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Concerns about oil supply are heightened by the rising price of crude and the intensifying unrest in Iran
The oil prices rose on Monday due to a?growing 'concern that the intensifying protests against Iran could disrupt the OPEC producers supply. However, efforts by Venezuela to resume exports of crude oil are limiting gains. Brent crude futures rose 31 cents or 0.49% to $63.65 per barrel at 0006 GMT, while U.S. West Texas Intermediate crude was up 30 cents or 0.51%, at $59.42. The two contracts both rose by a combined 3% in the last week, their largest weekly increase since October. This was due to Iran's clerical establishment stepping up its crackdown against the largest demonstrations since 2012. A rights group reported on Sunday that more than 500 people have been killed in the civil unrest. Donald Trump, the U.S. president, has repeatedly threatened to intervene in case force is used against protesters. A U.S. official said on Sunday that the president will meet with senior advisers to discuss Iran options on Tuesday. In a recent note, ANZ analysts headed by Daniel Hynes said that workers in the oil sector were also being asked to put down their tools in protest. They added that "the situation puts at least 1,950,000 barrels of oil per day at risk of disruption." Venezuela will resume oil exports as soon as possible following the ouster?of President Nicolas Maduro. Trump stated last week that the Caracas government is ready to hand over?as much as 50 million barrels sanctioned oil? to the United States. Four sources familiar with these operations say that oil companies are now racing to find tankers to transport the crude from the vessels to the dilapidated Venezuelan port. Trafigura told the White House in a Friday meeting that the first vessel would be loaded in the coming week.
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Stars' penalty kill is a pain point for the next Kings
The Dallas Stars are looking for a way to end their three-week slump. They have put a priority on improving their penalty kill. When they play the Los Angeles Kings in a Monday night match, the Stars will try to avoid the penalty box. If and when they are?short-handed, the Stars hope to minimize the damage. Dallas has killed just?7 out of 13 penalties over the last three games. In the Stars' last eight games they have allowed 11 power play goals. In that time, the Stars have gone 1-3-4 and are now 12 points behind Colorado Avalanche in the Central Division. Dallas lost 5-4 to the San Jose Sharks on Saturday after conceding four goals, including the game-winning overtime goal. Dallas coach Glen Gulutzan explained: "When you stop skating, you reach and take penalties." "You're reaching instead of using your feet, and we had several of these (against Sharks) from start to end. We'll take a look at it and try to fix it. It was evident in the 6-3 defeat we suffered on Tuesday (against Carolina), and it was again (in San Jose). The Stars and Kings will meet for the third time in this season. Adrian Kempe's goal 37 seconds into overtime gave the Kings a 3-2 victory in Dallas on October 23. On Dec. 15, the Stars defeated Los Angeles 4-1. The Kings are back home after a short trip to Canada, where they played the Winnipeg Jets and Edmonton Oilers in two games on Friday. Los Angeles was not motivated in Winnipeg, and the Jets won 5-1 to end an 11-game losing run. The Kings recovered the following night and won a shootout 4-3 in Edmonton. Jim Hiller, Kings coach, said: "I believe the back-tobacks are a great way to test your team's character." "We arrived really late Friday night. We don't use an excuse. We haven’t done this, and I’m really proud of our effort. It was a hard-fought match (Friday night), despite the result. We were late for the first time, but we were ready to play from the moment the puck dropped. Corey Perry returned to the Kings after missing two previous games due to a family illness. Perry scored on a power play late in the 1st period to tie the score at 1-1. Hiller stated that "he's going through a difficult time and is a hockey fan through and through." "He shows up, he is eager to play hockey and he wants his team to succeed in tough circumstances. Then he scores a goal." He plays for 15-16 minutes and often against the line of (Connor) McDavid. It's incredible. "I just have such a great deal of respect for him." Field Level Media
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Japan embarks on a rare earth search as China restricts its supply
The Japanese ship left on Monday to explore a coral atoll rich in rare Earths. This is part of Tokyo's efforts to reduce its dependence on China as the latter tightens up supply. The Chikyu test vessel will spend a month near Minamitori Island, 1,900 km (1200 miles) south of Tokyo. This is the first time in the history of mankind that sludge from the seabed can be continuously lifted onto a ship. Japan has reduced its dependency on China, as have its Western allies. These minerals are vital for the production of smartphones, military equipment and cars. This effort has become more urgent due to a major diplomatic disagreement with Beijing. The head of this government-backed project, Shoichi Ishii told reporters that one of their missions was to create a supply network for rare earths produced domestically to ensure a steady supply of minerals vital to industry. This was last month before the vessel left the port of Shizuoka, on a sunny, bright day with Mount Fuji, a snowy peak, in the distance. It won't be easy to reduce your dependence on China China banned last week the export of certain minerals and items that are used in both civilian and military applications, destined for Japan. According to The Wall Street Journal, Beijing has begun restricting exports of rare-earth minerals to Japan in a more general way. Japan condemned China's ban on dual-use but refused to comment about reports of a wider ban. China has neither confirmed nor denied the report. Chinese state media have reported that Beijing is weighing this measure. Sources familiar with the situation said that the finance ministers of the Group of Seven industrial power will meet in Washington, D.C. on Monday to discuss rare-earth supply. Japan has faced China's anger over rare earths before. China halted exports in 2010 after an incident occurred near disputed islands located in the East China Sea. Since then, Japan's reliance on China has been reduced from 90% to 60% by investing in overseas projects like the trading house Sojitz's tie up with Australia's Lynas Rare Earths, and promoting rare earths recycling and manufacturing methods that rely less minerals. However, the Minamitori Island Project is the first attempt to source rare Earths domestically. Takahide Kiuchi is the executive economist of Nomura Research Institute. He said that if the new export controls end up covering many rare earths, Japanese firms will once again try to get away from China. But I don't believe it will be an easy task. Analysts say that Japan is almost totally dependent on China for some rare earths such as magnets used in electric and hybrid vehicle motors. This poses a serious risk to its automotive industry. LONG-TERM RESOURCES PROJECT The Japanese government and private firms have been stockpiling the minerals since the 2010 scare. However, they don't disclose the volume. Several executives at a New Years party for Japan's Mining Industry on Wednesday said that they were better prepared to deal with any disruptions, citing Japan’s diversification efforts. Kazumi Nishikawa is the principal director for economic security in the Trade Ministry. He said that the government must constantly remind companies to diversify supply chains. "Sometimes you know, an event happens, and then the business reacts. But the event ends, and the business forgets." Nishikawa stated this week on the China Talk Podcast that we must maintain our efforts. The Minamitori project, into which the government has invested 40 billion yen (about $250 million) since 2018 is also a play for the long term. The estimated reserves of the company have not been revealed and no production target has yet been established. If the trial is successful, then a full-scale mine will be set up in February 2027. The high cost of mining mud made it uneconomical. Kotaro Shimizu is a principal analyst at Mitsubishi UFJ Research and Consulting. He said that if the supply disruptions from China continue and buyers are willing to pay higher prices in future years, then this project may become viable. China keeps a close eye on the situation. Ishii stated that a fleet Chinese naval ships were nearby when the ship conducted surveys around the island last June. He said: "We are deeply disturbed by the intimidatory actions taken." China claimed that its actions were compliant with international law, and called upon Japan to "refrain" from making threats. (Reporting from Yuka Obayashi, Shizuoka. Katya Golubkova in Tokyo. Writing by John Geddie. Editing by William Mallard.)
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VHM, an Australian rare earths mining company, cancels offtake agreement with China's Shenghe Resources
VHM, an Australian rare earths mining company, announced on Monday that it has terminated the?offtake contract with China's Shenghe Resources in relation to its Goschen rare Earths project? after conditions precedent were not met. If current trends continue, shares of?VHM could rise as much as 12.1% in early trading to A$0.465. This would be their best day since the 10th November. VHM stated that the decision was a sign of its intention to reach out to a larger pool of buyers, as global demand for minerals critical is increasing from buyers outside China. Macquarie Capital was hired by the company to help with its Goschen project, located in Victoria, Australia. VHM's flagship project, the Goschen?project, focuses on extracting minerals, such as rare earths and titanium minerals, that?power clean power systems, electric mobility and advanced defence applications, and modern digital technology. The agreement with Shenghe announced in 2024 set forth terms for the initial supply of 6,400 tons of rare earth mineral concentrate per year, including other valuable minerals, from VHM’s Goschen Project, for a three-year period. The company stated that the project was to begin producing rare earths, mineral sands, and concentrates by the end of 2027. In 2025, the Melbourne-headquartered ?firm secured up to $200 million in funding from the U.S. Export-Import Bank (EXIM) to support development ?of the Goschen project. Shenghe is expanding its presence in the rare earths industry in Australia. In 2022, Shenghe will purchase nearly 20% of Peak Rare Earths and sign a contract to buy products from Peak’s Ngualla Project in Tanzania. Shenghe, a Chinese rare earths producer owned by Shenghe, acquired Peak in September after the firm approved a $130 million purchase offer from Peak. The deal was struck as Australia looked at a price floor in order to support important minerals projects, and to position itself as a viable alternative to China as the dominant supplier. (Reporting and editing by Deepa Babington, Jamie Freed, and Rajasik Mukherjee)
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After the Russian strike, a thousand Kyiv apartment buildings still lack heating
Local authorities in Kyiv, Ukraine's capital city, said that more than 1,000 apartment blocks are still without heating after a Russian attack this week. Since the Russian invasion of Ukraine in 2022, Russia has intensified its bombardment of Ukraine's power system. Volodymyr Zelenskiy, the President of Ukraine, said that Russia has launched over 1,100 drones as well as more than 890 guided aerial weapons and 50 missiles against Ukraine in the last week. These include?ballistic and cruise missiles', A missile strike on Kyiv, Ukraine, left the city virtually without electricity and heat during a cold snap. It wasn't until Sunday, however, that the authorities were able to partially restore power and heating. GRAID SUFFERING ACCUMULATED DAMAGE Zelenskiy stated that "Russia deliberately waited until freezing weather occurred to make the situation worse for Ukrainians, and it was a cynical Russian terror against civilians." Moscow made no immediate response. This winter's war could be the darkest and coldest ever. The accumulated grid damage has brought utilities to the edge, and the temperatures are set to drop to minus 20 (-4 F) by the end of this week. "Restoration works are ongoing." Vitali Klitschko, Kyiv mayor, said on Telegram that the situation with energy in the capital is still very difficult. Forecasts indicate that the severe 'frosts' are unlikely to abate in the next few days. The difficult situation in the capital will continue, he said. This week, there has not been a single day without an attack The Ukrainian energy ministry reported that Russian forces attacked Ukraine's power system during the night and briefly cut off electricity in the south-eastern Dnipropetrovsk region and Zaporizhzhia. "This week, not a single day went by without an attack on critical infrastructure and energy facilities. "A total of 44 incidents were reported," Ukrainian Prime Minster Yulia?Svyrydenko stated on Telegram. Svyrydenko noted that the restoration of heat, electricity and water supplies in Kyiv was progressing at a record speed. He added that significant improvements would take time but could occur by Thursday. (Reporting and editing by David Holmes; Pavel Polityuk)
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Trump warns Cuba about oil and suggests a deal between the US and Cuba
Donald Trump, the U.S. president, suggested on Sunday that Cuba make a 'deal' with Washington. He warned that the island nation would no longer be receiving oil or money from Venezuela. Venezuela is Cuba's largest oil supplier. However, since U.S. forces captured Venezuelan President Nicolas Maduro, Trump has successfully pressured interim president Delcy Rodrguez to send Venezuelan crude oil to the United States. "THERE WON'T BE ANY?MORE?OIL OR MONEY GOING CUBA – ZERO!" Trump said on Sunday that he strongly suggested they "make a deal" BEFORE it is too late. Trump stated that "Cuba has lived for many years on large amounts OIL and MONEY coming from Venezuela." U.S. Intelligence has painted a 'dark picture' of Cuba's political and economic situation. However, the assessments do not support Trump's claim that the island was "ready to collapse", reported on Saturday. According to the CIA, blackouts and trade sanctions are causing major problems in key sectors of Cuba's economy. These include agriculture and tourism. Venezuela's potential loss of oil imports, and other support, which has been a key ally for decades, could make it more difficult to govern Cuba. The loss of Venezuelan crude oil for Cuba is devastating. Venezuela sent an average of 27,500 barrels of oil per day (bpd), covering about 50% of Cuba's deficit in oil, between January and November last year.
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Queensland tropical cyclone leaves thousands of Australians powerless
On Sunday, thousands of people in Australia’s northeastern state?of Queensland lacked power after a tropical cyclone swept across the coast and brought heavy rains and destructive winds. The nation's forecaster said that Koji, a Category One cyclone, made its landfall between Ayr, and Bowen (about 500 km / 310 miles north of the state capital Brisbane) before fading to a Tropical Low. It said that the storm with its wind gusts up to 95 km/h (59mph) and heavy rain hit coastal towns, including Mackay. Mackay is a tourist destination, as well as the gateway to 'Great Barrier Reef. Queensland Premier David Crisafulli stated that around?15,000 homes had lost electricity due to Koji. The storm also damaged boats and property, and closed the roads. Crisafulli stated that Koji, which brought rains of up to 200mm (7.8") to some areas over night, was expected to bring 'heavy downpours' in the next 24 to48 hours. In televised remarks, he stated that Queenslanders would be able to handle the flooding. Prime Minister Anthony Albanese had earlier described flash floods as a major risk along a large stretch on Queensland's coastline. The?weather report said that the severe weather would likely continue through Sunday, before possibly abating on Monday. Koji follows the March storm Alfred which brought heavy rains and damaging winds to the state, cutting off power for hundreds of thousands.
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Bob Weir died aged 78.
Bob Weir was a veteran rock musician who played rhythm guitar for the Grateful Dead. He helped guide the band through decades of change and success. A statement on his verified Instagram page said that he died at the age of 78. The statement stated that he was diagnosed with lung cancer in July. He died surrounded by his loved ones. The statement did not specify when or where he died. Weir, along with late Grateful Dead co-founder and lead guitar Jerry Garcia who was the center of the?universe of Deadheads, was one of?two main vocalists and frontmen for the majority of the band's existence. Weir sang the verses of the trademark boogie song, "Truckin'." He also wrote key songs like "Jack Straw," "Playing in the Band," and "Sugar Magnolia." "Bobby", a young, ponytailed singer who grew up to be an eclectic songwriter with a handsome appearance and varied musical influences?helped widen the appeal of the band. The Independent newspaper in Britain called?Weir?rock's greatest rhythm guitarist, even if it was eccentric. Weir, who died in 1995 at the age of 53, had a 'interesting but somewhat neglected solo career. He spent most of his time with his band RatDog and took part in various reunions between surviving Dead members. (Reporting and writing by Steve Gorman, Los Angeles; Additional reporting by Matthew Lewis, Chicago; Editing by Diane Craft).
Scientists blame rising temperatures for the destruction caused by Typhoon Kalmaegi in Southeast Asia.
Scientists warn that extreme weather events will only increase in frequency as temperatures continue to rise. At least 188 people were killed by Typhoon Kalmaegi in the Philippines. It also caused extensive damage to farmland and infrastructure across the archipelago. After landing in central Vietnam on Thursday night, the storm destroyed homes and uprooted many trees. At least five people were killed.
The path of destruction of Kalmaegi coincides with the meeting of more than 190 delegates in Belem, Brazil's rainforest city for the latest round in climate talks. Researchers claim that the failure of leaders around the world to control greenhouse gas emission has resulted in increasingly violent storms.
Ben Clarke is an extreme weather researcher from London's Grantham Institute on Climate Change and Environment. He said that the sea surface temperatures over the South China Sea and the Western North Pacific are both unusually warm.
The trend in sea surface temperature is clearly linked to global warming.
WARMER WATERS PACK 'FUEL' INTO CYCLONES
Scientists say that while it's not easy to link a specific weather event with climate change, in general, higher sea surface temperatures accelerate the evaporation and add more "fuel" to tropical cyclones.
Gianmarco Megaldo, researcher at National University of Singapore, said that climate change increases typhoon intensities primarily through warming ocean surface temperature and increasing atmospheric moisture.
He added that "although this doesn't mean every typhoon is going to get stronger, it does increase the probability of storms with greater intensity and heavier rains, as well as stronger winds."
MUCH INTENSIER BUT NOT FREQUENTER While data doesn't indicate that tropical storms have become more frequent, Mengaldo said the number of storms with high intensity has increased. He co-authored a report on the role climate change played in Typhoon Ragasa, which hit the Philippines last September. He said that the total number of typhoons per year had not increased in a long time.
Climate change is likely to be responsible for the increase in the number of intense events, and episodes of rapid intensification. This has been driven by the warmer oceans, and increased atmospheric instability. In November of last year, four tropical cyclones developed at the same moment, a rare event. This suggests that storms are now occurring over shorter periods. Dhrubajyoti Samantha, a climate researcher at Singapore's Nanyang Technological University, said that even if the total number of cyclones doesn't increase dramatically each year, their proximity to one another and impact potential may increase.
He added that "Kalmaegi serves as a reminder of this emerging risk pattern."
BACK-TOBACK SEVERE STORMS CAUSING MORE DESTRUCTION
Feng Xiangbo is a tropical storm scientist at the University of Reading in Britain.
He said that "back-to-back" storms could cause more damage.
This is because the soils are already soaked, the rivers are full and infrastructure has been weakened. Even a weak storm can cause catastrophic damage at this time.
Feng and Mengaldo both warned that other regions may also be at risk, as storms could form in new locations and follow different paths and intensify.
Feng said that recent studies show the coastal areas affected by tropical cyclones are growing significantly due to storm surges and ocean wave growth.
This, along with the mean sea level increase, poses a serious threat to low lying areas, especially in the Philippines and on Vietnam's shallow coast shelves. (Reporting and editing by Saad Saeed; David Stanway)
(source: Reuters)