Latest insights
Our team of 600+ commodity market experts keep you up-to-date on the energy and commodity markets as they evolve. Explore our latest complimentary written, audio and video content.
US imported biofuel credit cut unlikely in 2026
US imported biofuel credit cut unlikely in 2026
New York, 15 January (Argus) — President Donald Trump's administration is unlikely to immediately slash blending credits for foreign biofuels and feedstocks brought into the US, but the idea remains under consideration, people familiar with the matter said. The Environmental Protection Agency (EPA) last year floated a major revamp of the long-running biofuel program, including a plan to halve credits for blending biofuels produced abroad or made from foreign feedstocks. The Trump administration told a court last month it would finalize new biofuel quotas in the first quarter , kickstarting a last-minute lobbying campaign around whether EPA should proceed with the import-credit cuts. Two industry stakeholders closely tracking the debate told Argus that the administration's initial idea to slash credits for foreign fuels and feedstocks at the start of 2026 is likely dead. The US has previously been more cautious when finalizing retroactive biofuel mandates to avoid legal scrutiny, and it is not clear how regulators could belatedly track whether fuels already blended were made from foreign feedstocks. Any rule, even one announced in the coming weeks, would take effect 60 days after publication in the Federal Register . Oil refiners in particular have cast the plan as a threat to retail fuel prices and likely illegal, while US farm advocates worried about imports of renewable diesel feedstocks like used cooking oil have supported restrictions. Under the Renewable Fuel Standard program, EPA requires oil companies to annually blend different types of biofuels into the conventional fuel supply or buy credits from those that do. But there are still advocates within the administration for cutting program credits for imports, the industry stakeholders said. A third source who is directly familiar with the administration's thinking told Argus that the half-credit idea "remains in play". For instance, White House senior counselor for trade Peter Navarro — a longtime Trump adviser and vocal supporter of trade barriers — endorsed the half-credit proposal on Thursday in an unusual op-ed in The Hill website. "The rule closes loopholes that have allowed questionable imports to undercut American farmers and distort the market at scale," Navarro wrote. US secretary of agriculture Brooke Rollins shared the article on social media platform X, saying it was "spot on". Alternatively, biofuel supporters have told EPA that a record-high mandate for biomass-based diesel would support biorefineries that have struggled with policy uncertainty over the last year and guarantee strong demand for US feedstocks like soybean oil even without changes to the credit market. Some have advocated for a biomass-based diesel mandate for 2026 that amounts to between 5.2bn-5.6bn USG/yr of required blending. That is line with the Trump administration's proposal last year but would be a substantial jump from blend requirements of just 3.35bn USG/yr in 2025. Vintage-year 2026 Renewable Identification Number (RIN) credits tied to biomass-based diesel blending under the program rose to 126.5¢/RIN on Thursday, according to Argus assessments, the highest level for current-year credits in more than two years. RIN prices were supported by higher soybean oil futures after Navarro's op-ed, as well as new EPA data that showed continued weak biomass-based diesel RIN generation in December. EPA said it is "reviewing comments" as it "continues to work on a final regulation" and noted the court filing in which the Trump administration said it aims to finalize program updates this quarter. The White House did not respond to requests for comment. Other more technical decisions around program implementation could affect crop demand, biofuel production margins and fuel prices. EPA has proposed slightly cutting the amount of credits generated from blending a gallon of renewable diesel and potentially requiring larger oil companies to blend more biofuels to offset recent program exemptions granted to smaller competitors. By Cole Martin Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
US' Venezuelan oil prices 30pc higher: Wright
US' Venezuelan oil prices 30pc higher: Wright
Washington, 15 January (Argus) — Venezuelan crude cargoes sold under a US-facilitated program are fetching prices 30pc higher than before the forced removal of the country's president Nicolas Maduro on 3 January, US energy secretary Chris Wright said on Thursday. President Donald Trump last week made Wright responsible for managing the sale of 30mn-50mn bl of Venezuelan crude in storage onshore and offshore, days after orchestrating Maduro's capture. Those oil sales have already raised $500mn , an administration official said. Wright said oil sales revenue will be placed in US-controlled accounts that will then flow back to Venezuela. "We're getting about a 30pc higher realized price when we sell the same barrel of oil, than [when] they sold the same barrel of oil three weeks ago," Wright said on Thursday at a US Energy Association conference in Washington, DC. Venezuelan crude typically commands a significant discount to global benchmark Ice Brent because of US sanctions, Argus assessments show. Venezuelan Merey cargoes for January delivery to Chinese ports — sold before the US took over Venezuelan oil sales — were offered at a $10-12/bl discount to Ice Brent futures. At least one cargo was offered since the US raid at a $42/bl discount to Brent, with a floor of $30/bl. Two aging, very large crude carriers operated by a sanctioned Greek shipowner departed Venezuela laden with crude in recent days for a Bahamas storage terminal, but it is not clear if those cargoes are part of the US-approved sales process. US Gulf Coast refiners, many of which were engineered to handle the type of heavy sour crude produced in Venezuela, are prepared to utilize crude from that country if it becomes available on the market, industry officials say. "If Venezuelan crude hits the open market, that certainly will be welcomed by those US refineries, because we're equipped to run it, we have easy access to it," American Fuel & Petrochemical Manufacturers chief executive Chet Thompson said at the same conference. The Trump administration has yet to provide details on how it will disburse the funds and whether it will authorize Venezuelan interim president Delcy Rodriguez's government to spend them. On Wednesday, Trump called Rodriguez a "terrific person" and said that her government is cooperating "very well" with US demands. Trump on Thursday hosted Venezuelan opposition leader Maria Corina Machado in a private meeting at the White House. Trump has downplayed the opposition's role in Venezuela's future governance. By Chris Knight and Haik Gugarats Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Two VLCCs with Venezuela oil head to Bahamas
Two VLCCs with Venezuela oil head to Bahamas
New York, 15 January (Argus) — Two aging, very large crude carriers (VLCCs) operated by a sanctioned Greek shipowner have departed Venezuela laden with oil, expected to reach a storage facility in the Bahamas as early as next week, according to several shipping sources. The Marbella , laden with 1.75mn bl of Merey, departed from Venezuela on 11 January and is set to arrive on 19 January at the Liwathan B.O.S. crude terminal, about 28 miles east of Freeport, Bahamas, according to vessel tracking service Vortexa. The Rene, laden with 1.31mn bl of Merey, is reported to have departed Venezuela on 1 January and will arrive at the terminal on 24 January. Both vessels are more than 20 years old and appear to have been part of the "dark fleet" of vessels that have carried sanctioned crude from Iran and Venezuela. They are both effectively controlled by Altomare SA, according to Kpler, a Greece-based shipowner sanctioned by the US' Treasury's Office of Foreign Assets Control (OFAC) for its involvement in transporting Iranian crude on behalf of Sepehr Energy Jahan. Neither of the vessels appear on the US' OFAC sanctions list, however. It is not clear if either ship is part US-approved operations underway by trading firms Trafigura and Vitol to sell 30mn-50mn bls of Venezuelan crude, with priority given to US buyers. Trafigura loaded a cargo of Venezuelan crude this week, a shipbroker told Argus, as expected following comments from the company's chief executive at the White House last week . Neither firm responded to Argus questions before publication. The US appears to have chosen to issue private waivers as opposed to issuing a "general license" to allow state-owned PdV to sell crude cargoes to any market participant. The Liwathan terminal is VLCC-capable, meaning shippers offloading crude stored there would have the option to ship directly to Asia via VLCC. Tanker rates on the rise The potential for more Venezuelan crude to go on compliant ships instead of dark fleet tankers following the US' capture of Venezuelan president Nicolas Maduro earlier this month was a key factor in the runup for tanker rates in the first half of this week, both for VLCCs and for short-haul Aframax rates. The bellweather US Gulf coast (USGC)-China VLCC rate hit a more than three-year high of $14.5mn on Wednesday, equivalent to $6.96/bl, up by 64pc since 6 January. The Caribbean-USGC Aframax rate rose by 29pc since 7 January to $3.78/bl, nearly matching a multi-year high. A rush of Asia-bound cargo demand following a lull in chartering activity over the holidays has also contributed to the rate gains. By Charlotte Bawol, David Haydon and Nicholas Watt Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Mexico EV sales up 38pc in 2025
Mexico EV sales up 38pc in 2025
Mexico City, 15 January (Argus) — Sales of electric vehicles (EV) and plug-in hybrids (PHEV) in Mexico rose by 38pc to 96,636 units in 2025, although growth showed signs of moderation toward the end of the year, according to EV industry group EMA. The eight automakers reporting to the EMA sold 28,315 EV, PHEV and range-extended electric vehicles in the fourth quarter, up by 15pc from the previous quarter but down 23pc from 36,542 units in the same period of 2024. Within that total, EV sales reached 12,971 units in the fourth quarter, rising by 19pc from the third quarter and up 14pc from a year earlier. Full-year EV sales rose by 39pc to 43,358 units. PHEV sales in the fourth quarter totaled 15,178 units, a 12pc increase from the previous quarter but a sharp 40pc decline from the fourth quarter of 2024. Full-year PHEV sales rose by 38pc to 52,851 last year from 2024. While EV and PHEV sales posted double-digit growth in 2025, this compares with an 84pc increase in 2024. Even so, EMA said adoption continues to advance, with sales by its reporting members accounting for around 6pc of total domestic car sales last year. "We are slowly chipping away and bringing more people to these zero-emission technologies," EMA director Eugenio Grandio told Argus , adding that the figures point to a maturing market. EMA's figures differ sharply from official statistics published by Inegi and industry groups AMIA and AMDA, which reported combined EV and PHEV sales of 34,612 units in 2025, up just 7pc from the previous year. The discrepancy reflects differences in coverage. Inegi tracks only two of the eight automakers included in EMA's data — Volvo and JAC — while EMA also includes Tesla, BYD, Auteco, Changan, Zeekr and Vizeon. Inegi's figures also count two Jeep and Nissan models that "no one in the industry considers true EVs or plug-in hybrids," Grandio said, adding that EMA captures roughly 90pc of EV sales in the market. Production, infrastructure On the production side, automakers assembled 204,711 units of the five EV and hybrid models built in Mexico during 2025, according to Inegi and AMIA data, up 21pc from 2024. Charging infrastructure expanded alongside sales. EMA reported 56,726 charging slots installed nationwide by the end of 2025, a 26pc increase from a year earlier. This included 1,585 public charging centers, 1,664 sites operated by private agencies, 9,178 corporate charging locations and 41,824 residential installations. By James Young Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Commodities we cover
From upstream production to downstream end-uses, Argus illuminates complex and opaque commodity markets through accurate and reliable price discovery and actionable insight.
Crude Oil
As the leading price benchmark provider for global crude oil, Argus brings transparency to naturally opaque markets to enable trade efficiency.
Oil products
Price benchmarks and forward looking analysis for global refined oil products, including; road fuels, jet fuel, marine fuels, base oils and more.
LPG/NGLs
Market-leading price assessments, news, analysis, fundamentals data and price forecasting for the global LPG and NGL markets.
Gas and Power
Our benchmark price assessments, news and analysis give you vital insight into the key coal markets of Europe, Asia-Pacific, the Americas and Africa.
Why Argus
Argus Market Highlights
These free email alerts keep you ahead of the rapidly changing energy and commodity markets with the latest news and insight from Argus, sent direct to your inbox.
Sign-up now
How we deliver our services
Our wide range of delivery methods ensures you have instant access to the information you need whenever you need it, however you want it.
The Argus advantage
Our people
Our dedicated team of industry professionals are close to local markets, so you benefit not only from precise pricing data but the breadth of market intelligence at their fingertips. Data alone – no matter how accurate – is not sufficient.
Find out more
Methodologies
The unique market insights we deliver are founded on a deep understanding of market mechanisms. Our methodologies for price discovery are transparent and firmly based on rigorous processes and specifications developed in consultation with market participants.
Find out more
Heritage
For over 50 years, clients have benefited from the precise market intelligence delivered by Argus experts working collaboratively across the global commodity markets.
Find out moreLatest events
We draw upon our deep industry expertise and widespread network of well-placed industry commentators to organise events across key energy and commodity markets around the world.
Argus Americas Crude Summit
Argus Americas Crude Summit
Argus Global Base Oils Conference
Argus Global Base Oils Conference
Argus Oil Products. Caspian and Central Asia Markets Conference
Argus Oil Products. Caspian and Central Asia Markets Conference
How can we help?
No matter which side of the energy commodity market you are on, we remain committed to providing you with a clear focus on the intelligence that is relevant to you