Venezuela opposition leader held, Gonzalez warned

Spanish Market: Crude oil, Natural gas
09/01/25

Venezuelan opposition leader Maria Corina Machado was detained for several hours today after leaving a rally to protest President Nicolas Maduro's disputed swearing-in on Friday, her allies said.

Machado and her party members hold that their candidate, Edmundo Gonzalez, won a July presidential election, a claim supported by the US and many Latin American and other countries. The US kept in place broad sanctions against Venezuela's crude and energy industry in the wake of the contested election.

Multiple black SUVs intercepted Machado while she traveled on motorcycle after the rally and forcibly took her while drones circled overhead, her allies confirmed. She was later released, they said, but she had not made a public appearance as of late Thursday afternoon.

The Maduro government did not confirm Machado's detention.

US representative Maria Elvira Salazar (R-Florida) vowed a response.

"Our message to the Maduro regime is clear: If you attack Maria Corina Machado, we, the United States, will attack you", Salazar posted on social media.

Venezuelan interior minister Diosdado Cabello has in turn threatened to "neutralize" any aircraft in national airspace carrying Gonzalez, who has said he will try to enter Venezuela on Friday to take the oath of office instead of Maduro.

Gonzalez has been visiting multiple leaders in the region in the run-up to Maduro's ceremony, meeting with US president Joe Biden and president-elect Donald Trump's designated White House national security adviser Mike Waltz in Washington earlier this week. He has most recently visited the Dominican Republic and met with President Luis Abinader and other dignitaries there.

Sources in Caracas say low turnout at pro-Maduro counter demonstrations today may have triggered the decision to arrest Machado.

Trump's advisers have not disclosed whether they plan to tighten the US' sanctions against Venezuela, including whether they would remove exemptions allowing Chevron, Eni and Repsol to lift cargoes of oil produced in their joint ventures with state-owned PdV.

Senate Foreign Relations Committee chairman Jim Risch (R-Idaho) unveiled a bill today that would condition a future removal of sanctions against Venezuela on the establishment of a democratically elected government in Caracas. But the bill, which enjoys backing of key Democrats on his committee, does not directly address Chevron's upstream exemption.

By Carlos Camacho and Haik Gugarats

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13/06/25

Iran suggests upcoming nuclear talks with US are off

Dubai, 13 June (Argus) — Nuclear negotiations between Iran and the US scheduled for Sunday, 15 June, appear to be off following the Israeli air and missile strikes on Iran in the early hours of today. The talks were formally confirmed by mediators Oman on 12 June as taking place in the Omani capital, Muscat. With the mood around the negotiations having taken a turn for the worse this past week, the new round would provide an opportunity for the sides to re-establish their demands, and re-evaluate progress. The key outstanding issue is Iran's ability to enrich uranium, and thus, retain a theoretical path to nuclear weapons. Tehran insists it should be allowed to retain its civilian nuclear enrichment program to supply fuel to nuclear power plants, while US administration officials now appear bent on allowing zero enrichment. The Israeli attacks , which came against US President Donald Trump's advice, appear to have thrown a wrench into the US' efforts to engage Iran diplomatically. Speaking on state television today, Iranian parliament's national security and foreign policy committee member Alaeddin Boroujerdi said the attacks on Iran meant the talks with the US now cannot take place. "With respect to the talks, which we entered at America's request… we were on the verge of a sixth round," he said. "But with these latest developments, I can't see a sixth round taking place." Iran's foreign ministry, which has been leading the discussions for the Iranian side, has yet to explicitly comment on the status of the talks. Neither has Oman. On the attacks, Tehran's Guardian Council, a powerful supervisory body tasked with overseeing legislation, vowed to "give a crushing and tooth-breaking response to these criminals of history in such a way that it will serve as a less on to the enemies of Islam, and the arrogant powers of the world." Iran sent a barrage of drones towards Israel, which appeared to trigger a second round of Israeli strikes on several cities, including Shiraz in the south, Tabriz in the northwest, and Kermanshah in the west. Trump calls for deal The Trump administration has said it was not involved in the Israeli strikes, and warned Iran not to retaliate against its personnel in the Middle East. But it did appear to have at least advance warning of the imminent attack, after ordering non-essential US personnel in Iraq and Israel to evacuate. Trump today again called on Iranian leaders to "make a deal" or face even more "death and destruction" from the next waves of Israeli attacks. "I gave Iran chance after chance to make a deal… but no matter how hard they tried, no matter how close they got, they just couldn't get it done," Trump said on his Truth Social media platform. "There has already been great death and destruction, but there is still time to make this slaughter, with the next already planned attacked being even more brutal, come to an end. Iran must make a deal before there is nothing left." By Nader Itayim and Bachar Halabi Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Iran’s oil infrastructure untouched by Israeli strikes

13/06/25

Iran’s oil infrastructure untouched by Israeli strikes

Dubai, 13 June (Argus) — Iran's oil infrastructure emerged unscathed from Israeli air and missile strikes in the early hours of 13 June, according to Iran's state news agency Irna and Argus sources. But the attacks have raised the prospect of a broader escalation in the world's largest oil-producing region. Israel said the strikes targeted military facilities and infrastructure linked to Iran's nuclear programme. It described the operation as an act of self-defence, claiming Iran is "closer than ever" to acquiring a nuclear weapon. The US denied involvement and urged Tehran not to retaliate against US personnel in the region. Iran informed the International Atomic Energy Agency (IAEA) that its Bushehr nuclear power plant was not targeted and that no increase in radiation levels had been observed at its Natanz site, IAEA director general Rafael Grossi said today. Oil operations remain unaffected. Activities at Iranian facilities are continuing "without interruption and in a stable manner," Irna reported, citing state-owned refiner NIORDC. The operator of Iran's 700,000 b/d Abadan refinery said the plant is running at full capacity with no disruption, according to the state news agency Shana. The 110,000 b/d Tabriz refinery — located near one of the reported strike zones — was not hit and "operations resumed as normal," an official at the plant told Argus . No other Iranian oil or gas facilities have been targeted so far, Argus understands. Crude futures surged in early Asian trading on news of the strikes, rising by as much as 13pc before paring gains. As of 09:00 GMT, the front-month August Ice Brent contract was trading at $74.30/bl, down from an earlier high of $78.50/bl. The absence of physical supply disruption helped ease immediate concerns, but the risk of a wider conflict remains high. In response to the strikes, Iran launched around 100 drones toward Israeli territory. "Israel is working to intercept [the drones]," Israeli military spokesperson Effie Defrin said. Israeli media later reported that all drones were intercepted. The fallout from the strikes has affected regional gas operations. Greek independent Energean suspended production from its Karish gas field offshore Israel following a government order issued after the Israeli attacks. Security concerns in key shipping lanes were already rising ahead of the strikes. On 12 June, the Joint Maritime Information Centre (JMIC) warned that the "threat will be elevated until further notice for vessels operating in or transiting the Arabian Gulf, Strait of Hormuz, and Northern Arabian Sea". Any disruption to the Strait of Hormuz — a chokepoint for nearly a fifth of global oil flows — could have immediate and severe consequences for global crude supply and pricing. The Yemen-based Houthi movement, part of Iran's regional proxy network known as the ‘Axis of Resistance', condemned the Israeli strikes and affirmed "Iran's right to carry out a deterrent response." It declared support for Iran's "legitimate right to respond to the aggression." So far, however, neither the Houthis nor other Iran-aligned groups — including Lebanon's Hezbollah and Shia militias in Iraq — have taken retaliatory action. Israel has significantly weakened the Axis of Resistance since the October 2023 Hamas-led attack, eliminating most of Hamas' leadership and key Hezbollah figures. Israel and Iran also exchanged missile and drone strikes in 2024. By Bachar Halabi, Yong Li Tng and Nader Itayim Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Freight market on alert after Israeli strikes on Iran

13/06/25

Freight market on alert after Israeli strikes on Iran

Singapore, 13 June (Argus) — Israeli air and missile strikes on Iran in the early hours of Friday have raised the risk of disruption to shipping in the Mideast Gulf, prompting concerns over rising freight rates, insurance costs and vessel safety. The escalation has heightened tensions in one of the world's most critical oil and shipping corridors, centred on the Strait of Hormuz — a chokepoint for about a fifth of global oil supply. Market participants warn that freight rates could surge if the conflict drags on or if Iran launches a retaliatory strike. The Israeli operation targeted military facilities and infrastructure linked to Iran's nuclear programme, according to Israeli officials, who described the strikes as an act of self-defence. Israel has warned that Iran is closer than ever to acquiring a nuclear weapon. Oil prices surged following the strikes, reflecting concern about possible supply disruptions. At 08:30 GMT, the Ice front-month August Brent contract was at $73.51/bl, up by $4.15/bl from its 12 June settlement. Nymex July WTI was at $72.24/bl, up by $4.20/bl. Earlier in Asian trading, Brent had climbed as high as $78.50/bl and WTI reached $77.62/bl. Freight Market Reacts Ships operating in or transiting the Mideast Gulf and the Strait of Hormuz could face higher costs and delays. "Insurance companies could raise the cost of additional war risk premiums (AWRP) if the conflict continues for a long time," a shipbroker said. Other freight market participants echoed this view. "Mideast Gulf freight rates could spike because owners will avoid going there," another source said, adding that shipowners are likely to err on the side of caution. The extent of the impact will depend on how long the hostilities last and the scale of Iran's retaliation. "The main thing to watch... is how Iran will retaliate. Shipping's stance would highly hinge on the degree of retaliation," a tanker broker said. The situation could also trigger operational disruptions, particularly for cargoes yet to load. "There is a possibility that the latest spat could fall under the force majeure clause, which could allow the cancellation of charters," a broker said. Force majeure clauses in charter parties release both parties from liability when extraordinary events — such as war — prevent contract fulfilment. But it remains unclear whether this incident meets that threshold. Higher oil prices could also push up bunker fuel costs, adding further upward pressure on freight rates, a shipowner said. Freight and energy markets are closely watching for signs of Iranian retaliation, which could worsen supply risks and increase volatility. "That [Zionist] regime should anticipate a severe punishment. By God's grace, the powerful arm of the Islamic Republic's Armed Forces won't let them go unpunished," Iran's Supreme Leader Ayatollah Ali Khamenei said on 13 June on social media platform X. While spot rates and war risk premiums are expected to rise in the short term, most market participants are adopting a wait-and-see approach. "The freight market has not yet reacted and rates in the Mideast Gulf did not jump on Friday, but nobody can predict how the conflict will develop further or how many more black swans there will be," a broker said. By Sureka Elangovan and Sean Lui Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Israel gas field halts output after Iran strikes

13/06/25

Israel gas field halts output after Iran strikes

London, 13 June (Argus) — Greek independent Energean has suspended production from its Karish gas field offshore Israel following a government order issued in the wake of Israeli airstrikes on Iran. Energean said on 13 June that it received a directive from Israel's ministry of energy and infrastructure to temporarily halt all production and activities on the Energean Power floating production, storage and offloading (FPSO) unit. The ministry cited the "recent geopolitical escalation in the region" as the reason for the suspension. "All production activities have now been temporarily suspended and notices have been issued to Energean's customers and other stakeholders," the company said. It added that the safety of its staff remains the top priority. Production at Israel's two other offshore gas fields, Leviathan and Tamar, may also have been impacted. Operator Chevron declined to comment beyond stating that its people and facilities were safe. One source told Argus that output at Leviathan has been suspended. Leviathan has a production capacity of 1.2bn ft³/d while Tamar's production capacity is 1.1bn ft³/d. Both fields supply gas to Egypt, which is struggling to meet domestic gas demand. Energean said it is maintaining close dialogue with the ministry and other relevant stakeholders to facilitate the safe resumption of Karish production "as soon as possible." No timeline was given for restarting operations. The shutdown follows Israeli airstrikes overnight on 12–13 June targeting Iranian military and nuclear sites, in one of the most significant escalations between the two countries in years. Iran has vowed to respond, raising concerns about potential retaliation against Israeli energy infrastructure. Karish is smaller than Leviathan and Tamar but is still a key component of Israel's domestic gas supply. Energean has ramped up output from the field since first gas in late 2022. The FPSO has a production capacity of up to 8bn m³/yr (775mn ft³/d) and supplies gas under long-term contracts to Israeli power generators and industrial users. Energean said further updates will be provided as they become available. By James Keates, Aydin Calik and Martin Senior Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Australia allows emissions reporting for biomethane, H2

13/06/25

Australia allows emissions reporting for biomethane, H2

Sydney, 13 June (Argus) — The Australian government will enable companies to report scope 1 emissions from the consumption of biomethane and hydrogen, which will need to be backed by eligible renewable gas certificates, it announced today. Companies will be able to prove that the gas they receive from the natural gas network and consume in a reporting year contains an amount of renewable gas, as represented by renewable gas certificates retired or completed by them or on their behalf, adjusted for losses, the Department of Climate Change, Energy, the Environment and Water (DCCEEW) said on 13 June. The new product guarantee of origin (PGO) certificates registered under the guarantee of origin (GO) scheme, as well as the renewable gas guarantee of origin (RGGO) certificates issued under the GreenPower Renewable Gas Certification (RGC), will both be allowed. Any gas sourced from the natural gas network that is not covered by the new certificate-backed loss-adjusted amount must be reported as natural gas, the DCCEEW said. The changes are part of updates to the National Greenhouse and Energy Reporting (NGER) scheme, which is used to measure and report greenhouse gas (GHG) emissions and energy production and consumption. These are the latest changes following the implementation of the recommendations made at the end of 2023 by Australia's Climate Change Authority (CCA), which reviews the NGER scheme every five years. The market-based reporting allowing companies to report the scope 1 emissions benefits from their renewable gas purchases will start from 1 July 2025, and be applicable from the July 2025-June 2026 financial year onwards. They will affect NGER scheme reports to be submitted by corporations by 31 October 2026. The updates also include amendments to support the reclassification of hydrogen as a fuel type. Hydrogen was previously classified in the NGER scheme as an energy commodity. The DCCEEW will monitor the uptake of biomethane as a feedstock for ammonia and hydrogen production and may revisit some technical rules in future annual NGER scheme updates, it said. Potential impact on oil and gas facilities Other changes announced on 13 June include updates to the emission factors used in two methods for gas flared in oil and natural gas operations. Some submissions to a public consultation raised concerns about the potential overestimation of methane emissions resulting from the assumption that flare gas is 100pc methane, and implications of the proposed emission factors on facilities covered by the safeguard mechanism, the DCCEEW said. The Clean Energy Regulator has the discretion to vary the facility's baseline to accommodate the regulatory change if the revised factors have a material impact on emissions reported by a facility covered by the safeguard mechanism, it said. Facilities under the oil and gas extraction sector received a combined 3.07mn safeguard mechanism credits (SMCs) in the July 2023-June 2024 financial year as their covered scope 1 emissions were below their baselines. By Juan Weik Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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