EU reimposes nuclear-related sanctions on Iran

Spanish Market: Crude oil, Natural gas, Oil products, Petrochemicals
29/09/25

The EU on Monday agreed to reimpose a range of nuclear-related sanctions on Iran that were suspended a decade ago as part of the JCPOA nuclear deal.

The move came after the UN Security Council (UNSC) voted to reimpose UN sanctions on Iran, which it too had suspended as part of the JCPOA in 2015. Those sanctions went back into effect at midnight on 27 September under a 'snapback' mechanism that was built into the 2015 deal.

The EU said measures reintroduced today include "travel bans on individuals, asset freezes for individuals and entities… and economic and financial sanctions covering the trade, financial and transport sectors." There is an arms export embargo, which includes a ban on the transfer of any items, materials, goods or technologies that could contribute to Iran's enrichment or reprocessing capabilities, or its ballistic missile programs, and measures against Iran's energy sector.

The latter involves a ban on "imports, purchase and transport of crude oil, natural gas, petrochemical and petroleum products and related services" as well as "the sale of key equipment used in the energy sector."

In reality this is unlikely to have any real effect, as EU countries ended all energy-related dealings with Iran ─ purchases or involvement in the Iranian energy sector ─ after US President Donald Trump reimposed US sanctions on Iran in 2018 after pulling out of the JCPOA.

The EU also said it is again freezing the assets of Iran's central bank and other major Iranian banks, and reinstating measures to restrict access for Iranian cargo flights to EU airports.

The measures taken by the UNSC over the weekend saw the reimposition of six resolutions, which included an arms embargo against Iran, and a ban on ballistic missile technologies.

By Nader Itayim

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18/11/25

Cop: Presidency tackles key issues in first draft text

Belem, 18 November (Argus) — The Brazilian presidency of the UN Cop 30 summit has released a first draft text focused on the controversial issues that were left out of the conference's main agenda. The text represents a significant step forward in negotiations, but multiple options are offered for the main sticking points, suggesting that consensus is still lacking. The issues tackled include climate finance from developed to developing nations, unilateral trade measures, and moving away from fossil fuels. The presidency released a package of texts today, aiming to reach conclusion on several elements tomorrow. It included the first presidency draft text, following discussions on unilateral trade measures, climate finance, responses to countries' climate plans and emissions reporting — the four topics sitting outside the official conference agenda. The text sets out options — with various degrees of strength — on fossil fuels and climate finance, including options for no text at all. A menu of multiple options is normal at this stage of the talks. It is now up to delegations to find compromise, with another round of consultations scheduled today. One paragraph mentions the sharing of "domestic opportunities and success stories on the just, orderly and equitable transition towards low carbon solutions". There is also an option recalling the central paragraph of the global stocktake agreed in Dubai , which called for a move away from fossil fuels. This option suggests "convening" a high-level ministerial round table on different pathways and approaches "with a view to supporting countries to developed just, orderly and equitable transition roadmaps, including to progressively overcome their dependency on fossil fuels and towards halting and reversing deforestation". The option echoes previous calls for a roadmap to transition away from fossil fuels, made in the early days of Cop 30. The text also touches on a potential response to the latest round of countries' climate plans, and their alignment with the Paris Agreement. One option calls on countries to accelerate action on the Dubai call, which is reiterated in full in the text. Others mention a "Global Implementation Accelerator" report and a "Belem Roadmap to 1.5[°C]". The latter refers to the Paris Agreement's most ambitious goal of holding the global rise in temperature to 1.5°C above pre-industrial levels, and appears a softer option than a specific roadmap on moving away from fossil fuels. The texts are a "credible package capable of delivering meaningful Cop 30 outcomes" and represent "a substantial starting point", associate director at energy think-tank E3G Kaysie Brown said. A key sticking point in negotiations overall could be on finance for adaptation — adjusting to climate change where possible — according to director of international climate action at non-profit WRI David Waskow. Developing countries are calling for adaptation finance provided by developed nations to reach $120bn/yr by 2030 — up from a goal of $40bn this year. The draft text's elements on unilateral trade measures are "positive", as they invite more consideration, Waskow said. Developed countries seem opposed to going beyond the climate finance deal struck at Cop 29 , but are mostly supportive of language on shifting away from fossil fuels, global policy lead at civil society organisation Oil Change International Romain Ioualalen said. "Parties eyeing an outcome on fossil fuels will not succeed if they don't send strong signals on finance, adaptation, and the just transition", he said. By Caroline Varin and Georgia Gratton Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

DNO reshuffles N Sea assets to generate quick returns

18/11/25

DNO reshuffles N Sea assets to generate quick returns

London, 18 November (Argus) — Norway-based upstream producer DNO has agreed to sell its stake in a redevelopment project in the Ekofisk region of the North Sea, while boosting its interest in Norway's Verdande oil and gas discovery and taking a share of a new exploration prospect. The company will divest its 7.6pc stake in the Ekofisk Previously Produced Fields project to Polish refiner Orlen. It will also acquire from Orlen a 20pc interest in a licence that contains the Cassio prospect, and an additional 0.8pc interest in the Verdande discovery. The deals are part of DNO's strategy to focus on short-cycle and less capital-intensive assets. "Our focus is on increasing near-term cash flow with less spend and more barrels more quickly," said DNO executive chairman Bijan Mossavar-Rahmani. Verdande, located in the Norne area of the Norwegian Sea, is scheduled to come online before the end of 2025, while exploration drilling on Cassio in the North Sea is expected to start in late 2026. The Ekofisk redevelopment programme, on the other hand, is not due to start up until 2029. "We have chosen to deploy our share of the significant capital expenditure necessary [for the Ekofisk project] in ways that play to our strengths, namely exploration and rapid-fire development of our existing discoveries," said Mossavar-Rahmani. Cassio sits directly north of a DNO-operated licence containing the Othello discovery, which the company is considering developing as a tie-back to nearby infrastructure. The transactions follow DNO's $450mn deal to buy Norway's Sval Energi earlier this year , which made the North Sea the biggest contributor to the company's production. DNO's production in July-September increased by 50pc from a year earlier, helping to more than double its revenues. Profits, however, remained broadly flat on the year during the same period, owing to extra production costs in the North Sea. By Lauren Hadeed Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Tokyo Gas sells Louisiana gas interest to Grayrock

18/11/25

Tokyo Gas sells Louisiana gas interest to Grayrock

Tokyo, 18 November (Argus) — Japan's gas distributor Tokyo Gas's US subsidiary TG Natural Resources (TGNR) sold its gas exploration and production business in Louisiana to Texas based E&P firm Grayrock Energy. Tokyo Gas said on 17 November that it signed an agreement to sell TGNR's subsidiary called TGNR TVL to Grayrock Energy on 14 November. TGNR TVL is a gas field interest in Louisiana which was acquired from US natural gas producer Range Resources in August 2020. The divestment is part of a portfolio review aimed at improving asset efficiency, Tokyo Gas said. Grayrock paid $255mn to acquire the Louisiana gas asset and transaction is planned to complete on 31 December 2025. Tokyo Gas sold 25pc stake of another subsidiary in Texas to Japanese gas distributor Shizuoka Gas in February. It explained the reason of the sale to also be a part of a review of its portfolio aimed at improving asset efficiency. Tokyo Gas plans to focus on the business of its assets in east Texas and north Louisiana . By Reina Maeda Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

US holiday travel could stretch thin gasoline stocks

17/11/25

US holiday travel could stretch thin gasoline stocks

Houston, 17 November (Argus) — A surge in travel for the US Thanksgiving holiday could increase driving demand and stretch already-thin gasoline stockpiles in the country. US gasoline prices may increase in the coming weeks as holiday travel spikes demand while national inventories hover at a 10-year low. 81.8mn travelers are estimated to be traveling at least 50 miles from their homes between 25 November and 1 December, according to data released by automobile association AAA on Monday. That would be an increase of 2.1pc on the year. The partial shutdown of the US federal government, which went on for 44 days from 1 October to 12 November, could shift more travel to cars as opposed to flights because of an increase in flight cancellations. This results in higher demand, which has recently lagged last year's levels. US Gulf coast Colonial pipeline CBOB prices have averaged $1.87/USG, marking an 11¢/USG decrease from the average a year prior. Chicago's West Shore/Badger CBOB prices have also been trending lower averaging $1.88/USG during the same period, a 1¢/USG decline. US Atlantic coast RBOB was the sole area to post increases at $2.09/USG, up by 6¢/USG from the average a year earlier. Most of those travelers will be driving with 89pc expected to travel by car, according to AAA. The AAA forecast would put an additional 1.3mn drivers on the road compared to last Thanksgiving, which would mark a 1.8pc increase on the year. Flights also had an increase with 6mn passengers expected to fly domestically, marking a 2pc rise from 2024. The number of flights could shrink due to the amount of cancellations that have occurred as of late, according to AAA. US gasoline stockpiles have been particularly thin this year with the most recent data from the US Energy Information Administration (EIA) showing total gasoline stockpiles at 205.1mn bl in the week ended 7 November, the lowest level since the week ended 14 November in 2014. Stockpiles fell by 0.9pc on the year. Some regions may be particularly impacted, with US midcontinent gasoline in the week ended 31 October falling to its lowest level on record . The four-week average of US gasoline finished gasoline product supplied, a proxy for demand, was 8.82mn bl, down by 6pc on the year according to EIA data. US flight cancellations remained high, but have eased since the reopening of the government. National flight cancellations — caused largely by a shortage of air traffic controllers — on 12 and 13 November still hovered near 1,000 but marked roughly a 50pc decrease compared to average cancellations since restrictions went into place on 7 November, according to data from flight-tracking service FlightAware. By Zach Appel Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Chevron exits US biomass-based diesel trade group

17/11/25

Chevron exits US biomass-based diesel trade group

New York, 17 November (Argus) — Chevron is no longer a member of a trade group supporting the US biodiesel and renewable diesel industry, reflecting increasing divides between oil companies and the Farm Belt over fuel policy. The US oil major decided not to renew its membership in Clean Fuels Alliance America after an annual renewal period in October, the trade group confirmed to Argus . The organization represents some diverse interests across the biofuel supply chain, including farm groups, soybean processors, small biodiesel plants and large renewable diesel refiners. "The decision to exit was made as part of a larger, enterprise-wide cost reduction effort that included Chevron's participation in many trade associations and other sponsorships across many lines of business", the company said. "We will continue to stay engaged with the industry and advocate for biodiesel and renewable diesel." A company lobbying report shows Chevron gave between $100,000-$499,999 to Clean Fuels last year — more than it did to the Advanced Biofuels Association, a more refiner-focused group that still counts Chevron as a member. Chevron inherited its Clean Fuels membership after it purchased biofuel producer Renewable Energy Group in 2022. Chevron's exit is notable since it owns more biodiesel plants than any other company in the US and recently more than tripled capacity at a Gulf Coast renewable diesel plant. But the company has pulled back from some biofuel investments as margins have dipped, indefinitely closing two biodiesel plants last year and laying off workers this year at its renewable fuel headquarters in Iowa. Large refiners have bristled at recent policy changes that help US farmers but saddle fuel producers with steeper feedstock costs. Clean Fuels in comments to President Donald Trump's administration this summer said that there was "not consensus among our members" about a plan to halve credits under a federal biofuel blend mandate for biofuels made from foreign feedstocks. Chevron has also differed from Clean Fuels in its support for co-processing renewable feedstocks at existing oil refineries and in its opposition to a Trump plan to make large oil companies blend more biofuels to offset the impact of giving some of their smaller rivals a pass from old biofuel quotas. The coalition supporting biofuels has also grown less steady in recent years as some smaller biodiesel producers push for more support to compete against better-capitalized renewable diesel refiners, which draw from the same feedstocks. Midcontinent biodiesel producers Incobrasa, Western Dubuque Biodiesel and Paseo Cargill Energy, a joint venture involving the agribusiness giant and Missouri farmers, also exited the group this year. By Cole Martin Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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EU reimposes nuclear-related sanctions on Iran

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Cop: Presidency tackles key issues in first draft text

Cop: Presidency tackles key issues in first draft text

DNO reshuffles N Sea assets to generate quick returns

DNO reshuffles N Sea assets to generate quick returns

Tokyo Gas sells Louisiana gas interest to Grayrock

Tokyo Gas sells Louisiana gas interest to Grayrock

US holiday travel could stretch thin gasoline stocks

US holiday travel could stretch thin gasoline stocks

Chevron exits US biomass-based diesel trade group

Chevron exits US biomass-based diesel trade group

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