Latest news with #OrganisationofPetroleumExporting
South China Morning Post
15-04-2025
- Business
- South China Morning Post
Trump making fossil fuels great again has global implications
The era of hydrocarbons is accelerating under the second Trump administration, posing a direct threat to global climate goals and putting years of clean energy progress at risk. On his first day in office, US President Donald Trump declared a national energy emergency and signed an executive order establishing the National Energy Dominance Council. Headed by Interior Secretary Doug Burgum, its mandate revolves around fast-tracking oil, gas and coal development. Advertisement This aggressive stance was reinforced by a series of executive orders focused on reviving the coal industry , which Trump described as 'beautiful' and 'clean'. Surrounded by coal miners at the White House, he pledged to accelerate leases for coal mining on federal land and eliminate permitting delays that have long hindered coal expansion. The administration has not limited its efforts to the federal level. It has also taken aim at state-driven climate initiatives, seeking to override local authority and weaken environmental protections. Moves to block California's cap-and-trade policies, halt enforcement of penalties against fossil fuel firms in New York and Vermont and shut down climate lawsuits targeting oil companies all reflect a broader strategy to consolidate fossil fuel influence across every level of government. The recent approval of liquid natural gas exports from Commonwealth LNG in Louisiana marks the first authorisation since president Joe Biden's moratorium five years ago. These initiatives signal a shift in US strategy towards treating energy infrastructure not merely as economic development but as instruments of geopolitical influence. Trump's declaration that US oil reserves are 'liquid gold' highlights his administration's commitment to fossil fuel dominance. By positioning the US as a global energy powerhouse, Trump aims to challenge the Organisation of Petroleum Exporting Countries' influence and assert US control over fast-growing energy markets in Asia. Storage tanks are seen at the North Jeddah bulk plant, an Aramco oil facility, in Jeddah, Saudi Arabia, on March 21, 2021. Photo: AP In further moves to increase US energy influence, the Trump administration has imposed new sanctions targeting Iran's oil industry and a surprise 25 per cent tariff on countries importing Venezuelan crude oil and gas . This has disrupted supply chains across Asia and pushed up oil prices amid increased geopolitical risk. Trump has spared Russia from being part of the 'reciprocal' tariffs, but the trade war he has sparked could bring about falling oil prices which in turn would destabilise the Russian economy.
Shafaq News
04-04-2025
- Business
- Shafaq News
Oil set for worst week in months over Trump's new tariffs
Shafaq News/ Oil prices fell further in early Asian trade on Friday, and were on track for the worst week in months over U.S. President Donald Trump's new tariffs, stoking concerns over a global trade war that could weigh on oil demand. Brent futures fell 31 cents, or 0.4%, to $69.83 a barrel by 0157 GMT. U.S. West Texas Intermediate crude futures were down 32 cents, or 0.5%, to $66.63. Brent was on course for its biggest weekly loss in percentage terms since the week ended October 14, and WTI since the week ended January 21. Adding to the bearish sentiment was a decision by the Organisation of Petroleum Exporting Countries and their allies (OPEC+) to advance their plan for oil output increases, with the organisation now aiming to return 411,000 barrels per day to the market in May, up from 135,000 bpd as initially planned. "This brings forward the expected surplus that we see in the oil market this year. More OPEC+ supply should translate to more medium sour crude oil and a wider Brent-Dubai spread," analysts at ING said on Friday. "This spread has seen an unusual discount for much of the year." Both benchmarks started plunging lower since Trump's news conference on Wednesday afternoon, which he called "Liberation Day" as he announced a 10% baseline tariff on all imports to the United States and higher duties on dozens of the country's biggest trading partners. Imports of oil, gas and refined products were exempted from Trump's sweeping new tariffs, but the policies could stoke inflation, slow economic growth and intensify trade disputes, weighing on oil prices.
Zawya
04-04-2025
- Business
- Zawya
Oil set for worst week in months over Trump's new tariffs
Oil prices fell further in early Asian trade on Friday, and were on track for the worst week in months over U.S. President Donald Trump's new tariffs, stoking concerns over a global trade war that could weigh on oil demand. Brent futures fell 31 cents, or 0.4%, to $69.83 a barrel by 0157 GMT. U.S. West Texas Intermediate crude futures were down 32 cents, or 0.5%, to $66.63. Brent was on course for its biggest weekly loss in percentage terms since the week ended October 14, and WTI since the week ended January 21. Adding to the bearish sentiment was a decision by the Organisation of Petroleum Exporting Countries and their allies (OPEC+) to advance their plan for oil output increases, with the organisation now aiming to return 411,000 barrels per day to the market in May, up from 135,000 bpd as initially planned. "This brings forward the expected surplus that we see in the oil market this year. More OPEC+ supply should translate to more medium sour crude oil and a wider Brent-Dubai spread," analysts at ING said on Friday. "This spread has seen an unusual discount for much of the year." Both benchmarks started plunging lower since Trump's news conference on Wednesday afternoon, which he called "Liberation Day" as he announced a 10% baseline tariff on all imports to the United States and higher duties on dozens of the country's biggest trading partners. Imports of oil, gas and refined products were exempted from Trump's sweeping new tariffs, but the policies could stoke inflation, slow economic growth and intensify trade disputes, weighing on oil prices.
Reuters
04-04-2025
- Business
- Reuters
Oil set for worst week in months over Trump's new tariffs
April 4 (Reuters) - Oil prices fell further in early Asian trade on Friday, and were on track for the worst week in months over U.S. President Donald Trump's new tariffs, stoking concerns over a global trade war that could weigh on oil demand. Brent futures fell 31 cents, or 0.4%, to $69.83 a barrel by 0157 GMT. U.S. West Texas Intermediate crude futures were down 32 cents, or 0.5%, to $66.63. Brent was on course for its biggest weekly loss in percentage terms since the week ended October 14, and WTI since the week ended January 21. Adding to the bearish sentiment was a decision by the Organisation of Petroleum Exporting Countries and their allies (OPEC+) to advance their plan for oil output increases, with the organisation now aiming to return 411,000 barrels per day to the market in May, up from 135,000 bpd as initially planned. "This brings forward the expected surplus that we see in the oil market this year. More OPEC+ supply should translate to more medium sour crude oil and a wider Brent-Dubai spread," analysts at ING said on Friday. "This spread has seen an unusual discount for much of the year." Both benchmarks started plunging lower since Trump's news conference on Wednesday afternoon, which he called "Liberation Day" as he announced a 10% baseline tariff on all imports to the United States and higher duties on dozens of the country's biggest trading partners. Imports of oil, gas and refined products were exempted from Trump's sweeping new tariffs, but the policies could stoke inflation, slow economic growth and intensify trade disputes, weighing on oil prices.
Reuters
25-03-2025
- Business
- Reuters
Gunvor CEO Tornqvist does not see oil demand keeping up with supply growth
LAUSANNE, March 25 (Reuters) - Global commodity trader Gunvor's chief executive Torbjorn Tornqvist does not see oil demand keeping up with supply at current rates, he said in a keynote interview at the Financial Times Commodities Global Summit in Switzerland on Tuesday. "We are gradually, slowly, moving into a slacker environment," he said at the summit in Lausanne. The Reuters Power Up newsletter provides everything you need to know about the global energy industry. Sign up here. "If producers produce what they do today, the increases come as planned, we don't see demand catching up with that." The Organisation of Petroleum Exporting Countries and allies (OPEC+) will likely stick to a plan to raise oil output for a second consecutive month in May, four sources told Reuters on Monday. However, Tornqvist said that a backwardated market structure - where future prices are lower than those for prompt delivery - and a lack of oil in floating storage had helped to balance oil prices. "Prices have been stuck in the range of low $70s, and that's probably a fair price," he said, but added that if there are no interferences to supply anywhere then prices could move a bit lower.
