Generic Hero BannerGeneric Hero Banner
Latest market news

Harris, Trump clash as polls hang in balance

  • : Crude oil
  • 24/09/11

Former president Donald Trump and vice president Kamala Harris brawled, often in personal terms, in their first presidential debate on Tuesday, with Trump branding Harris a "Marxist" and Harris saying world leaders know they can manipulate Trump with flattery.

With polls indicating an even match between Trump and Harris across the six or seven battleground states that will determine the election outcome, Tuesday's debate — likely the only one they will have — presented a breakout opportunity for the two candidates.

While President Joe Biden was unable to stand up to Trump's attacks in their match-up in June — in a debate performance that eventually led to his withdrawing from the race — Harris, a former prosecutor, frequently had Trump on the defensive, casting her 78-year-old opponent as confused and extreme.

The debate, held in the crucial swing state of Pennsylvania, started off on a calm note as Harris walked up to Trump to introduce herself — the two politicians were meeting face to face for the first time. Harris touted her plan to extend child tax credits and provide tax deductions for small businesses.

Harris cast Trump's plan to impose tariffs of up to 20pc on all imported goods as essentially a national sales tax that would hurt the middle class. Trump argued that his plan would not represent a tax on US consumers because "other countries are going to finally pay us back for all that we've done".

But the debate quickly deteriorated, as Trump called Harris a "Marxist", suggested that immigrants moving to the US hunt dogs and cats for personal consumption and asserted that Harris would ban hydraulic fracturing (fracking) on her first day in office.

"I have not banned fracking as vice president of the US, and in fact, I was the tie breaking vote on the Inflation Reduction Act (IRA) which opened new leases for fracking," Harris said. When Harris was running for the Democratic nomination in 2019, she said there was "no question I'm in favor of banning fracking", only to abandon that position when running this year.

The IRA, the landmark climate legislation that Congress approved in 2022, included a compromise provision demanded by the Republican lawmakers that set aside more areas for leasing in the Gulf of Mexico.

Trump appeared to give the Democratic administration credit for keeping the US oil industry intact. "They started getting rid of it, and the prices were going up the roof. They immediately let these guys go where they were." But he contended that US oil output would have been "four-five times" than it is now if he had been re-elected in 2020.

US crude output fell sharply in Trump's last year in office as the Covid-19 pandemic devastated demand. Oil output reached a record high of 12.9mn b/d last year and is projected to grow again this year, according to the Energy Information Administration.

"If she won the election, the day after that election, they'll go back to destroying our country, and oil will be dead," Trump said. "Fossil fuel will be dead. We'll go back to windmills, and we'll go back to solar."

Foreign policy issues presented another area of personal attacks for the candidates.

"World leaders are laughing at Donald Trump," Harris said. Trump countered by citing praise for his leadership from Hungary's prime minister Viktor Orban, a controversial leader who frequently clashes with EU leaders over their support for Ukraine.

Trump repeatedly refused to say whether he wanted Ukraine to win its war with Russia, merely saying that the war should end. And he argued it would not have started if he had been in office.

"If Donald Trump were president, [Russian president Vladimir] Putin would be sitting in Kyiv right now," Harris said. "You adore strongmen instead of caring about democracy."

Trump frequently attacked Biden during the debate, prompting Harris to say: "It's important to remind the former president, you're not running against Joe Biden, you're running against me."

An average of national polls aggregated by the Washington Post shows Harris with a 2 percentage point lead over Trump this week — a result that pollsters interpret as a statistical dead heat, as the winner is determined in the Electoral College, not in the nationwide voting.

It will take some time for the outcome of Tuesday's debate to become apparent in the polls. Harris and Trump have not agreed to hold another debate. Trump's vice presidential pick, Ohio senator JD Vance and Harris' running partner, Minnesota governor Tim Walz, are scheduled to hold a televised debate on 1 October.


Related news posts

Argus illuminates the markets by putting a lens on the areas that matter most to you. The market news and commentary we publish reveals vital insights that enable you to make stronger, well-informed decisions. Explore a selection of news stories related to this one.

25/06/17

Trump wants Iran's ‘unconditional surrender’: Update

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
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.

Two oil tankers collide off UAE coast: Update


25/06/17
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.

UN Bonn climate talks delayed by agenda disagreements


25/06/17
25/06/17

UN Bonn climate talks delayed by agenda disagreements

Edinburgh, 17 June (Argus) — The start of UN climate talks in Bonn, Germany, has been delayed as a result of agenda disagreements over finance and trade measures. The Bonn technical negotiations — halfway-point talks before the UN Cop 30 conference in Brazil — were scheduled to begin on 16 June, but the plenary was suspended as parties failed to agree on an agenda. The opening meeting is due to restart later today. Bolivia — acting on behalf of the Like-Minded Group of Developing Countries (LMDC) negotiating group — proposed two additional items to the provisional agenda. The LMDC group also includes countries such as China, Saudi Arabia, Cuba and Vietnam. The group's first proposed agenda item seeks to add a line on the implementation of Article 9.1 of the Paris Agreement relating to the provision of climate finance to developing countries from developed nations. The EU opposed the agenda item as proposed by the LMDC, and asked for references to Article 9.2 and 9.3, which relate to the provision of finance by "other parties" and sources of finance. The LMDC rejected this counterproposal. 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 Cop 29 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 second agenda item proposed by the LMDC relates to "promoting international co-operation and addressing the concerns with climate change related trade-restrictive unilateral measures" — namely the EU's carbon border adjustment mechanism (CBAM). The 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 mechanism aims to create a level playing field by imposing an effective carbon price on imports to the EU in sectors covered by the bloc's emissions trading system (ETS). This is to prevent EU-based firms from moving carbon-intensive production to non-EU jurisdictions with lower carbon costs, and to avoid EU products being replaced by more carbon-intensive imports. 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 . Six emissions-intensive industries are included under CBAM's scope at present — cement, fertilizers, iron and steel, aluminium, electricity and hydrogen. By Caroline Varin Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

India's HPCL plans another expansion at Vizag refinery


25/06/17
25/06/17

India's HPCL plans another expansion at Vizag refinery

Mumbai, 17 June (Argus) — Indian state-owned refiner HPCL plans another expansion at its Visakhapatnam (Vizag) refinery, and will raise its capacity to 401,000 b/d in the next five years from the current 301,000 b/d, the refinery's executive director Ramanathan Ramakrishnan said. The refinery underwent an expansion in 2023 when its capacity was raised to 270,000 b/d. Crude processing at the refinery was up by 21pc on the year at 307,000 b/d in the April 2024-March 2025 fiscal year, oil ministry data show. The refinery will be processing more than 321,000 b/d of crude in the 2025-26 fiscal year and 361,000 b/d over the next five years to meet the country's increasing energy demand, Ramakrishnan said on 16 June. Under the expansion plan, the refinery will add a 9mn t crude distillation unit, a 3mn t vacuum gas oil hydrocracker, a 3.55mn t residue upgradation facility, gas turbine generators, two trains of hydrogen, a sulphur recovery unit, an isomerization unit and associated tankages and facilities. HPCL expects to commission the residue upgradation unit at its refinery by July-September 2025. While the refinery does not have a petrochemical complex due to space constraints, HPCL intends to produce specialty chemicals and continue focusing on producing gasoline and diesel. The construction of HPCL's 180,000b/d refinery in Barmer is expected to be completed soon and the plant is expected to take in crude by October. The refinery is a joint venture between HPCL with a 74pc stake and the Rajasthan state government with 26pc. HPCL also has a 190,000 b/d refinery in Mumbai, and a 226,000 b/d refinery in Punjab in a joint venture with Mittal Energy. HPCL's sales of oil products in domestic markets rose by 6pc on the year to 47.29mn t in April 2024-March 2025. By Roshni Devi Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Generic Hero Banner

Business intelligence reports

Get concise, trustworthy and unbiased analysis of the latest trends and developments in oil and energy markets. These reports are specially created for decision makers who don’t have time to track markets day-by-day, minute-by-minute.

Learn more