Canadian prime minister Trudeau to resign

Spanish Market: Crude oil, Natural gas
06/01/25

Canadian prime minister Justin Trudeau said he will resign as soon as his Liberal Party selects a new leader to run in general elections expected later this year.

Calls for Trudeau to resign have been growing for months but became too much to ignore as the Liberals continued to fall further behind the Conservative Party and its leader Pierre Poilievre in polling. Recent polls indicate the centre-right Conservatives would win a majority of seats in the House of Commons if an election were held today.

"If I'm having to fight internal battles, I can't be the best option in that election," Trudeau said in Ottawa this morning.

Parliament was set to return from a break on 27 January, at which time Conservatives were expected to attempt to trigger an election by way of a no-confidence vote. Canada's governor general — at Trudeau's request — extended the break until 24 March.

That break will buy the Liberals time to find a new leader but it will be a tall order for any successor to both unite the party and also connect with Canadians on short notice before an expected spring election.

"There will be confidence votes in March," said Trudeau, whose minority government has been propped up by the New Democratic Party (NDP). The NDP has helped Trudeau survive no-confidence votes in recent months, but on 20 December vowed that it would also bring the government down when it returned to session.

Trudeau was elected as a member of parliament (MP) in 2008, leader of the Liberal Party in 2013, and has been prime minister since 2015 after defeating the then Stephen Harper-led Conservatives.

There is no obvious replacement for Trudeau after deputy prime minister and finance minister Chrystia Freeland resigned last month, citing "costly political gimmicks," unrestrained spending and being at odds over the approach to the "grave challenge" of aggressive US nationalism. US president-elect Donald Trump has threatened a 25pc tariff on all imports from Canada and Mexico unless they tighten borders to crack down on drug trafficking and illegal migration into the US.

Trudeau's plan to resign does not change the Conservative party's plans to call for new elections, Poilievre said today.

"Every Liberal MP in power today and every potential leadership contender fighting for the top job helped Justin Trudeau break the country over the last nine years," he said.

If elected, Poilievre plans to cut a number of environmental programs championed by the Liberals, including the carbon tax. The Conservatives support the continued use of oil and gas, exploration for hydrocarbons, and pipeline construction.

The next federal election must occur on or before 25 October this year, according to the electoral calendar.

By Brett Holmes

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13/05/25

Trump offers to make a deal with Iran

Washington, 13 May (Argus) — US president Donald Trump today appealed to Iran's leaders to accept his offer of "peaceful engagement" and economic cooperation by giving up its nuclear program. "I want to make a deal with Iran," Trump said. "If I can make a deal with Iran, I'll be very happy. We're going to make your region and the world a safer place." The White House cast Trump's speech at a US-Saudi business forum in Riyadh as "a major foreign policy address outlining an optimistic vision for the future of the Middle East". Trump appears to be limiting his demands on Iran, calling for a halt to its nuclear program in exchange for US sanctions relief — a negotiating posture that he once disparaged. "We want [Iran] to be a wonderful, safe, great country, but they cannot have a nuclear weapon," Trump said today. "This is an offer that will not last forever. "If Iran's leadership rejects this olive branch and continues to attack their neighbors, then we will have no choice but to inflict massive, maximum pressure and drive Iranian oil exports to zero like I did before," Trump said. Trump upon returning to office has ratcheted up enforcement of oil sanctions against Iran, by also targeting independent refiners in China that for years have relied on discounted Iranian crude. In the latest action, the US Treasury Department today announced sanctions against China-based trader Qingdao Fushen and against Hong Kong- and Singapore-based companies allegedly engaged in concealing the origin of Iranian oil sold in China. Trump during his first term set a goal of reducing Iranian oil exports to zero. But Iran since 2019 has developed a sophisticated network of intermediaries and "shadow fleet" vessels, enabling it to continue exporting crude to buyers in China. Recent US sanctions measures have added costs along that supply chain, but China still imported close to 1.5mn b/d of Iranian crude in April. Availability of oil storage in Shandong, China, is the only factor limiting imports this month. Many buyers in China built up Iranian crude stocks earlier this year. In a major change from his first administration, Trump has authorized diplomatic negotiations with Tehran that both countries say have made progress. Trump since returning to the White House has barred his former Iran advisers from serving in his administration. And his top negotiator with Iran, former real estate developer Steve Witkoff, appears to have discarded the previous Trump administration's approach of adding other complex issues to nuclear talks, such as Iran's missile and drone capabilities or its network of regional proxies, although secretary of state Marco Rubio has suggested that all those issues should be addressed. A narrow focus on Tehran's nuclear program and an offer of sanctions relief is quite similar to former president Barack Obama's approach to Tehran, which resulted in a nuclear agreement that Trump once blasted as "the worst deal in history". Whether deliberately or not, Trump's speech today stood out as the antithesis to Obama's 2009 address in Cairo, where the former US president called for a reset of relations between the US and the Middle East. Unlike Obama, who 16 years ago called on the region to fulfil democratic aspirations as the best way to remedy economic failings, Trump in his remarks today praised the region's autocratic leaders for their economic development skills and said that the US under his leadership would be minimally involved in the region's political future. "The gleaming marvels of Riyadh and Abu Dhabi were not created by the so-called nation-builders, neo-cons, or liberal non-profits like those who spent trillions failing to develop Kabul and Baghdad," Trump said. "The so-called 'nation-builders' wrecked far more nations than they built, and the interventionists were intervening in complex societies they did not understand." Iran, too, can build infrastructure projects like its Arab neighbors if it gives up "stealing people's wealth to fund terror and bloodshed abroad", Trump said. "Yet I'm here today not merely to condemn the past chaos of Iran's leaders, but to offer them a new path and a much better path toward a far better and more hopeful future," he said. Trump cited his short-lived campaign of bombing against Yemen's Houthis as an example of the limited US involvement in the Middle East he will try to practice as president. "My preference will always be for peace and partnership, whenever those outcomes can be achieved," he said. Trump on 6 May declared an end to his bombing campaign in Yemen that began on 15 March, leaving key questions unanswered, such as whether his ceasefire with the Houthis will fully reopen Red Sea waterways to international shipping. But in Trump's words, his campaign in Yemen was a complete victory. "We hit them hard, we got what we came for and then we got out," he said. By Haik Gugarats Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

US to lift sanctions on Syria: Update

13/05/25

US to lift sanctions on Syria: Update

Adds that US, Syrian presidents will meet on Wednesday Washington, 13 May (Argus) — US president Donald Trump said today he will lift all US sanctions on Syria, a move that will allow the new government in Damascus to access global oil markets and banking systems and to advance energy projects. "I will be ordering the cessation of sanctions against Syria in order to give them a chance at greatness," Trump said in Riyadh, while addressing a US-Saudi business forum. Trump said he was ordering the sanctions relief at the urging of Saudi Crown Prince Mohammad bin Salman and Turkish president Recep Tayyip Erdogan. US secretary of state Marco Rubio will meet his Syrian counterpart in Turkey later this week, Trump said. Trump will have a brief meeting with Syria's new leader, Ahmed al-Sharaa, in Riyadh on Wednesday, the White House said. Former president Joe Biden's administration in January issued a sanctions waiver through 7 July to enable previously prohibited energy trade with Syria. The EU in February suspended a range of sanctions against Syria, including restrictions related to the energy, banking, transport and reconstruction sectors. A permanent relief of US sanctions would require Trump to remove Syria's previous designation as a "state sponsor of terrorism". Al-Sharaa's group, Hayat Tahrir al-Sham, is separately classified by the US as a "foreign terrorist organization". The US also has imposed a series of sanctions against Syria by statute, rather than executive action, which Trump would have to waive. Before Syrian president Bashar al-Assad's fall from power in December, the country relied heavily on Iran for crude and product supplies. Syria issued its first tenders to buy crude and refined products in January, but it attracted limited interest. The country then received cargoes of Russian crude and diesel in March-April, including some cargoes delivered aboard tankers that are under US sanctions. By Haik Gugarats Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Nigeria loads first cargo of new Obodo crude

13/05/25

Nigeria loads first cargo of new Obodo crude

London, 13 May (Argus) — The first cargo of Nigeria's new medium sweet crude, Obodo, has loaded and could be headed for Germany, according to sources. The Suezmax Atlanta Spirit loaded on 25 April from the floating production, storage and offloading vessel Tamara Tokoni , according to tracking data from Kpler. Nigerian energy firm Oando, which marketed the shipment, has sold it to an undisclosed buyer, according to traders. A source at Nigeria's state-owned NNPC said the cargo could be headed for the North Sea port of Wilhelmshaven, but this was unconfirmed. Obodo has a gravity of 27.65°API and a very low sulphur content of 0.05pc, according to an assay seen by Argus . Details on Obodo's production levels are not immediately available. Nigerian independent Continental Oil and Gas is producing Obodo at onshore oil block OML 150 in the Niger delta. NNPC restarted production of similar-quality Utapate in 2024 and launched Nembe a year earlier. Obodo could find favour with European refineries, as Nigerian medium sweet grades — including Forcados, Escravos and Bonga — have gone predominantly to Europe, the largest market for the country's crude. By Sanjana Shivdas and George Maher-Bonnett Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

US to lift sanctions on Syria

13/05/25

US to lift sanctions on Syria

Washington, 13 May (Argus) — US president Donald Trump said today he will lift all US sanctions on Syria, a move that will allow the new government in Damascus to access global oil markets and banking systems and to advance energy projects. "I will be ordering the cessation of sanctions against Syria in order to give them a chance at greatness," Trump said in Riyadh, while addressing a US-Saudi business forum. Trump said he was ordering the sanctions relief at the urging of Saudi Crown Prince Mohammad bin Salman and Turkish president Recep Tayyip Erdogan. US secretary of state Marco Rubio will meet his Syrian counterpart in Turkey later this week, Trump said. The White House did not confirm whether Trump plans to meet with Syria's new leader, Ahmed al-Sharaa, during his visit to the Mideast Gulf this week. Former president Joe Biden's administration in January issued a sanctions waiver through 7 July to enable previously prohibited energy trade with Syria. The EU in February suspended a range of sanctions against Syria, including restrictions related to the energy, banking, transport and reconstruction sectors. A permanent relief of US sanctions would require Trump to remove Syria's previous designation as a "state sponsor of terrorism". Al-Sharaa's group, Hayat Tahrir al-Sham, is separately classified by the US as a "foreign terrorist organization". The US also has imposed a series of sanctions against Syria by statute, rather than executive action, which Trump would have to waive. Before Syrian president Bashar al-Assad's fall from power in December, the country relied heavily on Iran for crude and product supplies. Syria issued its first tenders to buy crude and refined products in January, but it attracted limited interest. The country then received cargoes of Russian crude and diesel in March-April, including some cargoes delivered aboard tankers that are under US sanctions. By Haik Gugarats Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Mexico industrial production contracts in March

13/05/25

Mexico industrial production contracts in March

Mexico City, 13 May (Argus) — Mexico's industrial production contracted by 0.9pc in March from the previous month, as declines in mining and manufacturing were only partly offset by continued growth in construction. The drop was not enough to undo the 2.2pc increase in February — the sharpest monthly expansion in four years — as manufacturers ramped up output ahead of incoming US tariffs. The March industrial production index (IMAI), published by statistics agency Inegi, was higher than Mexican bank Banorte's forecast of a 1.4pc decline. Banorte noted signs of volatility affecting manufacturing and other sectors because of a complex trade outlook. Manufacturing contracted 1.1pc in March after expanding 2.9pc in February. The impact varied across subsectors, with metal goods down 5.5pc and transportation, including auto production, down 1.1pc. Volatility may ease in the coming months as US tariff policies become clearer and Mexican officials push to preserve the country's trade edge under US-Mexico-Canada (USMCA) free trade agreement rules, Banorte said. Construction expanded 0.8pc in March, following increases of 3.4pc in February and 0.5pc in January, driven by higher public investment tied to President Claudia Sheinbaum's economic plan, "Plan Mexico." Analysts see the plan as a catalyst for continued growth in construction this year, with measures including greater domestic content in public purchases, public-private participation in infrastructure projects and a target of $100bn in private infrastructure investment for 2025. These effects could be amplified by aggressive interest rate cuts from the central bank. Mining contracted by 2.7pc in March, returning to negative territory after a slight 0.1pc uptick in February. Oil and gas output also contracted 2.7pc after rising 1.0pc the month before, while non-oil mining contracted 4.3pc in March after a 0.6pc increase in February. By James Young Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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