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Opec+ eight to agree another accelerated hike for June
Opec+ eight to agree another accelerated hike for June
London, 3 May (Argus) — A core group of eight Opec+ members look set to today to accelerate, for a second consecutive month, their plan to unwind some of their production cuts, four delegates told Argus . As it did for May, the group would again raise its collective output target by 411,000 b/d in June, three times as much as it had planned in its original roadmap to gradually unwind 2.2mn b/d of crude production cuts by the middle of next year. The original plan envisaged a slow and steady unwind over 18 months from April, with monthly increments of about 137,000 b/d. But today's decision would mean that the eight — Saudi Arabia, Russia, the UAE, Kuwait, Iraq, Algeria, Oman and Kazakhstan — will have unwound almost half of the 2.2mn b/d cut in the space of just three months. The decision to maintain this accelerated pace into June would be somewhat surprising, particularly given the weakness in oil prices and the outlook for the global economy. The eight's decision last month to deliver a three-in-one hike in May was seen as a key reason for the recent slide in oil prices, alongside US President Donald Trump's tariff policies. Front month Ice Brent futures have fallen by about $13/bl since early April to stand at just over $61/bl. While Opec+ has said that it is acting to support an expected rise in summer demand, the decision to speed up the output increases once again appears to be driven by a desire to send a message to countries that have persistently breached their production targets — most notably Kazakhstan and Iraq. By Aydin Calik, Bachar Halabi and Nader Itayim Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Exxon sees 45V surviving, needs blue H2 offtake
Exxon sees 45V surviving, needs blue H2 offtake
Houston, 2 May (Argus) — ExxonMobil chief executive officer Darren Woods expects low-carbon hydrogen production incentives to survive a White House review, but he wants more sales commitments before making a final investment decision on a company project in Baytown, Texas. "Our expectation is that things that we need to drive low-carbon hydrogen will probably stay in place," Woods said during the company's first-quarter earnings call Friday. "But we have to see that manifested." Woods has said that the 45V hydrogen production tax credit is "critical" to establishing a market for the zero-emissions fuel that can stand on its own and compete against fossil fuels. The company is developing what it describes as the largest low-carbon hydrogen plant in the world in Baytown, designed to produce 1bn cf/d of hydrogen from natural gas with carbon capture. While the 45Q incentive is available for projects using carbon capture and sequestration to lower emissions, ExxonMobil has repeatedly indicated it is pursuing the more lucrative 45V for the massive hydrogen and ammonia production project planned on the Texas Gulf coast. In addition to certainty about federal incentives, Woods said the company also needs to secure more offtake agreements in order to make a final investment decision. "I'd say right now that's probably the long pole in the tent with respect to driving this," Woods said. "When those two things come together and we're confident that we have what we need to generate the returns that's going to be required to justify the investments, we'll move forward. Hopefully, that's later this year." Most of the project's production would be used to decarbonize operations at Exxon's 564,500 b/d Baytown refinery, while the remainder is being targeted for exports in the form of ammonia. In January, the company signed an agreement to sell ammonia to European trading firm Trammo. Japanese power producer Jera has said it is considering 500,000 t/yr of ammonia offtake as part of its plans to take an equity stake in the project. By Jasmina Kelemen Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Cliffs to idle 3 US steel mills this summer
Cliffs to idle 3 US steel mills this summer
Houston, 2 May (Argus) — Integrated steelmaker Cleveland-Cliffs will indefinitely idle its Conshohocken, Riverdale, and Steelton steel mills this summer in response to weak demand for the products produced at the mills. The idlings will impact about 950 workers spread across the 700,000 short ton (st)/yr Riverdale high-carbon coil mill in Illinois, the 500,000st/yr Conshohocken specialty plate mill in Pennsylvania and the 300,000st/yr Steelton, Pennsylvania railroad rail mill, a company spokesperson told Argus . Cliffs said the moves are temporary and will begin at the end of the required 60-day WARN notice periods in their respective states — on or about 30 June. By Marialuisa Rincon Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Mexico bets on new contract model to lift gas output
Mexico bets on new contract model to lift gas output
Mexico City, 2 May (Argus) — Mexico's push to raise domestic gas output to 5 Bcf/d by 2030 depends on a new shared participation model designed to attract private investment, with four strategic gas fields prioritized as tenders begin. State-owned Pemex this week released the detailed guidelines for the mixed production scheme, first introduced in February. The model guarantees Pemex at least a 40pc share of production and gives the company wide discretion to set contract terms and choose the bidding process — including no-bid awards. But interest in the new contracts is expected to center on Mexican firms with close ties to President Claudia Sheinbaum's administration, such as Carlos Slim's Grupo Carso, according to market sources. "With these guidelines, Pemex can finally pick and choose who they want, how they want," said Miriam Grunstein, a former adviser to energy regulator CRE and senior partner at Brilliant Energy Consulting. "The downside is they are likely to turn to Mexican firms that lack the technical experience for complex projects, rather than international companies with the know-how for deep-water or unconventional plays," Grunstein said. "This scheme isn't made for companies like BHP, Total, or Eni," added Eduardo Prud'homme, former technical director at Cenagas and co-partner at consultancy Gadex. "Pemex doesn't want operators as partners. Though it is perfect for Carso." A relative newcomer to the upstream sector, Carso is one of the government's most important contractors for infrastructure projects and stands to gain on future business whether or not the upstream partnerships succeed. Prud'homme doubts international majors looking for a one-off deal would be willing to take on the heavily regulated, high-risk projects when the maximum stake is 60pc. "If you fail, Pemex will not share the loss," said Prud'homme. "If you succeed, Pemex decides how much to share." Pemex management said it plans to launch 17 projects under the new scheme this year. It remains unclear how many of these will focus on gas development. Still, gas is a core focus. Pemex's 2025–2030 business plan allocates Ps238bn (US$12.1bn) to gas projects in pursuit of the 5 Bcf/d goal. Four key fields — Burgos, Quesqui, Ixachi and Bakte — are expected to provide 54pc of total projected output. Carso is already active, partnering with Pemex on the complex deep-water Lakach gas project, which is now expected to migrate from a service contract to the new mixed contract model. Slim began renegotiations in February after the model was announced. Carso has also expanded upstream, buying into the oil-rich Zama project in December. In March, Sheinbaum confirmed the government is in talks with Carso to partner on Ixachi. Turning the tide Still, gas output continues to decline. An analysis by Mexican think tank IMCO found that Pemex and its farmout partners this year posted their lowest first-quarter gas production in 15 years. In the first quarter, Pemex produced 4.408 Bcf/d of gas, down by 8pc from the same period in 2024 and 12pc lower compared with the same quarter 2023. The 367 MMcf/d annual decline marks the steepest first-quarter drop since 2018, when output fell by 536 MMcf/d year over year. On the positive side, Pemex's natural gas production in March ticked 0.3pc higher from the previous month to 4.39 Bcf/d – marking the second consecutive month of increases after February output was up 1.3pc from January. By James Young Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Argus Asia-Pacific Crude and Products Online Forum
Argus Asia-Pacific Crude and Products Online Forum
Global wheat market frenzy: Strong, volatile competition with Canadian wheat
Global wheat market frenzy: Strong, volatile competition with Canadian wheat
Argus Battery Materials and Rare Earths Market Outlook
Argus Battery Materials and Rare Earths Market Outlook
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