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OPEC+ agrees to increase oil production from October in order to gain market share
OPEC+ agreed to increase oil production in October, as Saudi Arabia tries to regain its market share. However, the pace will be slower than previous months because of an expected weakening of demand worldwide. OPEC+ increased production in April, after years of cutting to support the oil markets. But the decision on Sunday to boost output further came as a shock amid a possible looming oil surplus during the winter months in the Northern Hemisphere. In a Sunday online meeting, eight members of OPEC+ decided to increase production by 137,000 barrels a day from October, according to OPEC+. This is a much smaller increase than the monthly increases that were about 555,000 bpd between September and August, and 411,000 bpd between July and June. Eight members of OPEC+ have begun unwinding a second tranche, which amounts to about 1,65 million bpd. This is more than a calendar year ahead of schedule. The group has already unwound its first tranche of 2,5 million bpd, which is equivalent to 2.4 percent of the global demand. The barrels are small but they send a powerful message, said Jorge Leon, an analyst at Rystad who is a former OPEC representative. The increase in barrels is not about volume but more about signalling – OPEC+ wants to gain market share, even if that means softer prices. Leon says that OPEC+ (made up of the Organization of the Petroleum Exporting Countries, Russia, and other allies) found it easy when the demand grew in the summer. But the real test comes in the fourth quarter, with the expected slowing of demand. OPEC+ stated that it had the option to increase, pause, or reverse increases at future meetings. The next meeting between the eight countries is scheduled for October 5. NEW CAPACITY Saudi Arabia's efforts to punish overproducing members like Kazakhstan and the United Arab Emirates for building new capacity have also contributed to the increase in OPEC output this year. In an effort to fulfill his promise made during the election to lower domestic gasoline prices, Donald Trump pressured the group earlier this year to increase production. As a result of the increased production, oil prices have fallen by around 15% this year. This has pushed oil company profits to their lowest level since the pandemic. The oil price has not fallen, but is still trading around $65 per barrel. This is due to the sanctions imposed by the West on Russia and Iran. This has encouraged OPEC+ producers to increase their output. OPEC+ has not met its pledged increases because the majority of members are operating at near-capacity. Analysts and data show that only Saudi Arabia and United Arab Emirates can add more barrels to the market. OPEC+ already had two levels of cuts in place before the Sunday agreement - the 1,65 million bpd reduction by the eight member countries, and a second 2 million bpd reduction by the entire group until 2026. (Additional reporting from Olesya Astakhova and Maha el Dhan; editing by Nick Zieminski, David Holmes and David Holmes).
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Stellantis CEO asks EU to support the car sector
In order to protect the automotive industry, the new CEO of Stellantis, a carmaker in Greece, has called on the European Union (EU) to be flexible when it comes to the transition to electric cars. "A strategic dialog is important, but it's now vital to act urgently." Antonio Filosa became CEO of Stellantis in June. On September 12, European Commission President Ursula von der Leyen will host executives from the automotive industry to discuss the future. The sector is under threat due to the Chinese competition with electric vehicles, and U.S. Tariffs. Filosa is the head of Fiat, Alfa Romeo and Peugeot brands. Chrysler, Jeep and Opel are also part of the group. Filosa has called on the European Commission (EC) to encourage the sale of hybrid cars to reduce the average age of the vehicles on the roads. In a joint interview, he told Italy's Il Sole 24 Ore as well as France's Les Echos that a European policy encouraging the replacement of older vehicles with new ones and a wider range of powertrains could have a greater effect on global CO2 emission than an annual new car market. Filosa stated that the Light Commercial Vehicles sector is facing an urgent situation and suggested that the CO2 emission period for this category should be increased to five years, from three. As he reviewed the brand portfolio, he also tried to dispel speculation that Stellantis might seek a buyer of Maserati. He said: "I would like to be clear that Maserati was not for sale. We need to know which products we should develop and what long-term strategies to adopt for our iconic brand."
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Daniel Craig reprises his role as Benoit Blanc, the detective in "Wake Up Dead Man: a Knives Out Mystery"
In "Wake Up Dead Man, A Knives Out Mystery", the third installment of the franchise, Daniel Craig's charismatic and sharply dressed Benoit Blanc is back to solve yet another murder case. It's dark, big and fun. The latest installment of the Whodunit genre from writer-director Rian Johnston takes place in a small town church in Upstate New York, with a more grounded tone. Johnson said on the red carpet before the Toronto International Film Festival premiere that they were trying to "do something different every time". "The first was a cozy mystery. The second was a broad, kind of vacation comedy mystery. "This one has a darker tone and is more gothic, but it's still fun," said he. Craig couldn't be more in agreement. "It is a departure. It's an entirely different movie. "But it's still Benoit blanc mystery", the former James Bond actor said. The ensemble cast includes Josh O'Connor (left), Glenn Close (right), Josh Brolin (center), Mila Kunis (right), Jeremy Renner and Kerry Washington. Also included are Andrew Scott, Cailee Spaeny, Daryl McCormack, Thomas Haden Church, and Andrew Scott. O'Connor was awash with praise for Johnson who he called his "idol". He said that Johnson was a "genius writer and director". The young British actor who played Prince Charles on the TV show "The Crown" received the most applause for his performance of a young priest following the premiere. Spaeny said that she was grateful to have the chance to play a cellist and enjoyed every moment on the set. The American actress, who learned the cello in preparation for her part, stars in her first comedy. She said, "It felt like we weren't being paid for this work." Craig also praised the cast for their "bubbly" nature. He said, "We have been extremely lucky in the entire series. We nailed it once again." The film will be released in limited theaters on November 26, before being streamed on Netflix starting December 12. (Reporting from Bhargav Asharya in Toronto, Editing by Caroline Stauffer & William Mallard
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China's central banks buys gold for the 10th consecutive month in August
China's central banks added gold to their reserves in August, continuing purchases for a 10th consecutive month, according to official data released on Sunday. Gold, traditionally viewed as a safe asset in times of uncertainty, is up 35% on the year. It reached a record-high last week amid strong demand for investments and purchases from central banks, including those in China. China's gold reserves increased to 74.02 millions fine troy-ounces by the end August from 73.96 at the end July. According to the data released by the Central Bank, they were valued at 253.84 billion dollars, an increase from $243.99 at the end the previous month. The People's Bank of China, which is the head of research for online marketplace BullionVault, said that while China's gold purchasing has slowed down in 2025, it has increased its bullion reserve at prices ever higher. Beijing's continued accumulation of gold is a signal that it has faith in the metal as a reserve for long-term. This also boosts the confidence of China's investors and private households in gold. The demand for gold was low in the world's biggest producer and consumer this week due to the high price. Dealers offered discounts above the global benchmark, to lure buyers. (Reporting from Amy Lv and Polina Devitt in London for the Beijing Newsroom. Editing by Clarence Fernandez.)
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After a four-day search, a Canadian soldier is found dead in Latvia
The Canadian military announced on Saturday that a member of the Canadian Armed Forces who was reported missing earlier this week in Latvia has been found deceased. The body of Warrant Officer George Hohl was discovered on Friday, after he disappeared on Tuesday, in the Baltic country where Canada has troops stationed as part a multinational brigade. Hohl worked as a Vehicle Technologist for the 408 Tactical Helicopter Squadron, based in Edmonton (Alberta). He was serving with the Aviation Battalion of NATO's Multinational Brigade - Latvia when he disappeared near the Adazi base. The Canadian Forces Military Police is assisting Latvian authorities to investigate the circumstances surrounding Hohl’s death. Officials have stated that "there are no indications this incident poses a greater threat to the safety and security of our deployed members." Jennie Carignan, Chief of Defence Staff and General Jennie Carignan, said that the loss was devastating to the entire Canadian Armed Forces. She added that Hohl will be remembered for his dedication. The warrant officer has served in multiple deployments, including disaster relief operations at home and tours with Operation REASSURANCE (Canada's contribution to NATO’s enhanced forward presence established after Russia's 2014 annexation Crimea). Operation REASSURANCE is a rotation of approximately 2,200 Canadians in the Baltic State. According to a statement from the Canadian military, an investigation is underway into Hohl’s death. (Reporting and editing by Nick Zieminski in Washington)
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Ukraine drones hit training centre at Zaporizhzhia nuclear plant, Russian management says
The Russian-installed management of the Russia-held nuclear plant in Ukraine announced on Saturday that Ukrainian drones had hit the roof at the Zaporizhzhia training centre. There was no damage to the building and there was no radiation increase. In a Telegram message, the administration stated that the strike took place about 300 meters (984 feet) away from a nuclear reactor. The statement stated that "This centre is unique - it houses the only full scale simulator of a nuclear reactor hall in the world, which is crucial for staff training." Although the station is Europe's largest nuclear power plant, with six reactors and no power, it still needs power to keep nuclear fuel cool. Administration officials said that the attack did not disrupt the operation of the plant. The administration stated that "operational safety limits have not been violated, and radiation levels are normal." Ukraine has not yet responded. We could not independently confirm the Russian report. In the early weeks of Russia’s invasion of Ukraine in February 2022, Russian forces captured the Zaporizhzhia nuclear plant. Both sides accuse the other of triggering a nuclear disaster by firing weapons or other actions. Reporting by Lidia Kelley in Melbourne
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Sources say that OPEC+ is likely to agree on a further increase in oil production on Sunday.
OPEC+ sources stated on Saturday that eight OPEC+ nations will likely increase oil production on Sunday, but they may add less oil in October than recent months due to the slowdown of global demand with the end driving season. OPEC+ reversed its April strategy of production cuts and has already increased quotas to about 2,4 million barrels a day (about 2.4% of the world's demand) to increase market share. This is in response to pressure from U.S. president Donald Trump, who wants to lower oil prices. These increases, however, have not had a significant impact on oil prices. They are currently trading at $66 per barrel, supported by Western sanctions against Russia and Iran. This encourages rivals like the United States to increase production. OPEC+ would start to unravel a second layer, averaging about 1.65 millions bpd. This would be more than a full year ahead of schedule. Two sources told me on Saturday that the focus of talks is to gradually unwind this entire cut, in monthly increments. On Sunday, 1230 GMT eight OPEC+ member countries will hold a virtual meeting. The focus of the discussion is likely to be October's output. An OPEC+ official said that the countries could increase their output by 135,000 bpd in October. Another said it might be closer to 200,000-350,000 bpd. The eight members increased production for September by 547,000 bpd at their last August meeting, giving a total of 2.5 million bpd increase for the entire year. This included an additional 300,000 bpd production allocation for the UAE. OPEC's headquarters and Saudi Arabian authorities did not respond to Wednesday's requests for comments. OPEC+ is the Organization of Petroleum Exporting Countries plus Russia, and other allies. Brent crude futures closed at $65.50 a bar on Friday, down by 2.2%. This was due to a disappointing U.S. employment report and the expectation of a production increase from OPEC+. It is still up since a low in 2025 of around $58 per barrel in April. Analysts have stated that sanctions and the fact that OPEC+ has not met its pledged amount have supported prices. OPEC+ has been reducing production to support the oil price for several years. The group has committed to a further 2 million bpd in cuts until 2026. (Reporting and editing by Alexandra Hudson, Olesya Almakhova, Alex Lawler Ahmad Ghaddar, Dmitry Zhdannikov)
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Gunmen kill Chinese security officials and Chinese workers in Nigeria
A spokesperson for the Nigerian security agency confirmed that gunmen kidnapped Chinese exatriate workers and killed eight officials in the southern state of Edo. The Chinese workers were rescued later, the spokesperson added. On Friday, a group suspected of being armed kidnappers attacked a convoy consisting of paramilitary Nigeria Security and Civil Defence Corps members and Chinese nationals who worked for BUA Cement. Afolabi Babawale, spokesperson for the NSCDC, said that four Chinese workers kidnapped by terrorists were rescued. However, one is still missing. He added that eight operatives of the agency had been killed and four others were injured seriously. Nigeria has seen a rise in gunman attacks, mainly in the north, but kidnapping groups are known to target civilians in the south.
Russian refineries targeted by Ukraine's drones
Ukraine has stood out Russian oil refineries in heavy drone attacks, triggering a fire at Rosneft's greatest refinery in what President Vladimir Putin stated was an effort to interrupt the governmental election.
What was targeted and what do they produce?
RYAZAN
Russia's Ryazan oil refinery, controlled by Rosneft, was set ablaze after a drone attack, a local guv said on Wednesday.
The plant, with set up capability of around 350,000 barrels per day, improves about 12.7 million metric lots of Russian crude a year (around 317,000 barrels daily), or 5.8% of overall refined crude, according to industry sources.
It has shut down 2 damaged primary oil refining units after a fire, 2 sources familiar with the circumstance told . Rosneft did not respond to a request for comment.
Ryazan has actually stopped its main crude distillation system (CDU). AVT-6 with a capacity of 170,00 barrels of crude per day (47.5%. of the plant's overall crude consumption capability) and a smaller CDU. AVT-4 capable of fine-tuning about 84,000 barrels of crude per day. ( 23.4% of the plant's overall intake capability), the sources stated.
As an outcome of the attack, Ryazan's idle crude refining. capacity may reach 70% of the plant's overall during the. upkeep period, according to sources and . calculations.
NOVOSHAKHTINSK
The Novoshakhtinsk oil refinery in Russia's southern Rostov. area suspended operations on Wednesday after downed drones. fell on the website, however resumed later in the day. However it is. yet unknown if the regular processing level was maintained.
Oil processing at the refinery in 2023 averaged around. 96,000 barrels daily, according to industry sources. The plant. produces no motor fuels for the domestic market. Its production. is limited to straight-run fractions for exports.
NORSI
A fire broke out at NORSI, Russia's 4th biggest refinery,. after a Ukrainian drone attack, Russian officials stated on. Tuesday. It is located near the city of Nizhny Novgorod, 430 kms. ( 270 miles) east of Moscow.
Owned by Lukoil, its formal name is Lukoil. Nizhegorodnefteorgsintez.
NORSI fine-tunes about 15.8 million lots of Russian unrefined a. year (317,000 barrels per day), or 5.8% of overall refined crude,. according to market sources.
Its main crude distillation unit (AVT-6) was harmed, which. means that a minimum of half of the refinery's production is halted,. market sources told .
In 2023 NORSI produced about 4.9 million tons of gas -. 11% of Russia's total - 6.4% of diesel fuel, 5.6% of fuel oil. and 7.4% of the country's aviation fuel, market sources said.
Lukoil stated in January that it had actually halted a system at the. refinery due to an incident.
Market sources stated before the March 12 drone attack, one. of two catalytic crackers remained out of action at the plant.
KIRISHI
The guv of the Leningrad area, Alexander Drozdenko,. said on Tuesday a Ukrainian drone had actually been destroyed on the. outskirts of Kirishi, which is home to Surgutneftegaz's. Kirishinefteorgsintez (KINEF) refinery.
The Kirishi refinery is among the leading two refineries in. Russia. It refines about 17.7 million lots per year (355,000. barrels per day) of Russian crude, or 6.4% of the total,. according to industry sources.
It produces about 2.3 million lots of gasoline - 5.3% of. Russia's overall - 7.6% of diesel fuel, 16.3% of fuel oil and 3.4%. of the nation's air travel fuel, according to market sources.
SYZRAN
Russia's Syzran oil refinery, controlled by Rosneft, burned. for hours on March 16 before it was brought under control after. a strike by Ukrainian drones.
Among its two CDU systems was damaged due to the fire,. according to sources, indicating the refinery might require to. suspend operations.
The Syzran refinery has the capability to procedure 8.5 million. metric lots of petroleum a year, or 170,000 barrels each day. ( bpd), but its actual runs were lower.
In 2023 the refinery processed simply 5 million metric tons of. petroleum, about 100,000 bpd.
The Syzran refinery produced about 1 million metric lots of. gas in 2023 - 2.2% of Russia's overall and 1.78 million. metric lots of diesel fuel, about 2% of the state's overall,. according to market sources and computations.
A Ukrainian source informed on Saturday that Kyiv's SBU. intelligence firm had struck 3 Samara region Rosneft. refineries: Syzran, Novokuibyshevsky, and Kuibyshevsky.
The attack on Novokuibyshevsky refinery was thwarted,. according to the regional guv. Russian media have actually not reported. a strike on the Kuibyshevsky refinery, which lies in the. city of Samara.
SLAVYANSK
On March 18, the Slavyansk refinery in Krasnodar area. suffered the fire after a drone attack. The fire was. snuffed out and there were no casualties as an outcome of the. fire, the administration said.
Roman Siniagovskyi, head of the Slavyansk administrative. district, stated on Telegram refinery workers had actually been left. and there was no threat to close-by populated areas.
Slavyansk refinery is a private plant in Krasnodar area. with a capacity of 4 million metric lots of oil each year, about. 1 million bpd.
KALUGA
Ukraine assaulted a Russian oil refinery in Kaluga region. with drones early on Friday, causing damage in an operation that. was carried out by the GUR military spy agency, a Ukrainian. intelligence source told .
The privately owned Kaluga refinery, some 65 km (40 miles). from the outskirts of Moscow, is not one of Russia's essential. oil facilities. It states its main processing system's capacity. is 1.2 million heaps annually, approximately 24,000 barrels daily.
Vladislav Shapsha, the Russian guv of Kaluga region,. stated earlier on Telegram that air defences had actually shot down 4. drones in the location where the refinery lies and that there. had actually been no facilities damage or casualties.
(source: Reuters)