Data showing some US-headquartered oil and gas firms paid less in taxes to the US than to foreign governments could be a focus in an upcoming Congress tax policy debate. ExxonMobil reported paying nearly $1.2bn to the US in 2023, and $5.6bn to the UAE, according to a first-time ‘Form SD' report filed with the Securities and Exchange Commission. In its own report, Chevron says it paid nearly $1.2bn in the US, against $4bn to Australia. Independent Hess paid $190,000 in the US and $50mn to Malaysia. Industry officials say the data do not provide a comprehensive view of obligations, which can vary from country to country depending on the tax code and their operations. The payment disclosures also do not cover payroll taxes or state and local taxes, for example, and do not say if a company had carryover net operating losses or tax credits that reduced its overall tax bill in the US.
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US picks 60 trade partners for tariff action
US picks 60 trade partners for tariff action
Washington, 13 March (Argus) — President Donald Trump's administration has selected 60 of the US' largest trading partners to target with new import taxes that will replicate the tariffs invalidated by the Supreme Court last month. The US Trade Representative's office (USTR) late on Thursday announced an investigation into 59 countries and the EU, alleging that these jurisdictions have not been diligent in banning imports of products produced by forced labor in third countries. "Despite the international consensus against forced labor, governments have failed to impose and effectively enforce measures banning goods produced with forced labor from entering their markets," USTR chief Jamieson Greer said. USTR is citing its legal authority under Section 301 of the Trade Expansion Act of 1974, which allows targeting a foreign trade partner for unfair practices. USTR already has launched a separate investigation into 12 of those 60 foreign jurisdictions. Collectively, all major US trading partners would be liable for high tariffs once the USTR completes these investigations in May. The list includes Canada, Mexico, Brazil, the EU, Norway, Japan, South Korea, Indonesia and Malaysia. All those jurisdictions have been subject to emergency tariffs of 15pc and higher since last April. The US Supreme Court struck down those tariffs on 20 February. The US administration on the same day, citing separate authority under Section 122, imposed a 10pc tariff on all US imports. But those tariffs will only be in effect until 24 July. USTR is aiming to have the new Section 301 tariffs in place by that deadline. The Section 301 process does not affect existing tariffs on steel, aluminum, cars and auto parts. Trump and previous presidents routinely used Section 301 authority to address specific trade complaints, so the legal authority has not been challenged in court before. But a mass trade action simultaneously targeting dozens of countries in an effort to reverse-engineer invalidated tariffs may invite legal challenges. "It won't surprise anyone that once again Trump is refusing to accept the reality of his loss and is desperately back at the drawing board trying to find any pretext he can to reclaim power the Supreme Court rightfully said he doesn't have," House of Representatives Ways and Means Committee ranking member Richard Neal (D-Massachusetts) said on Thursday. On Friday, a coalition of dozens of states, including Oregon, asked a federal court to suspend collection of the Section 122 tariffs while a lawsuit against those temporary tariffs proceeds. Those states point to lengthy delays in obtaining refunds to the tariffs the Supreme Court struck down. "It is likely impossible for plaintiff states to be made fully whole for the economic harm suffered each day that the unlawful Section 122 tariffs are in place," the states wrote in their legal filing. By Haik Gugarats and Chris Knight Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
US-Iran war: Latest news
US-Iran war: Latest news
Houston, 13 March (Argus) — A round-up of the latest Argus news stories focusing on the US-Iran conflict. TOP HEADLINES Pentagon not close to reopening Hormuz US oil sector warns against export restrictions Supply shock fears revive China crude buying India snaps up Russian crude as sanctions paused Asian spot naphtha hits 20-year-high premiums LATEST NEWS Crude and oil products Saudi Aramco offers spot March crude loading at Yanbu IEA stock release faces challenge of geography Asian buyers undeterred by firm African values European interest in April-loading Saudi crude firm Iran war sees first Forties cargo sail east this year UAE's Adnoc raises April crude official selling prices EU says Russia oil curbs unaffected by US waiver Iraq-Turkey crude pipeline reopens again Permian WTI premiums continue to rise Petrobras hikes diesel prices by 11.5pc Diesel prices at four-year highs in the Baltic states LSFO hits multi-year highs as Brent breaks $100/bl Natural gas and power Eurogas urges EU to activate flexibility in storage law Dutch Energystock to hold gas storage auction next week War spotlights Brazil reinjections, LNG reliance German Mar spot power could deliver above expectations Petrochemicals Dow revision triples April PE price increase Ineos Styrolution halts new ABS, PS delivery for March Biofuels Shipowners eye bio-blends on bunker rally India unlikely to raise ethanol blend despite oil rally China biofuels rise but HVO discount to ARA widens Coal Coal futures slip as market eyes impact of US-Iran war S Korea coal prices up at 17-month high on firm demand Indonesian supply, war may reshape Vietnam coal imports Atlantic coal prices remain elevated Fertilizers and agriculture Iran-US war freezes ags market activity US senator presses CF on soaring nitrogen prices Australian amsul demand surges on short urea supply India seeks Mercosur vegoil to offset war risks Metals Uncertainty surges but demand does not: Irepas Freight No clear path to pre-war Hormuz return: D'Amico Asia specialist tanker cargoes drop as trade slows Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
No clear path to pre-war Hormuz return: D’Amico
No clear path to pre-war Hormuz return: D’Amico
New York, 13 March (Argus) — Tanker operator D'Amico sees significant headwinds facing global shipping even if the strait of Hormuz can effectively reopen to commercial traffic given infrastructure damage in the Mideast Gulf and mines possibly lingering in the strait. "There are almost 19mn b/d between crude and refined products which used to transit through Hormuz, so around 18pc of total oil supply and 25pc of seaborne volume," D'Amico chief executive Carlos Balestra di Mottola said. "I expect when the war ends, unfortunately, we will not be able to see all the flows we were seeing from this region," di Mottola said. Reopening the strait of Hormuz would remove the major chokepoint that has starved global markets of typical Mideast Gulf flows of refined oil products and crude oil. But the reality on the ground has shifted in the two weeks since the US and Israel began striking Iranian targets. Expecting a similar level of output from the Mideast Gulf in the near term even with the removal of this chokepoint may be too presumptuous, according to di Mottola. "I believe, unfortunately, [flows of crude oil and refined products] might not be able to come back to full speed immediately," di Mottola said. "It will crucially depend on how severely damaged all this oil infrastructure is. We are reading headlines every day of refineries being attacked, export terminals being attacked, so we really will only be able to assess and understand the extent of this damage when things calm down." Iranian mines suspected to be resting on the seabed of the strait remain the biggest wildcard for shippers and insurers alike. A full reopening of the strait would require assurances of total mine removal from the area, which would likely require significant time to complete. "Before sending our vessels, we want to make sure that there aren't any mines which could be hitting our vessels," di Mottola confirmed. He noted that none of the company's 21 medium range tankers and six long range 1 tankers were stuck within the Mideast Gulf, but that the company did cancel one contract with a charterer because it was not safe to enter the region. Di Mottola also pointed to ongoing Red Sea loadings as providing some relief to the de facto closure of the strait of Hormuz in the meantime, but only at a fraction of typical flows. "There is the potential to reroute, through some pipelines [to the Red Sea], part of this production, around 3.54mn b/d, but that leaves still a deficit of around 15mn b/d and lost oil output which cannot be easily replaced," di Mottola said. By Ross Griffith Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Brazil biodiesel blend hike faces delay
Brazil biodiesel blend hike faces delay
Sao Paulo, 13 March (Argus) — Brazil's mines and energy ministry has ruled out raising the biodiesel blend before feasibility tests are completed, amid increased lobbying for a higher mandate as oil prices rise on the US-Iran war. Market participants had expected Brazil's national energy policy council (CNPE) meeting — originally scheduled for yesterday and postponed to 19 March — to include a biodiesel blend increase on the agenda. But the mines and energy ministry told Argus that tests on blends ranging from 16pc to 25pc remain in the final phase of methodological consolidation and experimental activities have not yet started. Without tests proving the new blend levels are technically feasible, the law does not allow the mandatory blend increase schedule to move forward, the ministry said. Brazil's fuels of the future law projected an increase in the blending mandate to 16pc from the current 15pc this month. The ministry expects to start experimental trials in the first half of 2026. The original schedule planned for the tests to be completed in June, with final validation in August. Brazilian hydrocarbons regulator ANP today approved a draft ordinance establishing guidelines for its participation in one of the projects that will test biofuels blends. Brazil's parliamentary front for biodiesel FPBio has intensified lobbying to increase the biodiesel blend to 17pc from 15pc, calling it a "strategic measure for energy sovereignty, economic stability and the protection of Brazilian consumers". Brazil can currently supply up to a 21.6pc biodiesel blend into diesel, industry associations Abiove and Aprobio said in a joint statement supporting the increase. Prices for imported 10ppm (S10) diesel at Brazilian ports surpassed biodiesel contract prices on 6 March for the first time since October 2023, as global oil derivative prices rose on the US-Iran war. The government announced on 12 March measures to eliminate the federal VAT-like PIS/Cofins tax levy on diesel imports and sales to mitigate the impact of the Iran war on oil prices. Market participants also expect the CNPE meeting to address the authorization of biodiesel imports, but there is no official confirmation on the subject. Ethanol market participants have also speculated a rise in the mandatory ethanol blend in gasoline to 32pc from 30pc, but there are no official timelines set in the Fuels of the Future law for this change. The mines and energy ministry said it continuously monitors the international energy scenario and its potential effects on the domestic fuel market. By Lucas Lignon Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
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