US to lift sanctions on Syria

: Crude oil
25/05/13

US president Donald Trump said today he will lift all US sanctions on Syria, a move that will allow the new government in Damascus to access global oil markets and banking systems and to advance energy projects.

"I will be ordering the cessation of sanctions against Syria in order to give them a chance at greatness," Trump said in Riyadh, while addressing a US-Saudi business forum.

Trump said he was ordering the sanctions relief at the urging of Saudi Crown Prince Mohammad bin Salman and Turkish president Recep Tayyip Erdogan. US secretary of state Marco Rubio will meet his Syrian counterpart in Turkey later this week, Trump said.

The White House did not confirm whether Trump plans to meet with Syria's new leader, Ahmed al-Sharaa, during his visit to the Mideast Gulf this week.

Former president Joe Biden's administration in January issued a sanctions waiver through 7 July to enable previously prohibited energy trade with Syria. The EU in February suspended a range of sanctions against Syria, including restrictions related to the energy, banking, transport and reconstruction sectors.

A permanent relief of US sanctions would require Trump to remove Syria's previous designation as a "state sponsor of terrorism". Al-Sharaa's group, Hayat Tahrir al-Sham, is separately classified by the US as a "foreign terrorist organization". The US also has imposed a series of sanctions against Syria by statute, rather than executive action, which Trump would have to waive.

Before Syrian president Bashar al-Assad's fall from power in December, the country relied heavily on Iran for crude and product supplies.

Syria issued its first tenders to buy crude and refined products in January, but it attracted limited interest. The country then received cargoes of Russian crude and diesel in March-April, including some cargoes delivered aboard tankers that are under US sanctions.

By Haik Gugarats

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25/06/12

UK ETS emissions fell by 11pc on the year in 2024

Seville, 12 June (Argus) — Emissions in sectors covered by the UK emissions trading scheme (ETS) declined by 11.5pc year on year in 2024, data published by the UK ETS authority show, slowing their decline slightly from the previous year. Stationary installations covered by the UK ETS emitted 76.7mn t of CO2 equivalent (CO2e), down by 12.9pc from 2023, the data show. But this was offset somewhat by a 2pc increase in aviation emissions to 8.99mn t CO2e. Overall UK ETS emissions now have declined for two consecutive years, having fallen by 12.5pc in 2023. Emissions under the scheme rose by 2.5pc in 2022, as a strong rebound in aviation activity following earlier Covid-19 restrictions outweighed declining stationary emissions. Stationary emissions have decreased in every year since the scheme launched in 2021. The majority of the decline in stationary emissions under the UK ETS last year took place in the power sector, where emissions dropped by 18.2pc to 30.6mn t CO2e. The country's last coal-fired plant, Ratcliffe-on-Soar, closed in September last year. And the share of gas-fired output in the generation mix dipped as wind, solar and biomass production and electricity imports edged higher. Industrial emissions also declined, by 8.9pc to 46.1mn t CO2e. The iron and steel sector posted the largest relative drop of 30pc to 6.54mn t CO2e. Emissions from crude extraction fell by 6.4pc to 6.0mn t CO2e, while emissions from gas extraction, manufacture and distribution activities decreased by 8.9pc to 5.3mn t CO2e. The chemicals sector emitted 2.28mn t CO2e, down by 5.2pc on the year. A total of 43 installations were marked as having surrendered fewer carbon allowances than their cumulative emissions since the launch of the UK ETS, as of 1 May. A further two installations failed to report their emissions by the deadline. "Appropriate enforcement action" will be taken against operators that fail to surrender the required allowances, the UK ETS authority said. Overall greenhouse gas emissions across the UK economy dropped by a smaller 4pc last year, data published by the government in March show. This decline also was driven principally by lower gas and coal use in the power and industry sectors, with smaller declines in transport and agriculture, not covered by the UK ETS, and an increase in buildings emissions, also out of the scheme's scope. Emissions under the EU ETS in 2024 dipped by a projected 4.5pc from a year earlier, based on preliminary data published by the European Commission in April. The UK and EU last month announced that they will "work towards" linking the two systems together. By Victoria Hatherick UK ETS emissions mn t CO2e Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Malaysia’s oil, gas projects to emit 4bn t GHG: CREA

25/06/12

Malaysia’s oil, gas projects to emit 4bn t GHG: CREA

Singapore, 12 June (Argus) — Malaysia's continued extraction and use of its oil and gas resources could emit around 4bn t of greenhouse gases (GHGs), according to a report by the Helsinki-based Centre for Research on Energy and Clean Air (CREA). Malaysia holds about 9.84bn bl of oil equivalent (boe) in committed fossil fuel reserves, of which 82pc is gas, stated the report, which was written in collaboration with environmental think-tank RimbaWatch. This figure only includes projects with proven reserves that are covered by a production commitment such as production sharing contracts. These committed reserves would also emit an estimated 4.15bn t of CO2 equivalent (CO2e), which is equivalent to 13 years of Malaysia's annual emissions. The emissions will also consist of 10.9mn t of methane, which is a much more potent GHG than CO2. Malaysia's remaining commercially recoverable reserves are estimated at over 17bn boe over more than 400 fields, with gas comprising about 75pc of this. Malaysia launched its national energy transition roadmap (NETR) in 2023, detailing initiatives to achieve its 2050 net zero carbon emissions target, such as renewable energy development, hydrogen and carbon capture, utilisation and storage (CCUS). The country aims to reduce its economy-wide carbon emissions by 45pc in 2030 compared with 2005 levels, under its nationally determined contribution — climate plan — to meet the goal of the Paris Agreement. But at the same time, the country is seeking to maximise its fossil fuel production to ensure energy security. State-owned Petronas raised its total oil and gas production in 2024 to 2.4mn b/d of oil equivalent (boe/d), up by 1pc on the year. Of this, oil production fell by 4.4pc on the year to 813,000 boe/d, while gas output rose by 3.6pc to 1.64mn boe/d. More than 80pc of Malaysia's power was generated from fossil fuels in 2024. The NETR plans to increase the share of gas in total primary energy supply by 16pc from 2023 to 57pc in 2050, with gas viewed as a transition fuel for decarbonisation. But "referring to gas as sustainable, and claiming that Malaysia can achieve net-zero emissions through growing gas, are oxymorons," stated the report. Petronas' Scope 1 and 2 greenhouse gas emissions totalled 46.04mn t of CO2e across its Malaysian operations in 2024, surpassing its target of 49.5mn t of CO2e for the year. In comparison, the firm recorded 45.6mn t of Scope 1 and 2 GHG emissions in 2023. But the firm's net zero pathway excludes its Scope 3 emissions, which make up about 80pc of a fossil fuel entity's emissions, according to the report. Additionally, its CCUS plans are aimed at enabling sour gas extraction, hence exacerbating fossil fuel production and emissions. Malaysia should instead set a sectoral carbon budget for the domestic energy sector in line with its net zero goals, taking into account both production and consumption, and cement this budget in the country's upcoming Climate Change bill, stated the report. By Prethika Nair Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Mexico inflation quickens in May

25/06/09

Mexico inflation quickens in May

Mexico City, 9 June (Argus) — Mexico's consumer price index (CPI) accelerated to an annual 4.42pc in May, with strong pressures on meat and egg prices and modest acceleration in core inflation. The index increased for a fourth consecutive month, accelerating from 3.93pc in April after reaching a four-year low of 3.59pc in January. The result from statistics agency Inegi came in above the 4.37pc median estimate of analysts polled in Citi Research's 5 June survey to reach the fastest inflation since November 2024. It also pushes CPI to above the central bank's long-term objective inflation range of between 2pc and 4pc. Nevertheless, the central bank has been clear in its communication that the rate-cutting cycle will continue, with a likely half-point cut in the target interest rate to 8pc at the next policy meeting on 26 June. Core inflation, which excludes volatile food and energy, reached an annual 4.06pc in May from 3.93pc in April, ending a run of eight consecutive months below the 4pc level. Within the core, consumer goods inflation rose to 3.67pc from 3.38pc the previous month. while services accelerated to 4.63pc from 4.56pc in April. Meanwhile, annual non-core inflation surged to 5.34pc in May from 3.76pc in April, largely tied to agricultural goods prices. Annual energy inflation in May reached 3.5pc with regular 87-octane gasoline inflation just 0.54pc, as prices remain capped at Ps24/l ($4.78/USG) under a voluntary price cap between fuel retailers and the government. Month-over-month, headline CPI rose by 0.28pc in May after a 0.33pc increase in April. Core prices were up by 0.30pc from 0.43pc from April, while non-core prices sped 1.24pc, driven by a 3.5pc month-over-month acceleration in meat and egg prices, as well as produce prices speeding 2.8pc from April. This more than offset the moderation in energy prices with a second tranche of seasonal subsidies starting in May, slowing electricity inflation 18pc monthly. Looking ahead, Mexican bank Banorte said it would continue to monitor inflationary pressures on eggs and poultry after a ban on the import of the products from Brazil, as well as the evolution of the screwworm outbreak in the south of the country and on the coming tropical cyclone season and its impacts on fruits and vegetables prices. By James Young Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

New Zealand official gas reserves fall by 27pc in 2024

25/06/05

New Zealand official gas reserves fall by 27pc in 2024

Sydney, 5 June (Argus) — New Zealand's estimated gas reserves fell by more than a quarter last year, highlighting the need for financial incentives to improve supply, resources minister Shane Jones said on 5 June. Proven and probable (2P) gas reserves dropped to 948PJ (25bn m³) on 1 January, down by 27pc from 1300PJ a year earlier, according to New Zealand's business, innovation and employment ministry, MBIE. The 352PJ write-down comprises 119PJ of extracted reserves and a 234PJ of downward revision of reserves by operators of existing fields. Previous MBIE forecasts predicted that annual output would fall below 100 PJ/yr by 2029, but the latest revisions show that this level will be reached by 2026 ( see table ). Oil and condensate 2P reserves were at an estimated 37.2mn bl on 1 January, down from 44.7mn bl a year earlier. New Zealand's only refinery closed in 2022, meaning the nation is now wholly reliant on oil product imports. The Coalition government has reiterated its plans to remove the country's 2018 offshore exploration ban , put in place by the former Labour administration. Rising gas prices are putting increasing pressure on manufacturers, Jones said. TheCrown Minerals Act Amendment Bill will returns to parliament this year, and if approved it will reduce decommissioning risks, reform regulation and make exploration permit issuance more flexible, Jones added. The bill was first tabled in October. New Zealand last month promised NZ$200mn ($120mn) to buy stakes of up to 15pc in new gas fields, as part of efforts to drive new supply. Quarterly gas output reached a 40-year low in October-December , with major industrial users cutting production to reduce strain on the nation's power grid and gas supply. But investors no longer have confidence in the nation because of the exploration ban , Australian independent Beach Energy chief executive Brett Woods said. Beach Energy operates New Zealand's Taranaki basin offshore Kupe gas project. Utility Meridian Energy is urging Wellington to prepare LNG import facilities , as the expected supply shortfall will be "structural and significant". By Tom Major New Zealand oil, gas production outlook PJ/yr 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 Gas 106.8 100 94.8 80.6 73.8 66.8 60.6 56.2 50.4 43.8 34.9 LPG 5.7 5.3 4.6 3.5 3 2.8 2.5 2.1 2 1.8 0.7 Crude/condensate ( b/d ) 13,700 13,000 12,100 10,400 9,200 8,300 7,500 4,700 4,200 3,600 2,900 Source: MBIE Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Energy spend set to hit $3.3 trillion in 2025: IEA

25/06/05

Energy spend set to hit $3.3 trillion in 2025: IEA

London, 5 June (Argus) — Global energy investment is set to reach a record $3.3 trillion in 2025, two-thirds of which will be on "clean energy" technologies, double the amount going to fossil fuels, according to a report released today by the IEA. The total marks a 2pc rise "in real terms" compared to 2024 , "despite headwinds from elevated geopolitical tensions and economic uncertainty", the agency said. The IEA forecasts that around $2.2 trillion will go to renewables, nuclear, grids, storage, low-emissions fuels, energy efficiency and electrification in 2025, compared to $1.1 trillion for oil, gas and coal. The rise in "clean energy" investment reflects "not only efforts to reduce emissions but also the growing influence of industrial policy, energy security concerns and the cost competitiveness of electricity-based solutions", the agency said. Energy security is "a key driver" of the growth in investment globally, IEA executive director Fatih Birol said. Although the "fast-evolving economic and trade picture means that some investors are adopting a wait-and-see approach to new energy project approvals… in most areas we have yet to see significant implications for existing projects," he added. Age of electricity Investment trends are being shaped by a "rapid rise in electricity demand", the IEA said. Global spend on the electricity sector is set to hit $1.5 trillion this year, driven mainly by record investment on low-emissions generation, the organisation said. It expects solar power alone to attract $450bn this year. Investment in power grids is "struggling to keep pace with the rise in power demand", although spending is still forecast to surpass a record $400bn this year, it said. In contrast, investment in fossil fuel supply is expected to fall by around 2pc this year — the first decline since 2020 — owing to a "drop in prices and uncertain investment climate", the IEA said. Upstream oil and gas investment is forecast to fall by approximately 4pc to just under $570bn, led by a 6pc decline in upstream oil spending to roughly $420bn. "The sharp drop in oil prices, rising operational costs, the impacts of tariffs and concerns about potential oversupply have led many companies to revise their investment plans," the IEA said. Investment in coal supply is set to grow again in 2025, but more slowly — up by 4pc on the year, compared with an average 6pc annual increase over the past five years, the IEA said. Coal investment is largely driven by China and India. Spending on "low-emissions fuels" is expected to hit a new record in 2025, but will remain below $30bn, the IEA said. The agency flagged that such projects "are particularly prone to policy uncertainty". The IEA noted regional disparity across energy spending. China remains the world's largest investor "by a wide margin", it said, adding that the country's share of global clean energy investment has risen from a quarter a decade ago to almost one-third today. In the US, investment in renewables and lower-emissions fuels is "set to level off as supportive policies are scaled back", the IEA said. It noted that US shale oil producers are particularly challenged by falling oil prices, and that upstream oil and gas spending "is gravitating towards large resource-holders in the Middle East". By Georgia Gratton Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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