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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Oil executives meet with Trump on Venezuela: Update
Oil executives meet with Trump on Venezuela: Update
Adds details throughout. Washington, 9 January (Argus) — ExxonMobil's chief executive and other industry leaders told President Donald Trump on Friday there would need to be significant changes in Venezuela before committing to large investments in the country's oil sector. The oil industry executives convened at the White House said they see potential in Venezuela, which they say could see modest near-term production gains with the easing of US sanctions that have restricted investment for years. Venezuela claims the world's largest oil reserves at 303bn bl. But executives say there must be durable changes in the country before they could commit to new investments. Earlier on Friday, Trump claimed that the oil companies visiting the White House were going to invest at least $100bn into the South American country. "If we look at the legal and commercial constructs and frameworks in place today in Venezuela today, it's uninvestible," ExxonMobil chief executive Darren Woods said during a public section of the meeting with Trump that lasted more than an hour. Trump has pushed for a rapid return of US oil companies into Venezuela after he orchestrated the removal of its president, Nicolas Maduro, in a surprise raid on 3 January. Trump said his administration will probably decide today or "very shortly" which oil companies would be allowed to go into Venezuela, and warned executives at the White House that he would find other companies if they did not want to invest. "If you don't want to go in, just let me know, because I've got 25 people that aren't here today that are willing to take your place," Trump said. Some production increases possible Oil companies already operating in Venezuela said they could increase production in the near-term with investments into existing assets. Chevron can double its liftings from Venezuela immediately and increase its production by 50pc over 18-24 months, vice chairman Mark Nelson said. Chevron imported 120,000 b/d from Venezuela in December, and was able to produce over 200,000 b/d at its Petropiar joint venture with PdV as of 2024. Spain's Repsol is ready to triple its current output of 45,000 b/d within 2-3 years, chief executive Josu Jon Imaz said. Like Chevron, Repsol and its partner Italy's Eni already are operating in joint ventures with state-owned PdV. Repsol and Eni account for half of Venezuela's natural gas output, and they stand to benefit if the country's power grid improves, Imaz said. "We now have a few billion dollars worth of opportunities to invest in subject to [sanctions authorities] approval," Shell chief executive Wael Sawan said at the meeting. Shell has partnered with Trinidad and Tobago to develop Venezuela's offshore Dragon gas field, aiming to transport that gas as feedstock to Trinidad's 11.8mn t/yr (1.6bn cf/d) Atlantic LNG export terminal. Trump's administration last year revoked Shell's sanctions waiver allowing further work, only to regrant it with restrictive conditions in October. Executives from oil trading companies Trafigura and Vitol said they were ready to start selling Venezuelan crude, with Trafigura offering the first such cargo next week . 'Significant changes' needed But oil companies that left Venezuela nearly two decades ago when their assets were expropriated said they were cautious about a quick return. ExxonMobil has had its assets seized by the country twice, and returning a third time would require "some pretty significant changes", Woods said. ConocoPhillips chief executive Ryan Lance said there should be discussions of restructuring the "entire Venezuela energy system," including state-owend oil company PdV, and adding banks to future discussions, including the US Export Import Bank. Trump said he would provide "total safety, total security" for oil companies that go into Venezuela, which he said could be achieved by working with Venezuela's government. But he rejected the prospects of helping the industry recover past investments. "We're not going to look at what people lost in the past, because that was their fault," Trump said during a discussion with ConocoPhillips' Lance about its $12bn in expropriated assets. "You'll make it back, one way or another." ConocoPhillips is close to satisfying at least part of that claim following the court-approved sale of PdV-owned US refiner Citgo. A US federal court in Delaware ordered Citgo to be sold for $5.9bn to satisfy the more than $20bn in claims by ConocoPhillips and other companies. A federal appeals court on 6 January asked if the removal of Maduro could affect the decision. Some in Trump's cabinet have acknowledged the wariness by the oil industry in returning to Venezuela, given the uncertainty over its long-term political stability. Although "big oil companies, who have corporate boards, are not interested", there is interest from independents, US treasury secretary Scott Bessent said on Thursday. "They want to get to Venezuela yesterday," Bessent said. Oil companies have been cautious about making major new investments, even in lower-risk shale production, because of lower oil prices. Nymex WTI front-month crude futures on Friday settled near $59/bl. Trump has recently pushed for a vast increase in the imports of Venezuelan crude, starting with the 30mn-50mn bl of previously sanctioned crude into the US. Cabinet officials, including Bessent, have previously backed a targeted oil price of $50/bl as a way of easing inflation pressures. By Chris Knight and Haik Gugarats Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Trafi to offer Venezuela crude as flows shift: Update
Trafi to offer Venezuela crude as flows shift: Update
Recasts lead with focus on Trafigura plans to sell its first cargo of Venezuelan oil. New York, 9 January (Argus) — Changing US restrictions on Venezuela's crude sales are set to lift US imports, with trading firm Trafigura slated to sell its first cargo of Venezuelan crude since the US arrested president Nicolas Maduro last week. Executives from Trafigura and fellow-trader Vitol said Friday they were ready to start selling Venezuelan crude, following a meeting with other oil executives at the White House about US plans to direct up to 50mn bls of the country's crude to US buyers. Their statements during a televised meeting with President Donald Trump and others effectively confirms both companies received licenses from US sanctions enforcers allowing them to sell Venezuelan crude. "The first vessel should load in the next week," Trafigura chief executive Richard Holtum said, but the destination of the cargoes was not made clear. Since the US' capture of 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, most of it on "dark fleet" tankers that are subject to sanctions. 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: Update
US seizes fifth Venezuela-linked tanker: Update
Updates to include destination of seized 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. Heading back to Venezuela The Olina is being sent back to Venezuela,US president Donald Trump said in a social media post Friday. The oil on the ship will eventually be sold as part of an agreement Trump said the US reached with Venezuela to sell up to 50mn bls of crude to US buyers. The Olina' s return to Venezuela marks a departure from the administration's prior practices, which had been to bring seized vessels back to US ports. The first two vessels seized by US forces, the Centuries and Skipper very large crude carriers, have been posted off the coast of Houston, Texas, since they arrived back in the US, according to vessel tracking data from Kpler. The cargo onboard those vessels may be difficult to unload due to the commercial implications of engaging in trade with ship still under US sanctions, according to a shipbroker. By Andrey Telegin and Charlotte Bawol Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Mexico’s auto output up, exports down in Dec
Mexico’s auto output up, exports down in Dec
Mexico City, 9 January (Argus) — Mexico's light-vehicle production rebounded in December after several months of declines, while exports continued to weaken on trade uncertainty. Automakers produced 243,961 light vehicles in Mexico in December, an 8.5pc increase from the same month in 2024, statistics agency Inegi reported on 9 January. This follows an 8.4pc decline in November and marks the first month to show annual expansion since July, coming in a year marked by trade uncertainty with the US placing blanket 25pc tariffs on Mexican goods in March. Mexico's auto output reached 3.95mn in 2025, only 0.9pc below the 3.99mn produced in 2024 — the highest level for any year on record, positioning 2025 output as the second highest, said Mexican automaker association AMIA. Mexico exported 227,262 light vehicles in December, down by 15pc from a year earlier, while full-year 2025 exports fell by 3pc to 3.39mn units from 2024. Still, AMIA noted that 2025 marked the fourth-highest year for exports on record. Domestic light vehicle sales rose by 5pc in December to 154,450 units, Inegi reported. This put full-year sales at 1.52mn — a 1.4pc increase over 2024, making it the third-best year on record for sales, AMIA said. By James Young Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
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