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No plans to tighten Myanmar sanctions: Australia

  • : Crude oil, Natural gas
  • 22/02/07

The Australian government has no plans to follow the US and tighten sanctions against Myanmar (Burma) despite the withdrawal of Australian independent Woodside Petroleum last month from Myanmar over the worsening political situation in the country.

On the eve of the one-year anniversary of the military coup, Washington imposed sanctions on members of the country's military elite, as well as freezing their assets and imposing travel bans.

Australia is following the response of the Association of southeast nations (Asean), which Myanmar is a member, and this grouping of southeast Asian nations have pursued a strategy of dialogue.

"Australia strongly supports Asean's leadership and efforts of the special envoy of the Asean chair on Myanmar. We urge the military to honour its commitment to implement Asean's five-point consensus," Australian foreign minister Marise Payne said in a statement.

Australia's autonomous sanctions regime already includes a longstanding arms embargo against Myanmar, as well as targeted sanctions against five individuals with direct responsibility for atrocities in Rakhine state, where the Myanmar military embarked on a crackdown on the Muslim Rohingya minority. Australia continues to keep its sanctions regime under active consideration, and further sanctions have not been ruled out, Payne said.

Australia strongly supports Asean's leadership and efforts of the special envoy of the Asean chair on Myanmar, Erywan Yusof, the minister said. Australia urges the Myanmar military to honour its commitment to implement Asean's five-point consensus, which includes the cessation of violence in Myanmar and that constructive dialogue between all parties in Myanmar start to seek a peaceful solution.

"We have maintained our view on sanctions is that imposing sanctions at this time would not currently further our interests in terms of our advocacy on the Asean led solution for the critical situation in Myanmar," Payne said. "I do respect, obviously, the decisions of other partners who have determined that imposing further sanctions is the appropriate measure for them. From our perspective, it is not currently a step we are intending to take, but we keep this under review," the minister said.

Woodside in January said it will formally exit the upstream offshore blocks AD-1 and AD-8, the A-6 joint venture and the A-6 production-sharing contract held with state-owned Myanmar Oil and Gas Enterprise. Woodside holds a 40pc participating interest in A-6 as joint operator and participating interests in exploration permits AD-1 and AD-8.


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25/07/10

Opec sees oil demand rising to 123mn b/d by 2050

Opec sees oil demand rising to 123mn b/d by 2050

London, 10 July (Argus) — Opec has raised its long-term oil demand forecast by nearly 3mn b/d, driven by stronger growth in India and the Middle East and a shifting policy landscape that it says is reinforcing fossil fuels' role in the global energy mix. "There is no peak oil demand on the horizon," Opec secretary-general Haitham al-Ghais said in the group's latest World Oil Outlook (WOO), repeating a line he used in last year's edition and underscoring Opec's ongoing rejection of forecasts that see oil use peaking before 2030. Opec argues that such forecasts underestimate demand growth in developing economies and overstate the pace of the energy transition. The 2025 WOO lifts Opec's 2050 oil demand projection to 122.9mn b/d, from 120.1mn b/d in last year's WOO. Its 2040 forecast is revised up to 120mn b/d from 117.8mn b/d. The 2030 outlook is unchanged at 113.3mn b/d, but the group sees a steeper rise in demand in the later years of the forecast. While the overall trajectory remains consistent with last year's WOO, the new report places greater emphasis on policy recalibration in major economies. It highlights growing political resistance to decarbonisation targets — particularly in the US and parts of Europe — and said energy affordability and supply security are increasingly shaping national strategies. These shifts, Opec suggests, are slowing the pace of energy transitions and supporting continued oil demand growth. The 2025 WOO adopts a more cautious tone on electrification, citing infrastructure and cost challenges, and acknowledges the geopolitical effect of the US' second withdrawal from the Paris climate agreement — a development not covered in last year's edition. India leads the pack India makes the biggest single contribution to the long-term demand increase. Opec forecasts the country's oil use to more than double from 2024, to 13.7mn b/d by 2050. Demand in China, on the other hand, rises in the medium term but flattens after 2035, reflecting slower economic growth and rising electric vehicle uptake. OECD demand is projected by Opec to edge up to 46.6mn b/d by 2030 — from 45.7mn b/d in 2024 — before entering a steady decline. By 2050, it is put at 37.2mn b/d, led by sharp reductions in Europe's transport and residential sectors. The sectoral breakdown remains broadly unchanged from last year. Road transport, petrochemicals and aviation account for most of the demand growth between 2025 and 2050. Oil use in road transport is forecast to rise by 5.3mn b/d, aviation by 4.2mn b/d and petrochemicals by 4.7mn b/d. Supply to match demand On the supply side, Opec projects global liquids output at 113.6mn b/d by 2030 and 123mn b/d by 2050. It still expects US production to peak at just over 23mn b/d around 2030, before falling to 19.6mn b/d by mid-century. Non-Opec+ supply is seen plateauing in the 2030s, with Opec+ producers expected to meet most of the incremental demand, lifting their share of global supply to 52pc by 2050 from 48pc in 2024. Opec estimates $18.2 trillion of investment will be needed to meet oil demand through to 2050, up from $17.4 trillion in the 2024 report. Of the total, $14.9 trillion — more than 80pc — is allocated to upstream. The group reiterated that underinvestment could threaten future supply security and market stability. The report notes refining capacity is expected to keep pace with long-term demand growth, but warns of a potential short-term tightening later this decade as the rise in oil demand outpaces new capacity — particularly in Asia-Pacific. By James Keates Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

LNG imports feasible, New Zealand utilities say


25/07/10
25/07/10

LNG imports feasible, New Zealand utilities say

Sydney, 10 July (Argus) — Importing LNG to cover New Zealand's shortfall of gas is technically feasible but more challenging than expected, according to two new reports commissioned by five energy companies. Conventional-scale LNG imports would help meet power demand in years when hydroelectric inflows are low, but the total cost to end users is estimated at NZ$170-210mn/yr ($102-126mn/yr) including costs of $10.12-10.37/MMBtu on a landed basis — or approximately NZ$17.83-18.27/GJ, based on a forward exchange rate of NZ$1.67:$1 — according to reports sponsored by New Zealand utilities Clarus, Contact Energy, Genesis Energy, Meridian Energy, and Mercury. Major works to establish infrastructure such as port or pipeline upgrades have been estimated at NZ$190mn-1bn, a level of investment that holds risks given uncertainty about the country's future energy mix and need for imports. Smaller-scale options using existing ports and involving imports from Australia via 15,000m³ vessels could provide an additional 7-10 PJ/yr (187mn-267mn m³/yr) or about one month's supply, but this could cost 25pc more than the large-scale option at about $11.41-11.92/MMBtu, or NZ$20.10-21/GJ . Smaller-scale LNG infrastructure capital costs could be NZ$140mn-295mn, but securing offtake and a solution for storing imported LNG would need to be finalised first, the study said. New Zealand's gas supply has plummeted after years of underinvestment in the Taranaki basin, the country's main source. Just 25.93PJ was produced in January-March, down by 19pc on the year, according to government data. High prices are impacting the production of fertilizers and other industries . Wellington is looking to lure upstream producers via a NZ$200mn co-investment to buy stakes in new gas fields, while also working towards potential LNG import plans . By Tom Major Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Trump threatens 50pc Brazil tariff: Update


25/07/09
25/07/09

Trump threatens 50pc Brazil tariff: Update

Updates with comments from Brazil's vice president Washington, 9 July (Argus) — US president Donald Trump is threatening to impose a 50pc tariff on imports from Brazil from 1 August, citing the ongoing trial of that country's former president, Jair Bolsonaro. Trump's letter to Brazil's president Luiz Inacio Lula da Silva, released on Wednesday, is one of the 22 that the US leader sent to his foreign counterparts since 7 July, announcing new tariff rates that the US will be charging on imports from those countries. But his letter to Brazil stands out for allegations of a "witch hunt" against Bolsonaro, who — much like Trump — disputed his electoral defeat and attempted to stay in office. Brazil's supreme court qualified Bolsonaro's actions in 2022 as an attempted coup, ordering him to stand trial. Trump said he will impose the 50pc tariff because "in part to Brazil's insidious attacks on Free Elections and the Fundamental Free Speech Rights of Americans". The latter is a reference to orders by judges in Brazil to suspend social media accounts for spreading "misinformation". Trump separately said he would direct US trade authorities to launch an investigation of Brazil's treatment of US social media platforms — an action likely to result in additional tariffs. Trump's letter to Lula also contains language similar to that included in letters sent to 21 other foreign leaders, accusing Brazil of unfair trade practices and suggesting that the only way to avoid payments of tariffs is if Brazilian companies "decide to build or manufacture product within the US". The Trump administration since 5 April has been charging a 10pc extra "Liberation Day" tariff on most imports — energy commodities and critical minerals are exceptions — from Brazil and nearly every foreign trade partner. Trump on 9 April imposed even higher tariffs on key trading partners, only to delay them the same day until 9 July. On 7 July, Trump signed an executive order further delaying the implementation of higher rates until 12:01am ET (04:01 GMT) on 1 August. Trump earlier this week threatened to impose 10pc tariffs on any country cooperating with the Brics group, which includes Brazil, China, Russia, India and South Africa. Lula hosted a Brics summit in Rio de Janeiro on 6-7 July. Brazil vice president Geraldo Alckmin, speaking to reporters before Trump made public his letter to Lula, said: "I see no reason (for the US) to increase tariffs on Brazil." The US runs a trade surplus with Brazil, Alckmin said, adding that "the measure is unjust and will harm America's economy". Trump has justified his "Liberation Day" tariffs by the need to cut the US trade deficit, but the punitive duties also affect imports from countries with which the US has a trade surplus. By Haik Gugarats and Constance Malleret Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Trump threatens 50pc Brazil tariff


25/07/09
25/07/09

Trump threatens 50pc Brazil tariff

Washington, 9 July (Argus) — US president Donald Trump is threatening to impose a 50pc tariff on imports from Brazil from 1 August, citing the ongoing trial of that country's former president, Jair Bolsonaro. Trump's letter to Brazil's president Luiz Inacio Lula da Silva, released on Wednesday, is one of the 22 that the US leader sent to his foreign counterparts since 7 July, announcing new tariff rates that the US will be charging on imports from those countries. But his letter to Brazil stands out for allegations of a "witch hunt" against Bolsonaro, who — much like Trump — disputed his electoral defeat and attempted to stay in office. Brazil's supreme court qualified Bolsonaro's actions in 2022 as an attempted coup, ordering him to stand trial. Trump said he will impose the 50pc tariff because "in part to Brazil's insidious attacks on Free Elections and the Fundamental Free Speech Rights of Americans". The latter is a reference to orders by judges in Brazil to suspend social media accounts for spreading "misinformation". Trump separately said he would direct US trade authorities to launch an investigation of Brazil's treatment of US social media platforms — an action likely to result in additional tariffs. Trump's letter to Lula also contains language similar to that included in letters sent to 21 other foreign leaders, accusing Brazil of unfair trade practices and suggesting that the only way to avoid payments of tariffs is if Brazilian companies "decide to build or manufacture product within the US". The Trump administration since 5 April has been charging a 10pc extra "Liberation Day" tariff on most imports — energy commodities and critical minerals are exceptions — from Brazil and nearly every foreign trade partner. Trump on 9 April imposed even higher tariffs on key trading partners, only to delay them the same day until 9 July. On 7 July, Trump signed an executive order further delaying the implementation of higher rates until 12:01am ET (04:01 GMT) on 1 August. Brasilia did not immediately react to Trump's threat of higher tariffs. Trump earlier this week threatened to impose 10pc tariffs on any country cooperating with the Brics group, which includes Brazil, China, Russia, India and South Africa. Lula hosted a Brics summit in Rio de Janeiro on 6-7 July. By Haik Gugarats Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Market needs Opec+ output hikes : UAE energy minister


25/07/09
25/07/09

Market needs Opec+ output hikes : UAE energy minister

Vienna, 9 July (Argus) — The oil market needs the additional crude supply coming from Opec+'s accelerated output hikes, UAE energy minister Suhail al-Mazrouei said today, citing the absence of stockbuilds since eight core members of the group began raising production targets earlier this year. "Even with the increases over several months, we haven't seen a major buildup in inventories, which means the market needed those barrels," al-Mazrouei said in Vienna, where he is attending the 9th Opec International Seminar. "We need to look at the fundamentals and build the narrative around them, rather than just news and speculation," he added. Al-Mazrouei said the market is "deeper than what is perceived," referring to a decision by eight Opec+ members to raise their collective August crude production target by 548,000 b/d — a step up from the 411,000 b/d monthly hikes agreed for May, June and July. The eight countries — Saudi Arabia, Iraq, Kuwait, Russia, the UAE, Algeria, Oman and Kazakhstan — had originally planned to unwind 2.2mn b/d of voluntary crude production cuts at a rate of 137,000 b/d each month between April 2025 and September 2026. Asked whether Opec+ is concerned about supply outpacing demand later this year, al-Mazrouei said the group assesses the balance at each meeting. He said focusing solely on prices is short-sighted. "What we want is stability," he said. "That goal requires accepting whatever price the market accepts." Al-Mazrouei also warned of the risks posed by underinvestment in oil and gas. "We are living in an underinvestment environment in oil and gas. The longer this period lasts, the more pain we will face in the years to come," he said. By Bachar Halabi, Aydin Calik and Nader Itayim Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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