London, February 03, 2025 (Oilandgaspress) –- OPEC+ agreed to stick to its policy of gradually raising oil output from April on Monday and removed the U.S. government’s Energy Information Administration from the sources used to monitor its production and adherence to supply pacts.
OPEC+ and Donald Trump clashed repeatedly during his first administration in 2016-2020 when the U.S. President demanded it raise production to compensate for the drop in Iranian supply, which resulted from U.S. sanctions.
Trump has already called on OPEC to release more oil to bring down prices since returning to the White House, saying elevated prices have helped Russia continue the war in Ukraine. Read More
(Reuters) – U.S. President Donald Trump will pause new tariffs on Mexico for one month after Mexico agreed to reinforce its northern border with 10,000 National Guard members to stem the flow of illegal drugs, particularly fentanyl, he said on Monday on social media. Read More
The global cryptocurrency market experienced a significant downturn on Monday morning, shedding nearly $500 billion in market capitalization since late Saturday evening. The global crypto m-cap plummeted around 14 per cent from $3.49 trillion to $3 trillion, according to the data from Coinmarketcap.com The decline followed U.S. President Donald Trump’s announcement of substantial tariffs on February 1 on imports from Canada, Mexico, and China, intensifying fears of a global trade war. Read More
Progressive Conservative Leader Doug Ford is “ripping up” Ontario’s nearly $100 million contract with Elon Musk’s Starlink in the wake of U.S. tariffs on virtually all Canadian goods, he said in a statement Monday. The contract, signed in November, was meant to provide high-speed internet access through Starlink’s satellite service to 15,000 eligible homes and businesses in rural, remote and northern communities by June of this year. Read More
The UK’s trading relationship with the US is “fair and balanced”, Downing Street insisted after Donald Trump said that the UK was “out of line”.
The Prime Minister trusts Mr Trump to keep his word, No 10 said after the US president suggested he thinks a deal can be “worked out” to avoid slapping tariffs on the UK. Mr Trump suggested in comments overnight that he is poised to expand his tariff regime to both the UK and the EU, but added that he thinks a deal can be done with Britain. Read More The pound slumped almost a cent against the dollar at $1.228 while the price of Bitcoin dropped 2.4% to $95.315.
(Reuters) – Shares in some of the biggest European carmakers slumped on Monday after U.S. President Donald Trump imposed new tariffs of 25% on goods from Mexico and Canada and 10% on imports from China, raising concern over possible duties on EU imports too.
Volkswagen, BMW, Porsche, Volvo Cars, Stellantis, and truckmaker Daimler Truck all fell between around 5% and 6%. French car parts supplier Valeo slumped 8%. Read More
Tesla Inc. registrations plummeted 63% last month in France, the European Union’s second-biggest market for battery-electric vehicles.
The EV maker registered only 1,141 cars in January, down from 3,118 a year ago, according to French industry association La Plateforme Automobile. Tesla underperformed the overall industry and total EV sales, which were down 6.2% and 0.5%, respectively. Tesla’s registrations across EU countries fell 13% last year, with Germany accounting for much of the decline. The EV maker has struggled in the country with an aging model lineup, increasing competition and the withdrawal of government subsidies in late 2023.
Tesla registrations fell 41% in Germany last year, while overall battery-electric vehicle sales declined 27%. Read More
Panama will withdraw from China’s Belt and Road Initiative (BRI), President Jose Raul Mulino announced following talks with U.S. Secretary of State Marco Rubio. “I have made an important decision and I am informing you of it,” Mulino said, as cited by The Moscow Times. “My government will not renew the 2017 memorandum of understanding on the Belt and Road Initiative. That is true. We will study the possibility of ending the project early.” Read More
Petrol and diesel cars will likely remain on British roads for another two decades despite Labour pushing for a 2030 ban on brand-new polluting vehicles. Experts at online sales firm Motorway stressed combustion models would not disappear anytime soon with traditional cars likely to remain on UK roads until at least 2048″.According to the experts, the average lifespan of brand-new petrol and diesel cars is 14 years.
With no ban on second-hand and used vehicles coming into effect, it means motorists who purchase a brand new model ahead of the deadline will face no immediate problems. It means these individuals can run their cars until halfway through the century without having to make the transition to EVs. Read More
Lithium Salvage intends to build a pioneering refinery in Sunderland which will convert waste lithium-ion battery materials from household appliances into salt which can be sold on for new uses – a process seen to be a critical component of Government’s ambition to improve UK self-sufficiency. Waste generated from lithium-ion household batteries used in items including power tools, mobile phones and vacuum cleaners is already significant and it is likely to grow, yet much of this waste is sent overseas for processing because of a lack of capacity here in the UK.Lithium Salvage UK Ltd (LiSaL) has secured £1.7M in investment, marking a major step forward in the UK’s growing lithium-ion battery recycling market.
With advisory support from NorthEast Capital LLP, this funding will enable us to build a pioneering refining facility dedicated to the climate-friendly recovery of valuable materials—including Lithium, Manganese, Cobalt, and Nickel—from black mass. Through our metals trading partners, including Pennine Energy Group, LiSaL is proud to offer a UK-based refining solution for black mass producers.
A huge thank you to our investors, including the Tom O’Neill at Venture Sunderland Fund (managed by Northstar Group), Darren Shaw at Sixth Wave Ventures, Michael Dickens at Maven Capital Partners (part of the Northern Powerhouse Investment Fund II, supported by the British Business Bank and Sarah Newbould), John Bell and Peter Coats at Gaspara Asset Management LLP, and business angel investors from across the UK.
Your support is fueling innovation and sustainability in battery recycling. Read More
China Evergrande New Energy Vehicle Group (0708) said the company has not secured strategic investors or purchasers who can help alleviate its liquidity issues and facilitate an appropriate restructuring, influenced by the mainland’s “tough” new energy vehicle operating conditions.
The company also said though it further reduced head counts and other operating expenses to save costs during the last six months, it holds low levels of cash and cash equivalents which is used on maintaining basic operating activities.
The company added that given the funding issue, it is unable to secure certain services including but not limited to the commencement of site audit work by its auditors and other relevant professional advisers for the year ended December 2024. Read More
(Reuters) -Automakers, beer brewers and nuclear power companies led declines in a broad equity pullback on Monday after the U.S. hit Mexico, Canada and China with sweeping tariffs, stoking worries that an all-out trade war could cripple growth and corporate profits.
Investors sold stocks and bought dollars on Monday, as they assessed the risks of a trade war after Donald Trump imposed tariffs on top U.S. trading partners. Executives on earnings calls have said Trump’s shifting plans for tariffs could disrupt world trade and prompt some companies to move production to the U.S. The sectors most affected by new tariffs by far are auto and auto parts, which accounted for $129 billion worth of imports from Mexico in 2023. Aptiv slumped 8.9%, General Motors slid 5.2%, Ford dropped 3.3% and Tesla shed 4.7%.. Read More
Scotiabank Global Equity Research predicts U.S. President Donald Trump’s 10 per cent tariff on all energy imports from Canada effective Feb. 4 will be short-lived, as higher energy costs pinch American consumers. For investors, analysts see an opportunity to buy certain oil and gas stocks at a discount. Scotiabank analysts led by Jason Bouvier say the U.S. tariff on Canadian energy will motivate producers to maximize exports to non-U.S. markets through the recently expanded Trans Mountain pipeline, and re-exports from the U.S. Gulf Coast… Read More
Ford’s January sales in the U.S. fell 6.3%. Ford sold a total of 142,944 units – including ICE and electrified vehicles – in January, compared to the 152,617 it sold a year ago. Sales of its electric and hybrid vehicles, rose about 20% to 18,961 units.
January 2025 Year-to-Date
SALES BY PROPULSION
Total Electrified Vehicles 18,961
Electric Vehicles 5,666
Hybrid Vehicles 13,295
Internal Combustion 123,983
SALES BY TYPE
SUVs 57,087
Trucks 83,458
Cars 2,399
Total vehicles sold: 142,944
Ford Motor Company’s UK headquarters, the Dunton Campus, has taken a major step towards renewable energy with the commissioning of a new solar farm. Generating over 5,000 MWh of electricity annually, the solar farm produces enough power to supply more than 1,500 homes or fuel a Ford E-Transit for 14 million miles – equivalent to circling the Earth more than 500 times.
The Dunton Campus, Ford’s largest automotive R&D centre in the UK, now features a 5.2 MWp solar PV array with 9,130 panels and 58,000 metres of cabling. This installation will meet approximately 10% of Dunton’s total annual electricity demand of 55,000 MWh, previously fully sourced from certified renewable energy via the National Grid. Read More
The U.S. Environmental Protection Agency is currently undergoing the largest wildfire hazardous waste cleanup in the history of the agency as it assists local governments and residents in the wake of catastrophic fires in Los Angeles County. EPA has completed reconnaissance at 6,022 properties. This includes 3,636 properties impacted by the Eaton Fire and 2,386 properties impacted by the Palisades Fire. The agency has successfully removed 80 electric vehicles and bulk energy storage systems, which are extremely dangerous to the public and the environment and will continue ramping up such operations.. Read More
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OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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