also under pressure from rising freight rates. The cost of shipping an Aframax-sized cargo of Saharan Blend across the Mediterranean and to northwest Europe has averaged around 40pc higher in the second half of January into early February, compared with the first half of January. Sonatrach raised the official February formula price for Saharan Blend to a $2.50/bl premium to Dated, up by $1.50/bl from January and the highest since December 2022. The company typically circulates its retroactive official price after clearing most of its own supplies. By Aydin Calik and Lina Bulyk Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Romania withdraws power traders' profit margin cap bill
Romania withdraws power traders' profit margin cap bill
Bucharest, 5 February (Argus) — The Romanian energy ministry issued an emergency ordinance on Wednesday that would limit the level of profit that could be made from electricity and gas trading, but withdrew the document from its website later that day. The ordinance envisaged the introduction from 1 April of a temporary mechanism that would limit the profit margin for electricity and gas trading activities to a maximum of 3pc, and for electricity and gas supply transactions to 5pc. Power and gas producers as well as transmission and distribution system operators would be exempt from this mechanism. The ministry defined the commercial mark-up as the difference between the selling price and the sum of the purchasing price along with the operational costs associated with the trading activity. The scheme would be in place until 31 March 2027, aiming to address recent increases in electricity and gas prices for consumers. The bill indicates that the ministry is considering whether market participants have raised final prices to levels that do not reflect the real cost of production, making it increasingly challenging for consumers to be able to pay their bills, generating market distortions, reducing the competitiveness of the country's economy, and exacerbating the risk of energy poverty. The bill has sparked uncertainty, despite its immediate withdrawal, because it shows the ministry's intentions, market participants told Argus on the sidelines of the Energy Week Black Sea conference in Bucharest. The introduction of such a scheme would reduce market liquidity and make the signing of power purchase agreements (PPAs) almost impossible by increasing exposure, market participants told Argus . Romanian energy regulator Anre last year introduced a mechanism requiring market participants to provide a financial guarantee for each electricity purchase made on the country's forward trading platforms, in an attempt to discourage players from purchasing large volumes of electricity only to resell them before delivery to take advantage of price differentials. By Apostolos Tsarikas Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
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