Key energy agencies diverge as demand and oil prices climb

DUBAI, United Arab Emirates (AP) — Leaders of the world’s most consequential energy bodies gathered for a forum Wednesday to discuss the uncertain future of oil as demand rebounds and prices climb, all while a growing roster of nations pledge to transition to cleaner forms of energy.

The forum, which included speakers from the Organization of Petroleum Exporting Countries, the International Energy Agency and the International Energy Forum, presented varying forecasts for oil demand and discussed energy security and market stability.

Yet from the outset, the wider debate on how the world should best transition away from so-called dirty fuels and other sources of carbon emissions that pollute the air played out as speakers gave their remarks.

Major oil-producing nations, like Saudi Arabia and the United Arab Emirates, have long argued that a rapid energy transition away from the fossil fuels that they continue to rely on for revenue will impact global economic growth and hurt the world’s poorest. Those backing a fast-tracked transition insist new investments in energy must go toward expanding existing wind and solar solutions and in funding innovative solutions if the world is to avoid catastrophic global warming levels. On both sides, however, there is agreement that the world is far from reaching sustainable targets as demand for energy grows.

“We are not on track. So how should policy makers respond to this dilemma? The reality is that 80% of the world’s energy needs continue to be met by fossil fuels,” said Joseph McMonigle, secretary general of the Saudi-based International Energy Forum that hosted the symposium. The IEF is the largest organization of energy ministers, with 71 member states, including the United States.

McMonigle said global energy demand has “roared back” to pre-pandemic levels, but that investments in oil and gas are not back to where they were before the COVID-19 crisis.

“Disinvestment in energy supply will not deliver a just and orderly transition and cannot be a response to the climate crisis,” he said, arguing that countries should invest in both greener forms of energy as well as fossil fuels.

The IEF has called for oil and gas investment to reach $525 billion through 2030 to ensure “market balance” despite a slowdown projected in how much demand for oil will grow. The group notes that investment in the oil and gas sector in 2021 stood at $341 billion. Without more financing, the IEF says demand could outstrip future supply within the next five to six years. They say it could also result in switching to more polluting energy sources such as wood and coal.

Others disagree. The International Energy Agency’s executive director has said the world does not need more investments in new oil, gas and coal projects.

From Paris, the IEA’s Fatih Birol did not directly address the comments made by McMonigle, but he echoed the sentiment that the energy transition must happen in an “orderly manner” so that climate targets are met and oil producing economies are seen as part of the solution.

To meet these targets, the world must reduce its consumption of fossil fuels, Birol said, before later adding: “We cannot drop oil and gas tomorrow.”

“The world will need oil and gas for several years to come. However, if we want to reach our climate targets we would need less oil and less coal and less gas than we use today in an unabated format.”

The IEA says that for the world to reach net-zero emissions by 2050, annual clean energy investment worldwide will need to more than triple by 2030 to around $4 trillion. It has also called out the energy sector as the source of around 75% of greenhouse gas emissions, a main driver in climate change.

The IEA estimates that world oil demand is set to expand by 3.2 million barrels per day this year, reaching 100.6 million barrels per day as restrictions to contain the spread of the coronavirus ease. Benchmark crude prices rose by more than 15% in January to cross the $90 per barrel threshold for the first time in more than seven years.

The rebound in demand for oil, combined with a shortfall in energy investments, rising prices and market uncertainty has led to varying energy outlook scenarios. The diverging outlooks by OPEC, the IEF, IEA and others have an impact on how governments choose to formulate their energy policies and decide on production levels as they commit to net-zero pledges.

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Follow Aya Batrawy on Twitter at www.twitter.com/ayaelb

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Follow AP’s climate coverage at http://apnews.com/hub/climate

Aya Batrawy, The Associated Press

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Trump: Tariffs on Canada, Mexico to take effect next week

Published on February 26, 2025

Todayville

MxM News

Quick Hit:

President Donald Trump confirmed that a 25 percent tariff on all goods from Canada and Mexico will take effect next week. The move is intended to pressure the neighboring countries to take stronger measures against undocumented migration and fentanyl trafficking into the U.S. Despite discussions with Canadian Prime Minister Justin Trudeau and Mexican President Claudia Sheinbaum, Trump stated the tariffs will proceed as scheduled.

Key Details:

The tariffs were initially set for February 4 but were delayed by 30 days following conversations with Trudeau and Sheinbaum.
Trump emphasized the need for “reciprocal” tariffs, stating the U.S. has been “mistreated very badly” by many countries.
Canada and Mexico have threatened to retaliate if the tariffs are implemented, which could impact over $900 billion in U.S. imports.

Diving Deeper:

President Donald Trump announced on Monday that his administration will move forward with imposing a 25 percent tariff on all Canadian and Mexican goods, effective next week. The decision aims to pressure the two countries into taking stronger actions to curb undocumented migration and fentanyl trafficking into the United States.

Speaking at a joint press conference with French President Emmanuel Macron, Trump stated, “The tariffs are going forward on time, on schedule.” This declaration comes as the new deadline approaches on March 4, after an initial delay of 30 days from February 4, following phone conversations with Canadian Prime Minister Justin Trudeau and Mexican President Claudia Sheinbaum.

During the press conference, Trump emphasized the broader issue of tariff reciprocity, claiming, “We’ve been mistreated very badly by many countries, not just Canada and Mexico.” He stressed the need for fairness in international trade, stating, “All we want is reciprocal. We want reciprocity. We want the same.”

Although Trump did not explicitly mention fentanyl or migration in his remarks, his statements apply additional pressure on Canada and Mexico to address his administration’s concerns. According to the White House, Trudeau informed Trump on Saturday that Canada has achieved a 90 percent reduction in fentanyl crossing the U.S. Northern Border and that Canada’s Border Czar will visit the U.S. next week for further discussions.

Together, Canada and Mexico account for more than $900 billion in U.S. imports, including vehicles, auto parts, and agricultural products. Both countries have indicated that they will retaliate if the tariffs are imposed. In a concession to inflation concerns, Trump noted that energy imports from Canada would face a lower tariff rate of 10 percent.

The move underscores Trump’s continued focus on securing U.S. borders and achieving trade reciprocity, while also setting the stage for potential trade conflicts with America’s closest trading partners.

Business

Liberal leadership debate sees candidates bash Trump, promise to fight ‘climate change’

Published on February 25, 2025

Todayville

From LifeSiteNews

By Anthony Murdoch

Monday’s debate saw candidates Chrystia Freeland, Mark Carney and others accuse U.S. President Donald Trump of being the nation’s biggest threat while also restating their commitment to fighting ‘climate change.’

The first debate among Liberal leadership hopefuls Monday night saw the candidates focus heavily on bashing U.S. President Donald Trump, with all in the running also pledging their commitment to fighting “climate change.”

The French language debate, held in Montreal, saw frontrunner Mark Carney, former Finance Minister Chyrstia Freeland, and the two other lesser-known candidates, former House leader Karina Gould and former Liberal MP Frank Baylis, debate for two hours on a variety of topics, with Trump-bashing taking center stage. Freeland and Carney in particular, both of whom have ties to the globalist World Economic Forum, claimed Trump is the biggest threat Canada has faced in decades.

When asked about Trump’s ongoing threat to impose 25 percent tariffs on all Canadian goods at the start of March, Carney said, “Today’s Trump is very different from the Trump of the past,” asserting he is “more aggressive” than ever and that “he wants our country.”

Carney, who has a history of pushing the climate change narrative, was asked about his recent comments suggesting he would use emergency powers to combat Trump’s tariff threats by green-lighting energy projects in an attempt to make Canada less dependent on its neighbor to the south.

In response, Carney, whose proficiency in French seemed weaker than the others, appeared to hold back on committing to the building of pipelines from Alberta to Eastern Canada, but saying that such a project could be “possible.”

“70% of our oil comes from the U.S., our neighbor. No longer our friend, of course,” he added.

For Freeland’s part, she claimed that “Trump represents the greatest threat to Canada since World War II,” later boasting that she is the “only” one who could take on Trump via negotiation.

All the candidates said they “completely agree” that Trump is Canada’s largest “threat,” and all took turns bashing their biggest political rival, Conservative Party leader Pierre Poilievre, labeling him incompetent.

The leadership candidates also all agreed that “fighting” climate change was a priority but did not elaborate on what they would do differently than Prime Minister Justin Trudeau, whom they all praised for his “climate” leadership. Carney and Freeland, both of whom have long supported carbon taxes, vowed to eliminate the consumer carbon tax despite standing by it for years.     

Freeland is known by many as being the finance minister responsible for freezing the bank accounts of the 2022 Freedom Convoy participants and donors, actions Carney endorsed at the time.

Carney also recently admitted to being a “globalist” and an “elitist,” but defended the labels as positives.

The Liberal Party of Canada will choose its next leader, who will automatically become prime minister, on March 9, after Trudeau announced that he plans to step down as Liberal Party leader once a new leader has been chosen.

With respect to Trump, he has mentioned multiple times that he desires to annex Canada and turn it into a state.

Trump’s talk of taking over Canada by economic force comes at the same time he has threatened to impose massive tariffs on the nation.

Canada was given a 30-day reprieve from 25 percent tariffs by Trump at the end of January after Trudeau promised in a call to increase border security and crack down on fentanyl at the border. However, Trump has imposed a 25 percent tariff on steel and aluminum products.