Trump promises to protect US energy jobs

: Condensate, Crude oil, Oil products
20/04/04

President Donald Trump vowed today to do whatever necessary to protect the US energy sector, including potentially imposing tariffs on oil imports.

"I am a big believer in our great energy business, and we are going to take care of our energy business," Trump said in a press conference.

Trump raised the prospect of imposing tariffs on foreign oil if needed to safeguard US energy jobs. "I will do whatever I have to do."

Trump yesterday said he would consider raising tariffs "if we are not treated fairly." He has warned the US may need to consider a "tough" option if Saudi Arabia and Russia are unable to reach an agreement to cut oil production.

Opec and its non-Opec allies today postponed an emergency meeting with other producing countries to 9 April from 6 April, after a dispute intensified between Saudi Arabia and Russia over who is to blame for the recent collapse in oil prices.

The breakdown of co-operation between the 23-country Opec+ coalition — coupled with the reduction in global oil demand as a result of the coronavirus pandemic — has seen oil prices fall by around one third in just a month.

Russian president Vladimir Putin said yesterday that the talks should consider a collective production cut of around 10mn b/d from first quarter output levels.

Saudi crown prince Mohammad bin Salman has indicated a production cut likely would be more than that, Trump said.

"I do not care about Opec," Trump said. But he expressed concern about the toll low oil prices are having on US jobs.

And he reiterated his expectation that Russia and Saudi Arabia will resolve their differences. "You know why? Because they are going to be destroyed," Trump said. "They are destroying themselves and they know it."

By David Ivanovich

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25/03/19

US imports of Canadian crude at 2-year low: Update

Adds preliminary import data for Canada, Mexico. Calgary, 19 March (Argus) — Imports of Canadian crude into the US fell to a two-year low last week with tariffs giving shippers pause, according to Energy Information Administration (EIA) data reported today. Canada is by far the largest source of foreign crude for the US but flows fell to 3.1mn b/d in the week ended 14 March, according to preliminary estimates. This is down by 541,000 b/d from the week before and the lowest since the week ended 24 March 2023, when 3mn b/d was imported. While weekly data can be volatile, the volume of crude from Canada has trended lower in February and the first half of March with shippers likely sensitive to the ever-changing US policy on imports. A 25pc tariff, later reduced to 10pc, on Canadian energy was threatened to start in early February before being delayed by 30 days. It then went into effect from 4-7 March before being lifted again for goods covered under the US-Mexico-Canada (USMCA) free trade agreement. US president Donald Trump is threatening more tariffs will be imposed on 2 April. South Bow, the owner of the 622,000 b/d Keystone pipeline connecting Alberta to the US midcontinent and beyond said just the threat of tariffs prompted uncommitted shippers to dial back exports to the US. Crude imports from Mexico, who have also been targeted by Trump tariffs, were also down on the week at 195,000 b/d. This is lower by 118,000 b/d and is the fifth-lowest on record, according to EIA data going back to 2010. Overall crude imports to the US were only down by 85,000 b/d to 5.4mn b/d on higher deliveries from Colombia, Nigeria and Venezuela, while crude exports rose last week by 1.4mn b/d to 4.6mn b/d. As a result, net imports fell by 1.4mn b/d to 741,000 b/d, the third-lowest level on record in data going back to 2001. Crude stocks rise by 1.7mn bl US crude inventories rose last week as a gain in the Gulf coast region outweighed draws elsewhere. US crude inventories rose to 437mn bl in the week ended 14 March, up from 435.2mn bl a week earlier. This is the highest level since 436.5mn bl in the week ended 12 July 2024. Compared with a year earlier, inventories last week are still down by 8.1mn bl. Stockpiles in the US Gulf coast region rose to 252.3mn bl from 248.8mn bl a week earlier and the highest since June 2024. Inventories at the Cushing storage hub in Oklahoma fell by 1mn bl to 23.5mn bl and are down by 8mn bl from a year earlier. Inventories in the greater US midcontinent region, including Cushing, fell on the week by 2.3mn bl to 105.5mn bl. Crude inventories at the US Strategic Petroleum Reserve (SPR) came in at 395.9mn bl for a weekly gain of 275,000 bl. SPR stocks are not included in the overall EIA commercial crude inventory figures. US crude production fell by 2,000 b/d on the week to 13.57mn b/d. By Brett Holmes US weekly crude stocks/movements Stocks mn bl 14-Mar 7-Mar ±% Year ago ±% Crude oil (excluding SPR) 437.0 435.2 0.4% 445.0 -1.8% - Cushing crude 23.5 24.5 -4.1% 31.4 -25.4% Imports/exports '000 b/d Crude imports 5,385 5,470 -1.6% 6,278 -14.2% Crude exports 4,644 3,290 41.2% 4,881 -4.9% Refinery usage Refinery inputs '000 b/d 15,949 15,880 0.4% 16,102 -1.0% Refinery utilisation % 86.9 86.5 0.5% 87.8 -1.0% Production mn b/d 13.6 13.6 0.0% 13.1 3.8% — US Energy Information Administration Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Turkish lira at all-time low against dollar

25/03/19

Turkish lira at all-time low against dollar

London, 19 March (Argus) — Turkey's lira currency fell to record lows against the US dollar today, after the arrest of Istanbul's mayor provoked concern about instability. The depreciation could cause imports of dollar-denominated commodities to become more expensive, although reaction was mixed across markets. The lira went as low at 40/$1 in early trading, from below 37/$1 on Tuesday 18 March, before easing to around 38/$1 later in the day. The lira has been slowly depreciating against the dollar for many years, but the sharp fall today came after Ekrem Imamoglu, one of President Recep Tayyip Erdogan's main political rivals, was held on suspicion of corruption and aiding a terrorist organisation. Turkey is a significant importer of natural gas, crude and LPG, as well as coal and petcoke, although demand for many commodities will be muted currently because of the Islamic fasting month of Ramadan. Early indications from the coal and petcoke markets were that all import trades had halted as the lira hit the record low. In polymers markets the focus is on whether demand recovers after Ramadan ends on 30 March. But a trading source in Turkey said the fall is not enough for "massive changes" to imports of oil products. The OECD forecasts headline inflation in Turkey at 31.4pc this year, the highest among its members, easing to 17.3pc in 2026. The IMF has forecast Turkey's economy will grow by 2.6pc this year, after an expansion of 2.7pc in 2024. By Ben Winkley, Aydin Calik, Joseph Clarke, Amaar Khan and Dila Odluyurt Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

English and Welsh roads hit by lack of spending: Survey

25/03/19

English and Welsh roads hit by lack of spending: Survey

London, 19 March (Argus) — More than half of the local road network in England and Wales has less than 15 years of structural life left because of insufficient allocation of government funding to local authorities, according to the latest Annual Local Authority Road Maintenance (ALARM) survey. The survey, compiled annually by UK industry body Asphalt Industry Association (AIA), found that 52pc, or around 106,000 miles, of the English and Welsh road network managed by local authorities had just 15 years life remaining, and that nearly a third of these roads — around 34,600 miles — may only have up to five years life left. The survey found that in the next 12 months, 24,400 miles, or 12pc, of the network is likely to need some form of maintenance and that just 1.5pc of the local road network was resurfaced over the last year. Although there has been over £20bn ($26bn) spent on carriageway maintenance in England and Wales over the last decade, "due to the short-term nature of the allocation of funding, it has resulted in no quantifiable uplift to the condition and resilience of the network," AIA Chair David Giles said. He added there needs to be a complete change in mindset away from short-term to longer term funding commitments, and he asked the UK government to set a minimum five-year funding horizon and substantially increase investments for local roads maintenance work. UK bitumen consumption has been steadily falling in recent years, with another 10.5 decline registered in 2024, hitting its lowest levels since 2016, according to UK government's department for energy security and net zero (DESNZ) data. The consumption drop coincided with a 20.3pc jump to 449,000t in UK production of the heavy oil product used mainly in road paving as well as general construction, combining to sharply reduce the country's bitumen import requirements. The ALARM survey also found that there had been no improvements in as much as 94pc of the England and Wales local network over the last year. To maintain their network, the survey showed that in England and Wales, local authorities would have needed an extra £7.4m each in 2024 and £16.81bn in total, as a one-off cash injection, to bring their networks up to their "ideal" conditions. By Fenella Rhodes Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Danish firm to set up Kalundborg bitumen terminal

25/03/19

Danish firm to set up Kalundborg bitumen terminal

London, 19 March (Argus) — Danish firm Bitumen Danmark will build a new bitumen terminal at Kalundborg, Denmark, with an initial capacity of 10,000-15,000t. The storage facility is scheduled for completion by late 2026 when it could start receiving winter-fill cargoes during the 2026/27 winter ahead of supply into local truck markets when the next paving and general construction season starts in spring 2027. The secured terminal, which could be expanded at a later point, will have deep water access that will enable the firm to take delivery of cargoes carried in bitumen tankers from a wide variety of locations across the Nordics, northwest Europe and the Mediterranean. In 2024, Denmark received around 123,000t of bitumen in cargo shipments, according to Vortexa, with the majority of the tankers delivering into Danish terminals at Aarhus, Nyborg and Koge. Sweden was the biggest single source last year, supplying just over half the total, with just over a third from the Netherlands. Bitumen Danmark supplies bitumen products into the road asphalt and roofing felt sectors in the Nordic region. It is majority owned by German firm BVH Group, a leading bitumen buyer and asphalt products supplier in Germany and parts of central Europe. By Fenella Rhodes Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

UK study sets out Grangemouth's post-refining future

25/03/19

UK study sets out Grangemouth's post-refining future

Edinburgh, 19 March (Argus) — A government-funded study has identified nine potential low-carbon and renewable options for the Grangemouth site in Scotland following the planned closure of its 150,000 b/d refinery in the second quarter this year. The nine possible projects outlined in the Project Willow study centre around waste, bio-feedstocks and industries supporting the development of offshore wind. They could benefit each other through synergies and create up to 800 direct jobs, but their success "will require significant contributions from both the public and private sector", with an initial £3.5bn ($4.5bn) in capital investments needed, the study said. The £1.5mn report, paid for by the UK and Scottish governments, was commissioned by Grangemouth refinery operator Petroineos, which announced in November 2023 that it was going to close the plant and convert it into a fuel import terminal. The UK and Scottish governments have since set aside £25mn and £200mn for Grangemouth, along with other initiatives such as Scotland's £100mn Falkirk and Grangemouth Growth Deal package. The study's 'waste' pathway comprises a hydrothermal plastic recycling project, a dissolution plastic recycling facility and a bio-refining project relying on bacterial fermentation (ABE). Under the 'bio-feedstock' pathway, the study envisages a second-generation bioethanol plant on Scottish timber feedstock and an anaerobic digestion facility using organic waste to produce biomethane. Second-generation bioethanol refers to ethanol made from non-edible resources such as biomass. This pathway also suggests a sustainable aviation fuel (SAF) plant, with production made from hydroprocessed esters and fatty acids (HEFA). UK trade union Unite has been supportive of this option , but Petroineos deemed it unviable "under current regulatory conditions". The third pathway — called conduit for offshore wind — is mostly focused on hydrogen. It includes fuel switching, producing jet from e-methanol and methanol as well as producing low-carbon ammonia for the shipping and chemicals industry. The second-generation ethanol plant and the HEFA facility, as well as the e-methanol and e-ammonia projects, would have a longer 2030-40 timeline, against a 2028-30 timeline for the other projects. The projects would benefit from existing infrastructure such as Grangemouth's port, which includes container, bulk and liquid fuel terminals. "There are also opportunities to reuse existing tank storage, ethanol facilities, and other ancillary assets at the site," the study said. Unite has criticised the study's project timelines, pointing out most would start years after the refinery had closed, by which time jobs would have been lost. Many of the projects "could be fast tracked and implemented now", including converting the refinery to SAF production, the union said. "Project Willow was created by Petroineos as a fig leaf to justify its act of industrial vandalism of shutting the refinery and axing jobs. It asked the wrong questions and then failed to provide the answers that Grangemouth refinery workers need," Unite general secretary Sharon Graham said. "There are projects like SAF production which can be swiftly enacted to protect jobs and those opportunities must not be lost. This would pave the way for the UK to become a world leader in green aviation." By Caroline Varin Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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