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Nigeria commits to 2060 net zero emissions target

  • Market: Crude oil, Electricity, Natural gas
  • 03/11/21

Nigeria has committed to reaching net zero emissions by 2060, but stressed that developing countries need technical and financial support to hit targets.

Gas will retain a key role in the country's energy transition, Nigeria's president Muhammadu Buhari said at the UN Cop-26 climate conference in Glasgow. "The data and evidence show that Nigeria can continue to use gas until 2040 without diverting from the goals of the Paris agreement," he said.

"Nigeria is actually more of a gas than an oil producing country. Consequently, I am requesting for financing of projects using transition fuels, such as gas," he said.

The president stressed throughout his speech at the world leaders summit at Cop 26 that developing countries will require financial and technical support to attain their climate change goals.

He said that Nigeria did not need to be persuaded about the importance of fighting climate change. "Desertification in the north, floods in the centre, pollution and erosion on the coast are enough evidence," he said.

Buhari said that Nigeria's commitment to a just transition is reflected in the country's "ambitious" energy plan, which includes bringing power to five million households by using decentralised solar energy solutions.

Nigeria is the largest producer of oil on the African continent and a major LNG exporter. The country exported 11.8mn t of LNG in January-August this year.

Nigeria joins major oil producers Saudi Arabia and Russia in targeting net zero emissions by 2060.


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04/04/25

WTI crude falls to 4-year low on escalating trade war

WTI crude falls to 4-year low on escalating trade war

Calgary, 4 April (Argus) — The US light sweet crude benchmark WTI fell by as much as 9pc this morning after China retaliated to the US' latest tariff action, while a selloff in global equity markets deepened. May Nymex WTI traded as low as $60.81/bl Friday morning, a more than $6/bl tumble from the settled price in the session before when it gave up $4.76/bl. Prompt month WTI has not been this low since 13 April 2021 when it settled at $60.18/bl. Prices across commodities and equities are down sharply after China on Friday said it will impose a 34pc tariff on all imports from the US from 10 April, a retaliation for new tariffs launched by US president Donald Trump on 2 April . China faces a 34pc import tariff from 9 April, on top of the 20pc tariffs Trump has imposed over the past two months. The prompt-month WTI contract has given up more than $10/bl, or 17pc, in the two days since Trump announced that dozens of countries would be subject to "reciprocal" tariffs, prompting serious concerns over lower global economic growth and a higher chance of a recession. The IMF say tariffs represent a "significant risk" to the global outlook while US-based bank Goldman Sachs said Friday it has cut its oil demand growth estimate for this year to 600,000 b/d from 900,000 b/d, based on its economists' new view of economic growth. Adding price pressure this week has also been the unexpected plans by eight Opec+ members to unwind production cuts faster , upping output in May by 411,000 b/d. Turmoil continued for the second-straight day in equity markets, with the S&P 500, Dow Jones Industrial Average and Nasdaq all down between 3-5pc so far. By Brett Holmes Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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IMF says tariffs a significant risk to growth: Update


04/04/25
News
04/04/25

IMF says tariffs a significant risk to growth: Update

Updates Brent price in paragraph 4, adds PVM comment in paragraphs 5-6, Morgan Stanley in paragraph 10 London, 4 April (Argus) — US import tariffs pose a "significant risk" to the global economy, according to the IMF. "We are still assessing the macroeconomic implications of the announced tariff measures, but they clearly represent a significant risk to the global outlook at a time of sluggish growth," IMF managing director Kristalina Georgieva said. "It is important to avoid steps that could further harm the world economy." The comments came after two days of turmoil on global oil and equities markets, sparked by the US imposition of sweeping tariffs on trade. For oil markets, this was compounded by a surprise decision from the Opec+ producer group to speed up the unwinding of its output cuts. Front-month Ice Brent crude futures prices fell earlier today to a 3.5 year low of $67.48/bl, down by more than 10pc since US President Donald Trump released details of the tariffs on 2 April. Analysts at brokerage PVM described the timing of this as "frankly amazing" and said it was "the icing to this global bearish cake". "The market is now reckoning on the cork being out of the production bottle and believes, as we do, that it will not be pushed back in," PVM said. US-based bank Goldman Sachs today said it has cut its oil demand growth estimate for this year to 600,000 b/d from 900,000 b/d, based on its economists' new view of economic growth. This and the extra production from Opec+ has led the bank, which was bullish on oil prices for a long time, to cut its Brent crude price forecasts for a second time in three weeks , by $5/bl to $66/bl this year. Goldman also removed a price range from its forecasts, "because price volatility is likely to stay elevated on higher recession risk." Like Goldman, UK-based bank Barclays said there is downside risk to its $74/bl forecast for Brent this year. It said oil demand is holding up, "but the potential effect of the trade war on demand is hard to ignore." Analysts at US-based bank Morgan Stanley said a recession is a realistic outcome of the tariffs decision, although not its base case. Modelled against previous recessions, the bank said there is a risk of oil demand growth falling to zero, compared with its forecast of 900,000 b/d for this year. On supply, it noted that an Opec quota increase "is not the same as an actual production increase", and said it would wait for additional clarity before reassessing its second-half 2025 Brent price forecast of $67.5/bl. By Ben Winkley Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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US tariffs a significant risk to global economy: IMF


04/04/25
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04/04/25

US tariffs a significant risk to global economy: IMF

London, 4 April (Argus) — US import tariffs pose a "significant risk" to the global economy, according to the IMF. "We are still assessing the macroeconomic implications of the announced tariff measures, but they clearly represent a significant risk to the global outlook at a time of sluggish growth," IMF managing director Kristalina Georgieva said. "It is important to avoid steps that could further harm the world economy." The comment come after two days of turmoil on global oil and equities markets, sparked by the US imposition of sweeping tariffs on trade. For oil markets, this was compounded by a surprise decision from the Opec+ producer group to speed the unwinding of its output cuts. Front-month Ice Brent crude futures prices have fallen by more than 8pc since US president Donald Trump released details of the tariffs on 2 April, to trade near a three-year low below $69/bl. US-based bank Goldman Sachs on 4 April said it has cut its oil demand growth estimate for this year to 600,000 b/d from 900,000 b/d, based on its economists' new view of economic growth. This and the extra production from Opec+ has led the bank, which was bullish on oil prices for a long time, to cut its Brent crude price forecasts for a second time in three weeks , by $5/bl to $66/bl this year. Goldman also removed a price range from its forecasts, "because price volatility is likely to stay elevated on higher recession risk." Like Goldman, UK-based bank Barclays said there is downside risk to its $74/bl forecast for Brent this year. It said oil demand is holding up, "but the potential effect of the trade war on demand is hard to ignore." By Ben Winkley Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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Funding cuts could delay US river lock renovations


03/04/25
News
03/04/25

Funding cuts could delay US river lock renovations

Houston, 3 April (Argus) — The US Army Corps of Engineers (Corps) will have to choose between various lock reconstruction and waterway projects for its annual construction plan after its funding was cut earlier this year. Last year Congress allowed the Corps to use $800mn from unspent infrastructure funds for other waterways projects. But when Congress passed a continuing resolutions for this year's budget they effectively removed that $800mn from what was a $2.6bn annual budget for lock reconstruction and waterways projects. This means a construction plan that must be sent to Congress by 14 May can only include $1.8bn in spending. No specific projects were allocated funding by Congress, allowing the Corps the final say on what projects it pursues under the new budget. River industry trade group Waterways Council said its top priority is for the Corps to provide a combined $205mn for work at the Montgomery lock in Pennsylvania on the Ohio River and Chickamauga lock in Tennesee on the Tennessee River since they are the nearest to completion and could become more expensive if further delayed. There are seven active navigation construction projects expected to take precedent, including the following: the Chickamauga and Kentucky Locks on the Tennessee River; Locks 2-4 on the Monongahela River; the Three Rivers project on the Arkansas River; the LaGrange Lock and Lock 25 on the Illinois River; and the Montgomery Lock on the Ohio River. There are three other locks in Texas, Pennsylvania and Illinois that are in the active design phase (see map) . By Meghan Yoyotte Corps active construction projects 2025 Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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Mexico, Canada sidestep latest Trump tariffs: Update


03/04/25
News
03/04/25

Mexico, Canada sidestep latest Trump tariffs: Update

Adds Canada reaction Mexico City, 3 April (Argus) — US president Donald Trump's sweeping tariff measures largely spared Mexico and Canada from additional penalties, as the US-Mexico-Canada free trade agreement (USMCA) will continue to exempt most commerce, including Mexico's energy exports. According to Trump's tariff announcement on Wednesday , all foreign imports into the US will be subject to a minimum 10pc tax starting on 5 April, with levels as high as 34pc for China and 20pc for the EU. Mexico and Canada are the US' closest trading partners and have seen tariffs imposed and then postponed several times this year, but remained mostly exempt from Trump's "reciprocal" tariffs. Energy and "certain minerals that are not available in the US" imported from all other countries also will be exempt from the tariffs. Trump also did not reimpose punitive tariffs on energy and other imports from Canada and Mexico. All products covered by the USMCA, which include energy commodities, are exempt as well. Yet steel and aluminum, cars, trucks and auto parts from Mexico and Canada remain subject to separate tariffs. Steel and aluminum imports are subject to 25pc, in effect since 12 March. The 25pc tariff on all imported cars and trucks will go into effect on Thursday, whereas a 25pc tax on auto parts will go into effect on 3 May. Mexico's president Claudia Sheinbaum this morning emphasized the "good relationship" and "mutual respect" between Mexico and the US, which she said was key to Trump's decision to prioritize the USMCA over potential further tariffs on Mexican imports. "So far, we have managed to reach a relatively more privileged position when it comes to these tariffs," Sheinbaum said. "Many of our industries are now exempt from tariffs. We aim to reach a better position regarding steel, aluminum and auto parts exports, too." The Mexican peso strengthened by 1.5pc against the US dollar in the wake of the tariff announcement, to Ps19.96/$1 by late morning on Thursday from Ps20.25/$1 on Wednesday. Mexico has not placed any tariffs on imports from the US, which may have eliminated the need for the US to reciprocate with tariffs. "In contrast to what will apply to 185 global economies, Mexico remains exempt from reciprocal tariffs," Mexico's economy minister Marcelo Ebrard said. Mexico exported 500,000 b/d of crude to the US last year, making the US by far the most important export market for the nation's commodity. Mexico also imports the majority of its motor fuels and LPG from the US. If US won't lead, Canada will: Carney To the north, Canada's prime minister says the US' latest trade actions will "rupture" the global economy. "The global economy is fundamentally different today than it was yesterday," said prime minister Mark Carney on Thursday while announcing retaliatory tariffs on auto imports from the US. Canada is matching the US with 25pc tariffs on all vehicles imported from the US that are not compliant with the USMCA, referred to as CUSMA in Canada. But unlike the US tariffs, which took effect Thursday, Canada's will not include auto parts. Automaker Stellantis has informed Unifor Local 444 that it is shutting down the Windsor Assembly Plant in Ontario for two weeks starting on 7 April, with the primary driver being Trump's tariffs. The closure will affect 3,600 workers. Trump on 2 April unveiled a chart of dozens of countries the US is targeting with new tariffs, but that lengthy list may also represent opportunity for Canada and Mexico, who have already been dealing with US trade action. "The world is waking up today to a reality that Canada has been living with for months," Canadian Chamber of Commerce president Candace Laing said, a reality which Carney views as an opportunity for his country. "Canada is ready to take a leadership role in building a coalition of like-minded countries who share our values," said Carney. "If the United States no longer wants to lead, Canada will." By Cas Biekmann and Brett Holmes Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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