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Iran’s strike on Qatar’s Ras Laffan gas facility will cut an estimated 17% of the country’s Liquefied Natural Gas export capacity for up to five years, officials say. The damage is a major blow to the global energy market, which could disrupt supplies to Europe, Asia and beyond.

WASHINGTON — U.S. companies will be allowed to do business with Venezuela’s state-owned oil and gas company after the Treasury Department eased sanctions, with some limitations, on Wednesday as the Trump administration looks for ways to boost world oil supplies during the Iran war.

The Treasury issued a broad authorization allowing Petróleos de Venezuela S.A, or PDVSA, to directly sell Venezuelan oil to U.S. companies and on global markets, a massive shift after Washington for years had largely blocked dealings with Venezuela’s government and its oil sector.

Separately, the White House said President Trump would waive, for 60 days, Jones Act requirements for goods shipped between U.S. ports to be moved on U.S.-flagged vessels. The 1920s law, designed to protect the American shipbuilding sector, is often blamed for making gas more expensive.

The moves highlight the increased pressure that the Republican administration is under to ease soaring oil prices as the United States, along with Israel, wages a war with Iran without a foreseeable end date. Global oil prices have since spiked as Iran halted traffic through the narrow Strait of Hormuz, where one-fifth of the world’s oil typically passes through from the Persian Gulf to customers worldwide.

The Treasury’s license is designed to incentivize new investment in Venezuela’s energy sector and is intended to benefit both the U.S and Venezuela, while increasing the global oil supply, a Treasury official told the Associated Press. The official was not authorized to discuss the matter publicly and spoke on condition of anonymity.

Since the ouster and arrest of Nicolás Maduro as Venezuela’s president during a U.S. military operation in January, Trump has said the U.S. would effectively “run” Venezuela and sell its oil.

The U.S. license provides targeted relief from sanctions, but does not lift the penalties altogether. The license allows companies that existed before Jan. 29, 2025, to buy Venezuelan oil and engage in transactions that would normally be banned under American sanctions, reopening trade for a major oil producer to global markets.

There are some limits.

Payments cannot go directly to sanctioned Venezuelan entities such as PDVSA, but must be sent instead to a special U.S.-controlled account. In other words, the U.S. will allow the oil trade but will control the cash flow.

Additionally, deals involving Russia, Iran, North Korea, Cuba and some Chinese entities will not be allowed. Transactions involving Venezuelan debt or bonds will not be allowed.

The license is expected to give a massive boost to Venezuela’s oil-dependent economy and help encourage companies that have been apprehensive to invest. The decision is part of the Trump administration’s phased-in plan to turn around Venezuela. But critics of the acting Venezuelan government argue that the move rewards Venezuela’s leadership — all loyal to Maduro and the ruling party — while repression, corruption and human rights abuses continue.

Many public sector workers survive on roughly $160 per month, while the average private sector employee earned about $237 last year, when the annual inflation rate soared to 475%, according to Venezuela’s central bank, and sent the cost of food beyond what many can afford.

Venezuela sits atop the world’s largest oil reserves and used them to power what was once Latin America’s strongest economy. But corruption, mismanagement and U.S. economic sanctions saw production steadily decline from the 3.5 million barrels per day pumped in 1999, when Maduro’s mentor, Hugo Chávez, took power, to less than 400,000 barrels per day in 2020.

A year earlier, the Treasury Department under the first Trump administration locked Venezuela out of world oil markets when it sanctioned PDVSA as part of a policy punishing Maduro’s government for corrupt, anti-democratic and criminal activities. That forced the government to sell its remaining oil output at a discount — about 40% below market prices — to buyers such as China and in other Asian markets. Venezuela even started accepting payments in Russian rubles, bartered goods or cryptocurrency.

The new license does not allow payments in gold or cryptocurrency, including the petro, which was a crypto token issued by the Venezuelan government in 2018.

Meantime, White House press secretary Karoline Leavitt said the Jones Act waiver would help “mitigate the short-term disruptions to the oil market” during the Iran war and would “allow vital resources like oil, natural gas, fertilizer, and coal to flow freely to U.S. ports.”

Hussein and Cano write for the Associated Press. Cano reported from Caracas, Venezuela. AP writer Seung Min Kim contributed to this report.

SANTIAGO, Chile, March 18 (UPI) — The United States is continuing efforts to secure supplies of critical minerals deemed vital to national security. Alongside copper, lithium and silver, one lesser-known metal is drawing increased attention: rhenium.

Used primarily in the aerospace, energy and petrochemical industries, rhenium plays a key role in high-performance applications. Experts say it also holds potential in the global energy transition because it can act as a catalyst in producing green hydrogen.

Chile is the world’s largest rhenium producer, accounting for about 50% of global output. The metal is atomic No. 75 on the Periodic Table of Elements.

Since Friday, Chilean officials have held consultations on critical minerals and rare earth elements with the administration of President Donald Trump, seeking a bilateral agreement to strengthen supply chains and promote strategic investment.

“Chile controls nearly half of a mineral that the United States and China cannot produce in sufficient quantities. Washington reinstated rhenium to its critical minerals list in 2025 and explicitly included it in the bilateral mining agreement with Chile. That makes it a genuine geopolitical asset, not just a mining one,” mining market specialist Víctor Pérez, an engineering professor at Adolfo Ibáñez University, told UPI.

Manuel Reyes, a mining engineering professor at Andrés Bello University, said the United States considers rhenium a national security priority because of its critical role and a lack of substitutes in aerospace and defense.

“Although rhenium does not carry the financial weight of copper or lithium, it functions as a reputational asset that keeps Chile on global strategic radars. More as a necessary logistics partner than as a decision-making power,” he said.

Pérez said Chile’s rhenium exports are expected to range between $100 million and $200 million this year, compared with an estimated $60 billion in copper exports. Still, he said its strategic importance is unique “because it has no real substitute in aerospace and defense applications.”

Chile holds the world’s largest reserves at 1,300 metric tons, followed by the United States with 400 metric tons, Russia with 310 metric tons and Kazakhstan with 190 metric tons, according to Reyes.

Rhenium trades at about $2,000 per kilogram, though prices have climbed in 2026 to roughly $6,000 per kilogram, he said.

About 70% to 80% of global rhenium is used in superalloys for aviation and defense turbines. “It is the metal that allows aircraft engines and military turbines to withstand extreme temperatures without deforming,” Pérez said.

Rhenium is known as a by-product mineral because it is not found alone, but rather extracted from copper-related ores, which makes production complex. Chile’s large-scale copper mining operations enable its recovery, as processing captures gases released during molybdenum concentrate roasting and chemically extracts the metal.

Reyes said Chile remains highly dependent on external demand.

“Reserve management and supply continuity depend on the technical and national security requirements of powers such as the United States, which ultimately drive demand,” he said.

Russian president spoke as oil prices surged past $100 per barrel, reaching levels unseen since start of Ukraine war.

Russian President Vladimir Putin has said that Russia is ready to conditionally supply oil and gas to Europe as the US-Israeli war on Iran brings shipments through the Strait of Hormuz to a halt.

The Russian president said in televised comments on Monday that Moscow was ready to work again with European customers, which largely stopped buying from his country in a bid to stop funding its war on Ukraine, if they wanted to return to long-term cooperation.

European countries, however, have spent the past four years sharply reducing their reliance on Russian oil and gas in response to Moscow’s war in Ukraine and subsequent European Union and Group of Seven (G7) sanctions.

The EU banned maritime imports of Russian crude in 2022, while Russia’s pipeline exports to Hungary and Slovakia have been effectively halted since January due to damage to the Druzhba oil pipeline via Ukraine.

“If European companies and European buyers suddenly decide to reorient themselves and provide us with long-term, sustainable cooperation, free from political pressures, free from political pressures, then yes, we’ve never refused it. We’re ready to work with Europeans too,” said Putin at a meeting with government officials and heads of Russia’s top oil and gas producers.

He said that Russian companies should take advantage of conflict in the Middle East, which has seen Iran effectively halt shipping in the Strait of Hormuz, one of the world’s key oil transit chokepoints that carries roughly a fifth of global oil and liquefied natural gas.

The Russian president spoke as oil prices exceeded $100 per barrel on Monday, reaching peaks unseen since he launched his country’s full-scale invasion of Ukraine in 2022.

Brent crude, the international benchmark, rose by more than 30 percent on Sunday, at one point topping $119 a barrel, as fears grew of prolonged disruption to global energy supplies.

G7 nations said on Monday that they were prepared to implement “necessary measures” in response to surging global oil prices, but stopped short of committing to release emergency reserves.

Putin’s comments came hours after Hungarian Prime Minister Viktor Orban urged the European Union to suspend sanctions on Russian oil and gas to counter prices sent soaring by the war in the Middle East.

Last week, Putin had instructed the government to consider switching remaining Russian oil and gas flows away from Europe, before the European Union starts enforcing its decision to completely ban Russian fossil fuels.

Before the Ukraine war, Europe was buying more than 40 percent of its gas from Russia. By 2025, combined sales of pipeline gas and LNG from Russia accounted for only 13 percent of total EU imports.

The loss of the European market during the Ukraine war forced Russia to sell oil and gas at steep discounts to Asia.

Bahrain has said an Iranian drone attack caused material damage to a water desalination plant in the country, marking the first time a Gulf nation has reported targeting any such facility during the eight days of the war between Iran and the US and Israel.

The attack on Sunday comes a day after Iranian Foreign Minister Abbas Araghchi said a freshwater desalination plant on Qeshm Island in southern Iran was attacked by the United States.

“Water supply in 30 villages has been impacted. Attacking Iran’s infrastructure is a dangerous move with grave consequences. The US set this precedent, not Iran,” he said on X on Saturday.

While Tehran has not yet commented on the Bahrain attack, it has raised questions about the vulnerability of the Gulf countries, which depend on desalination plants for the majority of their water supply.

How important are water desalination plants to the Gulf region? Can water security in the Gulf be guaranteed amid a widening of military targets to include energy and other civilian sites?

What are desalination plants?

A desalination plant primarily converts seawater into water suitable for drinking purposes as well as for irrigation and industrial use.

The process of desalination involves removing salt, algae and other pollutants from seawater using a thermal process or membrane-based technologies.

According to the US Department of Energy, desalination systems “heat water so that it evaporates into steam, leaving behind impurities, and then condenses back into a liquid for human use”.

Meanwhile, membrane-based desalination involves “a class of technologies in which saline water passes through a semipermeable material that allows water through but holds back dissolved solids like salts”.

Reverse osmosis is the most popular membrane technology. Most countries in the Gulf Cooperation Council (GCC) use reverse osmosis since it is an energy-efficient technique.

Why are desalination plants important to the Gulf?

Water is scarce in the Gulf region due to the arid climate and irregular rainfall. Countries in the Gulf also have very limited natural freshwater resources. Groundwater, together with desalinated water, accounts for about 90 percent of the region’s main water resources, according to a 2020 report by the Gulf Research Center.

But in recent years, as groundwater has also begun to deteriorate as a result of climate change, Gulf countries have begun relying heavily on energy-intensive seawater desalination to meet their water needs.

More than 400 desalination plants are located on the Arabian Gulf shores stretching from the United Arab Emirates (UAE) to Kuwait, providing water to one of the most water-scarce regions in the world.

According to a 2023 research paper published by the Arab Center Washington DC, GCC member states account for about 60 percent of global water desalination capacity, producing almost 40 percent of the total desalinated water in the world.

About 42 percent of the UAE’s drinking water comes from desalination plants, while that figure is 90 percent in Kuwait, 86 percent in Oman, and 70 percent in Saudi Arabia. Saudi Arabia also produces more desalinated water than any other country.

Desalination has also played a crucial role in enabling economic development in the region, according to Naser Alsayed, an environmental researcher specialising in the Gulf states.

He noted that after the discovery of oil in the late 1930s, Gulf states had very limited natural freshwater resources and could not meet the demands created by population growth and expanding economic activity.

“Desalination plants were therefore introduced,” he told Al Jazeera, adding that the importance of desalinated water in supporting the Gulf’s development is often overlooked.

“As a result, targeting or disrupting desalination facilities would place much of the region’s economic stability and growth at significant risk,” he said.

“Secondly, desalination is the main source of freshwater for most GCC states, especially smaller and highly water-scarce countries such as Bahrain, Kuwait and Qatar. Because this water is primarily used for human consumption, desalination carries a strong humanitarian dimension and is essential for sustaining daily life in the region, making any disruption to these facilities particularly significant for the population,” he added.

Iran also uses desalination plants, which have been installed in coastal areas such as Qeshm Island in the Gulf. But Iran also has many rivers and dams and is not as heavily reliant on desalination plants as other countries in the Gulf region.

If a desalination plant is attacked, what is the impact?

The Gulf’s heavy reliance on desalination plants has made it vulnerable during times of conflict.

During the 1990-1991 Gulf War, Iraqi forces intentionally destroyed most of Kuwait’s desalination capacity, and the damage to its water supply was severe.

Raha Hakimdavar, a hydrologist, told Al Jazeera that in the long-term, attacking these plants can also impact domestic food production, which mostly uses groundwater.

“However, the pressures from competing needs can divert this water away from domestic production. This can be especially challenging because the region is also highly food import dependent and is facing potential food security challenges due to the compromising of the Strait of Hormuz,” said Hakimdavar, who is a Senior Advisor to the Deans at Georgetown University in Qatar and the Earth Commons.

A 2010 CIA report (PDF) also warned that while “national dependence on desalinated water varies substantially among Persian Gulf countries, disruption of desalination facilities in most of the Arab countries could have more consequences than the loss of any industry or commodity.”

According to Alsayed, the impact of a plant being attacked in the region, however, depends on the local scenario.

“For Saudi Arabia, which is the least dependent on desalination and has significant geographic space, facilities on the Red Sea provide resilience. The UAE has 45 days of water storage aligned with its 2036 water security strategy, so contingency plans are in place to manage potential disruptions,” he said.

“The effects are likely to be felt more acutely in smaller states that are highly dependent on desalination like Qatar, Bahrain, and Kuwait, which have minimal strategic reservoirs,” he noted.

“The most significant impact, in my view, is psychological,” Alsayed said. “Water is essential to human life, and the perception of risk can cause fear and panic, which is particularly challenging in the current environment in the region and where authorities are working to maintain calm.”

How can water security be guaranteed?

As attacks on Gulf countries continue, with energy and civilian infrastructure being targeted, Alsayed highlighted that it is important for GCC countries to view water security as a regional issue rather than an independent concern for each member state.

“The countries need to coordinate more closely and work together. The GCC has a strong platform to prepare for water challenges, but has not fully utilised it,” he said.

Alsayed noted that the GCC Unified Water Strategy 2035 called for all member states to have a national integrated energy and water plan by 2020, but this has not yet been achieved.

“Whether through unified desalination grids, shared regional strategic water reserves, or diversifying water resource goals, this is the way to usher a new era to strengthen Gulf water security,” he said.

Hakimdavar, the hydrologist, said there is no replacement for desalination in the GCC in the near-term.

But she added that the GCC countries can rely on strategic water storage reservoirs – many countries maintain large water reserves that can supply cities for several days or longer.

“Countries can also diversify water supply systems, and also invest in smaller, more distributed desalination plants powered by renewable energy to reduce reliance on a few very large facilities,” she added.

March 4 (UPI) — Venezuela state oil company Petróleos de Venezuela S.A. announced signing new contracts to supply crude oil and refined products for the U.S. market.

The agreements were signed with several international trading companies to ensure a stable flow of energy to refineries along the U.S. Gulf Coast, according to a statement from the company.

Although PDVSA did not disclose the names of the parties, the contracts add to existing operations involving major companies such as Chevron, which plans to increase exports to about 300,000 barrels per day this month.

PDVSA said the agreements maintain a “historic commercial relationship” with the United States and reaffirm the company’s “commitment to the stability of the international energy market.”.

The newly signed contracts mark the official return of Venezuelan crude to U.S. refineries after the United States captured former President Nicolás Maduro on Jan. 3.

The agreements were facilitated after the U.S. Treasury Department’s Office of Foreign Assets Control issued licenses, signaling significant changes in Washington’s licensing policy this year.

The authorizations allow U.S. entities to participate in lifting, transporting, storing and refining Venezuelan oil. The current regulatory framework favors companies from the United States and Western countries, while maintaining strict restrictions on entities from countries such as China, Russia and Iran.

In addition to Chevron, four other oil companies — BP, Eni, Shell and Repsol — have received authorization to resume operations and sign investment agreements in Venezuela.

In its statement, PDVSA reiterated the Venezuelan government’s call for the removal of sanctions on the country’s energy industry.

“The Venezuelan nation reiterates the need for a hydrocarbon industry free of sanctions in order to boost national production and strengthen international trade,” the company said.

Through these contracts, PDVSA aims to restore its position as a strategic supplier in a global market that continues to demand heavy crude, while Washington seeks to use Venezuelan oil to stabilize domestic fuel prices and reduce dependence on other suppliers.

During his State of the Union address, President Donald Trump highlighted the arrival of 80 million barrels of Venezuelan crude, describing Venezuela as a “new friend and partner” in energy cooperation.

U.S. Interior Secretary Doug Burgum visited Venezuela on Wednesday, marking a new step in the energy and diplomatic agenda between Washington and Caracas.

Since January, Burgum has led discussions with executives from Chevron, ExxonMobil and ConocoPhillips aimed at granting general licenses that would allow private operations in the country, local outlet Efecto Cocuyo reported.

The plan aligns with Trump’s “Energy Dominance” policy, a central strategy of the administration designed to position the United States as a global energy superpower.

Under the approach, U.S. companies would provide private capital without federal subsidies, while the government would guarantee security and stability for investments.