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Cuba vows to defend against 'terrorists and mercenaries'
On Thursday, President Miguel Diaz Canel stated that Cuba will defend itself from "terrorists and mercenaries aggression." This came a day after Havana announced that it had killed four exiles on board a speedboat registered in Florida that entered Cuban water and opened fire at a patrol. Cuban officials said that the Cubans on the speedboat involved in the incident of Wednesday were anti-government Cubans. Some had been wanted before for plotting an attack. Cuba claims that six people were injured on the speedboat. "Cuba neither attacks nor threatens," Diaz-Canel said on X. "We have said this repeatedly and reaffirm it today: Cuba will be able to defend itself with firmness and determination." The incident occurred at a?time of heightened tensions between the United States and Cuba, who have blocked?oil deliveries to the island? in order to pressure the Communist government after they captured and imprisoned Venezuelan President Nicolas Maduro. Fuel shortages are affecting transport, and power cuts have worsened on the Caribbean’s largest island where the grid is dependent on imported oil. Venezuela was Cuba's largest oil supplier but it hasn't sent any shipments since December. U.N. warned of a humanitarian disaster if Cuba's needs for energy are not met. Russia, one of Cuba's last oil suppliers (though it hasn't given a specific date for the next shipment), called for restraint and called the incident "an aggressive provocation from the United States". Marco Rubio, the U.S. secretary of state, said that his government would independently investigate this incident. He told reporters that "we're still collecting facts." "We do not make decisions in the United States based on what Cuban officials say." (Reporting and writing by Anett Rios, Editing by Sarah Morland & Alistair Bell; Writing by Gabriel Araujo)
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Sources: US slows Lukoil assets sale due to Ukraine peace negotiations
Four sources with knowledge of the talks say that the United States has slowed down the sale of the international assets owned by the Russian oil giant Lukoil to use as a bargaining tool in the Ukraine peace talks. A document reviewed by OFAC showed that the U.S. Office of Foreign Assets Control (OFAC) will extend to Thursday the deadline for transactions to be completed from February 28 to April 1. In recent weeks, U.S. and Russian government officials failed to make a breakthrough during talks in Geneva and Abu Dhabi, or in Miami, in order to negotiate a deal for peace in Ukraine. Three?sources briefed about the meetings said that the U.S. sanctioned Russia's largest oil producer, the state-run Rosneft as well as the second-largest, Lukoil. The next round between the U.S. and Russia, as well as Ukraine, is scheduled for March. OFAC has extended the deadline three times since Washington imposed sanctions against the two Russian oil firms in October. An official in the U.S. A?U.S. The official stated that any deal must require that Lukoil does not receive any upfront value, and that the sale proceeds are placed into a blocked account under U.S. jurisdiction. The sanctions forced Lukoil to sell its international portfolio. This included oilfields and refineries from Iraq to Finland. Over a dozen buyers have expressed interest in the sale, ranging from ExxonMobil of the United States to Pornhub's former owner. Three sources claim that OFAC was handling the asset sale of Lukoil, but recently the process escalated, involving senior officials from the White House Treasury and State Departments, including Treasury Secretary Scott Bessent. The White House, State Department and Treasury did not respond to requests to comment on the extension of the deadline being connected to the peace negotiations. Lukoil didn't respond to comments. In a statement made earlier this month, Ukrainian president Volodymyr Zelenskiy claimed that his intelligence services had informed him that Russian envoy Kirill Dimitriev was proposing an economic deal worth $12 trillion to the Trump Administration. According to a source familiar with the situation, this deal also includes Lukoil's assets. This could complicate any sale. The United States, Saudi Arabia's?Midad Energy and Todd Boehly of the American billionaire Todd Boehly have all signed agreements with Lukoil. Carlyle Group private equity, Saudi Arabian?Midad Energy and Todd Boehly, an American billionaire, have all signed agreements with Lukoil. Chevron is in talks with Texas-based Quantum Capital Group for the portfolio but terms have not been agreed upon yet. Reporting by Anna Hirtenstein in London, Dmitry Zhdannikov and Marwa Rashad in Washington and Timothy Gardner in London; editing by Lisa Shumaker
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US extends deadline to April 1 for potential Lukoil buyers
According to four sources who are familiar with the talks, the United States has slowed down?the sale?of the international assets of Russian oil giant Lukoil to use them as a bargaining tool in the Ukraine peace negotiations. A document viewed by OFAC showed that the U.S. Office of Foreign Assets Control (OFAC) will extend to Thursday the deadline for transactions to be completed from February 28 to April 1. In recent weeks, U.S. and Russian government officials failed to make a breakthrough during?talks held in Geneva, Abu Dhabi, and Miami, in order to negotiate a deal for peace in Ukraine. According to sources briefed about the meetings, these discussions included 'the U.S. sanction on Russia's largest oil producer, Rosneft and on its second-largest competitor, Lukoil. The next round between the U.S. and Russia, as well as Ukraine, is scheduled for March. OFAC has extended the deadline three times to allow potential buyers to negotiate assets worth $22 billion with Lukoil since Washington imposed sanctions against the two Russian oil companies last October. The sanctions forced Lukoil to sell its international portfolio. This included oilfields and refineries from Iraq to Finland. Over a dozen potential bidders have expressed interest in the sale, ranging from ExxonMobil of the United States to Pornhub's former owner. Three sources claim that OFAC was handling the asset sale of Lukoil, but recently the process escalated, involving senior officials from the White House, Treasury, and State Departments, with Treasury Sec. Scott Bessent being more directly involved. The White House, State Department and Treasury have not responded to requests for comment about whether the extension is related to peace talks. Lukoil didn't respond to requests for comments. Volodymyr Zelenskiy, the Ukrainian president, said that his intelligence services had informed him earlier this month that Russian envoy Kirill Dimitriev had proposed to the Trump Administration an economic deal valued at?at least $12 trillion. According to a source familiar with the deal, it includes Lukoil's assets which could complicate any sale. Several companies, including the U.S. Carlyle Group and Saudi Arabia's Midad Energy have signed agreements with Lukoil. Todd Boehly, an American billionaire, has also worked with Xtellus Partners, a UAE-based fund, Alliance Investment Partners, as well as Xtellus Partners, a bank. Chevron is in talks with Texas-based Quantum Capital Group for the portfolio but terms have not been agreed upon yet. Reporting by Anna Hirtenstein in London, Dmitry Zhdannikov and Marwa Rashad in Washington and Timothy Gardner in London; editing by Lisa Shumaker
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Sources: Zorlu Holding Turkey in debt restructuring discussions with lenders
Two people who are familiar with the private talks say that Zorlu, a major Turkish holding company, has begun discussions with state banks about restructuring its debts. This could be the largest corporate loan restructuring in Turkey since the 2018 Lira Crisis. Last week, Zorlu Holding held CEO-level discussions with state banks and private lenders to start a restructuring plan. Sources, who requested anonymity because the talks are still ongoing, said that the company had put assets, including Zorlu AV, an iconic Istanbul shopping mall, up as collateral at state banks. One person said that Zorlu assets could be sold to cover recent losses in certain sectors. Uncertainty surrounded the amount of debt Zorlu hoped to restructure. According to the latest financial report, Zorlu will have around $3.2 billion in loans by 2024. Around half of Zorlu's total loans are in dollars, while another 30% is in euros. The rest is in Turkish Lira. Zorlu refused to comment on the discussions?but pointed to a Vestel statement earlier on Thursday which stated that "the company continued to conduct its business with financial institutions in the normal course of their operations." Bloomberg reported on Wednesday that Vestel was in talks with banks about restructuring debt of more than $500,000,000. Zorlu Enerji, a producer of renewable energy and Vestel, is a Zorlu company. Vestel is one of Turkey's largest exporters. In recent years, high interest rates, the stronger lira and weak domestic demand have hurt them. Turkey's protracted inflation crisis can be traced back to a series of currency crashes that occurred in 2018. This was also the year when many major conglomerates restructured debt, such as Yildiz Holding which restructured its $5.5 billion loan.
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Sweden asks the energy sector to increase security but does not face any specific threats
Sweden's signal intelligence agency announced on Thursday that it had told its 'energy industry' to increase security levels following a recent cyberattack against?Polish infrastructure. However, this was not a response to any specific threat. Swedish TV4 reported earlier, citing anonymous sources, that authorities in the Nordic countries were investigating a possible threat from actors who had ties to a foreign power. Ola Billger is the head of communications at Sweden's National Defence Radio Establishment. Billger said, "We did this last Friday and we called on the energy industry to take certain steps to make Sweden more difficult to target." Last month, the Polish government announced that it was able to stop a "large cyberattack" at the end of December. The attack was intended to disrupt communications between renewable energy installations and grid operators. In recent years, Nordic intelligence and police agencies investigated damages to underwater gas pipelines and power lines, as well as telecoms cables, in the Baltic Sea. Some of these were caused by deliberate attacks and sabotage. Svenska Kraftnat is the Swedish electricity grid operator. It said it increased its vigilance in its facilities but refused to specify when. A spokesperson for Sweden's?Civil Defense? said: "We are aware and we work with other government agencies." Gassco in Norway, which oversees the vast network of terminals and pipelines that supply natural gas to Europe said there was no immediate threat to Norway's gas infrastructure. The National Crisis Management Centre of Lithuania said that energy security was still a priority for the country, but it had received no new threats. The Norwegian National Security Authority, the Danish intelligence and national security service as well as Norway's security police did not respond to our requests for comment. Johan Ahlander reported from Stockholm; Louise Rasmussen contributed additional reporting in Copenhagen; Nora Buli was in Oslo and Andrius sytas was in Vilnius. Terje Solsvik edited the story.
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Copper prices fall from two-week highs as stocks rise and temper demand optimism
The price of copper fell on Thursday, after reaching a two-week high in the previous session. A stronger dollar and rising inventories dampened expectations about a recovery in demand from China, the top consumer of the metal in the world. In official open outcry, the benchmark?three-month?copper price on the London Metal Exchange fell 0.3% to $13,286 a metric ton. The metal had reached $13,350 during the previous session. This was the highest level since February 11. Shanghai Futures Exchange also saw a similar high overnight. The Chinese have returned to the market since the first day of the Lunar New Year. According to SP Angel analyst John Meyer, the Chinese could be stockpiling copper for strategic purposes or following a new directive requiring the construction of data centres. Beijing will host China's annual parliament gathering in early March. The event is expected to release a "five-year plan" for 2026-30. The Yangshan premium The price of copper in China is now $50 per ton compared with $33 prior to the holiday. The U.S. Dollar Index, which measures the strength of the greenback against a basket six currencies, has risen, making metals denominated in dollars more expensive for investors who use other?currencies. Stocks were high, which also affected prices. LME copper stock The total rose to 253,600 tonnes after an additional 4,000 tons were imported from?the United States' and South Korea. This is the highest total since March 2025 and comes after the Comex premium, which brought copper into the U.S., evaporated. Meyer stated that "lots?of copper off-market has been thrown into warehouses to increase visibility and possibly catch higher prices." The entire base metals industry was in?red. Aluminium dropped 0.8% to $3.146 per ton. Zinc fell 0.6% to $3.368. Lead?lost 0.2 % to $1.987. Nickel dropped 2.1% to $17.700 a tonne. Tin shed 0.5% to $53,450. (Reporting and editing by Rashmi, Sonia Cheema, and Jane Merriman; Additional reporting by Lewis Jackson; and Dylan Duan.)
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Utility PSEG's forecasts for 2026 profits are below estimates and will raise spending plans
Public Service Enterprise Group forecasted a?profit below analyst expectations on Thursday, but raised its five-year plan for capital expenditures as it ramps up investments in grid'modernization' amid surging demand. U.S. utilities have increased their spending plans, as power demand in the United States is increasing after years of stagnation. The growth has been driven by the proliferation?of energy-intensive data centres used by the technology industry. According to the Energy Information Administration, U.S. electricity demand is expected to reach record highs by 2026. PSEG expects to spend between $24 and $28 billion in the period 2026 to 2030. This includes $22.5 to $25.5 billion for regulated investments. The previous five-year capital plan of the?utility included capital expenditures between $22,5 billion and $26 billion from 2029. PSEG offers electric and gas service to approximately 4.3 million New Jersey customers. Through its PSEG Power segment, it also operates nuclear-generating equipment. The quarterly loss at 'the power segment' was reduced to $37m from $92m a year ago, thanks to higher capacity revenues, and the gas operations, which helped offset nuclear operation costs. According to LSEG data, the utility expects to earn operating profits in the range $4.28 to $ 4.40 per share - below the analysts' expectation of $4.39 per shares - by 2026. The Newark, New Jersey-based company reported an adjusted profit of 72 cents a share, exceeding estimates of 71 cents a share. Reporting by Pranav?mathur in Bengaluru, Editing by Shailesh?kuber
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Engie's CFO: Belgium wants to increase nuclear energy production
According to Engie's chief financial officer, the Belgian government wants to increase the capacity of nuclear reactors and extend their lifespan. Engie has previously stated that it is not interested in maintaining its nuclear assets. CFO Pierre-Francois Riolacci discussed Belgium's plans for nuclear power on Thursday, after the company announced its results and a major purchase in Britain. He also said that the company did not agree with a draft report from the Belgian regulator regarding future costs associated with the nuclear fleet. Engie CEO Catherine MacGregor stated that a final report on costs associated with the dismantling of older reactors and the amounts needed to operate newer ones in the future is expected at the end of April. Engie stated that it would rather focus on assets which are more profitable, such as batteries and renewable energy. Engie decommissioned 3 Belgian nuclear reactors by 2025. Its last two operational Belgian reactors - Doel 4 & Tihange 3 - are expected to continue generating power until 2035, with the government considering further lifetime extensions. The company stated that it was 'open' to extending the current 10-year extension of life for its remaining two reactors, but asked for clarification on decommissioning costs. MacGregor stated that "this extension is something we have been saying all along that we weren't super excited about considering. However, we could enter into a study in order to determine the economic and operational safety feasibility of a?such a?extension." She said that the company will only dismantle if there is a framework for dismantling provisions which is "stable, predictable and clear". (Reporting and editing by Forrest Crellin and America Hernandez)
Russell: China is shifting its crude oil purchases in response to the price rally.
China's role in setting the?floor and the?ceiling for crude oil prices is one of the less?discussed dynamics of the global market.
When prices are low, the world's biggest crude importer will buy excess oil and build up its inventory.
Analysts and journalists covering the crude oil market are not aware of the changes in imports because they occur with a delay of several months.
There are early signs, however, that China will shift its imports in favor of crudes with more competitive prices, and also reduce imports starting April.
The reason for this is that crude oil prices are rising sharply, amid tensions between Iran and the United States. There's also concern about retaliation by Iran against oil tankers and installations in the Persian Gulf region if a U.S. strike occurs.
Brent crude futures reached their highest level in almost seven months on the 23rd of February, reaching $72.50 per barrel. They have risen 23% from the low point of $58.72 set on December 16th.
Brent's rise has led to crudes from West African producers Nigeria and Angola being priced more expensive relative to Brent.
This has in turn led to producers offering larger discounts to clear their cargoes. Traders report that some West African grades have been sold at up to $5 per barrel discount over the Dated?Benchmark Brent, up from $3 earlier this month.
China is often viewed as the buyer of last recourse for West African crudes. The high discounts offered show that there is a limited appetite for additional cargoes.
The cost of landing West African crude oil in China is also increasing due to higher freight rates, particularly since Middle East producers are lowering their prices.
Saudi Arabia, world's biggest oil exporter has cut its official selling prices (OSPs) for its main Arab Light grades for Asian refiners by a further month for cargoes loaded in March.
According to data, the March OSP for Arab Light Crude was equal to the Oman/Dubai Average, down from $0.30 per barrel in February. This is the lowest premium since December 2020.
China has responded to the Saudi oil crisis by purchasing more crude and other grades of similar grade from Gulf producers.
AFRICA DIP
The data from commodity analysts,?Kpler, also shows that China is reducing its cargoes coming from Africa. Arrivals in February and march were below the levels of the fourth quarter last year.
According to Kpler, China's imports of oil from Africa will be 1.04 million barrels a day in March, and 978,000 in February. This is down?from 1.2 million barrels a day in the fourth quarter 2025.
Due to similar API gravity and sulphur content, there is a high degree of fungibility among grades like Angola Cabinda and Nigeria Bonny Light.
A grade similar to Urals is Russia. China is buying cargoes with heavy discounts, after India, the other major Russian buyer agreed to buy less sanctioned crude as part of an agreement reached with the United States.
China's imports from Europe of Russian crude, where Urals -loads - are located, is expected to reach 824,000 barrels per day (bpd) in February. This represents an increase from 741,000 barrels per day in January, and 444,000 in December.
China appears to be buying Russian crude at a discount and reducing its consumption of Brent, which is more expensive.
It may also be reducing the volume of imports due to the recent price rise, as it did in the 12-day conflict between Israel and Iran in June, last year, which was supported by the United States.
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These are the views of the columnist, an author for.
(source: Reuters)