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Cop 27: Chile to trim methane emissions by 2025

  • Market: Biofuels, Crude oil, Natural gas, Oil products
  • 14/11/22

Chile is focusing on trimming rising methane emissions and expanding land protections in its updated national determined contribution (NDC), or emissions pledge, at the COP 27 UN climate summit in Egypt today, the environment ministry said.

The new NDC vows to revert the growing trend of methane gas emissions by 2025 and to expand by at least 1mn hectares of land and aquatic ecosystems under protection by 2030.

The strengthened NDC contains Chile's updated climate policies, including the obligations imposed by the climate change law, which came into force in June, and the long-term climate strategy that extends to 2050.

Under the Paris Agreement, parties are not required to update their NDCs until 2025, but the Glasgow Climate Pact agreed at Cop 26 last year requested countries to revise and increase their 2030 targets.

Chile was also the second country worldwide to present its fifth biannual update report on greenhouse gas (GHG) emissions, the environment ministry said.

The country's GHG emissions fell by 4pc in 2020 to 105,552kt CO2 equivalent (CO2e), excluding carbon offsets, compared to 2018. When the absorption of gases by forests is considered, 2020 GHG emissions totalled 55,825kt CO2e.

The global COVID-19 pandemic — which reduced land and air transport emissions due to lockdowns — and an increase in power generation from renewables were behind the improvement, it said.

Of total emissions, 75pc were produced by the energy sector, followed by agriculture (11pc), waste (7pc) and industrial processes and product use (7pc). Carbon dioxide represents 76pc of emissions, followed by methane gas with 14pc and nitrous oxides with 6pc.

The country also presented its first adaption report, detailing the main threats, vulnerabilities and risks it faces with regard to climate change and adaption priorities.


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03/04/25

Crude, equity markets tumble on US tariffs

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Houston, 3 April (Argus) — WTI and Brent crude futures were down by more than 7pc early Thursday as markets weigh the potential for large scale economic disruption from US President Donald Trump sweeping tariffs for a range of imports. Equity markets also fell sharply with the Nasdaq down by nearly 5pc and the S&P 500 down by about 4pc as of 10:30am ET. The US dollar was also falling, down by more than 2pc this morning. The front-month Nymex May WTI contract was trading at $66.47/bl, down by more than $5/bl as of 11:35am ET. ICE Brent was trading at $69.81/bl, also down by more than $5/bl. All foreign imports into the US will be subject to a minimum 10pc tax with levels as high as 34pc for China under Trump's sweeping tariff measure. Trump has exempted many energy and mineral products from the new tariffs, and much of the trade with Canada and Mexico appears to be remaining governed by the US Mexico Canada (USMCA) trade agreement. Oxford Economics said Thursday it is considering revising downward its 2025 global GDP growth estimate from 2.6pc to 2pc and 2026 growth may drop below 2pc. This is under the assumption that the Trump tariff's stick and are not rapidly negotiated to lower tariff levels. Latin American and Asian economies with exports to US are the most exposed to the GDP downgrades, Oxford said. Oxford also said that global recession will likely be avoided, despite the strains of the tariffs. Meanwhile, the EU is preparing countermeasures against the tariffs. European Commission president Ursula von der Leyen said the bloc is finalising a first package of countermeasures to previously-announced US tariffs on steel, preparing for further countermeasures and monitoring for any indirect effects US tariffs could have. China also promised to take unspecified countermeasures against the new US import tariffs, which will raise duties on its shipments to the country to over 50pc. By Eunice Bridges Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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Prio supplies B100 for bunkering in Portugal


03/04/25
News
03/04/25

Prio supplies B100 for bunkering in Portugal

Sao Paulo, 3 April (Argus) — Portuguese biodiesel supplier Prio has supplied B100 marine biodiesel and fixed contracts for the supply pure hydrotreated vegetable oil (HVO) into marine for the first time in Portugal. The bunker fuel delivery comprising 30t of 100pc used cooking oil methyl ester (Ucome) biodiesel took place in the Portuguese port of Viana do Castelo to the ferry Lobo Marinho and the containership Funchalense V , both owned by Grupo Sousa. Prio said the B100 supply achieved an emission intensity value of about 11.4 gCO2e/MJ, reflecting greenhouse gas (GHG) savings of about 88pc against a default fossil bunker value. The company also fixed summer-season March-July contracts with a cruise liner for the supply of 175t of Class II HVO at the port of Lisbon. This fuel is produced from used cooking oil (UCO). The B100 and HVO supplies are done on an ex-truck delivery basis. Marine biodiesel is seen as an alternative to conventional bunker fuels since the introduction of FuelEU Maritime regulations starting this year, which require ships traveling in, out, and within EU territorial waters to reduce GHG emissions by 2pc on a lifecycle basis and increasing up to 80pc by 2050. Argus assessed the price of Class II HVO fob ARA at an average of $1,795.13/t in the first quarter of this year, compared with $1,431.46/t for Ucome fob ARA in the same time in 2024. Both biofuels were marked well above conventional bunker fuel prices. Very-low sulphur fuel oil (VLSFO) dob ARA averaged $515.56/t and marine gasoil (MGO) dob ARA was $655.37/t during January-March this year. By Hussein Al-Khalisy and Natália Coelho Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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Opec+ eight to speed up unwinding crude cuts from May


03/04/25
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03/04/25

Opec+ eight to speed up unwinding crude cuts from May

Dubai, 3 April (Argus) — A core group of eight Opec+ crude producers in a surprise move today have sped up plans to gradually unwind some 2.2mn b/d of production cuts by upping output by 411,000 b/d in May. "In view of the continuing healthy market fundamentals and the positive market outlook… the eight participating countries will implement a production adjustment of 411,000 b/d equivalent to three monthly increments, in May 2025," said the group comprising Saudi Arabia, Russia, the UAE, Kuwait, Iraq, Algeria, Oman and Kazakhstan. The decision to increase output by 411,000 b/d in May will kick in with the start of the summer season in the northern hemisphere when oil demand typically picks up. But it also comes on the heels of the US announcing sweeping new global tariffs for a range of imports. Ice Brent crude futures were down by more than 6pc from the close on 2 April, at $70.15/bl at 13:04 GMT, after briefly dipping below $70/bl earlier today, following the two announcements. The administration of US president Donald Trump could welcome today's Opec+ decision. Trump had already made calls to the Opec group to "bring down the cost of oil" — something that could be achieved by raising output. The eight Opec+ countries last month decided to proceed with a plan to begin gradually unwinding some 2.2mn b/d of production cuts from April and over an 18-month period — pushing their combined output targets up by 137,000 b/d averaged on a monthly basis through September 2026. The monthly increases could end up being smaller as seven of the eight countries, excluding Algeria, have committed to compensating for past overproduction. The Opec+ group of eight today maintained that increases may be paused or reversed subject to evolving market conditions. "This flexibility will allow the group to continue to support oil market stability," it said, adding that the measure "will provide an opportunity for the participating countries to accelerate their compensation". But the group's commitment to voluntary production adjustments and compensation for overproduction has been shaky at best. Opec+ secondary sources pointed to overproduction from Saudi Arabia, Russia, the UAE, Kuwait, Iraq, Oman and Kazakhstan since the start of last year. The countries submitted new compensation plans to the Opec secretariat late last month. The implementation of the compensation cuts in the coming months has become essential for the group, in order to try and balance the planned gradual increases and ensure markets are not oversupplied. By Bachar Halabi Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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South Korea’s GS Energy seeks term LNG from 2028


03/04/25
News
03/04/25

South Korea’s GS Energy seeks term LNG from 2028

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Oil futures, stock markets fall on Trump tariffs


03/04/25
News
03/04/25

Oil futures, stock markets fall on Trump tariffs

Singapore, 3 April (Argus) — US president Donald Trump's announcement of sweeping new tariffs on all US imports has sparked an immediate sell-off in oil futures and stock markets. Crude oil futures fell by almost 3.5pc in Asian trading and some stock markets in the region fell by a similar amount, after Trump unveiled the new import tariffs on 2 April. All foreign imports into the US will be subject to a minimum 10pc tax, with levels as high as 34pc for China and 20pc for the EU, Trump said. But energy and some mineral products have been excluded from the new tariffs. Tariffs on Japan and South Korea, both major trading partners and long-standing US allies in Asia, have been set at 24pc and 25pc respectively. Indonesia, Vietnam, Taiwan and Thailand also face tariffs of more than 30pc. Tariffs on imports from China will be subject to a 54pc rate, after taking into account the 20pc tariffs imposed by Trump over the last two months. Some imports from China that are subject to pre-existing tariffs will face an even higher effective rate. The blanket 10pc tariffs will take effect on 5 April. Any additional country-specific rates will come into force on 9 April. Oil futures fell despite the exemption for energy products. The June Brent contract on the Ice exchange fell by as much as 3.2pc to a low of $72.52/bl in Asian trading, while May Nymex WTI dropped by 3.4pc to $69.27/bl. The prospect that the US tariffs could disrupt global trade and hit export-focused economies in Asia sent stock markets in Tokyo, Hong Kong and South Korea down by 2-3pc or more. US stock futures also fell sharply. By Kevin Foster Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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