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US President Donald Trump has vowed to fully utilise America’s large oil and gas reserves to rebuild the nation’s power and wealth, speaking during his inauguration. 

The president, at the US Capitol building in Washington, DC, revealed he will declare a “national energy emergency” to help to bring down prices prompted by an “inflation crisis” based on government overspending. 

“We will be a rich nation again, and it is that liquid gold under our feet that will help to do it,” he said. 

“With my actions today we will end the Green New Deal, and revoke the electric vehicle mandate, saving our automobile industry and keeping my sacred pledge to the great American auto workers,” he added. 

The Green New Deal calls for widescale public policy initiatives to address climate change, coupled with renewable energy job creation, and reducing economic inequality. 

China’s crude oil imports from Russia increased by 1% in 2024, setting a new record compared with 2023. 

The rise in imports reflects China’s preference for discounted Russian supplies amid weakened refining margins, reported Reuters. According to data from China’s General Administration of Customs, the imports from Russia, including pipeline and seaborne deliveries, amounted to 108.5 million tonnes (mt), equivalent to 2.17 million barrels per day (mbbl/d). 

The shift towards Russian oil was attributed to its lower prices and a Chinese government mandate to bolster stockpiles. Overall crude oil imports into China declined by 1.9% last year, the first annual decrease outside of pandemic-related downturns. 

China’s crude oil purchases from Saudi Arabia, traditionally the largest producer within the Organization of the Petroleum Exporting Countries (OPEC), fell by 9%. 

Saudi shipments to China were 78.64mt, or around 1.57mbbl/d, a decrease from 1.72mbbl/d in 2023. 

The Australian Competition and Consumer Commission (ACCC) has highlighted concerns over the pace of new gas production and infrastructure development, which is crucial for the energy transition. Despite a slightly improved short-term outlook for Australia’s east coast gas market, with a surplus forecast for 2025 and 2026, the overall domestic gas supply is facing a long-term decline. Additionally, there is uncertainty about future investments in the sector. 

The southern states, already experiencing seasonal shortfalls, are reliant on gas transported from Queensland and may need to import gas to meet demand beyond the short term. 

ACCC Commissioner Anna Brakey said: “Our current projections indicate the potential for structural gas shortfalls on the east coast from 2027 unless supply increases or demand decreases.” 

Continued domestic gas supply is important to mitigate risks to energy security and market stability, which could arise from over-reliance on international liquefied natural gas (LNG) markets. 

The American Petroleum Institute (API) voiced concerns over potential restrictions on offshore oil and natural gas activities.  API president and CEO Mike Sommers highlighted the importance of these resources for US energy security and the economy, considering reports that the US Government may ban new activities in federal waters. 

Sommers said: “American voters sent a clear message in support of domestic energy development, and yet the current administration is using its final days in office to cement a record of doing everything possible to restrict it. 

“Congress and the incoming administration should fully leverage the nation’s vast offshore resources as a critical source of affordable energy, government revenue and stability around the world.” US offshore oil and gas production contributes to the US energy sector, with 14% of the country’s crude oil output, or nearly two million barrels per day, coming from offshore sources. 

According to the Dallas Fed Energy Survey, activity in the oil and gas sector increased slightly in the fourth quarter of 2024. 

The business index gives a broad measure of the conditions energy firms face in the Eleventh District (Texas, northern Louisiana and southern New Mexico), with activity increasing from -5.9 in the third quarter to 6.0 in the fourth quarter. 

The Federal Reserve Bank of Dallas conducts the survey quarterly to generate a timely assessment of energy activity among oil and gas firms, with results based on how oil and gas executives respond. 

The survey also revealed that the company outlook index increased 19 points from -12.1 to 7.1, suggesting mild optimism among oil and gas companies while the outlook uncertainty index declined 26 points to 22.4.