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Shares of Grupa Azoty set to experience biggest drop in a single day after polymer project blowout
The shares of Grupa Azoty, a Polish chemicals company, fell by the most ever in a single day on Tuesday following the announcement that Orlen, the top oil refiner in Poland would not be buying more shares in the polymer production project. Orlen and Azoty have been discussing since 2024 options for GA Polyolefins (the chemical manufacturer's polymers division), in which Orlen already has a 17.3% stake. In a late-Monday statement, Andrzej Skolmowski, the chief executive of Grupa Azoty said that during negotiations Orlen had informed them that they were not interested in purchasing all or part shares in GA Polyolefins. Skolmowski said, however, Orlen has stated that it is "ready for further discussions in order to develop a way to utilize GA Polyolefins assets." Azoty reported that the parties have extended the deadline to hold talks about the future of the Project until the end July. Grupa Azoty's shares fell 14% at 1135 GMT and were on course for their worst day ever. Michal Kozak, a Trigon analyst, wrote in a recent note that "Grupa Azoty faces a dire situation." The failure of Orlen to buy the project should lead to negotiations with banks about a debt cut. Grupa Azoty has declined to provide any further comment than its Monday statement.
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OPEC predicts that the world economy could do better in the second half of the year
OPEC stated that the global economy could perform better than expected during the second half of this year despite the trade conflict. Refineries' crude intake will remain high to meet the increase in summer travel. The Organization of Petroleum Exporting Countries (OPEC) released a report every month on Tuesday. After reducing its estimates in April, the organization left their forecasts of global oil demand growth in 2025-2026 unchanged. In the report, OPEC stated that "India, China and Brazil have outperformed expectations thus far, while United States and Eurozone continue to experience a rebound since last year." The second half of 2025's economic growth could be better than expected. OPEC+ (OPEC, Russia, and other allies) would be able to move forward with their plan to pump additional barrels in order to regain market shares after years of market support. OPEC+ decided on July 5, to increase production by 548,000 barrels a day in August. This was the first time since oil prices jumped and then fell, after Israeli and U.S. attack on Iran, that they had agreed to this. Oil prices are not falling as much as expected despite an OPEC+ increase that was larger than expected and Donald Trump's comments. 50-day deadline End Russia The Ukraine War The seasonal increase in demand is a major factor. OPEC reported that global refinery crude consumption increased by 2.1 million bpd from May to June as refiners returned after maintenance. This is a sign of a strong oil market and a sign that the throughput will likely remain high. OPEC stated that "refinery intakes worldwide, particularly in the U.S. are expected to remain elevated in order to meet seasonal increases in demand for transport fuels, in particular gasoline, jet/kerosene, and residual fuel." OPEC's forecasts for demand are higher than other forecasters, because the agency anticipates a more gradual energy transition. International Energy Agency Last week, the company lowered its forecasts for demand but stated that it may be tighter in reality as refineries increase processing to meet summer travel demands. Brent crude remained steady at $69 a bar after OPEC released the report. RISE IN OUTPUT OPEC reported that OPEC+ pumped a total of 41.56 millions bpd in June, an increase of 349,000 bpd over May. The group's June quotas increased by 411,000 bpd, which is less than this. The actual increase was less than the headline increase of quotas, partly because some countries, like Iraq, reduced output as part a pledge to further reduce for earlier pumping over targets. Kazakhstan's output, which is being pressed to meet OPEC+ quotas despite a slight drop in May, increased last month and remained over the country’s quota. OPEC reports that Kazakhstan's oil output increased by 64,000 bpd to 1.847m bpd. (Editing by Kirby Donovan and Joe Bavier).
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The largest reservoir in Lebanon is drained by the worst drought ever recorded
The water levels in Lebanon's biggest reservoir, the Litani River, have dropped to record lows, amid the worst drought the country has ever experienced. This is a threat to agriculture, domestic water supplies, and electricity production. The Litani River National Authority reported that inflows into Lake Qaraoun this year during the wet season were not more than 45 million cubic meters, which is a fraction of 350 million cubic metres average annual flow. In the last year, this figure was 230 millions. According to the authority, water in Lake Qaraoun is currently unavailable - 61 million cubic metres - due to severe contamination. Sami Alawieh is the head of the river authority. "There have been dry years before, in 1989, 1990, and 1991. But this year has been the driest," he said. "We have a problem of water scarcity in all Lebanese water basins and territories." Drone footage shows the shoreline of Lake Qaraoun dramatically receding, exposing cracked soil and dead vegetation. Alawieh reported that the hydroelectric plants in Lebanon tied to Litani basin had been shut down. This has caused financial losses for Electricite du Liban and increased electricity rationing. He said that there were two main factors to consider: the decrease in rainfall and the stress on the groundwater. The authority conducted a study that found climate change and changing weather patterns contributed to more frequent and hotter seasons, as well as higher temperatures. This has led to a greater frequency of dry seasons. In some areas, the state utility has reduced supply from 20 hours per day to just 10. Farmers in the Bekaa valley, around Qaraoun Village, were already feeling its impact. Safa Issa said, "I've never seen such a drought or lack of rain this year." We used to have snow that was up to one metre in height. It's been ten years since we last saw any." Electricity supply has been erratic, which is a problem for irrigation systems. Fayez Omais, a local farmer, said: "You irrigated for three hours and then stopped for three." Suzy Hoayek is an advisor to the Ministry of Energy and Water, Beirut. She said that a national awareness campaign for reducing consumption will be launched in 10 days. She said that managing demand is the most important thing. (Reporting and writing by Joelle Kozaily; Editing and editing by Alex Richardson).
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Tapestry increases stake in recycled leather brand Gen Phoenix by nearly 10%
Tapestry is increasing its stake in eco leather producer Gen Phoenix from 9.9% to a total of $15 million as part a financing round. The companies said that the parent company for Coach and Kate Spade wants to produce more sustainable leather products. Tapestry has nearly quadrupled its stake in Gen Phoenix as part of a $15 million financing round. The company said that the investment will help it attract Generation Z consumers, those born between 1997 and 2012, who are interested in sustainable leather products. Material Impact, a venture capital firm, led Gen Phoenix's $15 million funding round. Tapestry's and Gen Phoenix’s partnership started in 2022, with the launch Coachtopia, a line of products designed using at least 50% recycled fibers from Gen Phoenix waste. Scott Roe, chief financial officer and chief operating office at Tapestry, says Coachtopia is an indicator of the spending habits of younger consumers. He said that Coachtopia was not so popular commercially, but helped him understand the needs of this critical group. Roe refused to say how much Coachtopia contributes to Tapestry's earnings but only said that it was "relatively little". Gen Phoenix estimates its materials have a carbon footprint that is 80% less than virgin leather. Elyse winer, Gen Phoenix's chief marketing officer, explained that the brands had previously worked together on a material for uncoated linings, which Coachtopia introduced to the market in less than a year. Gen Phoenix, a company that sources waste materials from European factories and tanneries, will provide Tapestry with recycled leather for three years as part of this investment. Gen Phoenix CEO John Kennedy stated that the company was eager to work with Tapestry brands. Roe stated that it is still unclear how recycled materials could be used to create other products. He said that there are many opportunities to redirect waste streams. (Reporting and editing by David Gaffen, Deepa Babington, and Samantha Marshak)
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Letter shows EU offers Slovakia assurances about Russian gas withdrawal
A letter obtained by revealed that the European Commission would work to address Slovakia’s concerns about the EU’s plan to phase-out Russian gas imports. This comes as Brussels tries to reach an agreement on new EU sanctions towards Russia. The Slovakian government has blocked the latest EU sanctions against Russia over its invasion of Ukraine, until it is satisfied that the EU's separate proposal to phase-out imports of Russian Gas by January 1, 2020 has been addressed. Slovakia claims that stopping Russian gas production could lead to shortages, an increase in transit fees and prices, as well as damage claims by Russian supplier Gazprom. In a letter seen by, the Commission pledged to work closely with Bratislava in order to address these concerns. In a letter addressed to Robert Fico, the Slovak prime minister, and signed by Ursula von der Leyen, the Commission president, will explain how a "emergency stop" can be initiated if the gas prices rise due to a lack of supply during the phase-out of Russian gas. It said: "We've been working closely together with the Member States that are most directly affected, including Slovakia, to make sure that the EU-wide phase out of Russian energy imports is gradual and well coordinated." The letter, dated Tuesday, also stated that Brussels would develop a solution to reduce the cost of the cross-border tariffs for gas and oil in Slovakia. The EU also said it was ready to intervene in any potential litigation that may arise from the Russian gas withdrawal. On Tuesday, the EU hopes to reach an agreement on the package of sanctions at a meeting in Brussels between EU Foreign Affairs Ministers. All 27 EU countries must approve new sanctions. Slovakia cannot block the EU's plans to ban Russian gas on 1 January 2028, with a phase-out beginning in 2019. They need a majority vote to be passed. (Reporting and editing by GV de Clercq, Aidan Lewis and Kate Abnett)
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Trump meets with tech, energy and government executives to push AI
The President Donald Trump, along with executives of some of the biggest U.S. energy and tech companies will be attending a summit on Tuesday in Pittsburgh as the Administration prepares new measures to drive the U.S. growth of artificial intelligence. The top economic rivals U.S.A. and China have entered a technological arms-race to see who can dominate AI, as this technology becomes more important in every area of life from the boardrooms of corporations to the battlefield. The Energy and Innovation Summit, to be held at Carnegie Mellon University, is expected to attract tech executives and representatives from leading energy and technology firms, including Meta, Microsoft and Alphabet, to discuss ways to position the U.S. to become a leader in AI. The summit, organized by U.S. Senator Dave McCormick from Pennsylvania, a Republican allie, will announce $70 billion worth of artificial intelligence and energy investment in the state. Big Tech is scrambling for vast quantities of electricity to power its energy-guzzling, data-intensive centers. This is necessary to support the rapid expansion of AI. Google announced a $3 billion deal for electricity and CoreWeave a $6 billion AI Data Center. Semafor reports that Google will invest $25billion in regional datacenters, while FirstEnergy is investing $15billion in Pennsylvania's grid. Khaldoon al-Mubarak, Rene Haas, Larry Fink, Darren Woods, ExxonMobil and Brendan Bechtel, Bechtel, and Dario Amedei, of Anthropic, are among the CEOs who will attend. White House will consider executive actions to ease the connection of power-generating projects with the grid, and to provide federal land to build data centers to expand AI technology. The administration is also considering streamlining the permitting process for data centers. This would involve creating a national Clean Water Act permit rather than forcing companies to apply state-by-state. Mike Sommers, the head of the influential American Petroleum Institute said that executive action was welcomed in order to unlock energy for powering the data centers. However, a more durable and long-lasting solution is required. Sommers told. Trump had ordered in January that his administration produce an AI Action Plan to make America the "world capital of artificial intelligence" by reducing regulatory barriers and promoting its rapid growth. The National Security Council will also be contributing to the report. It is due on July 23. Reports indicate that the White House may declare July 23 as "AI Action Day", to bring attention to the report, and to demonstrate its commitment towards expanding the industry. The U.S. is experiencing record-breaking power demand this year, after almost two decades of stagnation. This is due to the growth in AI and cloud computing data centres across the nation. Demand is leading to new deals between technology companies and the power industry, such as the attempt by Constellation Energy to restart the Three Mile Island nuclear plant in Pennsylvania. This surge in demand has raised concerns about electricity shortages which could increase electricity bills, and even lead to blackouts. Meanwhile, Big Tech is slowed down as it competes with countries like China for artificial intelligence dominance. (Reporting and editing by Colleen Jensen, Stephen Coates and Stephen Jenkins; Additional reporting by Laila KEARNEY in New York)
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OPEC predicts that the world economy could do better in the second half of the year
OPEC stated that the global economy could perform better than anticipated in the second half despite trade disputes and that refineries would continue to increase their crude intake to meet an uptick in travel during the summer, supporting the demand outlook. The Organization of Petroleum Exporting Countries (OPEC) released a report every month on Tuesday. After reducing its estimates in April, the organization left their forecasts of global oil demand growth in 2025-2026 unchanged. In the report, OPEC stated that "India, China and Brazil have outperformed expectations thus far, while United States and Eurozone continue to experience a rebound from last years." The second half of 2025's economic growth could be better than expected. OPEC+, a group of 12 OPEC producers plus their allies, including Russia, are pumping more oil to regain the market share they lost after years spent cutting production to support the market. In June, OPEC+ produced 41.56 millions bpd. This is an increase of 349,000 bpd over May. The increase is slightly lower than the 411,000 Bpd that the group had hoped to achieve by increasing its June quotas. Kirsten Donovan edited this article.
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German renewable energy share is reduced by slow wind speeds
Data released on Tuesday showed that renewable energy made up 54.5% (down 2.7 points) of Germany's electricity consumption in the first half of the year. This was due to the slowing wind speed, which curbed the generation. Germany is increasing its green energy capacity in order to move towards a low carbon economy. It also wants to achieve a political target of renewables accounting for 80% by 2030. After it stopped importing Russian gas as a response to the Ukraine War, it also needs to use renewable energy to fill in the gaps. The data released by BDEW on Tuesday highlights the importance of having backup power in case weather conditions are not favorable. As a result, Germany is still relying on coal and gas as a supplement to renewables. According to data from BDEW and ZSW, between January and June of 2024, renewables accounted for 57.2%. A joint statement said that the decline in wind energy generation in the first half was due primarily to the historically weak winds in the first quarter 2025. In the first six-month period, preliminary data shows that offshore wind volumes fell by 17.0% and onshore wind volumes by 18.3%. Hydropower volume fell by 29% as a result of a decline in precipitation, and too little melting snow to fill rivers following a warm winter. Nevertheless, the photovoltaic production increased by 23.0%. The national electricity consumption fell by 0.7%, to 258.6 Terawatt Hours, during the period reviewed. Domestic production also decreased, but only by 0.2%, to 251.2 TWh. Imports accounted for the remainder. Vera Eckert reported, Barbara Lewis edited.
Ministry says that a drone attack has stopped the production of Sarsang oil in Iraqi Kurdistan.
Two drones that caused damage to another oilfield near Erbil overnight were the cause of a drone attack on Sarsang, an Iraqi Kurdistan oilfield.
Two engineers said that production was stopped as a precautionary step after an explosion occurred at the Sarsang oil field. The Iraqi Kurdistan Ministry of Natural Resources claimed the blast was caused by a drone.
The attack has not been claimed by any group, but Iraqi Kurdistan's security sources have said that preliminary investigations suggest that the drone originated from areas controlled by Iran-backed militias.
The Ministry did not provide any further details on what it called "a terrorist act".
One oil engineer said that heavy plumes of smoke rose from the Sarsang Field in northern Iraq's Dohuk region.
HKN Energy, the field operator, said the production halt was due to firefighters trying to put out the fire. They later added that emergency response teams had contained the damage.
The ministry and HKN Energy confirmed that there were no injuries.
The company stated that the incident was under investigation, and a full damage assessment had been undertaken. It did not provide any further details on the cause of explosion.
Two drones damaged the water pipes in the Khurmala Oilfield, near Erbil, Iraqi Kurdistan on Monday. Reporting by Ahmed Rasheed, Writing by Tala RAMADAN and Nayera ABDALLAH Editing by Louise Heavens & David Goodwin
(source: Reuters)