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Sources say that Venezuelan refineries are able to process at 35% capacity.
Workers at the facilities reported that the Venezuelan refining system is running 'at around 35% of its capacity installed of 1.29 million barrels a day. This is higher than the 20% to 25% of last year but still a small volume for securing enough fuel to satisfy the rising domestic demand. Refineries in South America, run by the state-owned energy company PDVSA are often hit by power failures and malfunctions, which limit fuel supplies to homes, power plants, and vehicles. Venezuela was forced to ration cooking gas, gasoline and diesel in the past. According to sources, Amuay Cardon?El Palito Puerto la Cruz refineries processed together 450,000 bpd Venezuelan crude last week. PDVSA, however, is working to keep its key fuel-making facilities in operation. After recovering from an earlier power outage that had taken one of the refineries, Amuay's, out of operation,?the largest complex in the country, The 955,000-bpd Paraguana?Refining Center?, has seen total crude processing?rise to 287,000bpd?at five distillation units. The workers at its second refinery Cardon said that it was restarting an important gasoline-making facility on Thursday. Two distillation units at the Puerto la Cruz refinery processed 82,000 bpd of crude oil. Sources say that at El Palito's 146,000 bpd plant, one distillation unit processed 80,000 bpd while its fluid catalytic cracked 35,000 bpd. The?state-owned company's oil output has recovered to around 1 million bpd after the majority of production cuts were ordered during a U.S. blockade. The blockade was reversed and some of the crude upgraders in the Orinoco Belt region of the country, which is the main oil producing region, have been reconfigured to ensure feedstock for the refineries. Under new?U.S. Following the capture of 'President Nicolas Maduro', Venezuela has begun importing U.S. naphtha to supplement its domestic fuel production.
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Oil prices close at a six-month high amid US-Iran tensions
Oil prices rose by around 2% to their highest level since six months on Thursday, as traders were concerned about escalating tensions in the Middle East, where the United States and Iran have increased military activity. Brent crude futures closed up $1.31 or 1.9% to $71.66 a barrel, while U.S. West Texas intermediate crude closed up $1.24 or 1.9% to $66.43. Brent closed Wednesday at its highest level since July 31 while WTI closed its highest level since August 1. Andrew Lipow, President of Lipow Oil Associates, said that oil prices were boosted by "geopolitical turmoil and the fear that the U.S. will strike (Iran), in the near future." The market will continue to rise in anticipation of some event. Iran is planning a joint naval drill with Russia, Iran's semiofficial Fars News Agency reported. This comes days after Iran closed the Strait of Hormuz to military drills for a short time. The Strait of Hormuz is a vital trade route, as about 20% global oil supplies pass through it. TRUMP WARNS IRAQ U.S. president Donald Trump warned Iran that it must reach an agreement over its nuclear program, or else "bad things" would happen. He appeared to have set a deadline of 10 days before the U.S. The U.S. may take action. U.S. Vice-President JD Vance said Washington was evaluating whether to continue diplomatic engagement with Tehran, or pursue other options. According to the U.S. Federal Aviation Administration's website, Iran sent a warning to its airmen about the planned launch of rockets in the southern part of the country. Some countries have asked residents to leave Iran. Saudi Arabia's crude oil exports, the largest oil exporter in the world, dropped to 6,988 million barrels a day on Thursday, the lowest level since September. The data was provided by the Joint Organizations Data Initiative. Earlier in the month, it was reported that OPEC's producer group and its ally countries were leaning towards a resumption to increase oil production from April. On?Wednesday, two days of peace negotiations between Ukraine and Russia in Geneva ended without a breakthrough. Ukrainian President Volodymyr Zelenskiy blamed Moscow for stalling U.S.mediated efforts to end the war that has lasted four years. U.S. crude stock dropped by 9,000,000 barrels as refining and exports increased. This was in contrast to the poll results which predicted that crude stock levels would rise by 2.1m barrels for the week ending on February 13. The higher demand for gasoline and distillates also led to a drop in inventories last week. Phil Flynn is a senior analyst at Price Futures Group. He said, "We saw a drop in prices because we had a build-up last week due to weather storms." "We have a strong market with a solid demand, and that should support (prices) until the end."
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Southern Co increases its spending plan by 7 percent as the demand for data center electricity grows
Southern?Co increased its five-year budget by 7%, as the U.S. South's largest electric and gas utility sells more electricity. U.S. utilities have invested heavily in upgrading electric grids as a result of extreme weather, the growing demand for power from data centers dedicated AI and cryptocurrency and a shift among homes and businesses to electric heating and transportation. Southern Co CEO Chris Womack told investors that the country and the energy industry are at a "watershed moment". Southern Co plans to spend $81 billion between 2026 and 2030, up from its previous five-year budget of $76 billion. About half of this spending will go to increasing power generation. The Atlanta-based utility announced that it has contracted with 10 gigawatts from large-load clients in Alabama, Georgia, and Mississippi. These customers include Google, Meta and Microsoft, as well as Compass Datacenters. Its shares rose by more than 4% during the afternoon trading. Executives said in a call with investors that data centers with a demand totaling 75 gigawatts expressed an interest in connecting with Southern Co's system. A gigawatt can power approximately 750,000 homes. Southern Co, as part of its plans to increase its?power supply, said that it could redirect about 1,000 megawatts in natural gas-fired generator capacity to new customers by 2030. The company is in the final stages of discussions about increasing the output from its natural gas fleet, which would create 700 additional megawatts. Nicholas Amicucci, Evercore ISI analyst, said: "Southern is continuing to take advantage of its growth opportunities with prudence." Shares of the utility should rise due to its capital expenditure and earnings outlook, but still maintain upside potential given that it serves the Southeast U.S. Southern Co, the second largest utility in the United States, has 9 million customers spread across Alabama, Georgia Illinois, Mississippi, Tennessee and Virginia. Extreme weather conditions and the growing population in the U.S. South also contribute to increased power consumption. According to Southern Co, a winter storm in early January was responsible for the "second-highest peak winter electric load" on its system. On Thursday, the Southern?Co also forecast an adjusted annual profit that was below analyst's estimates. Southern Co's adjusted profit per share for the quarter ending December 31 was 55 cents. This is below analysts' expectations of 57cents, as compiled by LSEG. Operating expenses rose 14.7% during the quarter while revenue increased 10%. The company estimates that its adjusted profit in 2026 will be between $4.50 to $4.60 per share. However, the midpoint is slightly lower than the estimated $4.56. Reporting by Vallari Shrivastava from Bengaluru, and Laila KEARNEY in New York. Editing by Shilpa Majumdar and Lisa Shumaker.
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Imerys cancels UK Lithium Project to Focus on France
Imerys, the minerals group, announced on Thursday that it has halted its project to develop lithium production in Britain. Instead, they will focus on a more advanced venture in France. Imerys British Lithium's project in Cornwall (southwest England) aims to produce over 20,000 tons of lithium carbonate annually and potentially meet the lithium demand for 500,000 electric vehicles. Imerys, in its annual report, said that it had placed the project under care and maintenance. It has suspended active development. "We realized that managing two projects in two countries at the same time was a lot," CEO Alessandro Dazza said to reporters during a conference call. "We will focus on France, where we are more advanced." Imerys announced 'last week that the French government would invest 50 millions euros ($59million) for a minority stake in a project called 'Emili,' located in central France. The project is aiming to produce 34,000 tons of lithium hydroxide a year by 2030. Dazza refused to provide a timeline on when the "British Project" would resume. Imerys said that the project remained "strategic valuable" after the recent completion a scoping report.
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Copper prices fall as a firmer dollar and large inventories weigh
Copper prices fell on Thursday as the firmer dollar, rising inventories and lower demand due to the Lunar New Year holiday, in China, which is the world's largest metals consumer, all weighed on the price. As of 1700 GMT, the benchmark three-month copper price on London Metal Exchange had fallen 0.9% to $12,789 per metric ton. The price of copper fell by as much as 1.9% in the morning session, following a 2.3% increase on Wednesday. The Shanghai Futures Exchange, which will reopen on February 24, is currently closed. Ole Hansen is the head of commodity strategy for Saxo Bank. "We must get China back to see what will happen, both on a speculative level and also in terms of physical demand." DOLLAR PRICED METALS GET MORE EXPENSIVE After minutes from the U.S. Federal Reserve, which suggested that policymakers weren't in a hurry to reduce interest rates and were willing to raise them if inflation remained high, the dollar index rose. Dollar-priced metals become more expensive to holders of other currencies when the dollar strengthens. Copper stocks at LME-approved warehouses The total tonnage of 225,575 tonnes, the highest since March 2025, has increased by 925 tons. Hansen stated that technicals were able to offset the negative impact of the high stock and the 'firmer dollar. Copper was also'supported by technicals. He said that "since last August, the 50-day moving averge has been giving us support every time we've come down." He said that the minimum support level was $12,670 and the maximum psychological resistance is $13,000. Other metals saw a 0.5% drop in zinc to $3335 per ton, and aluminium fell by 0.9% to $ 3,062.50 after breaking Wednesday's four-day loss streak. Lead fell 0.4% to $1.955; nickel dropped 0.2% to $17240, and tin declined 0.6% to $45,425. (Reporting and editing by Alexandra Hudson; Additional reporting by Ishaan arora in Bengaluru, Swati verma and Barbara Lewis; Shrey Biswas and Barbara Lewis)
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FTSE 100 drops as Rio Tinto disappoints, US-Iran tensions are a factor
London's FTSE 100 fell from its record highs on Thursday as Rio Tinto shares dropped after the global mining company's earnings missed expectations. Meanwhile, simmering tensions between the U.S. and Iran kept investors wary. Blue-chip index dropped 0.5%, after two consecutive sessions of closing at record highs. The mid-cap FTSE 250, which is primarily focused on the domestic market, was down by 0.4%. Rio Tinto dropped 3.6% following the miner's?reporting flat annual earnings. Lower prices at its iron ore business, its mainstay, were offset by a strong performance?in its copper division. Other London-listed companies also fell as copper prices were 'hit by a stronger dollar, increasing inventories, and reduced demand because of the Lunar New Year holiday in China. Axel Rudolph is a senior financial analyst with IG. He said: "A stronger US Dollar - at one month highs amid flight to safety flows - added additional pressure on precious and basic metals. This weighed on UK mining stocks and impacted the FTSE 100’s stellar performance." Oil prices have risen by over 2% as investors around the world are unnerved by tensions between the U.S. and Iran regarding Tehran's nuclear programme. Investors looking to diversify away from U.S. stock that has been under pressure?by AI disruption concerns have been a major factor in the UK's stocks finding a?broad support?. British Gas's Centrica, which owns British Gas, was the largest faller in the blue-chip index on Thursday. It had warned that its 2026 profit forecasts at its energy trading arm would be missed and halted its share buyback program after reporting a 39% decline in annual profits. (Reporting by Tharuniyaa Lakshmi in Bengaluru; Editing by Mrigank Dhaniwala, Kirsten Donovan)
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Nippon Steel CFO: No capacity cuts required for US Steel in the coming year, says Nippon Steel
Takahiko iwai, chief financial officer at Nippon Steel, said that the company does not see a need to reduce capacity at U.S. Steel. Instead, it expects this business to contribute a profit in fiscal 2026. This is up from zero last year. Iwai said in an interview that while?urgent? steps are necessary to improve the U.S. firm's high cost structure, similar capacity reductions to those implemented by Japan in the early 2020s is not needed because U.S. demand for steel is increasing. Iwai stated that "U.S. Steel has steadily improved through capital expenditure effects," adding that about 100 Nippon Steel employees had been sent to U.S. for sharing best practices and advanced technology. He didn't give an estimate of U.S. Steel’s expected earnings in the next fiscal. After protracted negotiations, Japan's largest?steelmaker acquired U.S. Steel for $15 billion in June. It cut its forecast for 'U.S. Business to zero, from an estimated 80 billion yen (515 million dollars) for the nine months up to March 2026. Iwai attributed this to weak market conditions, buyers who held back because of U.S. Tariffs, and transport disruptions due to a cold snap. The improvements to the facility will help improve results next year. Iwai stated that "Big River 2 is now operating at nearly full capacity, and will have an impact on the entire fiscal year next year." The new plant began operations in late 2024. Iwai stated that U.S. Steel faces its biggest challenge due to the high variable costs resulting from years of underinvestment. Nippon Steel is planning to create a?structure capable of securing a stable profit even during market downturns. He said that completing planned investments over four years to increase the share of value-added high-margin products would "significantly improve cost-competitiveness and quality." He said that the U.S. was the largest?market in terms of high-grade steel, and is less affected than other markets by Chinese competition. Iwai said that of the 2 trillion yen secured bridge loan for the acquisition, there are refinancing deadlines on 1.3 trillion in June. This excludes 700 billion yen raised through subordinated loans or similar instruments. He declined to make any comment about a report stating that Nippon Steel was considering the sale of up to 500 billion yen in convertible bonds. $1 = 155.2500 Japanese yen (Reporting and editing by Yuka Obayashi, Ritsuko Shiimizu)
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US to West’s energy watchdog : Scrap net zero focus or else we'll quit
Chris Wright, the U.S. Energy Secretary, gave an ultimatum to the International Energy Agency (IEA) on Thursday. The agency had one year to abandon its support for goals to reduce energy emissions to zero net or else risk losing membership. At the biennial meeting of the agency, European countries downplayed the "threat" and reaffirmed their commitment to cleaner fuel. In 2015, the U.S., along with nearly 200 other nations, signed the Paris Accords. This international agreement aims to reduce global warming through the burning of less oil, coal and gas, and to reach net zero greenhouse gas emission by 2050. Wright stated that "there has been a group mentality of 10 years invested into a destructive illusion, net zero by 2050. We will use all our pressure to get the IEA 'eventually in the next or two years, to move away from this program." Born of the 1970s Oil Supply Crisis The Paris-based IEA, which was founded in the 1970s after the?oil crisis, provides data and research to U.S. government and other industrialised countries to help guide their energy policies. The U.S. pays about $6 million (5.10 millions euros) in IEA fees per year, out of a $22 million budget for the agency. U.S. president Donald Trump rejected international efforts to combat global warming. He also sought to unfetter fossil fuel development and stymie renewable energy rollout. He has also clashed repeatedly with Europe, and tried to minimize U.S. financial contribution to international organisations. Wright said that many countries had agreed, in private, with the U.S. position to move away from net-zero goals and to continue to increase production of fossil fuels. Wright stated that "we are seeing many nations, at the very least, privately, talk about wanting their countries to be competitive again, to reindustrialise them, and to have strong military forces." Wright said that some politicians in Europe were unlikely to change their green positions. "A number European nations have staked the political platforms of their countries and their desire to be relevant on the global stage, in a net-zero agenda. Wright stated that only the hard cold reality of the situation, uprisings by people, and voting out political parties could change the world. Long-term goal to end dependence on fossil fuel imports The French Finance Minister Roland Lescure is among those who have played down the U.S. threats. "The worst can never be certain." Lescure stated that after speaking with Chris Wright he was convinced they had enough in common to work together on, including nuclear power. The host reaffirmed France's commitment towards clean?energy and stated that the goal was to electrify their industry in order to rely less heavily on oil and natural gas. "Electrification is France and Europe's structural and strategic answer. Lescure stated that although we still need gas, particularly for the industrial sector and I am very happy the U.S. is able to meet this need, the objective long-term goal was to end the dependence on fossil energy imports, which is still far too high. Sophie Hermans of the Netherlands, who presided over the IEA conference, stated that a majority of countries wanted to build more clean energy at home and rely less on imports. "I understand how difficult it is to reach these goals. That's no reason for me to quit. No. Hermans replied, "I will work harder and roll up my sleeves." Fatih Birol, the IEA director, declined to comment about the U.S. mandate to remove the "net zero" scenario from the World Energy Outlook annual forecast. He said that the data of the IEA was respected worldwide as being reliable.
Two dead, homes burn in massive wildfire in Cyprus
A massive wildfire ravaged southern Cyprus, destroying houses and threatening local communities in the midst of an intense heatwave.
The fire broke out at midday on Wednesday in an area that produces wine north of Limassol. On Thursday morning, several fronts were still active.
Two bodies were discovered in a burnt-out car, trapped by fire. Police said that at least 10 people, including two seriously injured individuals, were hurt.
As dawn broke, the reddish hue of Limassol hung in the air. This sprawling city on Cyprus's coast has seen its development spill over into the mountains surrounding it. After a brief pause due to darkness, firefighting aircraft returned at first light.
The authorities said that it was still too early to provide a detailed account of the damage or what caused the fire.
Andreas Kettis, spokesperson for the fire brigade, said: "We were talking about very strong wind gusts that were constantly changing."
On Wednesday, temperatures on the island reached 43 degrees Celsius (109.4 F) triggering a weather alert. On Thursday, a new amber alert was issued with temperatures forecast to reach 44 degrees Celsius. This is the highest temperature of the year.
Konstantinos Letymbiotis, the government spokesperson, said that Cyprus had requested assistance through the Civil Protection Mechanism of the European Union. Spain is expected to send at least two aircrafts on Thursday. Jordan has also offered assistance.
Cyprus has been suffering from a prolonged drought that has pushed water resources to critical levels. The area affected is located just north of Cyprus’s largest reservoir, Kouris. On Wednesday, it was only at 15.5% capacity. (Written by Michele Kambas. Yiannis Koutoglou contributed additional reporting. Christopher Cushing, Mark Potter (Editors)
(source: Reuters)