Latest News
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Output from QatarEnergy's North Field Expansion Slated for 2026
The CEO of QatarEnergy, one of the world's biggest liquefied natural gas producers, told Reuters on Monday that the company's massive North Field expansion project will produce its first LNG in the second half of 2026.The state-owned company said in May that first production at the field, which according to CEO Saad al-Kaabi was originally planned for the end of this year, would begin in mid-2026.Al-Kaabi attributed any delays to slowdowns related to COVID restrictions earlier this decade, and not to geopolitical tensions."I'm still looking at somewhere in mid-2026, in the third, fourth quarter 26 maximum," Kaabi said in an interview on the sidelines of the annual ADIPEC energy conference."It's looking quite positive. I think we are on track to meet that date. With these huge projects, it can move up and down a few months, but that's basically the range we're looking at."When at full production, the North Field expansion project is expected to produce 126 million metric tons of LNG per annum by 2027, boosting QatarEnergy's output by some 85% from its current 77 mtpa.The project involves the construction of six industrial units that cool natural gas into liquid form for export by ship, which are commonly known as gas trains. Production will begin when the first train is operational, Kaabi said.QatarEnergy has not said when full production would be reached.Qatar said in June that an Israeli strike on Iran's portion of the shared gas field, some 200 km (124 miles) from QatarEnergy's installations, was a reckless move.(Reuters - Reporting by Maha El Dahan; Writing by Andrew Mills; Editing by David Goodman and Jan Harvey)
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G20 Taskforce asks for global panel to address 'inequality crisis'
The G20 taskforce, established by the South African president Cyril Ramaphosa, has called for an international panel on inequality. They warn that extreme wealth disparities can disrupt democracy and lead to economic instability. Joseph Stiglitz is the chairman of the Extraordinary Committee of Independent Experts on Global Inequality. The report, commissioned by South Africa as part of its G20 presidency, found that since 2000 the richest one percent of the world's population has captured 41% of all new wealth. According to the World Inequality Lab, data shows that the poorest half of the population increased their wealth only by 1%. Stiglitz said that the situation is not only unfair, but also undermines social cohesion. It's a problem both for our economy and politics. In a press release, the taskforce stated that a panel on inequality would be modeled after the Intergovernmental Panel on Climate Change. The taskforce would monitor the causes and effects of inequality and provide insights to policymakers and governments. The report warns that countries with high levels of inequality, which account for 83% of the global population, are more likely than others to suffer from democratic decline. They cited "perfect storms" of global shocks, such as COVID-19 and the war in Ukraine, and trade disputes for escalating poverty and inequality. The authors noted that 1 in 4 people skip meals regularly and that the wealth of billionaires has reached its highest level ever. The G20's first taskforce on inequality is expected to make its findings known to the G20 leaders in Johannesburg, South Africa in November. The United States will take over the rotating G20 Presidency at the end this year. (Reporting and editing by Nellie Cawthorne, Andrew Cawthorne, and SiyandaMthethwa)
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Haddad, Brazil's Haddad, says $10 billion forest fund is 'possible in the first year'
Fernando Haddad, Brazil's Finance minister, said that mobilizing 10 billion dollars in public resources to the Tropical Forests Forever Facility would be an ambitious but "possible target" for its first-year. The TFFF is a flagship project for Brazil, as it hosts the COP30 Climate Talks. It aims to raise $125 Billion to support global conservation of endangered forest. Haddad, speaking on the sidelines a Bloomberg event held in Sao Paulo said that other nations might indicate contributions to the fund at the United Nations Climate Summit in Belem, Brazil next week. Haddad, a G20 member, said that if a few countries joined the initiative, we could start compensating nations who preserve tropical forests. This would include those with debts. Haddad refused to reveal the names of the countries who had expressed interest in contributing to this fund. The fund is aimed at raising $25 billion through governments and philanthropies, to attract $100 billion private sector. President Luiz Inacio Lula da Silva In September, the largest economy in Latin America announced that it would contribute $1 billion. It urged other nations to do the same so that the TFFF can be operational by COP30. Haddad stated that the Indonesian government had also agreed to contribute. The fund will be administered like an endowment, and countries will receive annual stipends depending on the amount of tropical forest they still have standing. Brazil's Finance Ministry released its October financial report. The World Bank agreed to be the financial manager and trustee for the TFFF. (Reporting and editing by Simon Jessop; Oliver Griffin and Marcela Ayres)
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US and Vulcan Elements sign agreement to boost rare-earth magnet supply
Vulcan Elements and the U.S. Government have formed a partnership to increase domestic production of rare earth magnets. This is the latest attempt to reduce reliance on China and secure the supply of vital minerals. Vulcan, a North Carolina-based company, said that it would build and run a 10,000-metric ton magnet facility in the U.S. in exchange for an equity stake. The Pentagon will invest $50 million and the Department of Commerce will invest $25 million under the Chips Act. The Pentagon's Office of Strategic Capital will provide a direct loan of $620 million, and private capital of $550 million. ReElement Technologies is a U.S. refiner of critical minerals and rare earths. It will receive an $80 million direct Loan from the Office of Strategic Capital, which will be matched with private capital, to expand its recycling capabilities. Rare earth magnets can be found in motors for electric vehicles, windmills, hard disks and medical devices such as MRI machines. Vulcan has agreed to purchase critical minerals from ReElement for five years starting in 2026. (Reporting by Dharna Bafna in Bengaluru; Editing by Sriraj Kalluvila)
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Exxon explores refinery upgrades to focus on higher-valued products
Exxon Mobil, a company executive said in an interview, is looking at other opportunities to renovate sites after launching operations this year at four new initiatives for refining and chemicals. Exxon Mobil CEO Darren Woods described the projects as part of a larger strategy to transform low-value feedstocks and chemicals into products that are more valuable. He said that upgrading existing refineries and diversifying the production will allow the company to maintain low investment costs and better withstand fluctuating demand and supply markets. Matt Crocker, Exxon's president of product solution, said in an exclusive interview conducted last Wednesday before the earnings report, "We are looking at our current facilities and finding opportunities to upgrade them so that we can provide high-valued products." As we look to the future, I see us doing more projects of this type. Exxon's third-quarter refining profits jumped 41% from the previous year to $1.8 billion, as refinery margins improved. The earnings of the chemicals segment fell by 42% to $515m from the prior year. In September, the top U.S. producer of oil began production at its Singapore complex to convert fuel oil and residue into base stocks. The company also started producing renewable diesel in Canada at the Strathcona Refinery and increased the low-sulfur production at the Fawley Refinery in the UK. Woods highlighted the Baytown refinery and chemical complex, another project in the company's strategy on Friday. "We have great opportunities with this asset base." Woods stated that we are pursuing these assets aggressively and with good returns. Exxon has set six projects for this year, including refinery and chemicals. Crocker stated that the remaining two projects - expanding the advanced plastics recycling, and manufacturing more thermoset - will still be launched by the end the year. Crocker also started operations at a major new petrochemical facility in China. This has led to a rapid increase in global capacity of petrochemicals, and put pressure on the industry margins. Crocker, despite the fact that the industry is at its bottom of the cycle right now, said it sees a return to a more robust market and is focused on long-term. He said: "There is a lot of growth in demand that's typically tied to the gross domestic product, and this fundamental hasn't shifted." Shruthi Vangipuram, Wood Mackenzie's senior research analyst in base chemicals, says that Exxon has an advantage over smaller crackers, which use more expensive naphtha. Sheila Dang reported from Houston, and Nathan Crooks edited the story.
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Dollar up slightly after Amazon-OpenAI agreement
The dollar was near its three-month-high versus the Euro due to the waning expectation of hefty U.S. interest rate cuts. Amazon shares rose more than 4% after the multi-year, $38 billion Amazon OpenAI deal. As expected, the Federal Reserve cut interest rates last week. Jerome Powell, the Chair of the Federal Reserve, said that another rate cut in December is "not a certainty", contrary to what some investors believed. On Friday, some Fed officials expressed their dissatisfaction with the central banks decision to lower rates. Meanwhile, influential Fed Governor Christopher Waller argued for further policy easing in order to support a weakening labour market. The ongoing U.S. shutdown has prevented most economic data from being released in the United States. Investors are optimistic regarding AI and the progress made with China in regards to the trade truce. Adam Sarhan is the chief executive officer of 50 Park Investments, a New York-based investment firm. "The AI stocks and tech shares are up today, and everything else is down." He said that the "clear narrowing of leadership" was continuing in an obvious way. TRUMP'S TARIFS GO TO SUPREME CREEK Arguments are scheduled for Wednesday before the U.S. Supreme Court, which is examining whether President Donald Trump’s tariffs on global products are legal. Trump's tariffs will likely remain in place for a long time, regardless of the legal basis. The Dow Jones Industrial Average dropped 178.13, or 0.37 percent, to 47.384.74. The S&P 500 rose by 13.39, or 0.19 percent, to 6,853.36. And the Nasdaq Composite rose by 108.07, or 0.46 percent, to 23,833.03. The MSCI index of global stocks rose by 1.61 points or 0.16% to 1,007.84. The pan-European STOXX 600 rose by 0.07%. This week, investors will also be able to see more quarterly results for technology companies. Palantir Technologies, a data analytics company, is expected to release its report following the closing bell. Palantir's shares rose 2.8%. This week, Advanced Micro Devices (AMD) and Qualcomm will also report their results. Uber and McDonald's are due to make a statement. Megacap U.S. companies reported mixed results last week. Investors want to see a return from the capital expenditure on AI. DOLLAR GAINS AGAINST PRIMARY CURRENCIES The euro, after falling as low as $1.1500 against the dollar - its lowest since August 1 - pared its losses and traded down 0.13% to $1.1519. The Institute for Supply Management reported that U.S. manufacturing shrank for the eighth consecutive month in October, as orders were subdued and materials took longer to arrive at factories due to tariffs on imported products. The dollar index (which measures the greenback in relation to a basket currency) rose by 0.07%, reaching 99.87. The dollar gained 0.14% against the Japanese yen to reach 154.21. The pound fell 0.08%, to $1.314, before the Bank of England's rate decision due later this week. Bitcoin, the cryptocurrency, was down by 2% to $107 486. The yield on the benchmark 10-year U.S. notes increased 1.1 basis points from late Friday to 4.112%. U.S. crude oil rose 7 cents, settling at $61.05 per barrel. Investors digested the news that OPEC+ intends to stop its supply increases.
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Peru's Upland contests disqualification for relaunching of top Amazon oilfield
After being disqualified a few days ago, Upland Oil and Gas, formerly Peru's biggest Amazon oilfield, said it would request that the South American country's regulator review its application for operating in Block 192. Perupetro, the state agency, disqualified Upland for not demonstrating financial capability. However, Upland claimed it had sufficient capital to reinvest and resume exploitation. Local Indigenous communities have protested at the now-dormant block, demanding that it be remedied for the extensive damage done to the forest, soil and waters around. Block 192 is near the Ecuadorian border and is considered crucial to supplying Petroperu's Talara refinery, which has been battling a debt crises following the expensive modernization. Perupetro's commission found late last week that Upland's financial solvency was insufficient to "prove its economic and financial capability to assume 79% the license contract for Block 192". Upland Oil and Gas responded to a press release by saying that they have sufficient capital and funding to meet the investment program set forth by Perupetro, despite finding it excessive. It said that it would be willing to offer a credit line for the state-owned oil company. Petroperu is a minor partner in this block and has said that it expects crude oil production from the reserve to reach up to 12 000 barrels per day. Upland stated that "this important asset has been paralyzed in Peru for over five years. The government has lost more than one billion dollars in taxes and royalties." Formerly the largest city in Peru Leakage Block 192 was halted in its production largely due to oil spills that contaminated the topsoil of the Amazon River, the native plants, and the streams.
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Gold prices steady as attention shifts to US payroll data
Investors hunkered in for the U.S. payroll data that is due this week, to gauge the likelihood of another U.S. Federal Reserve rate cut. By 1:32 pm, spot gold had not changed much from $4,002.35 per ounce. ET (1832 GMT). U.S. gold futures for December delivery settled 0.4% higher at $4,014. Edward Meir, Marex analyst, said: "Gold is carving out a range of trading. It could be in the high 3,000s to mid-4,000s. This is expected consolidation following such a large move." Metal, which gained 53% in this year, is down over 8% since the record high reached on October 20, 2008. Investors will be watching the ISM PMIs and ADP U.S. Employment data this week for clues about the Fed's future policy. The U.S. shutdown of the government has prevented the release of important economic data. This includes the Bureau of Labor Statistics. Last week, the central bank cut interest rates again this year. But Chair Jerome Powell stated that another cut was not "a foregone decision" this year. The traders now price a 65.3% probability of a December rate cut, down from an almost certainty last week prior to the Fed meeting. Gold that does not yield a return is more popular when interest rates are low or in economic times of uncertainty. "Gold's pause looks like a breather and not a collapse." The short-term decline can be explained by seasonal softness, temporary Chinese policies, and a stronger dollar, but this does not change the long-term story, according to Ole Hansen of Saxo Bank's head of commodity strategies. China has ended its long-standing policy of tax exemption for certain gold retailers, which could set back the buying spree in the world's largest consumer market. Other than that, silver spot fell by 0.8% at $48.25 per ounce. Platinum was down 0.2% to $1,564.30, and palladium rose 0.4% to $1439.86. (Reporting from Noel John in Bengaluru and Pablo Sinha; additional reporting by Kavya Baliaraman; editing by Leroy Leo, Vijay Kishore and Leroy Leo)
What Trump has done because going back to the White House
U.S. President Donald Trump has signed a blizzard of executive orders and taken other actions considering that being sworn in on Monday on ratings of problems that might have an impact on the lives of millions of Americans and non-citizens.
The orders objective to meet campaign pledges on prohibited immigration, the size of the federal labor force, energy and the environment, gender and variety policies, and pardons for advocates jailed for the Jan. 6, 2021, attack on the U.S. Capitol.
Here are a few of the actions that Trump has taken so far.
IMMIGRATION
Trump stated a nationwide emergency situation on the U.S.-Mexico border and issued a broad restriction on asylum for migrants participated in the invasion across the southern border.
He instructed the Defense Department to make it a top priority to seal the border and to support border wall construction, detention area and migrant transportation. He likewise empowered the defense secretary to send soldiers to the border as needed.
Trump purchased the suspension of refugee admissions into the U.S. All refugee travel to the U.S. was canceled on Tuesday, consisting of that of nearly 1,660 Afghans cleared to transplant in America.
He called for restoring the Stay in Mexico policy, which requires non-Mexican asylum applicants to wait in Mexico pending the resolution of their U.S. cases. Trump's administration said on Tuesday that it had been rebooted.
He advised the attorney general to look for capital penalty versus immigrants without legal status who dedicate crimes such as murder that are possibly punishable by death.
He issued an order to end bequest citizenship to children born in the U.S. if neither their mother or daddy is a U.S. person or legal irreversible resident. Individuals born upon U.S. soil are given citizenship under the U.S. Constitution and Democratic state chief law officers and supporters have currently introduced lawsuits over the issue.
Trump began a procedure to designate criminal cartels as foreign terrorist organizations and to utilize a 1798 law understood as the Alien Enemies Act against foreign gang members.
CUTTING THE SIZE OF THE FEDERAL WORKFORCE
Trump ordered federal employees back to the workplace fulltime and companies to take actions to halt remote work arrangements.
He provided a freeze on federal hiring, other than for military, migration enforcement, nationwide security and public safety jobs.
He restored his first-term Schedule F executive order, which would strip possibly 10s of countless federal government workers of work protections and make them simpler to fire.
In a memo from the acting director of the U.S. Workplace of Personnel Management on Monday, firm heads were asked to identify by Friday staff members on probationary durations, or who have served less than 2 years. Such workers are easier to fire.
GOVERNMENT VARIETY PROGRAMS AND GENDER PROBLEMS
Trump signed an order calling for the elimination of federal government variety programs. That consists of the ending of all federal offices and tasks connected to diversity, equity and addition (DEI).
In a memo released on Tuesday the Trump administration stated that all federal DEI workplace personnel would be put on paid leave by 5 p.m. on Wednesday, since their offices were being closed down.
The order directs the administration to evaluate which federal specialists have supplied DEI training materials to government firms and withdraws the Equal Job opportunity order checked in 1965 by then-President Lyndon B. Johnson.
Trump rescinded an order from the administration of previous Democratic President Joe Biden that enabled transgender people to serve in the military.
He signed an order to recognize 2 sexes, male and female on main files. These sexes are not changeable and grounded in basic and incontrovertible truth, the order specified.
Trump directed agencies to stop utilizing gender identity or chosen pronouns.
EXPANDING ENERGY PRODUCTION
Trump declared a nationwide energy emergency to expand energy production, scrap policies, and end rules targeted at expediting a shift to electrical cars.
He signed orders targeted at promoting oil and gas development in Alaska, reversing Biden's efforts to secure Arctic lands and U.S. seaside waters from drilling, suspending offshore wind lease sales, and raising a freeze on liquid natural gas export allowing.
PARIS CLIMATE PACT
Trump ordered the U.S. to withdraw from the Paris climate contract, placing the world's top historic emitter of greenhouse gases outside the global pact aimed at pushing countries to deal with climate modification. Trump took the same action in his very first term, a relocation which Biden reversed.
WITHDRAWAL FROM WORLD HEALTH ORGANIZATION
Trump ordered his administration to start the procedure of withdrawing from the World Health Company, stating the international health company had actually mishandled the COVID-19 pandemic and other worldwide health crises.
JAN. 6 PARDONS
Trump pardoned about 1,500 of his advocates who assaulted the U.S. Capitol 4 years ago, the huge bulk of those founded guilty in relation to the riot. Those pardoned consisted of leaders of the reactionary groups the Oath Keepers and the Proud Kids.
TIKTOK AND DOGE
Trump signed an executive order looking for to postpone by 75 days the enforcement of a restriction of popular short-video app TikTok that was slated to be shuttered on Jan. 19.
He formally developed an advisory group called the Department of Government Efficiency
(source: Reuters)