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Woodside Posts 24% Drop in First-Half Profit
Australia's Woodside Energy recorded a 24% fall in its first-half profit on Tuesday, mainly due to lower average realized prices and depreciation costs associated with its Sangomar oil project in Senegal.The company's average realized price for its products was $61.8 per barrel of oil equivalent during the first half, compared with $62.6 pboe last year.Meanwhile, production costs, depreciation and amortization related to the Sangomar project came in at $773 million during the period.The oil and gas giant reported an underlying net profit after tax of $1.25 billion for the six months ended June 30, compared with $1.63 billion last year and in line with Visible Alpha's consensus estimates.It declared an interim dividend of 53 cents per share, lower than 69 cents declared last year.(Reuters - Reporting by Himanshi Akhand and Sneha Kumar in Bengaluru; Editing by Alan Barona)
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Global stocks flatten amid Ukraine talks ahead of Jackson Hole
Wall Street and European stocks ended Monday flat or slightly lower, ahead of an important central bank meeting later this week which will likely determine the future direction of U.S. rate policy. Investors are also interested in the meeting between President Donald Trump and Volodymyr Zelenskiy, a Ukrainian politician. As part of any agreement to end Russia's conflict in Ukraine, the U.S. president said that the United States will help Europe provide security for Ukraine. Both leaders are pushing for a tripartite meeting with Russian President Vladimir Putin. The financial markets have reacted very little to the news of the Ukraine negotiations. Marc Chandler, the chief market strategist of Bannockburn Forex New York said: "I can't see anything really new or tangible in this." "The argument that Ukraine and the EU use is basically that Russia took Crimea, and it was not good enough for them. They're now trying to grab more of Ukraine. Even now, with all the negotiations that are going on, Russia wants to increase its offensive." The Zelenskiy summit followed the Alaska Summit with Putin which failed to produce an agreement. Trump, after his Alaskan talks with Putin, appeared to be more in line with Moscow's desire for a peace agreement than a ceasefire. S&P 500 was little changed Monday but it remained close to its record high set on Friday. The MSCI All Country World Index, which is a pan-European index, also ended the day slightly lower but still not far off its record high reached on Friday. In the Asian session earlier, indexes from Japan, Taiwan, and China reached record highs, with a Chinese stock gauge reaching its highest level for a decade. The Federal Reserve's Jackson Hole Symposium, which takes place from August 21 to 23, is another key event for this week. Chair Jerome Powell will be speaking on the economy and the central banks policy framework. The U.S. futures market is pricing in a 85% chance that the Fed will cut rates by a quarter point at its meeting on September 17. It also prices further easing for December. In a research note, Andrew Hollenhorst wrote that Fed Chair Jerome Powell would likely indicate Friday that the risks to inflation and employment are becoming more equalized, which could imply lowering rates towards neutral. "But he won't commit to a reduction next month until he receives the August data on jobs and inflation." Globally, the prospect of lower borrowing rates has boosted stock markets. Japan's Nikkei index reached a new record high. MSCI's broadest Asia-Pacific share index outside Japan ended Monday flat after reaching a four-year high last week. In Europe, the DAX in Germany fell by 0.2%. The FTSE in Britain was up 0.2%. Earnings from ROBUST The rally in the US stock market has been fueled by a strong earnings season. S&P 500's EPS increased 11% over the past year, and 58% of companies have raised their guidance for the full year. Goldman Sachs analysts said that the earnings results of mega-cap technology companies have been exceptional. Home Depot, Target Lowe's, Walmart and Lowe's all reported this week. The yield curve on bond markets has widened. The difference between the two-year and the 10-year Treasury yields reached 57,8 basis points. This is the biggest gap since mid-July. The rates on the back end of the curve increased much faster than the ones on the front, indicating higher inflation expectations. The dollar has been impacted by the FX market's bets that the Fed will ease further. It dropped 0.3% on Monday against a basket currency and was last trading at 98.114. The dollar increased 0.4% against the yen, to 147.82. Meanwhile, the euro dropped 0.3% to $1.1667. Gold was unchanged at $3,333 per ounce, after losing 1.9% the previous week. The oil prices increased after the meeting between Trump Zelenskiy which didn't really produce any meaningful results. Brent crude was up 1% to $66.52 per barrel while U.S. Crude stood at $63.34 a barrel.
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UBS increases gold target price by $100 for March 2026 to $3,600/oz
UBS raised its target price of gold for the end of March 2026 from $3,600 to $3,600 as U.S. macroeconomic risk, de-dollarization and strong demand, especially by exchange-traded fund (ETF) and central banks, are expected to push gold prices higher. UBS has also raised its forecast for the end of June 2026 by $200, to $3700 per ounce. It introduced a new target for the end of September 2026 at this level. The bank believes that a combination of sticky U.S. Inflation, a below-trend U.S. Federal Reserve, continued dollar weakness, and a likely easing in policy will support gold prices. We see U.S.-related macro-risks, concerns about fiscal sustainability and geopolitics driving de-dollarization and central bank purchases. UBS stated in a note that these factors would drive gold prices higher. UBS increased its forecast for the full year ETF gold demand to almost 600 metric tonnes from 450, citing World Gold Council figures showing the strongest inflows into 2025's first half since 2010. Central bank purchases are expected to remain strong, although slightly lower than last year's record-breaking purchases. UBS said that they now expect global gold demand to rise by 3% in 2025 to 4,760 mt, the highest level seen since 2011. U.S. Gold Futures For December Delivery, the price settled at $3,378 Monday, down 0.1%, as investors were focused on President Donald Trump's meetings with Ukrainian and European Leaders. (Reporting and editing by Leslie Adler, Marguerita Chy and Noel John from Bengaluru)
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Petrobras CEO worried about change in Brazil's oil reference price
Magda Chambriard, CEO of state-run oil company Petrobras, said that the change in Brazil's oil reference price, which determines certain taxes and royalties paid by drillers, could affect the viability of some projects, both offshore and onshore, in post-salt areas. Chambriard said that crude oil from its post-salt field is worth less compared to crude oil from its pre-salt field. Oil fields that are pre-salt are huge reserves located under an undersea salt layer. The post-salt oil fields are those above the hard salt layer. Chambriard, in an interview with Eixos, said that Petrobras is trying to revive oil production on the coast and in the post-salt areas of northern Rio de Janeiro State. The change, he added, hurts this move. Chambriard expressed concern about the future of oil production. After years of discussion, the oil regulator ANP altered the criterion for setting the reference price at a meeting in July. This should boost Brazil's government finances by increasing tax revenue and royalties. Alexandre Silveira, Brazil's Mines and Energy minister, said that the change would take effect on September 1, and bring an extra 1 billion reais (184.05 millions dollars) to the federal government at the end of the fiscal year.
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Investors continue to assess Trump-Zelenskiy's meeting as gold prices remain steady
Gold prices were mostly unchanged on Monday as investors focused their attention on U.S. president Donald Trump's meetings with Ukrainian and European officials, and on the Federal Reserve's symposium this week in Jackson Hole. At 01:42 pm, spot gold was slightly lower at $3333.32 an ounce. ET (1742 GMT), having hit its lowest level since 1 August earlier in the session. U.S. gold futures for December delivery settled 0.1% lower at $3,378. The U.S. Dollar gained 0.3% making the greenback price of bullion higher for other currency holders. Trump said that the U.S. will "help out" Europe to provide security for Ukraine in any deal to end Russia’s war in Ukraine. He was speaking as he began a hastily organized White House meeting with President Volodymyr Zelenskiy to discuss a way to peace. The European leaders will According to the White House, Trump will meet with him in the White House East Room at 3 pm EDT (1900 GMT) afterward. The meeting between Trump, Zelenskiy and Putin follows Trump's Friday meeting with Putin where both leaders agreed to pursue peace without implementing ceasefire. Gold did not react much to the Putin-Trump summit. I believe we will continue to trade in this range. "The next inflection is the Federal Reserve Conference," said Marex analyst Edward Meir. The minutes of the July policy meeting of the U.S. Central bank are due Wednesday, just before the annual Fed conference, which will be held in Jackson Hole (Wyoming) from August 21-23. The event is expected to feature a speech by Fed Chair Jerome Powell. Investors are watching for Powell's comments on the economy outlook. Meir noted that while markets have already priced a 25 basis-point cut, an additional 50 basis-point reduction could push gold prices up. Gold tends perform well in low-interest rate environments and increased uncertainty. Silver spot rose 0.1%, to $38.02 an ounce. Platinum fell 0.1%, to $1,334.10. The spot palladium price rose 1%, to $1122.86. It had fallen to its lowest point since July 10, earlier in the session. (Reporting and editing by Arun K. Koyyur, Sahal M. Muhammed; Noel John from Bengalur)
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At least 52 people are killed by rebels with machetes in eastern Congo
UN and local officials reported that Islamic State-backed fighters with machetes, hoes and other weapons have recently killed 52 civilians between Beni and Lubero in eastern Democratic Republic of Congo. According to Lieutenant Elongo Kyondwa Marx of the regional Congolese Army, after being defeated by Congolese troops, rebels from the Allied Democratic Forces took revenge on civilians. Macaire Sivikunula told the media that the attackers woke up the residents and then gathered them together, tied them with ropes and began to slaughter them with machetes. Alain Kiwewe is a military administrator in Lubero territory. He told reporters that 30 civilians died alone in the village Melia. He said that "among the victims, there were women and children whose throats had been slit at their homes while several houses were burned." Mission spokesperson: The United Nations Organization Stabilization Mission (MONUSCO) in the Democratic Republic of the Congo condemned the ADF attacks between August 9-16 "in the strongest terms possible". The spokesperson stated that the attacks resulted in the deaths of at least 52 civilians including eight women and children. In Congo's mineral rich east, the ADF is one of several militias fighting over land and resources. In recent weeks, the Congolese army and Uganda, its ally in this war, have intensified their operations against ADF. ADF rebels attacked a church in eastern Congo in late July and killed 38 people. Reporting by Congo Newsroom; Writing by Ayen deng Bior; editing by Toby Chopra & Andrew Heavens
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Representative of Elliott's affiliate says that holders of Venezuelan bonds have secured a payment pact.
A representative of bondholders in the United States told a U.S. Court on Monday that holders of a Venezuelan defaulted bond had reached an agreement for a preliminarily settlement with Amber Energy. This was part of the raised bid submitted by Elliott Investment Management to buy the parent company of U.S. refiner Citgo Petroleum this month. Recently, the court auctioned shares saw improved bids from hedge funds Elliott and Vitol affiliates. This was despite the officer who oversaw the bidding round recommending a separate $7.4 billion offer by a Toronto-listed miner Gold Reserve subsidiary. Some creditors and bidders believe that a payment agreement between the PDVSA 2020 bonds holders, which are collateralized by Citgo equity is key to winning a bid. It would remove the obstacle in the finalization of the sale process. Other parties to the case have requested that the Delaware court wait until a separate New York court decides the validity of these bonds. The Delaware court auctions Venezuelan-owned PDV Holding in order to pay up 15 creditors for debt defaults or expropriations that occurred in South America. The Delaware court will set a deadline soon for all bids, whether solicited or uninvited. Judge Leonard Stark announced this in a recent court hearing. The court will confirm the Gold Reserve Group's bid, or recommend a rival offer as the winner. Reporting by Marianna Pararaga Editing Rod Nickel
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Hungarian opposition leader asks Russia to refrain from interfering
Peter Magyar, the leader of Hungary's opposition party, has asked Russia to refrain from interfering in its politics. He said that there was no way for meaningful co-operation without respecting his country's sovereignty. The Russian Foreign Intelligence Service published a statement earlier this week in which it described Magyars as loyal to the "globalist elites", and claimed that the European Commission is considering "regime changes in Budapest." Magyar's Tisza Party, which is ahead of Prime Minister Viktor Orban’s Fidesz at the polls in the majority of polls before the parliamentary elections next spring, has published an open-letter to Russia's ambassador to Hungary asking what the SVR's statement was intended to achieve. In a letter posted on Facebook Sunday, Magyar demanded "clear assurances" that the Russian Federation would refrain from actions that could be considered as interference in Hungary’s domestic politics. This includes disinformation campaigns, hacker operations, or intimidation of citizens and politicians. Magyar published a letter to Facebook on Monday that the Russian ambassador in Budapest sent him as a reply. The letter said that Magyar’s accusations were “baseless” and that Russia didn't interfere in the internal affairs of whichever foreign country. The SVR's statement on Hungarian political affairs "speaks for itself" and does not require further explanation. The letter signed by Evgeny Stanislavov stated that the contents of the statement were clear and understood by everyone. The Russian Embassy at Budapest has not responded to any of the 'emailed comments. Orban, who has been in power since 2010, is criticized by other EU leaders because of his government's close ties to Moscow and its opposition to military assistance for Ukraine. Orban also accuses EU leaders of plotting his downfall. Magyar is a former insider of the government who has said that he will strive to have "pragmatic relationships" with Russia. Russia supplies Hungary with its majority of energy, and it's also involved in expanding its nuclear plant Paks. He said that the SVR statement was a direct attempt by Russia to influence voters in Hungary. Hungary is a NATO member, but under Orban it has refused to send arms to the neighbouring Ukraine. "Hungary’s sovereignty and inviolability of its democratic processes are not negotiable." Magyar stated that adhering to these principles was a minimum requirement for meaningful bilateral cooperation. (Reporting and editing by David Holmes, Topra Chopra and Togely Chopra; Reporting by Gergely szakacs)
Unique REPORT-Is climate change lighting a fuse under Iceland's volcanoes?
T oxic sulphurous gas, carrying the telltale reek of rotten eggs, wafted through vents in the high walls of Iceland's Viti crater, while carbon dioxide bubbled to the surface of the milky blue crater lake. Veils of steam wreathed the landscape of loose rock in eerie halflight.
Through this prohibiting surface-- Viti is derived from the Icelandic for hell-- Michelle Parks, a volcanologist with the Icelandic Meteorological Office, selected her method towards the water's edge one day last August. With a screen strapped to her hip to warn her if the gases reached harmful levels, she stooped to submerge a temperature probe in the lake-- 26.4 degrees Celsius (79.5 degrees Fahrenheit), constant with recent readings.
That was assuring, a minimum of for the time being. The crater was formed when Askja, a volcano in Vatnajokull National forest in Iceland's central highlands, uncorked in an explosive eruption in 1875. Askja's last eruption, in 1961, was milder, and for decades after, the volcano was quiet. But in 2021, Parks and other scientists keeping tabs on it were shocked to find that in simply a few months, the volcano had actually quickly expanded, uplifting by 11 centimetres (4.3 inches). This phenomenon, called inflation, takes place when lava or pressurised gases build up under a volcano, pressing the ground upwards and outwards.
In the three years since, Askja's bloat has reached about 80 cm (32 inches). That uplift, scientists approximate, is the outcome of 44 million cubic metres (1.6 billion cubic feet) of magma flowing into the existing reservoir around three km (2 miles). below the surface area.
Volcanologists have actually established a correlation between lava. buildup under a volcano and subsequent eruption. But they do not. understand precisely just how much lava is required to assist trip an eruption. That is why Parks and her associates are closely keeping an eye on the. temperature level and acidity of Viti's crater lake. A jump in either,. suggesting that more gases are pressing in from below, would. suggest the volcano is moving closer to an eruption. So far,. those metrics have stayed stable, but the researchers viewing. Askja do not take that for approved.
An eruption could be catastrophic, though smaller sized ones are. a lot more most likely. On the scale volcanologists utilize to determine the. size of explosive eruptions, Askja is capable of one equivalent. to that of Mount St. Helens in the U.S. state of Washington in. 1980, although its eruptive design would differ. That eruption,. which stimulated the Australia-born Parks' long-lasting enthusiasm for. volcanoes, released a force equivalent to 25,000 Hiroshima-type. atomic bombs.
The goal of the volcano observatory at the Icelandic. Meteorological Office is to keep track of the country's volcanoes for. modifications in activity, like those now observed at Askja, assisting. to protect the country's nearly 400,000 people and the hordes. of foreign tourists who check out every year to take pleasure in Iceland's. world-renowned geothermal attractions.
Nevertheless, the team's work has taken on more comprehensive significance. In 2015, Parks and colleagues with the University of Iceland. gotten government financing for a pioneering research task. throughout 12 organizations to check a theory that could have dire. implications not just for Iceland, but for every person on the. world: Whether the rapid retreat of glaciers as an outcome of. human-caused environment change will set off increased volcanic. activity.
The fundamental process underpinning the concept is simple. The. significant weight of glaciers and ice sheets can tamp down. volcanoes. When the ice retreats, the down pressure on the. planet's thin outer crust and much thicker underlying mantle. eases, permitting the ground to rebound. This change in pressure. spurs dynamic forces below volcanoes to produce more magma and. modify its motion, affecting eruptions.
Iceland is basically one of the very best places worldwide. to study this ... because we have both volcanism and glaciers,. Parks stated. At the end of the day, what we're aiming for with. this task is a much larger image. It's the future of. volcanic eruptions. How large can they be? ... And what remains in shop. for us in the future, not just in Iceland however for the rest of. Europe and possibly farther afield.
UNCORKING CATACLYSM
What researchers already understand of Iceland's eruptive history. supports the theory.
When the thick glaciers and ice caps that had covered the. North Atlantic island during the last significant Glacial epoch receded. between about 15,000 and 10,000 years back, underlying volcanoes. responded with fury. In 2002, scientists determined modifications in. Iceland's volcanic activity with time by evaluating the chemical. structure of lava rock samples. They found that eruption rates. rose an approximated 30 to 50 times during and quickly after the. ice loss compared to the preceding Ice Age and current times.
It was likely a catastrophic situation, with a ludicrous. amount of eruptions, Parks said, as rivers of lava improved the. island and ash rained into surrounding seas. Askja, too,. signed up a significant explosive eruption throughout this time.
When again, researchers state, the elements required to set off. another surge in eruptions are converging. Glaciers now cover. simply 10% of Iceland, however that ice still weighs on over half. the country's 34 active volcanic systems, and it is quickly. melting as international temperature levels climb. In the previous 130 years,. Iceland's glaciers have actually lost about 16% of their volume, with. half of that in just the past 3 years. Researchers anticipate. approximately half of the staying volume will be passed this. century's end.
Already, the magma chambers underneath Iceland might be. responding to the loss of ice, and not just those straight under. glaciers. Askja, which has been free of ice for 10,000 years,. and much of Iceland are rebounding due to the fact that pressure changes from. glacial retreat affects big parts of the Earth's crust and. mantle.
Over the last 3 years, magma has actually been produced below. Iceland at a rate 2 to 3 times what it would have been without. the ice loss, according to preliminary modelling results from. Parks' project shared exclusively with Reuters. More magma is. can be found in below Iceland, and we simply do not require it, Parks. said. We have actually got enough.
Researchers very first theorised in the 1970s that melting ice. may impact volcanic eruptions. However just recently have they. started to comprehend the scale of the potential risk. Four. years ago, volcanologists compiled the initially detailed. global database of volcanoes under ice or within five km (three. miles) of it, releasing their findings in the journal Global. and Planetary Change. They discovered that some 245 active or. potentially active volcanoes around the globe met the criteria,. from the Andes to The United States and Canada's Waterfall Mountains and Alaska,. to Russia's Kamchatka Peninsula and Antarctica.
The exact same research study likewise found that about 160 million people live. within 100 km (62 miles) of at least one of those volcanoes and. that 20,000 individuals are within the immediate area. Numbers. like that underscore the hazard if glacial melt were to press. more volcanoes to pop off, releasing deadly floods and mud. circulations and spewing huge clouds of ash and lethal gases into the. atmosphere.
The impacts would not end there. Eruptions abundant in carbon. dioxide, a greenhouse gas, could exacerbate international warming,. outlasting the sulphur aerosols in the environment that can cause. initial durations of cooling. And the volcanoes now understood to sit. under the West Antarctic Ice Sheet might help speed ice melt. into the ocean, raising sea levels.
Evidence suggests that what occurred in Iceland after the. last Glacial epoch was duplicated to a lower extent all over the world. Eruptions were between 2 and 6 times greater internationally between. 12,000 and 7,000 years ago owing to more regular eruptions in. areas that were losing their ice cover, according to a 2009. research study in the journal Earth and Planetary Science Letters.
A VIOLENT HISTORY
Iceland is uniquely primed for frequent volcanic eruptions. because of its location at the juncture of 2 tectonic plates. that are pulling apart over an upwelling of anomalously hot. material in the Earth's mantle. Many smaller sized eruptions have. little effect beyond their immediate vicinity, though they are. still able to put on incredible shows. Others can have deadly. effects far beyond Iceland.
When Laki, southwest of Askja, erupted in 1783-84, the. fluorine it expelled polluted the island's plants and water. sources, killing majority of Iceland's livestock. This. farming collapse resulted in a famine that eliminated around a fifth. of the island's human population, while the resulting haze of. sulphurous fog that later on reached Europe may have added to. the deaths of thousands more people. And as far as Africa. and Asia, the eruption's results compromised monsoons, starting. more scarcities.
Near the southern coast under a little ice cap lies Katla,. considered one of the world's most dangerous volcanoes under. ice. Katla has actually racked up more than 20 eruptions because the Middle. Ages, balancing one every 60 years, and it is overdue for. another, having last erupted in 1918. Throughout that eruption, heat. putting from Katla's caldera rapidly melted the ice atop the. volcano, releasing a torrent of water higher than the integrated. discharges of the Amazon, Mississippi, and Yangtze rivers at its. peak. And, like Laki, Katla has explosive potential.
The time for Katla to emerge is coming close ... It is high. time for European federal governments and airline authorities all over. Europe and the world to begin planning for the ultimate Katla. eruption, then-Icelandic President Olafur Ragnar Grimsson informed. BBC News in 2010, following the eruption of Eyjafjallajökull. The ash cloud from that eruption caused EUR1.3 billion (US$ 1.4. billion) in losses from cancelled flights throughout a six-day. European airspace restriction, making it the world's costliest eruption. in the last century.
The Icelandic federal government has emergency plans in place for a. Katla-style eruption and works with regional police districts to. produce near-term threat evaluations for other volcanoes.
However the government has actually also tapped its intense structure to. its benefit, utilizing it to heat homes and companies and draw. big-spending travelers to renewing geothermal baths. After. the Eyjafjallajökull eruption, the Icelandic federal government made. volcanoes a pillar of a now multibillion-dollar tourist. industry. Keepsake stores in the capital, Reykjavik, offer lava. rocks from a recent eruption on the Reykjanes Peninsula for. 2,000 Icelandic krona (US$ 14) apiece.
SEEING YOUR PALS VANISH
Like many Icelanders, 29-year-old Iris Ragnarsdottir. Pedersen and her daddy, 62-year-old Ragnar Frank Kristjansson,. have an intimate understanding of the extremes of their land of ice. and fire. Along the south coast in Svinafell, Ragnarsdottir. Pedersen, a mountain guide, lives with her hubby and their. Icelandic sheepdog, Blika. Her father, a retired national forest. manager, has a small turf-roofed summer house next door. Overlooking them is a large cliff, beyond which lies. Vatnajokull ice cap and, under it, the volcano Oraefajokull. After Oraefajokull emerged in 1362, sailors reported seaborne. pumice floating in such masses that ships could hardly make. their way through it.
Father and child both remember signing up with fellow Icelanders. throughout the years to admire the glowing fountains and rivers of. lava produced by eruptions. They also recognize with the. impact of environment modification.
For 25 years, Kristjansson has actually volunteered as a glacier. monitor with the Icelandic Glaciological Society, tracking the. retreat of 2 glaciers that flow out of the Vatnajokull ice. cap, the nation's biggest. Every fall, he treks for hours to. among the glaciers, Skeidararjokull, to take measurements that. he sends to the Icelandic Meteorological Office. It's a lonely. walk toward the glacier-- 15 km in the black sand, he stated.
Kristjansson utilized to be able to stride right approximately the edge. of Skeidararjokull. However as it has rapidly diminished over the past. years, a lake has actually formed at the foot of the glacier, obstructing. his way. He now has to utilize unique binoculars to determine the. range. This year, he said, one point along the glacier's edge. showed a retreat of 300 metres (984 feet), which is the greatest. he has actually taped.
Ragnarsdottir Pedersen has actually experienced the retreat from year. to year on treks to the glaciers with her dad and by simply. looking out her windows. It's simply devastating to see, she. stated. I have actually in some cases said to people, 'It resembles watching your. buddies vanish.'
As a child, she understood Oraefajokull prowled under the. Vatnajokull ice cap. But it only ended up being a concern when the. volcano started rumbling in 2017, just as she and her hubby. started planning to build their home near it. When she felt the. earthquakes and caught the smell of sulphur from the rivers, she. said, You're like, 'Oh yeah, we actually have this powerful,. rather hazardous volcano right above our home.'
Ultimately, she and her partner weren't worried enough to. cancel the relocation, having faith that researchers would closely. keep track of the volcano for any risk. People have resided in. Svinafell considering that the settlement of Iceland, she said.
A CLINICAL CAPITAL
Oraefajokull is one of 6 active volcanoes covered by the. Vatnajokull ice cap. As Vatnajokull has actually thinned and retreated,. some of the volcanoes below it, as well as close-by Askja, have. become agitated. Oraefajokull has relaxed considering that its 2017. awakening. Grimsvotn and Bardarbunga, 2 volcanoes under the. ice cap that are being assessed in Parks' task, have together. notched 5 eruptions in the previous thirty years, compared to just. one under the ice cap in the preceding 40 years.
Parks and her clinical associates said it's too early to. conclude that the increased activity under Vatnajokull is linked. to rapid loss of ice cover. Other scientists have actually developed. that clusters of eruptions can occur in natural cycles under the. ice cap. But to determine whether climate modification might also be. playing a part, they will have to collect more data on ice. retreat and lava generation and feed it into complicated computer system. designs.
Due to the fact that of its continuing unrest, Askja is the main draw for. scientists, who flock to its huge calderas when Iceland's. brief summer allows for field research study. Like most of Iceland's. volcanoes, Askja does not conform to the stereotypical cone. shape of volcanoes such as Japan's iconic Mount Fuji. Instead,. fissures snake across a vast Mars-like landscape carpeted. with lava rocks and pockmarked with craters from past eruptions.
To reach the centrepiece of the Askja system, an. 11-square-km (four sq miles) caldera lake called Oskjuvatn,. researchers journey hours across the highlands in Super Jeeps and. Land Rovers balanced on 35-inch tires. Oskjuvatn was formed in. an explosive 1875 eruption that shot out big volumes of airy. pumice, much of it still covering the location around Askja, with. fist-sized portions tossed about by strong winds.
Above the lava tank near the western side of the lake. is where Askja has actually been inflating fastest, a lure for. scientists. On a go to in August, Reuters experienced a group of. three scientists from the University of Geneva at the lake's. edge, filling equipment into an inflatable rowboat. Their objective: to. measure carbon dioxide concentrations in the lake and collect. water samples from its inmost points.
The information is challenging to get. The numbingly cold and typically. tempestuous waters are dangerous. Landslides on the caldera's. high scarp can launch tsunamis huge enough to overload neighbouring. Viti crater. In 1907, 2 German researchers set off onto the. lake and were never seen again. The Geneva team's boat would be. the first on the lake in nearly a decade. The University of. Geneva scientists dressed in thick thermal equipment, simply in. case.
One of them, geologist Nicolas Oestreicher, stated the work. was necessary offered both Askja's explosive capabilities and the. increased activity around the lake. If it's a huge explosion,. then it's truly hazardous for the people around here, the. travelers, Oestreicher stated.
His group, which later returned securely from their boat journey,. was among numerous from Iceland and abroad that day racing to. find out what was going on at Askja. University of Iceland. geophysicist Freysteinn Sigmundsson, co-head with Parks of the. government-funded job, existed, too. Today might be the. wealthiest day in all of Askja's history in regards to the variety of. researchers here, he said.
Sigmundsson has actually been pertaining to the volcano almost every year. considering that 1990 and he knows the terrain well. Carrying a. surveying tripod, he clambered with sure-footed expertise across. beds of jagged, crunchy lava, searching for round metal markers. that researchers anchored in the area in the 1960s and 1970s. These would inform him where to set up his equipment to examine how. much Askja had actually grown or moved over the past year.
The measurements Sigmundsson and his coworkers took in. August showed 12 cm (five inches) of uplift at Askja given that the. previous year, confirming that the volcano was still in a state. of discontent and could erupt at any time.
FROM THE ANDES TO ANTARCTICA
Regardless of what they ultimately find, the interplay. between volcanoes and ice will remain a chief concern among. volcanologists. The most fatal eruption in the last 100 years. was that of Nevado del Ruiz in the Colombian Andes in 1985. Some. 23,000 people were eliminated after a superheated amalgam of ash,. lava pieces and gases called a pyroclastic circulation melted snow. and ice near the volcano's top, sending enormous rivers of mud. and debris hurrying down the volcano's flanks.
Any eruption where there is a possibility of (snow or ice). communicating with the hot stuff contributes to the aspects of threat,. said Ben Edwards, a volcanologist at Dickinson College in. Pennsylvania and lead author of the 2020 study that produced the. database of ice-clad volcanoes.
Edwards and his fellow researchers prepared a list of the. world's most unsafe volcanoes that lie under glaciers, based. on the volume of ice on or near each one, the frequency of past. eruptions, and the population living within 30 km (19 miles). 7 of the top 10, they found, are in the Andes. The most. hazardous is Villarrica in Chile, with more than 35,000 individuals. residing in its shadow. Edwards remains in the middle of a five-year. research study looking for to comprehend how Villarrica reacted to glacial. retreat at the end of the last Ice Age.
The small number of research studies to date of the interaction. in between pulling away ice and volcanoes in other parts of the. world, researchers stated, mean the research underway in Iceland. will help develop a design template for what could occur elsewhere. It's not a best comparison: The underlying plate tectonics in. Iceland differ from those in the Andes. Magma reservoirs also. lie much deeper in the crust in the Andes than in Iceland,. Edwards said.
We don't have an excellent physical understanding of all the. procedures that control melting (of rock into magma) much deeper in. the mantle, said David Pyle, a volcanologist at the University. of Oxford who studies Chilean volcanoes. Whereas in Iceland,. the conceptual model is better established because in a manner. it's geologically simpler.
Antarctica, where both ice and volcanoes are abundant, has. become an area of issue in the last few years. While a handful of. volcanoes were understood to reside under the huge West Antarctic Ice. Sheet, in 2017 scientists reported discovering another 91 possible. volcanoes hidden there.
How many of them are active or have the potential to awaken. is difficult to establish. There are probably two or 3. which are certainly active. However there might be as many as 100 or. 150, said John Smellie, a former senior volcanologist with the. British Antarctic Survey who has actually finished 27 field seasons on. the continent and won 2 Polar Medals from the British royals.
If environment modification begins a new age of eruptions in the. coming years, Smellie said, it would hasten the already fast. loss of the continent's ice cover due to climate modification, adding. to rising water level and overloading the world's big seaside. cities. Antarctica is shedding more than 150 billion metric heaps. of ice a year, according to satellite measurements, and. scientists think that as oceans continue to warm, the West. Antarctic Ice Sheet is quick approaching a tipping point beyond. which the melt can not be stopped.
If an eruption includes even a small amount to global sea. level, it will worsen impacts currently happening due to. environment modification, Smellie said.
Under the worst-case situation, rapid melting of the West. Antarctic Ice Sheet would alleviate the pressure on buried volcanoes,. setting off eruptions. This in turn would speed up ice loss,. awakening much more volcanoes that melt more ice, and so on,. resulting in international catastrophe. Nevertheless, Smellie stated, that is. not likely to take place because thousands of nearly simultaneous. eruptions would be needed to melt even a small percentage of the. ice sheet.
IN THE RISK ZONE
Couple of individuals make their home near Askja. The closest village. lies about 60 km (37 miles) away. But some 13,000 individuals visit. the volcano throughout the summer season, when Askja is more. available, according to data from the national park authority. Frequently, tourists climb down into Viti crater to swim in the. Instagram-worthy lake, despite signs that warn them about acidic. water, which can irritate skin, and falling rock.
After a week of field work at and around Askja last August,. the volcanologists gathered park rangers and local police and. lodging personnel in a close-by ranger hut one night for a security. instruction on the state of the volcano.
Parks hovered over her laptop computer displaying a series of charts. and charts on her latest findings that revealed Askja was. still pumping up. Sigmundsson, standing in the doorway, described. to the rangers and police that forecasting eruptions is an. inaccurate science; they may not always have weeks of. seismic activity as a caution of an imminent eruption. The time. scale can be quite brief, he said. Hours, possibly ... You would. wish to have a plan if something occurs to rapidly evacuate the. caldera.
Among the greatest threats to tourists is a phreatic. explosion-- a blast of hot steam, ash and rocks that includes. little warning. That's what formed Viti crater nearly 150 years. earlier. In 2019, a phreatic explosion at New Zealand's White Island. volcano killed 22 people who were checking out the island at the. time.
At Sigmundsson's words, the room fell quiet. One of the. police officers then piped up with a plan: We just have to hope. that it blows up in the middle of the winter season.
(source: Reuters)