Latest News
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Guyana: Venezuelan vessel enters oil block in Guyanese water
Irfaan Ali, the Guyanese president, said that earlier in Saturday a Venezuelan Coast Guard patrol had entered Guyanese water and approached a vessel delivering oil in an offshore block. A long-running dispute between the neighboring countries has been raging over which country is in control of the Esequibo region, which covers 160,000 square kilometers (62,000 square miles). This case is currently being heard by the International Court of Justice. Exxon has not been able to finish exploration in the northwest part of the block near Venezuela. Ali stated in a press release that "During this incursion the Venezuelan vessel approached several assets in our exclusive water, including FPSO prosperity". The Venezuelan communications ministry didn't immediately respond to an inquiry for comment. Ali said that Guyana had summoned Venezuela's ambassador to meet its foreign minister to discuss Guyana’s strong objections. Its embassy in Caracas was also advised to file a formal complaint to Venezuela. The statement also said that Guyana would formally report the incident to the ICJ, and will engage with international partners such as CARICOM. Ali said that the Guyanese Government has also deployed aircraft assets of unknown nature. The Organization of American States condemned Venezuela's incursion into "Guyana’s internationally recognized maritime territories". According to the United States Bureau of Western Hemisphere Affairs, this incident violated Guyana's territorial integrity. The Maduro government will face consequences if it continues to provoke.
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At least 33 people have died in a bus accident in Bolivia
Police and local authorities reported that a crash in Bolivia involving two buses left 33 dead and many injured in the western Potosi area. The accident occurred in the early morning on the route connecting the cities of Uyuni with Colchani. One of the vehicles had been heading to a festival of carnival. Osmar Salavatierra, a municipality official in Uyuni told local media that "there has been a fatal crash, and we have around 33 confirmed deaths already." The police were on the scene to investigate the accident and provide an official report.
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Trump-Zelenskiy clash divides US Republicans, dims aid prospects
The angry White House confrontation between Ukrainian President Volodymyr Zelenskiy and Donald Trump has divided Donald Trump's Republican allies and dimmed the prospects of Congress approving any additional aid to Kyiv for its war against Russia. After the exchange on Friday, where Trump and vice president JD Vance scolded the Ukrainian leader in front of the media, accusing them of disrespect, some Republicans who have long supported Ukraine slammed Zelenskiy. Senator Lindsey Graham demanded that Zelenskiy change his tune, or resign. This was just hours after Zelenskiy had attended a friendly gathering between Zelenskiy with a dozen senators. Graham, an ally of Trump, told reporters that "what I saw in Oval Office was disrespectful" and that he didn't think they could ever do business again with Zelenskiy. The clash had brought relations between Kyiv and its most important wartime allies to a new low. The South Carolina Senator said, "He needs to either resign or send someone over with whom we can do business. Or he needs change." Bill Hagerty, a Tennessee senator who served as ambassador to Japan in Trump's first administration, wrote on X that "The United States of America won't be taken for granted anymore." Even as the majority of Republicans rallied around Trump and Vance some Democrats joined them in defending Ukraine. In a blog post on X by New York Representative Mike Lawler he called the Oval Office Meeting "a missed chance for both the United States of America and Ukraine - an agreement which would have undoubtedly led to stronger economic and security collaboration." Don Bacon is a Republican moderate from Nebraska who threw his backing behind Kyiv. "A bad day in the history of American foreign policy." Ukraine wants freedom, rule of law and independence. It wants to be a part of the West. Russia hates our Western values and us. "We should be clear about our commitment to freedom", he said. Trump and Vance were not criticized by either of the Republican legislators. MINERALS DEAL Zelenskiy signed an agreement with the United States to jointly develop Ukraine’s rich natural resource base. The Ukrainian leader saw the meeting between Trump and Vance, as an opportunity to convince the U.S. to not side with Russian President Vladimir Putin's war against Moscow's smaller neighbour. Zelenskiy, however, was asked to leave the meeting and no agreement was signed. Kyiv’s supporters had hoped that the deal would win more support for future aid from Trump’s Republicans, who hold slim majority in the Senate. Since Putin's full-scale invasion in 2013, Congress has approved $175 Billion in aid. The last measure was passed in April when Democrats controlled both the Senate and the White House, with Joe Biden as the president. Under pressure from Trump, the candidate, who is skeptical about further military assistance to Ukraine, the congressional Republicans slowed down the bill. This led to delays in the delivery of weapons, which put Ukrainian troops at a disadvantage on the battlefield. Analysts said that if Trump, as the party leader, was promoting the "very large" minerals deal that he negotiated, this would have likely rallied Republican support to Ukraine aid. Some Republicans who advocated for Ukraine's assistance said that they hoped the relationship could be rebuilt. Michael McCaul said that he still hopes for a lasting and real peace in Ukraine, which will ensure the country is free of further Russian aggression. The Texas legislator posted on X, "I urge President Zelensky also to sign the deal immediately." It will create a partnership between the United States of America and Ukraine. Both sides of the deal are interested in its success.
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US Congress Overturns Biden’s Methane Fee on Oil and Gas Producers
The U.S. Senate on Thursday voted on a resolution that would overturn the Biden administration's proposed fee on methane emissions, one of the previous Environmental Protection Agency's final measures to force big oil and gas producers to slash emissions of the powerful greenhouse gas.The Senate passed the resolution under Congressional Review Act process, which allows Congress to reverse new federal rules with a simple majority, effectively overturning the escalating charge on oil and gas producers set by the agency they have called a tax.It follows passage of a similar resolution by the House on Wednesday.The methane fee was mandated by the 2022 Inflation Reduction Act, which directed the EPA to set a charge on methane emissions for facilities that emit more than 25,000 tons per year of carbon dioxide equivalent.Methane is the most prevalent greenhouse gas after carbon dioxide that tends to leak into the atmosphere undetected from drill sites, gas pipelines and other oil and gas infrastructure.The fee started at $900 per metric ton of methane emitted in 2024, and increased to $1,200 in 2025, and $1,500 for 2026 and beyond.The EPA last year finalized methane emission and reporting standards for the oil and gas sector, which faced less opposition from oil and gas companies.Industry groups applauded the passage of the resolutions in the House and Senate and urged President Donald Trump to quickly sign the legislation."The Biden administration and Democrats in Congress passed the methane tax to single out and punish the oil and natural gas industry despite its already burdensome EPA regulatory framework," said Independent Petroleum Association of America President Jeff Eshelman.Democratic Senator Sheldon Whitehouse, top Democrat on the Senate environment committee, said the resolution would raise energy prices and weaken environmental quality for consumers.(Reuters - Reporting by Valerie Volcovici)
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Correll Group Rebrands to SPIE Wind Connect
SPIE Global Services Energy, a subsidiary of SPIE, has announced that its wind power high voltage specialized entity Correll Group has changed its name to SPIE Wind Connect.The name change follows the acquisition of Correll Group by SPIE in 2024.SPIE Wind Connect will be focused on supporting the offshore and onshore wind industry, providing range of high voltage electrical engineering services across the full installation, operational and maintenance phases of wind farms.A key part of its services is connecting the inter-array and export cables to facilitate the energization of the wind turbines.“Looking ahead, SPIE Wind Connect’s vision expands beyond just cables and turbines. The specialized entity is committed to connecting renewable energy sources to the grid, playing a crucial role in integrating sustainable power into the global energy mix,” said Christophe Bernhart, Managing Director of SPIE Global Services Energy.
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US stocks rise in choppy trading as oil prices fall
Wall Street indexes rose in choppy trade on Friday after briefly falling following a tense White House meeting between Ukrainian President Volodymyr Zelenskiy. The White House meeting, the tariffs and Iraq’s decision to resume Kurdistan exports fueled fears that led to a drop in oil prices. The European stock market ended the week flat, but it still managed to post a weekly gain. A heated argument broke out in front of the camera between U.S. president Donald Trump and Ukrainian President Viktor Yanukovych over a potential cease-fire in the Russia-Ukraine conflict. Adam Sarhan is the chief executive officer of 50 Park Investments, based in New York. He said that initially, the market fell because of a heated, contentious discussion, which was not a good thing for two world leaders. The market fell because of this, but cooler heads then prevailed. The S&P 500 rose 1.59% and ended the session at 5,954.50. The Nasdaq rose by 1.63%, to 18,847.28. Meanwhile, the Dow Jones Industrial Average climbed 1.39%, to 43,840.91. The volume on the U.S. exchanges remained high, with 17.5 Billion shares traded, as compared to an average of 15,4 Billion shares during the 20 previous sessions. The Eurostoxx50 futures and Dax futures both fell by up to 1.4%. U.S. Treasury Yields dropped to new multi-month highs after a closely monitored report by the Federal Reserve revealed that annual inflation had subsided and that consumer spending slowed down last month. The MSCI index of global stocks rose by 5.69 points or 0.66%. The crypto prices fell as the Trump-fueled boom fizzled. Ukraine's dollar bond prices fell on Friday, but the market reacted tamely to chaos at the meeting by holding onto their previous levels. The 2034 maturity dropped just one cent, with the last bid being 59.04 cents per dollar. This is set to be a monthly gain. Investors have changed their minds about the Trump administration's policy towards Russia and the impact it will have on Ukraine's economy. The STOXX 600 pan-European index had ended the previous day flat. The dollar index (which measures the greenback versus six major counterparts) rose by 0.21% to reach 107.59. The euro dropped by up to 0.37%, reaching a low of $1.036 in two weeks. It then recovered some of this decline and traded at $1.0366. Emerging Market Stocks fell by 28.01 points or 2.49%. US DATA, TARIFF RISKS U.S. data show that the 12-month change of the U.S. Personal Consumption Expenditures (PCE) Price Index fell to 2.5% from 2.6% last month. The Fed's preferred inflation measure, core PCE, dropped to 2.6%, from a revised upwards 2.9%. The central bank targets a 2% inflation rate. Both measures were in line with expectations of economists. The threat of rising tariffs has helped boost the dollar but also raised concerns about the economic impact of widespread duties in the U.S. Peter Cardillo is the chief market economist of Spartan Capital Securities. He said that "the report indicates that inflation stays sticky." The pause will continue. The Fed could be in a bind because recent macro figures are showing signs of an economy that is cooling. The prospect of increased U.S. Tariffs sent markets into a frenzy and revived fears about an escalating trade war. Trump announced on Thursday that 25% of the duties on imports coming from Canada and Mexico would be in effect from March 4, not April 2, as he suggested earlier. He also said that goods imported from China will face an additional 10% duty. He also proposed 25% tariffs for shipments coming from the European Union this week. Bitcoin dropped 0.18% to $84,138.56 The yield on the benchmark U.S. 10 year notes dropped 6 basis points from 4,287% to 4.227% on Thursday. The yield on the 2-year bond, which is usually in line with expectations of interest rates for the Federal Reserve (Federal Reserve), fell by 8.9 basis points, to 3.991% from 4.08% at Thursday's end. Spot gold dropped 0.68%, to $2.856.49 per ounce. U.S. Gold Futures closed 1.6% lower, at $2.848.50. Brent crude futures settled at $73.18 per barrel on Friday. This is a decline of 1.16%. U.S. West Texas Intermediate Crude Futures ended at $69.76 per barrel, down 0.84%. The broadest MSCI index of Asia-Pacific stocks outside Japan fell 2.45% to 576.86 while the Nikkei, Japan's stock market, dropped 1,100.67 or 2.88% points to 37,155.50.
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Wells Fargo changes its ESG target and drops the financed emission target
Wells Fargo has scrapped its goal to achieve net-zero emission across its portfolio of financed assets by 2050, as banks rethink sustainable lending practices. The bank stated that the goals were dependent on factors "outside of our control", such as consumer behavior, public policy and technological advances, which would assist clients in transitioning to greener business practice. It added that "many of the necessary conditions to facilitate our client's transitions haven't occurred." This move shows how the financial sector is reevaluating its commitments to environmental, social, and governance (ESG), as Washington's political climate shifts. Since taking office, Donald Trump has pulled out of the Paris Agreement, severed international climate partnerships, and stopped the participation by U.S. Scientists in the Intergovernmental Panel on Climate Change which meets in China this week. In the raging debate about sustainability, financial giants have been caught in its crosshairs. Larry Fink, BlackRock's CEO and a long-time proponent of ESG principles said that he would stop using the term in 2023 because it was "weaponised". Wells Fargo also abandons its sector-specific interim-financed emission targets for 2030. Wells Fargo will continue to pursue the 2030 operational sustainability targets and 2050 emission target for its operations. Ben Cushing is the director of Sierra Club's Sustainable Finance Campaign. He said that Wells Fargo's decision abandoning its net-zero target was an abdication of their responsibility. In December, the lender also left the Net-Zero Banking Alliance – a global group of banks committed to reducing greenhouse gas emissions. Paddy McCully is a senior analyst with Reclaim Finance. He said: "At a moment when financial institutions are supposed to be leaders on climate change, Wells Fargo instead puts the economy, shareholders and the planet in greater danger." (Reporting from Niket Nishant, Bengaluru; and Saeed Azhar, New York).
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US stocks rise as oil prices decline monthly
Wall Street indexes rose on Friday after briefly being pushed down by a contentious White House meet-up with Ukrainian President Volodymyr Zelenskiy. The European stock market ended the week flat, but it still managed to post a weekly gain. The oil price is on course for its first monthly drop since November, as the markets prepare for Washington's new duties and Iraq's decision resuming oil exports to Kurdistan. A White House official confirmed that Ukrainian President Volodymyr Zelenskiy had left the White House on Friday morning after a heated Oval Office discussion with President Donald Trump. Adam Sarhan is the chief executive officer of 50 Park Investments, a New York-based investment firm. He said that initially, the market fell because of a heated, contentious discussion, which was not a good thing for two world leaders. "That was the reason why the stock market fell, but cooler heads then prevailed." The Dow Jones Industrial Average rose 136.83, or 0.32 percent, to 43.376.33. The S&P 500 gained 16.49, or 0.28 percent, to 5.878.06. And the Nasdaq Composite was up 29.24, or 0.16% to 18,573.63. U.S. Treasury Yields dropped to new multi-month highs after a closely monitored report by the Federal Reserve revealed that annual inflation had subsided and consumer expenditures slowed in December. The MSCI index of world stocks dropped by 2.43 points or 0.28%. The crypto prices fell as the Trump-fueled boom fizzled. Bureau of Economic Analysis of the Commerce Department reported that the 12-month change of the U.S. Personal Consumption Expenditures (PCE) Price Index ticked down from 2.6% to 2.5% in December. The Fed's preferred inflation measure, the core PCE, which excludes volatile goods such as food and fuel, dropped to 2.6%, from a revised upwards 2.9%. The central bank targets a 2% inflation rate. Both measures were in line with expectations of economists. The threat of rising tariffs has helped boost the dollar but also raised concerns about the economic impact of widespread duties in the U.S. Recent U.S. economic data have been weak, and traders have responded by pricing in further policy easing. According to LSEG, the markets priced in 61 basis point of additional rate cuts for this year on Friday. However, the first rate reduction is not fully price in until July. The inflation figures are still high, even though they were within expectations. However, on a year to year basis, there was a slight improvement from the previous reading. But the report shows that inflation is still sticky, said Peter Cardillo. The pause will continue. The Fed could be in a bind because recent macro figures are showing signs of an economy that is cooling. Wall Street saw the Dow Jones Industrial Average rise 64.20 points or 0.15% to 43,304.35. The S&P 500 also rose 8.12 points or 0.14% to 5,869.69, and the Nasdaq Composite gained 18.12 points or 0.11% to 18,564.87. The STOXX 600 pan-European index closed flat. The dollar index (which measures the greenback against its six major counterparts) rose by 0.21% to reach 107.59. The euro dropped by up to 0.37%, reaching a low of $1.036 in two weeks before reversing some of this decline and trading at $1.0366 Emerging Market Stocks fell by 28.01 points or 2.49%. The prospect of increased U.S. Tariffs sent markets into a frenzy and renewed concerns about escalating trade wars. Trump announced on Thursday that 25% of the duties imposed on imports coming from Canada and Mexico would be implemented on March 4, not April 2, as he suggested earlier. He also said that goods imported from China will face an additional 10% tax. He also proposed 25% tariffs for shipments coming from the European Union this week. Bitcoin gained 0.49%, reaching $84,706.59. It had previously fallen below $80,000. The yield on the benchmark U.S. 10 year notes dropped 6 basis points from 4,287% to 4,227% on Thursday. The yield on the 2-year bond, which is usually in line with expectations of interest rates for the Federal Reserve (Federal Reserve), fell by 8.9 basis points, to 3.991% from 4.08% at Thursday's end. Spot gold dropped 1.06% to 2,845.62 dollars an ounce. It is heading for its steepest weekly decline since November. U.S. Gold Futures closed 1.6% lower, at $2.848.50. The broadest MSCI index of Asia-Pacific stocks outside Japan fell 2.45% to 576.86 while the Nikkei, Japan's stock market, dropped 1,100.67 or 2.88% points to 37,155.50.
Canada's Imperial Oil Quarterly Profit Falls on Weak Crude Prices
The Canadian oil company Imperial Oil reported a decline in profit for the fourth quarter on Friday as lower crude prices were offset by higher production and better utilization of refinery capacity.
Benchmark crude oil prices dropped 3% in 2024, due to the economic challenges in China and a sluggish recovery from the pandemic. A supply glut was also exacerbated by a surge in U.S. production and that of other non-OPEC countries.
The company raised its quarterly dividend to 72 Canadian cents per shares, an increase of 20%.
Imperial's production upstream for the quarter October-December was 460,000 barrels of crude oil equivalents per day (boepd), as compared to 452,000 boepd in the same period the previous year.
The total throughput volume, or amount of crude processed per day, was up by nearly 1% to 411,000 barrels (bpd). Refinery usage was 95%, up from 94% in the previous year.
The Calgary-based company reported that its net income dropped to C$1.23billion ($849.39m), or C$2.37/share, for the quarter ending Dec. 31 from C$1.37billion, or C$2.47/share, last year.
Imperial's earnings are down as Canadians prepare for the 25% tariff that President Trump is expected to impose on Canadian imports on February 1.
According to the Energy Information Administration, Canada is the largest source of U.S. crude oil imports and will supply more than half the total imports in 2023.
Imperial Oil, which is owned by Exxon Mobil in the United States, reported a decline in its fourth-quarter profits earlier today. ($1 = 1,4481 Canadian Dollars) (Reporting and editing by Devika Syamnath in Bengaluru)
(source: Reuters)