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BP and Shell will study the hydrocarbon potential of three Libyan oilfields
Oil Majors BP & Shell have agreed to work with Libya's National Oil Corp. (NOC) on hydrocarbon exploration and production at three Libyan fields, NOC announced in a Monday statement. Libya, Africa's largest oil producer and a Member of the Organization of the Petroleum Exporting Countries(OPEC), has experienced disruptions to its oil production due to disagreements between armed factions about oil revenues. These disputes have led to the shutdown of oilfields. Foreign investors are wary about investing in Libya. The country has been in chaos since Muammar Gadaffi was overthrown in 2011. Oil giants such as Eni, OMV and BP resumed their exploration activities in Libya after a decade-long hiatus. NOC reported that BP would reopen its Tripoli office during the fourth quarter of 2025. The company also announced that it had signed a Memorandum of Understanding with BP for the purpose of conducting studies to evaluate the potential hydrocarbon production and exploration in the Messla oilfields and Sarir as well as some nearby exploration areas. Separately the state oil company said that it had agreed with Shell to conduct a technical and economic feasibility report to develop Atshan and other fields owned entirely by the NOC. According to the NOC's website, the national oil production in the last 24 hours reached 1.385 millions barrels per day.
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TSX drops as trade jitters continue
Canada's main index of stocks closed lower on Sunday, following U.S. stock markets, after U.S. president Donald Trump announced new tariffs against Japan, South Korea and other countries, causing trade worries among Canadian investors. The benchmark S&P/TSX Composite Index closed at 27,020.28, down 15.88 points or 0.06%. The TSX index fell earlier in the morning as investors waited for updates on developments in trade. The index reached new all-time records every day of the week, and it also hit another record on Monday. Wall Street's main indexes ended lower following Trump's announcements on tariffs. Greg Taylor, Chief Investment Officer at PenderFund Capital Management, said: "It is more of a warning, that these friendly countries are getting close to tariffs. And that's probably just a reminder that Canada hasn't yet gotten out of the woods." "We are starting to realize that the (worries about tariffs) have not completely disappeared, and that there will still be some uncertainty regarding earnings. Investors say, "Well, we have had such huge gains." Why don't you take a break and enjoy your profits?" Energy stocks also fell by 0.6% and healthcare stocks dropped 0.3%. Gold pared its losses following Trump's tariff announcement, causing some investors to seek out safe-haven investments. ATS Corporation, the largest individual stock on the TSX index, fell 8% as Andrew Hider, the CEO, is leaving the company. Sandstorm Gold rose 6.2% when Royal Gold announced that it would acquire the company for approximately $3.5 billion. Horizon Copper has gained 67.7% since Royal Gold announced that it had acquired the company for $196 million in cash. Reporting by Nivedita Bali in Toronto, Twesha Dhikshit and Sukrit Gupta from Bengaluru. Editing by Sahal Muhammad and Richard Chang.
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US rules could increase oil and gas production in US West
The U.S. The U.S. Interior Department proposed rule changes on Monday to allow energy companies more easily to combine oil and natural gas output from several leases using the exact same well pad. This could save the industry up to $1.8 billion annually, according to the department. The proposed rule, which would primarily affect onshore oil-and-gas drilling in the U.S. West would ease limitations on so called commingling. According to the Department, this would improve operations. The Interior Secretary was directed to approve the commingling of applications by President Donald Trump’s tax-cut law. The current U.S. Bureau of Land Management regulation restricts commingling of leases with identical mineral ownership, royalties rates and revenue distribution. Interior has said that the requirements are a barrier in areas of the West with complex mineral ownership. According to the Department, this change will allow oil and gas companies to track production more accurately and calculate royalties that drillers must pay to the federal and tribal governments for fossil fuels produced in public and tribe lands. Interior Secretary Doug Burgum stated in a press release that the current rules were designed for a different time. These updates will allow us to manage public resources more effectively, promote responsible energy production and ensure that taxpayers and tribal members receive every dollar owed. Western Energy Alliance is pushing for more access to commingling. They say it's one of the fastest ways to increase production in the United States. Many projects have been stalled for years because the Interior Bureau of Land Management has not approved federal and private oil in consolidated projects. Trump's "energy dominance policy" pushes the administration to reduce regulations on fossil fuels. Many of these regulations are meant to slow down climate change and pollution. (Reporting and editing by Deepababington, Timothy Gardner)
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Demand outweighs OPEC+ production increase
On Monday, oil rose by more than 1% due to signs of strong demand. This was despite a higher-than expected OPEC+ production increase for August and concerns over the possible impact of U.S. Tariffs. Brent crude futures were up 79 cents or 1.2% to $69.08 at 02:05 pm. ET (18:05 GMT). U.S. West Texas Intermediate Crude was trading at $67.29 up 29 cents or 0.4%. Earlier in the session, benchmarks fell to $67.22 ad $65.40 respectively. Dennis Kissler is senior vice president for trading at BOK. Travel industry statistics revealed that a record number of Americans were set to travel by road and air for the Fourth of Independence holiday. The Organization of the Petroleum Exporting Countries (OPEC+) and its allies agreed to increase production in August by 548,000 barrels a day, a higher rate than the 411,000 bpd they increased for the previous three months. RBC Capital analysts led by Helima Crockt said in a report that the OPEC+ agreement will return nearly 80% (2.2 million bpd) of the voluntary cuts made by eight OPEC producers to the market. Analysts said that the actual increase in production has been less than expected and the majority of the supply comes from Saudi Arabia. Saudi Arabia raised its August price of its flagship Arab Light crude on Sunday to a record high for Asia. Goldman analysts anticipate OPEC+ will announce a final increase of 550,000 bpd for September during the next meeting, on August 3. The oil industry was also under pressure when U.S. officials announced a delay in the start of tariffs, but did not provide any details about changes to rates. Investors worry that higher tariffs will slow down economic activity and reduce oil demand. Treasury Secretary Scott Bessent announced on Monday that the United States would make several announcements about trade in the next 48-hours. He added that his email inbox was flooded with last-ditch proposals from countries looking to reach a tariff agreement before July 9. Jeffrey McGee is the managing director of Makai Marine Advisors. Geopolitical uncertainty continued. Yemen's Iran aligned Houthis claimed on Monday that they had destroyed a cargo vessel in the Red Sea with remote-controlled boats and rockets, their first attack on high seas of the year. Israeli Prime Minister Benjamin Netanyahu will meet Trump at the White House Monday. Israeli officials are also holding indirect talks with Hamas to reach a ceasefire in Gaza and a deal for hostage release mediated by the United States. According to an interview published on Monday, Iranian President Masoud Pezeshkian believes that Iran can solve its differences with the United States by dialogue. However, trust will be a problem after U.S. attacks and Israeli attacks against his country. (Additional reporting by Florence Tan, Ahmad Ghaddar and Marguerita Choy; Editing by Nick Zieminski, Cynthia Osterman and Margueritachoy)
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Dollar rises as Trump announces 25% tariffs against Japan and South Korea
The dollar gained against the major currencies as the stock markets declined on Monday, after President Donald Trump announced 25% tariffs on imports from Japan and South Korea. Investors awaited more announcements regarding the White House’s trade negotiations. Treasury Bills with a longer expiration date yields edged higher. On Monday The U.S. will impose a 25 percent tariff on imports of goods from Japan and South Korea starting August 1. He also revealed the first of a series of letters he said he would send to trading partners describing the new charges they must pay. Toyota Motor and Honda Motor, both Japanese automakers listed on the U.S. stock exchange, fell by 4.1% and 3.8% respectively. Treasury Secretary Scott Bessent announced earlier Monday that the United States would make several announcements about trade in the next 48-hours. A deadline of Wednesday has been set to complete trade agreements. "We are down (in the stocks) after the weekend and it is a crucial week for the tariffs," Peter Cardillo said, chief market analyst at Spartan Capital Securities, New York. Investors are cautious because they don't know what will happen in the future with trade deals. Tariffs will likely increase prices and slow growth. However, uncertainty about the final policies could be more of a drag on business as they postpone making decisions. S&P 500 companies will soon begin to report results for the second quarter. Trump announced in April that he would impose a base tariff of 10% on the majority of countries, and increased "reciprocal rates" up to 50%. The original deadline was this Wednesday. He also warned that the levy could be as high as "60% or 70%" and threatened to add an additional 10% for countries who align themselves with the "anti American policies" of BRICS, the group consisting of Brazil, Russia India and China. The Dow Jones Industrial Average dropped 515.77, or 1.15 percent, to 44.314.92. The S&P 500 declined 56.23, or 0.90 percent, to 6,222.20. And the Nasdaq Composite was down 195.58, or 0.97 percent, to 20,404.31. Tesla shares fell 7.4% after Elon Musk, CEO of the electric vehicle manufacturer, announced the formation a new political party in the United States called the "American Party." The MSCI index of global stocks fell 7.06 points or 0.76% to 918.65. The pan-European STOXX 600 closed with a gain of 0.44%. The yield on the benchmark 10-year U.S. notes increased 5.1 basis points, to 4.391% from 4.34% at late Thursday. The dollar index (which measures the greenback versus a basket currencies) rose by 0.58%, to 97.53. Meanwhile, the euro fell by 0.59%, to $1.1709. The dollar gained 1.04% against the Japanese yen to reach 146.02. The minutes of the Federal Reserve's last meeting are due this week. Investors are trying to determine how many times they expect the Fed to reduce interest rates in this year, after Thursday's jobs data showed that employers had added more jobs than forecast. At a meeting scheduled for Tuesday, it is expected that the Reserve Bank of Australia will cut rates by a quarter-point to 3.60%. This would be the third rate reduction in this cycle. The markets predict rates of either 2.85% or 3.10 percent. U.S. crude oil rose by 0.7%, to $67.47 per barrel. Brent was up to $69.21 a barrel on the same day.
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Man dead after firing at US Border Patrol station in Texas
Local police reported that a 27-year old Michigan man died after police shot him dead Monday morning in McAllen, Texas. The Michigan man had opened fire with an assault weapon on a U.S. Border Patrol Station. McAllen Police Chief Victor Rodriguez said that Ryan Louis Mosqueda had attacked the facility just after 6 am. U.S. Border Patrol agents responded with fire. Rodriguez reported that a McAllen officer was wounded in the leg during an exchange of gunfire and taken to the hospital. A Border Patrol agent was also injured, according to the U.S. Department of Homeland Security. Rodriguez said that the police found more firearms and ammunition in Mosqueda’s vehicle. He said that the suspect fired dozens and dozens of shots at the building, as well as the agents inside. The vehicle was covered in writing, but Rodriguez didn't provide any details about what it said or if it indicated the motive of the attack. Rodriguez, without providing further details, said that Mosqueda was believed to be from the area, as he had been reported missing by a resident of Weslaco. This is about 18 miles to the east of McAllen. Rodriguez stated that the FBI was leading the investigation, as there had been an attack against federal officers and on a federal building. Law enforcement securing the area caused several hours of delays at McAllen International airport. Donald Trump, Republican President, has made fighting illegal immigration his top priority. He sent troops to secure the U.S.Mexico border, and launched aggressive raids on U.S. cities. Americans are concerned that the actions, supported by Trump's hardline Republican supporters, have led to arrests of noncriminals and enforcement techniques which include officers wearing masks in order to conceal their identities. Under Trump, the number of illegal migrants crossing the border has dropped to a record low. A new monthly low was reached of 6,100 in late June. (Reporting and editing by Ted Hesson, Jasper Ward and Kevin Liffey; Bill Berkrot, Chizu Nomiyama and Kevin Liffey).
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Gold Reserve Group's Citgo bid is opposed by bondholders and bidders
Three sources familiar with the preparations say that lawyers representing holders of a Venezuelan bond in default and some bidders who participated in an auction in the United States of shares of the Venezuelan parent company of U.S. refiner Citgo Petroleum, are preparing to object to its recommended outcome. The group led by Gold Reserve, which made the $7.4billion offer, could derail again the sale of Venezuela’s foreign asset. This asset was put up for auction to compensate creditors that lost billions due to Venezuela’s expropriations. The proceeds from the auction organized by the court of PDV Holding will be used to compensate 15 creditors who have been fighting to recover almost $19 billion through U.S. courts since 2017. The court officer who was overseeing the bidding process for the second time to auction off the parent company of Houston-based Citgo Petroleum following a failed bid round last year recommended to Delaware Judge Leonard Stark an offer from Gold Reserve's Dalinar Energy Corporation. Sources said that Dalinar’s offer did not include a payment agreement for holders of a Venezuelan bond which was collateralized by Citgo equity. This is likely to be the primary reason why there are objections. Sources said that the lack of clarity regarding evaluation criteria is also a concern for some bidders. Some participants believe that a pact between the bondholders and the winning consortium is essential for the transfer of shares. Others, however, say the holders must first win their case in New York's court. Stark will accept objections to Stark's recommended bid until July 9. The winning bidder may also challenge any competing bidder by revealing the terms of their offer. The final hearing for the sale process will be held on August 18. Last year, a $7.3 billion bid by an affiliate of the hedge fund Elliott Investment Management (EIM) was rejected by most creditors. This year's bidding process is a result. (Reporting and editing by Richard Valdmanis; Mark Porter, Marguerita Choy, and Marianna Pararaga)
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World Court to Issue Climate Change Opinion on July 23,
The top court of the United Nations will issue on July 23, a non-binding opinion regarding countries' legal obligations to combat climate change. This decision is expected to be cited by litigants around the globe who are pursuing climate change cases. The World Court's so-called advisory opinion, or the International Court of Justice as it is commonly known, will also address the question of whether the largest states that contribute the most greenhouse gas emissions should be held responsible for damages caused to small island countries. Last week, the Inter-American Court of Human Rights released a similar opinion finding that its twenty Latin American and Caribbean members must work together to combat climate change and refrain from taking actions that undermine environmental protections. In December, during two weeks of hearings at the World Court, wealthy nations of the north argued in general that existing climate agreements, such as the Paris Agreement, are non-binding and should be used to determine the responsibilities of countries. The developing nations and small islands states that bear the brunt of global warming have argued for strong measures to curb emissions, and financial support from wealthy nations. The World Court's opinion is part of the global wave of climate litigation, as more and more countries, organizations and people are turning to courts in order to take climate action. Although not binding, the court’s interpretations carry significant legal and political weight. Experts believe that the court's opinion could be a precedent for climate-change lawsuits from Europe to Latin America. (Reporting by Stephanie van den Berg; Editing by Charlotte Van Campenhout and Richard Chang)
Save LGBTQ+ and climate data as Trump deletes
Government websites scrubbed under Trump orders
Experts warn that green policies put vulnerable communities at risk
Courts file lawsuits against the government for data removal
Adam Smith
Following a series of executive orders issued by President Donald Trump, thousands of U.S. Government web pages have been altered or removed. The orders target what the administration refers to as "gender ideologism extremism" (or environmental policies).
To make rational and effective public health policies, you must have access to accurate, comprehensive data. Charles Gaba is a healthcare data analysts who works to support information on the Center for Disease Control and Prevention's (CDC) website.
Health agency officials took offline datasets from the CDC late last month, including the Social Vulnerability Index and Environmental Justice Index used to quantify disproportionate risks of health among different demographics.
The average person should consider this as censorship.
The CDC, along with other federal agencies, has also purged data on HIV in transgender individuals and disparities in health among gay, lesbians, bisexuals and transgender youth.
Benjamin stated that removing information would make it more difficult to track infectious diseases such as HIV and mpox and could have a severe impact on everyone.
To stop the move, organizations such as Doctors for America and Minority Veterans of America filed lawsuits with the U.S. Government.
The lawsuit filed by Doctors for America stated that "the removal of this data robs researchers of information they need to treat patients and develop policies and practices that protect the health and safety of vulnerable populations as well as the nation at large."
Preserving Data
The Office of Personnel Management (OPM), the U.S. Government's Human Resources agency, has told all departments to stop programs that promote gender ideology or "recognize" women as biologically female and men as biologically male.
Academics and online preservation organizations, which keep a record of U.S. Government as it changes through time for historical research and educational purposes, have increased their efforts to backup information.
Gaba created an online index of CDC sites using Internet Archive. This non-profit website allows anyone to backup a website simply by sending a URL.
Other weaknesses exist in the process. The archived library may lead to broken or dead websites if the site has not been backed up completely, if malware is detected or if the server hosting the website is down.
The main databases of public health were not saved. They had to be downloaded separately.
The Public Environmental Data Project (PEDP), a coalition of volunteers that works to preserve public access federal environmental data, has archived the Climate and Economic Justice Screening Tool, developed by the Council on Environmental Quality.
The federal agencies use the CEJST to identify areas with significant environmental, economic and social burdens. These communities need targeted investments from environmental initiatives.
The Public Environmental Data Project has now replicated the Environmental Protection Agency’s ‘EJScreen’ tool which combines demographic and environmental indicators to assess higher-risk communities. The U.S. Government took it off-line between February 3 and 5.
CHALLENGES ARCHIVE
Archiving government data is nothing new. The End of Term Web Archive (which includes the Internet Archive, libraries, and research organizations) has been saving government websites for the past five presidential terms.
The rapid policy changes of the Trump administration have increased the urgency.
Katie Hoeberling is the director of policy initiatives for Open Environmental Data Project. The project promotes environmental data that can be used to facilitate community-driven governance, information sharing, and support.
She said that taxpayer dollars had paid for CEJST, EJScreen and other software, so the public "deserves access" to them, whether it is for research, advocacy, litigation or just to help people better understand their environment.
Legal means could be used to recover more data, such as the lawsuit filed by Doctors for America against the CDC and the Food and Drug Administration.
The lawsuit claims that removing data on youth behavioral risks, HIV support, and FDA guidance regarding diversity in clinical studies would hamper vital research.
The CDC refused to comment on this lawsuit. The FDA and HHS have not responded to a comment request on the lawsuit.
Researchers are worried that even if the existing data is preserved, new data may not be collected. This could affect future research and policy accuracy.
Benjamin added that Benjamin's statement about the inability to use information collected for a specific purpose for a different one was a good reminder of how even small differences can have a huge impact on areas like disease prevention.
(source: Reuters)