Latest News
-
Iran's government will raise fuel prices for heavy users
Iran will increase the price of gasoline starting Tuesday for those who use more than 110 litres of fuel per month, according to a government spokesperson. Fatemeh Mohajerani, in comments reported by the state media, said that the price for the first and second quotas (which include 110 litres) will remain the same, but that the price for the third quota would be increased to 100,000 Iranian Rials per litre. This is equivalent to around?4 U.S. Cents at the current free-market price. The government discussed and delayed the increase in the price of?Iran’s gasoline, which is among the lowest in the entire world. They were concerned that it would trigger new protests. Iran saw widespread protests over the same issue in 2019. According to Mohajerani, the higher fuel prices will only affect those who use more than 110 litres of fuel per month. This is because "current conditions" are responsible for this. She added that other motorists could still purchase up to 60 litres of fuel at a rate of?15,000 per litre. They can also buy an additional 50 litres for?30,000 per litre. Iran?partially increased the price?"of its subsidized gas?for the majority of users in December as the OPEC Member sought to control the rising fuel demand.
-
Brazilian court suspends licences for Sigma Lithium Mine
Documents seen by show that a Brazilian judge has ordered the suspension of mining and environmental permits at Sigma Lithium’s Grota do Cirilo Mine. The Federation of Quilombola Communities of Minas Gerais filed a civil lawsuit on Friday, claiming that the project of the miner was in the immediate influence of the Bau Quilombola Community. Quilombolas, or traditional communities of African descent were founded by people who fled slavery. The state protects their territories and requires more licensing for any projects that may impact them. The Judge Antonio Lucio Tulio de Oliveira Barbosa stated that there was enough evidence to show the Bau territory "fell within the area of influence" for the project, which triggered obligations, including the?free, prior?and informed consultation?with the community. The judge stated that there was a risk to harm the community as the mining complex of Sigma carried out "constant earthmoving and blasting just a few kilometers from the traditional territories." The judge cited studies that indicated the territory was about 2.7 km (1.7 miles), well within the threshold of 8 km, which triggers a more extensive process. Sigma has argued that the project is outside of the impact zone. The court ordered an independent georeferencing expert to review the distance between the project's territory and Quilombola. The decision also bars Minas Gerais from granting any new environmental licenses and imposes a fine on Sigma for continuing its operations. The'mine, Sigma’s only productive asset has a capacity of 330,000 tons of Lithium Oxide Concentrate on an annualised base. Sigma failed to respond to an outside of normal business hours request for a comment.
-
Four killed in Israeli attacks on southern Lebanon
Lebanese Health Ministry: Israeli strikes in southern Lebanon killed four people on Sunday, including two women. Israel was retaliating for drone attacks by Hezbollah, it claimed, within areas that its troops occupied. Israel's military operates in what they have declared a "security zone" in southern Lebanon, despite a June ceasefire mediated by the United States. The health ministry of Lebanon said two men died in a village?on the border of the area occupied by Israeli forces, and two women in Arab Salim which is?well north of the occupied zone. Israeli military issued an online warning for evacuation at 6 am local time (0300 GMT). The warning was for areas near a building that Israel said would be struck because Hezbollah used it. Six?others were injured, including two girls. The office of President Joseph Aoun in Lebanon called the strikes on Sunday, which destroyed a hospital and damaged a building belonging to the Finance Ministry, a "dangerous escalate" that was directed at "pure civilian administrations and hospitals". It said that "President Aoun holds the Israeli side responsible for the ongoing escalation and calls on the United States to take immediate actions to stop these violations, and hold perpetrators accountable." Israeli military claimed that its targets included Hezbollah weapon storage facilities, as well as a command center inside an old hospital. The Israeli military also claimed that it had used precision munitions, aerial surveillance and other methods to minimize civilian injury. The evacuation alert issued on Sunday is only the second since the ceasefire was announced in June. The first online evacuation order was issued on 5 August for residents of Mansouri near Tyre. Israel had dropped leaflets in the village a week before, warning residents to evacuate ahead of any strikes. The health ministry reported on Saturday that Israeli strikes without evacuation warnings killed four people and injured 23 others in southern Lebanon. Israeli military claimed that these strikes targeted Hezbollah weapon storage facilities. Hezbollah stated on Saturday that Israel’s continued escalation was aimed at putting pressure on the Lebanese government, which had been in direct talks with Israel under U.S. sponsorship -- negotiations that Hezbollah's Iran-backed group rejected. Since March 2, when Hezbollah launched missiles at Israel to support Iran, Israeli airstrikes in Lebanon have killed more than 4,300 people.
-
OPEC+ maintains oil production policy for October
OPEC+ said that it would not change its oil production policy for 'October' at a meeting held on Sunday. The group must first agree to new quotas in order to decide the next steps. The Iran War continues to disrupt oil exports via the Strait of Hormuz. This limits OPEC+’s influence on prices and market shares. In August, OPEC+ agreed ?its production boost for September, completing a phased rollback of a 1.65 million-barrel-per-day supply cut first agreed in ?2023. The Organization of the Petroleum Exporting Countries (OPEC) and its allies including Russia, despite the production increases agreed, are still far below their targets due to the war. OPEC'S POWER LIMITED BY IRAN CONFLICT Jorge Leon, of Rystad energy, said that "OPEC+ has a very limited influence over the oil market." The group may change its production targets on paper but cannot guarantee the barrels produced will reach the market. The focus is now shifting away from the monthly adjustments of production and to the more important debate about 2027. OPEC+ has another layer of production cutbacks in place that will cover most of the members of the group of 21 countries until 2026. Before the group decides on how to unwind the production cuts and return to the market, they need to review the oil production capacity of members to establish baselines for 2027, which will form the basis of quotas. Sources have said that this debate is more likely to happen in 2026, and OPEC+ will probably pause their output increases during the 'fourth quarter. Sources earlier said that the statement made on Sunday did not mention policy beyond October. In recent years, only the seven OPEC+ members who met Sunday, plus the United Arab Emirates, until it left OPEC in may, were involved in monthly production decisions. The next meeting of the seven countries will be held on October 4, 2018.
-
Sources say that OPEC+ will maintain its oil production policy on Sunday.
During a Sunday meeting, two sources familiar with the discussions said that OPEC+ will not change its 'oil production policy' for October, because the group must first agree on new quotas. The meeting is taking place 'as the Iran War continues to disrupt oil imports through the Strait of Hormuz - limiting OPEC+’s influence on prices and market shares. The group's decisions on supply have had limited influence on the market, unlike in the past. In ?August, OPEC+ agreed its production boost for September, ?completing a phased rollback ?of a 1.65 million-barrel-per-day supply cut first agreed in 2023. The Organization of the Petroleum Exporting Countries, along with its allies including Russia, has agreed to increase production, but the group still falls far short of its target due to the war. OPEC+ has a second layer of production reductions in place that will cover most of the 21-country group's members until 2026. Before deciding how to return to market and unwind cuts, OPEC+ must review member's oil production capacities to establish quotas for 2027. Sources earlier said that this debate is expected to happen in 2026, and that OPEC+ will likely pause its output increases during the fourth quarter.
-
A ceasefire negotiated for repairs to the Zaporizhzhia Nuclear Plant has been implemented
The IAEA announced that a local ceasefire brokered by it took effect Saturday in order to allow repairs at the Zaporizhzhia nuclear power plant, controlled by Russia, to be made to restore external power. Since August 20, the plant has been relying on diesel emergency generators to cool vital safety systems. The U.N. Nuclear Watchdog said that if power is not restored to the facility or additional fuel cannot be delivered, a blackout could occur within days. IAEA stated that Ukrainian technicians would begin working on the damaged Ferosplavna electric line after demining the area. In the first weeks following the outbreak of war in Ukraine, 2022, Russian forces captured the largest nuclear power station in Europe, the?plant. Alexei Likhachev, Rosatom's chief executive officer, said that on Saturday morning a temporary ceasefire was in place around the plant. This would create the conditions necessary for repair work. It is expected to last a week. He stated that restoring the Ferosplavna power line does not guarantee the?resumption of external energy supplies to the plant. He said that another 'power line' had been repaired by July 23, but it had not yet been reconnected due to a lack of action from the Ukrainian authorities. Ukraine has not commented publicly on the reported ceasefire, or Likhachev’s remarks. Both Moscow and Kyiv accused each other of military actions that compromised nuclear safety during the war.
-
Zagreb waste cleanup delays prompt tens of thousands to protest
On Saturday, tens of thousands of protesters gathered on the central square of Zagreb to demonstrate against the failure of the government to begin cleaning up the more than 30,000 tonnes of waste that have accumulated in central Croatia. Environmentalists claim this is polluting drinking water in the area. The protest was one of the largest in Croatia for several years. It was called "Walk for Lika", named after the mountainous area where the wastes are stored. Last year, authorities discovered between 34,000 to 37,000 tons at a site in the Lika region of Croatia, near the town of?Gospic. Much of this waste was?imported in 2023 or 2024 from Italy. The government promised to clean up the area, but environmental groups claim that little progress has been achieved. Environmentalists claim that the waste, including medical waste and other 'industrial waste', is contaminating Lika, an 'area known for its vast areas of unspoiled natural beauty. They accuse government of being too slow to remove the waste. The protesters held banners that read: "Stop the Destruction of Croatia", "Nature does not forgive" and "The Lungs of Croatia can no longer breathe". "We're not satisfied with the response of the government." Verica Jurnjak said that the site should have?been cleaned up long ago. It is sad that no one cares for our children or their future. Andrej Plenkovic, the Prime Minister of Serbia, visited Gospic Wednesday. He said that the government has selected a contractor to carry out the first phase?cleanup's removal of waste from the site. The protest was also attended by Croatian actor Rade Serbedzija. He is internationally recognized for his roles in Hollywood movies such as "Snatch", "Mission: Impossible II" and others. "I'm here because I have to be." He said that it was our duty to defend our country. It is an outrage that this has happened, and someone needs to be held responsible.
-
Gas prices in the US hit record highs for Labor Day Weekend
The war in the Middle East is still driving up energy costs. Americans are facing record high gasoline prices for Labor Day Weekend, just as midterm Congressional election campaigns begin. Patrick De Haan, GasBuddy analyst, says that the national average gas price is likely to reach $4.03 per gallon on Labor Day. This will be a significant increase over the previous record of $3.83 set in 2012. De Haan, in a blog post, wrote that "Gasoline is not at all-time highs, but it's at the highest level ever recorded for this late in the year. This means Americans may see the first national average gasoline price above $4 per gallon at Labor Day." According to GasBuddy, the national average gasoline price was $4.13 per galon on Thursday. This is up almost a dollar compared to last year's price. Analysts claim that $4 per gallon can be a problem for consumers. The price of gasoline, one of the most visible indicators of economic health for U.S. citizens, can have a significant impact on the perceptions that consumers hold about the economy. Prices have been hovering around $4 per gallon for most of the year. This has caused President Donald Trump's?Republican Party to be concerned. Trump has promised to reduce energy costs. He has intensified his criticism in recent weeks of fuel retailers and refiners, accusing them to profit from high pump prices. Trump stated on August 14 that Americans should be prepared to pay a 'tiny bit more' for gasoline in order to prevent Iran from obtaining a nuclear weapon. Labor Day is often the last summer vacation for many Americans. Many people travel by car or plane. The price of gasoline has risen along with crude oil prices. This week, the price of crude oil jumped over $90 per barrel following renewed military action between Iran and the U.S. The price of distillates (which includes diesel and heating oil) has also increased. This is due to the ongoing attacks against Russian refineries, which have raised concerns about possible supply disruptions. Crude oil and retail fuel prices typically move in the opposite direction, because crude feedstock is a major cost for the production of fuel. DRIVERS CUTTING BACK Randi?O'Brien said, "It's totally out of control" while filling her truck up at a 'Phillips 66' near Evergreen in Colorado. Colorado, Utah, Idaho Montana, Wyoming and North Dakota are among the states that have seen the most dramatic price increases since the start of the war. California, Hawaii and Washington have the highest average gas prices in the country. O'Brien said that she could only afford to pay $15 for gas at the moment. She drives 40 minutes each way round-trip every day to her job at Home Depot. She partly blames the high prices on an increase in crude and fuel exported from the U.S. after the start of Iran's war. This prompted countries to look to America for their fuel supply. According to the U.S. Energy Information Administration, refined products exports have increased by more than 10% since last year. She said, "We are sending our fuel to other countries even though we have it here." O'Brien’s struggles have been echoed by motorists in the U.S. Madison Moore, a 28-year-old Houston resident, said that she had to cut back on her Labor Day plans because the cost of a simple grocery trip was increasing and household budgets were already stretched. It used to be so easy to load up the car and drive to Galveston, out to the beach for a cookout. Moore, who was filling up his car at a Shell station in Houston, said that people "don't want" to move around like this anymore. "You'd think that our government could do a little more for its people when they actually need it." NO WIGGLE ROOM Kuan Dosmuratov is a research analyst with Wood Mackenzie. He believes that the main reason for persistently high gas prices is a lack of supply. The fear of disruptions in energy shipments across the Strait of Hormuz has pushed up crude prices as well as refining margins. Attacks on Russian refineries have also impacted fuel inventories. There are currently few levers available to increase fuel supply. The U.S. refinery is currently operating at 98% utilization, the highest since 2018. The Jones Act waiver has been extended by the government, making fuel shipping between U.S. port ports easier. Washington has also terminated the summer blend gasoline requirement early in an attempt to limit prices. The Energy Information Administration reported on Wednesday that U.S. gasoline stocks fell by 1.2 millions barrels to 205.7 million last week. The Energy Information Administration reported that the U.S. gasoline inventories fell by 1.2 million barrels last week to 205.7 million barrels. Other refined products are also seeing a sharp rise in price. U.S. Diesel prices have reached a record high this week, while AAA predicts that air travel over Labor Day will cost 20% more than it did a year ago. Tom Kloza said, "The public isn't obsessed with diesel, but I think there is a greater than even chance of retail numbers surpassing the all-time high of $5.82 per gallon by June 2022." It's a worrying future.
Chocolate costs to keep rising as West Africa's cocoa crisis deepens
Surveying the removed landscape of her farm dotted with pools of cyanidetainted, tea coloured waste water left by prohibited gold miners suffices to make Janet Gyamfi break down.
Only in 2015, the 27-hectare plot in western Ghana was covered with almost 6,000 cocoa trees. Today, less than a dozen stay.
This farm was my only methods of survival, the 52-year-old divorcee told , tears streaming down her cheeks. I. planned to pass it on to my children.
Long the world's undisputed cocoa powerhouses representing. over 60% of international supply, Ghana and its West African neighbour. Ivory Coast are both facing catastrophic harvests this season.
Expectations of scarcities of cocoa beans - the raw product. for chocolate - have actually seen New York cocoa futures more. than double this year alone. They have struck fresh record highs. nearly daily in an unmatched trend that shows little sign of. easing off.
More than 20 farmers, professionals and market experts informed. that a best storm of widespread unlawful gold mining,. environment change, sector mismanagement, and quickly spreading out. illness is to blame.
In its most sobering assessment to date, according to information. assembled since 2018 and gotten specifically , Ghana's. cocoa marketing board Cocobod estimates that 590,000 hectares of. plantations have actually been contaminated with inflamed shoot, an infection that. will ultimately kill them.
Ghana today has some 1.38 million hectares of land under. cocoa cultivation, a figure Cocobod stated includes contaminated trees. that are still producing cocoa.
Production is in long-lasting decline, said Steve Wateridge,. a cocoa professional with Tropical Research study Providers. We wouldn't get. the lowest crop for 20 years in Ghana and least expensive for eight years. in Ivory Coast if we had not reached a tipping point.
It's an imbroglio without any simple fixes that has actually surprised. markets and might spell the beginning of completion of West. Africa's cocoa supremacy, the experts informed . That may. open the door for ascendant producers, especially in Latin. America.
And while millions of cocoa farmers in West Africa are. dealing with an agonizing watershed minute, it's a shift that will likewise. be felt in rich consumer markets, perhaps for several years to come.
Buyers purchasing Easter confectionary in the United States. are discovering that chocolate on shop shelves is more than 10%. more pricey than a year earlier, according to data from research study. firm NielsenIQ.
Since chocolate makers tend to hedge cocoa purchases months. ahead of time, analysts say the devastating crops in West Africa. will just truly struck customers later this year.
The sort of chocolate bar that we're used to eating, that's. going to end up being a luxury, stated Tedd George, an Africa-focused. commodities expert with Kleos Advisory. It will be offered,. however it's going to be two times as expensive.
' TRAUMATISED'
The roots of this season's implosion are on complete screen in. Samreboi, the neighborhood in Ghana's western cocoa heartland where. Gyamfi lives.
Only 3 years ago, Samreboi boasted roughly 38,000. hectares of planted cocoa, according to Cocobod's regional office. there. Today, it's fallen to simply 15,400.
Illegal miners began appearing in the area a couple of years earlier,. Gyamfi stated. She 'd been withstanding their threatening needs to. offer them her plantation when, one day last June, she got here to. discover it cordoned off. Armed guards obstructed her entry.
Bulldozers removed her cocoa trees. Miners swarmed the. home. Within six months, the gold was finished and the website. was deserted, leaving Gyamfi with unusable land contaminated. with toxic chemicals, a loan she can no longer pay back, and. 4 kids to support.
I was traumatised, she stated.
She stated she pleaded with the authorities and Cocobod however states. she's seen no reaction.
An officer at the regional police station, who asked not to be. recognized, stated they had received a grievance but he might not. remember if they had actually sent out officers to the farm. He decreased to. speak with cops records.
Cocobod representative Fiifi Boafo, upon learning of her case,. stated the board's legal department would get included.
But we are not the authorities or the courts, he stated. It is. unlawful to destroy cocoa trees, however the charge isn't punitive. enough.
Throughout Ghana, cocoa plantations are delivering ground to gold. miners, known in your area as galamsey.
Cocobod told it had no as much as date data on the scale. of the destruction. And while a study it performed 4 years. back found that 20,000 hectares of cocoa had actually been lost to. galamsey, 5 professionals said mining has actually expanded rapidly in the. stepping in years.
It's now disastrous, said Godwin Kojo Ayenor, a. development financial expert specialising in cocoa. It's covering. practically every part of the cocoa belt.
While some plantation takeovers are certainly violent, five. farmers and neighborhood leaders told that more and more of. them are ending up being ready sellers.
To cocoa farmer Asiamah Yeboah, galamsey is simply a sign. of a more comprehensive malaise. Considering that striking peak production of over a. million tonnes in the 2020/21 season, Ghana has been moving. Output is forecast to plummet to just 580,000 tonnes this year.
Yeboah states he gathered 50 bags of cocoa in 2015, however. production from his 15-hectare plot fell to simply seven this. season. He doesn't make enough to reinvest and significantly. battles to discover workers.
Before God and guy, if they come requesting my farm to. mine, I will sell it, he said.
ILLNESS AND CLIMATE MODIFICATION
Yeboah and other Ghanaian farmers blame Cocobod.
The body, which has far-flung obligation for. controling and promoting the sector, faces installing debt and. this season struggled to protect the syndicated loan it utilizes to. financing operations and generate the crop.
It suspended distributions of fertiliser and pesticides. years ago. Strategies to rejuvenate ageing tree stocks have actually made. scant development. And it is losing the battle versus what numerous. think about an existential danger: swollen shoot.
The virus very first reduces yields before eventually killing. trees. When contaminated with inflamed shoot, plantations must be. ripped out and the soil treated before cocoa can be replanted.
Cocobod has undertaken to fix up affected cocoa. plantations, using a part of its $600 million in funding. from the African Advancement Bank and another $200 million from. the World Bank.
With aging and unhealthy crops, the difficulties look frightening,. Boafo, the Cocobod spokesperson, told . However we have actually critical. interventions continuous to resolve them.
The 67,000 hectares covered under Ghana's rehabilitation. program, however, come no place near keeping up with the. disease's spread, professionals state. Worse, Cocobod says unlawful. miners invade some fixed up farms.
And in Ivory Coast, the world's greatest cocoa producer,. things are barely much better, with Tropical Research study Service's. Wateridge approximating up to 30% of Ivorian cocoa plantations are. likely contaminated.
There's no fast fix, said Antonie Fountain, managing. director of VOICE Network, which promotes cocoa sector reform.
A dead tree is not simply dead for a season, he stated.
Even after rehabilitation, replanted trees take 2 to four. years to develop and produce beans. And a significant rebound in. cocoa production in the 2 countries faces other major headwinds.
Scientist anticipate climate change will make the crop harder. to produce in West Africa in coming decades with one research study. forecasting Ivory Coast's the majority of appropriate growing areas will. shrink by more than 50% by the 2050s.
Rain patterns are already moving, with more. focused periods of heavy rains and longer, hotter dry. spells, said Bakary Traoré, head of Ivorian forest preservation. group IDEF.
It's something we have actually currently been observing for the past. few years, he said.
With West Africa struggling, current sky-high worldwide rates. will be an attractive incentive for farmers to plant more cocoa. in other tropical areas, notably Latin America.
Both VOICE Network's Water fountain and cocoa specialist Wateridge are. forecasting that Ecuador will now surpass Ghana as the world's. number 2 cocoa by 2027. Brazil and Peru might also step up.
Filling the supply space will take some time, however, and in the. meantime chocolate fans should anticipate to feel the pinch.
But the genuine victims, say activists like Water fountain, are the. small-time growers in Ivory Coast and Ghana, who have few. choices as they watch their earnings vaporize.
The situation for farmers in West Africa is devastating,. said Fountain. It is simply definitely ravaging.
(source: Reuters)