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Trump, Lula discuss halting US-Brazil tariff war

  • : Crude oil, Natural gas
  • 25/10/26

US president Donald Trump said on Sunday he is willing to resolve the trade war with Brazil, following a meeting with Brazilian president Luiz Inacio Lula da Silva in Kuala Lumpur, Malaysia.

Officials from both countries will meet "immediately to advance in the search for solutions to the tariffs and sanctions against Brazilian authorities," Lula said via a social media post after the meeting.

Trump and Lula met on the sidelines of the Association of Southeast Asian Nations forum. True to his style, Trump kicked off the meeting in the presence of reporters, with comments offering his support for former president Jair Bolsonaro. Lula eventually erupted, complaining that the impromptu press gaggle was wasting the presidents' time. "The media don't even have to take that long time," Trump said in response.

Bolsonaro featured prominently in Trump's decision to impose a 50pc tariff on US imports from Brazil. Trump mentioned Bolsonaro's ongoing trial on allegations of plotting a coup as a reason for the tariffs on Brazilian products, calling the trial a "witch hunt".

Addressing Lula in the presence of reporters, Trump said, "We'll be able to do some pretty good deals, we've been speaking, and I think we'll end up having a very good relationship."

By Haik Gugarats

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25/12/12

Seized oil tanker likely heading to Houston

Seized oil tanker likely heading to Houston

New York, 12 December (Argus) — The US-seized oil tanker Skipper, carrying Venezuelan oil, is en route to Houston, Texas, according to data from oil analytics firm Vortexa. If Houston is the very-large crude carrier's final destination, it will likely discharge the 1.9mn bls of Merey crude it is carrying via lightering offshore since Houston-area ports are too shallow to allow such a large ship dock to offload at an onshore terminal. The US seized the falsely-flagged Skipper on 10 December for its alleged involvement in smuggling Iranian oil to support Lebanon-based Hezbollah and Iran's Islamic Revolutionary Guard. But the seizure is widely seen as an extension of ongoing efforts by the US to pressure the Venezuelan government over the flow of drugs from the country. The US said it intends to seize other tankers on existing sanctions lists that are carrying Venezuelan crude. The US has stationed a large naval force in the waters near Venezuela since September as part of an effort ostensibly aimed at stopping waterborne drug shipments. The seizure of the Skipper has not had any clear effect on freight or crude markets so far, but more seizures and Caracas' response could change that. The US tried to pressure Iran through ship seizures from 2019-24, seizing a total of nine tankers, including four vessels in 2020 that were due to deliver Iranian gasoline cargoes to Venezuela. The US discontinued the practice because Tehran retaliated by seizing tankers passing through or near the strait of Hormuz at the entrance to the Mideast Gulf. Venezuelan president Nicolas Maduro's government calls the seizure of the Skipper "an act of international piracy", but Caracas may not have the same capability to retaliate as Tehran. It could block loadings by Chevron, which is importing oil to the US under a sanctions waiver that the US reissued in August. Exports to the US, shipped under Chevron's waiver, stood at about 130,000 b/d in November, down from 150,000 b/d in October. By Charlotte Bawol and Haik Gugarats Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Japan’s energy demand falls on economic slowdown

25/12/12
25/12/12

Japan’s energy demand falls on economic slowdown

Osaka, 12 December (Argus) — Japan's energy consumption in the April 2024-March 2025 fiscal year fell again from a year earlier, pressured by slower industry activity. The country's 2024-25 final energy use totalled 292mn kiloliters, or 1.84bn bl of oil equivalent (boe), down by 1.7pc from a year earlier, according to preliminary data released on 12 December by the trade and industry ministry Meti. This marks the third consecutive annual decline. Coal use in final energy consumption fell by 3.7pc from a year earlier to 172mn boe in 2024-25, while oil demand declined by 3.7pc to 841mn boe. This came as energy consumption in the manufacturing and transportation sectors declined by 3.2pc to 766mn boe, and by 1.5pc to 445mn boe respectively. But demand for natural gas and city gas rose by 1.5pc from a year earlier to 167mn boe. Power demand also edged up by 1pc to 517mn boe. Coal-fired power generation edged up by 0.9pc to 283.4TWh during the period, while oil- and gas-fired power dropped by 2.7pc to 71TWh and by 2.4pc to 315.7TWh. Zero-emission power supplies, including renewables and nuclear power, rose by 3.9pc to 322.1TWh. Japan's energy-derived CO2 emissions fell by 1.4pc from a year earlier to 908mn t in 2024-25, supported by the increased use of renewable and nuclear power supplies. The 2024-25 emissions represented a 26pc fall compared with the country's 2013-14 baseline, or the lowest level since 1990-91. The lower energy consumption, as well as increased use of domestic renewable and nuclear energy, helped lift Japan's energy self-sufficiency rate to 16.4pc in 2024-25, up by 1.1 percentage points from a year earlier, based on International Energy Agency methodology. By Motoko Hasegawa Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

TotalEnergies ends Papua LNG rebid phase: Correction

25/12/12
25/12/12

TotalEnergies ends Papua LNG rebid phase: Correction

Corrects headline and 'FID' to 'development forum' in last paragraph Sydney, 12 December (Argus) — New engineering, procurement and construction (EPC) contract offers have been received for the proposed 5.6mn t/yr Papua LNG project in Papua New Guinea (PNG), operator TotalEnergies said, following extensive design revisions for the delayed development. The firm is concluding the rebid phase after receiving new offers at reasonable costs, managing director of TotalEnergies EP PNG Arnaud Berthet told the PNG Resources and Energy Investment Conference in Sydney on 10 December. TotalEnergies relaunched EPC tendering late last year after previously estimated costs were considered too high for the project to proceed. The company expanded the contractor pool to include Chinese firms and reduced the gas pipeline diameter to 30 inches from 40 inches. This change increased the number of vessels able to perform pipelay, Berthet said, increasing competition, while it also routed the condensate pipeline west to a new floating storage and offloading vessel, reducing pipeline length. A development forum is planned for January-March next year, a legal requirement ahead of a final investment decision, which JV partner Australian independent Santos has previously signalled is likely in early 2026 . LNG sales and purchase agreements are under negotiation, and seven export credit agencies along with more than 30 commercial banks are interested in financing the project, Berthet said. By Tom Major Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Australia’s Beetaloo reaches FID on shale gas pilot

25/12/12
25/12/12

Australia’s Beetaloo reaches FID on shale gas pilot

Sydney, 12 December (Argus) — Australian shale gas developer Beetaloo Energy has made a final investment decision to build its 25 TJ/d (668,000 m³/d) Carpentaria pilot project in the Beetaloo subbasin in Australia's Northern Territory (NT), ahead of first gas targeted for mid-2026. Civil construction and upgrade works on the Carpentaria plant have already started, chief executive Alex Underwood said on 11 December, which involves the tie-in of up to 10 wells located in exploration permit 187. The decision comes after the firm this week received NT government approval to sell appraisal gas from Carpentaria. This is the second pilot project to reach FID in the untapped shale gas basin after Tamboran Resources' 40 TJ/d Shenandoah South pilot project, also targeting first appraisal gas in mid-2026. The NT government has agreed to purchase the entirety of gas from both projects via an ex-field take-or-pay basis, to supply government-owned Power and Water Corporation. If the basin's reserves prove economically viable Tamboran is eyeing LNG exports in the longer-term, potentially via Australian independent Santos' Darwin LNG project . By Tom Major Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

More than 30 sanctioned tankers in Venezuela

25/12/11
25/12/11

More than 30 sanctioned tankers in Venezuela

New York, 11 December (Argus) — More than 30 tankers could be within the reach of US naval forces positioned near Venezuela if Washington decides to continue seizing ships on its sanctions list. "There are 37 undeparted OFAC-designated tankers currently in Venezuela," Samir Madani, chief executive of independent vessel tracking service Tanker Trackers, told Argus — referring to the Treasury Department's sanctions enforcement arm, the Office of Foreign Assets Control (OFAC). "Maybe one or two departed recently, but that's the ballpark for now, at least." The US seized the tanker Skipper on 10 December, saying it was on the OFAC sanctions list. The ship was falsely carrying the Guyana flag , Guyana's maritime agency Marad said, but was flying the Panama flag up until 2023, according to the International Maritime Organisation (IMO) database. The tanker was transmitting falsified AIS positions to conceal its location, according to Kpler. Tanker Trackers estimated it to be laden with around 1.85mn barrels of Merey-16 crude. The ship had sailed as Adisa starting in 2021 before being renamed the Skipper . The US sanctioned the tanker in 2022 for its alleged involvement in an international oil smuggling network that blended and exported Iranian oil in support of Lebanon-based Hezbollah and Iran's Islamic Revolutionary Guard Corps. Former names for Skipper include the Toyo , the name it adopted in 2005, and Maera , the name it changed to in 2019, according to the IMO registry. Overall shipping operations in the Caribbean region today seem fairly normal and freight rates in the region are steady, according to shipbrokers. Chevron resumed imports of Venezuelan crude to the US in August following the reinstatement of its sanctions waiver . More sanctions Separately, the US Treasury Department on Thursday announced sanctions on six tankers — White Crane, Kiara M, H Constance, Lattafa, Tamia and Monique — and six shipping companies it said transported Venezuelan crude in recent months. Treasury last targeted specifically Venezuela-linked tankers in January 2021. The White House said more tankers could be seized. "We're not going to stand by and watch sanctioned vessels sail the seas with black market oil, the proceeds of which will fuel narcoterrorism of rogue and illegitimate regimes around the world," it said. Fewer tankers The number of irregular tankers off the coast of Venezuela already declined in November for the first time since one non-governmental organization began measuring them in July. Tankers identified as likely to be moving sanctioned crude or other products from Venezuela dropped to 17 in November, from 24 in October, the Venezuelan chapter in exile of Transparency International said on Thursday. The figures are based on a narrower set of criteria than the Tanker Trackers figures. The group estimated there were about 12 that arrived in July. But about 41pc of traffic at Venezuela's oil ports still includes sanctioned or otherwise suspect vessels, the group estimated. The presence of all types of oil tankers offshore of Venezuela also declined slightly in November, to 98 from 112 in October. By Charlotte Bawol and Haik Gugarats Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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