US Businesses brace themselves for more pain when Trump imposes reciprocal tariffs
The U.S. president Donald Trump announced on Wednesday a number of reciprocal duties on trading partners, the latest of a long list of duties that have been imposed by him since he returned to the White House in early this year. From April 5, the U.S. is imposing a baseline 10% tariff on all imports into the country and will be increasing duties for several of its largest trading partners. Levies may be especially damaging to U.S. firms in sectors that have already been hit with duties.
Mexico's Finance Ministry estimates crude oil production at 129,000 bpd less than target
Mexico has lowered its average crude oil production estimate for this year, citing "prudent" approach that takes into consideration the trajectory of the early months of the year. This would put the country under the ambitious target of 1.8 million bpd set by President Claudia Sheinbaum. The revised estimate of the Finance Ministry in its preliminary budget criteria, published late Tuesday, estimated that production would average 1.762 millions bpd this year.
ConocoPhillips is looking to sell assets in Oklahoma worth more than $1 billion, according to sources
People familiar with the situation said that ConocoPhillips has begun exploring the possibility of selling oil and gas assets it acquired from Marathon Oil when it bought the company for $22.5 billion last year. Sources said that the energy producer hired Moelis & Co as an investment bank to manage the sale of the assets. However, they added that talks were at a very early stage, and a deal was not guaranteed.
US businesses prepare for more pain when 'Liberation Day" tariffs loom
Businesses all over the world are eagerly awaiting details about the new tariffs that President Donald Trump has imposed on his trading partners. This is the latest in an extensive series of duties that have been imposed by the U.S. since he returned to the White House at the beginning of this year. Trump is expected to announce the new duties at a ceremony on Wednesday at 4 pm Eastern Time (20:00 GMT), dubbed "Liberation Day".
Nigeria namess ex-Shell executive as head of state oil company NNPC
The Nigerian presidency announced on Wednesday that Bola Ahmed Tinubu had appointed Bayo Ojulari as head of the state-owned oil company NNPC Ltd. This is in response to the country's desire to increase oil production and revitalize its refinery capacity. Tinubu, who in his first year as president devalued the naira twice and ended costly subsidies, has now shifted his attention to overhauling state oil company to maximize its contribution to revenue.
Finland's final active coal-fired heat and power plant closes
The last coal-fired heat and power plant in Finland will be permanently shut down on Tuesday. This will allow the Helsinki energy group Helen, which is based in Helsinki, to reduce its emissions, and end rising energy prices for its customers. The capacity of Finland to produce renewable energy and heat, including wind and solar power, has grown rapidly over the last few years. This has led to a dramatic decline in coal use after the previous government passed a coal ban law in 2019.
Tokyo Gas, Japan expands its US shale-gas business with Chevron
TG Natural Resources LLC, co-owned by Tokyo Gas, Castleton Commodities International and Castleton Commodities, announced on Tuesday that it had purchased a 70% stake of east Texas gas assets for $525m from Chevron, in order to expand its U.S. Gas business. TGNR, which is the fourth largest producer in the Haynesville shale region, will be able to benefit from synergies worth over $170m during the development of the asset, according to Craig Jarchow.
Indigenous groups in Peru protest Glencore's Antapaccay mine
A local leader reported that members of Indigenous communities in Peru's Cusco Region blocked access to Glencore Antapaccay Copper Mine to protest against an expansion plan. In an interview, Flavio Huanque, a community leader from the area, said that local residents began to block roads on Sunday and called for a meeting between government officials and mining companies over concerns about environmental damage caused by the expansion plan.
US oil production dropped to an 11-month low, according to data.
The U.S. Energy Information Administration reported on Monday that U.S. crude production dropped by 305,000 barrels a day in January to 13,15 million bpd, its lowest level since Feb. 2024. The data revealed that this was the largest monthly decline in U.S. crude oil production since January 2024. The EIA lowered their estimate of U.S. record oil production for December by about 40,000 barrels per day to 13.45million bpd. The oil output in Texas, which is the largest U.S.
Varo purchases Swedish refiner Preem as part of a bet on biofuels
Varo Energy, which is backed by Carlyle Group, the largest private equity firm in the world, and Vitol, one of the biggest trading houses in history, announced on Monday that it had bought Swedish refiner Preem. The company said this was a bet on a growing demand for biofuels. Varo has already acquired stakes in oil refining companies in Germany and Switzerland, and is now expanding its sustainable fuels and trading. It has plans to invest $3.5 billion in sustainable energy between 2022-2026.
Sources claim that Indian state firms are interested in SQM’s lithium projects in Australia.
Four sources have confirmed that four Indian state firms were in discussions with Chilean mining company SQM about acquiring a 20% stake of its two projects in Australia. The deal would cost $600 million. This is New Delhi's largest effort to secure supplies for the metal used in EV batteries. Sources said that Khanij Bidesh India Ltd, a government-backed company, has partnered up with Coal India Ltd…
Energy assets affected due to sanctions and standoff between Russia and the West
On Tuesday, the United States and Russia reached separate agreements to stop attacks on energy and maritime targets. Washington also agreed to press for the lifting of some sanctions against Moscow. In the event that a peace agreement is reached between Russia and Ukraine, the potential for a relaxation of U.S. sanctions and EU sanctions has led to the question of what will happen to the disputed assets which were affected by international sanctions.
EnQuest pays its first dividend after a swing to an annual profit
EnQuest, a North Sea oil producer, declared its first ever final dividend of 15 million dollars on Thursday. The higher oil prices helped to boost the company's annual profit after tax. The shares of the London listed energy group rose by 3.4% at 13.8 pence as of 0830 GMT after it announced that it would pay its first dividend of 0.616 penny per share in June. It reported a profit after tax of $93.8 millions for 2024. This follows a loss of $30.8 million the year before.
Australia's east Coast could experience gas shortages during winter, warns regulator
The Australian Competition Regulator warned on Thursday that the East Coast could be left with a shortage of gas during its winter period spanning from July to September if LNG producers export all their gas not contracted. In its quarterly update, the Australian Competition and Consumer Commission said that the east coast may face a shortage of 9 petajoules while the southern states might face a 40 PJ deficit. Winter in Australia is a time of peak demand for gas due to the colder temperatures.
The prize is worth billions of dollars, but winning it is the key: Russell
Decarbonising steel is one of the biggest challenges to meeting climate goals. However, it could be extremely profitable for those companies and governments willing to take on the risk. Steel value chain is responsible for 7 to 9% global carbon emissions. It is the biggest industrial contributor, and therefore a primary target for many countries' and companies' goals for net-zero in 2050. About 80% of the steel emissions are caused by one single process.
Can Trump's drive for critical minerals pass the test of copper? Andy Home
The executive order issued by U.S. president Donald Trump on increasing domestic mineral production is designed to cut through the mine permit maze in the United States. According to S&P Global, it takes on average nearly 29 years to bring a new mine from discovery to production. This is the second longest lead time in the entire world, after Zambia. The U.S. Government is uniquely qualified to address the problem of granting permits on federal land.
Nigeria’s Refining Revolution is Reshaping West Africa’s Energy Landscape
The launch of the Dangote Refinery near the Port of Lagos presents an exciting opportunity to transform the energy and shipping markets in West Africa. And it stands to boost Nigeria’s role as an influential player in the global oil industry, fostering economic growth and regional development.Nigeria’s standing in the global energy landscape is getting a boost with domestic refining capacity expanding in 2025.
Intouch shareholders in Thailand approve merger of energy and telecom with Gulf Energy
Shareholders of Thailand's Intouch Holdings approved a merger with Sarath Ratanavadi, a billionaire who owns the power company Gulf Energy on Tuesday. This merger is expected to be worth nearly $25 billion. Gulf Energy's market capitalisation is $7.72 billion while that of its telecom affiliate Intouch, according to LSEG data. Investors in Gulf approved the merger in October 2024. Intouch filed a filing…
Chinese copper smelters are struggling with margin collapse
Industry insiders say that major copper smelters in China, the world's largest consumer, have started equipment maintenance during March, traditionally peak demand season, to try and stem the losses caused by a worsening shortage of feedstock, which is hurting margins. The fact that plants are being shut down during one of the busiest periods of the year shows how much refiners suffer from the lack of copper concentrate.
UK stock prices fall on uncertainty over tariffs; Heathrow power failure disrupts airlines
British stocks ended lower on Friday due to continued concerns about the impact of U.S. Tariff policy. Meanwhile, a Heathrow Airport shutdown impacted travel stocks. The blue-chip FTSE 100 index fell 0.6%. The FTSE 250 mid-cap index fell 0.9%. The blue-chip index gained 0.3% despite the losses of the day. The mid-cap index ended four weeks of losses by rising 0.5%. Heathrow Airport in Britain said…
