Trump taps Vance as running mate for 2024

: Coal, Crude oil, Emissions, Natural gas, Oil products
24/07/15

Former president Donald Trump has selected US senator JD Vance (R-Ohio) as his vice presidential pick for his 2024 campaign, elevating a former venture capitalist and close ally to become his running mate in the election.

Vance, 39, is best known for his bestselling memoir Hillbilly Elegy that documented his upbringing in Middletown, Ohio, and his Appalachian roots. In the run-up to the presidential elections in 2016, Vance said he was "a never Trump guy" and called Trump "reprehensible." But he has since become one of Trump's top supporters and adopted many of his policies on the economy and immigration. Vance voted against providing more military aid to Ukraine and pushed Europe to spend more on defense.

Trump said he chose his running mate after "lengthy deliberation and thought," citing Vance's service in the military, his law degree and his business career, which included launching venture capital firm Narya in 2020. Vance will do "everything he can to help me MAKE AMERICA GREAT AGAIN," Trump said today in a social media post.

Like Trump, Vance has pushed to increase domestic oil and gas production and criticized government support for electric vehicles. President Joe Biden's energy policies have been "at war" with workers in states that are struggling because of the importance of low-cost energy to manufacturing, Vance said last month in an interview with Fox News.

Trump made the announcement about Vance on the first day of the Republican National Convention in Milwaukee, Wisconsin, and just two days after surviving an assassination attempt during a campaign event in Pennsylvania.

Earlier today, federal district court judge Aileen Cannon threw out a felony indictment that alleged Trump had mishandled classified government documents after leaving office.

By Chris Knight

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25/01/17

Canada's Trans Mountain investigating capacity increase

Calgary, 17 January (Argus) — The operator behind Trans Mountain's 890,000 b/d pipeline system in western Canada is looking into increasing its capacity as export congestion looms, while threatened US tariffs may prompt the country to re-examine its broader pipeline strategy. "We have started to identify and investigate opportunities that could improve the throughput efficiency of the system and increase capacity of the pipeline — ideally in the next four to five years," Trans Mountain told Argus on Friday. Federally-owned Trans Mountain would not say how much of an increase it was contemplating, but any plans would be subject to thorough regulatory reviews and approval before proceeding. The system connects producers in oil-rich Alberta to the docks at Burnaby, British Columbia, and its capacity was roughly tripled when the 590,000 b/d Trans Mountain Expansion (TMX) was placed into service in May 2024. The increased system has been a popular outlet for shippers, both for selling to US West coast refiners, but also for producers looking to bypass the US altogether and target Asian countries. Trans Mountain is expected to be full by 2028, chief executive Mark Maki told a parliamentary committee in October , as are other lines which have operators like Enbridge also looking to up egress capacity. The laying of new pipe may not necessarily be a big part of these increases as both are looking at making their systems more efficient. TMX is expected to cost about C$34bn ($24bn) after enduring regulatory delays, political and environmental resistance, court orders, wildfires, floods, Covid-19 measures, and rising labor costs caused by competing pipelines since being proposed in 2013. Other proposed export pipelines like Enbridge's 525,000 b/d Northern Gateway and TC Energy's 1.1mn b/d Energy East did not get past the approval stage under a federal Liberal government. Alberta premier Danielle Smith on 16 January called on Canada to "immediately start construction on the Northern Gateway and Energy East pipelines" to decrease the country's reliance on US customers in the wake of threatened tariffs by president-elect Donald Trump. Prime minister Justin Trudeau and all Canadian premiers, except Smith, have not ruled out the use of Canada's energy — most of which comes from Alberta — in retaliation to US tariffs. Smith has been labeled by some as not being part of a unified front for Canada, but she questions where the "Team Canada" approach has been in the past, citing suffocating regulations for the energy industry and decades of transfer payments made to Quebec, Ontario and the Maritime provinces at the expense of Alberta taxpayers. There is precedent for Smith's concerns, referencing a clash between Alberta and prime minister Pierre Trudeau, Justin's father, in 1973 when a federal tax was imposed on Canadian oil exported to the US amid the Arab oil embargo. Conflict peaked again in the early 1980s when the Trudeau government introduced its National Energy Program, which included price controls on domestic oil. By Brett Holmes Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

IMF upgrades global growth outlook

25/01/17

IMF upgrades global growth outlook

Washington, 17 January (Argus) — The IMF is taking a slightly more upbeat view of the prospects for the global economy, revising upward its expectations for the US economy. But IMF officials are warning about the potential for higher inflation in the US if president-elect Donald Trump follows through with his threats to impose broad tariffs on all US imports from Canada, Mexico and China. "Higher tariffs or immigration curbs will play out like negative supply shocks, reducing output and adding to price pressures," IMF head of research Pierre-Olivier Gourinchas said. In an update to its World Economic Outlook released today, the IMF projected the global economy will grow by what it called a "stable, albeit lackluster rate" of 3.3pc this year and again by 3.3pc in 2026. The IMF's new 2025 outlook is 0.1 percentage points higher than its 3.2pc forecast in its October report. The IMF expects the US economy, spurred by continued strength in domestic demand, to grow by 2.7pc this year, a 0.5 percentage point increase from its forecast in October. China's economy is projected to grow by 4.6pc this year, up by 0.1 percentage point from the IMF's October forecast. The euro area is expected to grow by 1pc. Last year, the world economy grew by an estimated 3.2pc, compared with 3.3pc in 2023, the IMF said. IMF forecasts are used by many economists, including at the Paris-based energy watchdog IEA, to model oil demand projections. Global inflation is expected to decline to 4.2pc this year and 3.5pc in 2026, with pricing pressures easing in advanced economies more quickly than in emerging and developing economies. Gourinchas noted that while it is difficult to quantify the effects of the policy changes Trump has vowed to implement, "they are likely to push inflation higher in the near term" relative to the IMF's baseline. Looser fiscal policy or deregulation would stimulate demand and increase inflation, as spending and investment rise. "A combination of surging demand and shrinking supply would likely reignite US price pressures, though the effect on economic output in the near term would be ambiguous," Gourinchas said. IMF executive director Kristalina Georgieva and other economists have warned in recent years about the rising tide of protectionist measures implemented by the advanced economies, including the US and the EU. A recent IMF forecast scenario that involves a trade war between the US, Europe and China would reduce the global and US GDP annual growth forecast by 0.5 percentage points in 2025-30, with smaller effects in the eurozone and China. That scenario did not account for a possible trade war between the US and its immediate neighbors, which also has the potential to disrupt an integrated North American energy market. By David Ivanovich and Haik Gugarats Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Italy's Falconara refinery shut for winter maintenance

25/01/17

Italy's Falconara refinery shut for winter maintenance

London, 17 January (Argus) — Italian refiner API's 83,000 b/d bitumen-producing refinery at Falconara on the country's Adriatic coast is in the middle of a planned full-scale maintenance shutdown for a month-long period through to early February, a source familiar with the refinery's operations said. It is routine to shut down during the winter period when demand for road paving is low, the source said, adding that the halt at Falconra began in late December and is scheduled to be completed in late January or early February. Argus tracking shows no crude has been delivered to the refinery so far in January and there are no crude cargoes on route. Falconara is one of several bitumen-producing plants across Europe that halt production during the winter period. In Mediterranean markets such as Italy, paving and other construction activity usually resumes in February or March, depending on weather conditions. Italian bitumen production and exports are expected to be significantly dented by planned maintenance at Algerian firm Sonatrach's 198,000 b/d Augusta refinery in Sicily from February to May, one of a number of shutdowns affecting refineries in the region over the next few months. By Fenella Rhodes Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Houthis signal Red Sea attacks pause after Gaza truce

25/01/17

Houthis signal Red Sea attacks pause after Gaza truce

Dubai, 17 January (Argus) — The Yemen-based Houthi militant group said it will monitor implementation of a temporary ceasefire between Israel and Gaza-based Hamas, raising the possibility of a reprieve for shipping in the Red Sea, but will remain prepared for military action if the deal is breached. "Our position regarding the situation in Gaza is linked to the position of our brothers in the Palestinian [armed] factions," Houthi leader Abdul-Malik al-Houthi said in a televised speech on 16 January. "We will continue to monitor the stages of implementation of the ceasefire agreement in Gaza, and any Israeli [violation], we will be directly ready to support militarily the Palestinian people." Al-Houthi's remarks suggest a halt in his Iran-backed group's campaign against shipping passing through the mouth of the Red Sea and against Israel directly. But with no clarity if he was referring to attacks on Israel or shipping lanes, shipping firms are likely to remain cautious about returning to the Red Sea. The Houthis began attacking commercial vessels with western and Israeli affiliations in the Red Sea and Gulf of Aden following an escalation of fighting between Hamas and Israel. Al-Houthi said his group have carried out 1,255 operations, including using ballistic missiles, drones and gunboats, since November 2023. But the risk of an attack in the Red Sea remains despite the ceasefire between Hamas and Israel, tanker owner Frontline said today. "We [are] all hopeful with the ceasefire, but… any ceasefire will be vulnerable with risk of [a] crew being caught if it breaks," Frontline chief executive Lars Barstad wrote on X. The possibility of an attack has compelled many ship operators to forego the Suez Canal in favor of longer voyages around the Cape of Good Hope in the last year, adding time and cost to movement of commodities. Transit of liquid and dry cargoes through the Suez Canal totaled 343mn t last year, less than half the 763mn t in 2023, according to data from Kpler. The ceasefire deal was announced late on Wednesday, 15 January, by Qatar and the US, two of the three countries that have been helping to mediate the negotiations between Israel and Hamas. Egypt is the third. Israel's security cabinet will meet today to sign off on the deal, and will send it for approval from the full government. By Bachar Halabi Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Bayernoil-Werksteil nach Brand heruntergefahren: Update

25/01/17

Bayernoil-Werksteil nach Brand heruntergefahren: Update

Der Betreiber hat die Verladung in Neustadt wieder aufgenommen Hamburg, 17 January (Argus) — In der Nacht zum 17. Januar kam es im Werksteil Neustadt der Bayernoil Raffinerie zu einem Brand in einer Prozessanlage, so der Betreiber in einer Pressemitteilung. Der Betreiber hat den Werksteil komplett heruntergefahren. Der Brand soll den Mild-Hydrocracker (MHC) oder ein Gebäude daneben betreffen, so aus Raffineriekreisen. Die Feuerwehr lasse die Anlage derzeit kontrolliert abbrennen. Der MHC wird für die Mitteldestillatproduktion genutzt und dürfte daher vor allem das Heizöl- und Dieselangebot einschränken. Tankwagen, die in Neustadt laden wollen, werden nach Vohburg umgeleitet. Mittlerweile hat der Betreiber am Vormittag die Tankwagenverladung in Neustadt wieder aufgenommen. Alle Anteilseigner bieten in beiden Werksteilen zunächst kein Heizöl, Diesel und Benzin mehr auf Spot an. Ein Anteilseigner hat zudem das Spotangebot auch in anderen bayrischen Standorten wie München, Regensburg, Fürth, Nürnberg und Marktredwitz eingestellt. Die Ursache für die Explosion und die Dauer der Einschränkungen ist bislang unklar. Bei dem Vorfall wurden zwei Personen verletzt. Der Betreiber plante zuvor, den Werksteil Vohburg Anfang März für etwa sechs Wochen für Wartungsarbeiten komplett und Neustadt teilweise außer Betrieb zu nehmen. Ob die Wartung trotz der derzeitigen Einschränkungen stattfinden werden, ist ebenfalls unklar. Von Gabriele Zindel Senden Sie Kommentare und fordern Sie weitere Informationen an feedback@argusmedia.com Copyright © 2025. Argus Media group . Alle Rechte vorbehalten.

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