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Sources say OPEC+ will consider accelerating output if oil prices drop 3%
The oil prices fell 3% on Tuesday as sources claimed that OPEC+ was considering accelerating their output increases for June. However, losses were reduced following a report stating that U.S. president Donald Trump could reduce tariffs on Chinese imports. Brent crude futures fell $1.92 or 2.85% to $65.52 at 1:42 pm EDT (1742 GMT), while U.S. West Texas intermediate crude dropped $1.99 or 3.13% to $61.68. Three sources familiar with OPEC+ discussions said that several OPEC+ members would suggest to the group that it increase oil production for a second month consecutive in June. Recent tensions have arisen among OPEC+ member countries over the compliance with production quotas. "It would not surprise me if OPEC wanted to increase production." This could cause concern about the cohesion within the cartel. "Maybe they're tired holding back production increases," said Phil Flynn an analyst at Price Futures Group. Brent traded at $68.65 per barrel earlier in session, which was its highest price since April 4. After the OPEC+ announcement, both benchmarks dropped more than $2. Futures pared losses in the early afternoon trading, following a report by the media in which Kazakhstan Energy minister Erlan Akkenzhenov stated that the country was meeting its obligations towards OPEC+. He also said they were working together to find "mutually satisfactory solutions" for its oil production management. Akkenzhenov had earlier said that his country would put national interests ahead of those of OPEC+ producers when deciding the level of its oil production. Kazakhstan angered OPEC+ by producing more than the quota. The Energy Information Administration reported on Wednesday that U.S. crude stockpiles increased while gasoline and distillate stocks posted greater-than-expected declines last week. The EIA reported that crude inventories increased by 244,000 barrels, to 443.1 millions barrels for the week ending April 18. This was a much higher figure than analysts had expected in a poll. They were expecting a draw of 770,000 barrels. Potential for Tariff Reprieval News about trade tariffs has helped to curb some oil prices losses. A source familiar with this matter told Reuters on Wednesday that the Trump administration was considering lowering tariffs for imported Chinese products pending discussions with Beijing. Any action would not be taken unilaterally. A Wall Street Journal article citing an official of the White House said that China's tariffs will likely be reduced by between 50% and 60%. U.S. Treasury secretary Scott Bessent stated that he believes excessively high tariffs will need to be reduced between the U.S. After criticising the Fed's failure to cut interest rates for days, Trump has now backed down from his threat to fire Federal Reserve chair Jerome Powell. This eases investor concerns about economic uncertainty. The U.S. has issued new sanctions against an Iranian shipping magnate who's network deals with Iranian crude oil and liquefied gas worth hundreds of million dollars. (Reporting from Georgina Mccartney in Houston and Shadia Nasralla. Additional reporting by Robert Harvey, London, Jeslyn Lerh, Singapore. Editing by Louise Heavens. David Goodman. Rod Nickel. Nia Williams.
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Sources say that Brazil is pushing for tougher emission goals ahead of the climate summit
Three people familiar with the plans of Brazil, which is hosting this year's United Nations Climate Summit, said that their main objective was to persuade Europe, China, and other developing countries to reduce greenhouse gas emissions to keep global temperatures well below 2 degrees Celsius. Sources said that the goal was set on Wednesday when President Luiz inacio Lula da So and U.N. Sec.-General Antonio Guterres convened 17 leaders from large and small economies to an online closed meeting to discuss stronger commitments to their 2035 emissions targets. Brazilian diplomats work closely with U.N. officials in order to encourage countries that they should submit new emission targets called Nationally Determined Contributions by September. The majority of countries missed the February deadline. Diplomats say that the South American nation wants large economies, such as China and the European Union to be ambitious in their emission reduction plans, particularly China. Mauro Vieira, Brazil's Minister of Foreign Relations, told reporters that the purpose of the meeting is to appeal to these countries to submit their NDCs because they are most often late. He did not elaborate on Brazil's plans. The meeting was attended by Chinese President Xi Jinping and Ursula von der Leyen of the European Commission, French President Emmanuel Macron and leaders from small islands that are directly affected by climate changes. Guterres said Guterres that China had promised to not slow down its commitments at the meeting. "Not only has China announced that it would produce its NDC, but President Xi also said that these would cover all sectors of the economy and all greenhouse gasses. This is the first time China has clarified this point and it's extremely important to climate action," Guterres said. Xinhua, the state news agency, reported that Xi had promised to present China’s new NDCs before COP30 in Novembre. "ENOUGH OF BROKEN COMMITMENTS" Andre Correa do Lago, Brazilian ambassador and president of COP30, was in Beijing for a week last week. He met with Chinese officials to discuss national commitments. Brazil is encouraging all countries to align their NDCs with the Paris Agreement. The COP30 global climate summit in November in Belem, Amazonia, will mark the 10th anniversary since the Paris Accord. Signatories of the Accord agreed to limit the warming of pre-industrial levels to no more than 2 degrees Celsius. Scientists believe that a warming of 2.6 degrees Celsius could cause the collapse or several natural systems on which humans rely. "We are committed to making COP30 a significant joint effort in implementing climate commitments. According to a statement released by Lula's office, the planet had enough broken promises. It would be hard to close the gap after U.S. president Donald Trump withdrew his country from the Paris Agreement. The U.S. is the largest economy in the world. CHINA PUSH Brazilian diplomats are hopeful that it is possible if China, which is the biggest polluter in the world, and other emerging economies, including Europe, make a more ambitious commitment. According to a Brazilian Diplomat, the U.S. wasn't invited to the event. Brazil, as the BRICS president for this year, is putting a greater emphasis on climate change because of China's role in global climate talks. The BRICS group includes China and many other developing countries. Lula will meet Xi personally at least twice by the deadline of September for new pledges. This includes a gathering of BRICS Leaders in Brazil in June. China has not indicated that it will increase its target and its economy is showing signs of sagging due to the punishing trade conflict with the U.S. "The economic concerns which are constraining China's NDC remain, if they are not worsened by Trump's Tariffs," said Yao Zhe of Greenpeace, Beijing's global policy advisor. The Chinese Foreign Ministry has not commented specifically on China's plans to meet its emission target. Climate governance is facing a number of challenges. A spokesperson for the Ministry said that strengthening multilateralism, international cooperation and global issues is essential to effectively addressing global challenges. (Reporting from Manuela Andreoni and Lisandra paraguassu, in Sao Paulo; Colleen howe and Michelle Nichols in Singapore. Additional reporting by Colleen in Beijing and David Stanway. Editing by David Gregorio & Aurora Ellis.
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US Supreme Court to revisit challenge to California emission standards
The U.S. Supreme Court appeared to be sympathetic to fuel producers' bid to challenge California's vehicle emission standards and electric cars in an air pollution case under federal law. This is a case that involves the Democratic-governed State's ability to combat greenhouse gases. The Justices heard arguments from a Valero Energy sub-division and groups representing the fuel industry in their appeal of a lower courts ruling that they did not have the legal standing required to challenge the 2022 U.S. Environmental Protection Agency's decision to allow California to set its own rules, separate from the federal government. Both conservative and liberal justices asked questions that indicated the court would let fuel producers pursue the case. The court has not yet announced a new rule that will make it easier for more groups and businesses, including those who are challenging government regulations that could impact their bottom lines, to do so. The court is conservatively majority 6-3. The dispute revolves around an exception given to California under former Democratic President Joe Biden to the national vehicle emissions standards set by the agency in accordance with the landmark Clean Air Act antipollution law. Congress waived the preemption rule, allowing California to set regulations that were stricter than federal standards. Valero Diamond Alternative Energy, along with other groups, challenged the reinstatement California's waiver. They argued that the decision exceeded EPA's authority under the Clean Air Act. It also hurt their bottom line because it lowered demand for liquid fuels. The government has tipped the playing field against us and prevented us from selling our product freely," Jeffrey Wall, an attorney for the challengers told the justices. Liberal Justice Elena Kagan said that Wall's claim of government slanting the market in this case "seems to be an easy thing" to prove. Edwin Kneedler is a lawyer in the Republican administration of President Donald Trump. He agreed with the U.S. Court of Appeals of the District of Columbia Circuit, that the challengers did not show the evidence they needed to be able to sue. Kagan, however, told Kneedler the EPA had declared that the waiver will reduce gasoline emissions. This seemed to validate the concerns raised by the challengers. Many questions focused on whether or not the challengers' assertions about the regulation's impact on carmakers, and therefore fuel producers, amounted to "common-sense inferences" that would allow them to sue. Amy Coney Barrett, a conservative justice, said that relying on "common sense" is not a heavy burden. California, which is the largest state in the U.S., has been granted more than 75 waivers, since 1967. These have required EV sales and emissions to be higher. The EPA action in 2022 reinstated a waiver that allowed California to set their own tailpipe emission limits and mandate zero-emission vehicles through 2025. This reversed a decision taken during Trump's initial administration, which revoked the waiver. Trump's administration told the court it was reevaluating the 2022 reinstatement, which could lead to a withdrawal of waiver. The D.C. The D.C. Circuit dismissed the lawsuits by 2024. It found that Valero, the states and other plaintiffs lacked standing to file their claims. There was no proof that a favorable ruling would have an impact on automakers' decisions and lead to a reduction in the number of electric vehicles and a rise in combustion vehicle sales. The Supreme Court will likely rule before the end of June. In recent years, the court has been skeptical of federal regulatory agencies' expansive powers and has limited the EPA's power in several important rulings. The court blocked in 2024 the EPA "Good Neighbor Rule" aimed at reducing ozone emission that could worsen air quality in neighboring states. The court weakened the EPA’s ability to protect wetlands, and combat water pollution in 2023. In 2022 it limited the agency's ability to reduce carbon emissions from coal and gas-fired plants under the Clean Air Act.
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Trump claims Zelenskiy's comments are damaging to peace talks with Russia
U.S. president Donald Trump on Wednesday chided Ukrainian leader Volodymyr Zelenskiy for his statement that Ukraine will not recognize Russia's occupation in Crimea. He called it an inflammatory declaration which would make a deal with Russia more difficult to achieve. In a post on social media, Trump stated that "This statement is extremely harmful to the Peace Negotiations with Russia." He claimed Crimea had been lost for years and "is not even a topic of discussion." Zelenskiy reiterated on Tuesday that Ukraine will never recognize Russia's occupation in Crimea. "There's no need to discuss this." "This is against our Constitution." "Nobody asks Zelenskiy if Crimea is Russian Territory, but if he wants Crimea why didn't he fight for it 11 years ago, when it was given to Russia without firing a single shot?" Trump posted on Truth Social. Trump scolded Ukrainian leader, saying he wanted to stop the killings in his country. He also said that the two were "very close" to an agreement to end the war. "It is statements such as Zelenskyys's which make it so hard to settle this War. He has nothing about which to be proud!" Trump, reiterating the tone that he used during the public Oval Office confrontation between the two leaders in March. (Reporting and editing by Franklin Paul, Chizu Nomiyama and Doina Chiacu)
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Copper reaches three-week highs, boosted by eased trade tensions
On Wednesday, copper prices reached a three-week high as concerns about global trade tensions eased following Donald Trump's suggestion that import tariffs for China, the top consumer of copper, could be reduced. The benchmark copper price on the London Metal Exchange was 0.1% higher at $9,379 per metric ton as of 1603 GMT. It had previously reached a peak of $9.481.5, its highest level since April 3. The price of copper has risen by more than 15 percent since it hit a 17-month high at $8,105 in early April. Trump and U.S. Treasury Sec. Scott Bessent both suggested separately that there could be a deescalation of U.S. - China trade tensions, and that any deal with China would "substantially reduce" tariffs. The market doesn't look at fundamentals. "It's only reacting to what Trump, and other U.S. official are saying," said a copper trader. He added that a softer tone from Trump against Federal Reserve Chairman Jerome Powell also helped sentiment. Trump has backed down from his threats to fire Powell, after intensifying his criticisms for days against the central banker's failure to cut interest rates. Commerzbank stated in a report that "in view of the fundamentals, we remain cautious regarding the potential for further increases of the copper prices." Commerzbank's February monthly bulletin cited by the International Copper Study Group showed a surplus in copper used in power and construction in February. Commerzbank stated that "this is surprising, given the fears about a copper ore shortage which could result in a reduction of metal processing". In March, copper output in China, which is the world's largest producer of refined metals, increased 8.6% on an annual basis to 1.25 millions tons. Metals markets watch surveys of purchasing managers to get clues about demand. The flash manufacturing PMI showed a decline in activity for the euro zone, whereas the S&P manufacturing PMI rose for the United States. Other metals saw aluminium rise 2%, to $2.428.50 per ton. Zinc rose 2.1%, to $2.649; lead increased 1.2%, to $1.946; tin gained 1 %, to $31,440, and nickel fell 0.5%, to $15.610 per ton.
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Sources: Congo and M23 delegations have left Doha after peace talks stagnate.
Sources from both camps said that the delegations representing Congo's Government and Rwanda-backed M23 Rebels left Qatar without immediate plans to return after failing to make significant progress in a ceasefire. M23's unprecedented march since January has seen it seize the two largest cities in eastern Congo and raise fears of a regional war. Qatar mediated a surprise meeting between the Congolese president Felix Tshisekedi, and Rwandan president Paul Kagame last month. The two leaders demanded a ceasefire during this unexpected sit-down. The goal was to have direct talks between M23 and the Democratic Republic of Congo this month. Sources said that while both sides sent delegations, they quickly became bogged down in technical details and possible confidence-building actions such as the freeing of Congo-held prisoner accused of having links with Rwanda and M23. Both sides have confirmed that M23 demanded the release hundreds of prisoners from the Congolese Government, but the government has refused. They are asking too much. A government source stated that they don't control even two of the provinces. Our justice system is independent. "Hundreds of prisoners - charges dropped, verdicts reversed - we are an independent justice system. We can't give in to every whim. Crimes were committed. "Some people will have to pay," said the source. Sources from the M23 rebel coalition and other rebel groups said that all parties left Doha when "prerequisites", which proved to be a "stumbling-block" for substantive talks, were unsurmountable. Source: M23 wants Tshisekedi, beyond ending legal proceedings against members of the group, to engage in a political dialog. Tshisekedi has long refused to sit down with M23. He calls it a terrorist group. On Wednesday, a source from the United Nations confirmed that fighting has resumed on the territory of Walikale. M23 withdrew earlier this month from Walikale, a strategic mine hub. It described the move as a gesture of goodwill ahead of planned talks for peace with the government. The fighting in eastern Congo has caused thousands of deaths this year and forced hundreds of thousand more people to leave their homes. (Writing and editing by Gareth Jones, Robbie Corey Boulet)
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Danish King to visit Greenland as a show of unity amid Trump Interest
The royal palace announced on Wednesday that Denmark's King Frederik would visit Greenland the following week. This is a sign of solidarity for the semi-autonomous Danish territories which U.S. president Donald Trump has said he wants under his control. Greenland and Denmark announced that the Greenland Prime Minister, Jens Frederik Nielsen will visit Denmark on April 26 for talks. Greenland is rich in raw materials, including minerals critical to advance new technologies, and Trump has said the United States needs control of the strategically-located island for reasons of national and international security. Leaders of Denmark and Greenland said only Greenlanders could decide the future of their territory. "We are living in a time of unity." "We must work together to overcome the current difficult situation Greenland and Denmark are facing in terms of foreign policy," Danish Prime Minister Mette Fredericksen said in an official statement. Nielsen said to the Greenlandic newspaper Sermitsiaq that she and Nielsen would discuss geopolitical issues and the ties between Denmark, Greenland and Greenland. Nielsen, the Prime Minister of Greenland, will return to the Arctic Island on April 28, and King Frederik will be there with him. The last time the king visited Greenland was with his wife, Queen Mary. She was there from June 29 to July 6 last year. JD Vance, the U.S. vice president, visited Greenland in the last month and accused Denmark of failing to protect the island from Russia and China. He suggested that the U.S. should do a better job. Frederiksen visited Greenland in the same month, and said that "the United States shall not take over Greenland". She called for increased Arctic defense collaboration with the United States, and rejected the U.S. desire annex Greenland. The relationship between Copenhagen and Nuuk (Greenland's capital) has been tense at times, but King Frederik, and his wider royal family, are well liked by the Greenlanders. The king is also going to Station Nord in the far north and to the Sirius Patrol - a special force command that uses dogsleds to cross Greenland's huge glacier. (Reporting and editing by Essi, Terje, Timothy Heritage, and Louise Breusch Rasmussen)
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Gold and stocks fall on hopes of an end to US-China trade war
The dollar rose against the euro, and other currencies on Wednesday. Meanwhile, gold-backed safe-havens fell as investors became more optimistic about the possibility of a de-escalation of the U.S.-China trade war. According to a source with knowledge of the situation, President Donald Trump’s administration will consider lowering tariffs for imported Chinese products pending discussions with Beijing. Source's comments follow a Wall Street Journal article, which cited people familiar with the issue, stating that the White House was considering lowering its tariffs on Chinese products in an effort to reduce economically damaging tensions between Beijing and Washington. Trump, who had threatened to fire Federal Reserve Chairman Jerome Powell on Tuesday evening, has now backed down from his threats. Peter Cardillo is the chief market economist of Spartan Capital Securities, a New York-based brokerage. Trump's tariff war on multiple fronts has caused market turmoil in recent weeks. His criticism of Powell has also increased investor concerns about U.S. assets. Stocks were also boosted by some earnings reports in the U.S. Boeing shares were up 5.9% after the company reported a smaller-than-expected quarterly loss. The Dow Jones Industrial Average increased 685.41, or 1.76 %, to 39.877.68. The S&P 500 gained 113.44, or 2.16 %, to 5,401.20. And the Nasdaq Composite advanced 500.27, or 3.07% to 16,800.68. Tesla shares also rose despite the fact that it reported disappointing results. Elon Musk, the Tesla CEO, said in a conference call with analysts that he will significantly reduce his work at the U.S. Department of Government Efficiency starting next month so he can focus on his companies. The MSCI gauge of world stocks rose by 14.64 points or 1.84% to 810.90. The pan-European STOXX 600 rose by 1.67%. Spot gold fell 3.09% to $3,276.93 per ounce after hitting new highs during the recent session. Last week, the euro fell 0.36% to $1.1379 against the dollar. The dollar gained 0.49% against the Japanese yen to reach 142.28. Treasury yields in the United States fell after Trump's softer stance towards Powell and the U.S. Administration's indication of a possible respite from the U.S. - China trade war. Investors are worried that the White House's pressure to reduce interest rates could fuel inflation, just as Trumps tariffs increase prices. The yield on the benchmark U.S. 10 year notes dropped 5.3 basis points from late Tuesday to 4.336%. Oil prices were lower. U.S. crude oil fell by 2.97%, to $61.78 per barrel.
Sunken town emerges in Greece as dry spell dries up lake
From underneath the shrinking Lake Mornos in main Greece, the muddied remains of homes are reemerging almost 45 years considering that the town that when stood here disappeared underwater.
After a winter season of hardly any snow, a summer season of penalizing heatwaves and months of little rain and drought throughout much of Greece, the huge manufactured lake which provides water for almost half the Greek population has decreased to its lowest level in decades.
Day by day, the water decreases, said Dimitris Giannopoulos, mayor of the broader Dorida town, who said nothing comparable had been seen for 33 years.
Long stretches of broken soil surround the ruins of the lost village of Kallio, which was flooded in 1980 to create a. lake to meet the ever-increasing water needs of the capital,. some 200 km away. Bricks lie amongst mounds of seashells.
Greece's arid Mediterranean climate has made it especially. vulnerable to the effects of worldwide warming, which has gotten worse. summer wildfires including blazes that reached the outskirts of. Athens last month. Researchers state severe weather condition connected to. climate change is now driving the decline of the lake.
It is an alarm bell, said Efthymis Lekkas, teacher of. disaster management at the University of Athens.
We don't understand what will happen in the coming period. If we. have a rainless winter season, things will get tough.
Giannopoulos gestures towards Mount Giona towering over the. lake, which utilized to be snow-capped however saw none last winter,. Greece's hottest on record. On the lake's declining rim, trees. have handled a yellowish hue.
They do not have water. This has never occurred before, he stated.
Wells in the location are drying up and surrounding villages,. which do not take water from the lake, suffered water cuts this. summer season, he stated. A local firefighter chief stated the danger of. wildfires loomed as the forests became drier.
The lake's area has avoided around 16.8 square. km in August 2022 to just 12.0 square km this year, according to. satellite images released by Greece's National Observatory.
Water reserves there and at the 3 other tanks. supplying Attica, a region of around 4 million people which. consists of Athens, had dropped to 700 million cubic metres in. August below 1.2 billion cubic metres in 2022, the. environment ministry said.
The state-run Athens public utility EYDAP had actually begun providing. the network with additional sources of water, it said.
Previous homeowners of Kallio were amazed to see the village. once again, however distressed at its state.
I utilized to see it complete and state it was a beach. Now all you. see is dryness, stated 90-year-old Konstantinos Gerodimos.
His 77-year-old wife Maria chimes in: If it continues like. this, the whole town will appear, all the method to the bottom,. where the church and our home was..
(source: Reuters)