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Trump sworn in with vow to 'drill, baby, drill'

  • : Coal, Crude oil, Emissions, Natural gas, Oil products
  • 25/01/20

President Donald Trump, within minutes of being sworn in for a second term in office, pledged today to declare a "national energy emergency" and sign executive orders to expand drilling, block electric vehicle regulations and end the climate policies of his predecessor.

In his second inaugural address delivered inside the rotunda of the US Capitol, Trump vowed to put "America first" and make the US "greater, stronger and far more exceptional than ever before".

Trump said he will sign a raft of executive orders to restore "common sense" in US policy, including a directive for his administration to "defeat" inflation by increasing drilling and rolling back climate-related policies.

"The inflation crisis was caused by massive overspending and escalating energy prices, and that is why today I will also declare a national energy emergency," Trump said. "We will drill, baby, drill."

It remains unclear if Trump will take action soon on his plan to pursue across-the-board import tariffs, or a threatened 25pc tariff against Canada that oil industry officials have said could disrupt the nearly 4mn b/d of crude the US imports from Canada. Trump said today he would immediately begin an "overhaul" of the US trade system to protect domestic workers and to start to "tariff and tax foreign countries to enrich our citizens".

In an often-dark, bellicose address reminiscent of his "American carnage" speech eight years ago, the 47th president of the US promised to "reverse the horrible betrayal" and "give the people back their faith, their wealth, their democracy and, indeed ,their freedom.

"From this moment on, America's decline is over," Trump declared.

In foreign policy, Trump said the US would "reclaim its rightful place" as the most powerful country in the world and reiterated plans to rename the Gulf of Mexico as the Gulf of America.

Trump also promised still-unspecified actions to take control of the US-built Panama Canal in response to what he says has been unfair treatment of US ships, a threat that president Jose Raul Mulino has rejected.

"We gave it to Panama, and we're taking it back," Trump said.

Trump's declaration of an "energy emergency" could bolster the legal rationale for some of energy policies and plans to expedite permitting. US interior secretary nominee Doug Burgum, at a confirmation hearing last week, said emergency action was needed because of a looming "crisis" with the electric grid that he said could result in higher prices and slowing the growth of artificial intelligence data centers.

Trump is expected to take action soon to restart licensing of US LNG export terminals and support drilling in the Arctic National Wildlife Refuge (ANWR). Trump said he wanted the US to take advantage of its vast oil and gas reserves, which he said would reduce energy prices, increase energy exports and refill the US Strategic Petroleum Reserve, which now holds 394mn bl of crude and is at 55pc of its capacity, "right to the top".

Trump also said he plans to end the "Green New Deal" — a reference to climate programs enacted under former president Joe Biden — and revoke a federal "electric vehicle mandate" he said is threatening the US auto manufacturing sector. Trump has yet to specify which parts of Biden's climate legislation he will overturn, but the White House said the administration intends to consider rescinding all federal regulations that impose "undue burdens" on energy production, end leasing of federal land to wind farms and roll back energy efficiency standards for consumer goods. The White House also said Trump will once again pull the US out of the Paris climate agreement.

During his campaign, Trump promised he would cut the price of energy by 50pc within 12 months of taking office. But with regular grade gasoline averaging close to $3/USG and Henry Hub natural gas prices less $4/mmBtu this month, such a dramatic cut in prices would be difficult to achieve without causing major disruptions to industry. Environmentalists and Democratic-led states are also preparing to file lawsuits challenging Trump's deregulatory actions, a strategy they used during his first term with mixed success.

Trump was sworn in in a relatively small ceremony inside the US Capitol, after calling off a more traditional, outdoor inauguration because of temperatures that were hovering around 23° F.

Among those in attendance was Telsa chief executive Elon Musk, who spent more than $250mn to help elect Trump and is chairing a cost-cutting advisory panel, and other tech industry billionaires. Florida governor Ron Desantis (R). Indiana governor Mike Braun (R) and other top Republicans watched the inauguration remotely.

Former president Joe Biden today issued pardons to former chairman of the joint chiefs of staff retired Gen. Mark Milley, key medical adviser during the Covid-19 pandemic Anthony Fauci, leaders of the committee that investigated Trump's actions leading up to the 6 January 2020 attack on the US Capitol, and members of his own family. Biden said those he pardoned did nothing wrong but worried they could face "baseless and politically motivated investigations".


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25/02/12

Mexico factory output dips 1.4pc in December

Mexico factory output dips 1.4pc in December

Mexico City, 12 February (Argus) — Mexico's industrial production fell 1.4pc in December from the previous month with broad weakness across multiple sectors on tariff uncertainty and weak domestic demand. The result marks the largest monthly decline of 2024 and was weaker than the 1pc decline forecast by Mexican bank Banorte. It followed a nearly flat reading in November. Trade uncertainty and low domestic demand weighed on industrial production in December, said Banorte, with industry "sluggishness" likely through mid-2025. Manufacturing, which represents 63pc of Inegi's seasonally adjusted industrial activity indicator (IMAI), decreased by 1.2pc after rising 0.7pc in November. Transportation equipment manufacturing output, which comprises 24pc of the manufacturing component, has fluctuated in recent months, falling 6.4pc in December after a 3.6pc uptick in November and a 4.4pc decline in October. Despite this, Mexico's auto sector achieved record annual light vehicle production and exports in 2024. However, Mexican auto industry associations confirm investment in the sector has begun to slow on uncertainty tied to concerns over potential US tariffs and slow economic growth in 2025. Taking the base case that tariffs do not materialize, Banorte expects manufacturing to rebound in the second half of the year as uncertainty lifts and interest rates fall with rate cuts at the central bank. Mining, which makes up 12pc of the IMAI, was lower by 1pc in December, following a 0.5pc increase in November. The decline was again driven by the oil and gas production, falling by 2.5pc in December to mark a sixth consecutive monthly decline for hydrocarbons output. Construction, representing 19pc of the IMAI, contracted by 2.1pc in December with setbacks in all categories. This matched the November result, with Inegi recording declines in construction in five of the last seven months. From a year prior, industrial production fell by 2.4pc in December , while manufacturing fell by 0.3pc and construction declined by 7.1pc in December. Mining was down by 6.2pc. B y James Young Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

US inflation quickens to 3pc in January


25/02/12
25/02/12

US inflation quickens to 3pc in January

Houston, 12 February (Argus) — US consumer inflation accelerated in January to the fastest pace in half a year, supporting the Federal Reserve's recent decision to pause in its course of rate cuts. The consumer price index (CPI) rose by 3pc in January from a year before, accelerating from 2.9pc in December, the Bureau of Labor Statistics reported today. That marked a fourth month of annual gains from a low of 2.4pc in September. Core inflation, which strips out volatile food and energy, rose by an annual 3.3pc in January from 3.2pc in December. The acceleration in inflation reinforces the Fed's decision last month to hold its target rate steady after three prior rate cuts. The Fed has said it does "not need to be in a hurry" to change its stance while it weighs the impacts of President Donald Trump's tariff policies and other "incoming information". Trump won the November election partly on a pledge to bring down inflation. The energy index rose by 1pc in January following a 0.5pc contraction through December. Gasoline fell by 0.2pc in January after a 3.5pc contraction through December. Piped gas rose by 4.9pc for a second month. Food rose by an annual 2.5pc, matching the prior month's annual gain. Eggs surged by an annual 53pc, as avian flu has slashed supply. Shelter rose by 4.4pc, accounting for 30pc of the overall monthly gain in CPI, slowing from 4.6pc in December. Services less energy services rose by 4.3pc in January following a 4.4pc gain New vehicles fell by 0.3pc after a 0.4pc contraction. Transportation services rose by an annual 8pc in January after a 7.3pc gain in December. Car insurance was up by an annual 11.8pc and airline fares were up by 7.1pc. CPI accelerated to 0.5pc in January from the prior month, the most since August 2023. That followed a monthly gain of 0.4pc in December, 0.3pc in November and three prior months of 0.2pc gains. By Bob Willis Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

US trade policy adds uncertainty to oil market: Opec


25/02/12
25/02/12

US trade policy adds uncertainty to oil market: Opec

London, 12 February (Argus) — Opec said today that the US' new trade policies have added "more uncertainty" into global oil markets. This uncertainty "has the potential to create supply-demand imbalances that are not reflective of market fundamentals, and therefore generate more volatility", Opec said in its latest Monthly Oil Market Report (MOMR). The producer group said the uncertainty has also "increased inflation expectations" and "made it more challenging to cut interest rates in 2025". US president Donald Trump started his new term in January with threats to impose a wide array of import tariffs on several big trading partners. Washington has so far announced new tariffs on imports from China, as well as on all US imports of steel and aluminium. And Trump says more tariffs are on the way. For now, Opec has kept its global oil demand growth projections for both 2025 and 2026 unchanged. For this year, the group sees oil demand growing by 1.45mn b/d to 105.2mn b/d, while in 2026 it sees consumption increasing by 1.43mn b/d to 106.63mn b/d. In terms of supply, the group has downgraded its growth forecast for non-Opec+ liquids for 2025 and 2026 by 100,000 b/d each to 1mn b/d for both years. The downgrade is driven by the US and Latin America. Opec+ crude production — including Mexico — fell by 118,000 b/d to 40.625mn b/d, according to an average of secondary sources that includes Argus . Opec puts the call on Opec+ crude at 42.6mn b/d in 2025 and 42.9mn b/d in 2026. By Aydin Calik Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Americas dominate Spain's crude imports in 2024


25/02/12
25/02/12

Americas dominate Spain's crude imports in 2024

Madrid, 12 February (Argus) — Spain's crude imports from the Americas climbed sharply in 2024 to account for more than half of total receipts for the first time on record. Spanish crude imports increased by 5pc on the year to more than 1.29mn b/d, according to petroleum reserves regulator Cores, driven by double-digit growth in receipts from the three largest suppliers the US, Mexico and Brazil. This combined with a respective doubling and tripling of imports from smaller suppliers Venezuela and Guyana to give the Americas a 53pc share of Spanish receipts in 2024, up from 47pc in 2023. Imports were 200,000 b/d below the Spanish refining system's 1.49mn b/d of crude distillation capacity, which like other European countries refineries continued to struggle with competition from cheap imported finished products. North America accounted for 31pc of imports. The US led suppliers for a second consecutive year, with receipts rising by 18pc to 214,000 b/d. Imports from Mexico climbed by 20pc to 161,000 b/d as higher supplies of lighter Olmeca and Isthmus grades more than offset lower amounts of heavy Maya crude at integrated Repsol's refineries. Receipts from Spain's second largest supplier Brazil climbed by 38pc to 181,000 b/d. Those from Venezuela more than doubled to 58,000 b/d after Repsol increased imports under its crude-for-debt deal with state-owned PdV. The Mideast Gulf accounted for just 8pc of Spanish crude imports in 2024, down from 12pc in 2023 as unrest in the region reshaped shipping routes. Receipts from Iraq dropped by 38pc to 38,000 b/d, from Saudi Arabia they fell by 15pc to 70,000 b/d and there were none from the UAE. Africa's share of Spain's crude slate narrowed in 2024. Receipts from Nigeria fell by 21pc to 129,000 b/d, and from Libya they fell by 13pc to 88,000 b/d. Opec's share of Spanish crude imports fell to a record low of 37pc in 2024 from 44pc in 2023 and around 50pc over the past decade. Its share was 35pc of 1.24mn b/d in December. Spain's year-on-year import growth slowed to 3pc in December from 14pc in November. Deliveries were lower at Repsol's 220,000 b/d Bilbao refinery ahead of maintenance in January, rose at Moeve's 244,000 b/d Algeciras facility after conclusion of work there and rose back to capacity at Repsol's 135,000 b/d Coruna after maintenance finished at the start of December. Spain imported crude from 15 countries in December, down from 17 in November as slates narrowed and receipts rose from Nigeria and Mexico. By Jonathan Gleave Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

India’s LNG demand, imports set to rise by 2030: IEA


25/02/12
25/02/12

India’s LNG demand, imports set to rise by 2030: IEA

Singapore, 12 February (Argus) — India's demand for LNG is set to rise significantly by 78pc to 64bn m³ by 2030 to meet its rising demand for natural gas, the International Energy Agency (IEA) said. This is up from 36.17bn m³ in 2024, according to IEA's India Gas report released at India Energy Week on 12 February. LNG imports would increase to account for 62pc of India's gas consumption, which is expected to hit 103bn m³ by 2030, it added. Imports accounted for 50pc of gas consumption in 2024, out of 72bn m³, oil ministry data show. The rise in demand would be backed by the rising city gas distribution (CGD) sector supported by the rapid expansion of its compressed natural gas (CNG) infrastructure and gas in industrial use, the report said. Targeted strategies and policy interventions may also boost gas consumption beyond the forecasted level to around 120bn m³ by 2030, according to the report. The rise in LNG imports would necessitate additional LNG import capacity beyond 2025, IEA said. The gap between contracted LNG supply and projected LNG requirements is set to widen significantly after 2028, it added. This "may leave India more exposed to the volatility of the spot LNG market unless additional LNG contracts are secured in the coming years," the report said. But production may not keep pace with demand. IEA expects India's domestic gas production, which currently meets 50pc of demand, to grow only moderately to just under 38bn m³ by 2030. India's gas output totalled 36bn m³ in 2024, oil ministry data show. IEA expects overall production growth to be limited by plateauing output from the KG-D6 fields and declining production from legacy assets like ONGC's Mumbai offshore fields, which may offset the increasing onshore production from coal bed methane (CBM) and discovered small fields (DSF) and from the additional supplies from ONGC's deepwater KG-D5 project. But India's compressed biogas (CBG) production potential remains largely untapped, with annual output expected to reach 0.8bn m³ by 2030, IEA said. Sectoral demand Gas demand for power and industrial sectors is expected to each take up 15pc of demand by 2030, equivalent to around 15bn m³ respectively, based on the normalised trajectory of consumption hitting 103bn m³ by 2030, IEA said in its report. Gas consumption from refineries is also expected to increase by more than 4bn m³ by 2030 as more refineries are connected to the grid, it added. Gas usage by refineries totalled 5bn m³ in 2024, oil ministry data show. But growth prospects in the petrochemical and fertilizer sectors remain limited, as there are no new gas-based capacity additions planned, it added. The think tank expects some new demand centres to emerge as a result of higher utilisation of India's stranded gas-fired power plants, faster adoption of LNG in heavy-duty transport, more rapid expansion of India's CGD infrastructure, combined with the replacement of LPG with natural gas in the commercial sector. Challenging targets But IEA expects India's 15pc target of natural gas use in the primary energy mix will be challenging to meet, owing to India's gas development pathway prioritising affordability and energy security. "Inter-fuel competition is particularly strong in India, with natural gas vying against coal, oil and renewables in several gas-consuming sectors," according to the IEA report. Even small changes in global gas prices can significantly impact domestic consumption patterns, the report added. Competitive pricing is needed to enable natural gas adoption given the price sensitivity. By Rituparna Ghosh and Roshni Devi Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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