Canada-US trade deal within 30 days: Carney

Spanish Market: Crude oil, Metals
16/06/25

Canada and the US plan to strike a new trade deal within 30 days, Canadian prime minister Mark Carney said today after meeting with US president Donald Trump.

Carney and Trump met at the G7 leaders' summit in Kananaskis, Alberta, to discuss a new economic and security relationship between the two countries, who have been locked in trade negotiations for months.

"To that end, we agreed to pursue negotiations toward a deal within the coming thirty days," Carney said on X. A readout from the prime minister's office also highlighted further collaboration on critical minerals, gun and drug smuggling, illegal drugs, border security and possible areas of cooperation on defense.

Canada has largely been able to counter Trump's on-again/off-again trade action but has not been able to convince Trump to back down on steep import tariffs on steel and aluminum.

Trump on 4 June doubled US tariffs to 50pc on steel and aluminum imports — much of which come from Canada.

By Brett Holmes

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12/07/25

Trump threatens Mexico, EU with 30pc tariffs

Washington, 12 July (Argus) — President Donald Trump on Saturday said the US will impose 30pc tariffs on goods imported from Mexico and the EU beginning on 1 August. In a move that could significantly disrupt crude, refined product and other commodity flows, Trump made public on his social media platform letters sent to Mexican president Claudia Sheinbaum and European Commission president Ursula von der Leyen on Friday threatening the new tariffs. Trump also vowed to raise the tariffs even higher if Mexico or the EU were to retaliate with their own measures. The threats follow similar letters sent to leaders of other countries this past week, including a 35pc tariff on Canadian imports , likewise starting on 1 August, and a 50pc tariff on Brazilian imports . In his letter to Sheinbaum, Trump repeated previous justifications for higher tariffs by pointing to "Mexico's failure to stop the Cartels" smuggling fentanyl into the US. "Mexico has been helping me secure the border, BUT, what Mexico has done is not enough," Trump wrote. "If for any reason you decide to raise your Tariffs, then whatever the number you choose to raise them by, will be added onto the 30pc that we charge," Trump wrote to Sheinbaum. His letter to von der Leyen included similar language. Trump's previous executive orders regarding tariffs on Mexico and Canada carved out exemptions for goods compliant with the US-Mexico-Canada free trade agreement. A White House official on Friday, following Trump's 10 July Canadian tariff announcement, said the exemption will remain in place, with a caveat that Trump has yet to determine the final form of application. Regarding the EU, Trump argued the 30pc figure "is far less than what is needed to eliminate the Trade Deficit disparity we have with the EU". Mexico's ministries of the economy, foreign affairs, finance, security and energy said in a statement Saturday that they met with their US counterparts on Friday to begin negotiations to head off the new tariffs before 1 August. "We stated at the meeting that [the new tariff plan] was unfair treatment and that we disagreed." After receipt of the new tariff letter, von der Leyen said Trump's tariffs "would disrupt essential transatlantic supply chains, to the detriment of businesses, consumers and patients on both sides of the Atlantic". The US has clinched only one limited trade deal, which keeps in place a 10pc tariff on US imports from the UK while granting a lower-tariff import quota for UK-made cars. Trump has announced a deal with Vietnam, setting tariffs at 20pc. By David Ivanovich Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

US to loan 1mn bls crude to Louisiana refinery: Update

11/07/25

US to loan 1mn bls crude to Louisiana refinery: Update

Adds details on crude quality issues from Mars pipeline. Washington, 11 July (Argus) — ExxonMobil will borrow up to 1mn bl of crude from the US Strategic Petroleum Reserve (SPR) for its 522,500 b/d refinery in Baton Rouge, Louisiana, in response to a disruption to offshore supply of crude for the facility. ExxonMobil warned suppliers last week of "serious quality issues" related to elevated levels of zinc in crude supplied by the Mars pipeline, which brings crude from a series of deepwater fields in the Gulf of Mexico to shore, according to market sources. In letters to suppliers ExxonMobil said the crude quality issues were "... significantly affecting the operations at our Baton Rouge Refinery," and that it would stop accepting Mars crude "... in an effort to avoid further damages." The US Department of Energy said today it had approved the loan to ExxonMobil, called an exchange, to ensure a stable supply of transportation fuels in Louisiana and the US Gulf coast. The agency said the crude loan will support ExxonMobil's "restoration of refinery operations that were reduced due to an offshore supply disruption." Chevron, one of the producers that contributes crude to the Mars pipeline, said it has "identified a potential contributing source to the Mars crude composition changes, which is associated with the start-up of a new well." Chevron said it was working to resolve the matter and does not expect it to affect current production guidance. In April Chevron started production from a new deepwater field , Ballymore, which ties into the Mars system. Shell, which owns a majority stake in the Mars pipeline, did not respond to a request for comment. Mars premium to WTI falls The August Mars premium to Nymex-quality WTI has dropped nearly $1/bl in the last week. The August Argus Mars volume-weighted average assessment on Thursday was a 9¢/bl premium to the Nymex-quality WTI Cushing benchmark, nearly $1/bl lower than a week earlier. Mars averaged a 63¢/bl premium for the August trade month through Thursday, but was at a $1.40-$1.50/bl premium at the start of the trade month. The August trade month started 26 June and ends 25 July. The SPR, which consists of four underground storage sites in Texas and Louisiana, held 403mn bl of crude as of 4 July. Under the exchange announced today ExxonMobil will eventually return the borrowed crude — along with additional crude as payment for the loan — to the SPR. The SPR's Bayou Choctaw site connects to refineries in Baton Rouge through the Capline pipeline. In 2021, the Department of Energy authorized a loan of up to 3mn bl from the SPR to ExxonMobil's refinery in Baton Rouge to address disruptions related to Hurricane Ida. ExxonMobil was initially scheduled to return the crude in 2022, but that deadline has been repeatedly pushed back, most recently to require a return of the crude by March 2026. By Chris Knight, Eunice Bridges and Amanda Smith Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Section 232 imports avoid planned US-Canada tariff

11/07/25

Section 232 imports avoid planned US-Canada tariff

Houston, 11 July (Argus) — The newly announced plans for a 35pc tax on Canadian imports to the US will not apply to goods already subject to Section 232 tariffs, according to a White House official. Steel and aluminum imports have been subject to 50pc Section 232 tariffs since 4 June, and copper and its derivatives will be subject to a 50pc tariff beginning 1 August. The official expects imports from Canada currently tariffed at a rate of 25pc to increase to 35pc, excluding US-Mexico-Canada trade agreement-compliant goods, energy and potash, but said no final decision by President Donald Trump had been made. By Jenna Baer Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Brazil gov must boost EV demand: Li miners

11/07/25

Brazil gov must boost EV demand: Li miners

Sao Paulo, 11 July (Argus) — At least four suppliers in the Brazilian spodumene market voiced interest in federal policies to boost demand for electric vehicles (EVs) to create a consolidated end-to-end battery supply chain in Brazil, the companies said at a conference in Minas Gerais. In an initiative led by Companhia Brasileira de Litio (CBL), executives for AMG Lithium, Lithium Ionic and PLS all pleaded for the Brazilian federal government to implement policies to boost EV demand — which would support the Brazilian spodumene market — CBL's chief executive Vinicius Alvarenga said. CBL owns the only lithium carbonate refinery in Brazil and it believes the country has the potential to have an end-to-end battery supply chain. Currently, Chinese refineries receive 99pc of all lithium chemicals produced in Brazil. "The only thing stopping Brazilian companies to make battery cells is the lack of demand from the regional market," Alvarenga said. "We need to pressure the government to incentivize the installation of lithium-based energy storage systems and to give more benefits to EV buyers." Alvarenga mentioned WEG — a multidisciplinary technology company — and Moura, the largest battery manufacturer in Latin America, as firms well suited for the job. "Brazil can be one of the world's top players in the energy transition landscape," said Leandro Gobbo, vice-president for Brazilian operations at PLS. "We have world class ore, the expertise and the technology to do so — we only lack government incentives." At the bottom of the cost curve, Brazil has one of the cheapest hard-rock lithium operations in the world, rivaling China and beating Australia and many African producers. Although China holds its place as the home to the cheapest hard-rock lithium projects in the world, Brazilian miners are also operating at a profit despite the low price environment, mainly because of cheap labor. Around half of the world's hard-rock lithium miners are currently operating at a loss. All three commercially producing spodumene companies in Brazil — Sigma Lithium, CBL and AMG — are sticking to their investment guidance and expansion plans despite falling prices. "There is an opportunity here at this low-price environment," said Blake Hylands, chief executive of Lithium Ionic, owner one of the largest undeveloped spodumene sites in Brazil. "We need to move projects forward at this time so Brazil can progress in the global stage." The average labor costs in Brazil are significantly lower than in places like Australia, which is also dealing with a workforce shortage in mining, according to Gobbo, and where employee wages have pushed most spodumene operations to operate at a loss as prices bottom. "Brazil will never beat China in capital costs and internal demand," Alvarenga said. "But despite taking a hit at those two, Brazil is the best place in the world to produce spodumene." Brazil has a combination of benefits that are not seen elsewhere, such as low royalties, a specialized workforce, solid internal and external logistics, market transparency, legal stability, high ESG and human rights standards, and the cheapest electrical energy in the world, Alvarenga said, which is mostly renewable. "If we look at other countries with cheap [spodumene] production, we don't see that," said Ligia Pinto, vice-president of external affairs at Sigma Lithium, Brazil's top lithium concentrate producer. "Our low costs do not harm human rights." The so-called Lithium Valley — a spodumene rich region in Southeast Brazil — has a production capacity of 320,000 metric tonnes (t)/yr of lithium concentrate between CBL and Sigma Lithium, the country's top producer. AMG Lithium, which operates further south, bumps up Brazil's total current capacity to 410,000t/yr. "This is a country that we can trust," Hylands said. "We are taking longer than China, but that's okay, because everyone takes longer than China." By Pedro Consoli Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Brazil advances oil, gas decarbonization strategy

11/07/25

Brazil advances oil, gas decarbonization strategy

Sao Paulo, 11 July (Argus) — Brazil is implementing a roadmap to increase crude output without boosting net emissions from the sector, a key argument for its claim to leadership on climate issues ahead of the Cop 30 UN summit. Although Brazil does not plan to phase out fossil fuel use, it is working to reach net zero emissions by 2050, and slashing greenhouse gases from its hydrocarbons production is part of this strategy. Brazil's oil industry already has a carbon footprint at 14.88kg CO2 equivalent (C02e)/bl of oil equivalent (boe), which is well below the global average of 20kg CO2e/boe, according to the hydrocarbons regulator ANP. But with oil and gas production slated to increase steadily over the next decade, Brazil's government and producers are eyeing a range of options to further slash emissions. "Brazil can double oil output without increasing net emissions by employing existing technologies," Heloisa Borges, the director of oil, gas and biofuels at the government energy planning and research agency (Epe) said. As part of these efforts, the government called on Epe, ANP and state-owned company Pre-Sal Petroleo to present a roadmap to decarbonize the sector. The plan presented in late June outlines options including adopting new technologies and expanding existing emissions reductions techniques, such as leak detection and reducing flaring. "Expanding methane capture not only reduces emissions, but it allows companies to use this gas to substitute other fuels, such as diesel in their operations," Borges said. Other fuel substitution operations include using natural gas as fuel for drilling rigs and electrification of production operations, the study said. State-controlled Petrobras is already advancing its decarbonization strategy. The company's most recent five-year plan earmarks R5.3bn ($950mn) for emissions reductions in its operations as well as $1bn for research and development of new technologies. Carbon capture, utilization and storage (CCUS) is a key element, according to Lilian Melo, executive director of the Petrobras' research, development and innovation center Cenpes. The company uses high-pressure separation technology to remove CO2 from oil at the mouth of a reservoir and inject it back into the reservoir after the fluids are separated. This technology significantly reduces emissions, especially because crude produced from pre-salt blocks has high CO2 content, Melo said. The CCUS is used on 23 of Petrobras' offshore platforms in the pre-salt. Petrobras is also working to expand electrification of its on and offshore platforms. Power generation is responsible for 65pc of Petrobras' production-related emissions, according to Melo. The company announced this week a contract with Hitachi Energy to assess electrification of its offshore oil operations. Catch and keep Other oil producers are working to reduce the carbon footprint of their operations, including Eneva, which is also weighing investments in carbon capture and storage. The company is conducting a preliminary study to assess the technical viability of injecting CO2 into fields in the Parnaiba basin in Maranhao state. The Gaviao Real field has been operating for more than 10 years and is expected to become depleted in coming years, when it could potentially be converted to store CO2. Eneva is also weighing investments in carbon storage in the Parana basin, where the company has four exploratory blocks. Preliminary seismic data indicates that these blocks also have salt caverns and the company believes that there is significant potential to offer carbon storage to ethanol mills in areas adjacent to the blocks. Despite Brazil's ambitious emissions reduction plan, it has no intention of pulling back on exploration and production. With few exceptions, the Brazilian government is aligned on developing oil and gas reserves to boost economic growth and energy security and holds that the aim does not hurt its role in climate leadership. Brazil's energy sector GHG emissions mn t CO2e Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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Canada-US trade deal within 30 days: Carney

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Trump threatens Mexico, EU with 30pc tariffs

Trump threatens Mexico, EU with 30pc tariffs

US to loan 1mn bls crude to Louisiana refinery: Update

US to loan 1mn bls crude to Louisiana refinery: Update

Section 232 imports avoid planned US-Canada tariff

Section 232 imports avoid planned US-Canada tariff

Brazil gov must boost EV demand: Li miners

Brazil gov must boost EV demand: Li miners

Brazil advances oil, gas decarbonization strategy

Brazil advances oil, gas decarbonization strategy

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