Europe

OPEC+ said that it would not change its oil production policy for 'October' at a meeting held on Sunday. The group must first agree to new quotas in order to decide the next steps. The Iran War continues to disrupt oil exports via the Strait of Hormuz. This limits OPEC+’s influence on prices and market shares. In August, OPEC+ agreed ?its production boost for September, completing a phased rollback of a 1.65 million-barrel-per-day supply cut first agreed in ?2023. The Organization of the Petroleum Exporting Countries (OPEC) and its allies including Russia, despite the production increases agreed, are still far...

The deputy prime minister of Italy suggested that banks and energy companies be prepared to accelerate tax payments in order to boost the public finances, without an official tax increase. Antonio Tajani, a?also?Italy’s Foreign Minister, said that the additional support could help fund next year’s budget, as well as any other measures to shield consumers from high energy costs. Tajani told reporters at the annual TEHA business forum that any policy should be modeled after the agreement Italy reached with banks and insurance companies last year to advance taxes to the state. He said, "It's only fair to tax the...

A senior Russian banker revealed on Wednesday that India, the world's second largest importer of Russian oil, has built a functional payments infrastructure using roubles. India increased its imports of Russian oil at a discount due to Western sanctions, resulting in a record-breaking $70 billion trade between Russia and India in 2024. The bilateral trade dropped in 2025 when the sanctions were tightened, but recovered in the first half 2026. "There are no problems in the settlements between Russia & India." Ivan Nosov is the head of Sberbank India. He said, "I am prepared to say that this is a...

Energy Secretary Chris Wright of the United States said that after arriving in Venezuela on Tuesday, the oil companies in the U.S. as well as?other countries will sign deals in Caracas tomorrow that will result in a more-than-doubling in crude production over the next few year. Wright is in Venezuela for a day-long visit, his second trip since U.S. troops seized Venezuelan leader Nicolas Maduro's office in January. Venezuelan oil production peaked at over 3 million barrels a day in the late 90s, but then plummeted due to a lack investment, poor management and U.S. sanction. In recent months, it...

The Polish chemicals group Grupa Azoty announced on Tuesday that it had informed prosecutors of alleged safety violations during the launch in 2023 of its flagship Polimery Police Project. State-controlled chemicals manufacturer said in a press release that the Polimery Police Plant, operated by an Azoty Unit, was built without the necessary permits and under conditions that could have put employees and residents at risk. The documentation cited by the company alleged that there were a number of defects, and that permits had only been issued in 2024 - months after the plant’s?ceremonial opening. Malgorzata Crolak, Deputy CEO, said: "Our...

An oil refinery in Russia's Yaroslavl region, Slavneft-Yaroslavnefteorgsintez, or ?YANOS, suspended oil processing at two ?of its three crude distillation units after a drone ?attack on August ?28, two industry ?sources ?told . The local governor stated on Friday that the facility had been hit by debris from an Ukrainian drone. Sources claim that the attack caused damage to the AVT-3 primary unit of crude distillation with a daily capacity of 17,140 metric tonnes, which is about 40% of the refinery's total capacity. The AVT-4 unit, with a daily capacity of 14,300 tons, represents 33% of the total capacity. The...

According to two sources in the industry, Russia's gasoline production fell to 70% of its domestic consumption by the end August. This was after a series drone attacks forced major refineries into suspension of operations. Ukraine has intensified its attacks on Russia's infrastructure to reduce Moscow's revenue. This has created a fuel shortage that has forced Russia import petroleum products, and maintain sales restrictions throughout the country. After a short respite in July when local authorities began to?ease or lift restrictions on fuel sale, shortages returned in Russian regions by August. According to sources, gasoline production dropped at the end...

Brazil's oil export tax is in a state of uncertainty after a local court ruled to suspend the levy and the Foreign Trade Chamber approved extending it for another 60-days. These contradictory moves have left the future of 12% tax unclear, and the oil companies are challenging it. This could lead to a legal battle between the Luiz Inacio Lula Da Silva administration and the oil producers. Sources familiar with the issue said that the Foreign Trade Chamber?Camex had approved the extension of tax due to expire September 9. A 'federal court' had granted an injunction to suspend the tax...

Shipping data shows that Turkey increased its diesel imports from the United States and India to record levels in August. This was due to a Russian ban of diesel exports, and to wider disruptions caused by Iran's war. According to Kpler, the commodities data firm, Turkey has imported Indian diesel at a rate of more than 120.000 barrels per day, while its imports from the U.S. have reached 90,000 barrels per daily. Kpler data dating back to 2017 shows that these volumes are the highest monthly totals ever recorded. After Ukrainian strikes on refineries disrupted the domestic supply, Russia has...

The Russian rouble fell sharply against the U.S. Dollar on Thursday. It lost more than 2%. China's currency, the yuan, also hit multi-month lows as a result of fading tax-related support amid rising imports and lower oil prices. Analysts have predicted that August will be the weakest rouble month of the year so far, due to the Ukrainian attacks on energy infrastructure, which are driving up the imports for fuel and equipment for refinery repair, increasing the domestic demand for foreign currency. The rouble was supported earlier in the week by exporters who sold?foreign currency revenue before Friday's monthly taxes....

The 'Amur Gas Chemical Complex', located in Russia's Far East, announced on Thursday that the death toll from a fire which broke out earlier this week was now 15. The plant announced on Wednesday that six Chinese citizens were among the seven victims of the fire. In a Thursday?Telegram, it said that 14 of the 15 victims were foreigners without revealing their nationalities. The report said that 39 people are still?in hospital, nine of whom were airlifted to Moscow. The complex is a joint venture between Sinopec and Sibur, a Chinese oil and gas firm. It claims to be one...

The Kremlin reported on Wednesday that U.S. CIA Director John Ratcliffe met with Russian intelligence officials but did not meet Vladimir Putin during a trip to Moscow, which U.S. president Donald Trump referred to as "semi routine." Dmitry Peskov, Kremlin spokesperson, told reporters that Putin was briefed about the outcome of the visit on Tuesday. The visit came at a time when the war in Ukraine is dragging on and efforts to achieve a lasting peace with the United States and Iran are stalled. Peskov refused to reveal what was discussed or provide further details. "All I can say is...

The United Nations weather agency warned on Monday that pollution from heat waves and wildfires could undermine global efforts to improve the air quality and protect human health. The World Meteorological Organization, in its annual report on climate and air quality, said that air pollution and climate changes are closely related and should be addressed through coordinated policies rather than isolated ones. The World Meteorological Organization warned that it would be more difficult to meet the World Health Organization air quality guidelines in the future because of the increased likelihood of extreme wildfires. WMO's?report? stated that wildfires have become a...

On Saturday, tens of thousands of protesters gathered on the central square of Zagreb to demonstrate against the failure of the government to begin cleaning up the more than 30,000 tonnes of waste that have accumulated in central Croatia. Environmentalists claim this is polluting drinking water in the area. The protest was one of the largest in Croatia for several years. It was called "Walk for Lika", named after the mountainous area where the wastes are stored. Last year, authorities discovered between 34,000 to 37,000 tons at a site in the Lika region of Croatia, near the town of?Gospic. Much...

Sejourne’s 'cabinet' released a statement on Friday stating that the EU's Industry Chief Stephane 'Sejourne decided to propose a 'broad ban' on the export of wastes, including aluminum scrap, 'to non-OECD nations'. Sejourne was expected to announce long-awaited measures for trade on September 23. These would only limit exports of aluminum scrap. In the internal discussion, it was revealed that the tool could only cover?around half of the scrap import. The Executive Vice President has withdrawn the proposal in order to look at a different proposal that is independent of trade instruments. We are currently working on a?act delegated under...

After a brutal summer, the growers of aromatic 'Czech Saaz' hops that are used in Pilsner Lagers around the world are looking for new varieties and irrigation methods to boost their faltering harvests. Jiri Smetana of the Hops Growers Union of the Czech Republic said that this year's rainfall was 60% lower than normal and temperatures of up to 40 degrees Celsius (104 Fahrenheit) were record highs, which damaged crops. Smetana, at a hopyard in Steknik, near Zatec (whose German name is Saaz), said that this season had been extremely hot and dry. He said that "we expect a decline...

Murat Kurum, the Environment Minister, announced on Friday that Turkey had signed a collaboration agreement with the Asian Infrastructure Investment Bank. The AIIB will help support environmental investments, urban infrastructure, and climate change initiatives. Kurum stated that the first phase of the agreement will focus on environmental projects within the Marmara Region through an investment package valued at around EUR400million ($465million). Kurum stated that "we aim to provide significant assistance for the cleaning up of the Marmara Sea?and our battle against sea snot by investing a package worth approximately EUR400 million. This investment will be primarily used for advanced biological...

France announced on Friday that it would be providing more than EUR1 billion ($1.16 billion), in aid to farmers, after record heatwaves caused major damage to crops, pastures, and water supplies. Paris is trying to control the deficit in order to prepare for the 2027 presidential elections. Annie Genevard, Agriculture Minister, told reporters that "one billion euros is a massive effort in the current budgetary environment." She said that about?half, or EUR520 million, of the package would be used to provide quick payments for weather damage. A local recovery fund is also created as part of the aid plan to...

The British government will lend PS400 million ($541.04million) to the Tropical Forests Forever Facility. This initiative, led by Brazil, is designed to fund?the conservation of endangered forest. Brazil launched the initiative at the COP30 U.N. Climate Summit last?year? with the ambition of raising $10 billion in public money within its first year. It has already raised almost three quarters of this target. The TFFF is an innovative model that manages the fund 'like an endowment' and pays eligible countries an annual stipend based on their tropical forest remaining standing. Britain supported the concept at the summit, but didn't make an...

The United Kingdom announced on Thursday that it would invest PS400,000,000 ($541,000,000) in the Tropical 'Forever Facility' (TFFF), a Brazil initiative designed to?finance?the protection of endangered forest. Brazil's announcement of the TFFF was a major project at the COP30 talks on climate change last year. The United Kingdom's refusal to?contribute to the fund was met with criticism because the UK helped design the fund. The TFFF aims at raising $125 billion from governments, public institutions and other sources, including $25 billion. This money will be used to compensate countries based on how well they preserve forests. In a press statement,...

Hungary's Prime Minister Peter Magyar announced on Thursday that the maximum fine for large manufacturers, including battery manufacturers, will be raised to $5 billion forints. This is a change from his predecessors efforts to attract EV battery plants. Former premier?Viktor Orban who was ousted from power by Magyars in April after 16 years of rule, made a big bet on EV batteries. He attracted foreign investment, mostly from South Korean and Chinese companies, and turned Hungary into a major hub for Europe. Magyar stated that a new environmental authority, announced by the government earlier this summer will monitor strictly battery...

China has fully reopened a road leading to the Gyirong Border?crossing?into Nepal, one week after sections?were washed out by catastrophic flooding. Heavy machinery can now reach the main disaster area for the first. China airdropped equipment and supplies for frontline rescuers who had trekked through mountains to reach the site. Chinese state broadcaster CCTV reported that a large number of heavy machines, as well as equipment to strengthen search operations, have now arrived in the area where an inspection complex for the Chinese border once stood. CCTV showed footage of rescue crews and excavators and said that they had deployed...

These are the most popular stories on the New York Times' business pages. These stories have not been?verified' and we cannot vouch for their accuracy. ?At a G20 finance summit in North Carolina last week, U.S. Treasury secretary Scott Bessent praised Trump's economic policies and urged others to follow suit. This drew criticism from Europe, Canada, and other allies, who claimed that U.S..policies had harmed their own economies. The United Nations announced on Wednesday that it will miss the climate goal of limiting global temperature rises to 1.5 degrees Celsius. It also proposed a "new" goal of limiting the "overshoot"....

Met Office statistics released on Tuesday show that Britain experienced its hottest summer in recorded history. This follows a year of extreme heat and drought, which has put infrastructure, food production, and wildfire fighting capacity to the test. According to the agency, Britain experienced record heat for the second consecutive summer, according to statistics dating back to 1884. Since 2003, the country has experienced five of its warmest summers. The Met Office stated that the human-induced climate changes "made it around 130 times more probable" for this summer's 16.5 degree Celsius (61.7 degree Fahrenheit) average temperature. Mark McCarthy, head of...