US sanctions Brazilian judge in Bolsonaro trial: Update

: Agriculture, Biofuels, Crude oil, Fertilizers, Metals, Oil products, Petrochemicals
25/07/30

Includes more US comments.

The presiding judge in a trail against former Brazilian president Jair Bolsonaro faces US sanctions over alleged human rights abuses after President Donald Trump's criticism of the case.

The US Office of Foreign Assets Control (Ofac) on Wednesday added Alexandre de Moraes to its list of specially designated nationals under the Magnitsky Act, which allows the US to prohibit entry and impose economic sanctions on foreign nationals it has identified as taking part in human rights violations or corruption.

Trump has called the case against Bolsonaro for an alleged coup attempt a "witch hunt" and threatened a 50pc tariff on Brazil, a phrase treasury secretary Scott Bessent echoed after the latest order.

"Alexandre de Moraes has taken it upon himself to be judge and jury in an unlawful witch hunt against US and Brazilian citizens and companies," Bessent said, adding that Moraes has targeted opposition politicians including Bolsonaro.

He also highlighted what he said was Moraes' arbitrary detention of a journalist for over a year among other cases not directly related with Bolsonaro's trial.

The US State Department in explaining the sanction said that "Moraes abused his authority by engaging in a targeted and politically motivated effort designed to silence political critics." It cited Moraes' social media ban on Bolsonaro and his orders for "unjust pre-trial detentions."

The Brazilian judge had argued earlier that Bolsonaro and his son Eduardo have been seeking help in the US to pressure Brazilian authorities over the trial.

Brazilian president Luiz Inacio Lula da Silva shortly after the Ofac designation posted an excerpt of his interview with The New York Times on social media highlighting his comment that "In Brazil, the law is for everyone. The three branches of government are independent."

The designation comes ahead of Brazil facing higher US tariffs over its exports, set to go into effect on 1 August for it and other countries that do not reach new trade deals. Lula has said he is "open to talk" with the US.

By Carla Bass

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25/11/07

Petrobras increases spending by 24pc in 3Q: Update

Updates with investment plans in paras 3-4 and explorations plans in paras 8-9 Rio de Janeiro, 7 November (Argus) — Brazilian state-controlled Petrobras' investments increased by 24pc in the third quarter from a year earlier, as the firm continues to focus on production in the offshore pre-salt. Petrobras spent $5.5bn in capital expenditure (capex) in July-September, of which $4.7bn was for exploration and production. Of this investment in exploration and production, $2.7bn went to developing production of the pre-salt cluster in the Santos basin, particularly the construction of seven new floating production, storage and offloading units that will serve the Buzios, Atapu and Sepia fields. A further $900mn went to developing production in the Campos basin's pre- and post-salt, and $500mn went to exploration. Total investments over the first nine months of the year were $14bn, a 29pc increase on the same period last year. The company has speeded up investment execution due to projects being brought forward, rather than higher costs, and is on track to meet guidance by year's end, directors said. Capex guidance for 2025 as outlined in Petrobras' 2025-2029 business plan is $18.5bn. The firm is due to present an updated plan at the end of November. There are no plans to cut investments next year, said the director for engineering, technology and innovation, Renata Baruzzi. Petrobras posted a profit of R32.7bn ($6bn) in the third quarter, a 0.5pc increase on the same quarter last year and 23pc more than in the previous quarter. Higher crude production as well as stronger crude exports and domestic sales of diesel drove the third quarter result, Petrobras said. It also cited a small rallying of oil prices, with the price of Brent growing by 2pc compared with the second quarter, and lower operational costs, as contributing factors. The company's board approved a payout of R12.16bn ($2.3bn) to shareholders, or R0.9432/share, down from R1.3282/share a year earlier. Dividends will be paid in two installments, in February and March. Exploration going forward Petrobras celebrated receiving regulatory approval last month to drill an exploratory well in the Foz do Amazonas basin off Brazil's northern coast. This is the most coveted area in the equatorial margin, a new oil frontier which could contain reserves similar to those found off Guyana. The company hopes to find oil in this first well, named Morpho, but if not it will continue exploration, director for exploration and production Sylvia Anjos said. "We are already planning for eight wells in the region," she said. By Constance Malleret Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

US EPA grants more waivers from biofuel quotas

25/11/07

US EPA grants more waivers from biofuel quotas

New York, 7 November (Argus) — President Donald Trump's administration today granted small refiners even more exemptions from federal biofuel blend mandates, raising the stakes of a debate about whether larger oil companies should shoulder more of the burden. The US Environmental Protection Agency (EPA) granted two full exemptions from the program's annual blend requirements, halved obligations in response to 12 petitions, and denied two others. The agency requires oil refiners and importers to annually blend biofuels or buy credits from those who do, though small facilities that process 75,000 b/d or less can request program waivers that can save them tens of millions of dollars. The agency used the same methodology as its sweeping August decision , which responded to a historic backlog of petitions and granted most refiners some relief from years of mandates. New petitions poured in afterwards, including from refiners that had not requested waivers in years. And more decisions could come soon, with EPA committing Friday to "address new petitions as quickly as possible" and to try to meet a legal requirement to decide requests within 90 days. Farm and biofuel groups fear that widespread waivers curb demand for their products and have lobbied the Trump administration to follow through on a plan to make oil companies without exemptions blend more biofuels in future years to offset past exemptions for their smaller rivals. Particularly for higher-cost products like renewable diesel and biogas, any dip in demand can prompt biorefineries to slash output. The debate has intensified in recent weeks after a refiner granted generous exemptions in August announced plans to convert a renewable diesel unit back to crude. "The impact on biofuel and agriculture markets will be devastating" without compensating for these exemptions in future biofuel quotas, said Geoff Cooper, president of the ethanol lobby Renewable Fuels Association. EPA already planned on estimating future exemptions from 2026-2027 requirements when finalizing biofuel mandates those years. But the agency has added more work to its plate with a subsequent plan to force large oil refiners to compensate for either all or half of the biofuel volumes lost to actual and expected exemptions from 2023-2025 requirements. The impact of older exemptions is less significant since the credits are expired. The challenge for EPA is that small refiners can submit new or revised petitions at any time, including for years-old mandates. That makes it hard for EPA to accurately forecast future exemptions, and biofuel groups have feared that the agency could muddle the effects of its "reallocation" plan by underestimating volumes ultimately lost to program waivers. Indeed, EPA with its Friday decisions has already waived more requirements than it predicted earlier this year. The agency last forecast that exemptions from 2023 and 2024 mandates would amount to around 1.4bn Renewable Identification Number credits (RINs) of lost demand — but now, the waivers have already reduced obligations those years by 1.92bn RINs, according to program data. If EPA sticks to its plans, that means large refiners will have to blend an even greater share in future years than expected. But if the Trump administration waters down its reallocation idea, biofuel demand could sink more than previously forecast too. There is also the risk that EPA underestimates exemptions for the 2025 compliance year. EPA last forecast that exemptions from those requirements will amount to 780mn RINs of lost demand but has not yet decided any of the 12 pending petitions for that year. Many more requests are likely. Small refiners add to their winnings The August exemptions were a windfall for some oil companies. HF Sinclair, which owns multiple small refineries, last week reported $115mn from lower compliance costs as well as a $56mn indirect benefit from "commercial optimization" of its RIN credit position. And HF Sinclair won more Friday, winning full waivers from 2023 and 2024 biofuel mandates for the "east" section of a larger 125,000 b/d complex in Tulsa, Oklahoma that before September had not previously requested relief in at least three years. The company also won partial relief for two other units from 2021 mandates. Phillips 66 won four years of partial relief for its 66,000 b/d Montana facility, as did Big West Oil for its 35,000 b/d Utah plant. Silver Eagle won exemptions from 2023 blend mandates for two smaller units it owns in Wyoming and Utah. The only Friday denials were for Chevron's 45,000 b/d Utah refinery, which applied for the first time in years just last month. But the increasingly generous relief for small refiners is likely to provoke further backlash from larger oil companies, which argue that making them blend more biofuels is anticompetitive and illegal. EPA is months behind schedule on setting biofuel mandates for 2026 and 2027 and has a deadline Friday to tell a court more about how its reallocation plan affects its timeline. Biofuel groups have asked the court to force the agency to finalize program updates by year-end. By Cole Martin Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Cop: 15 nations join sustainable fuels pledge: Update

25/11/07

Cop: 15 nations join sustainable fuels pledge: Update

Updates with new membership announcement Belem, 7 November (Argus) — A global effort to quadruple the global output and use of sustainable fuels by 2035 will eventually gain significantly greater international backing and provide a boost to energy transition efforts, Engie chairman Jean-Pierre Clamadieu said on Friday. A total of 15 countries joined the "Belem 4x" pledge during a world leaders' summit held on 6-7 November just ahead of the UN Cop 30 climate talks, the Brazilian government said, bringing the total backing to date to 19 nations. The "Belem 4x" pledge, which Brazil proposed in September , launched with support from three other countries — Italy, Japan and India. Clamadieu said he believes total support could grow to around 25-35 countries, if not more. "I think everyone will wait a bit before signing, because people want to study to make sure that all the aspects have been taken into account. But again, I think this pledge will have a big success," Clamadieu told reporters today on the sidelines of the summit. The Brazilian government has said global collaboration is needed to meet the Belem 4x goal and will help lower existing barriers, such as high costs, the lack of clear demand signals and the need for investment in new infrastructure. The pledge's goal is to use sustainable fuels and other technologies to help reduce greenhouse gas (GHG) emissions from electricity generation and from hard-to-abate sectors such as aviation, maritime transport and the cement and steel sectors. "We won't be able to decarbonise if we don't have green molecules that can be used as fuel," Clamadieu. The focus on sustainable fuels is a natural complement to the pledge to triple renewable energy by 2030 that 118 countries signed on to at Cop 28 in Dubai in 2023, according to Clamadieu. "I think it's really it's a bit of a missing piece today, when you look at energy transition," he said. "What was really missing in this Dubai commitment was this issue of green molecules." The countries joining Belem 4x are Armenia, Belarus, Canada, Chile, Guatemala, Guinea, Maldives, Mexico, Mozambique, Myanmar, Netherlands, Panama, South Korea, Sudan, and Zambia. By Michael Ball Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Cop: Sustainable fuels pledge support could grow: Engie

25/11/07

Cop: Sustainable fuels pledge support could grow: Engie

Belem, 7 November (Argus) — A global effort to quadruple the global output and use of sustainable fuels by 2035 will eventually gain significantly greater international backing and provide a boost to energy transition efforts, Engie chairman Jean-Pierre Clamadieu said on Friday. The "Belem 4x" pledge, which Brazil proposed in September , has so far attracted support from only three other countries — Italy, Japan and India. But Clamadieu said he expects at least another 20-30 countries to join because of the role sustainable fuels can play in decarbonising the economy. "I think everyone will wait a bit before signing, because people want to study to make sure that all the aspects have been taken into account. But again, I think this pledge will have a big success," he told reporters on the sidelines of a world leaders' summit being held ahead of the UN Cop 30 climate talks, which start on 10 November in Belem, northern Brazil. The Brazilian government has said global collaboration is needed to meet the Belem 4x goal and will help lower existing barriers, such as high costs, the lack of clear demand signals and the need for investment in new infrastructure. The pledge's goal is to use sustainable fuels and other technologies to help reduce greenhouse gas (GHG) emissions from electricity generation and from hard-to-abate sectors such as aviation, maritime transport and the cement and steel sectors. "We won't be able to decarbonise if we don't have green molecules that can be used as fuel," Clamadieu. The focus on sustainable fuels is a natural complement to the pledge to triple renewable energy by 2030 that 118 countries signed on to at Cop 28 in Dubai in 2023, according to Clamadieu. "I think it's really it's a bit of a missing piece today, when you look at energy transition," he said. "What was really missing in this Dubai commitment was this issue of green molecules." By Michael Ball Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

USWC sells rare bulk scrap cargo to Turkey: Correction

25/11/07

USWC sells rare bulk scrap cargo to Turkey: Correction

Corrects price for US east shred in paragraph 8. Pittsburgh, 7 November (Argus) — A US exporter in the Pacific Northwest sold a bulk ferrous scrap cargo to a Turkish steelmaker this week, highlighting tight liquidity on the west coast and a fresh arbitrage opportunity for shippers. The 50,000 metric tonne (t) mixed-composition cargo included HMS 1/2 90:10 and shred for December shipment at an undisclosed price. Market participants said the HMS portion of the cargo was around $350/t and shred $370/t . Argus was not able to confirm the cargo price or the freight rate for this uncommon voyage from Vancouver, Washington, to Turkey. The deal coincides with limited sale opportunities on the west coast because of a reduced demand from Asian buyers and a recent rebound in the Turkish ferrous scrap market. West coast bulk scrap export volumes for October fell to the lowest level since at least 2016, according to Argus estimates of VesselFinder tracking data. Argus only recorded one 36,000t shipment off the west coast for the month and three cargoes in September which totaled 90,000t, compared with 12 cargoes totaling 384,000t during the same period last year. Prolonged monsoon rains in Bangladesh and India through mid-October stalled a seasonal rebound in construction activity and demand for scrap-intensive long steel products. Bangladeshi buyers also face growing challenges financing cargoes because of a liquidity crunch in lending ahead of national elections to replace the existing interim government. Indian mills have been absent from the deep-sea market as buyers increase consumption of cheaper domestically sourced iron metallic units. By contrast, the Turkish ferrous scrap market is rebounding on stronger rebar demand and insufficient scrap supply. At the root of the arbitrage is the cost advantage of shipping a larger vessel combined with the higher value placed on shred in Turkey compared to south Asia. Turkish steelmakers have consistently paid a $20/t premium for shred to HMS 1/2 80:20, versus a $5/t premium in Bangladesh. A Turkish mill paid $375.50/t cfr for US east shred this week compared to recent deals to Bangladesh slightly below $360/t cfr. A US west coast exporter last sold a cargo to Turkey in 2021 , which shipped from Los Angeles and weighed 47,055t, according to US customs data. Of the seven bulk cargoes sold to Turkey from the west coast over the last 10 years, five exceeded 42,000t, reflecting freight cost advantages for larger vessels. West coast shippers usually sell cargoes weighing around 32,000t. Structural shifts in Asian bulk scrap demand over the last decade and a surge in Chinese steel exports has exposed US west coast exporters to increased reliance on Bangladesh . While sales to Mediterranean remain uncommon, diverging pricing and demand trends between Asia and Turkey could open up a new outlet for west coast exporters. By Brad MacAulay Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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US sanctions Brazilian judge in Bolsonaro trial: Update

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Petrobras increases spending by 24pc in 3Q: Update

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Cop: 15 nations join sustainable fuels pledge: Update

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USWC sells rare bulk scrap cargo to Turkey: Correction

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