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Iraq's state oil marketer claims that Iraq has increased its oil exports and is generating extra revenue.
Iraq's oil exports have increased following the gradual unwinding voluntary production cuts made under the OPEC+ Agreement, said the country's official oil marketing SOMO on Sunday. Eight members of OPEC+ have agreed to increase production by 137,000 barrels a day from October. OPEC+ increased production in April, after years of cutting to support the oil markets. Ali Nizar Al-Shatari, director general of SOMO and Iraqi state media agency, said that the increase in Iraqi exports will generate additional revenues of hundreds of millions at current prices. He did not specify how much the government's exports would increase, but he said an extra 200,000 barrels of production per day would help boost the government's coffers. According to the Oil Ministry, Iraq exported an average of 3.38 million barrels a day in August. SOMO estimates that September's average oil exports will range between 3.4 million and 3.45 million barrels per day. Iraqi Prime Minster Mohammed Shia al-Sudani stated earlier this month that it was his hope that other producers would review their oil export quotas to reflect better its production capability. Iraq, OPEC’s largest overproducer is being pressured by the group to reduce output in order to compensate for pumping more than its agreed quota. Iraq was one of the countries who submitted plans to cut oil production in April, to compensate for pumping over agreed quotas. Reporting by Ahmed Tolba, Hatem Maher and Hugh Lawson. Editing by Ros and Hugh Lawson.
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Guinea votes on referendum which could allow coup leader to run for president
Guinea will hold a long-awaited vote on Sunday to approve a new constitution, which could allow coup leader Mamady doumbouya the opportunity to run for President if he so chooses. He had vowed to not run when he took power in 2021. Guinea's military-led government, which controls the largest bauxite reserves in the world, has already missed its December 31, 2024 deadline for returning to civilian rule. The presidential elections are expected to be held in December. Critics are concerned that the constitutional referendum will be the latest attempt to legitimize a military government's rule in West and Central Africa. Eight coups took place between 2020 and 2023, which reshaped regional politics. Doumbouya’s opponents see the referendum as an attempt to gain power. Doumbouya is yet to announce whether or not he plans to run for public office. In a transition charter adopted after his government took power, it stated that junta-members would not be allowed to run in the next elections. The referendum is likely to pass, as both the main opposition leaders, Cellou Diallo, and the deposed former president Alpha Conde have called for boycotting the vote. Human Rights Watch accuses the government of arbitrarily suspending news outlets and disappearing political rivals. The government denied that it played a role in the disappearances, but promised to investigate any such claims. The voting centres were to open at 7 am (0700 GMT) and close at 6 pm (1800 GMT). The results are not expected until a later date. The new constitution will extend the presidential term to seven years, renewable only once. It also creates a Senate with one third of the senators being directly appointed by President. Conakry's capital was covered with white posters that featured the word "Yes", followed by a green checkmark. S&P Global Ratings gave Guinea its first ever sovereign rating on Thursday. The rating is B+, with a stable outlook. According to S&P Global Ratings, this makes Guinea the third-best-rated economy in West Africa. The report noted that, despite progress in establishing a civil administration, "social problems are still high, and tensions are rising with the opposition, with accusations of arbitrary arrests, and increasing pressure on the press". Reporting by Guinea Newsroom Written by Portia Corey-Boulet Edited by Frances Kerry and Robbie Corey Boulet
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Austrian energy executive terminated over alleged Russian spying connections - magazine report
The Austrian Oil, Gas and Chemicals Group OMV fired a senior executive after allegations that he was spying for Russia. A Russian diplomat was summoned by the Foreign Ministry to Vienna in response to this affair, according the news magazine Profil. The OMV employee, according to Profil magazine, allegedly attracted the attention of Western intelligence services through his meetings with a Russian diplomatic suspect of being a Russian domestic intelligence service FSB agent. The magazine reported that Austria's Directorate of State Security and Intelligence (DSSI) had monitored the OMV executive who was not named for several months. OMV informed the employee that the contract had been terminated with immediate effect. The company also stated it was fully cooperating with the authorities. OMV's spokesman stated that "for data protection purposes, we are unable to comment on any further details about individual employment relationships". The Austrian Foreign Ministry confirmed that it was aware of both the allegations against the Russian diplomat and the criminal proceedings pending. The Foreign Ministry has summoned the charge d'affaires from the Russian Embassy in Vienna and requested that the immunity of the diplomat be waived. The Ministry said that if he had not been able to return, he would be considered persona non-grata. No one could be reached to comment on the Russian Foreign Ministry. The Profil report states that the OMV employee was temporarily transferred to Abu Dhabi National Oil Company in the United Arab Emirates. Adnoc holds a 25 percent stake in OMV. Adnoc and OMV will merge their polyolefin companies Borouge, and Borealis in order to create a chemical powerhouse worth $60 billion. The magazine reported that the OMV employee was able to provide the Russian diplomat with information about both companies during their meetings in Vienna. Adnoc didn't immediately respond to our request for comment. (Reporting and writing by John Revill in Vienna. Alexandra Schwarz Goerlich reported from Vienna. (Editing by Jane Merriman).
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Bloomberg News reports that India is planning a strategic reserve for rare earths.
Bloomberg News, citing an official in the defence industry, reported that India was considering creating a strategic reserve for critical minerals to be used as a last resort by defence manufacturers. The report said that the reserve of metals and minerals would be used "to tide over immediate requirements" when necessary, citing Rajesh Kumar Singh a senior Ministry of Defence official speaking at a New Delhi media event. The Indian Defence Secretary's Office did not respond immediately to a comment request. The report could not be verified immediately. India is quietly tapping into rare-earth mining in Myanmar in order to diversify their supply chain and divert it away from China. This unusual engagement, with the Kachin Independence Army was reported in this month. Beijing has severely restricted the exports of rare earths processed to major economies such as India in this year, building geopolitical influence in a trade dispute with the United States. According to the report, India has reasonable stocks of essential minerals that it could better utilize in the future.
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Sinopec, China's refinery and chemical project in Xinjiang is upgraded
Sinopec, the world's biggest refiner in terms of capacity, announced on Saturday that it had begun upgrading its integrated refining-and-petrochemical-project located in the oil and gas rich Xinjiang Region. Sinopec, the state-owned company, said that part of the upgrade plan for Tahe's refining and chemicals project is to expand refining capacities and add production capabilities for paraxylene and ethylene products. The company said it will increase its crude oil refining capacity to 8.5 million tons per year from 5 million tons and build 16 refining and chemical units, including a 2.4-million-ton-per-year hydrocracking unit, a 1.5-million-ton continuous catalytic reforming unit, an 800,000-ton ethylene cracking unit and an 800,000-ton aromatics complex. The construction of the upgraded building is expected to be completed by 2029. The project will generate an additional $2.85 billion in annual output value if it is completed and commissioned, based upon a crude oil cost of $60 per barrel. Sinopec's 2025 interim results stated that 63% or 27.6 billion Yuan ($3.9 billion) of the first-half capital expenditure was spent on exploration and development. This included capacity construction in Tahe, Jiyang and Fujian Province. ($1 = 7.1151 Chinese yuan renminbi)
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New York to record Climate Week in spite of Trump's attacks on green agenda
Climate Week will kick off in New York City on Sunday, marking the biggest year ever for the event. Organizers report a record number companies participating and more than ever events to attend. This response was almost unanticipated in an event-hosting country that is the wealthiest nation on the planet. The host has a climate-denying program of increasing fossil fuels and rolling back pollution regulations, and defunding U.S. climate science and action. Climate Week organizers even wondered if people would show up, said Climate Group Chief executive Officer Helen Clarkson. Clarkson stated that there was a lot of enthusiasm for the project. Climate Week, which has been held alongside the U.N. General Assembly every year since 2009, features more than 1,000 events, including panel discussions, presentations and swanky cocktails, hosted by environmental non-profits, companies, and philanthropists who hope to generate deals and promote discussion about protecting the environment. Climate Week last year, on the other hand, featured about 900 events. In an interview, former U.N. Climate Chief Christiana Figueres said that the boost in engagement was "exactly an antidote" to the attitude of the current U.S. Administration toward climate change. Figueres was involved in the creation of the 2015 Paris Treaty, which aims to keep global temperatures within 2 degrees Celsius of preindustrial levels. The goal is to reach 1.5 degrees Celsius. Figueres noted that ten years ago, national governments were pushing for climate change. However, since then, the situation is drastically different. Figueres stated that "the pull is now coming from stakeholders, the real economy and market forces which are pulling forward." Climeworks, a Swiss carbon capture company, has already booked nearly four times as many events for this year compared to last year. The company raised $162 millions in February, mainly to improve its technology and grow the company. Gebald stated that "demand for carbon removals is continuing to increase." Climate Week has seen a "higher level of interest" from senior executives. A DIFFERENT WEB Climate Week, which coincides with the U.N. General Assembly Meeting, has become a great opportunity for CEOs and Investors to network with world leaders. On Wednesday, Secretary-General Antonio Guterrez will host a "climate summit" where many leaders are expected announce new climate goals, or Nationally Determinated Contributions. The U.S. and the European Union won't be there, despite being leaders in global climate policy in the past. China, COP30's host Brazil, and other rapidly developing nations have played a greater role in setting the agenda. Climate sources say that China's plan to reduce emissions could be announced at any time, but it may not be as ambitious. The European Union has yet to agree on how ambitious these targets should be, raising concerns about the success of Brazil's COP30 Summit in just seven weeks. Lars Aagaard, Danish Climate Minister, said: "Europe has historically been at the forefront, both in terms of setting ambitious targets and also the financial side to international agreements." "Europe's place in the world is different now," says Lars Aagaard, Danish climate minister. We account for 6% of the global emissions. We are 6% of global emissions. The EU projects a 54% decrease in greenhouse gas emissions from 1990 by 2030, meaning that member countries are almost on track to meet the EU's 55% goal for 2030. Experts say that companies should be part of the conversation as leaders will focus at the COP30 in November on implementing promises made in previous years. According to the non-profit Net Zero Tracker, more than half of the largest companies in the world have committed to achieving net-zero emission by the mid-century. This is in line with global climate goals. According to an analysis conducted by the TPI Global Climate Transition Centre of the London School of Economics and Political Science (LSE), 98% of companies had no plans to align their spending with these commitments. The Rockefeller Foundation's Rajiv Shah said, "The challenge of New York Climate Week is to bring individuals and institutions together to reimagine new ways we can work together to combat common threats." The foundation released a survey on Thursday that asked 36,348 respondents worldwide. It found that 86% of people believed that international cooperation is crucial to climate action. Reporting by Simon Jessop, Katy Daigle, and Kate Abnett, in London, Washington, D.C., & Brussels. Additional reporting by Axel Threlfall, London. Editing by Mark Porter.
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What will the UN agenda be and who will be speaking?
The 80th session of the United Nations General Assembly begins on Tuesday. Who speaks when? The United Nations, which was founded in 1945 with 51 members, now has 193 members. The leaders of the Holy See, State of Palestine, and two non-member observers states, known as the United Nations' State of Palestine and the Holy See, may also speak. Brazil is the first to speak in every meeting. U.N. officials say that Brazil was the first to speak in the early days of the world organization, when other countries were reluctant. The United States, which hosts the U.N. Headquarters in New York City, is the second nation to address the General Assembly. The list is arranged in order of hierarchy, and usually on a first-come, first-served basis. The heads of state are the first to speak, followed by their deputy and crown princes. Next come heads of government and ministers, and then lower-ranking leaders of a delegaiton. How long will they speak? Leaders should adhere to a 15-minute voluntary time limit. According to U.N. Records, Fidel Castro of Cuba spoke for approximately 4-1/2 hours during the 1960 opening of the General Assembly. Libyan leader Muammar Gadhafi spoke more than 1 1/2 hours in 2009. WHAT WILL THEY TALK ABOUT? Every session of the General Assembly begins with a specific theme. Leaders may briefly mention the theme before moving onto any topic. The theme for this year is "Better Together: 80 Years and More for Peace, Development and Human Rights." Leaders are also likely to discuss: GAZA. As the Gaza Strip war between Israel's Hamas militants and the Palestinian enclave approaches its second anniversary, leaders are gathering. A humanitarian crisis is worsening in the Palestinian enclave. Benjamin Netanyahu, Israeli Prime Minister, is scheduled to speak at the General Assembly next Friday. Israel has denied the allegations of war crimes and crimes against humanity that the International Criminal Court made against it in Gaza. Israel launched an assault on Gaza City Tuesday. The U.S. has refused to grant him a Visa. He will appear by video. UKRAINE. Volodymyr Zelenskiy, the Ukrainian president, will seek to bolster global support for Kyiv while U.S. Donald Trump attempts to broker a ceasefire more than three years since Russia invaded their neighbor. He will address the assembly this Wednesday, while Sergei Lavrov, Russia's foreign minister, will speak Saturday. Next week, the U.N. Security Council will hold a meeting at a high level on Ukraine. The U.S. will be watched closely, both at the U.N. Security Council and during Trump's General Assembly address, to see if Washington announces measures such as sanctions to try to convince Russian President Vladimir Putin that he should negotiate with Zelenskiy. IRAN. In New York, expect last-minute diplomacy over Iran's nuclear program. Tehran is trying to avoid the return of all U.N. Security Council Sanctions on the Islamic Republic by September 28. Both the Iranian president Masoud Pezeshkian, and foreign minister Abbas Araqchi will be attending the United Nations. SYRIA. This year, the Syrian President Ahmed al-Sharaa will make a notable debut at the U.N. General Assembly. Hay'at Tahrir al-Sham, the group that he leads, led the revolt in December to topple President Bashar al-Assad. This ended 13 years of civil conflict. HTS was the former al-Qaeda branch in Syria, formerly known as al-Nusra Front. It broke ties with al-Qaeda in 2016. The group, Sharaa and its leader remain under U.N. sanction. However, Sharaa was granted a travel waiver to New York between September 21-25. CLIMATE. Leaders of small island nations and other states that are most affected by climate change will be expected to urge further action as the world struggles to limit global warming to 1.5 degrees Celsius. WOMEN. Leaders will gather on Monday to celebrate the 30th anniversary a historic women's rights convention. Beijing's 1995 Fourth World Conference on Women is best remembered for the slogan "women’s rights are human right." Leaders are likely to be disappointed by the lack of progress made and the growing attacks against women's rights. The theme of Monday's meeting is to recommit to, accelerate and resource the implementation of the 1995 declaration. At the Beijing Conference, 189 countries signed a declaration calling for "full participation and equality of women in the political, civil, economical, social, and cultural life". SUDAN. Next week, some leaders are likely to discuss the war that has lasted for two and a half years in Sudan. The United Nations has called the war between the paramilitary Rapid Support Forces (RSF) and the Sudanese Army, which is a conflict between the Rapid Support Forces, the Sudanese Army, and the paramilitary Rapid Support Forces, "the world's most serious humanitarian crisis." There are pockets of famine in the entire country, including al-Fashir the capital of North Darfur State. The United States, Saudi Arabia, Egypt, and the United Arab Emirates have all called for a humanitarian truce lasting three months, followed by a ceasefire permanent. According to many, the "Quad", or four countries, have the greatest influence on the warring parties. U.S.-VENEZUELA TENSIONS. Venezuela complained about the United States' naval build-up in the Southern Caribbean waters and the nearby waters at the end of last month. The U.S. military launched two deadly attacks on suspected Venezuelan drug-cartel vessels in international waters since then. Venezuelan Foreign Minister Yvan Yli is likely to raise the increased tensions when he addresses the General Assembly this Saturday. Venezuelan President Nicolas Maduro claims that the U.S. wants to remove him from power. RACE TO APPOINT A NEW U.N. SECRETARY-GENERAL. The United Nations will select a new Secretary-General next year. Guterres' second five-year tenure will end on December 31, 2026. On the sidelines next week of the General Assembly, there will be much talk about potential candidates to succeed him. The U.N. Security Council, composed of 15 members, must agree on a candidate that will be recommended to the 193 member General Assembly. This means that the five veto-powers - Britain China France Russia and the U.S.
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Deepsea Mira Semi-Sub Spuds Appraisal Well for BW Energy off Namibia
BW Energy, together with NAMCOR E&P, has started drilling the Kharas well in the Orange Basin, offshore Namibia, with Northern Ocean’s Deepsea Mira semi-submersible drilling rig.The drilling of the appraisal well is taking place in the Kudu license (PPL003) operated by BW Energy, with a 95% working interest, with NAMCOR E&P, a subsidiary of the national oil company of Namibia, holding the remaining 5% carried interest.Owned by Northern Ocean and managed by Odfjell Drilling, the Deepsea Mira has been deployed as part of a rig-sharing arrangement previously announced by the rig’s operator, with Rhino Resources.The contract, entered into by BW Kudu in July 2025, provides access to an in-country rig and an experienced services team.BW Energy Hires Deepsea Mira Rig for Drilling Ops off Namibia“Our Namibian crew, together with their international colleagues, mark another step in unlocking Namibia’s offshore potential. A big thank you to everyone involved for their teamwork, dedication, and professionalism,” Northern Ocean said on social media.Built in 2019, the Deepsea Mira is a 6th generation dynamically positioned/anchor-moored semi-submersible drilling rig of Moss Maritime CS60E design. It is designed to operate in both benign and harsh environments, with a maximum operational water depth of 3000 meters.
The oil price is stable, but rising production offsets the disruptions in Russia's supply
The oil prices were in a narrow range on Monday, as concerns about the rising production and the impact that U.S. Tariffs will have on demand outweighed supply disruptions caused by intensified airstrikes between Russia and Ukraine.
Brent crude dropped 12 cents or 0.18% to $67.36 a barge by 0046 GMT. U.S. West Texas intermediate crude was down 13 cents or 0.2% at $63.88 a barge. Due to the U.S. Bank Holiday, trading is expected to be muted.
Volodymyr Zelenskiy, the Ukrainian president, vowed to retaliate on Sunday by ordering further strikes in Russia following Russian drone attacks against power plants in northern and south Ukraine. Both countries have intensified their airstrikes over the past few weeks, focusing on energy infrastructure and disrupting Russian crude oil exports.
According to ANZ analysts, the markets remain concerned about Russian oil flow. Weekly shipments from Russian ports have dropped to a 4-week low of 2,72 million barrels a day.
The poll conducted on Friday indicated that oil prices will not rise much from their current levels in this year. This is because rising production from the top producers increases the risk of an excess, and U.S. Tariff threats are weighing on demand growth.
An official survey released on Sunday showed that China's manufacturing sector shrank for the fifth consecutive month in August. This suggests that producers are holding off amid uncertainty about a possible trade agreement with the U.S., and weak domestic demand.
Investors will be watching the meeting on September 7 between members of the Organization of the Petroleum Exporting Countries (OPEC) and their allies to get more clues about the rising production from OPEC+.
According to the Energy Information Administration, U.S. crude production reached a record in June. It increased by 133,000 barrels a day, to 13,58 million bpd.
The U.S. Labor Market Report this week will provide a vital read on the health of the economy and test investors' belief that interest rates are soon to be cut. This view has boosted their appetite for riskier investments such as commodities. (Reporting and editing by Himani Sarkar; Florence Tan)
(source: Reuters)