Latest News
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India's ONGC misses profit forecasts for Q3 as lower realisations weight
India's Oil and Natural Gas Corp. (ONGC) announced a loss for the third quarter on Friday as a buoyant fuel market failed to compensate the explorer against lower crude oil realisations. The profit of the state-owned company fell by 17% in October-December to 82.40 trillion rupees, or $952 million. This was far below the analysts' average estimate of 179.31 trillion rupees. Profits from joint ventures or operations outside of the country are not included in its standalone earnings. ONGC is responsible for around 71% domestic crude oil production. The company's operating revenue fell by 3% year-on-year, to 337.17 bn rupees. Its crude oil price realization, or the price it charges for the product in the third quarter, was down nearly 11%, to $72.57 a barrel. A poll revealed that oil will likely trade at around $70 a bar in 2025 as the weak demand for crude from China, and increasing global supplies, offset OPEC+'s efforts to stabilize the market. Oil prices are not expected to rise much, which is bad news for explorers such as ONGC or Oil India, who will report their quarterly earnings next week. The quarterly topline was still above expectations, thanks to the strong demand for fossil fuels in Asia's largest economy. Fuel consumption in India increased during the third quarter, mainly due to an increase in manufacturing and industrial activity. Reporting by Manvi Pan and Hritam Mukerjee from Bengaluru, editing by Shailesh Kumar
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CNN reports that Trump's Grenell is expected to meet Venezuelan Maduro this Friday.
CNN, citing an insider familiar with the situation, reported that Richard Grenell, the envoy of U.S. president Donald Trump, is scheduled to meet Venezuelan President Nicolas Maduro in Venezuela on Friday. Could not verify immediately the meeting. Trump said that his administration will likely stop purchasing oil from Venezuela, and is looking at Venezuela "very closely" Grenell, Trump’s special mission envoy, said earlier that he had spoken with several officials in Venezuela, and would start meetings days after the Biden administration, which is leaving office, imposed new sanctions against the government of Maduro. Grenell, in a posting on X, revealed his first calls. "Diplomacy is now back," Grenell stated. "Talking is tactic." During his election campaign, Trump referred to Maduro as a dictator. He had pursued an "maximum-pressure" campaign against him from his first term in 2017-2021, which included imposing harsh sanctions on South America and its oil sector. Joe Biden, the former president of the United States, temporarily lifted some restrictions from the Trump era following Maduro's electoral promises. He then restored them after claiming that Maduro had broken his promise to hold a democratic election. The Financial Times reported on Friday that Chevron was trying to protect its special U.S. operating license in Venezuela. Mike Wirth told the newspaper that the oil giant would be in contact with the White House following Marco Rubio's statement as Trump's Secretary of State. Rubio said the license needed to be reconsidered. Wirth stated that if Chevron was forced to leave, China and Russia would gain influence in OPEC nations. Venezuelan oil exports to America soared by 64% last year to 222,000 barrels per day, making the U.S. its second largest export market after China. China took 351,000 barrels per day, down 18% from the previous year. (Reporting and editing by David Ljunggren, Alistair Bell and Susan Heavey)
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Trudeau warns that tough times are coming, and says Canada will respond to tariffs
Justin Trudeau, the Prime Minister, warned Canadians on Friday that they may be in for a tough time if the United States follows through with its threat to impose tariffs. The President of the United States, Donald Trump The deadline for imposing a 25% surcharge is Saturday. Tarif Imports from Canada Mexico . He wants to see stronger actions taken to stop the illegal flow You can also find out more about the immigrants in this article. The deadly opioid fentanyl is now being imported into the United States. Trudeau said that the country is at a crucial moment when he addressed an advisory council for Canada-U.S. Relations. "We are ready to respond - with a forceful, but reasonable and immediate response." "It's not the outcome we wanted, but we will act if he goes forward," he said on televised remarks. He added that all options are available. Trump's tariffs would have a devastating impact on the Canadian economy, as 75% of its exports are goods and services. Trudeau stated, "I will not sugarcoat the fact that our country could face difficult times in days and weeks to come." Trudeau stated, "I understand Canadians may be anxious or worried, but I would like them to know that the federal government and all other orders of government have their backs." Reporting by David Ljunggren, Editing by PromitMukherjee and Mark Porter
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Apple's rise in the stock market is a positive sign, but tariffs are also a focus.
The global stock market rose on Friday, ending a volatile trading week. Apple's quarterly earnings report and a similar U.S. inflation rate boosted sentiment. As the deadline for a decision on Saturday drew near, currency traders braced themselves to see if U.S. president Donald Trump would impose 25% tariffs on Canada or Mexico. This could cause a disruption of nearly $1.6 trillion worth of annual trade. The U.S. S&P 500 index rose 0.42% early in trading, and was expected to finish the week with a broadly flat result. Meanwhile, the tech-heavy Nasdaq index increased 0.77%. However it was still on course to end the weekend 0.5% lower. The Nasdaq fell 2.9% on Sunday as the surge in popularity of DeepSeek, a cheap Chinese AI model, shook investor's confidence in U.S. technology stocks and sent Nvidia plummeting 17%. The recent earnings reports and forecasts from Meta and Tesla, among others, have helped to improve sentiment. Apple's forecast of relatively strong sales growth late Thursday pushed its stock up by 4.2% early Friday trading. The Stoxx 600 Europe index rose 0.25% last week, while tech shares gained 1.4%. Options contracts on currency markets showed that investors were prepared for potential swings in the Canadian Dollar and Mexican Peso. The Canadian dollar fell by around 0.2% yesterday, but the Mexican peso rose slightly. Trump has set Saturday as the deadline for imposing punitive duties in response to his demands that Canada, Mexico and other countries take stronger actions to stop the flow of illegal immigration and deadly opioids fentanyl or precursor chemicals to the U.S. Michael Nizard is the multi-asset Chief Investment Officer at Edmond de Rothschild. The U.S. Dollar Index was up by 0.26% for the day, closing at 108.38. It was also on track to gain 0.85% on a weekly basis. Both the euro and sterling fell by around 0.2%. The data released on Friday shows that the U.S. Personal Consumption Expenditures (PCE) Price Index rose by 0.3% in December, after a 0.1% increase in November. This is in line with expectations. These figures also show that consumer spending has surged, temporarily pushing up the 10-year Treasury yields which were at last flat at 4.512 percent. Investors are buying tech stocks after they fell on Monday, and yields, which move in the opposite direction of prices, will fall by more than 10 basis point this week. The data released on Thursday indicated that the U.S. economy slowed down in the fourth-quarter, but was still robust enough to allow investors to expect that the Federal Reserve will only lower borrowing costs gradually this year. German bond yields dropped for a second consecutive day due to weaker-than-expected inflation data. The European Central Bank lowered rates on Thursday, and hinted at more easing to come. Brent crude oil futures remained steady at $76.80 a barrel. Harry Robertson is the reporter. Iain Withers, Ankur Banerjee and Iain Withers contributed additional reporting. Mark Potter (Editing)
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Wright, Trump's energy nominee, will speak at a conservative event in London on April 16, says a group.
The organization announced on Thursday that Chris Wright, Donald Trump's nominee to lead the U.S. Energy Department will be speaking to a conservative think-tank in London, next month. Wright has advocated expanding fracking operations in previous meetings. Wright, who will be confirmed by Senate on Friday, according to a spokesperson for the department, will not attend in person the Alliance for Responsible Citizenship Conference. It wasn't immediately clear if he would be addressing the conference from Feb. 17-19 virtually. Wright, CEO of the oilfield services firm Liberty Energy, spoke last at an ARC in 2023, when he said that fracking should be allowed to take place in England. The drilling method is currently banned due to environmental concerns. Wright then said: "The case for transformation in the United Kingdom is compelling," Wright said. Wright is convinced that climate change exists, but is only a distant danger. During his confirmation, Wright stood by his comments that the concern over wildfires was hyped up to promote government policies to combat climate change. The speakers are expected to address topics such as "the role the family plays in maintaining social cohesion", free enterprise and good government, energy, natural resources, and the environment. ARC stated that other speakers scheduled to speak included U.S. Republican legislators and Bjorn Lombborg, who accepts that climate change can be damaging but questions arguments that fighting it is worth the cost. (Reporting and editing by Lisa Shumaker; Timothy Gardner)
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Ireland must increase electricity investment following storm damage, says PM
The Prime Minister Micheal Mart said that Ireland needs to invest heavily in its electrical grid so it can prepare for future weather conditions. After Storm Eowyn, 74,000 homes and businesses were still without electricity a week later. ESB Networks has restored electricity to 694,000 homes, businesses and other buildings with the assistance of crews from Europe. However, some customers in remote areas will still be without power until February 6. The newly re-elected government pledged to invest heavily in infrastructure. This was partly done with the help of an Apple tax windfall amounting to 14 billion euros ($14.52billion). Martin, speaking to reporters on Friday, said: "I've already requested that work be done to speed up investment in (the electricity) grid to future-proof it and make it stronger." Martin stated that "there will be a real need for substantial investment in the electricity grid going forward because the number and severity storms are increasing over the past 10 years." Climate change has a major impact on our country. ($1 = 0.9643 euro) (Reporting and editing by Padraic HALpin)
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Environment workers rush to remove toxic debris from the LA fires
First, there were the rapid-fires that caused so much destruction. Workers are now tackling the delicate and massive task of cleaning up hazardous debris from the wreckage of the homes that were destroyed in the Los Angeles fires earlier this month. Last week, President Donald Trump ordered the U.S. Environmental Protection Agency to speed up the removal of contaminated materials. His administration set a deadline of Feb. 25, 2019. On Thursday, workers in hazmat suits and hard hats, as well as other protective gear, picked through the rubble to find paint cans, batteries, and other items. The buckets were emptied onto the driveway, and then sorted into plastic bags. They were sealed with duct tape. The slow and methodical work of the workers marked the beginning of a massive effort to remove harmful debris, and prepare the way for the rebuilding of thousands of residents after the Eaton fire and Palisades Fire ravaged the area. The fires claimed the lives of 29 people and destroyed over 16,000 buildings. This initial phase of cleanup is being conducted by the EPA before contractors or government agencies arrive with heavy equipment and clear entire lots. Harry Allen, a coordinator on site for the EPA told reporters on Thursday that the Trump administration's deadline required a five-fold increase in speed. "Normally, it takes months." EPA officials stated that there are many challenges - ranging from the sheer scale of destruction, affecting thousands of properties to the increasing number of lithium-ion battery littering the landscape. These batteries are used in electric cars, bikes, and other electronic devices. They can ignite or emit dangerous gases if exposed to extreme heat. The EPA has announced that it will be bringing on hundreds of additional personnel to speed up its work. This will allow more teams to spread out throughout Altadena, Pacific Palisades, looking for hazardous materials, chemicals, pesticides and asbestos. Allen stated that this may be the biggest job EPA has ever had in terms of natural disaster debris collection. The agency stated that there are approximately 13,500 properties in the two fires which need to be checked. The EPA has said that more than 4,200 properties have already been assessed. Officials said that the removal of hazardous substances takes longer. Altadena had cleared only nine lots in the first two days of this week's work. Some families do not want to move back into the neighborhood because they are afraid of the heavy metals such as lead, arsenic, and others that could have seeped in and posed a health risk. Pollutants can also spread beyond burn zones. According to the South Coast Air Quality Management District, air samples taken after the Los Angeles Fires began on January 7 detected "highly elevated levels" of lead and arsenic from several miles away. ASBESTOS AND PROPANE ARE Among the Hazards Workers marked potential hazards on a burned out lot with spray paint in different colors. The color pink was used to mark building materials suspected of containing asbestos. Empty propane tanks received a white X. A separate crew recovered items from the ruins of a house that had been inspected nearby on Wistaria Place. They inspected a tool box and peered into the car's shell, which was pocked by shattered pieces of glass. Small devices were used to monitor the air on the ground for dangerous radiation or emissions. The U.S. Coast Guard operated drones that buzzed above. The EPA stated that some properties cannot be inspected safely because the remaining structures or hidden areas such as basements are too unstable. The U.S. Army Corps of Engineers will mark these lots and leave them for heavy equipment work during the second phase of cleanup. Officials have stated that the second phase of debris cleanup could take as long as a year. Storage Site While the EPA teams were working, homeowners in the neighborhood were clearing their properties. Torri Huelskoetter said that this is not something that happens after disasters. She pointed to the residents in their area and said: "We haven’t cleared that one." "This fire is different from others that we've covered because it's open to the public... I can’t stop them." I would like to have the ability to say "Please do not enter here until it is removed for your safety." The EPA designated federally-owned land east of Los Angeles for temporary storage of hazardous materials that were removed from Altadena. Local officials and homeowners expressed concerns about the dangers the site could pose to residents, and that they weren't consulted on the decision. Officials from the EPA said that they have used staging areas similar to these for wildfires over many years and all materials are being sent somewhere else for disposal. The agency stated that it would ensure safety by using air quality monitoring, a water truck for dust suppression and emission control. Anna Drabek, spokesperson for the EPA, said: "We sample soil before and after and we have never had an issue." We return the site in the same condition that we found it. Reporting by Chad Terhune, Editing by Frances Kerry
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EU lifts gas price cap in energy crisis
The European Union's gas price cap, which was introduced during the Russian gas crisis of 2022, will expire this Friday. It has not been activated since its conception. The cap would apply if the gas prices rose to an unusually high level, in response to months of rising energy prices due to Russia's cutting of gas supplies following its invasion of Ukraine. The cap is designed to kick-in if European Gas Prices reach 180 Euros per Megawatt Hour - a price level that the benchmark EU hasn't reached since 2022 when the energy crisis hit Europe. On Friday, the benchmark front-month contract for gas at the Dutch TTF Hub was trading above 52 Euros/MWh - its highest price since late 2023 but still well below the prices of the energy crisis in 2022. The European Commission's decision that the price cap will expire signifies the end of Europe's worst energy crisis. Gas storage in the EU is full despite cold snaps and other countries have increased their non-Russian supplies. The Commission stated on its website that the price cap was not triggered, nor did it need to be extended, "thanks" to factors like the structural decline in demand, reliable LNG imports and pipeline imports by trusted partners, as well as enhanced import infrastructure. One EU diplomat stated, "We never got to the point where we had to test the effectiveness of the instrument again." Germany was among the countries and industries that were divided on this issue. They feared it would hamper Europe's ability in attracting gas supplies from competitive global markets. Eurogas, the industry association, said that it supports the gradual phase-out of the emergency measures implemented during the energy crises. Andreas Guth, Eurogas's head of business development said: "It is hard to determine the true effectiveness of these actions and they could create market distortions." Other countries including Italy wanted the EU price cap to be kept and redesigned to limit prices to much lower levels. (Reporting and editing by David Goodman, Jan Harvey, and Kate Abnett)
LyondellBasell reports quarterly loss due to weak demand for chemicals
LyondellBasell, a petrochemicals company, reported Friday a loss for the fourth quarter. This was due to a weak demand in key markets like Europe and Asia.
The economy of the eurozone stagnated in the last quarter due to high inflation, which hampered consumption. This added to concerns that a recovery long predicted could be further delayed.
LyondellBasell's second largest market in the United States and Europe, the German economy has been negatively affected by increased competition abroad, a weakening of demand, and an industrial slowdown.
The company's profit margins have been affected. Germany represents 6% of LYB’s total revenue.
LyondellBasell’s fourth-quarter profits declined across the majority of its businesses. This was also hurt by rising costs for NGL feedstocks, natural gas and restrained prices due to seasonal slower demand.
Due to a decrease in polyethylene sales, the company reported core earnings at $496 million for its olefins and polyolefins Americas unit. This is down from $604 million one year earlier.
Olefins can be used to make polymers, such as plastic.
The adjusted core profit for its Intermediates & Derivatives segment (which makes oxyfuels, intermediate chemicals and intermediate chemicals) fell by 5.6% from the previous year to $250 million.
The revenue for the quarter ending December 31 decreased from $9.93 to $9.5 billion.
The company reported a loss of 603 million dollars, or 1.87 cents per share. This compares to a profit of $185 millions, or 56c per share a year ago.
LSEG data shows that it had a profit adjusted of 75 cents a share, compared to the average analyst estimate of 72 cents. (Reporting by Pooja Menon in Bengaluru; Editing by Shinjini Ganguli)
(source: Reuters)