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Road to Cop 30: With or without US

  • Spanish Market: Coal, Crude oil, Electricity, Emissions, Natural gas, Oil products
  • 03/10/25

Trump's stance may open up leadership opportunities for China, but states such as California have other ideas, writes Michael Ball

US president Donald Trump's increased antagonism towards climate action since his return to office has left a void to be filled by other nations, or even by individual US states, at next month's Cop 30 UN climate summit in Brazil.

Trump curtailed US involvement in UN talks during his first term in office but still sent a modest delegation to Cop 23 in Bonn, Germany. In addition, Trump's administration during his first term mainly sought to weaken, but not repeal, regulations to reduce greenhouse gas (GHG) emissions. But in his second term, Trump has shown a desire to go even further. He used his recent appearance at the UN General Assembly to effectively accuse other countries of falling victim to a massive hoax, leaving little doubt as to where he stands on climate change.

"It's the greatest con job ever perpetrated on the world, in my opinion," Trump said. "If you don't get away from this green scam, your country is going to fail." That view has informed the actions taken by Trump and his allies this year so far. He has again pulled the US out of the Paris climate agreement, sought to slash funding for related UN programmes, impeded renewable energy development, threatened states with legal action and proposed repealing US Environmental Protection Agency (EPA) regulations for power plants and passenger vehicles.

All this makes it unlikely that the US will try to play a constructive role at Cop 30, something Brazilian officials say could complicate the talks. If anything, the US may try to "undermine global co-operation in the energy transition", former US presidential climate adviser John Podesta said in May.

Podesta and others say Trump has left an opening for China to step up its role in the talks. A day after Trump's "hoax" comments, China unveiled its new emissions pledge. The US State Department did not respond to a request for comment.

The return of Trump could put US states with their own climate policies back into the spotlight. Their message, as in 2017, will be that the US is pushing ahead, even if the federal government is not.

"California is still in it. We are stepping forward with the legislature, with the governor. And from a policy perspective, progress continues in California," California Air Resources Board (CARB) chair Liane Randolph said last month, just before exiting her post. Randolph's comments came about a week after California's Democratic governor, Gavin Newsom, and state lawmakers agreed to extend the state's cap-and-trade programme to 2045. CARB, led by Randolph's successor, will spend the next year crafting regulations to implement that legislation, after which it will work with partner Quebec to add Washington state's programme to their Western Climate Initiative (WCI) market.

State of play

In addition, the Regional Greenhouse Gas Initiative (RGGI) — a CO2 trading programme for power plants in 10 northeastern US states — plans to set a more aggressive emissions cap and implement other market changes starting in 2027. Waiting in the wings is New York state, which continues to work on its own economy-wide trading programme, while lawmakers in Oregon have again raised the possibility of crafting one that could join the WCI.

Ironically, Trump's push to abandon federal policies could lead to even greater state action. The EPA wants to repeal its endangerment finding for GHG emissions, which would largely absolve it of the responsibility to issue any climate-related regulations. RGGI representative for trade body the International Emissions Trading Association, Justin Johnson, sees its members stepping up — "RGGI states would take that loss of the endangerment finding and say, ‘OK, it's now very clear to us that legally, the federal government cannot do this, so it's on us.'"


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07/11/25

Opec+ eight apply brakes to output rises

Opec+ eight apply brakes to output rises

London, 7 November (Argus) — Eight core Opec+ members have put the brakes on their monthly production increases, giving them time to assess the impact of new US sanctions on Russia. Saudi Arabia, Iraq, Kuwait, Russia, the UAE, Algeria, Oman and Kazakhstan will make one last production target increase worth 137,000 b/d in December before pausing the hikes in January-March. The pause ends nine consecutive months of production target increases, during which the eight have fully unwound a 2.2mn b/d set of cuts and in October started to unwind another set of cuts worth 1.65mn b/d. The group has agreed to three monthly increases worth a combined 411,000 b/d up to December, leaving 1.24mn b/d to unwind. The eight officially attributed the pause to "seasonality", referring to expectations of lower oil demand in the first quarter of 2026. But more importantly, the pause will allow them to gauge the impact of recent US sanctions on Russian oil producers Rosneft and Lukoil. Whether Russia can maintain its crude output and exports under the new restrictions remains uncertain. If Rosneft and Lukoil cannot find workarounds to the sanctions and buyers for their crude, they may have to start reducing production. In such an event, Opec+ may feel the need to step in to replace lost Russian output. "I think everyone is monitoring the Russia sanctions and it's difficult for them to actually predict how those sanctions will go," trading firm Mercuria's chief executive Marco Dunand says. "I think they are pausing because there is a lot of oil on the water... I think it's about 60mn bl, but I'm not sure." The eight countries said their decision reflects a "cautious approach", but they reiterated their "full flexibility" to accelerate, pause or reverse the monthly output hikes, depending on market conditions. "The group wants to adopt a more cautious approach, exactly like it did at the beginning of 2025, when it decided to delay the unwinding process of the initial 2.2mn b/d voluntary cut until April," one delegate told Argus. No consensus But views on the oil market remain sharply divided. The IEA forecasts a significant supply surplus in the fourth quarter and in 2026, while Opec expects a more balanced market, underpinned by strong demand this year and next. Speaking at the Adipec conference in Abu Dhabi, UAE energy minister Suhail al-Mazrouei said he "can't see or justify" an oversupply scenario. "All of what we are seeing is more demand," he said. European oil majors are also divided on market fundamentals. While Shell chief executive Wael Sawan sees a "highly credible scenario" for oversupply in 2026, BP and TotalEnergies have pushed back against a near-term oil glut , arguing that demand remains resilient and non-Opec+ supply growth is likely to taper off next year. "The determination of what happens really sits around three factors — Opec+ choices, China's stockpiling behaviour and the sanctions environment," BP chief executive Murray Auchincloss says. Oil prices rebounded from multi-month lows of around $60/bl after the US unveiled its sanctions on 22 October, with Ice front-month Brent now around $65/bl. But this is still below where many Opec+ members would prefer. Production by the eight members had increased by 2.1mn b/d in October from when they started unwinding their cuts in April, according to Argus estimates. Production by the 18 members of the alliance that adhere to output targets rose by 30,000 b/d on the month to 36.2mn b/d in October — the group's highest production since April 2023 (see table). By Aydin Calik, Nader Itayim and Bachar Halabi Opec+ crude production mn b/d Oct Sep* Oct target† ± target Opec 9 23.05 22.95 23.19 -0.14 Non-Opec 9 13.15 13.22 13.27 -0.12 Total Opec+ 18 36.20 36.17 36.46 -0.26 *revised †includes extra cuts agreed in Apr 23 and Nov 23 Opec wellhead production mn b/d Oct Sep* Oct target† ± target Saudi Arabia 10.01 9.98 10.02 -0.01 Iraq 4.11 4.08 4.24 -0.13 Kuwait 2.57 2.52 2.56 +0.01 UAE 3.36 3.38 3.39 -0.03 Algeria 0.97 0.97 0.96 0.01 Nigeria 1.52 1.51 1.50 +0.02 Congo (Brazzaville) 0.26 0.25 0.28 -0.02 Gabon 0.21 0.21 0.18 +0.03 Equatorial Guinea 0.04 0.05 0.07 -0.03 Opec 9 23.05 22.95 23.19 -0.14 Iran 3.39 3.45 na na Libya 1.32 1.37 na na Venezuela 1.00 1.05 na na Total Opec 12^ 28.76 28.82 na na *revised †includes extra cuts agreed in Apr 23 and Nov 23 ^Iran, Libya and Venezuela are exempt from production targets Non-Opec crude production mn b/d Oct Sep* Oct target† ± target Russia 9.41 9.37 9.49 -0.08 Oman 0.80 0.79 0.80 -0.00 Azerbaijan 0.45 0.44 0.55 -0.10 Kazakhstan 1.68 1.83 1.56 +0.12 Malaysia 0.36 0.36 0.40 -0.04 Bahrain 0.18 0.18 0.20 -0.02 Brunei 0.10 0.08 0.08 0.02 Sudan 0.01 0.02 0.06 -0.05 South Sudan 0.16 0.15 0.12 +0.04 Total non-Opec 13.15 13.22 13.27 -0.12 *revised †includes extra cuts agreed in Apr 23 and Nov 23 Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

US flight reductions to be staged over 7 days: Update


07/11/25
07/11/25

US flight reductions to be staged over 7 days: Update

Updates total cancellations, delays. Houston, 7 November (Argus) — The US Federal Aviation Administration (FAA) will stage planned flight cancellations over seven days before reaching a full 10pc reduction at key airports. A 4pc reduction in operations will take effect today at 40 high-traffic airports across the US before ramping up to 6pc by 11 November, 8pc by 13 November and 10pc by 14 November, according to the US Department of Transportation. Airlines will be allowed to use their own discretion to decide which flights are canceled to satisfy the order, which does not require a reduction in international flights. Total cancellations within, into or out of the US today reached 850 by 12pm ET today, according to flight-tracking site FlightAware, marking the highest rate month-to-date. Delays totaled 1,686. More than 660 cancellations are expected tomorrow, and at least 265 are planned for Sunday. US flight cancellations have totaled 1,875 since 1 November, and delays totaled 32,865. The count also includes mechanical, weather-related, and other incidents. US transportation secretary Sean Duffy had warned the US earlier this week that an extended US government shutdown would cause mass flight cancellations and airspace closures, blaming Democrats for not voting to reopen the government. Air traffic controllers and Transportation Security Administration (TSA) agents have been working without pay and with fewer staff since the partial US government shutdown started on 1 October. Staffing shortages prompted the FAA to periodically issue temporary ground stops at some airports because of a lack of air traffic controllers, while TSA staff shortages led to hours-long security check-ins. The planned flight reductions may add downward pressure to US jet fuel prices because of lower demand. The Argus US jet fuel index already fell by 22.6¢/USG week-on-week to $2.41/USG by the end of trade 6 November. By Amanda Hilow US/Canada airports with flight restrictions Airport Code Ted Stevens Anchorage International ANC Hartsfield-Jackson Atlanta International ATL Boston Logan International BOS Baltimore/Washington International BWI Charlotte Douglas International CLT Cincinnati/Northern Kentucky International CVG Dallas Love Field DAL Ronald Reagan Washington National DCA Denver International DEN Dallas/Fort Worth International DFW Detroit Metropolitan Wayne County DTW Newark Liberty International EWR Fort Lauderdale/Hollywood International FLL Honolulu International HNL William P. Hobby Airport, Houston HOU Washington Dulles International IAD George Bush Houston International IAH Indianapolis International IND New York John F. Kennedy International JFK Las Vegas McCarran International LAS Los Angeles International LAX New York LaGuardia LGA Orlando International MCO Chicago Midway MDW Memphis International MEM Miami International MIA Minneapolis/St. Paul International MSP Oakland International OAK Ontario International, Canada ONT Chicago O'Hare International ORD Portland International, Oregon PDX Philadelphia International PHL Phoenix Sky Harbor International PHX San Diego International SAN Louisville International SDF Seattle/Tacoma International SEA San Francisco International SFO Salt Lake City International SLC Teterboro, New Jersey TEB Tampa International TPA US Department of Transportation Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Brazil’s Renovabio upheld by supreme court justice


07/11/25
07/11/25

Brazil’s Renovabio upheld by supreme court justice

Sao Paulo, 7 November (Argus) — Brazilian Supreme Court justice Nunes Marques has issued two votes rejecting constitutional challenges to Renovabio's biofuels program. The cases — ADI 7596, filed by the Democratic Renewal Party (PRD) in February 2024, and ADI 7617, filed by the Democratic Labour Party (PDT) in April 2024 — questioned the legality and fairness of mandatory carbon reduction targets imposed on fossil fuel distributors. In both decisions, the minister dismissed claims of discrimination and disproportion, affirming that Renovabio complies with constitutional principles such as equality, free enterprise, and environmental protection. He emphasized that the program's costs are ultimately borne by fuel consumers, not distributors, and that the policy aligns with Brazil's climate commitments under the Paris Agreement. Marques also rejected arguments that Renovabio's program was improperly designed to benefit private interests or lacked legislative legitimacy. He defended the program's structure, including the use of Cbio decarbonization credits, as a market-based mechanism to incentivize biofuels without public subsidies. With the votes now public, the Supreme Court will deliberate the merits of both cases. A majority ruling is required to confirm or overturn the constitutionality of the program. By Rebecca Gompertz Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

US flight reductions to be staggered over 7 days


07/11/25
07/11/25

US flight reductions to be staggered over 7 days

Houston, 7 November (Argus) — The US Federal Aviation Administration (FAA) will stage planned flight cancellations over seven days before reaching a full 10pc reduction at key airports. A 4pc reduction in operations will take effect today at 40 high-traffic airports across the US before ramping up to 6pc by 11 November, 8pc by 13 November and 10pc by 14 November, according to the US Department of Transportation. Airlines will be allowed to use their own discretion to decide which flights are canceled to satisfy the order, which does not require a reduction in international flights. US transportation secretary Sean Duffy had warned the US earlier this week that an extended US government shutdown would cause mass flight cancellations and airspace closures, blaming Democrats for not voting to reopen the government. Air traffic controllers and Transportation Security Administration (TSA) agents have been working without pay and with fewer staff since the partial US government shutdown started on 1 October. Staffing shortages prompted the FAA to periodically issue temporary ground stops at some airports because of a lack of air traffic controllers, while TSA staff shortages led to hours-long security check-ins. US flight cancellations have totaled 1,018 since 1 November, and delays totaled 30,147 by 8:40pm ET on 6 November, according to flight-tracking site FlightAware. The count also includes mechanical, weather-related, and other incidents. The planned flight reductions may add downward pressure to US jet fuel prices because of lower demand. The Argus US jet fuel index already fell by 22.6¢/USG week-on-week to $2.41/USG by the end of trade 6 November. By Amanda Hilow US/Canada airports with flight restrictions Airport Code Ted Stevens Anchorage International ANC Hartsfield-Jackson Atlanta International ATL Boston Logan International BOS Baltimore/Washington International BWI Charlotte Douglas International CLT Cincinnati/Northern Kentucky International CVG Dallas Love Field DAL Ronald Reagan Washington National DCA Denver International DEN Dallas/Fort Worth International DFW Detroit Metropolitan Wayne County DTW Newark Liberty International EWR Fort Lauderdale/Hollywood International FLL Honolulu International HNL William P. Hobby Airport, Houston HOU Washington Dulles International IAD George Bush Houston International IAH Indianapolis International IND New York John F. Kennedy International JFK Las Vegas McCarran International LAS Los Angeles International LAX New York LaGuardia LGA Orlando International MCO Chicago Midway MDW Memphis International MEM Miami International MIA Minneapolis/St. Paul International MSP Oakland International OAK Ontario International, Canada ONT Chicago O'Hare International ORD Portland International, Oregon PDX Philadelphia International PHL Phoenix Sky Harbor International PHX San Diego International SAN Louisville International SDF Seattle/Tacoma International SEA San Francisco International SFO Salt Lake City International SLC Teterboro, New Jersey TEB Tampa International TPA US Department of Transportation Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Petrobras increases spending by 24pc in 3Q


07/11/25
07/11/25

Petrobras increases spending by 24pc in 3Q

Rio de Janeiro, 7 November (Argus) — Brazilian state-controlled Petrobras' investments increased by 24pc in the third quarter from a year earlier, as the firm continues to focus on production in the offshore pre-salt. Petrobras spent $5.5bn in capital expenditure (capex) in July-September, of which $4.7bn was for exploration and production. Of this investment in exploration and production, $2.7bn went to developing production of the pre-salt cluster in the Santos basin, particularly the construction of seven new floating production, storage and offloading units that will serve the Buzios, Atapu and Sepia fields. A further $900mn went to developing production in the Campos basin's pre- and post-salt, and $500mn went to exploration. Total investments over the first nine months of the year were $14bn, a 29pc increase on the same period last year. Capex guidance for 2025 as outlined in Petrobras' 2025-2029 business plan is $18.5bn. Petrobras posted a profit of R32.7bn ($6bn) in the third quarter, a 0.5pc increase on the same quarter last year and 23pc more than in the previous quarter. Higher crude production as well as stronger crude exports and domestic sales of diesel drove the third quarter result, Petrobras said. It also cited a small rallying of oil prices, with the price of Brent growing by 2pc compared with the second quarter, and lower operational costs, as contributing factors. The company's board approved a payout of R12.16bn ($2.3bn) to shareholders, or R0.9432/share, down from R1.3282/share a year earlier. Dividends will be paid in two installments, in February and March. By Constance Malleret Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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