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Sources say that OPEC+ officials will discuss production capacity at Vienna
Two delegates said on Tuesday that OPEC+ delegates plan to meet in Vienna, Austria on Thursday and Friday. They will discuss the method for determining the maximum production capacity for the 22 member producer group. This issue is controversial because some members, such as the United Arab Emirates, have increased their capacity and pushed for higher quotas while others, such as Africans, have seen a decline. Angola left the group in 2024 due to a disagreement over its production target. OPEC+ Ministers asked OPEC headquarters in May to develop a method to determine the maximum sustainable production capability for each member. This will be used to establish their production baselines for 2027. One source said that this week's meeting will be to discuss the method for this assessment. They added that OPEC+ Ministers will make a final decision at their later-in-the year meeting. OPEC didn't immediately respond to a comment request. Baselines are the production levels that each member uses to cut or increase. OPEC+ has been discussing a new baseline for several years. In April, eight members of the OPEC+ Alliance, which includes the Organization of Petroleum Exporting Countries (OPEC) and its allies, led by Russia began increasing production, partly to regain market shares. Saudi Arabia, UAE and other members who have invested heavily in energy sectors have benefited from the increases. (Reporting and editing by Alex Lawler, Susan Fenton and Ahmad Ghaddar)
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Spain's summer 2025 was the hottest ever recorded, according to the state weather agency
This summer, Spain experienced its hottest temperatures since 1961. Climate change caused more than a week of heatwaves that sparked the worst wildfire season in 30 years. AEMET, the state weather agency, said that the summer of 2025 is 2.1 degrees Celsius hotter than the average for 1991-2020 and surpasses the previous record summer in 2022 by 0.1 degree. Ruben del campo, AEMET spokesperson, said that in an interview, nine of the ten hottest summers on record in Spain occurred during the 21st Century, and more heat is to come. "These summers 2022 and 2025 serve as a preview - or spoiler for what may happen at the turn of the century," del Campo stated. "One out of every three days, we've been experiencing a heatwave this summer." Del Campo stated that Spain will need to adapt to warmer summers and continue to contribute to global efforts to curb climate changes by reducing greenhouse gas emissions. Spain experienced three heatwaves lasting 36 days in the summer. According to AEMET, a 16-day heatwave that lasted in August was the most intense ever recorded. Temperatures in the southern part of the country reached 45C. Global warming is accelerating, and countries around the world have experienced record heat in recent years. The summer of 2024 marked the warmest summer in the northern hemisphere, while Britain experienced its hottest summer since 1884. According to the European Forest Fire Information System (EFFIS), data analysed by, intense heat helped fuel wildfires across the European Union that burned a record 1,03 million hectares. AEMET reported that temperatures in the inland region of Spain's northwest region, Galicia, where some of the most severe fires occurred, were 3C higher than normal. (Reporting and editing by Ros Russell; Reporting by Charlie Devereux)
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Gold reaches a new high as Fed rate cuts loom
Gold reached a new record on Tuesday. The market was buoyed by the weakening dollar and the growing anticipation of a rate cut by 25 basis points at Federal Reserve policy meeting. As of 8:09 am, spot gold was up 0.5% at $3,696.34 an ounce. ET (1209 GMT), following a session high of $3699.37. U.S. Gold Futures for December Delivery rose by 0.4% to $3733.70. The dollar dropped to its lowest level in over two months against other currencies. Gold becomes cheaper for holders of other currencies when the dollar weakens. Gold is gaining in popularity due to the anticipation of rate cuts by the Federal Reserve. If the dot plot indicates a change to two rate reductions in 2025, it could drive the gold rally, pushing the price beyond $3,700/oz, with $3,800/oz being a realistic possibility. According to CME FedWatch, traders are pricing in an almost certain 25-bps rate reduction at the end a two-day session on September 17. There is a slight chance of a 50%-bps cut. In a Monday social media post, U.S. president Donald Trump called on Fed chair Jerome Powell for a "bigger rate cut". Stephen Miran was narrowly confirmed by the U.S. Senate to be a member of the board of governors at the Federal Reserve. In a low interest rate environment, non-yielding gold bullion is likely to perform well. Commerzbank has raised its gold price prediction to $3.600 per troy-ounce by the year's end and to $3.800 by 2026. Bullion prices have risen by 41% in the past year, and multiple records were set. This is due to central banks' sustained purchases, diversification from the U.S. Dollar, and resilient demand for safe-haven assets amid geopolitical tensions and trade frictions. Silver spot was also up 0.2%, at $42.81 an ounce. This is the highest price since September 2011. Palladium was up 1.6% at $1,203.19 and platinum gained 0.6%. (Reporting by Anushree Mukherjee in Bengaluru; Editing by Shilpi Majumdar)
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Document shows that coal mines in Inner Mongolia, China have been shut down for exceeding production plans.
Inner Mongolia, China’s largest coal producing region, ordered 15 mines halted production after it was found that they had exceeded their approved output plan, according to a document by the Inner Mongolia Autonomous Region Energy Bureau. China has launched inspections of major coal hubs and asked local authorities whether the mines have exceeded production in 2024 or the first half 2025. Beijing is trying to combat overcapacity. The Inner Mongolia Autonomous Region Energy Bureau confirmed that the document detailing key details and the results of the region’s production capacity inspection was correct. In the first half 2025, 15 Ordos mines were found to have exceeded their capacity by 10%. According to the document, they have been told to suspend their operations. They may only resume after passing inspections from regional safety regulators. The document didn't provide a timetable for the inspections. According to Mysteel a Chinese commodity consultancy firm, the halted mines had a combined annual production capacity of 34.6 million tons. Five of the fifteen mines with a combined capacity of 19,3 million tonnes per year were ordered by September 16 to suspend production between five and seven days because of safety hazards. According to Mysteel, four mines have resumed normal production since the inspections. The most traded coking coal contract in China on the Dalian Commodity Exchange increased 5.84% or 68.5 Yuan ($9.63) per ton on Monday. The market rose after the state-run media reported President Xi Jinping’s Monday call for an "orderly withdrawal" of outdated production capacities and the curbing "disorderly price competition". Reporting by Sam Li in Beijing and Colleen howe, with editing by Emelia Sithole Matarise.
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EnCore Energy begins to seek state permits for the Dewey Burdock Uranium Project
enCore Energy, a South Dakota-based uranium company, announced on Tuesday that it would begin the process of obtaining state permits this year for its Dewey Burdock Project. This is ahead of schedule. In premarket trading, shares of the company increased by 3.6%. The announcement follows the denial of a review request by the Black Hills Clean Water Alliance, the Oglala Sioux Tribe, and the NDN Collective. They had contested the federal permits for the project. The petition alleged that the EPA had violated several laws, including the Safe Drinking Water Act and the Administrative Procedure Act. The appeals board, however, said that regulators acted correctly in approving permits for underground injection wells, which are crucial to in-situ recovery of uranium. The ruling allows Dewey Burdock, a leading nuclear materials manufacturer in the United States, to move forward with state permits by 2025. It also finalizes major federal authorizations including a license for nuclear materials. EnCore stated that the project is still in a federal expedited permitting program. In April, the White House announced that it would expedite permitting for 10 mining project across the United States as part of President Donald Trump’s efforts to expand vital minerals production. The World Nuclear Association stated earlier this month that the demand for uranium to fuel nuclear reactors will increase by nearly 30% over the next five year as more countries rely on nuclear energy to achieve zero-carbon goals. (Reporting and editing by Pooja menon in Bengaluru)
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Thyssenkrupp receives a non-binding offer from India's Jindal Steel for a steel unit
Thyssenkrupp announced on Tuesday that it had received a nonbinding offer from India's Jinal Steel for its steel division, without disclosing further details. Thyssenkrupp stated that it would carefully examine the offer made by Thyssenkrupp Europe (TKSE), "especially in regard to economic sustainability and the continuation of green transformation, as well as employment at our steel plants". After the news, shares of Thyssenkrupp rose 2.1%. Thyssenkrupp sold a 20% share in TKSE to Czech billionaire Daniel Kretinsky last year, with the intention of selling a 30% additional stake to create a joint venture 50-50. The powerful union IG Metall criticized the move. It said Kretinsky hadn't provided information on his strategic plans in his role as a coshareholder. Juergen Kerner, deputy supervisory board chair and senior IG Metall members at Thyssenkrupp, said that the news of the Jindal Steel offer was a good one. He said: "It's important that we enter into substantive discussion quickly to get clarity as soon as possible on the most significant open questions." (Reporting and editing by Rachel More, with Christoph Steitz)
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Sinopec to start work soon on $3.7 billion refinery in Sri Lanka, and bid for another refinery expansion
The energy minister announced on Tuesday that Sri Lanka is expecting the Chinese state energy giant Sinopec, to begin construction on a $3.7-billion refinery in this year. They are also considering the long-standing request of the company to sell more local fuel. In an interview in his office, Energy Minister Kumara Jayakody stated that the Sinopec refinery approved in 2023 will have a capacity of processing 200,000 barrels per day. It will be located close to the Chinese-built Hambantota Port in southern Sri Lanka. He said, "The land is already allocated to them and they've done all the other facilities." "The government... we all share the same expectations and idea about this project. (That it will begin this year)" Anil Jayantha, Sri Lanka's deputy minister for economic development, told a separate reporter that Sinopec would take three years to finish the project. Sinopec, according to a Chinese executive familiar with the project and the Sri Lankan government's latest proposal on the fuel market, has been waiting months for this latest proposal. The minister and an official stated that Sri Lanka previously wanted Sinopec only to sell 20% of its refinery output domestically and the rest exported. However, it is now considering proposals allowing the company up to 40% to be sold locally. Sinopec's spokesperson declined to make any comment. Arjuna Herath is the chair of the Board of Investment of Sri Lanka. She said, "From what we hear, they say that if they do not have greater access to the market, the feasibility and viability (could) be challenging." The point is being negotiated - whether or not it should be 30, 40% (percentage) or another point. There is a great deal of commitment in order to work out this issue. Sri Lanka imports the majority of its fuel. Jayakody stated that Sri Lanka plans to invest $3 billion in order to increase the refinery's capacity from 38,000 to 150,000 barrels per day. Sinopec, along with companies from China, India, and Qatar, have expressed interest in the project. He said that expansion work at Ceylon Petroleum's refinery will begin next year and be completed in two to three more years. Sinopec attended Sri Lanka's tender presentation early this month about the refinery expansion. The Chinese executive declined to provide further details. Sinopec has until the 26th of September to submit a statement of interest. The executive refused to be named as he wasn't authorised to talk to media. The details of the project have never been previously reported. Sri Lanka is a key point of rivalry between China, India and other nations. Both countries have invested heavily in energy and infrastructure projects in order to increase their influence on the 22 million-strong island nation in the Indian Ocean. India announced earlier this year that it was working to establish an energy hub along Sri Lanka's east coast. Jayakody said that the location of our country is extremely important in terms of geopolitics, particularly since many sea routes pass nearby. "On the one hand, we have India and other countries are going down the same path, so, our country gains automatically and naturally some important geopolitical benefits." Chen Aizhu contributed additional reporting from Singapore. Tony Munroe, Mark Potter and Tony Munroe edited the article.
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Dollar falls as traders bet on Fed rate cuts
Investors bought U.S. assets, assuming that the Federal Reserve will cut rates. They sold equities, however, in Europe where the borrowing costs are unlikely to drop much more. The MSCI all-country index rose 0.46%, reaching new records. The pan-European STOXX 600 fell 0.19%. This was mainly due to declines among rate-sensitive insurers and banks, who stand to lose if the European Central Bank doesn't cut euro zone interest rates any further. James Rossiter is the head of global macro-strategy at TD Securities, London. He said that markets are realizing there won't be any more cuts from the ECB. This has a negative impact on expectations for Fed to resume its easing policy. The money markets now only see a 40% probability of an ECB cut by 25 bps in June 2026, down from 50% last week. STOCKS SCALE NEW HEIGHTS Stocks reached new highs on Wall Street as the markets were buoyant in recent sessions. This was due to expectations of an imminent Fed rate cut. S&P 500 and Nasdaq Futures are up 0.2%. This indicates that the indexes will continue to rally after reaching new highs on Monday. Futures have already priced over 127 basis points worth of Fed reductions by July 2026. This means that policymakers will need to work hard to keep investors hopeful. There do appear to be quite some rate cuts already priced in. "On balance, that might suggest that the bar for an unexpected hawkish move is lower than for one that's dovish," said Thomas Mathews. The Fed is likely to stick with its cautious approach in communicating and not reveal much. The markets reacted little to the news that Stephen Miran was narrowly confirmed to the Board of Governors of the U.S. central bank by the U.S. Senate, and that a U.S. court of appeals refused to allow President Donald Trump to fire Fed Governor Lisa Cook. Both moves were not seen as likely to change the Fed's Wednesday decision, in which a 25 basis-point reduction is fully priced. Bank of Canada and Bank of England will also likely hold their rates this week. Other officials from the U.S., China and other countries said that they reached a framework deal on Monday to transfer ownership of TikTok (a short video app) to U.S. control. This agreement will be confirmed during a call between President Trump and Chinese president Xi Jinping this Friday. The Dollar: Pressure on the Dollar Fed's decision to cut bets has kept the pressure on the dollar. On Tuesday, it fell to its lowest level since July 4, against a basket currency. The euro traded at its highest level since early July. This was also the highest level since September 2021. The dollar was up 0.4% to $1.1811. The sterling reached its highest level in more than two months, at $1.3641. The yield on the 2-year Treasury note was the last to reach 3.5345%, after falling the previous session. The benchmark 10-year rate was nearly flat at 4.0432%. Investors assessed the impact that Ukrainian drone attacks against Russian refineries had on oil prices. Brent crude futures rose 0.5% to $67.79 a barrel. U.S. crude oil futures increased 0.8% to $63.74 per barrel. The spot gold price reached a record high of just under $3,700 per ounce. This was boosted by the weaker dollar, and expectations of a Fed rate reduction.
Sea drone warfare has gotten here. The U.S. is floundering.
The U.S. Navy's efforts to develop a. fleet of unmanned vessels are failing because the Pentagon. remains wedded to big shipbuilding tasks, according to some. officials and company executives, exposing a weakness as sea. drones reshape naval warfare.
The lethal efficiency of sea drones has actually been shown. in the Black Sea where Ukraine has actually released remote-controlled. speed boats packed with dynamites to sink Russian frigates and. minesweepers because late 2022.
Yemeni-backed Houthi rebels have actually used similar vessels. against commercial shipping in the Red Sea in recent months,. albeit without success.
These strategies have actually captured the attention of the Pentagon,. which is including lessons from Ukraine and the Red Sea into. its plans to counter China's increasing marine power in the Pacific,. Pentagon Spokesman Eric Pahon told .
In a signal of the Pentagon's intent, Deputy Secretary of. Defense Kathleen Hicks announced an initiative in August - named. Replicator - to deploy hundreds of small, reasonably cheap air. and sea drones within the next 18-24 months to match China's. growing military hazard.
This public show of commitment masks years of hesitation by. the U.S. Navy to construct a fleet of unmanned vessels in spite of. duplicated warnings this was the future of maritime warfare,. according to interviews with a dozen people with direct. knowledge of the U.S. sea drone plans, consisting of Navy officers,. Pentagon authorities, and sea drone business executives.
Two Navy sources and 3 executives at sea drone. makers stated the biggest obstacle to advance has actually been a. Department of Defense (DoD) budget plan process that prioritizes big. ships and submarines developed by legacy defense professionals.
Eventually, you struck the D.C. problem, said Philipp. Stratmann, CEO at Ocean Power Technologies (OPT), a New. Jersey-based firm that provides the U.S. Navy with the WAM-V, an. self-governing surface drone.
You struck the fact that there is a military commercial. complex that has the very best lobbyists and knows precisely how the. money circulations and contracting works in the DOD.
A Navy spokesperson said it acquires capabilities based on. fleet need signals, referring to the messages headquarters. get from commanders at sea.
The Navy has a budget of $172 million this year for little. and medium-sized underwater sea drones, falling to $101.8. million in 2025, the representative said. That's a tiny portion. of the $63 billion Navy procurement budget plan proposed by President. Joe Biden's administration for 2025.
Military sea drones can range from missile-armed speed boats. to minehunting miniature submarines and solar-powered sailboats. geared up with high-definition spy cams, underwater sensors. and speakers utilized to holler warnings at enemy ships.
But when the Navy has released sea drones on reconnaissance. objectives in the last few years, it hasn't always had the fleet. know-how to utilize them, the 2 Navy sources stated, asking not to. be named due to the level of sensitivity of the matter.
There aren't enough Navy sailors trained to pilot drones or. to evaluate large swathes of information returned from the craft's. cameras and sensing units, the sources said.
The spokesperson stated the Navy was in the procedure of. enhancing its data collection and analysis from sensors.
Pentagon representative Pahon said the DoD has actually been. laser-focused on speeding up innovation over the last 3. years, including the use of sea drones.
Acknowledging spending plan obstacles, Pahon stated the Pentagon was. utilizing ingenious methods to cross the valley of death, a term. utilized to explain the excruciating approval procedure brand-new developments. travel through to be purchased in big amounts.
REPLICATOR
One example Pahon pointed out was the Replicator program: the. short-term, $500 million-a-year task is created to cut. through bureaucracy and fast lane the deployment of thousands. of inexpensive aerial and sea drones.
These drones will be utilized to match China's rapidly-growing. air and naval power in the Asia-Pacific region, the Pentagon's. Hicks stated at the job's launch in August. She said. Replicator is being funded mainly by reallocating funds from the. existing Pentagon budget.
As part of the effort, the Pentagon in January provided a. solicitation for personal business to provide small sea drones. to the Navy, demanding production capability of 120 vessels per. year, with implementation beginning in April 2025.
Duane Fotheringham, president of unmanned systems at. Huntington Ingalls Industries (HII), the largest U.S. military shipbuilder, acknowledged the Pentagon and Navy had. shown their intent to speed up the implementation of sea drones. however he said the market wanted to see long-term funding in the. defense budget.
We hear the demand signal ... however all of us have to work. together really carefully to comprehend what that need is and when. it will be readily available, Fotheringham informed .
At a cost ranging in between $1 million and $3 million apiece,. according to Navy and defense specialist sources, drones provide a. reasonably cheap and fast way to broaden the Navy's fleet,. especially as numerous big traditional shipbuilding projects -. like a new class of frigate warships - are running years behind. schedule.
The U.S. is evaluating using robot ships in active combat. situations. However their more instant use is for missions that are. too costly and various for manned marine fleets.
This consists of maritime security, minehunting, and. protecting vital undersea infrastructure, like gas pipelines. and fiber-optic cables, four drone companies told .
Swarms of little sea drones could likewise serve as a shield for. important crewed properties like aircraft carriers and submarines,. and tangle up troop-carrying ships in case China tries to. attack Taiwan, stated Bryan Clark, an advisor to the Navy on. self-governing craft and a senior fellow at the Hudson Institute - a. believe tank headquartered in Washington.
Clark approximates the Navy has around 100 little drones for use. on the ocean surface and another 100 underwater drones, while. China has a similar-sized self-governing force that is growing quick. The Navy spokesperson decreased to talk about the number of drones it. has in operation.
Ukraine has actually shown how efficient they can be and how they. can be used in present operations, Clark stated. The U.S. Navy requires to accept that lesson and field battle (sea drones). immediately.
The Navy's 5th fleet, which runs out of Bahrain, has. been checking unmanned vessels for three years, led by its Job. Force 59 unit.
The job has released monitoring drones built by. personal companies, consisting of startups, along with those backed by. defense heavyweights like Lockheed Martin and HII.
The circumstance in the Red Sea provides the work of Task Force. 59 added urgency and we anticipate fielding services to. assistance counter Houthi malign behaviour, Colin Corridan, commander. of the task force, told .
MISSILE TEST
In October, the Navy carried out its first live missile test. from an unmanned speedboat in the Arabian Peninsula.
The T38 Devil Ray, constructed by Florida-based sea drone firm. MARTAC, effectively released a miniature missile system to. ruin a target boat, with a human operator ashore offering the. order, according to a Navy announcement and video.
MARTAC's Chief Marketing Officer, Stephen Ferretti, referred. concerns about the operation to the Navy.
Making use of unmanned vessels was broadened to the Navy's fourth. Fleet in central America last year where they have actually been used to. punish human smuggling off the northern coast of Haiti.
Among the business running there is Saildrone, a. California-based firm that makes wind-, solar- and. diesel-powered autonomous vessels that gather images and data. with cams and sensors.
Saildrone has actually circumnavigated Washington's funding politics. Because the company runs and maintains its own vessels, and. charges a service fee for the information they collect, the Navy can. pay to use the drones out of its operating costs instead of. procurement spending plan.
Saildrone introduced the Property surveyor, its biggest vessel, which. has actually been customized for the military, at an event in March. gone to by Chief of Naval Operations Lisa Franchetti.
The drone company, which also supplies coast guards and ocean. study departments, has a fleet of 130 vessels and is developing. a number of more every month, said Richard Jenkins, the business's. founder.
Today, we are struggling to stay up to date with need,. Jenkins informed in an interview. He decreased to talk about. just how much Saildrone charges the Navy.
Ocean Aero develops the autonomous Triton vessel, which can. move on the surface area or underwater to collect data and hunt for. mines using sensors. The business, which is backed by Lockheed. Martin, opened a 63,000 feet making center in Gulfport,. Mississippi last October that is capable of producing 150. Tritons a year.
Lockheed Martin did not respond to an ask for remark.
HII was granted a contract last October to construct nine small. underwater drones for the U.S. Navy's Lionfish program, with the. possible for this to increase to 200 lorries over the next five. years. The agreement might total $347 million, although that is. far from ensured.
The Lionfish program - which is concentrated on the Indo-Pacific. where the U.S. is vying for control with China - is based upon. HII's Remus 300, a minehunting drone that can be launched like a. torpedo from a crewed ship or submarine.
These programs are evidence that the Pentagon is attempting to move. faster to deploy sea drones, representative Pahon informed .
We know we need to keep pushing to remain ahead, he stated.
(source: Reuters)