Latest News
-
Baker Hughes reports that US oil/gas rig counts have dropped for the 11th consecutive week, to their lowest level since 2021.
Baker Hughes, a leading energy services company, said that the U.S. firms have cut back on the number of oil rigs and natural gas production for the 11th consecutive week for the first since July 2020. This was when the COVID-19 epidemic reduced demand for fuel. The number of oil and gas drilling rigs, a good indicator of future production, dropped by two in the week ending July 11 to 537, the lowest level since October 2021. Baker Hughes reported that the total number of rigs is down by 47 or 8% from this time last week. Baker Hughes reported that oil rigs dropped by one this week to 424, the lowest level since September 2021. Gas rigs remained unchanged at 108. Oil and gas rig counts are expected to decline by 5% and 20% respectively in 2024, as the lower U.S. gas and oil prices in recent years have prompted energy companies to concentrate more on increasing shareholder returns and paying off debt than increasing production. The independent exploration companies (E&Ps) tracked by U.S. Financial Services firm TD Cowen have said that they plan to reduce capital expenditures in 2025 by approximately 3% from the levels in 2024. This compares to spending that is roughly flat in 2024 and increases of 27%, 40%, and 44% in 2023. The U.S. Energy Information Administration, however, projected that crude production would increase from a record 13,2 million barrels per daily (bpd), in 2024, to around 13,4 million bpd by 2025. The EIA predicted a 68% rise in the price of spot gas Prices in 2025 will prompt producers to increase drilling activity in this year. A 14% drop in price in 2024 forced several energy firms, including BP and Shell, to reduce output for the very first time since 2020 when the COVID-19 epidemic reduced demand for fuel. The EIA predicted that gas production would increase to 105.9 bcfd by 2025. This is up from 103.2 billion cubic feet (bcfd), and the record 103.6 bcfd of 2023. (Reporting and Editing by Marguerita Choy)
-
Energy ministry: Saudi Arabia has fully met its voluntary OPEC+ targets
Saudi Arabia's Energy Ministry said Friday that the Kingdom had fully complied with its voluntary OPEC+ production target. It added that Saudi marketed crude supplies in June were 9.352 millions barrels per daily, in accordance with the agreed quota. This statement comes after a report by the International Energy Agency this month, which stated that Saudi Arabia had exceeded its oil production target for June by 4,300.000 barrels and reached 9,8 million barrels compared to the implied OPEC+ goal of 9.37 millions bpd. Saudi Arabia, the driving force behind this decision, decided that OPEC+ would stop using IEA statistics in 2022. In a statement, the Saudi Energy Ministry said that "while production briefly exceeded the supply, the extra volumes were not sold domestically or abroad but redirected to a contingency action". In a statement, the ministry explained that the short excess production would be redirected to build up domestic inventories, optimize East-West flows and reposition the barrels in offshore storage hubs as part of long-term delivery strategy. The energy ministry said that "the Kingdom reports production and supply data to the OPEC Secretariat with full transparency on a month-to-month basis." "Furthermore all eight OPEC designated secondary sources were formally informed at the start of this week about the June figures." OPEC+ agreed on Saturday to increase oil production by 548,000 barrels per day in August, surpassing the 411,000-barrel-per-day hikes implemented over the previous three months. Since 2022, the group that pumps half the oil in the world has curtailed production to help support the market. It reversed its course in order to gain market share, and after U.S. president Donald Trump asked the group to pump more oil to keep gasoline prices low. Eight members of the group will be responsible for the production boost - Saudi Arabian, Russia, Kuwait, Oman and Iraq, Kazakhstan, Algeria. In April, the eight began to undo their latest layer of cuts totaling 2.2 million bpd. (Reporting and editing by Hugh Lawson, Aidan Lewis and Yomna Maher)
-
Spanish court orders cleanup in Galician pig farms pollution
A court document released on Friday revealed that the top court of Spain's Galicia region in northwestern Spain has ordered authorities to eliminate pollution associated with intensive pig farming. This is a landmark case which highlights decades-long mismanagement in environmental management. Spain, Europe's biggest pork producer, has about a third its pig farms located in Galicia. The court found the right of 20,000 residents in the A Limia region to live in a healthy, clean environment violated. According to environmental groups ClientEarth, and Friends of the Earth Spain who supported the case, the ruling condemns both state and local authorities and is the first European court to address the impact of large scale livestock farming on the water sources and the human rights of residents. Campaigners claim that it could be a precedent for other communities who are suffering similar problems to seek justice and protection from the authorities. Residents of A Limia say that life is "unfeasible", due to the proliferation and intensification of intensive pig- and poultry-farms, which have brought uncontrollable odours as well as contamination by chemicals like nitrates. These chemicals seep into groundwater and reservoirs. The court found that regional authorities as well as the national water management body failed to act in spite of legal obligations. A request for comments was not immediately responded to by either the government or regional officials. The decision can be appealed to Spain's Supreme Court. The Galician court ordered the Galician regional administration and the Mino-Sil Hydrographic Confederation to take immediate action in order to eliminate the odours around the As Conchas reservoir and reduce environmental degradation. The ruling also requires authorities to provide clean, safe drinking water that is free from harmful microorganisms or chemical substances. Pablo Alvarez Veloso is the head of the As Conchas Reservoir area neighbours association. (Reporting and editing by Emma Pinedo, Aidan Lewis and Andrei Khalip)
-
HSBC has joined US banks in quitting the Climate Coalition
HSBC, the British bank, joined major U.S. banks in leaving the climate coalition as the ambitions of some governments to achieve net zero dwindled. HSBC stated that while it acknowledged the role played in the development of guiding frameworks for banks to set emission-reduction goals by the Net Zero Banking Alliance (NZBA), the foundation had now been established and the bank decided to withdraw as it prepared to update its net zero transition plan. "We are resolutely committed to supporting our clients in achieving their transition goals and making progress toward our Net Zero by 2050 goal," said an HSBC representative. This year, global peers such as JPMorgan Citi, Morgan Stanley Macquarie, and Bank of Montreal all left the group. The group was founded in 2021 with the aim of aligning the financial sector to the global goal to limit global warming. This included mobilizing more money to fund environmentally-friendly activities and setting members targets to reduce emissions related to their business. HSBC, in February, dropped a target for 2030 to reduce emissions. It blamed the slow progress toward net zero in real economy. Jeanne Martin said, "We condemn HSBC’s decision to leave NZBA. This is yet another troubling sign about the bank’s commitment to addressing climate change." The UK government is legally bound to achieve net-zero emission by 2050. HSBC Chief Sustainability Officer Julian Wentzel announced in February that the bank would adopt a "more calculated approach" when lending to fossil fuel industries, sparking fears among activists that the bank might backtrack on its climate commitments. HSBC's website states that its targets for reducing emissions in relation to its loan book will "continue to reflect the latest scientific evidence as well as credible industry-specific paths". Banks in the U.S. have been under pressure by some Republican politicians, and have been asked to testify to policymakers. They have been accused of conspiring to unfairly punish fossil fuel producers via their membership of NZBA. The Trump administration consistently takes a negative stance on global efforts to combat climate change. It has pulled out of the Paris Agreement for the second time on climate, cut development aid, encouraged an increase in fossil fuel production, and rolled back environmental regulations. The NZBA amended rules in response to legal concerns, which were then voted upon by members of the NZBA in April. A spokesperson stated that the NZBA was given strong support in this vote in order to continue to facilitate the conditions necessary for bank clients to invest in net-zero transformation. (Reporting and editing by Paul Simao, Elaine Hardcastle, and Simon Jessop)
-
Berlin gains influence over TKMS, a warship-builder as part of a planned spinoff
Documents from the company showed that Berlin had reached a preliminary deal with Thyssenkrupp in order to gain influence over its defence division TKMS. This is ahead of a planned spinoff and separate listing for later this year. Amid a robust defence technology market, the German industrial group is planning to sell 49% of TKMS in the fall, pending approval by an extraordinary general assembly on August 8. Documents show that the German government was aiming to reach a security agreement with TKMS. TKMS manufactures frigates, subs, and underwater mine-sweeping technologies. A first term sheet in this regard was signed on 7 July. Germany will have the right to approve the sale of a 25% stake or more in TKMS after the spin-off, if the agreement is finalised by September 30th. Berlin also has a right of pre-emption if Thyssenkrupp, which will own 51% of TKMS following the spin-off, sells a stake worth 5% or higher to a third-party. The German government also has the right to nominate a member of TKMS’s ten Supervisory Board. Thyssenkrupp stated that the spin-off plan of a minor stake in TKMS combines economic independence and reliability with security policy. The company stated that although the talks with the government had been constructive, they did not want to predict the outcome before the end of the discussions. (Reporting and editing by Markus Wacket, Christoph Steitz, and Louise Heavens).
-
EU sets September as target date for climate agreement
Sources familiar with Friday's discussions reported that the majority of European Union countries are in favor of a plan to reach an agreement on their new target for climate change by September. The EU is currently negotiating its new climate change goal for 2040. Last week, the Commission proposed that the target should be 90% reduction in emissions from 1990 levels. However, countries will be allowed to purchase international carbon credits to reach a limited portion of the goal. Denmark, which assumed the rotating EU presidency this month, and is leading negotiations among countries about the target, hopes to reach a deal during a ministerial summit in September, the Danish energy and climate ministry stated in a Friday statement. After a Friday meeting in Aalborg of EU climate ministers, Danish Climate Minister Lars Aagaard stated: "It's extremely important to unite the EU behind new climate goals...We have a very short window to wrap up these negotiations." Three sources said that the majority of EU member states backed the idea to reach a deal in September on the climate goal for 2040. Sources said that a few countries, such as Poland, Hungary, and the Czech Republic were against a deal to be fast tracked, while others wanted changes made to the Commission proposal. This is not something we should take lightly. It affects the entire economy. "Working under such time pressure just isn't reasonable", Polish deputy climate minister Krzysztof Blesta said, about the proposed deadline of September. Both the Czech Republic and Hungary's EU representatives confirmed that their governments are against the deadline of September. The climate change has caused Europe to become the fastest-warming continental in the world, causing deadly heatwaves. The 2040 goal has caused political tensions about how ambitious we should be to combat climate change. This is at a moment when Europe is raising its defence spending and trying to support struggling industries. In an attempt to win over governments that are sceptical, the Commission has proposed flexibility measures which would allow European companies to achieve the 90 percent emissions target. Bolesta stated that countries raised concerns at the Friday meeting, including lack of clarity about how these flexibility would work. The EU has a deadline of mid-September to submit to the U.N., a new climate target for 2035 - a goal that the Commission says should be derived directly from the U.N.'s 2040 target. (Reporting and editing by Alex Richardson; Stine Jacobsen and Kate Abnett)
-
Trump visits Texas flood site amid intensified focus on disaster response
Donald Trump, the U.S. president, left on Friday for a trip in central Texas to assess the damage caused by flash floods that occurred on July 4, which killed at least 120 and left dozens of people missing. The visit is coming at the end a week that has seen questions mount about the government's response to the deluge. Hopes of finding more survivors are also fading. After the floods, thousands of first responders combed the mud and debris that littered the Texas Hill Country. However, no survivors were found. In the early morning hours of Friday, the U.S. holiday, torrential rainfall sent a wall-like water flow down the Guadalupe River. Independence Day. This disaster is the most deadly of the Republican President's almost six-month tenure in office. Trump told reporters that it was a terrible thing as he left the White House Friday. "Nobody could believe it - such a thing, that much water so fast." A White House official said that Trump will speak to family members and emergency responders in the south-central Texas area devastated by flooding. The president will tour Kerr County and listen to an official briefing. The county is situated in "flash flooding alley", an area that has been hit by some of the deadliest floods in American history. In less than an hour, more than a foot fell on the 4th of July. The river rose in height from a few inches to over 34 feet (10.40 meters) within a matter hours. It washed away trees and other structures as it swept its way. Kerr County officials claim that more than 160 individuals are still unaccounted for. Experts say The number of missing people is usually exaggerated after disasters. At least 36 children are dead, including many who were at Camp Mystic - a Christian all-girls summer retreat near the river that has been around for nearly a century. The response of local and federal officials has been scrutinized, with questions raised about whether or not they could have done anything more to warn the public of the rising floodwaters. Years ago, the county refused to install a system of early warning because it could not secure funding from the state to cover its costs. Trump seemed to be in favor of installing such alarms during an interview with NBC's Meet the Press on Thursday, ahead of the visit. Trump said: "After seeing this terrible event, I'd imagine you would put alarms in some form." Texas' state legislature will hold a special session in the coming weeks to examine and fund disaster relief. Chuck Schumer, the top Democrat in the U.S. Senate, asked a government monitor to investigate Monday whether the National Weather Service's budget cuts affected its response. The NWS has defended their forecasting and emergency planning, noting that they assigned extra forecasters in two Texas offices during the holiday weekend. Trump's administration said that the agency had enough staff and was able to respond adequately to an "act of God." On NBC, he described the flooding as a "once-in-every-200-year event." Trump has also avoided questions regarding his plans to shrink the Federal Emergency Management Agency (FEMA), which coordinates U.S. disaster response efforts and transfer many of its core functions to the state and local government. When asked about FEMA by a reporter on Tuesday, Trump replied: "I'll let you know another time." Trevor Hunnicutt reported from Kerrville, and Nicole Johnson wrote in Washington. Josephy Ax edited the story.
-
Venezuelan PDVSA exports of hydrocarbons will reach $17.52 billion in 2024
Venezuela's PDVSA state-run hydrocarbon sales abroad were $17.52 billion in 2024, according to results documents seen by during a period when U.S. licensing allowed foreign partners to fully operate. Washington revoked licenses in late May 2025 for the state-owned PDVSA partners, including Chevron. These companies had allowed the export of Venezuelan oil. According to preliminary data, the state-owned company's financial and operational results for 2024 show that it exported an average 805 500 barrels per day (bpd), up from a reported average of 700 000 barrels in 2023. The company's report shows that the Latin American nation will average 952,000 bpd by 2024. This compares to 783,000 bpd as documented in the OPEC report. PDVSA has not responded to requests for comment immediately and its results have not been published since 2016. Maduro, along with his allies, have always rejected the sanctions. They refer to them as an "economic war", and praise the economic success that they claim has occurred despite the measures. Venezuela's leader and his team have praised the resilience of the country despite these measures. However, they have in the past blamed sanctions for some economic hardships. The authorities confirmed that the crude oil production is still above 1,000,000 bpd, and that exports are continuing to run normally. In June, crude oil and crude exports totaled 844,000 barrels per day, with most of them going to China. Reporting by
The French harvest of wheat and barley continues at a rapid pace. Maize ratings continue to worsen
France's barley and wheat harvests are still well ahead of normal pace. However, maize conditions have declined after a hot summer start, according to FranceAgriMer, the farm office.
The rapid field work and strong yields reported have raised expectations for a rebound in wheat and barley production after the rain-damaged harvest of last year, which included the smallest crop of wheat since the 1980s.
FranceAgriMer reported in a report on cereals that French farmers had harvested 36 percent of the soft wheat harvest by 7 July, up from 11 percent a week before and exceeding the five-year median of 15 percent for the same period.
The soft wheat rating improved slightly. 68% of the crops were rated as being in excellent or good condition. This is up by one point compared to a week ago and significantly higher than last year's score of 57%.
The harvest of winter barley is almost complete. 94% of the crop was harvested on Monday compared to the average of 64% over the past five years.
France and other parts in Europe have been experiencing scorching temperatures for the last month.
The heat wave has accelerated the ripening process of wheat and barley, while only causing minimal stress to these cereals.
Benoit Pietrement is the head of Intercereales - a French grain industry association. He said: "Overall it has been a good year, especially for winter barley."
"Wheat is a little more mixed, but overall it's very good. It's much better than the last year."
Pietrement explained that crops with strong roots from autumn last year were better able to withstand the spring drought, and could draw from moisture reserves left over from heavy rains last year. Spring barley, he said, was more likely to be affected by recent hot, dry conditions.
FranceAgriMer reported that the harvest of spring barley had been completed by Monday at 30%, compared to a five-year median of 14%.
By July 7, 75% of maize crops had been rated as good or excellent, down from 78% one week earlier. This is the lowest score this time of the year since 2018.
The cooler temperatures and showers this week will help maize crops while slowing down the harvest of wheat and barley.
(source: Reuters)