Latest News
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US Commerce Secretary Lutnick: Trump won't ease tariffs on fentanyl.
Howard Lutnick, U.S. Secretary of Commerce, said that Donald Trump would not relent in his efforts to impose tariffs against Mexico, Canada, and China for their treatment of fentanyl. "If the fentanyl stops, these should come off." Lutnick, in an interview on NBC's Meet the Press, said that if fentanyl doesn't end or he's unsure about it, he would stay like this until he felt comfortable. This is black and White. "You have to save American lives." Lutnick stated in the interview that U.S. Tariffs of 25% will be implemented on Wednesday as planned. Canada and Mexico both export metals in large quantities to U.S. market, but Canada is the largest importer of aluminum. Lutnick also denied that Trump's tariffs on global goods would lead to a recession in America. He said, "Absolutely no." There will be no recession in America. The Commerce Secretary did admit that tariffs will lead to higher prices on imported goods for U.S. customers. Lutnick stated that although some products made abroad might be more costly, American products would get cheaper. (Reporting and editing by Bill Berkrot; Doina chiacu)
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Ministers of health say that Europe needs to diversify its drug supply to combat the current health crisis.
A group of ministers recommended that Europe reduce its dependency on a few countries for essential drug supplies, such as anaesthetics and antibiotics. This would help the bloc be better prepared for future health crises. The 11 health ministers from the European Union made this recommendation in advance of Tuesday's deadline for EU Commission proposals on a draft Critical Medicine Act. In a letter published by Euronews, they stated that "between 80% and 90 percent of antibiotics are manufactured in Asia. This includes China." The letter was signed by the German Health Minister Karl Lauterbach. The CMA said that the price pressure on generic drugs, along with increased labour and environmental costs has pushed medicine production out of Europe. This leaves it vulnerable. Ministers suggested that this could be done in the same way as the U.S. where pharmaceuticals are part of supply chains for defence goods. They also proposed increasing domestic production and centralised storage, whenever possible. They said that "Several medicines are vital not only for civilian healthcare, but also in military and emergency situations." Reporting by Andreas Rinke, Writing by Vera Eckert, Editing by Helen Popper
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Ukrainian drone hits industrial plant deep inside Russia
The regional governor confirmed that a Ukrainian drone struck an industrial facility in Chuvashia (Russia's Volga River region) overnight, about 1,300 km (880 miles) away from the Ukraine border. In a Telegram message, Chuvashia governor Oleg Nikolayev stated that the strike was the deepest ever into Russia carried out by a Ukrainian drone. Nikolayev said that emergency services had been dispatched to the Kombinat Burevestnik plant in Cheboksaray. Nikolayev did not provide any further details on the strike, and the extent of the damage is unclear. The Russian authorities reported earlier that their air defence units destroyed 88 Ukrainian drones over night, but there were no reports of injuries or damage. The Russian Defence Ministry reported that 52 drones were destroyed in the Belgorod border region. Thirteen were destroyed over Lipetsk and nine over Rostov, both located in Russia's southwest. According to the ministry, the rest of the Ukrainian drones have been shot down over Russia's Voronezh region, Astrakhan region, Krasnodar Region, Ryazan Region, and Kursk Region. Rosaviatsia, the Russian aviation watchdog, announced on Telegram that Astrakhan airports Nizhny Novgorod Airport and Kazan airports were closed overnight for several hours to ensure safety. Unofficial Russian Telegram news channels claimed that the Ukrainian attacks against Ryazan and Lipetsk targeted local oil refineries. The Novolipetsk Metallurgical Plant, Lipetsk, was attacked by Ukrainian Lieutenant Andriy Kvalenko. He did not provide any evidence, nor directly state that Ukrainian drones are involved. Could not independently verify reports about what the attacks were targeted at. Ukraine says its attacks on the war that Russia began three years ago are aimed at destroying infrastructure vital to Moscow's efforts to win and in response to Russia continuing to bomb Ukraine. Reporting by Lidia Kelley in Melbourne, Editing by Kim Coghill and Christopher Cushing, Helen Popper
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Trump Administration ends Iraq's waiver for buying Iranian electricity
A State Department spokesperson confirmed that the Trump administration had revoked on Saturday a waiver which allowed Iraq to pay Iran electricity as part of Donald Trump's campaign against Tehran. The spokesperson stated that the decision to let Iraq’s waiver expire ensures that we don't allow Iran any economic or financial relief. Trump's campaign against Iran is aimed at "ending its nuclear threat, curbing its ballistic missile programme and stopping it from supporting terrorist organizations." In one of his very first acts upon returning to office, Trump restored the "maximum" pressure on Iran. In his first term he pulled out the U.S. from the Iran Nuclear Deal, an international agreement designed to prevent Iran developing nuclear weapons. The U.S. Government has stated that it wants to cut off Iran's oil export revenue and isolate Iran from global economic growth in order to slow down Tehran's nuclear weapons development. Iran denies seeking nuclear weapons, and claims its program is peaceful. Washington has imposed sanctions against Tehran for its nuclear program and its support of militant groups, effectively barring countries who do business with Iran to do business with the U.S. James Hewitt, spokesperson for National Security, said that "President Trump made it clear that Iran's regime must abandon its nuclear weapons ambitions or face Maximum Pressure." "We hope that the regime will place the interests of the people of Iran and the region above its destabilizing policy." BAGHDAD PRESSURE - Trump granted initial waivers to buyers in order to meet their energy needs in 2018 when he reimposed the sanctions on Iran’s energy exports, citing the country's nuclear program and its alleged meddling in the Middle East. Joe Biden and his administration have repeatedly renewed the waiver for Iraq while encouraging Baghdad's dependence on Iranian electric power. State Department spokesperson reaffirmed this call on Saturday. The spokesperson stated: "We urge Iraq to reduce its dependency on Iranian energy sources as soon as possible." "Iran is a unreliable supplier of energy." Sources have said that the U.S. used the waiver review to put pressure on Baghdad, to allow Kurdish crude exports through Turkey. Sources have told us that the U.S. has used the waiver review to increase pressure on Baghdad to allow Kurdish crude oil exports via Turkey. Iraq's negotiations over oil exports with the semi-autonomous Kurdish Region have been fraught to date. The State Department spokesperson stated that "Iraq’s energy transition offers opportunities for U.S. firms, who are world-leading specialists in increasing the productivity and efficiency of power plants, upgrading electricity grids, as well as developing electricity interconnections" with reliable partners. The spokesperson downplayed the impact of Iranian imports of electricity on Iraq's grid by saying "In 2023 electricity imports from Iran represented only 4%" of Iraq's electricity consumption.
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Environmental NGO Sues Trump’s EPA and Citibank for Funding Freeze
A nonprofit environmental group sued the U.S. Environmental Protection Agency on Saturday and Citibank, requesting billions of dollars to fund solar and other projects that have been frozen by the bank due to the Trump administration's cuts in federal spending. Climate United Fund claims that by freezing grant money approved by Joe Biden’s administration, "EPA has acted in order to prevent Citibank's disbursement of funds, harming Climate United and its borrowers as well as the communities they are serving." This is just one of many lawsuits filed by nonprofits, state attorneys general, and others to fight President Donald Trump's Republican moves to reverse Democratic Biden’s policies. Trump wants to reduce federal spending, shrink the bureaucracy, and reshape U.S. foreign, immigration and social policies. In a few cases, judges have blocked Trump's attempts. However, he has won some legal victories. Climate United in Washington, Citibank, and the EPA have not responded to comments made by their spokespeople. The suit was filed at the federal court of the capital. Climate United claims in its court filing it was selected by the EPA for the National Clean Investment Fund Program last April, and that they planned to lend to developers across the country to support solar energy, electric trucks and efficient housing. The group stated in a press release that the program was created to help hard-working Americans save money on groceries and to keep the lights lit. "We are going to court to protect the communities we serve, not because we want it but because we must." Climate United claims it is owed $7 billion. This is part of the $20 billion in funding that was approved by the "self serving" Biden Administration. According to EPA Administrator Lee Zeldin this amounted "to intentionally tossing gold bars off Titanic" before he left his office. Last month, officials in the Trump administration instructed federal prosecutor Denise Cheung that she should launch a criminal investigation into funding. She refused to comply, stating that she did not believe the request was supported by any evidence.
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Venezuelan President says that flights bringing migrants back from the US are 'affected.'
The Venezuelan president Nicolas Maduro stated on Saturday that flights scheduled to bring Venezuelan migrants back from the U.S. were affected by "this unjustified, tremendous commotion" after the Trump Administration canceled a Chevron license to operate in South America. Maduro had earlier said that, if it were up to him, Chevron would stay in Venezuela. He was referring to the decision made by U.S. president Donald Trump last week to revoke a license for Chevron, citing a lack of progress in electoral reforms and migration returns. Maduro did not directly mention the name of the company when referring to the migrant flight. He claimed that flights and communication between the countries were affected. Maduro, and his government, have always rejected the sanctions imposed by the U.S. Maduro, his allies and the government have praised the country for its resilience in the face of the sanctions. However, they have blamed the sanctions historically for some economic hardships. Reporting by Chizu Nomiyama; Editing by Margueritachoy and Chizu Nomiyama
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Barrick is 'committed' to a'mutually beneficial resolution' in Mali
In a memo that was seen on Saturday, Barrick Gold's chief operating officer for Africa & the Middle East stated in a memo that it remains "fully committed and engaged" to finding a resolution with Mali which is mutually beneficial to both parties. Since 2023, the Canadian miner Barrick and the Malian government are locked in a dispute over the new mining code of this West African nation. This code gives the Malian state a larger share in Barrick’s Loulo-Gounkoto Gold Mining Complex. Barrick announced on 13 January that it had been forced to suspend its mining operations in Mali following the seizure of around three metric tonnes of gold from its complex by the government. Since early November, the government has been blocking Barrick's gold exports. Reports on February 19, 2019 stated that Barrick signed an agreement to settle the dispute. The state then approved the agreement. One person involved in the process said that the deal was taking time to finalise, even though there have been no major problems since then. According to a person familiar with previous deals, it took the government "some time" before they signed deals with other Mali mining companies. Sebastiaan Bok, the CEO of the company, sent a memo to its staff on Saturday. He said that there were "no major developments at this time". He said: "As a gentle reminder, until further notice all non-critical activities will be temporarily paused." Staff salaries and bonuses were not affected by the suspension. One of the complex's vendors told Barrick in early March it owed two months of payments.
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Kyiv reports that at least 14 people were killed and 37 injured in a Russian missile attack on Ukraine.
The Ukrainian Interior Ministry reported on Saturday that Russian drone and missile attacks overnight on Dobropillia, a city in eastern Ukraine, and a settlement near Kharkiv left at least 14 dead and 37 injured, including five kids. According to the Ministry, Russian forces used drones and multiple rockets to attack Dobropillia, damaging eight multi-storey building and 30 vehicles. Eleven people were killed, including five kids, in the attack. Thirty others were also injured. Three civilians died and seven were injured in a separate attack by drone on Kharkiv in the northeast. "Such attacks show that Russia's goals have not changed." It is therefore vital to continue doing our best to protect life, to strengthen our air defences and to increase sanctions against Russia. "Everything that helps Putin finance war must be destroyed," Volodymyr Zelenskiy stated on Facebook. The Russians launched their first major missile strike on Friday against Ukrainian gas and energy infrastructure, a day after the U.S. suspended intelligence sharing. This increased pressure on Kyiv, as President Donald Trump tries to end the war quickly. Military analysts believe that the pause in U.S. intelligence and military assistance could undermine Ukraine's air defenses, as it is running low on advanced missiles. Dobropillia is located in eastern Ukraine's Donetsk region, about 22 km (13.67 mi) north of Pokrovsk. The Russian troops have been attacking this key city for several weeks. FIGHTING CONTINUES In an effort to gain an edge, both sides are continuing to engage in hostilities despite the efforts of the U.S. to bring Kyiv to the table for negotiations. The Kirishi oil refining plant, which is one of Russia's biggest, houses a tank. In recent weeks, Russian forces have intensified their efforts to expel Ukrainian troops from Kursk. Last August, Kyiv's forces launched a lightning invasion over the border, capturing a large area of Russian territory. On Saturday, the Russian Defence Ministry announced that its troops were in Afghanistan. retook Three villages in the Kursk area were taken by Ukrainian forces. Could not independently confirm the report. (Reporting and editing by Kim Coghill, Louise Heavens and Kim Coghill; Additional reporting by Lucy Papachristou, Guy Faulconbridge and Guy Faulconbridge).
Big Oil's profits from refining are expected to decline in 2025
Oil executives are not optimistic about the refining industry in 2025
Exxon and Chevron Q4 profit hurt by weak refinery sector
Fuel demand in the US and China is waning, posing challenges for independent refiners
Sheila Dang & Shariq Khan
HOUSTON, January 31 - Big Oil executives saw little hope for a near-term increase in refinery profits, after Chevron Exxon Mobil, and Shell reported earnings in the fourth quarter that were severely affected by a decline in margins. Refining margins have been hurt by a combination of sputtering growth in demand and an increase in global refinery capacity in 2024. Chevron shares fell 4% following its first loss in the refining sector since 2020. The No. 2 U.S. producer of oil missed Wall Street's profit forecast. In an interview, Chevron CEO Mike Wirth stated that the trend of softening margins through 2024 will continue and extend into 2025. He said, "There's no doubt that it was a poor fourth quarter," in an interview.
"I won't call it a storm of the century, but I will say that it was a quarter where everything went in one direction and was negative."
Wirth said Chevron will focus on what they can control to recover, including lighter maintenance schedules for refineries in the coming year. Exxon Mobil shares dropped 2.5% following a 75% drop in adjusted earnings for refining when compared to the third quarter. S&P 500 Energy Sector Index fell 2.8% on the Friday.
Kathryn Mikells, Exxon's Chief Finance Officer, stated in an interview that the refining industry is still under pressure due to the additional fuel entering the market as a result of new refineries opening in countries all over the world.
She said, "That is what we are watching as we look forward to 2025."
The number one U.S. oil producer still beat profit estimates with higher production from the Permian basin, the top U.S. oilfield, and Guyana, which is the latest hotspot for oil. The No.
Shell, a UK-based company, said Thursday that it has no plans to expand its refining business but also does not intend to leave it.
In part due to lower refining margins, the company's earnings for the fourth quarter of 2008 nearly halved to $3.66 Billion. Shell sold its chemical and refining hub in Singapore in the past year, and it plans to close another plant in Wesseling in Germany.
HIT TO INDEPENDENT RIFERS
Oil majors were cushioned by higher production of oil and gas, but pure-play refiners suffered as the demand for fuel in the U.S., and China, two of the largest oil consumers, fell.
Phillips 66s profit for the fourth quarter dropped to $8 million, down from $1.26 Billion in the previous quarter. Valero’s refining profits dropped by 73% in its fourth quarter. Valero CEO Lane Riggs said on Thursday that two U.S. refining plants are scheduled to close in this year, and limited capacity increases beyond 2025 should help sustain the margins of refineries over the long-term. Investors also worried about U.S. president Donald Trump's threat to impose tariffs for crude imports from Canada or Mexico on February 1, which could increase costs for U.S. refining companies. TotalEnergies, the French oil giant, will announce its fourth-quarter results on February 5, and British oil producer BP on February 11. BP warned that a decline in the refining margins, as well as the impact of maintenance and turnaround activities could result in a quarterly profit drop of up to $300,000,000. Sheila Dang reported from Houston, and Richard Valdmanis edited the story with Simon Webb and Margueritachoy.
(source: Reuters)