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US still eyes 1 February for Canada, Mexico tariffs

  • Market: Crude oil, Natural gas, Petroleum coke
  • 28/01/25

President Donald Trump is still keen to impose tariffs on all imports from Canada and Mexico as soon as 1 February, the White House said today.

Trump in multiple public comments since taking office on 20 January said he was still considering a 25pc tariff on Canada and Mexico, even though his administration has yet to provide any details on the proposal.

Trump spent much of his meeting on Monday with Republican lawmakers at their annual retreat in Florida blasting Canada and Mexico over their allegedly unfair trade practices.

Tariffs should become a key source of income for the US government, just as they were in the nineteenth and early twentieth century before being supplanted by income taxes, Trump told the lawmakers, who are looking at ways to extend tax cuts enacted during his first term and set to expire at the end of 2025.

Trump also said he would impose tariffs on all imported computer chips, semiconductors and pharmaceuticals. Trump's messaging on China tariffs has been more mixed. He said last week he would go on with his initial plans to impose a 10pc tax on all imports from China, but he also said he preferred to avoid a trade war with Beijing.

An executive order Trump signed on 20 January lays out a process suggesting timelines of June-July for imposing tariffs on the US' key trading partners, with no reference to the 1 February deadline.

But Trump has the legal authority to impose tariffs on imports from any country by a variety of executive actions and with very short notice, as he demonstrated over the weekend during a high-profile confrontation with Colombia over deporting migrants from the US.

Trump told the lawmakers on Monday that he expects to wield the threat of tariffs as a negotiating tool often, because even "a very strong country" like Colombia caved in to his demands.

Canada and Mexico appear to be preparing for a protracted trade confrontation with the US if Trump follows through on his threat, with retaliatory measures targeting specific US products and companies.

The looming faceoff has unnerved the US oil producers and refiners, which are warning of severe impacts to the integrated North American energy markets if taxes are imposed on flows from Canada and Mexico to the US. Industry group American Petroleum Institute is lobbying the Trump administration to exempt crude and other energy products from any tariffs he plans to impose.

Trump last week shrugged off the arguments from the US energy industry about potential negative impacts from confronting Canada and Mexico.

"We don't need their oil and gas," Trump said. "We have our own, we have more than anybody."

Almost all of Mexico's roughly 500,000 b/d of crude shipments to the US through November are waterborne, targeting Gulf coast refiners, and can be diverted to Asia or Europe.

Canadian producers have much less flexibility — more than 4mn b/d of Canada's exports are wholly dependent on pipeline routes to and through the US. Only around 900,000 b/d can be directed away from the US via the recently expanded Trans Mountain pipeline system to the Pacific coast, although late-2024 flows were actually closer to 400,000 b/d, split evenly between the US west coast and Asia.

Conversely, many refineries in the US midcontinent have no practical alternative to the Canadian crude. US gasoline prices would move higher by 30-70¢/USG if the 25pc tariffs that Trump has threatened were applied to Canada's oil, Canada's TD Bank projects.

Trump's commerce secretary nominee Howard Lutnick will face a confirmation hearing at the Senate Commerce committee on Wednesday, with trade wars likely to feature high among the questions lawmakers direct at him.


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12/02/25

Americas dominate Spain's crude imports in 2024

Americas dominate Spain's crude imports in 2024

Madrid, 12 February (Argus) — Spain's crude imports from the Americas climbed sharply in 2024 to account for more than half of total receipts for the first time on record. Spanish crude imports increased by 5pc on the year to more than 1.29mn b/d, according to petroleum reserves regulator Cores, driven by double-digit growth in receipts from the three largest suppliers the US, Mexico and Brazil. This combined with a respective doubling and tripling of imports from smaller suppliers Venezuela and Guyana to give the Americas a 53pc share of Spanish receipts in 2024, up from 47pc in 2023. Imports were 200,000 b/d below the Spanish refining system's 1.49mn b/d of crude distillation capacity, which like other European countries refineries continued to struggle with competition from cheap imported finished products. North America accounted for 31pc of imports. The US led suppliers for a second consecutive year, with receipts rising by 18pc to 214,000 b/d. Imports from Mexico climbed by 20pc to 161,000 b/d as higher supplies of lighter Olmeca and Isthmus grades more than offset lower amounts of heavy Maya crude at integrated Repsol's refineries. Receipts from Spain's second largest supplier Brazil climbed by 38pc to 181,000 b/d. Those from Venezuela more than doubled to 58,000 b/d after Repsol increased imports under its crude-for-debt deal with state-owned PdV. The Mideast Gulf accounted for just 8pc of Spanish crude imports in 2024, down from 12pc in 2023 as unrest in the region reshaped shipping routes. Receipts from Iraq dropped by 38pc to 38,000 b/d, from Saudi Arabia they fell by 15pc to 70,000 b/d and there were none from the UAE. Africa's share of Spain's crude slate narrowed in 2024. Receipts from Nigeria fell by 21pc to 129,000 b/d, and from Libya they fell by 13pc to 88,000 b/d. Opec's share of Spanish crude imports fell to a record low of 37pc in 2024 from 44pc in 2023 and around 50pc over the past decade. Its share was 35pc of 1.24mn b/d in December. Spain's year-on-year import growth slowed to 3pc in December from 14pc in November. Deliveries were lower at Repsol's 220,000 b/d Bilbao refinery ahead of maintenance in January, rose at Moeve's 244,000 b/d Algeciras facility after conclusion of work there and rose back to capacity at Repsol's 135,000 b/d Coruna after maintenance finished at the start of December. Spain imported crude from 15 countries in December, down from 17 in November as slates narrowed and receipts rose from Nigeria and Mexico. By Jonathan Gleave Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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India’s LNG demand, imports set to rise by 2030: IEA


12/02/25
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12/02/25

India’s LNG demand, imports set to rise by 2030: IEA

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Petrobras considers India for crude: CEO


11/02/25
News
11/02/25

Petrobras considers India for crude: CEO

Sao Paulo, 11 February (Argus) — Brazilian state-controlled Petrobras is considering opportunities in deepwater and ultra-deepwater crude blocks in India, chief executive Magda Chambriard said today. The Indian government announced on Tuesday, during the India Energy Week conference held in New Delhi, that it will offer 25 deepwater and ultra-deepwater oil blocks, Chambriard said. "We will carefully evaluate these opportunities, always looking for new production frontiers, which will guarantee us security and financing for the energy transition," she added. Petrobras has been looking for alternatives to replenish its crude reserves, as those in its main source of oil — Brazil's pre-salt — are dwindling. But reserves are not in immediate danger, as the firm's proven oil and natural gas reserves rose by 4.6pc to 11.4bn bl of oil equivalent (boe) at the end of 2024. The company's 2025-29 strategic plan envisions investments in Argentina, Bolivia, Colombia and Africa, but this is the first time Petrobras mentioned India as a potential source of crude. Still, the company's main bets to replenish reserves are the southern Pelotas basin and the Foz do Amazonas basin in the northern equatorial margin. The latter could contain 10bn of recoverable bl of oil equivalent, according to energy research bureau EPE. Petrobras is awaiting permission to start exploratory drilling there , after it appealed environmental agency Ibama's May 2023 decision to deny the license on environmental grounds. By Lucas Parolin Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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Feyzin bitumen output halted as part of wider stoppage


11/02/25
News
11/02/25

Feyzin bitumen output halted as part of wider stoppage

London, 11 February (Argus) — Bitumen production at TotalEnergies' 109,300 b/d Feyzin refinery near Lyon, central France, is halted from 10-20 February as part of a wider shutdown affecting the refinery's crude distillation unit (CDU) and reformer. Workers at the plant said last week there had been unexpectedly extended CDU works caused by a blockage by unspecified debris . TotalEnergies said at the time it would not comment on operations. Officials at the company confirmed today the CDU and reformer were among units shut at Feyzin, but said the halt was planned. They said the CDU had suffered no unexpected blockage or damage. Workers reiterated today that debris had been detected in the CDU and that this could result in a shutdown lasting weeks. Sources familiar with the refinery's operations said today that the bitumen halt would cause no supply disruptions in terms of the usual truck movements, with sufficient stocks held at the plant to meet current low-level requirements during the winter slow activity period in the road paving and other construction sectors. By Fenella Rhodes and Adam Porter Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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Power outage shuts Norway's Sverdrup oil field: Update


11/02/25
News
11/02/25

Power outage shuts Norway's Sverdrup oil field: Update

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