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Continental Resources, a US-based producer, will help Turkey develop its shale gas fields
On Wednesday, Turkish Energy minister Alparslan Bayraktar announced on the social media platform X that TPAO, Turkey's national oil company, had signed a joint-venture agreement with U.S. producer Continental Resources for the development of shale deposits in Diyarbakir Basin. This cooperation will contribute greatly to our goal to bring Turkiye’s oil and natural gas resources into our economy. "I hope that this agreement will benefit all parties, as it opens up a new phase in Turkiye's exploration," he wrote in the blog. The Turkish oil and gas industry is not very large. Continental Resources CEO Doug Lawler stated in an email that "we recognize significant opportunities to further develop both in the U.S. We are very excited to work with TransAtlantic, Turkey Petroleum and other energy companies to develop innovative solutions to unlock the full potential of Turkey's resources. TransAtlantic Petroleum is developing the Selmo Field in Turkey, and executing a drilling program horizontally in eastern Turkey. Harold Hamm, founder of Continental Resources, warned on Wednesday that U.S. crude oil production was beginning to plateau. Reporting by Arathy S. Somasekhar, Writing by Liz Hampton and Editing by Marguerita C. Choy and Ni. Williams
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EPA to eliminate over 20 US air and water regulations
On Wednesday, the Trump administration announced regulatory rollbacks that included a repealing of emission limits for power plants, a reduction in protections for waterways, and a rollback on tailpipe pollution curbs. This was an attempt to meet President Trump's goals. Donald Trump Energy dominance agenda The Environmental Protection Agency (EPA) is unwinding 31 Biden-era rules that were intended to boost industries from agriculture, electric utilities, oil, petrochemicals, and automobiles. This aligns with Trump's pledges to cut red tape. However, they will also weaken the core environmental protections in U.S. water and air. In a video posted on X by EPA Administrator Lee Zeldin, he said that today is the "most consequential day in American history" of deregulation. He added that he was carrying out Trump's executive orders aimed to eliminate red tape in industry. Zeldin had announced on Wednesday morning that he would be attending the upcoming TEDxZeldin event. Reduce the number of waterways The Clean Water Act would regulate this activity, a move that was urged on by the agriculture and petroleum industries. He later announced that the agency will reconsider the Biden era Clean Power Plant Rule that seeks reduce carbon emissions from electricity plants and rollback greenhouse gas emission standards of heavy- and lightweight vehicles for model years 2027 and beyond. Zeldin has already been established Expected to take steps To undo a 2009 scientific finding that greenhouse gas emission endanger the public health, which underlies all of EPA's regulations on greenhouse gases. (Reporting and editing by Chris Reese; Valerie Volcovici)
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Trump mentions positive messages about a possible ceasefire between Russia and Ukraine
Donald Trump announced that U.S. officials would be heading to Russia to discuss a U.S.Ukraine agreement regarding a proposed 30 day pause in combat and a path to peace talks. Trump said that it was up to Russia now after Ukraine agreed to ceasefire for more than eight hours. Tuesday, with U.S. officials from Saudi Arabia Trump told reporters at the Oval Office: "I hope we can get a truce from Russia." "I have received some positive messages but they mean nothing. This is a serious situation." The Kremlin On Wednesday, the US was waiting for details about a proposed ceasefire in Ukraine. Senior sources from Moscow said that any deal must take into account Russia's advancements and its concerns. Trump said that a ceasefire for Russia would be logical, but also said that there were "a lot downsides for Russia as well," without providing any further details. "On one side we have pretty much resolved a complex situation. He said that we've discussed land, and the other issues associated with it. "We know what areas of land are being discussed, whether we should pull back or keep it." When asked if he'd do anything to put pressure on Russia, Trump replied: "I could do things financially. That would be very bad. I don't do it because I want peace. (Reporting and writing by Andrea Shalal, Katharine Jackson and Doina Chiacu. Editing by Diane Craft).
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Trump administration wants to exempt dirty US coal plant from soot regulations
According to sources familiar with the situation, the Trump administration plans to reverse pollution rules that reduce soot emission from U.S. power plants. This is a move to keep some of America's dirtiest coal-fired plants operating. Because they are small enough to enter the bloodstream, soot particles have a negative impact on health. The plan is in line with Trump's executive orders of January 20, which directed the Environmental Protection Agency (EPA) to review measures that affect energy reliability. They also declared a National Energy Emergency to increase government powers for boosting fossil fuels and electricity production. The White House did not respond to a request for comment immediately. Three people who have been briefed about the issue say that one of the targets is the Biden-era rule for 2024, which lowers the limits on particulate matter emissions from coal plants by almost 70%. Federal regulatory filings reveal that the EPA of former President Joe Biden said it thought it was reasonable to adopt a stricter standard because 91% existing coal plants already met it. The Trump administration said that it hopes to keep coal plants operating and restart those that have been shut down in order to meet the expected increase in demand for electricity in the coming years. The EPA has not responded to messages seeking comments. BENEFITS FOR THE BIGGEST EMITTERS About 200 coal-fired power plants remain in the U.S. They generate about 16% of electricity for the country. Rolling back the soot limit would benefit the country's most polluting coal plants. The EPA claims that the only coal plant in the United States without pollution controls is the Colstrip Power Plant in Montana. Talen Energy is the minority owner and operator of the plant. They have joined with more than 20 other states to challenge Biden's stricter regulations in Washington D.C. Circuit Court of Appeals. According to court documents, Trump's EPA administrator Lee Zeldin requested that the court postpone the oral arguments scheduled for the 27th of March to give the new leadership time to review the underlying regulation. "EPA intends closely to review the 2024 Rule." The agency's prior positions on the 2024 rule might not reflect the final conclusions it comes to after the review. Talen did not return a message seeking comment. NorthWestern Energy Group Inc. estimates that complying with Biden’s stricter limits could cost plant owners at Colstrip between $350 and $665 million. NorthWestern, after acquiring the interests of Avista Corporation and Puget Sound Energy, will be the majority owner of Colstrip by the end of the year. The utility will use the 1,500 megawatt plant that ran at about 80% last year to feed electricity to Montana's data centers, and to a 3,000 megawatt transmission line, 415 miles long, between Colstrip, North Dakota, and Bismark. NorthWestern didn't respond to a request for comment. The plant is known to have exceeded even the lowest federal limits of particulate matter. EPA disclosures reveal that in 2018, the plant's soot pollution was out of control and forced it to shut down for over two months. Talen Energy has agreed to pay $450,000 in fines to settle these air quality violations. The Biden-era limitations, if the Trump administration does not act, will require compliance by 2027. (Reporting by Tim McLaughlin, Editing by Richard Valdmanis & Nia Williams).
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Trump warns EU of retaliatory duties, saying Irish tax policies attracted US firms
Donald Trump, the U.S. president, promised to act on Wednesday in response to the European Union’s threat to impose counter-tariffs on U.S. products worth 28 billion euros (26 billion dollars) from next month. This comes after Trump implemented tariffs blanket on steel and aluminium imports. Trump said to reporters, "Of Course I Will Respond," at the beginning of a meeting in the Oval Office with Irish Prime Minister Micheal Mart. He said Ireland was a member of Europe and that it took advantage of America. Trump claimed that Ireland's tax policies had been used to lure pharmaceutical companies and other businesses from the United States. However, reciprocal tariffs by the United States would help rebuild U.S. Manufacturing. He said that the U.S. tax policies were to blame for allowing U.S. companies to relocate to Ireland. He said: "I have great admiration for Ireland, but the United States should not have allowed it to happen." Trump's increased duties on all U.S. imports of steel and aluminum took effect on March 21, escalating a global economic war. Canada and Europe retaliated swiftly. Trump's decision to increase protections for American producers of steel and aluminum restores 25% tariffs on all metal imports, and extends duties to hundreds downstream products. Canada, which is the largest foreign supplier of aluminum and steel to the United States announced 25% retaliatory duties on these metals, along with computers, sporting equipment, and other products totaling C$29.8 Billion. Canada's central banks also cut interest rates in order to prepare for the economic damage. The European Commission announced that it will impose counter-tariffs on U.S. products worth up to 28 billion dollars (26 billion euros) next month.
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The chair of the Bank Climate Coalition wants to change rules
After the withdrawal of many of the largest banks, and in light of the fact that the real economy is not able to meet more ambitious climate change action, the chair of the world's leading coalition for banking climate policy has asked its members about possible changes. Shargiil Bahir, Chief Sustainability officer and Executive Vice-President at First Abu Dhabi Bank, said that the decision, which was announced to members on Tuesday evening, reflected also recent developments in science and policy, methodology and regulation. He refused to provide details on the proposals, but, under condition of anonymity a source who had direct knowledge said that they included dropping the need to align lending to a goal to cap global warming at 1,5 degrees Celsius (3.6 degree Fahrenheit), above the preindustrial average. Since more than a decade, the Net Zero Banking Alliance (NZBA), which is a group of climate-sceptics in the United States, has been reviewing its membership rules. However, since Donald Trump's second term as president was confirmed by the U.S. Congress and the election of his successor to the office. Before Trump's inauguration, the six largest U.S. banking institutions left the alliance. They were joined by Australian, Canadian and Japanese lenders. Morgan Stanley, a U.S. Investment Bank, was the first major bank to lower their expectations in October for the impact they hoped to achieve by reducing loan-book emission. Bashir stated that "NZBA is constantly evolving its offering to respond to changing external conditions and member needs". Since NZBA's founding four years ago, external factors have changed rapidly in ways that affect the banking industry’s ability to assist clients to achieve net-zero. Barbara Lewis edited this article.
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Mexican President says he will wait to respond before retaliating against US metals tariffs
Mexico's president Claudia Sheinbaum said on Wednesday that her government would not immediately retaliate against new 25% tariffs placed by the U.S. for all steel and aluminium imports, but instead wait to see if a resolution can be reached in the next few weeks. The increased tariffs by U.S. president Donald Trump on all imports of steel and aluminum took effect with "no exceptions or exclusions", intensifying the global trade conflict. Sheinbaum told her morning press conference that she would wait until the 2nd of April to see if our definitions of reciprocal tariffs were also applied. Trump argues that tariffs are necessary to restore manufacturing capacity in the United States and create jobs. Mexican officials said that the tariffs were unjustified and pointed to data showing the U.S. has a surplus in steel and aluminum with Mexico. Tariffs are a threat to an economy already in a fragile state. Mexico is on the brink of slipping into a technical recession, and it has the largest budget deficit since 1980. Sheinbaum, who has been a skilled negotiator for Trump and achieved a pause in tariffs on other items, may not be able to achieve the same result with steel and aluminum. Trump implemented a 25% steel tariff and a 10% aluminum tariff in 2018, during his first term. The tariffs increased U.S. employment and production in these industries. However, the negative downstream effects were offset by the positive upstream effects. Trump will lift the tariffs against Mexico and Canada in mid-2019. Mexico's Economy Minister Marcelo Ebrard had previously called the tariffs unreasonable. It's unfair, according to the arguments of President Trump. We have, again, more imports of (steel than exports", Ebrard stated at a February press conference. Mexico's steel industry Cancero warned that the tariffs will hit $2.1 billion worth of Mexican steel exports and called for retaliatory duties on U.S. Steel. (Reporting and editing by David Alire Garcia)
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EPA tightens up regulation on US waterways
The U.S. Environmental Protection Agency announced on Wednesday that it would narrow the definitions of waters that could be federally regulated in order to comply with 2023 Supreme Court ruling. Republican legislators from agricultural states applauded this move. EPA Administrator Lee Zeldin stated that the agency would work to create a simple definition "that will stand the test of time". He said that the previous administration's definition of "waters of the United States" placed unfair burdens on American citizens and increased the cost of doing businesses. This announcement is part of what Zeldin called a "ping-pong" of policy changes around the regulation and protection of "waters in the United States", which are protected by the 1972 Clean Water Act against pollutants such as fertilizers, pesticides and mining waste. The EPA tried to expand its regulatory authority over wetlands and streams under the Obama and Biden Administrations. However, this was met with opposition from the industry, agriculture and Republican legislators who called it a sweeping move. The Sackett vs. EPA 2023 case established a standard that limits the ability of the EPA and Army Corps of Engineers to regulate certain types of wetlands which do not connect to navigable waterways and streams. Shelley Moore Capito of West Virginia, the chairwoman of the Senate Environment Committee, said: "By delivering a framework which is both clear, and legally sound and refining key terms, as well as rescinding previous vague and inconsistent guidelines, we bring predictability to all those who depend on clear, workable, water regulations." Environmental groups have warned against a narrowing of the definition of waterways that are regulated. This would negatively impact on wetland conservation.
Copper reaches multi-month highs on China and U.S. Tariffs
The copper price hit a multi-month high on Wednesday, as traders braced for possible U.S. Tariffs. Investor sentiment was also boosted by signs of improved demand in China and the possibility of a ceasefire in Ukraine.
In official open-outcry trade, three-month copper at the London Metal Exchange gained 1.2% and reached $9,780 per metric ton. It briefly reached $9,800, the highest since October 11.
U.S. Comex Copper Futures rose 2.5% to $4.89 a lb. It was at its highest level since May 24, last year.
The U.S. imposed 25% tariffs on steel and aluminum on Wednesday. Donald Trump also ordered an investigation into the possibility of new tariffs for copper. This has prompted U.S. companies to stockpile.
Ole Hansen is the head of commodity strategy for Saxo Bank, based in Copenhagen.
"Underlying feelings have improved significantly in the past 48 hours. This is not just because of the possible truce, but also due to what happened yesterday between U.S. and Canada relations."
The European stock market soared on Wednesday, after Ukraine accepted a U.S. proposal for a ceasefire. Meanwhile, Trump backed down from doubling the metals tariffs on Tuesday after Ontario suspended its plan to impose a surcharge on electricity exported to the U.S.
Copper on the Shanghai Futures Exchange, which is China's top metals consumer, closed the daytime trading session 2.08% higher, on expectations of improved demand. It had earlier reached its highest level since September 30.
ANZ analysts stated in a report that the fundamentals have improved, and the ANZ Downstream Copper Demand Indicator shows positive growth in particular in grid infrastructure, electric vehicles, and other areas.
The recent measures to stimulate the economy are helping manufacturers ramp up production. Copper cathode stocks in Shanghai and Guangdong have continued their declines since a recent peak, due to lower imports.
Zinc, which had been losing ground, reversed its losses and gained 1.8%, to reach $2,965 per ton. This was the highest official activity in almost three months. Nyrstar announced that it would cut production at its Hobart Zinc operations in Australia by 25% from April.
Other metals saw a 0.6% rise in LME aluminium to $2720 per ton. Nickel rose 1.3% to $16,700; lead increased 1.1% to $2,000 and tin climbed 0.7% to $33,400. ($1 = 7.2441 Chinese Yuan) (Reporting and editing by Shailesh Kumar and Leroy Leo; Additional reporting by Amy Lv in Beijing and Lewis Jackson).
(source: Reuters)