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Japan to release second batch of oil reserves from May
Japan to release second batch of oil reserves from May
Tokyo, 24 April (Argus) — Japan plans to start the second round of its national oil reserves release from 1 May, with the total amount at around 5.8mn kilolitres, or 36mn bl, Japan's trade and industry ministry Meti said today. Meti already announced its plan to start the additional drawdowns from the national crude oil reserves earlier in April, but it had not fixed the exact amount and starting date. The ministry will start the additional release on 1 May, from the Shibushi National Petroleum Stockpiling Base in southern Japan. The release of oil reserves from nine other bases will follow. Domestic refiners Eneos, Idemitsu, Cosmo Oil and Taiyo Oil will receive the released crude oil. Total sales prices will amount to around ¥540bn ($3.4bn), set in reference to the February official selling prices for each grade as well as the rate of change in the monthly average Brent crude price between February and March. Japan has 214 days' worth of oil reserves as of 21 April, according to preliminary data from Meti. This includes 131 days of national reserves, 81 days of private-sector reserves and 3 days of joint stockpiles with oil-producing countries. The total amount is lower by 29 days compared with the stockpiled amount at the end of February. Tokyo started drawing down oil reserves on 16 March first by lowering the stockpile mandate for the private sector by 15 days' worth to allow refiners to use their reserves, and it began releasing national reserves on 26 March . Japanese refiners have been working to secure crude oil from alternative sources and via routes other than the strait of Hormuz, and are looking to the US. A tanker with around 910,000 bl of WTI crude will arrive at Keiyo Sea Berth offshore Chiba prefecture in eastern Japan on 26 April. Cosmo Oil will receive it at its 214,000 b/d Chiba refinery, according to the company. This is Japan's first receipt of US crude procured and loaded after the beginning of the US-Iran war, Meti said. Japanese prime minister Sanae Takaichi has declared that Japan has sufficient oil supplies that can last beyond the end of this year, taking into account its oil reserves and alternative procurement including from the US. By Kohei Yamamoto Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Lebanon ceasefire extended by 3 weeks: Trump
Lebanon ceasefire extended by 3 weeks: Trump
Washington, 23 April (Argus) — Israel will suspend military operations in Lebanon for another three weeks beyond the existing ceasefire deadline of 26 April, President Donald Trump said on Thursday following talks between Israeli and Lebanese envoys at the White House. The ceasefire negotiated a week ago was due to expire at 8pm ET (20:00 GMT) on 26 April, so a three-week extension will push it until 17 May. Lebanon-based, Iran-backed Hezbollah militants launched drone and missile attacks against Israel last month, opening a new front in the US-Israel war against Iran and drawing a heavy-handed response from Israel against civilian areas and infrastructure in Lebanon. Israel and Hezbollah exchanged small scale attacks in recent days, despite the ceasefire. The ceasefire agreement allows Israel to "take all necessary measures in self-defense, at any time, against planned, imminent, or ongoing attacks". But Trump said on 17 April that he "prohibited" Israel from carrying out attacks in Lebanon. The Lebanon ceasefire agreement on 16 April came in response to Tehran's demand for Israel to cease hostilities, as part of a broader US-Iran push for a negotiated end to the war. "It'll be a wonderful thing to get (a Lebanon-Israel peace agreement) worked out simultaneously with what we're doing in Iran", Trump said on Thursday. But prospects for a US-Iran agreement look more remote now than they did a week ago. The strait of Hormuz remains largely closed to navigation, and the US naval blockade of Iranian trade continues despite a ceasefire that Trump said on 21 April will continue indefinitely. There is no date set for the next round of US-Iran talks. Trump in recent days said that Iran's leadership is fractured over a possible deal with the US. He also downplayed Iran's ability to control the strait of Hormuz and declared that it was, in fact, the US that retained control over that waterway since "no ship can enter or leave without the approval of the United States Navy". Trump also said in a social media post on Thursday that he was not "'anxious' to end the War (if you would even call it that!) with Iran, please be advised that I am possibly the least pressured person ever to be in this position." Iran's president Massoud Pezeshkian, parliamentary speaker Mohammad Bagher Ghalibaf and other officials appeared to respond to Trump's claims of fractures in Tehran with similarly worded social media posts insisting that Iran's leadership is in fact united. The US naval blockade in the Gulf of Oman and across the Indian Ocean — in effect since 13 April — has resulted in the capture of three Iranian vessels and has forced 31 Iranian ships to return to ports in Iran, the Pentagon said on Thursday. Iran has responded to the US actions by seizing two containerships owned by Swiss firm MSC that were transiting the strait of Hormuz. Iran's response does not amount to a ceasefire violation, the White House said on Wednesday. Trump reiterated on Thursday that the US public should be prepared for a conflict with Iran of long duration, similar to the Vietnam war or the Second World War — which he said was justified by the need to eliminate Iran's alleged nuclear weapons program. US oil executives are beginning to voice concerns over the inconsistent messaging from the White House about the possible duration and impacts from the confrontation with Iran, which they said is deterring an appropriate supply response from US oil producers. "If the administration feels that we need to prolong the conflict, it needs to better articulate the long-term strategic goal," an oil executive said in an anonymous survey compiled by the Federal Reserve Bank of Dallas and released on Thursday. "There is no way to predict the outcome of the war with Iran," another upstream executive said. "The effect it will have on domestic oil production depends on how long the strait remains closed, and that is how long Iran can control the movement through the strait." By Haik Gugarats Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
P66 moves US oil on foreign ship after Jones Act waiver
P66 moves US oil on foreign ship after Jones Act waiver
Houston, 23 April (Argus) — Independent refiner Phillips 66 has shipped oil from the US Gulf coast to the US east coast on a foreign-flagged ship, taking advantage of a waiver of the Jones Act. A Malta-flagged Panamex vessel loaded about 300,000 bl of Bakken crude on 3-5 April at Phillips 66's Nederland terminal in Texas and delivered it to Monroe Energy's 190,000 b/d Trainer refinery in Pennsylvania on 17-18 April, according to ship-tracking data from Kpler. Monroe Energy is owned by Delta Air Lines. The tanker is currently empty and scheduled for another US-to-US shipment starting 28 April, according to Kpler. A Phillips 66 spokesman declined to comment on the shipment saying that the company does not discuss commercial activities. The shipment took advantage of a 60-day Jones Act waiver issued on 17 March. President Donald Trump approved the waiver of domestic shipping requirements under in an attempt to ease a spike in commodity prices caused by the war in Iran. The temporary waiver allows shippers to transport crude, natural gas, natural gas liquids, fertilizer, coal and other energy-related products from one US port to another without using US-built, US-crewed and US-flagged ships, as the 1920 Jones Act requires. By Eunice Bridges and Amanda Hilow Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Middle East crisis bolsters case for fossil fuel shift
Middle East crisis bolsters case for fossil fuel shift
Edinburgh, 23 April (Argus) — The war in the Middle East is strengthening the case for a transition away from fossil fuels, but countries must balance the crisis' shorter-term consequences on energy costs with longer-term policies. The situation will spur energy shifts, as others crises have done before, IEA executive director Fatih Birol said this week, pointing to increased fuel efficiency in vehicles, the rise of biofuels in Brazil and an increase in nuclear power in Europe and some countries in Asia-Pacific after the oil crises in the 1970s. "I believe there will be a major response on the energy side, and we are more fortunate now because we have many available technologies which are cost effective," he said. Turkey's environment minister Murat Kurum, the upcoming Cop 31 climate summit president, said this week that the crisis has "clearly shown us that fossil fuels do not guarantee energy supply security" and countries should invest in "alternative energy sources" to support stability, resilient and clean development. He recalled the agreement taken in Dubai in 2023, when almost 200 countries agreed on "transitioning away from fossil fuels in energy systems" and to triple renewable energy capacity and double energy efficiency rates by 2030. Kurum highlighted how important the need for alternative energy sources and economic diversification is now, considering national circumstances. "Doubling down on fossil fuels is not the answer to that crisis," Australia's climate and energy minister Chris Bowen said on 21 April , the same day UK energy minister Ed Miliband said "the era of fossil fuels is over". "In response to recent events, our actions must be faster, deeper and more wide-ranging to protect energy security", Ed Miliband said as he laid out measures to cut electricity costs . He said it will be irresponsible "to carry on with business as usual", because there are compelling clean alternatives to fossil fuels. EU energy commissioner Dan Jorgensen said more actions need to be taken to protect citizens and industries from future shocks, saying the current crisis "must be a wake-up call". But he cautioned about the costs being felt now and the long-term effects the crisis will have on member states' economies as countries find themselves having to balance short-term measures with longer term policies. Jorgensen warned against "burning" public money in fossil fuels subsidies, and suggested looking at targeted measures delivering "double value", such as offering support to change from boilers to heat pumps or electric vehicle (EV) leasing. He also said the crisis should not derail long term signals deployed alongside climate policies. Some countries in Asia-Pacific, including South Korea and Vietnam, have turned to increased coal-fired power generation to reduce LNG consumption, as the disruptions in the Mideast Gulf have cut off around 20pc of global LNG supply. Japan has moved to lift restrictions on coal-fired power plants until March 2027. Globally, power generation from fossil fuels fell in the first month since the maritime traffic halted through the strait of Hormuz, according to Helsinki-based Centre for Research on Energy and Clean Air lead analyst Lauri Myllyvirta. But the IEA's Birol warned the longer the conflict goes on, the more severe the effects will be. Long-term strategy resilience is important because short-term reactions are always costly, Indian think-tank senior modelling specialist Niti Aayog Venugopal Mothkoor told Non-profit World Resources Institute (WRI). India is looking at electrification in terms of decarbonisation and as an important strategy to support resilience, because electricity can be produced domestically and most of the renewable resources are located in the country, he said. Long term policies to shift to cleaner energy cut emissions and contribute to bolster energy security and help insulate countries from fossil fuel price swings. "Long term strategies are indispensable in an unstable world," he said. "At the end of the day, we have to take steps to help countries to transition towards clean energies and in terms of phasing out fossil fuels," Turkey's Kurum said this week. By Caroline Varin Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
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