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Urals crude differentials reduce on wider discount at Indian ports
Urals crude differentials were reduced on Monday as discounts for the 'grade' to dated Brent reached their highest levels since 2022 in India. Urals oil cargoes that will be delivered in Indian ports in February are trading at a discount of $10 per barrel compared to dated Brent. This is a rise of $3-$5 per barrelle compared to estimates for cargoes loaded in the autumn months last season and near?the largest discount ever recorded. Three OPEC+ delegates said that OPEC+ will likely keep its pause in?oil production increases for March during a meeting on 'Sunday. Prices are rising because of a decrease in Kazakhstan's crude oil production. Kazakhstan's Energy Ministry said Monday that the vast Tengiz Oilfield in the country is preparing to resume oil production soon, and the production at the Korolevskoye Oilfield has already resumed. PLATTS WINDOW * There were no bids or offers made for Urals, Azeri BTC, and CPC?Blend on Monday, traders reported. Interfax reported that the Russian energy ministry had submitted a request to the government, asking for the lifting of the gasoline export ban. The source was familiar with the issue. (Reporting and Editing by Paul Simao).
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Gold reaches record high of $5,100 due to geopolitical concerns
On Monday, gold prices soared above $5,100 as investors sought refuge amid political turmoil around the world. Silver and platinum also reached record highs. By?12:30 p.m.?ET (1831 GMT), spot gold had risen 2% to $5,077.22 per ounce after reaching a record of $5,110.50. U.S. Gold Futures for February Delivery settled 2.1% higher at $5,000.50. Gold prices are supported by the elevated level of geopolitical uncertainty and economic instability. Central banks continue to be strong buyers, as they diversify their foreign exchange reserves and decrease reliance on the U.S. Dollar," said Ryan McIntyre. McIntyre said that investor inflows have also resumed into exchange-traded physical backed funds, with the holdings up approximately 20% over the past year. TRUMP'S 100% TARIFF THREATEN ON CANADA Donald Trump, the U.S. president, said on Saturday that he would impose 100% tariffs on Canada if they follow through with a trade agreement with China. Adrian Ash, BullionVault's head of research, said that "Trump and Trump" will be the main drivers for precious metals this year. This move is driven by a wave of first-time investors. Private investors in Asia and Europe are leading the charge, as they rush to "build their own personal holdings of silver?and gold." Investors also focused on the possibility of a coordinated currency-intervention by U.S. authorities and Japanese authorities. The criminal investigation by the Trump administration into Fed chairman Jerome Powell is also overshadowing this week's Federal Reserve Meeting, where the central bank will be expected to keep rates unchanged. Powell has been under pressure from Trump to lower interest rates. This would be in support of non-yielding, or non-returning, gold which has gained nearly 18% this year after 64% gain in 2025. Gold reached major milestones last year. It was the first time that gold exceeded $3,000/oz or $4,000/oz. GOLD MAY REACH $6000/oz BY YEAR'S END, SAY SOME ANALYSTS Analysts believe there is room for "further upward momentum". Societe Generale predicts gold will reach $6,000/oz before the end of the year, but cautions that this estimate may be conservative and there is still room for further gains. Morgan Stanley, on the other hand, said that the rally may continue and highlighted a bull case target of $5700. Silver spot reached a record high of $117.69 per ounce, and was last up 10.2% to $113.46. Prices broke through the $100 mark as momentum-driven and retail investor buying pushed the physical market for precious and industrial metals to a tighter state. "Momentum has been strong. Chinese silver prices are at a significant premium over London prices. This indicates that further gains could be made in the near future. But such high prices will reduce industrial demand, said UBS analyst Giovanni Staunovo. Spot palladium rose 5.9% to 2,127.68 dollars, its highest level since 2022.
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Sundance Resources loses in arbitration against the revocation of a Congo iron ore permit
Sundance Resources, an Australian mining company, announced on Monday that a panel of arbitrators had rejected its challenge against what it called Congo's illegal expropriation to subsidiary Congo Iron's mining license in the country's Sangha area. Sundance said?a London tribunal, working under the rules of the International Chamber of Commerce, found that Congo had a valid basis for revocation of the permit, because the project wasn't developed within the allowed period from 2016 to 2018? Sundance?said?a tribunal in London, operating under International Chamber of Commerce rules, found Congo had a legitimate basis to revoke the permit because the project was not developed during the period allowed from 2016 to 2018. David Porter, non-executive chairman of Sundance, said in a statement that the company was "shocked" by this ill-reasoned ICC Award. "We believe that the Tribunal members committed fundamental mistakes and did not allow us to make our case about issues?that were, in fact, central to their decision making?process." Congo's Government revoked Sundance subsidiary, Congo Iron, awarded the permit to Sangha Mining Development in December 2020, a subsidiary from China's Bestway Finance Ltd. This sparked a dispute. In March 2021 the company filed a claim with an international arbitration, seeking damages of $8.8 billion for the Mbalam - Nabeba project. This project straddles both the border of Congo and Cameroon. Sundance Resources stated that it had found "serious irregularities" resulting in "substantial unfairness". The High Court of London was asked to overturn the decision under the English Arbitration Act, 1996. The Republic of Congo didn't immediately respond to an inquiry for comment?in the press release. A decision is expected to be made in the case of a similar one against Cameroon by February or March. Sundance added that "as the Cameroon Case is independent of the Congo Proceedings and before a different tribunal, Sundance doesn't expect the Congo Proceeding to influence or effect the Cameroon Case." Reporting by Bate Felic; Writing by Ayen deng Bior; Editing and editing by Cynthia Osterman
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EU wheat prices fall as fears about damage from winter weather to US and Russian crops diminish
Euronext wheat prices fell on Monday, as fears over damage caused by cold to U.S. crops and Russian crops faded. Meanwhile, a stronger Euro added to the export challenges for Western Europe. At 1656 GMT, March milling grain, the most actively traded?position? on Euronext's Paris based futures was down 1% to 189 euros ($224.65). Euronext monitored a decline in Chicago wheat which had given back some of its gains made on Friday. The arrival of extreme cold weather in the United States had sparked a rally in advance of the weekend. However, traders took the view on Monday that crop losses would be limited in the U.S. Plains due to cover. Prices are dropping because it doesn't seem like there will be much winter-kill. A futures dealer stated that if there was a serious threat, the market would have?probably had another leg up today." The extensive snow cover in Russia tempered concerns over significant damage to the fields in the world's largest wheat exporting country. Euronext was also affected by the rise of the euro against dollar, which made exports of western European grain costlier. The main market for European wheat,?Morocco is being challenged by Argentina. In addition, the abundant rainfall in North Africa is increasing the likelihood that the country will harvest a larger crop and reduce imports. EU farmers are reluctant to sell their crops at low prices and keep cash market premiums high. One German trader stated that "Cheap Argentine Wheat is still winning the demand?and Argentina’s January exports will reach record-high tons." "Argentine Wheat continues to be heavily offered in North African markets such as Algeria?and Morocco which are important EU market." Morocco is still looking for offers to fill February/March shipment slots, and French and Argentine origins are competing fiercely to win Moroccan sales.
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Hungary summons Ukrainian envoy for what PM Orban claims is election meddling
Viktor Orban, Prime Minister of Hungary, said on Monday that Hungary will summon the ambassador of Ukraine over what Orban called attempts to interfere with a Hungarian Parliamentary election scheduled for April 12. Orban's anti-Ukraine campaigns has intensified in recent weeks. He has tried to link opposition leader Peter Magyar from Hungary with Kyiv, the EU executive in Brussels and his campaign. In most polls, Orban's Fidesz Party trails the opposition party?Tisza as Hungary's economic stagnation continues. Orban, in a campaign that primarily targets rural voters, has "portrayed Ukraine as being unworthy of financial assistance, framing April's vote as a decision between war and peace, echoing past anti-migrant efforts. Orban has repeatedly refused European Union aid to Ukraine and launched a national petition asking voters to sign to show they don't want to pay for the conflict. Orban stated in a video that "Last Week, Ukrainian leaders including the president made insulting and threatening remarks against Hungary... Our national security service has... concluded that this is a coordinated attempt to interfere with Hungarian election." The Ukrainian Foreign Ministry did not respond immediately to a comment request. Volodymyr Zelenskiy, the president of Ukraine last Thursday, criticized Europe as a "fragmented" kaleidoscope?of small and middle powers that lacks the courage to take decisive action. He said that Europe shouldn't allow its capitals become "little Moscow". Zelenskiy stated in a Davos speech that "every 'Viktor,' who lives on European money and tries to sell out European interest deserves a smack across the head." (Reporting and editing by Kevin Liffey; Krisztina than)
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Sinochem, a Chinese company, says it has a solution to the Pirelli governance dispute
Sinochem, Pirelli's Chinese investor, said Monday that it had proposed a "structured" solution to end a dispute with the Italian investor of the tyremaker Camfin. The announcement comes at a time when the 'government' is evaluating options to limit Sinochem’s influence over Pirelli or even to turn it into a shareholder passive, in an effort to facilitate the expansion of the tyremaker in the U.S. Sinochem, a Beijing-based company, is the largest shareholder in Pirelli with a 34.1% stake. Camfin, a vehicle owned by Italian businessman Marco Tronchetti Provera, has a 25.3% share, and plans to increase this to up to 29.9%. Camfin announced last week that it would not be renewing its shareholder agreement with?Sinochem. This opens the door for the Italian government to intervene in the governance of the tyremaker through the so-called golden powers legislation, which is aimed at protecting the national interest when dealing with business issues. Sinochem announced in a Monday statement that it had submitted "a structured, well-founded proposal, based on widely used corporate tools and standard practices, in accordance with best international practices, in order to address both Pirelli's Governance Framework as well as any concerns regarding U.S. regulatory needs if there are any." Camfin, and Pirelli themselves, complain that having a Chinese firm as its primary?shareholder is a barrier to the group's U.S. growth as Washington tightens up restrictions on Chinese automotive technology. The Chinese investor expressed his hope that its proposal would "be neutrally evaluated with a genuine cooperative spirit" by the other parties involved, without giving details about its solution. (Reporting and editing by Gavin Jones, with Giuseppe Fonte)
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Tether reports it purchased 27 tons of gold during the fourth quarter
Tether, the issuer of the largest stablecoin in the world, said that it added approximately 27 metric tonnes of gold to its fund's exposure in the fourth-quarter?of 2025. This is largely unchanged from the third-quarter purchases, which were estimated by analysts at about 26 tons. Due to increased global tensions, gold's 18% increase year-to date on top of 64% growth by 2025, it has broken through psychological resistance levels, including $3,000 an ounce in March and $4,000 in October. It also reached $5,000 per ounce on Monday. The crypto company, which has been a major source of gold demand as spot gold prices have risen, has reported a high rate of purchases for the reserves that back the Tether USDT stablecoin. This digital dollar has $187 billion in tokens and the Tether-XAUT gold token is worth $2.7 billion. Each Tether dollar token represents one U.S. Dollar held in reserve. When a user gives Tether a dollar to hold in reserve, the company will issue one USDT. It also holds equivalent assets, like the U.S. Treasury bills. These reserves will allow USDT to be converted into dollars in the event of a need. The Tether XAUT is fully backed up by gold. In Tether's statement, Paolo Ardoino said, "We operate at a level that places the Tether Gold Investment Fund next to sovereign gold holders. This carries real responsibility." Poland's central banking system, which is the most active among the central banks that report their purchases, increased its total reserves to 550 tonnes in the fourth quarter. Tether didn't say how much gold was stored in Switzerland for the two products combined. Tether, the company that backs the Tether Gold token (XAUT), which accounts for 60% of global gold-backed stablecoins, held 16.2 tonnes of gold as of?the?end of December. The latest audit of Tether dollar stablecoin reserves, USDT, was released in the third quarter of 2018. It showed that the currency had a gold reserve of $12.9 billion at the end of September. This would have been equivalent to 104 tons at the time. As of September 30, the reserves that back Tether USDT are dominated by U.S. Treasury bonds, with gold making up only 7%. (Reporting and editing by Nia William; Polina Devitt)
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Gold miners' shares soar as bullion price reaches record high of $5,100/oz
Gold miners' shares soared on Monday as bullion price surged to a record $5,100 per ounce. This was a continuation of a historic rally, driven by safe haven demand in the face of geopolitical uncertainty and market volatility. Gold's annual rise is expected to be 64% by 2025. This will be its highest rate of growth since 1979. The increase was mainly due to the easing of U.S. Monetary Policy, central bank purchases and investors flowing into ETFs in order as a hedge for global policy risks and macro-uncertainty. Gold is traditionally preferred by investors due to its low yields and the economic uncertainty that comes with it. Analysts at Societe Generale said that they now expect gold to reach $6,000 an ounce by the end of?year. However, this estimate is likely conservative and could go even higher. Bullion prices reached record highs in the last week. They have already risen by more than 18% so far this year. Fawad Rasaqzada is a market analyst for City Index. He said that as long as central banks continue to buy gold and governments flirt with FX interventions, it's difficult to know what will really cause this market to collapse, other than a wave profit-taking. Gold prices rising typically increases revenues, margins, cash flow, and balance sheets of miners, giving them more money to invest in expansion, dividends, or debt reduction. Newmont, the top mining company, rose by?3% while Barrick Mining gained 2.3%. Canadian mining companies Agnico Eagle Mines and Kinross gold? gained nearly 4%. Silver prices, which track the bullion rally rose to a new record high of $100 per ounce last Friday. Analysts at Scotiabank expect silver prices to remain strong for a longer period of time in the short to medium term. The shares of Hecla Mining and Coeur Mining both rose by 4.8% and 2.7% respectively. Canada's Endeavour Silver and Silvercorp Metals, as well as Wheaton Precious Metals, added between 4 and 6 percent. ETFs abrdn Physical Silver shares and iShares Silver Trust both jumped by 11%. (Reporting and editing by Maju Samuel in Bengaluru, with Pooja Menon from Bengaluru)
Guyana's economic growth is projected to be 19.3% by 2025, despite a slowdown in the oil sector.
Kemol King
GEORGETOWN Jan. 26 -
Guyana's economy expanded 19.3% in 2025, despite a lower growth in oil production and exports than in previous years. Finance Minister Ashni Singh announced this on Monday, when presenting the annual budget.
Singh stated that the oil sector will grow by 21% in 2025, compared to 57.7% the year before. The non-oil industry is expected to grow by 14.3%. This growth was primarily driven by agriculture, mining and construction, as well as the services sector.
Singh stated that "our overall real economic growth continues be supported by strong growth in the oil and gas sector, as well sustained growth across non-oil sectors."
The crude oil production in 2025 will total 261.1 million barrels. This is up from the 225.4 million barrels produced in 2024. A consortium led by ExxonMobil began operations in August on its fourth project in the country. The Exxon-led consortium controls all of Guyana's crude oil production.
Singh stated that Guyana will export 260 cargos in 2025. Of these, 32 cargos are being shipped by the government, using its share of the oil produced by Exxon. One cargo of crude oil is approximately one million barrels.
Oil will continue to be a major driver of growth for the economy in 2026. Production from Guyana's 5th offshore project is due to begin later this year. Exxon increased Guyana's capacity for oil production to over 900,000 barrels a day (bpd), and a new development set to take place this year will aim to further increase production up to 1,15 million bpd.
The government is expected to continue to prioritize infrastructure in its budget, using oil revenue to build 40,000 homes within five years and expand road networks throughout the country.
Guyana, Latin America's latest oil producer, has in recent years become the fifth largest crude exporter of the region after Brazil, Mexico and Venezuela. (Reporting and editing by Brendan O'Boyle, Daina Beth Solon)
(source: Reuters)