Latest News
-
Ford Aluminum Supplier has not yet resumed full production after September fire
Two people with knowledge of the situation say that production of aluminum at Ford Motor's supplier Novelis has not yet fully resumed four months after a destructive?fire? disrupted the supply of the metal for Ford's lucrative pick-up trucks. Ford's 2025 profit forecast was cut after a huge fire in September at its New York plant. It also announced that it would be unable to produce up to 100,000 F-Series trucks by the end of 2025. The company estimates that the costs could reach $2 billion and plans to reduce about half of it. Novelis stated that it hoped to resume full production before the end of December. A second fire, in late November, 'upended that timeline. Ford said at the time that the fire in November did not affect its projected core profit for 2025. Ford's fourth-quarter and first-quarter results are not yet clear because of the extended shutdown at the hot mill. Ford's spokesperson confirmed that the company will provide an update at its fourth-quarter earnings report on February 10, 2019. Novelis' spokesperson referred to its November statement in which the company said that it would "continue to leverage alternative sources, including [its] global network of plants and other industry peers to mitigate impact." Ford executives claim that the automaker purchases aluminum from Novelis' other facilities. Analysts estimate that Ford's F-Series, which includes its F-150 truck and the larger Super Duty pickup, is the company's biggest seller. It also generates most of the global profit. Ford, which also uses Novelis as a supplier for other automakers' trucks, is the largest customer of Novelis because its trucks are largely made from aluminum. Ford announced last year that it would increase the production of its F-150?trucks and Super Duty 'trucks at Michigan and Kentucky plants by over 50,000 vehicles in 2026. This was to make up for the production lost due to the Novelis fire. The automaker has stopped production of its F-150 Lightning Electric?truck which used aluminum from Novelis as part of an $19.5 billion writedown of its EV program. In a request for financial aid from Oswego County, New York, Novelis stated that the projected costs to rebuild damaged areas and equipment will total $255,000,000. (Reporting and editing by Mike Colias, Matthew Lewis, and Nora Eckert from Detroit)
-
Gasoline margins fall to a 1-year low across Asia and Europe
Analysts and traders said that gasoline refining margins fell to near 1-year lows on Monday due to an oversupply of fuel from major exporters, and a swelling inventory at the main hubs. The profits from the 'gasoline' and 'diesel' processing are crucial to oil refiners and major oil companies' earnings. They tend to decline when oil prices increase, as feedstock becomes more expensive. Last week, oil prices rose to $70 a barrel on fears of a U.S. strike on Iran. LSEG data show that the benchmark Singapore margins of?92-octane against Brent crude dropped to $3.73 a barrel on Friday. This is the lowest since?January 21st, 2025. According to LSEG, at the end last week in Europe, physical Eurobob barges were trading at a premium of $6.19?to Brent oil, which is their lowest level since March 2025. In contrast, weather in the United States kept margins strong. Pankaj Srivastava, Rystad's energy consultancy, said that the market is "oversupplied" with China, India, South Korea, and Japan adding to exports. Asia's gasoline prices have dropped by more than 77% since their peak in November of $17.71 a barrel. This was when supplies were tight and refineries in Europe and the U.S. were undergoing turnarounds. According to LSEG ship-tracking data, India, Asia's biggest gasoline exporter, supplied 1.2 million tonnes (10.32 million barrels) in January. This is up from the 820,000 tons of fuel it shipped in December, as refiners like Reliance Jamnagar increased runs. According to Sparta Commodities analyst Philip Jones-Lux, in Europe, gasoline inventories have risen because of low exports into the U.S. during recent weeks, due to competition from U.S. blend components. Due to the higher March prices than February contracts, European traders are storing gasoline for later resale. Analysts at LSEG stated that European gasoline supply would continue to outpace demand after Nigeria's Dangote refining unit finishes its maintenance this week.
-
Ecuador stops mining in three provinces due to environmental damage
Ines Manzano, Minister of Environment and Energy in Ecuador, announced on Monday that the country has halted all mining and mineral processing operations in three provinces due to the environmental damage caused by illegal'mining. All mining in the Amazonian province of Napo has been suspended. Mineral processing was restricted in the provinces of El Oro and Loja. * Authorities say that illegal gold mining has caused severe environmental pollution in the affected areas. Manzano, a reporter, said that heavy metals like copper, lead and arsenic, as well as the cyanide, had been detected in levels above maximum permissible limit. * The minister said that the suspension would remain in effect until "mining problems are resolved, documents are reviewed and the Napo River is repaired and re-established". She added: "We won't allow clandestine activities to continue to destroy the natural heritage of the Amazon and the south of the nation." As part of the President Daniel Noboa plan to fight 'organized crime,' the Armed Forces often?conduct operations against illegal mining? in Napo. Noboa said that criminal gangs involved in drug trafficking use illegal mines as a major source of financing. (Reporting and editing by Alexandra Valencia)
-
Reforms in the oil industry of Venezuela spark both optimism and skepticism
Venezuelan workers and retirees of the state-owned oil company PDVSA hope that oil-industry Reforms sparked by U.S. Intervention last month will increase their purchasing power, as they are losing out on wages and pensions. But?their faith is measured. Some PDVSA retirees and employees in the Maracaibo oil center in Zulia have said that they expect a turnaround to make their pensions, wages and jobs more secure. "Those who remain here are doing so because they love their work." "We've been waiting for many years to see the oil we produce better compensated," said a manager at?PDVSA with over 20 years experience who declined to be identified. "Most people want to work but there's still a lot?fear." Jose Luis Galindo, a PDVSA retiree in Ciudad Ojeda, believes that the economic boom will be modest. He said that "people are generally living in an illusion created by U.S. propagandists about the supposed economic boom Venezuela is supposed to see." Changes were made 'following the capture by the United States of President Nicolas Maduro in December and Donald Trump’s plan to have Washington direct Venezuela from afar. He has proposed a $100 billion plan for energy reconstruction and said repeatedly that the overhaul would be good for Venezuelans and the country. Analysts estimate that the country's economy has been in decline for a long time and that inflation reached 400% a year ago. A reform of the energy industry that was passed last week will allow for tax cuts, autonomy to private producers, and asset transfers. Interim President Delcy Rod, who has signed oil deals with the U.S. after Maduro was ousted, supports the plan. The reform aims to increase oil and gas production and attract foreign investment into Venezuela's industry. This sector has been under state control for the past 20 years, ever since the government expropriated foreign assets including those of?U.S. Exxon Mobil, ConocoPhillips and other oil giants. Some workers and retired people hope that new investment will increase both oil production and their pay. But the future is not secure. In Ciudad Ojeda the landscape is dominated with?housing compounds built in the 1960s or 1970s for workers at the oil fields. Venezuela's residents are not all convinced that the country is headed for an oil boom. Ender Perea (71), who worked for 38 years in the state oil company, said that global oil companies "are not coming to rescue PDVSA, they are coming to invest and open up new fields." Cynthia Osterman, Cynthia Osterman (reporting)
-
India's bumpy relationship with the US in the last year
Donald Trump, the U.S. president, said that he and India had reached a deal on Monday. He also stated that New Delhi agreed to stop purchasing Russian oil in favor of buying more from the U.S. Here are some of the most important developments in U.S.-Indian Trade Relations over the last year. Why did India-U.S. Why did the India-U.S. Trump surprised India in April to August 2025 by imposing an initial 25% tariff on goods sent to the United States. The U.S. then imposed a second 25% tariff citing India's purchases of Russian oil. Tariffs on Indian goods sent to the U.S. were increased to 50%. This brought relations between India and the U.S. down to an historic low. India called Trump's actions unfair. BREAKDOWN - IN TRADE DIPLOMATICY By the mid-2025 period, prospects for a U.S. India bilateral trade agreement deteriorated. Negotiations stalled amid increased tensions. By mid-2025, Trump had already closed bigger deals with Japan, the EU and even offered better terms to India's archrival Pakistan. Trump's repeated comments about mediating the India/Pakistan conflict furthered negotiations, and led to Indian Prime Minister Narendra Modi postponing calls and meetings with Trump. Modi refused an invitation by Trump to visit Washington following the G7 summit in Canada, in June. Modi stated in a speech that in order to protect the interests and livelihoods of farmers, that he will be protecting their interests. He hinted that the talks had failed due to disagreements over the politically sensitive agricultural sector. India shifted its focus to improving relations with China, and signed a landmark deal with the European Union. What impact did Trump's tariffs have on Indian exports? Despite tariffs, India's biggest export market has seen a rise in merchandise exports. In November, exports rose by 21% on an annual basis, mainly due to increased electronics. Consumer goods such as textiles, jewelry and auto parts were the hardest hit. IMPACT OF TREATES ON THE RUPEE, AND MARKETS Indian markets are edgy after the 'worsening in India's relationship with America. Indian equity markets as well as the Indian rupee had the worst performance among other emerging markets last year. This was due to record-breaking selling by foreign investors. The selling continues into 2026. Reporting by Aftab Ahmad and Shivangi Acharya from New Delhi, edited by Matthew Lewis
-
Recycling group opposes EU scrap aluminum export curbs
The European Commission proposed restrictions on scrap aluminum exports, according to a global recycling industry group. These restrictions are unnecessary and could undermine the circular economy. In November, the Commission announced that it would restrict the exports of scrap aluminum to prevent the metal from flooding out of Europe and leaving the industry short. Aluminium lobby European Aluminium welcomed the move and urged policymakers on how to implement export fees for the material. The Bureau of International Recycling in Brussels, which represents 37 national recycling organizations, has described the idea of a EU export ban on aluminum scrap as "neither effective nor necessary". The BIR stated in its response to the EU public consultation, which was open up until the end January, that "the EU already generates more aluminium scrap than can be absorbed locally." The data available "doesn't demonstrate structural'scrap leakage' which would justify a?intervention", the report said. Scrap leakage is the export of recyclable materials, which are a much more valuable and lower-carbon resource than primary steel. BIR stated that restricting exports will?create an oversupply in Europe, lower scrap prices, and leave recyclers with an unsustainable? economic position. This would ultimately reduce collection and recycling rates. It could also increase the risk that waste streams are not managed. The Commission announced that it would propose targeted measures to reduce the amount of aluminium scrap in the second quarter this year. (Reporting and editing by Tom Daly)
-
Czech leader calls on EU to revamp carbon trading schemes in order to reduce energy costs
In a letter sent to EU institutions and peers on Monday, Czech PM Andrej Babis urged them to support the European Union's carbon emission trading scheme in order to reduce energy prices. Babis wrote in a letter to the European Commission, the European Council and the other 26 members states that the EU should limit the price of?emissions?allowances and delay its second phase. Babis told a press conference that he would seek support from other EU leaders including France and Italy ahead of the bloc’s informal summit on February 12th. He said that allowance prices were forecast to be much lower than current levels in previous years, placing a heavy burden on European industry. The letter stated that it was necessary to cap allowance costs "to prevent excessive price increases and the migration of industry out of Europe." Fuel prices, grid underinvestment, and national taxes are all factors that contribute to Europe's high energy prices. The EU Carbon Market is the main tool for the bloc to reduce CO2 emission - charging industries, power plants and other entities per ton of carbon produced to encourage cleaner production as well as investment in low carbon technologies. The scheme was launched in 2005 and returns a portion of its revenues to the national governments. EU carbon prices traded at around 81 Euros per metric ton CO2 on Sunday, after briefly hitting 90 euros mid-January. Babis called for delaying ETS2 (also known as ETS2) for buildings and transport until 2030 at the very least, after the EU agreed to delay its launch from 2027 to?2028. Poland, among others, has long complained that EU carbon prices were 'too high' and urged Brussels to act to stop the rises which they claim are driven more by financial speculation than genuine demand from emitting industry. However, other EU countries see a strong price on carbon as crucial to meeting climate goals. They argue that higher costs of carbon permits will increase incentives for investing in low-carbon technology and switching to cleaner fuels. (Reporting and additional reporting in Brussels by Kate Abnett, Editing by Ros Russel)
-
Sources say that Kazakhstan's Tengiz Field restored 20% of its output capacity by February 1.
Two sources familiar with the operational data say that oil production at Kazakhstan's Tengiz giant field has increased in recent days. It reached nearly 20% of its capacity on Sunday, following a complete outage in January. Tengiz, the oil refinery that accounts for almost 40% of Kazakhstan's production, was closed on 18 January after an electrical fire. This cut down on the nation's overall oil supply, at a time where exports had already been constrained due to disruptions along its main pipeline route. Sources said that oil output at Tengiz increased to 23,000 metric tonnes (183,000 barrels), up from 14,900 metric tons (118,000 barrels), on Saturday. Sources said that this will be about 20% of the full production capacity. Sources said that production?is expected?to continue increasing, and will reach 54,000 tonnes (430,000 barrels), or about 45% of the full output?by Wednesday. Tengizchevroil, the Chevron-led company, has said that it will gradually increase production, as conditions permit, but won't comment on specific commercial or operational details. OUTPUT FALLED IN JANUARY Tengiz’s average production fell by 2/3 from December to 234,000 barrels/day in January, according to the Situational Analytical Center of the Fuel and energy Complex (SAC FEC). Calculations show that the field produced 2.694 millions tons of coal in December, which is equivalent to 691 700 bpd. SAC FEC data show that in August 2025 the output at Tengiz reached a record of 3.7 million tonnes (roughly 950,000 bpd). MAINTENANCE?CURBS OUTPUT A source citing SAC FEC figures said that Kazakhstan's total production of oil and condensate fell to 1,27 million bpd from 1.86 in December, and 1.87 in January last year. The ministry of energy did not immediately respond to a comment request. In January, two other major oil fields saw declines. The Kashagan oilfield saw a 33% decline in production to 260,000 barrels per day, while the oil output from Karachaganak fell 13% to 198.300 barrels per day. One source said that Kashagan's decline is linked to maintenance. NCOC, Kashagan's operator, did not reply to a comment request. The decrease in Kazakhstan's total output in January is attributed to restrictions on the Caspian Pipeline Consortium export route after infrastructure was damaged by a drone strike, and the outage at Tengiz. (Reporting and Editing by Susan Fenton, Jan Harvey)
Sources say Sinopec has resumed its Russian oil purchases after a short break amid sanctions risk
Sinopec, Asia’s largest refiner, has resumed its purchases of Russian crude oil following a short pause in last month to assess the risks posed by sanctions imposed on Russian entities by the United States, according to trade sources on Wednesday.
Sources said that Unipec, a trading division of China's state run Sinopec, had purchased Russian Far East ESPO blend oil for May loading, after being absent from the March and April loading ESPO cargoes.
Unipec's decision to resume purchases was not immediately apparent.
Sinopec didn't immediately respond to an inquiry for comment.
Sources claim that the number of cargoes purchased by Unipec is significantly lower than it was before the January announcement.
On January 10, the former Biden administration imposed harsh sanctions against Russian oil producers Gazprom and Surgutneftegaz, as well as insurers and over 100 vessels in order to reduce Moscow's revenue.
Last month, it was reported that sanctions had caused a drop in Russian oil exports from China and India while Chinese state oil companies Sinopec Zhenhua Oil and Zhenhua Oil stopped purchasing Russian oil.
Traders said that ESPO blend oil cargoes loaded in May were trading at a premium of around $2 per barrel over the ICE Brent benchmark, on a shipped basis to China. Reporting by Siyi Liu and Florence Tan in Singapore, Editing by Andrew Heavens and Kirby Donovan
(source: Reuters)