Latest News
-
Venezuelan oil exports reach a 9-month high with cargoes returning to US
Shipping data revealed that Venezuelan oil exports surpassed 900,000. barrels per day during August, their highest level since November. This was after energy producer Chevron obtained a license allowing the OPEC nation's crude to be returned to the U.S. after a 4-month pause. Last month, the U.S. Treasury Department issued a limited authorization to Chevron, a major partner of Venezuelan PDVSA state company, to export oil and operate in Venezuela, despite the sanctions. According to data from tanker movements, the resumption in Chevron flow to the U.S. and larger cargoes going to Venezuela's main destination, China, resulted in a 27% rise in exports for last month, resulting an average of 966 485 bpd. According to a PDVSA internal document, stable output and no outages in crude upgraders or blending facilities along the Orinoco Belt (Venezuela's main producing area) also contributed to increased oil exports and inventories. Last month, exports to China, direct and indirect, after ship-to -ship transfers, made up 85% of total outflows, down from 95% in July. About 60,000 barrels per day of Venezuelan crude oil were shipped to the U.S. while Cuba received around 29,000 barrels per day of crude and fuel. Venezuelan methanol was shipped to Europe in several cargoes. Venezuela exported 275,000 tons of oil products and petrochemicals to the world in August, a significant increase over the 227,000 tons it shipped the previous month. This is the highest export since May. Data showed that the country increased imports of light oil and naphtha, which were needed to dilute extra heavy oil production and produce exportable grades. The data indicated that 99,000 bpd was imported in August, compared with 58,000 bpd for July.
-
UN calls on countries to set new climate targets in the month of September
The United Nations called on countries to develop more ambitious climate plans this month in order to put pressure on major economies, including China and the EU. This is ahead of this year’s U.N. Climate Summit. The U.N. asked countries to submit plans called Nationally Determined Contributions (NDCs) by September, so their efforts could be evaluated before the COP30 Summit in Brazil in November. The majority of countries have not yet done so, despite having agreed to submit them by this year as part of the 2015 Paris Agreement. The updated NDCs must describe how each country intends to reduce emissions by 2035. Simon Stiell, the U.N. chief of climate change, wrote to almost 200 countries in a letter describing the NDCs "the cornerstone for humanity's fight against global climate crises." The letter was published by the U.N. and stated that "These national climate policies... are among the most powerful engines for economic growth and increasing living standards in this century." China, the largest polluter in the world, has only said that it will increase its target by the fall. The European Union struggles to come up with a plan. This month, France and Poland asked for a delay on the approval of the proposed 2040 target, which would have influenced the 2035 goal. The U.N. report will indicate if countries are on the right track to keep global warming at safe levels, or if their plans need to be stepped up. The response of governments will be a test for their climate commitment, especially at a moment when the United States is pulling away from the initiative. They are the biggest polluter in history and the biggest economy. The hottest year ever recorded was last year, and all 10 of the hottest years in history occurred within the past 10 years. Climate change is worsening extremes of weather on all continents, from wildfires to torrential rainstorms. (Reporting and editing by Kate Abnett, Katy Daigle, and Chizu Nomiyama)
-
Sources say that Dangote's petrol unit is expected to be off-line for at least two week,
Two sources with knowledge of the situation said that repairs are expected to take two weeks. The catalyst leaks at Nigeria's 650,000 barrels per day Dangote refinery have caused the unit to be taken offline. IIR Energy, a company that monitors the industry, said in a Tuesday note that the refinery's Residue Catalytic Cracking unit (RFCCU), which produces 204,000 bpd of catalytic residue, has been off-line since August 29. Sources requested anonymity in order to discuss confidential information. Dangote didn't immediately respond to an inquiry for comment. Since its opening last year, the massive Dangote refining plant has dramatically increased operations. This has reshaped global oil and fuel flows. Data from the ship tracking service Kpler indicated that the refinery's gasoline exports to America are expected to arrive in New York by later this month. The refinery also has frequent outages. After a series of problems earlier this year reported in May, the plant's RFCCU should run at a lower rate through October. Market sources say that the anticipated duration of the current outage has a negative impact on gasoline availability in Atlantic Basin. This is despite the fact that the U.S. driving season ended unofficially earlier this week. The U.S. futures crack spread The difference between the price for fuel and the price for crude oil rose by nearly 3% to its highest level since 19th August. Tuesday, it had increased by more than 8%. (Reporting from Shariq Khan, Isaac Isaac Anyaogu, Ahmad Ghaddar, and Seher Dareen, in London, and Matthew Lewis, in New York)
-
Saudi Aramco is planning to issue US dollar Islamic bonds this month, according to sources
Saudi Aramco plans to sell U.S.-dollar denominated Islamic bonds this month, according to two sources who are familiar with the matter. The company is looking to boost its balance sheet in light of lower oil prices. Aramco could raise anywhere between $3 billion to $4 billion through its sukuk. A sukuk bond is one that adheres to Shariah. They spoke under condition of anonymity as the matter was private. Aramco has declined to comment. Aramco's deal would be the culmination of a month-long surge in bond issues, driven by strong demand from investors and large inflows to bond funds. Saudi Aramco said during its August earnings call that it plans to borrow, and added that the company's gearing is among the lowest of the industry. Sources reported that Saudi officials told market participants and allies the kingdom could cope with a fall in prices if it increased borrowing and cut costs. Saudi officials did not respond to requests for comment at the time. Aramco's most recent escrow on the global bond market was in May 2025 when it raised $5 billion. billion. The company then published a sukuk prospectus, indicating that more borrowing was to come. As crude prices fall, the company has cut costs and is looking to sell assets. Last month, the company reported a 22% decline in its second quarter profit. Aramco signed a $11 billion lease-and-leaseback agreement last month with Global Infrastructure Partners, a consortium led BlackRock. This expanded its funding options. Ziad al-Murshed, Aramco Chief Financial Officer, said that the company's overall strategy is to redirect capital away from low-return assets towards core businesses which generate higher returns. This was stated during a recent earnings call. Aramco's second-quarter results released in August confirmed its dividend base of $21.1 billion and reiterated its payout guidance for the full year of $85.4 billion. Aramco's commitment to shareholder return despite market challenges was highlighted in its second-quarter earnings released in August. The company maintained its base dividend of $21.1?billion and reiterated the full-year payout guidance of $85.4?
-
Ethiopia bids to host the UN Climate Summit in 2027
Ethiopia announced its bid to host the United Nations Climate Change Summit in 2027, in Addis Ababa. This puts it in direct competition with Nigeria who wants Lagos as the host. Nearly 200 nations gather every year for the "Conference of Parties", also known as COP, which is the primary global negotiation between governments to tackle climate change. Ethiopian President Taye Selassie said at a U.N. conference in Addis Ababa, "We have the infrastructure, the facilities, and the location to host the much anticipated climate summit." COP summits are rotated around the world. The 54 African countries that make up the U.N. regional group for Africa must decide unanimously who will host COP32 2027. A country that preside over a COP Summit has a major role to play in guiding negotiations, and a chance for it to promote its own priorities. African countries have demanded for years that COP meetings produce stronger financing deals to help them cope with the impacts of climate change, and to access capital to clean energy projects. The host country can be scrutinized more closely for its pollution-producing industries and climate initiatives. Ethiopia is the first country in the world to have banned the importation of non-electric cars as part of their push towards the goal of reaching net-zero emission by 2050. Ethiopia has generated all its power from renewable sources since 2022. However, most of the energy is still derived from biofuels, waste and other forms of biomass, according to the International Energy Agency. COP summits are usually agreed upon more than a calendar year in advance so that the host country has time to prepare for tens or even hundreds of thousands of delegates. The preparations for this year's Summit in Belem have been overshadowed due to the rising accommodation costs. Poorer nations are warning that they will be priced out. The two countries are competing to host the COP31 Summit next year. (Reporting and editing by Gareth Jones; Additional reporting by Hereward Netherlands)
-
UK stocks end higher on the back of banks and healthcare stocks
Investors worried about the health of the British economic system prompted a rebound in UK shares on Wednesday, after the session before had seen the worst day for nearly five months. Both the blue-chip FTSE 100 index and the domestically focused midcap index closed at 0.7%. Investors' anxiety over the UK's ability get its finances in order led to a lower closing of the stock market on Tuesday. In Tuesday's session, the yield on 30-year gilts rose to its highest level since 1998. Andrew Bailey, Governor of the Bank of England, told a hearing of a committee that it is " It is important to not overfocus The government is no longer able to raise significant funds from debt with this maturity. Rachel Reeves, the finance minister, said that she would present her annual budget to Parliament on 26 November. She stressed that "a tight grip" on government spending could lower borrowing costs and inflation. The market rose in line with the price of base metals and precious metals. Hochschild Mining's stock rose 7.6%, its highest level since early 2013. This is after the company sold its Chilean Volcan gold project operator. Anglo American increased by 2.3%. The miner is proposing to sell the remaining Valterra Platinum stake. The benchmark index's top performers were heavyweight healthcare stocks and bank shares. Since last Friday, banks have been under pressure after a think tank recommended a new lender tax as a way for Reeves' to raise revenue. Energy stocks were the main losers, with Shell and BP each down around 1.3% as oil prices fell. Watches of Switzerland rose 6.1%, after announcing that it would report results for the first half of fiscal year in line with expectations due to strong U.S. consumer demand. Hilton Food Group dropped 17.4% as a result of higher costs and regulatory restrictions at its Foppen unit. A survey revealed that a surge in new business fueled Britain's service sector to record its highest growth rate in over a year last month. In the U.S. softer-than-expected The July job openings report strengthened the bets that an interest rate cut is imminent. Reporting by Sukriti in Bengaluru Editing and Gareth Jones by Tasim Zahid
-
The US has revoked approval for another Massachusetts offshore windfarm
According to a Wednesday court filing, the Trump administration has decided to reconsider federal approval for Avangrid’s proposed New England Wind Project off the coasts of Massachusetts. This legal maneuver is just the latest attempt by U.S. authorities in order to stymie offshore wind energy development, which Trump has described as ugly, expensive, and unreliable. The administration announced last week that it would reconsider its approval of SouthCoast Wind - another Massachusetts project. The Department of Justice announced that they will move to revoke the U.S. Bureau of Ocean Energy Management approval of New England Wind's construction and operation plan by 10 October. The lawsuit was filed in an earlier case brought in the U.S. District Court of District of Columbia in this year by local groups and individuals who were opposed to offshore wind developments. The lawsuit alleges that the government broke federal environmental laws when it approved the project. Avangrid is owned by Spanish energy company Iberdrola The company declined to comment. In 2024, the administration of former president Joe Biden approved New England Wind. Once built, the project was expected to generate enough electricity to power over 900,000 households. The lead plaintiff, ACK for Whales could not be immediately reached for comment. Reporting by Nichola Kroom in Los Angeles, and Laila Kearney from New York. Editing by David Gregorio
-
Guyana's ruling PPP party leads the partial vote tally with upstart WIN coming in second
The election commission of Guyana announced on Wednesday that the ruling People's Progressive Party had won 123,923 total votes in an incomplete tally for general elections. This translates to five districts. The official tallies of four additional districts are still pending. However, the figures look good for President Irfaan Ali who is running for reelection on behalf of the PPP. The partial results showed a shakeup in the opposition of the South American nation. The newcomer We Invest in Nationhood party (WIN), founded only three months ago by Azruddin Mohammed, came in second in the vote count, with 50,829 votes and winning one district. After a campaign focusing on how the hydrocarbon boom in the country should be used, voters chose 65 members of parliament as well as a new government on Monday. Since ExxonMobil began pumping offshore oil late in 2019, Guyana has seen its economy grow at a rate of 7.5 billion dollars. Ali's government that took power in 2020 has spent oil revenues on building roads, hospitals and schools, as well as making studying at the university free. Opposition parties have criticized what they claim is an unfair distribution of oil revenues to groups associated with the PPP. The PPP denies this allegation. The U.S. sanctioned WIN leader Mohamed last year on allegations that he, along with his father Nazar Mohamed defrauded Guyanese tax revenue and bribed officials. They deny all wrongdoing. Mohamed's philanthropy has gained him widespread support from the community, particularly among Indigenous and poor communities. WIN also calls for a fairer housing system and more opportunities for all. Reporting by Kemol Kings Writing by Julia Symmes Cobb
US nuclear safety regulators claim their jobs may be threatened under Trump
The Nuclear Regulatory Commission is the U.S. watchdog for nuclear safety. Two of its three remaining commissioners told a Senate committee on Wednesday that they believe President Donald Trump may fire them if he feels they obstruct the goal of approving reactors more quickly.
Trump signed executive order in May setting goals to accelerate new reactor licenses, quadruple U.S. Nuclear Energy capacity by 2050 and boost the U.S. power grid. He also reduced staffing at NRC.
Trump fired Chris Hanson, a Democrat. Meanwhile, Republican Annie Caputo left the panel in July to focus more on her family. The traditionally five-member panel was reduced to just three.
Matthew Marzano (Democrat) told the hearing that he was worried he would be fired if he decided a new reactor is unsafe and refused to license it.
Bradley Crowell, a Democrat who is also a commissioner, stated that he believed "any day, I could be terminated by the administration, for unknown reasons."
The White House didn't immediately respond to an inquiry for comment.
NRC chairman David Wright, a Republican said that the agency is currently reviewing five applications for so-called advanced reactors and expects to receive another 25-30 in the near future.
Wright refused to comment on whether he thought he might be fired. He said that it was "speculation".
He said the NRC shouldn't approve incomplete applications by companies seeking to build new nuclear power plants, even if that means missing a deadline of 18 months set out in Trump’s executive orders.
Senator Sheldon Whitehouse is a Democrat and supports nuclear energy because of its potential to reduce greenhouse gases. He said that about a dozen managers have either left the NRC or announced their intention to leave, and 143 employees have left between January and June.
Whitehouse stated, "It is a bloodbath for personnel." The industry's reputation as a leader in nuclear safety is based on the NRC. Now, it's in danger."
Crowell said that if the agency loses any more staff it will be difficult to make credible safety cases for the timelines in Trump's order. (Reporting and editing by Nia William in Washington, Timothy Gardner)
(source: Reuters)