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Executives at India's MRPL say that the company has halted its Russian oil purchases to avoid sanctions risks.
A company executive said that India's state refiner Mangalore Refinery & Petrochemicals Ltd does not have immediate plans to purchase Russian oil because of the risks involved following the latest U.S. sanction on Moscow's major oil producers. Last week, U.S. president Donald Trump imposed sanctions against Rosneft, Russia's largest oil company, and Lukoil in an effort to pressure Vladimir Putin into ending the war in Ukraine. The MRPL executive who declined to name himself due to the sensitive nature of the issue said that it was hard for the company's to track back oil supplies and make sure they did not come from sanctioned parties. The executive stated that MRPL, as the only refiner in the state, exports a large quantity of refined products including diesel and jetfuel, so they must ensure sanctions are not violated. According to a company official, MRPL has enough oil for processing needs in November and December. The company buys on average 3 million barrels per month of Russian oil. The refiner will be seeking oil supply through an auction in December. MRPL operates a refinery that produces 300,000 barrels per day in the southern Karnataka State.
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Cameroon opposition leader vows to resist Biya's victory
Issa Bakary, the opposition leader in Cameroon, has dismissed the Constitutional Council’s declaration that President Paul Biya won the election on October 12. He called the ruling "fictitious" and pledged to resist. Biya has been ruling Cameroon, the oldest country in the world, since 1982. His reelection has heightened tensions in Cameroon, a cocoa- and oil-producing country. Critics accuse him of abusing state institutions to hold on to power. "The truth is in the ballot." This election was won by a wide majority. This victory does not belong to me alone, it belongs the Cameroonian People," Tchiroma stated late Tuesday night in his first address public since the council had confirmed Biya’s eighth term. Violent Protests After the ruling of the Central African Council, which was final and cannot be appealed, violent protests intensified in several towns across the nation. Local media reported that at least 10 people were killed as hundreds of protesters took to the street to denounce a rigged elections. Tchiroma, in a Facebook video, said: "We demand a stop to these barbaric acts, including the killings and arbitrary arrests. We will remain steadfast." "We won't be manipulated or frightened. "We will remain united until the final victory," said he. Cameroon’s Interior Minister Paul Atanga Nji has accused Tchiroma of inciting violence and rebellion on Tuesday after prematurely declaring his victory on October 13 In a press release, Nji stated that "this irresponsible politician, driven by a desire to force through the plot to disturb public order, repeatedly issued calls on social media to incite civil unrest." He claimed that small groups, "often under drug influence", looted stores and set public buildings on fire. He didn't provide any proof that the protesters were on drugs. Nji reported that many public and private property had been vandalised in Douala, the economic capital of the country, which experienced some the worst violence. He said that during the clashes, security personnel had been injured and attackers were killed. At a press briefing on Tuesday, the governor of the region said that more than 200 people had been arrested as a result of the protests. Reporting by Amindeh Atabong and Bate Fess, editing by Ed Osmond
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Coal India's profit for the second quarter missed expectations due to a tepid market
Coal India reported on Wednesday a 30% drop in profit for the second quarter, a decline that was greater than expected due to a weak demand and low volumes. State-owned miner's net profit consolidated fell to $495.36 million in the third quarter ending September 30. According to LSEG data, analysts expected the company to report a profit in the range of 61.96 bn rupees. After the results, the shares of the company fell by over 2%. Coal India has been reported to have cut purchases and withdrawn more coal from India's power stations, despite their record-high inventories. According to data from the company, the world's second largest coal producer, who produces mainly non-coking coal for power plants and industries, saw a decline in production. Analysts noted that Coal India continued to lag behind its peers within the mining industry, due to a declining volume of offtake and a bleak increase in sales. This led to the company posting a profit drop year-on-year in both the second and third quarters. Revenue from operations dropped 3.2% to 301.87 Billion Rupees.
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Global oil demand won't peak until 2032, Wood Mackenzie report says
Wood Mackenzie, a consultancy, said that the peak in global oil demand would not occur until 2032. This is two years later than previously thought. The report, released on Wednesday, blamed continued growth in the use and production of hydrocarbons in transport, petrochemicals, and other applications. Wood Mackenzie's Energy Transition Outlook states that the 2050 goal of net zero is no longer achievable due to the increasing dependence on fossil fuels as a result of artificial intelligence, geopolitical tensions and increased power demands. The report is released ahead of the COP30 meeting, which will take place in Brazil next month. At this meeting, countries will be expected to update their national climate commitments as well as assess progress made on renewable energy targets. By the Numbers The report stated that the demand for liquid hydrocarbons will peak at 108 millions barrels of oil per day by 2032, with the natural gas market remaining strong well into the 2020s. The report stated that China's oil demand was 16 million bpd by 2025. However, rising adoption of electric vehicles could cause the demand to fall by 35% by 2030. India, Southeast Asia, and Africa continue to be the main drivers of oil consumption growth. Wood Mackenzie's analysis shows that to limit global warming to 2 degrees Celsius, $4.3 trillion annually in investment would be required between 2025-2060. This is a 30% increase from current levels. The energy sector investment must therefore grow from 2,5% of the global GDP to 3.35% in the next decade. KEY QUOTES The Wood Mackenzie Report stated that "Fossil Fuels are no long uncontested. They are being squeezed to narrower roles but their decline has been more gradual than anticipated." Why it's important The energy transition aims to achieve the Paris Agreement goal of limiting global temperature increases to 1.5 C (2,7 F) over preindustrial levels by replacing fossil fuels with clean renewable power. The slower pace of energy transition and stronger-than-expected crude demand are making this shift harder. (Reporting and editing by Alex Lawler, Conor Humphries, and Seher Dareen from London)
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Naturgy maintains its full-year forecast as gas prices continue to rise
The Spanish utility Naturgy announced on Wednesday that it is on track to achieve its full-year guidance, as it gains from its gas trading and supplies from the United States, despite higher gas and electricity prices across Europe. In the first nine-month period of this year, net profit increased by 5.6% to reach 1.67 billion euro ($1.95 billion). The company is expecting to generate a net profit of more than 2 billion euro this year, after only 1.9 billion euros in 2024. Naturgy reaffirmed that it would aim to achieve a full-year EBITDA of over 5.3 billion euro, which is the same as last year, despite EBITDA being 1.8% lower than in the first nine-months. In a press release, it said that gas and electricity prices were still higher than they were a year earlier. This was against the backdrop of geopolitical tensions as well as macroeconomic uncertainty. It said that "these factors contributed to the decoupling of gas and oil prices indexes", with oil prices still below the average for the same period in last year. Naturgy's combined-cycle power plants in Spain have "substantially increased" their production in order to assist the system operator with voltage control and to respond to contingencies after the April 28th earthquake. Blackout The Iberian Peninsula was left in darkness. The company is expecting to end 2025 with net debts of approximately 13 billion euros. This represents a ratio of debt to EBITDA of less than 2,5 times. The board of directors approved a dividend per share of 0.6 euro to be paid on November 5. This is in addition to the same compensation already paid to shareholders back in July. Naturgy’s strategic plan, launched in February, envisages a minimum annual remuneration for shareholders of 1.7 euro, provided the company maintains its BBB rating.
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Investors await Fed decision, Powell's speech as gold gains more than 1 percent
Gold prices rose more than 1% in Wednesday's session as investors found it attractive after the metal fell to its lowest level in three weeks during the previous session. The Federal Reserve's rate-cut decision and Jerome Powell’s speech are at the forefront. As of 0748 GMT spot gold rose 1% to $3,991.59 an ounce after falling to its lowest level since October 6, on Tuesday. U.S. Gold Futures for December Delivery gained 0.6%, to $4,005.60 an ounce. Peter Fertig, Quantitative Commodity Research's analyst, said that bargain-hunting might be a good way to support gold because its price has dropped by more than 10%. This makes gold attractive because the gold story remains valid. Fertig continued, "There may also be central bank currency managers who saw a great opportunity to purchase a little more gold when the price dropped." On Wednesday, U.S. president Donald Trump started the final leg in his Asia tour by arriving in South Korea. He was optimistic that he could advance an unresolved trade deal with President Lee Jae Myung as well as reach a truce on a trade dispute with Chinese President Xi Jinping. Trump and Xi will meet in South Korea Thursday. The progress in U.S. China trade talks has continued to sap the demand for safe-haven assets like gold. This pullback extended as tensions eased. The recent falls may offer central banks an opportunity to increase purchases," ANZ stated in a report. Investors are looking for any comments from Powell that will be forward-looking. Gold that does not yield is a good investment in low interest rate environments and times of economic uncertainty. The gold price has risen by 52% in the past year, with a peak of $4381.21 reached on October 20. This was boosted by economic and geopolitical uncertainty, bets to lower rates, and central bank purchases. Silver spot rose by 2%, to $47.98 an ounce. Platinum was up 0.6%, at $1,595.46, and palladium was up 1%, to $1,407.25. (Reporting and editing by Sumana Nady, Sherry Phillips, Eileen Soreng, Sonia Cheema, and Ishaan Aroo in Bengaluru)
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Finnish utility Fortum warns about lower power output after missing earnings forecast
The Finnish utility Fortum announced third-quarter earnings on Wednesday that were well below analyst expectations. They cited weaker electricity generation and warned of lower outputs for the rest of 2025. Fortum's earnings declined due to reduced production volumes and lower hydro inflows. The comparable operating profit for July-September fell to 97 millions euros ($113million), down from the 158 million euro figure of a year earlier. This is below the median analyst's estimate of 114 million euros in a survey provided by the company. Markus Rauramo, Chief Executive Officer of the company, said that the decrease in the Generation segment result was primarily due to a lower generation volume but also because hedge prices were lower. Lower hydro inflows, and an extended outage of Sweden's Oskarshamn Nuclear Plant, which the utility co-owns along with Germany's Uniper led to the decline. Fortum has cut its nuclear generation forecasts for this year. It expects a decline of 3.6 Terawatt Hours (TWh), compared with the 2.9 TWh predicted in August. Fortum, despite lower generation volumes, achieved an average power price of 46.11 euros per megawatt hour (MWh) during the third quarter. This is up by two euros compared to last year. The increase was mainly due to higher spot prices and better physical optimisation. Rauramo stated that the industrial demand in Scandinavia, and in particular in Sweden, has slowed down after initially showing signs of improvement. He said that the current political and regulatory uncertainty in the Nordics can influence the timing of major industrial investment decisions.
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Everest tourism is halted in Nepal and Tibet due to heavy snowfall caused by cyclone winds
Authorities said that the Nepali and Chinese sides were closed for tourism due to heavy snowfall brought by cyclone wind. Deep snowdrifts caused a helicopter crash while it was trying to rescue stranded hikers. The region around Mount Everest, visited by thousands of climbers and trekkers, has been covered in snow since Monday. A cyclone that shook India from the Bay of Bengal brought a second round of heavy snowfall to the Himalayas in this month. The authorities in Nepal have stopped trekking on many routes because of heavy snowfall and rain in lower elevations. They have also urged hikers to not venture out on their treks or continue in the Annapurna and Manaslu areas. These are home to some the highest peaks in the world. Civil Aviation Authority of Nepal spokesperson Gyanendra Bhull said that a small private helicopter which was flying to Lobuche, near Everest Base Camp, to rescue stranded hikers crashed when it attempted to land. CAAN footage showed the helicopter lying on its back after it slipped in the snow during landing. The pilot was rescued later. The trekkers' rescue status was not immediately clear. Since Tuesday, Nepal Army spokesperson Raja Ram Basnet reported that hundreds of trekkers have been guided to safety by army and police rescuers in the Manang district. He stated that about 1,500 hikers including 200 foreigners from different countries, their guides, and local trekkers lost their way because hiking trails had been buried by deep snow. Basnet said in Kathmandu that rescuers cleared snow from the trail and moved them to safer places. The weather officials predicted heavy rain and even snow for Thursday and Friday, due to Cyclone Montha's passage through India's Andhra Pradesh state. According to the Tingri County Tourism Department, the ticket sales on the Tibetan side had been suspended as of Tuesday afternoon due to icy roads and poor visibility, which made it impossible for vehicles to travel. Uncertainty remained as to whether tourists were trapped in the Everest region of Tibet. The Tibetan government's press office did not respond immediately to a comment request. The weather forecast shows that temperatures in Tingri will continue to drop below freezing levels this week. A blizzard trapped hundreds of trekkers on the Tibetan side of Everest near the eastern face in early October. The trekkers were all rescued in a massive rescue operation which lasted several days and was conducted under sub-freezing temperatures. More than 50 people have died in Nepal due to floods, landslides and heavy rains. Reporting by Gopal Singh in Kathmandu, and Ryan Woo from Beijing; editing by Stephen Coates
Refiner PBF Energy posts bigger-than-expected Q3 loss as margins collapse
PBF Energy posted a. biggerthanexpected thirdquarter loss on Thursday as the U.S. refiner took a struck from weak fuel need which diminished refining. margins.
Worldwide, refiners have seen a drop in profitability due to. soft customer and commercial demand, especially in China.
Bigger rivals Phillips 66 and Valero Energy. posted drops in quarterly profits, dented by weak margins, but. still managed to beat analysts' quotes.
The business said its gross refining margin, omitting. unique products, per barrel of throughput stood at $6.79 in the. quarter, a 69.4% drop from in 2015.
U.S. refiners are seeing their margins and revenues normalize. from recent record highs, following Russia's invasion of Ukraine. in 2022.
PBF's financial outcomes for the quarter reflect the wider. macro headwinds produced by weaker-than-expected worldwide. need and higher-than-anticipated refinery usage, PBF. Energy's CEO Matt Lucey said in a declaration.
The business included it was conducting its last major. turnaround at the Chalmette refinery in Louisiana and expects. the work to be ended up in November.
The business stated its noted quarter's crude oil and. feedstocks throughput stood at 935,600 barrels of oil daily. ( bpd), compared with the previous year's 939,700 bpd.
For the present quarter, it anticipates total throughput to be. in between 840,000 bpd and 900,000 bpd.
PBF likewise revealed a 10% boost in quarterly dividend to. $ 0.275 per share.
On an adjusted basis, the Parsippany, New Jersey-based. business lost $1.50 per share in the 3rd quarter, compared with. price quotes of a loss of $1.41 per share, according to information. assembled by LSEG.
(source: Reuters)