The US will impose a 35pc tariff on all imports from Canada effective on 1 August, President Donald Trump said in a 10 July letter to Canadian prime minister Mark Carney. The letter, which Trump posted on social media, noted that Canada previously planned retaliatory tariffs in response to the US' first tariff threats in the spring. He repeated his earliest justification for the tariffs — the illegal smuggling of fentanyl into the US from Canada — and said he would consider "an adjustment" to the tariffs if Canada worked with him to stop that flow.
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Venezuelan crude flows starting to shift
Venezuelan crude flows starting to shift
New York, 9 January (Argus) — The US blockade on sanctioned tankers in and out of Venezuela is impeding the country's shadow fleet loadings, which had primarily gone to China, while changing US restrictions on the country's crude sales are set to lift US imports. Since the US' capture of Venezuelan president Nicolas Maduro, it does not appear any shadow fleet tankers have loaded in Venezuela, according to ship research firm TankerTrackers.com. This indicates that the US action against such vessels — including the seizure of a 5th tanker in the Caribbean earlier today — is discouraging illicit activity out of Venezuela. Prior to the US blockade China had been importing about 430,000 b/d of Venezuelan crude, Argus surveys indicate. US president Donald Trump's statement that up to 50mn bl of Venezuelan crude will be delivered directly into the US Gulf formalizes a rapid redirection of flows away from the dark fleet ships previously bound for China, according to tanker shipbroker Odin. The move will likely heighten Chinese demand for Iranian and Russian grades of crude where supply remains ample and pricing competitive, Odin said. The US seized two tankers on 7 January: the Russian-flagged Marinera , which previously went by other names, was seized off of the coast of Ireland; and the M Sophia , which was part of the flotilla of 16 tankers that defied the US blockade previously . The US seized the VLCC Skipper in early December , and another tanker , Centuries , lat er i n the month. Chevron continues to load crude Two Chevron-operated tankers carrying Venezuelan crude are set to arrive in Texas mid-January after loading in Jose Terminal and departing the country on 7 January, vessel tracking data shows. The Mediterranean Voyager , laden with an estimated 443,000 bl of Hamaca, and the LR2 Nave Photo, laden with an estimated 158,800 bl of Merey crude, both loaded in Jose Terminal on 5 January, departed from Venezuela on 7 January and are set to arrive in Freeport, Texas, on 15 January, according to Vortexa. The Mediterranean Voyager has a documented history of engaging in Chevron-linked Venezuelan crude transport to US Gulf refineries built to process heavy grades . Chevron lost its license to import Venezuelan crude in May 2025, but it was reinstated in August , at which point the company slowly resumed its imports. Chevron is currently the only US producer operating a joint venture with Venezuela's state owned PdV. By Charlotte Bawol Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
US seizes fifth Venezuela-linked tanker
US seizes fifth Venezuela-linked tanker
London, 9 January (Argus) — The US seized the sanctioned Aframax tanker Olina while it was sailing in the Caribbean carrying Venezuelan crude earlier on Friday, marking the fifth confirmed seizure in recent months. The 113,782 dwt Olina , flagged to Timor Leste according to the IMO database, was apprehended in the Caribbean Sea on 9 January, the US Southern Command said. "In a pre-dawn action, Marines and Sailors from Joint Task Force Southern Spear, in coordination with the Department of Homeland Security, launched from the USS Gerald R. Ford and apprehended the tanker Olina in the Caribbean Sea without incident," the command said. The Olina was sanctioned by the US under the name Minerva M in October 2025, by the EU in May 2025 and by the UK in December 2024 for carrying Russian oil. The vessel's registered owner is Tantye Peur, Hong Kong, according to the IMO database. The tanker last called at Russia in September 2024, when it loaded dirty products from Taman, Kpler data show. In 2025, the vessel was mostly involved in Venezuelan voyages, according to Kpler. This is the fifth confirmed tanker seizure by the US in recent months. The US Coast Guard seized two vessels in December after President Donald Trump declared a partial oil blockade of Venezuela targeting tankers under US sanctions. It later seized the Marinera and M Sophia on 7 January. By Andrey Telegin Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Trump says oil firms will invest $100bn in Venezuela
Trump says oil firms will invest $100bn in Venezuela
Dubai, 9 January (Argus) — US president Donald Trump said today that oil companies will invest at least $100bn to rebuild Venezuela's oil and gas infrastructure. His comments on social media platform Truth Social come ahead of a meeting with industry executives at the White House on Friday. "At least 100 Billion Dollars will be invested by BIG OIL, all of whom I will be meeting with today at The White House," Trump said. Trump added that the US and Venezuela are "working well together, especially as it pertains to rebuilding, in a much bigger, better, and more modern form, oil and gas infrastructure". He also praised Venezuela's release of large numbers of political prisoners as a sign of "Seeking Peace", calling it a "very important and smart gesture." That co-operation has led to the cancellation of a previously anticipated second wave of military action, he said. The $100bn figure aligns with past estimates from Venezuelan opposition plans, which put minimum capital needs at that level to restore output to pre-sanctions levels of around 1.2mn b/d, and significantly more to approach historic peaks near 3mn b/d. Industry enthusiasm is mixed, according to Treasury secretary Scott Bessent. "The big oil companies who move slowly, who have corporate boards are not interested," Bessent said on Thursday. But "independent oil companies and individuals wildcatters... want to get to Venezuela yesterday," he said. Reviving Venezuelan production will require costly repairs to pipelines, power supplies and other basic infrastructure, as well as security guarantees and a stable business environment. By Bachar Halabi Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Japan scrap tender gains on weak yen, renewed demand
Japan scrap tender gains on weak yen, renewed demand
Shanghai, 9 January (Argus) — The Japanese scrap dealer cooperative Kanto Tetsugen's January export tender settled today at a price above market expectations, supported by a weakening Japanese yen and renewed restocking demand from Bangladesh. A total of 20,000t of H2 scrap was awarded at ¥46,771/t free alongside ship (fas) today, up ¥1,083/t from December. On an fob basis, the tender price is equivalent to ¥47,771/t ($303.84/t). Prior to the tender, most market participants had expected the result to remain broadly in line with the previous month, as tradable seaborne prices had been largely stable over the past month on limited buying interest and firm offers. Earlier this week, Vietnamese mills' bids for H2 scrap were reported at $320-323/t cfr. The higher-than-expected January tender result surprised the market, with the cargo scheduled for shipment to Bangladesh in February. Bangladeshi mills had been inactive in the tender over the past two months because of a sluggish steel market and political uncertainty ahead of the national election. "This price is above the current market level, but it reflects buyers' expectations of further price increases in the coming month," a Japanese trader said. Deep-sea bulk scrap from the US west coast is an important supply source for Bangladeshi mills. But the recent rally in the Turkish market has encouraged many west coast sellers to divert tonnages to Turkey. In addition, sellers are anticipating a $30/gt increase in US domestic scrap prices in January, which would make it increasingly difficult for Bangladeshi mills to secure deep-sea bulk cargoes at competitive prices. Consequently, mills may pay some premium for Japanese scrap to secure tonnages. Japanese traders said they would closely monitor whether buyers in Vietnam and Taiwan follow the upward trend and raise their bid levels. The Argus daily assessment for H2 scrap fob Japan stood at ¥44,200/t on 8 January, compared with a December monthly average of ¥44,214/t fob. Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
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