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Reliance Industries, India's largest oil company, will be considering buying Venezuelan crude
Reliance Industries, the operator of the largest refinery in the world, said on Thursday that it would 'consider' buying Venezuelan oil, if allowed to sell to non-US customers. In response to an email seeking comments, a spokesperson for Reliance Industries said: "We are waiting for clarity on the access of Venezuelan oil by non US buyers and we will consider buying the oil in compliance." email seeking comments. Caracas has reached an agreement with Washington to export 30-50 million barrels of Venezuelan crude oil to the United States, worth up to $2 billion. Reliance stopped purchasing Venezuelan crude oil in March 2026, after the United States announced 25% tariffs on countries that bought crude from this South American nation. The conglomerate got its last parcel of Venezuelan crude oil in May. Reliance’s two refineries located in the western Gujarat state are able to process?about 1 million barrels of crude oil per day. The complexity of these plants allows them to process heavier and cheaper crudes, such as Merey oil from Venezuela. (Reporting and editing by Nidhh Verma)
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India sugar exports gain momentum on the back of lower prices and weak currency
Trade and industry officials reported that Indian mills have signed export contracts worth around 180,000 metric tonnes of sugar this season, with the weaker rupee and domestic price corrections driving sales overseas in recent weeks. In November, the federal government approved the export of 1.5 million tonnes of sugar for this season which began on October 1. High prices on the local market are a major factor in the sluggishness of export activity. The slower than expected pace of India's sugar shipments, the world's?second-largest producer, may support global prices which are near their lowest levels for five years. Five dealers said that mills had so far contracted shipments into Afghanistan, Sri Lanka and East African nations. The?sources refused to be identified because they weren't authorised to speak publicly on the subject. "Mills used to get better prices on the export market than they did from the domestic one. "This time, there is no real incentive to sell," said a Mumbai based dealer at a global trading house. "Yet, some mills step forward because they have to pay cane farmers." BUMPER PRODUCTION DRIVES DOWN LOCAL PRICE Local Prices Above global benchmarks. The price of a ton has only fallen 6% in the last three months to 36,125 rupies ($401.35), as the arrival of new supplies for the season began. The output reached 11.9 millions tons between October and December, which is a 25% rise on the previous year. Dealers said that Indian sugar was now offered at $450 a ton, free-onboard (FOB), or about $20 per ton above the benchmark London futures. "Supply-pressure has brought local prices down." Exports at the current prices are not profitable, but are no longer a loss. Thombare is the president of West Indian Sugar Mills Association. One New Delhi-based trader with a trading house said that India only has a small export window from January to March, because shipments from Brazil, the top producer, are expected in April to lower prices. (Editing by Joe Bavier).
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Profit-taking causes the price of copper and nickel to fall
Prices of copper and nickel fell on Thursday as investors retreated from the recent sharp rise. Benchmark three-month Copper on the London Metal Exchange fell 0.3% at $12,853 a metric ton as of 1106 GMT. Concerns over a tight mine supply, and bets about future demand growth led to a record-high copper price of $13,387.50. The analysts at Sucden Financial stated that the continued mirroring of precious metals suggests this is "primarily profit-taking, position cleaning and not a major change in underlying trend." S&P Global said that the growth of artificial intelligence and defence sectors would boost global demand for copper by 50% by 2040. However, supplies will fall by more than 10 million tons per year without increased recycling and mining. Nickel fell 3.8%, to $17.205 per ton, as the Indonesian Government refused to disclose its 2026 mining production quota. This ended a rapid rally that saw the metal reach its highest level since mid-2024, on Wednesday. An official confirmed that Indonesia will adjust nickel quotas in order to support prices and meet the demand of local smelters. Analysts said that the policy could be reversed and added that a similar attempt a year earlier had only a limited effect. Nickel stocks In LME-registered storage warehouses, the number of tons is now 276,300, which is their highest level since mid-2018. This follows the inflows into Asia-listed warehouses that began earlier this week. Discount of cash LME Nickel contract against?three-month ahead The price of a ton increased to $224 on Wednesday, the highest level since March. It was $144 on Friday. Lead fell 0.6%, to $2,047. Tin remained at $44,310. (Reporting and editing by Kirby Donovan; Polina Devitt)
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The US Senate votes on Trump's Venezuela policy
On Thursday, the U.S. Senate will consider a measure that would prevent President Donald Trump from taking any further military action against Venezuela without congressional approval. Supporters of the resolution said it could pass with a close vote. After the U.S. military captured Venezuelan president Nicolas Maduro during a dramatic raid on Caracas in Caracas on September 29, senators will vote to approve the latest of a series war power measures that have been introduced by the Obama administration since it increased military pressure against the country through attacks on boats near its coast. Republicans blocked all the measures but the final vote was only 49-51. Two senators from Trump’s party voted with Democrats to support a resolution back in November. At the time, administration officials told lawmakers that they did not intend to strike Venezuelan territory or bring about a regime change. Several lawmakers, including Democrats publicly and Republicans behind-the-scenes, have accused the Maduro administration of misleading Congress after his capture. "I spoke with at least two Republicans who didn't vote for this resolution before, who are now thinking about it," said Senator Rand Paul of Kentucky, who is cosponsoring the measure, in a press conference held ahead of the vote. Paul spoke alongside Democratic Senator Tim Kaine, a leader of the resolution. He didn't identify the Republicans. Trump's party has a majority of 53 seats in the Senate. HURDS AHEAD Senate passage would be an important victory for lawmakers who have been pressing the war power issue. To become law, the resolution must pass both the Republican-led House of Representatives, and also survive an anticipated Trump veto. This would require a two-thirds majority in each chamber. The lawmakers admitted the obstacles, but stated that some Republicans might?be hesitant of a long and costly campaign to change Venezuela's regime. Trump said Wednesday on his Truth Social website that he wants the U.S. Military budget to go up to $1.5 trillion, from $1 trillion. Kaine pointed out that U.S. troops have been attacking Venezuelan boats since months. He also mentioned Trump's claim that the U.S. will "run" Venezuela, as well as the seizure of Venezuelan oil. Kaine said: "This is not a?surgical arrest operation by any means." According to the U.S. Constitution, any president must obtain Congress' consent before launching a long-term military operation. Senators opposing the "war powers" resolution claim that the arrest of Maduro was a law-enforcement operation and not a military one. Maduro is facing trial before a U.S. Court on charges of drug trafficking and gun possession. He has pleaded innocent. Trump, they say, is also within his rights to take limited military action if he feels it's necessary for national safety.
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Euro defence stocks reach record highs, dollar gains due to geopolitics
The European defence stocks rose to a "record high" on Thursday as oil prices and dollar gained ground. Geopolitical tensions rumbled from Venezuela to Greenland, keeping traders guessing. seizure Two Venezuelan-linked oil tanks in the Atlantic were reported alongside the news that U.S. Secretary Marco Rubio will?attend Meet?Denmark leaders Next week we will be discussing Greenland, and there are also some mixed economic statistics. STOXX, Europe's aerospace and defence stock index, has risen nearly 2% in the first hour of a fifth consecutive day of gains. They have already risen 13% so far this year and over 260% since Russia invaded Ukraine in 2022. Euro-dollar exchange rates are on course for their eighth consecutive drop, but mixed U.S. data from Wednesday kept dollar bulls at bay ahead of the closely watched nonfarm payrolls report on Friday. Peter McLean is the Head of Multi-Asset Portfolio Solutions, Stonehage Fleming Investment Management. While it is unlikely that we will see military action in Greenland, there is a clear impetus for increased defence spending in Europe. Brent futures recovered above $60 per barrel on Thursday and U.S. Crude rose 0.5% to $56.30 per barrel. Top U.S. officials stated on Wednesday that the country must control Venezuela's oil revenue and sales indefinitely in order to stabilize the economy of the latter, rebuild its oil industry and ensure it acted in America's interest. Daniel Hynes is ANZ's senior commodities strategist. He said that the market's reaction to Trump's comments about Venezuelan oil control was a bit'misplaced'. Oil prices would rise if the U.S. controlled oil sales continued in the short-term. I think that's why oil prices are rising. Stocks in other markets were mostly lower after a positive start to the new year that lifted global markets. The STOXX 600, a pan-European index, was down by 0.2%. Japan's Nikkei fell 1.6% over night amid increasing tensions with China, and Wall Street futures slipped 0.2%. Charu Chanana is the chief investment strategist for Saxo. Chanana said that "geopolitical headlines" were in charge, pointing out China's export ban for dual-use to Japan and the potential risk of rare earths. Tokyo shares of Japanese chemical producers fell, while those of their Chinese competitors jumped. This was after China's Commerce Ministry announced that it would launch an anti-dumping investigation into the imports of "chemicals used for chipmaking". PAYROLLS NEXT Investors were also watching the U.S. initial weekly jobless claims, due later, and the closely watched non-farm payrolls employment report, due Friday. Both could give further clarity to the Federal Reserve on its rate outlook. Goldman Sachs analysts predict a rise of 70,000 above the consensus in non-farm payrolls for December. They also expect unemployment to drop to 4.5%. The data released on Wednesday painted a mixed image. JOLTS figures for the labour market bolstered the view that "no hiring, no firing" is the best way to look at the job market. However, the ISM services index in December reached a 14-month-high, which was reassuring. The market's expectations for two further Fed rate cuts in 2019 were not altered by the readings. The 10-year Treasury yields were muted, at?4.15%. Germany's bund yields for the 10 year period were 2.8%. This is still down 7 basis points this week. On the currency market, the yen of Japan rose to 156.67 yen per dollar, while sterling bought $1.3458 last time. Silver and platinum fell 2.6% and 3.2% after recent gains. McLean, of Stonehage and Fleming, said that the direction of bond rates is one of the biggest risk factors for this year. "I think it would be positive if the 10-year Treasury yield falls below 4 and continues to fall.
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China warns about battery overcapacity risk
China's Industry?Ministry said Thursday that it has urged a battery manufacturer to optimise the industry capacity and?mitigate overcapacity risks. According to the readout from a meeting posted on Wechat on Wednesday, the ministry stressed the need for market regulation and enhanced supervision in the electric vehicle and battery storage sectors. China Daily, citing sources, reported that 16 companies, including top battery manufacturers, were present. According to the report, energy storage system integrators Beijing HyperStrong Technology and Zhuzhou CRRC Times Electric, as well as Trina Solar – a leading solar manufacturer – were also present. The state planner, the?industry minister and the?energy regulators convened this meeting. The construction of data centers?all over the world has led to a surge in demand for energy storage batteries. The ministry echoed the criticism of the solar industry where a ballooning production capacity resulted in falling prices and losses for the entire industry. (Reporting and editing by Jacqueline Wong Stephen Coates, Louise Heavens).
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Galp and Moeve are in merger talks to combine their fuel retailing and refining businesses into a European giant
Portuguese energy company Galp is in talks with private equity-backed Moeve to merge their refining and?chemicals businesses as well as fuel retail businesses. They announced the deal on Thursday. According to their non-binding contract,?Galp, Spain's Moeve and the United Arab Emirates state-owned investment firm Mubadala, as well as U.S. investment firm Carlyle Group plan to form two new companies. One would run 3,500 retail fuel stations, primarily in Spain and Portugal. It would sell more than 6 million metric tonnes of refined products per year. The other would run Moeve’s Huelva, Algeciras and Galp’s Sines oil refineries. Three facilities with a combined capacity of 700,000 barrels a day. Moeve will be the majority shareholder in the unit with?Galp to hold a stake of more than 20%. Galp's upstream business in oil and gas production, which includes stakes offshore Namibian oil fields that are closely watched, will not be included? in any merger. Biraj Borkhataria, RBC analyst, said: "We anticipate the main takeaway from the market will be that it may increase the likelihood that Galp is a candidate for a 'take-out' given the cleaner Portfolio." At 0921 GMT the share price of Galp was up by 1.4%, beating a wider index of European energy companies, which fell 1.4%.
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Vietnam trade is tepid due to farmers holding back their sales. Indonesia premiums are rising.
The coffee trade in Vietnam was subdued on Thursday, as farmers held off sales in anticipation of higher prices. However, exporters were rushing to meet their delivery obligations as the demand increased. Premiums in Indonesia also rose. Farmers in the Central Highlands sold beans for 97,500 to 98.200 dong per kilogram ($3.71 to 3.74). As of Wednesday's closing, Robusta coffee delivered in March was down $68 to $3,939 per kg. A trader in the coffee belt stated that "demand is high as exporters have resumed their activities after the holidays. However, supply is limited." The trader said that farmers are not under pressure to sell beans at this time as they also have income from durian. They therefore tend to keep the beans and demand higher prices. A trader from the area said that the 'output is estimated to be 5%-10% higher this year and weather conditions are favourable for coffee plantations. Traders provided 5% black-grade 2 robusta with a discount between $140 and $150 per ton compared to the contract signed in March. Vietnam will export 1.58 million tonnes of coffee by 2025. This is up 17.5% on a year ago, according to government data. Export revenue increased 59% last year, reaching $8.9 billion. The data shows that coffee shipments in December grew by 40.8% compared to a year ago, reaching 180,000 tons. A trader said that Sumatra Robusta beans from Indonesia were being offered at a premium of $215 to the February contract. This is up from the $120 premium two weeks earlier. A second trader reported that beans would be offered at a premium of $200 for the contract in March, up from a $300 premium prior to the holidays. Coffee farmers in West Lampung, Indonesia, said that recent heavy rains could have caused cherries to fall from plants, possibly affecting the supply.
Trump's funding cuts halt water projects and increase risks for millions
According to new research, the Trump administration's decision of cutting nearly all U.S. aid to foreign countries has left dozens water and sanitation projects in the middle of completion around the world, creating hazards for those they were intended to help.
After speaking with 17 sources who are familiar with infrastructure plans, we have identified 21 unfinished construction projects in 16 different countries. The majority of these projects were not reported before. Workers have abandoned their shovels, left half-dug holes, and unguarded building materials after hundreds of millions in funding were cancelled since January. This is according to internal documents and interviews with U.S. officials.
The United States has left millions of people to their own devices, despite having promised them clean drinking water and reliable sanitation. According to two anonymous U.S. officials, water towers that were intended to serve Mali's schools and clinics have been abandoned. Construction on more than a hundred drinking water systems in Nepal was stopped, and plumbing supplies, 6,500 bags cement, were left behind. According to Pradeep Yadav, the water minister of the Himalayan country, the nation will finish the project with its own money. The project in Lebanon to supply cheap solar energy to water utilities has been scrapped. This resulted in the loss of 70 jobs and stopped plans to improve services for the region. Suzy Hoayek is an advisor to Lebanon's Energy Ministry. She said that utilities now depend on diesel to power their systems. Residents of Taita Taveta County in Kenya say that they are more susceptible to flooding now than before because half-finished irrigation channels could collapse, sweeping away crops. Community leaders estimate that it will cost $2,000 for the community to reduce the flood risk. This is twice the average income of the area.
Mary Kibachia (74), a farmer, said: "I am not protected from the flooding caused by the canal. The floods are only going to get worse."
SUPPORT BIPARTISAN
Trump's demise of the U.S. Agency for International Development left food and medical aid that could save lives rotting and in warehouses. It has also thrown humanitarian efforts all over the world into chaos. According to a study published in The Lancet, the cuts could cause 14 million additional deaths by 2030. Trump's administration and its supporters say that money should be spent on Americans in the United States rather than sent abroad. They also claim USAID has strayed away from its original purpose by funding LGBT rights projects in Serbia.
The U.S. Water Projects, with an annual budget $450 million dollars, accounted for only a fraction of the $61 Billion in foreign aid that the United States distributed last year.
Washington's water projects were not controversial before Trump was re-elected in November. Both chambers of Congress passed a 2014 law that doubled the funding.
According to advocates, the United States improved the lives tens of thousands of people over the years by building toilets, irrigation canals, and other water and sanitation project. John Oldfield is a consultant for water infrastructure and a lobbyist. He said that by building water infrastructure, the United States has improved the lives of tens of millions over time.
Do we want girls to carry water for their families on their heads? "Or do you want girls carrying schoolbooks?" he asked.
The U.S. State Department has not responded to a question about the impact on the water projects of the halting. The agency has restored funding for some life-saving project, but Secretary Marco Rubio said that American assistance would be limited in the future. At least one project has been restarted. After King Abdullah's diplomatic push, funding for a $6 Billion desalination facility in Jordan has been restored.
Those familiar with the programs, who spoke under condition of anonymity, said that funding for other countries, including Ethiopia, Tanzania and the Democratic Republic of the Congo has not been resumed.
Women in these areas will walk hours to get unsafe water. Children will also be at risk of disease, and the health facilities in these areas will close. This is according to Tjada McKenna CEO of Mercy Corps. The nonprofit worked with USAID to implement water projects that benefited 1.7 million people in Congo, Nigeria, and Afghanistan.
She said: "This isn’t just about the loss of assistance -- it’s about the unraveling progress, stability and human dignity."
The Perils of Fetching Water
Former USAID water kiosks are now used as playgrounds for children in eastern Congo where the fighting between Congolese troops and M23 rebels have claimed thousands of victims.
Evelyne Mbaswa told how her son, 16, went to fetch some water in June but never returned home. This is a common experience for families living in the violent region.
The mother of nine stated, "When we send girls to school, they're raped and young boys are abducted . All of this is due to the lack of drinking water."
A spokesperson for Congo's government declined to comment on requests. USAID in Kenya was amidst a $100 million, five-year project to provide drinking and irrigation water for 150,000 people, when, according to documents viewed by, contractors and staff were told to stop working in January. DAI Global LLC's memo dated May 15, 2015, states that only 15% of the project was completed.
According to correspondence, $100,000 worth of pipe, fencing, and other materials were left exposed on construction sites where they could be damaged or stolen. USAID signage on those sites clearly shows who is responsible, according to several memos.
According to a draft of a memo sent by the U.S. Embassy in Nairobi to State Department, this could harm the United States’ reputation and give a boost for extremist groups looking to recruit new members in the region.
Al Shabaab, a Somalia-based group with ties to al Qaeda, has been responsible in Kenya for a series of high-profile assaults. One such attack in 2015 on a Kenyan university killed at least 147.
The memo stated that "the reputational risk of failing to complete these projects could become a security threat."
DAMAGING FLOODS
Community leaders in Kenya's Taita Taveta county, which is a rural area that has experienced cyclical flooding and drought, said workers were only able to construct brick walls for 220 meters of a 3.1 kilometre irrigation canal (1.9 miles) before they were told to stop. These walls are not plastered and therefore vulnerable to erosion.
Juma Kubo is a leader in the community. She said that without plaster, walls would collapse during heavy rains, and water flow will destroy farms.
The community asked for the Kenyan Government and international donors' help to finish the project, with a projected cost $526,000.
Kubo stated that they will sell the steel cables and cement left at the site to raise funds to backfill and plaster the canal.
Stephen Kiteto Mwagoti is an irrigation officer for the county. He said that the county needs "funds so we can finish the project as much as we can, with the materials available, if we cannot complete it completely."
Kenyan authorities did not reply to our request for comment. Kibachia has been living with flooding for many years and needs help now.
After three months of work on the project was completed, her mud-hut was inundated with water up to her knees.
It was bad this time. She said that she had to use dirt to repair the damage done by the floods.
Where can I go?" "This is home."
(source: Reuters)