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Cop 27: Chile to trim methane emissions by 2025

  • : Biofuels, Crude oil, Natural gas, Oil products
  • 22/11/14

Chile is focusing on trimming rising methane emissions and expanding land protections in its updated national determined contribution (NDC), or emissions pledge, at the COP 27 UN climate summit in Egypt today, the environment ministry said.

The new NDC vows to revert the growing trend of methane gas emissions by 2025 and to expand by at least 1mn hectares of land and aquatic ecosystems under protection by 2030.

The strengthened NDC contains Chile's updated climate policies, including the obligations imposed by the climate change law, which came into force in June, and the long-term climate strategy that extends to 2050.

Under the Paris Agreement, parties are not required to update their NDCs until 2025, but the Glasgow Climate Pact agreed at Cop 26 last year requested countries to revise and increase their 2030 targets.

Chile was also the second country worldwide to present its fifth biannual update report on greenhouse gas (GHG) emissions, the environment ministry said.

The country's GHG emissions fell by 4pc in 2020 to 105,552kt CO2 equivalent (CO2e), excluding carbon offsets, compared to 2018. When the absorption of gases by forests is considered, 2020 GHG emissions totalled 55,825kt CO2e.

The global COVID-19 pandemic — which reduced land and air transport emissions due to lockdowns — and an increase in power generation from renewables were behind the improvement, it said.

Of total emissions, 75pc were produced by the energy sector, followed by agriculture (11pc), waste (7pc) and industrial processes and product use (7pc). Carbon dioxide represents 76pc of emissions, followed by methane gas with 14pc and nitrous oxides with 6pc.

The country also presented its first adaption report, detailing the main threats, vulnerabilities and risks it faces with regard to climate change and adaption priorities.


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25/04/25

US tariffs create uncertain jet fuel outlook

US tariffs create uncertain jet fuel outlook

Houston, 25 April (Argus) — US airlines are signaling an uncertain outlook for jet fuel demand, with most withdrawing 2025 financial guidance because President Donald Trump's evolving tariff plans have made it difficult to predict travel demand. Delta Air Lines , American Airlines , Southwest Airlines and Alaska Airlines all withdrew financial guidance for the full year when reporting first-quarter earnings this month. Global economic uncertainty prompted United Airlines to provide two outlooks , one based on a weaker but stable economy and a second scenario in which the US falls into a recession. The uncertain demand outlook comes even as jet fuel costs are 11-15pc cheaper than a year earlier, with prices projected to fall to a 4-year low in 2025 . Much of the uncertainty stems from Trump's high and repeatedly changing tariff levels. He has imposed an across-the-board 10pc on imports from most trading partners, 25pc on some imports from Canada and Mexico and 145pc on most imports from China — and separately, a 25pc tariff on imported steel, aluminium, cars and auto parts. Beijing has responded with a 125pc tariff on imports from the US. The growing trade war has prompted the IMF to significantly lower its outlook for global economic growth in 2025-26. With no clear path on how to navigate the changing political and economic landscape, businesses and consumers have grown more cautious. Domestic and international air travel began to falter last month as Trump rolled out his trade policies. US airline passenger volumes declined by 15pc to 16.48mn passengers in the week ended 8 March, down from an eight-month high in the week prior. Brewing anti-American sentiment and concern about US immigration policy also may be lowering global demand for air travel to the US. The number of European travelers to the US totalled 1.03mn in March, lower by 15pc from the same month last year. This was the first time that European arrivals in the US fell on the year since March 2021, during the Covid-19 pandemic. By Craig Ross Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Phillips 66 ups Sweeny crude switching capacity: Update


25/04/25
25/04/25

Phillips 66 ups Sweeny crude switching capacity: Update

Adds CEO comment from earnings call Houston, 25 April (Argus) — US independent refiner Phillips 66 completed a project in the first quarter that allows it to adjust more of the crude slate at its 265,000 b/d Sweeny refinery in Old Ocean, Texas. The project will allow the company to switch about 40,000 b/d between heavy and light crude, Phillips 66 said today in an earnings release. The flexibility project was completed during a first quarter turnaround. Phillips 66 plans to run additional crude from the Permian basin in west Texas and eastern New Mexico through Sweeny, depending on market conditions, chief executive Mark Lashier said on an earnings call. The lighter crude from the Permian will displace imported heavy crude, he said. Several US refiners are exploring ways to run more lighter crude grades in the wake of new US tariffs and other actions that may limit the supply of heavier and medium grade crudes imported from trading partners. By Eunice Bridges Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

SLB taking steps to offset tariffs: Update


25/04/25
25/04/25

SLB taking steps to offset tariffs: Update

Adds details from call. New York, 25 April (Argus) — Oilfield services contractor SLB said it is taking proactive steps to offset the impact of US tariffs by reviewing its supply chain and manufacturing network, pursuing exemptions and talking to customers to recover related cost increases. "We have made progress on all these fronts in the last two weeks, and we are stepping up those actions across the organization as we speak," chief financial officer Stephane Biguet told analysts after the company reported first quarter results today. SLB is partly protected from the overall tariff fallout given 80pc of total revenue comes from international markets, as well as its in-country manufacturing and local sourcing efforts. But other areas are exposed to increasing tariffs, such as imports of raw materials into the US, as well as exports from the US subject to retaliatory action. Under the current tariff framework, most of the likely effects come from trade activity between the US and China. "As the second quarter progresses and ongoing trade negotiations continue, we will hopefully gain better visibility of where tariffs may settle and the extent to which we will be able to mitigate their effects on our business," Biguet said. In the current climate, SLB says customers are likely to take a more cautious approach to near-term activity. Given industry headwinds from volatile oil prices and demand risks, SLB expects global upstream investment to decline this year from 2024, with customer spending in the Middle East and Asia holding up better than elsewhere. SLB reported a "subdued" start to the year as revenue fell 3pc in the first quarter from the same three months of 2024. The company noted higher activity in parts of the Middle East, North Africa, Argentina and offshore US, along with strong growth in its data center and digital businesses in North America. However, those gains were more than offset by a larger-than-expected slowdown in Mexico, a slow start in Saudi Arabia and offshore Africa, and a steep decline in Russia. Even so, SLB remains committed to returning a minimum of $4bn to shareholders through dividends and share buybacks this year. "The industry may experience a potential shift of priorities driven by changes in the global economy, fluctuating commodity prices and evolving tariffs — all of which could impact upstream oil and gas investment and, in turn, affect demand for our products and services, said chief executive officer Olivier Le Peuch. "In this uncertain environment, we remain committed to protecting our margins, generating strong cash flow and delivering consistent value." First quarter profit of $797mn was down from $1.07bn in the same three months of 2024. Revenue of $8.5bn compared with $8.7bn last year. SLB is the last of the top oilfield services firms to post first-quarter results. Halliburton and Baker Hughes reported earlier this week. By Stephen Cunningham Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Border checks boost legal fuel sales in Mexico


25/04/25
25/04/25

Border checks boost legal fuel sales in Mexico

Mexico City, 25 April (Argus) — Mexico's crackdown on fuel smuggling is disrupting illicit supply chains and boosting sales for compliant players operating through regulated imports, sources say. Fuel imports from Texas by tank truck were halted for at least three weeks as part of Mexico's broader push to curb smuggling at the US border. Authorities increased permit checks and cargo inspections in April, although cross-border flows have gradually resumed this week, according to one source familiar with the matter. Rail flows were largely unaffected, as most of the smuggled fuel crosses via tank truck. As a result, some retail fuel stations in northern Mexico that sold gasoline and diesel below market prices faced shortages in late April, operating intermittently or closing for some days, one fuel retailer told Argus . While compliant retailers saw higher sales, major importers and marketers, including state-owned Pemex, also benefited from the border closure. Executives from a private company with a valid import permit told Argus sales rose by 15-20pc on a yearly basis in some regions. The US-Mexico border remains an active corridor. Several Texas cities host terminals dedicated to fuel exports, with suppliers and truckers among the key players. But only a limited number of private-sector companies in Mexico hold valid import permits, meaning many tank truck shipments enter irregularly or avoid paying proper taxes. Collateral damage Mexico's tax authority on 9 April suspended US independent refiner Valero's fuel import permits as part of the efforts to fight fuel smuggling. The suspension was lifted on 23 April, but the two-week stop disrupted supply in several regions. Although Valero operates about 290 retail fuel stations of the 13,800 across Mexico, the company sells gasoline and diesel to other retailers and fuel marketers. Valero's fuel sales account for about 10pc of Mexico's gasoline and diesel demand, according to the company. Mexico has long battled fuel theft, tax evasion and contraband. Illicit fuel is estimated to meet up to 30pc of Mexico's 1.2mn b/d gasoline and diesel demand, according to the finance ministry. Much of it enters by mislabeling refined products at the border as petrochemicals, additives or biofuels — which are not subject to the excise tax of Ps7.0946/l ($1.34/USG) for diesel and Ps6.4555/l for regular gasoline. By Cas Biekmann and Antonio Gozain Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Phillips 66 ups crude switching at Texas refinery


25/04/25
25/04/25

Phillips 66 ups crude switching at Texas refinery

Houston, 25 April (Argus) — US independent refiner Phillips 66 completed a project in the first quarter that allows it to adjust more of the crude slate at its 265,000 b/d Sweeny refinery in Old Ocean, Texas. The project will allow the company to switch about 40,000 b/d between heavy and light crude, Phillips 66 said today in an earnings release. The flexibility project was completed during a first quarter turnaround. Several US refiners are exploring ways to run more lighter crude grades in the wake of new US tariffs and other actions that may limit the supply of heavier and medium grade crudes imported from trading partners. By Eunice Bridges Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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