Trump found guilty in criminal 'hush money' case

: Coal, Crude oil, Emissions, Natural gas, Oil products
24/05/30

Former president Donald Trump was found guilty today on 34 felony counts of falsifying business records in relation to the reimbursement of a $130,000 payment to an adult film star ahead of the 2016 presidential election.

The unanimous guilty verdict, from a 12-member jury in New York, will inject further uncertainty into the presidential election on 5 November, where Trump is the presumed Republican nominee and is leading in many polls against President Joe Biden. Trump is the first former US president to face a criminal trial, and his conviction means he will run for office — on a campaign focused in part on rolling back energy sector regulations and expanding drilling — as a convicted felon.

Sentencing is scheduled for 11 July.

Trump has argued the criminal charges, filed by New York state prosecutors, were "ridiculous" and were a politically motivated attempt to interfere with his campaign.

At trial, Trump's attorneys argued against the credibility of a key witness, Trump's former attorney Michael Cohen, who testified that Trump directed the falsification of the business records to conceal a "hush money" payment to the adult film star following an alleged affair.

"This was a rigged, disgraceful trial," Trump said following the verdict, "but the real verdict is going to be November 5 by the people, and they know what happened here."

Despite the conviction, Trump, if elected, could still serve as president. Trump could face up to four years in prison, and sentencing will be decided by the judge overseeing the case.

Trump is separately facing dozens of other felony charges in federal and Georgia state court, but those cases have faced delays and may not go to trial before the election.

President Joe Biden's campaign said Trump has "always mistakenly believed" he would not face consequences. Biden's campaign said that despite the verdict, it would be up to voters to decide whether Trump is re-elected.

"Convicted felon or not, Trump will be the Republican nominee for president," Biden's campaign said.

By Chris Knight

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25/06/17

Brazil's Amazon Fund approves over R1bn in 1H

Sao Paulo, 17 June (Argus) — Brazil's Amazon Fund has approved about R1.19bn ($215mn) to finance projects submitted in the first half of 2025, about 25pc more than it financed in all of last year and double the financing in 2023. The fund — which issues grants to projects that prevent, monitor and combat deforestation while promoting conservation and sustainable development in the Amazon forest — invested more in the first six months of the year than it has in any year since project funding started in 2009, according to Brazil's development bank Bndes and environment ministry (MMA). The fund approved over R947mn last year and R584mn in 2023. The government reactivated the fund in 2023 — initially launched in 2008 — after four inactive years, when the administration of former president Jair Bolsonaro stopped backing new projects. The fund has released R2.7bn since 2009. The fund so far this year has directed R825mn to the Fortfisc deforestation program and R360mn to diverse projects aiming to combat and prevent deforestation. The most recent funding follows new approval standards on structuring and strategic projects. The Amazon Fund has R5.6bn under management in 133 assets, such as the Restaura Amazonia, which has been backing ecological and productive restoration projects for 16 years. Payments have also picked up in the first half this year, as it released R158mn from current approved programs to combat deforestation and boost revenue generation in traditional communities. This amount represents 75pc of last year's payments of R209mn and triple the 2023 payment of R51mn. Norway is the fund's largest donor, having pledged R3.5bn, followed by German development bank KfW with around R388mn and the US with R291mn. Other donors include the UK, Switzerland, Japan, Ireland and Denmark . Brazil is working to eliminate deforestation — both legal and illegal — by 2030, to meet its emissions reductions targets under the Paris climate agreement. Deforestation is one of Brazil's flagship issues for the UN Cop 30 summit, which it will host in northern Para state in November. By João Curi Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Trump wants Iran's ‘unconditional surrender’: Update

25/06/17

Trump wants Iran's ‘unconditional surrender’: Update

Updates with details throughout Washington, 17 June (Argus) — US president Donald Trump is taking an increasingly bellicose tone toward Iran following Israel's devastating military strikes, while the White House national security council is discussing Washington's next steps in a conflict that could engulf the world's largest oil producing region. Trump, in a social media post today, called for Iran's "UNCONDITIONAL SURRENDER" — without specifying what that would entail. He claimed that "we now have complete and total control of the skies over Iran", seemingly linking the US to the Israeli attack. And he said that Iran's supreme leader, Ayatollah Ali Khamenei, "is an easy target", but added: "We are not going to take him out (kill!), at least not for now." The White House, meanwhile, began to spread a narrative that suggested that the US could join in Israeli strikes on Iran's nuclear facilities, even if Tehran does not directly attack US interests or personnel in the region. Trump "has shown remarkable restraint in keeping our military's focus on protecting our troops and protecting our citizens," vice president JD Vance posted on social platform X, adding that Trump "may decide he needs to take further action to end Iranian enrichment". Trump cut short his visit to the G7 leaders summit in Canada to return to Washington Monday night. The US administration has come under intense lobbying from the isolationist wing of politicians loyal to Trump, who have called publicly for him not to commit US military personnel and resources to attack Iran. Senate Democrats, in turn, began to circulate legislation demanding that Trump ask for authorization from Congress before using military force against Iran. Trump blasted former Fox News anchorman Tucker Carlson as "kooky" for arguing vociferously against US participation in any attack in Iran. Trump, at the same time, criticized French president Emmanuel Macron for suggesting that Trump's early exit from the G7 summit was meant to work toward a ceasefire in the Middle East. "People are right to be worried about foreign entanglement after the last 25 years of idiotic foreign policy," Vance said. "But I believe the president has earned some trust on this issue." Trump, in stump speeches during the presidential campaign and since reclaiming the White House, has frequently denounced his predecessors for entangling the US in wars in the Middle East. In a speech in Riyadh last month, Trump offered "peaceful engagement" to Tehran and criticized his predecessors as "the interventionists (who) were intervening in complex societies they did not understand". Since Israel first launched its attack on Iran on 13 June, the US has warned Tehran not to target US forces in retaliation. Iran has taken no such step and has called on Trump to restrain Israel from further attacks to allow US-Iran nuclear diplomacy to resume. Iran in recent years has relied on its proxy networks in Iraq, Syria and Yemen to launch attacks on US forces. The degree of Tehran's remaining control over those proxy groups is uncertain. Iran also has not tried to block vessel traffic through the strait of Hormuz, a critical waterway that in 2023 accounted for 27pc of global maritime oil trade. Targeting vessel traffic in Hormuz would mark an irreversible escalation in the conflict, with damaging consequences for Iran as well as the global oil trade. Iran's Mideast Gulf neighbors, which have invested in better relations with Tehran in recent years, are watching the prospect with concern. "The UAE stands for dialogue, de-escalation and diplomacy," Abu Dhabi's state-owned Adnoc chief executive Sultan al-Jaber said at an energy forum in Washington today. "We call on parties to show restraint, and we reaffirm our belief in peace over provocation." US energy secretary Chris Wright was scheduled to speak at the same forum, hosted by think tank the Atlantic Council, but he abruptly cancelled his appearance to participate in the White House discussions on Iran. The US is rushing military, naval and air assets to the Middle East, saying the buildup is aimed at enabling Israel to protect itself from Iranian missile strikes. While Israel has targeted the majority of Iranian nuclear sites, it likely will be unable to destroy Iran's Fordow nuclear enrichment facility on its own. Fordow suffered only minor damage in recent days, and Israel appears to believe that leaving the plant operational would mean a failure of a key military goal, said retired general Frank McKenzie, who served as the commander of Middle East-based US forces in 2019-2022. "I'm certain they're going to get around to Fordow as it may be, trying to get us into the conflict," McKenzie said on Monday. "But I don't see how we get in unless we're attacked, and the Iranians have been very careful about not doing that up until now." By Haik Gugarats and Chris Knight Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Chevron latest E&P to join the US lithium hunt

25/06/17

Chevron latest E&P to join the US lithium hunt

New York, 17 June (Argus) — Chevron has joined the ranks of some of the world's biggest oil producers in taking initial steps to explore for lithium, a key component in electric vehicle (EV) batteries. The second-biggest US oil major said it has acquired about 125,000 net acres in northeast Texas and southwest Arkansas, covering parts of the Smackover formation — a region that has already drawn interest from rivals including ExxonMobil and Equinor for the high lithium content in its briny groundwater. Oil companies are seeking to leverage existing skillsets to deploy advanced methods to extract lithium from brine water — which is regularly produced along with oil and natural gas — at the subsurface. The goal is to produce lithium at lower cost and with a smaller environmental footprint than traditional hard rock mining techniques or those that require massive evaporation ponds and more freshwater resources. "Establishing domestic and resilient lithium supply chains is essential not only to maintaining US energy leadership but also to meeting the growing demand from customers," said Jeff Gustavson, president of Chevron New Energies. "This opportunity builds on many of Chevron's strengths including subsurface resource development." Chevron acquired the two leasehold acreage positions from TerraVolta Resources, whose investor is an affiliate of the Energy & Minerals Group, and East Texas Natural Resources. Financial details of the deals were not disclosed. The announcement follows growing interest in the region as oil companies seek to navigate the demands of the energy transition. Smackover Lithium, a joint venture between Standard Lithium and Equinor, aims to produce 22,500 t/yr of battery-grade lithium carbonate from the Southwest Arkansas Project (SWA) by 2028. In May, the Arkansas Oil and Gas Commission approved a 2.5pc quarterly gross royalty for the Reynolds Unit in Phase I of SWA, located in Lafayette and Columbia counties —setting a precedent for similar projects statewide. In November 2024, ExxonMobil signed a deal to supply up to 100,000 t of lithium carbonate to South Korea's LG Chem , sourcing the feedstock from the Smackover Formation. "By early next decade, big oil and big mining will replace the likes of [major US-based lithium producer] Albemarle at the top of the lithium world," said independent analyst Joe Lowry, host of the Global Lithium podcast. By Stephen Cunningham and Carol Luk Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Countries adopt agenda at UN climate talks after delay

25/06/17

Countries adopt agenda at UN climate talks after delay

London, 17 June (Argus) — Countries have adopted the agenda of the UN Bonn climate talks after an extra day of negotiations, following disagreements over the inclusion of items on climate finance and climate-related trade measures, which caused delays. The adopted agenda was a compromise, in which the two agenda items were not included, but will be addressed in other ways. The topic of trade measures — in effect carbon border adjustment mechanisms (CBAM) — will be discussed under other relevant agenda items. For the climate finance topic, which refers to developed countries' obligations to provide climate finance to developing nations, Bonn chairs will hold consultations and report back at the UN Cop 30 climate summit, set for November. The Bonn technical negotiations — halfway-point talks before Cop conferences each year — were scheduled to begin on 16 June, but the plenary was suspended as parties failed to agree on the agenda. The outgoing Azeri Cop 29 presidency oversaw further negotiations on the agenda. In the talks' opening plenary, which re-started today, India's representative said that the country was "extremely disappointed" with developed countries' "reluctance" to discuss "legal obligations" for climate finance. India will return to the topic at Cop 30, the country's representative said — echoed by Tanzania. The EU's representative welcomed the agenda's adoption. "It is hard to remain silent when our positions and our motivations are mischaracterised by our partners. This is a multilateral process in which the views of all parties must be respected… we work here together to reach compromises to allow us to move forward", he added. Finance remains a central issue in climate negotiations. At Cop 29 last year, almost 200 countries agreed on a new goal to provide $300bn/yr in climate finance to developing nations by 2035. The Cop 29 finance outcome was significantly lower than the trillions of dollars sought by developing countries, which expressed frustration at the time. But the text also called on "all actors… to enable the scaling up of financing to developing country parties for climate action from all public and private sources to at least $1.3 trillion/yr by 2035". Consultations on a roadmap to achieve that level will take place in Bonn. The EU's CBAM was a point of contention during the Cop 28 and 29 talks, with countries such as China and Brazil raising concerns about its impact on developing countries. The European Commission expects the CBAM, when fully phased in, to capture more than half of the emissions covered by the bloc's ETS. The scheme's full implementation starts on 1 January 2026, but its impact is already starting to be felt . By Georgia Gratton Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Two oil tankers collide off UAE coast: Update

25/06/17

Two oil tankers collide off UAE coast: Update

Adds fire, details on both tankers throughout Dubai, 17 June (Argus) — Two oil tankers have collided off the coast of the UAE, the country's national guard said today, with at least one seemingly on fire as a result. The collision occurred early today, 17 June, in the Sea of Oman, around 24 nautical miles off the port of Khor Fakkan on the UAE's east coast, according to the national guard. It identified one of the vessels as the Antigua and Barbuda-flagged Adalynn , a Suezmax-class tanker that had departed Fujairah heading for the Suez Canal, according to MarineTraffic data. Unverified video on social media shows the Adalynn on fire. The national guard said 24 crew members were removed and brought ashore at Khor Fakkan. Adalynn was, under a previous name, under US sanctions from March 2022 to September 2023, accused of being used for illicit shipments in support of Iran's Islamic Revolutionary Guard Corps. Shipping company Frontline said its very large crude carrier (VLCC) Front Eagle was the other tanker. Frontline said there was a fire on the Front Eagle's deck, which was quickly extinguished. All its crew are safe, Frontline said. Tracking data show the tanker had departed Khor Fakkan and was bound for Zhoushan, China. MarineTraffic data show both tankers are stationary. The incident comes a day after the UK Maritime Trade Operations (UKMTO) said it had received multiple reports of "increasing electronic interference" in the Mideast Gulf and strait of Hormuz. The interference is probably linked to the latest escalation between Israel and Iran, triggered by Israeli air and missile strikes on several Iranian military and nuclear sites on 13 June. The two sides have since exchanged missile fire with growing intensity, and critical infrastructure was hit over the weekend. By Nader Itayim, Elshan Aliyev and Ben Winkley Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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