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Putin: OPEC+ Projects Rising Oil Demand, Especially in Summer
Vladimir Putin, the Russian president, said that the OPEC+ bloc of major oil producers includes Russia and projects a rising global demand in particular in the summer months. In April, the Organization of the Petroleum Exporting Countries (OPEC) and its allies led by Russia shocked the oil markets by agreeing to a larger-than-expected increase in output for May, despite low prices and a slowing of demand. OPEC+ decided to increase prices above the planned levels. The growth in the global economy is causing the consumption of crude oil and petroleum products to increase. This was Putin's statement at a meeting with journalists on televised. He said, "The production is only increasing in the volume we agreed on within the framework of OPEC+ and it's designed to increase demand, especially during the summer." Putin also spoke about Europe's plans for tightening sanctions against Russia. This includes cutting the price of Russian oil from $60 per barrel to $45 per barrel. Putin stated that sanctions would have little impact on Russia and the more sanctions they imposed, the worse it will be for the people who introduced them. He also said that Russia's oil could not "be shut down". On July 6, a group of eight OPEC+ nations, including Saudi Arabia, Russia and Kuwait, will discuss their policy on production online. (Reporting and editing by Alex Richardson, Aiden Lewis, and Aiden Lewis).
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China's rare Earths are flowing freely again, but at a price
Chinese rare earth magnets are now flowing into the automotive supply chain, reducing the threat of mass closures. However, automakers and suppliers still say that production plans face uncertainty and there is a risk of shortages. Nils Poel is the head of market affairs for supplier association CLEPA. He said that European suppliers received enough licenses to prevent widespread disruptions earlier this month. However, hundreds of permits are still pending. He said that the rate of issuance has "accelerated" from 25% to 60%, but in cases where end users are located in the United States or products are transported through third countries such as India, it takes longer or is not given priority. He said that he felt that production would probably continue in July, and the impact of the shutdown will be manageable. "We have managed to avoid that at the moment." Volkswagen stated in a press release that its supply of rare-earth components is stable, while Stellantis claimed to have addressed immediate production concerns. In April, China restricted the exports of magnets and rare earths. Even three months after the announcement, there is still a lot of uncertainty regarding how the government intends to enforce its complex and opaque export licensing system. Since the restrictions, exports of rare earth magnets from China are down by about 75%. This has forced some automakers to stop production in Asia, Europe, and the United States. From 'Full Panic' to 'Bare Minimum' The White House announced on Thursday that it had reached an agreement with China in order to expedite rare earth approvals, but did not provide any details. Beijing announced that both parties confirmed the details of the agreement struck in London in early this month. The deal was intended to resolve the issue with rare earths. It would then process export licenses according to the law. The existing system of export licenses was not altered by either party. In an interview with Fox Business Network, U.S. Treasury Sec. Scott Bessent stated that under the agreement announced Thursday, all companies who have received rare earth shipments from China on a regular schedule would receive them expedited. Bessent stated, "I'm confident that the magnets are going to flow." This is a deescalation. According to a senior executive of a major U.S. auto supplier and an expert in the supply chain of a major European carmaker, the industry was in "full panic" two weeks ago. However, the approvals of licences from China have increased and the threat of a sudden halt is lessened. The two declined to be identified due to the sensitive nature of the matter. Unnamed European official said that China approves the "bare minimal" of licenses critical to European firms in order to prevent production stops. Kash Mishra, CEO of Dexter Magnetic Technologies in the U.S., said that only five licenses have been issued to this magnet manufacturer since April. These were for sectors other than defence. He said, "It is a long delay." It takes 45 days to complete the paperwork for the supplier and another 45 days before the licences are issued. (Reporting from Christina Amann, Giulio Pieovaccari, Laurie Chen, Beijing, and Vidyarajagopal, with additional reporting from Kalea, Hall, Guillaume, Nick Carey, in London, Paris, and Ann Arbor; editing by Jason Neely).
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U.S. worker safety standards are reviewed in extreme heat
Hearings held by the Worker Safety Agency for the first national standard In the U.S., 69 millions people are at risk from extreme heat. States and cities fill in gaps left by federal regulations By Carey L. Biron She said that her father had suffered a heat stroke 10 years ago but still needed his construction job, despite the scorching temperatures in Phoenix, Arizona. "Everyday he leaves for the office is a day that we hope we won't get the same call - anxiety, despair, and worried that he wouldn't pass out again on the job," Moreno Dominguez, 24, said. She was due to testify in hearings held by OSHA (Occupational Safety and Health Administration) from early July onwards, just as the extreme heat of the United States has gripped many parts. She said that Moreno-Dominguez’s father is a 65-year-old Mexican immigrant who has worked in construction for over 30 years without any mandatory breaks, water breaks, or shade requirements. For the first time ever, a national heat standard for workplaces is being considered in an effort to protect worker's health and reduce heat-related illnesses that cost $1 billion in hospitalizations every year. WORKERS AT RISK According to the National Council for Occupational Safety and Health, a network worker safety organizations who launched their heat campaign last summer, more than 69 millions U.S. employees are at risk of extreme heat when summer arrives. Brittney Jenkins is a COSH Coordinator who has helped workers prepare for their testimony. She said, "You are in the fields and in the warehouses." You don't have to be a famous person to describe what it is like to work at 103 degrees. Extreme heat can cause a variety of health problems, including kidney and cardiovascular disease. It also increases the risk of workplace accidents. The Trump administration has cut funding for the National Institute for Occupational Safety and Health (NIOSH), the agency whose research was the basis of the proposal. Meanwhile, top heat experts were fired or laid off. In an email, a spokesperson for the Department of Labor said that the agency would "take into account everything and make a final decision" after the hearings. RISE IN GLOBAL THERMAL TEMPERATURES OSHA, the agency that oversees workplace safety requires employers to provide a safe work environment, but does not have any specific standards regarding heat. Heat is rising. The United States saw almost 120,000 emergency room visits due to heat related illnesses in 2023, the hottest year ever recorded. According to the American Medical Association, heat-related deaths increased 119% from 1999. Jill Rosenthal is the director of public policy at Center for American Progress in Washington. She said that efforts to quantify the impact of workplace heat issues are hampered by incomplete data and the assumption of underreporting. According to the Center for Climate and Energy Research, heat-induced decreases in labor productivity cost the U.S. $100 billion each year. By 2050, this loss is expected to be $500 billion. Rosenthal said the proposed standard was strong. It requires employers to have heat illness prevention programs, identify potential risks, prepare emergency response plans and allow employees to adapt to high temperatures. The National Association of Home Builders, for example, has objected to the mandates on rest breaks and acclimatization. They have warned that it could impact housing affordability. The U.S. Chamber of Commerce asked OSHA to withdraw its proposal and replace it with one that allows employers to "tailor" their protections according to their workplaces, their environment, their workers, or their geographic location. Rosenthal noted that, amid uncertainty about federal action, cities and states have stepped in to set their own standards of protection. At least seven states have done so in the last three years. Texas and Florida, for example, have prohibited local governments from setting their own heat standards. David Chincanchan is the policy director at the Workers Defense Action Fund. He said that in Texas, a few cities had adopted heat protections in 2010. However, the state stopped them in 2023. He said that the state government "went from not taking any action to outright blocking heat safety protections." He said that the issue is especially difficult for immigrants, as many fear retaliation should they raise it. Veronica Carrasco is a mother of 3 who immigrated to America in 2010. She works in Dallas in construction and has said that she feels weak and nauseous when it's hot. "I have never received a positive response from my bosses whenever I asked for anything to allow me to work in heat. Carrasco said that they don't need to provide these items because the law doesn't require them.
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Athens residents and tourists seek shade in the heat
The Greek capital was sweltering in temperatures of over 40 degrees Celsius on Friday. Greece, located at Europe's southernmost point in the Mediterranean Sea has always experienced hot and dry summers. Climate change has caused heatwaves to be longer and more intense, and also led to wildfires and devastating floods. Authorities warned against unnecessary travel and banned outdoor activities on Friday for construction and delivery staff between 0900 and 1400 GMT. The elderly were offered air-conditioned facilities to help them avoid heat exhaustion. Maro Marneri, 80, said in a community center in Athens: "It's a nice temperature here." Tourists are less comfortable. "We're all from Pennsylvania, and we've never experienced a heatwave this intense before," Antonia Lassen told. The Acropolis was very hot, with a lot of cement. It was almost like a cement forest. (Reporting from Angeliki Koutantou, TV in Athens) Ivana Skularac wrote the article; Barbara Lewis edited it.
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Heatwave threatens to scorch the start of Wimbledon Tennis
Wimbledon is preparing for the hottest start in its history. A searing heatwave is expected to reach its peak on Monday, when play at the All England Club begins. After a long weekend of heat, Monday is expected to be a very hot day for everyone: players, organizers, ticket-holders and queue-goers. In 2001, 29.3C reached the previous record for the start temperature of the Grand Slam grass court event. The expected heat wave on Monday could surpass the 2015 tournament record of 35.7 degrees, when temperatures on court were much higher. Wimbledon's Heat Rule will most likely be in force. This rule allows a 10-minute stoppage of play when the Wet Bulb Globe Temperature is above or equal to 30.1 degrees Celsius. The WBGT will be taken at the beginning of play, then again at 1400, and finally 1700. It takes into consideration a number of factors, including temperature, humidity and wind. After the second set, all matches of best-of-three set will be governed by the rule, and all matches of best-of-5 set will be governed by the rule. Players may leave the court, but they cannot receive medical or coaching treatment. 'LESS INTERESTING' Chris Tyler, environmental physiology research at the University of Roehampton said that the heat can affect the quality of the matches. He said: "It is good that the rule uses the Wet Bulb Globe temperature, but it does not factor in what the players do." The majority of heat risks for athletes is due to the increase in their actual body temperatures. 80% of body temperature is a result of what they are doing. "Many players would change their style of play if the game was so warm. The points might be shorter and less exciting for the fans. "Top players are used to the heat, and have been conditioned to do so. They will be fine. The real problem are players who don't know how to adapt. He said that iced towels placed on the back of the head during the changeover are not the best method for players to cool off. He said: "It is like a team of footballers giving their star player a painkiller injection before a cup-final, it makes him feel better but the damage remains." The towels won't do much to lower your core body temperature. The groin, where the femoral arterial is located, has a large number of blood vessels. This makes cooling them down a very effective method for heat exchange. 'COMPREHENSIVE PLANS' Wimbledon organizers have taken precautions for the protection of the public, staff and ball girls, as well as elite players, who are expected to deal with the heat. A club statement stated that "adverse weather is an important consideration in our planning of The Championships. We are prepared for the hot weather predicted, with comprehensive plans for guests, players and staff, as well as the BBGs." The tournament website and big screens will broadcast real-time weather updates and alerts. The staff shifts will be changed to reduce the heat, while the'shade mapping' technique will allow people to get out of the sun. After the extreme heat of Monday and Tuesday, the temperatures will drop to low to mid-20s with rain showers possible. (Reporting and editing by Ken Ferris; Martyn Herman)
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India takes steps to minimize disruptions caused by China's rare-earth curbs
New Delhi's May Economic Report released on Friday said that India was taking steps to minimize possible disruptions caused by restrictions on rare-earth minerals imposed on China. China's recent restrictions on exports of rare earth minerals have shook the global automotive industry. There are warnings about supply chain disruptions as well as possible production halts. This includes India. India's domestic production is still underdeveloped despite having the fifth largest rare earth reserve in the world. The country imported 53 748 metric tons in the fiscal year that ended March 2025. Rare earth magnets are essential for the manufacture of automobiles, windmills, medical devices and other high-tech products. A report by the federal ministry of finance stated that India had taken a number of steps at home to minimize possible disruptions. The report cited the launch of a 7-year initiative designed to strengthen domestic rare earth supply. People familiar with the situation told us earlier this month that India plans to offer incentives for companies to establish rare earth processing and production facilities in order to meet the local demand.
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The Russian rouble is flat against the US dollar following central bank's announcement of forex sales
On Friday, the Russian rouble was flat against the U.S. Dollar and slightly lower against Chinese Yuan after the central bank decided to increase its forex purchases in the second half. According to LSEG, based on quotes over the counter, by 1335 GMT the rouble was trading at 78.37 US dollars. Since the beginning of the year, the Russian currency has gained 45% on the dollar. The Russian central banks announced on June 26th that they will increase their foreign currency sales from 8.86 billion to 8.94 billion (113.53 millions) per day for the remainder of the year. Analysts at Alfa Bank said that the continued sale of foreign currencies by the regulator would limit any potential weakening in the rouble. This is something the markets are expecting. The majority of analysts think that the rouble's current value is too high. The rouble was trading at 10,96 per Chinese Yuan on the Moscow Stock Exchange, a 0.3% decline. (Reporting and editing by Nick Zieminski.
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Safe-haven Gold falls 2% as tensions between the US and China ease
Gold dropped 2% on Friday, reaching a low of about one month, after the U.S. China trade agreement increased risk appetite, and diminished gold's appeal as an asset that is a safe haven. Gold spot fell 2%, to $3.261.28 an ounce at 0934 am EDT (1334 GMT) - its lowest price since May 29. Bullion has fallen 3.2% for the second week in a row. U.S. Gold Futures fell 2.2% to $3.272.90. The slowdown in geopolitics is a great opportunity for investors, because they can start making money now. This is due to the prospect of a kinetic war between China and the Middle East. The markets viewed the agreement reached between the U.S.A. and China Thursday regarding the expedited shipment of rare earths to the U.S. as a positive development. Global shares rose after this. The ceasefire agreement in the Middle East between Iran and Israel has held up despite a few initial skirmishes. The data show that U.S. consumers' spending fell unexpectedly in May, as the benefit of pre-emptive purchases of motor vehicles before tariffs began to fade, and monthly inflation remained modest. After the data, traders increased their bets that the Federal Reserve would lower the short-term borrowing rates by 75 basis point in 2025. This is most likely to begin in September. Pavilonis said that the data doesn't move the needle in gold because it is experiencing a sell-off due geopolitics. Gold's non-yielding properties make it less attractive to investors in a stable geopolitical or economic environment. Spot silver fell 2%, to $35.88. It was expected to continue to decline for the rest of the week. Palladium dropped 0.8% to $1.122.77 but was on track for a weekly gain. Platinum fell 6.5% to $1.325.48, but was on track for a fourth straight weekly gain. (Reporting by Sarah Qureshi in Bengaluru; Editing by Shailesh Kuber)
Trump to issue executive orders to boost AI in race against China
Four sources familiar with planning say that the Trump administration is preparing a package of executive measures aimed at increasing energy supply in order to fuel the U.S.'s expansion of artificial intelligence.
The two biggest economic rivals, the U.S.A. and China, are engaged in a technology arms race that has a military and economic edge. AI's massive data processing requires an increase in energy supplies, which is straining many utilities and grids.
According to sources, the government is considering a number of measures, including making it easier to connect power-generating projects with the grid and providing federal land for the construction of data centers to advance AI technology.
Sources who asked to remain anonymous to discuss internal discussions said that the administration would also release an AI Action Plan and schedule public events in order to bring public attention to these efforts.
The White House has not responded to any requests for comments.
The training of large-scale AI requires huge amounts of electricity. This is the reason for the first significant increase in U.S. energy demand in many decades.
Grid Strategies, a consultancy in the power sector, predicts that between 2024 and 2030, U.S. electric demand will grow five times faster than it did in 2022.
According to a report from Deloitte, the power consumption of AI data centers is expected to grow by more than 30 times by 2035.
The problem of connecting and building new power plants to the grid is a big one. Such projects can require years-long impact studies, and the existing transmission infrastructure has become overloaded.
Two sources stated that the administration was considering identifying more developed power projects, and moving them up the list of waiting for connections.
It is also difficult to locate data centers because they require large facilities and resources. They can also face obstacles such as zoning or public opposition.
Sources said that the executive orders may provide a solution by offering project developers land managed by either the Defense Department or Interior Department.
According to one source, the administration is considering streamlining data center permitting by creating a national Clean Water Act permit rather than requiring businesses to apply for permits state-by-state.
In January, Trump invited top tech CEOs to the White House in order to promote the Stargate Project. This multi-billion dollar effort is led by OpenAI's creator ChatGPT, SoftBank, and Oracle, and aims to build data centres and create over 100,000 jobs across the U.S.
Trump prioritized winning AI's race against China, and declared a national emergency on his first official day. This was to remove all regulatory barriers to oil and natural gas drilling, coal mining and the critical mineral extraction, as well as building new nuclear and gas power plants in order to increase energy production.
In January, he also directed his administration to develop an AI Action Plan to make America the "world capital of artificial intelligence" by reducing regulatory barriers and promoting its rapid growth.
The report is due on July 23. Two sources say that the White House may declare July 23 as "AI Action Day", to bring attention to the report, and to demonstrate its commitment to growing the industry.
Trump will speak on the 15th of July at a AI and Energy event hosted by Senator Dave McCormick in Pennsylvania.
Amazon announced earlier this month that it would invest $20 Billion in data centers in Pennsylvania. (Reporting and editing by Richard Valdmanis, Margueritachoy and Valerie Volcovici)
(source: Reuters)