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France prepares for fourth major heatwave, as crews battle Bordeaux fire
The fourth heatwave in France this year is expected to hit on Tuesday. High temperatures and dry conditions in the southwest of France will put pressure on firefighters battling the massive wildfires that are raging across the Bordeaux region. According to Climate Monitor, temperatures in Bordeaux will reach 33 degrees Celsius during the day. This is 7 degrees higher than the average between 1961 and 1990. "The situation that we are facing today is the worst we've ever seen, the most difficult since the Second World War," said President Emmanuel Macron on Monday night, after flying to the region. Nathalie Deattre, senator for Gironde (which includes the city of Bordeaux), said that fire crews contained the flames overnight but that the situation was still difficult. She told BFM Television on Tuesday that "everything depends on how well the firefighters perform on the ground." France is experiencing a wildfire season unlike any other. The fires have already surpassed 2022's previous record year. The Landes region, southwest of Bordeaux is covered with pine forests that are highly flammable if they become dry. So far, the fire has destroyed 42,000 hectares. About 220,000 people have been evacuated, including tourists and local residents. The situation in Biscarrosse has improved. About 15,000 people who were evacuated last week are now allowed to return home. "However, the (positive) development does NOT mean that the risk has been eliminated. Flare-ups are still possible, especially due to weather conditions. ")," the report said. Meteo France, the weather service, said that temperatures would increase from the afternoon onwards and reach a maximum of 37 degrees Celsius by Wednesday. In a recent post on X, the social media platform, Interior Minister Laurent Nunez revealed that French authorities had jailed a man in connection with the wildfires still burning in the Var region. Nunez stated that 184 individuals have been arrested since the start of the wildfires season. (Reporting by Yves Herman; Additional reporting by Charlotte van Campenhout, Editing by Andrew Heavens; Reporting by Manuel Ausloos; Inti Landauro; Sarah Meysonnier)
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The chip market is on a downward spiral as world stocks fall to a one-month low
The world stock market fell to its lowest level in a month on Tuesday as investors dumped chips across the globe on fears of Chinese competition and funding for the AI boom. A possible U.S. interest rate hike this week also dampened the mood. The Nasdaq Composite, which is a tech-heavy stock, fell 1.37% Tuesday, and chipmakers were also impacted. Micron MU.O dropped 11.7%, Nvidia NVDA.O dropped 1.7%, and Intel INTC.O lost 8.5%. Asian chipmakers were the main culprits of the sell-off on Tuesday. South Korea's KOSPI plunged more than 10%, reaching a three month low. It triggered a circuit breaker on its way down, and is now on track to record the largest monthly drop in history, surpassing the declines experienced during the Asian Financial Crisis in 1997. The index had more than tripled its value in the 12 months leading up to June. However, it has lost more than one-third of that value since then. Shares of memory chipmakers SK Hynix, and Samsung Electronics have fallen more than 12% in a market dominated by leverage. Their stratospheric rise has slowed down. The MSCI All-Country?World Price Index fell by 0.76%, to its lowest level since June 26. Investors have been concerned about circular funding and stretched valuations in the AI sector after a strong rally in this year. After a report stating that China was manufacturing its own immersion deep ultraviolet lithography machines (DUV), the latest sell-off followed. Meanwhile, Chinese chipmaker CXMT made a strong debut on Monday. This fueled concerns over increased competition in memory chip industry. You've seen companies pay for AI and hyperscalers not participate because they are worried about the cost or the level of leverage required. We're now seeing concerns about the profitability of semiconductors, especially in Asia," Dorian Carrell said, Schroders' head of multi-asset investment income. The AI story is still evolving, but this kind of growth rate (profits) is rarely sustained. We believe that the market is healthy in questioning these issues. Even though some positive earnings reports were released by companies such as Unilever and Mercedes-Benz helped European stocks to outperform, they still did not help the stock market. The earnings this week of "Magnificent 7" members Microsoft.com, Amazon.com Meta, and Apple, which are also companies that spend the most on AI will be seen by many as a test for the market rally. This is especially true after Alphabet, Tesla, and other tech giants spooked the investors with their negative cash flow reports last week. US RATE INCREASE, OIL SLIPS, EYED Brent crude?futures extended Monday's nearly 9 %?fall, falling 1.87% at $86.71 per barrel as a lull between hostilities and the U.S. followed Washington's sudden suspension of air attacks on Saturday. Donald Trump stated on Monday that the United States is having "good discussions" with Iran, and there's a good chance for a deal. The yield on the benchmark U.S. 10 year notes dropped 2.87 basis points from 4.641% on Monday. The markets have estimated that there is a 32% probability of a Federal Reserve rate hike by 25 basis points this Wednesday. Oscar Munoz is the head of U.S. Economics at TD Securities. He wrote in a recent note that "Higher oil costs due to Middle East tensions increased inflation risk and strengthened the case for a rate increase. However, we believe more evidence is needed to gain majority support." The euro gained 0.05% against the dollar to $1.1373. The Japanese yen fell 0.05%, to 163.83 dollars, barely above its four-decade-low. Markets are on edge, fearing that Japan will intervene in the currency pair, especially if it holds rates this week, and triggers another yen decline.
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Trump's crackdown on diversity reverberates in US boardrooms
The number of appointments of women and minorities of all races to S&P500 boards has dropped to its lowest level in over a decade. This threatens to undo years of progress in boardroom diversity. This shift can be seen in the new research by recruitment firms who study leadership diversity, and in interviews with over a dozen boardroom interviewers, investors and HR analysts. This comes after a series Trump administration initiatives targeting DEI, or diversity equity and inclusion. Major investors in 'corporate America who once pushed companies to diversify boards have now retreated. RECORD DIVERSITY MASKS SHIFT IN NEW APPOINTMENTS Spencer Stuart, a global executive search firm, released new data on Tuesday that shows the diversity of board appointments has been steadily declining since its peak at 72% between 2021 and 2022. According to leadership advisory firm, of the 364 independent directors appointed to S&P500 boards in the year ending April 30, 40% were females or minorities. This is the lowest number since 2014 when 39% were diverse. Spencer Stuart reports that diverse directors currently hold 49.3% seats on S&P 500 boardrooms, a slight decrease from the 49.6% record set in 2024-2025. The recent increases in diversity are a result of years of appointments made following the #MeToo, and Black Lives Matter movements. While board diversity is at a record high, new directorships are becoming less diverse. This suggests that these gains could be difficult to maintain if the current hiring practices continue and more new board seats go to white men. George Anderson, coleader of Spencer Stuart’s North American Board Advisory 'Practice,' said that boards are responding in response to the changing legal, governmental and political pressures. He explained that the trend of hiring current and former CEOs as directors is one of the reasons for the decline of diversity. This year, 37% of all new directors were ex-CEOs. It was the highest number in 15 years. He said that companies see these executives as being well-suited to handle complexity. However, the CEO talent pool was less diverse. This shift in boardroom appointments is accompanied by a dramatic decline in companies publicly citing the importance of diversity in board recruitment. According to PeopleReturn's data, which was provided by a firm that provides human resources analytics, only 12% of S&P500 companies disclose they use some form of diversity criteria when making board decisions. This is down from 23% of S&P500 companies in 2025 (when President Donald Trump started his second term) and 48% of S&P500 in 2024, under President Joe Biden. PeopleReturn reports that board diversity reached a peak of nearly 50% in this year. While supporters say that the initiatives expand opportunities for historically underprivileged groups and improve governance, Trump and others criticize them as discriminatory against white men and women and a threat to merit-based advancement. Kristin Hull is the chief investment officer at Nia Impact Capital. The company, which frequently lobbys tech companies for social causes, says that the decline in corporate appointments reflects an increase of male leadership. She said, "We made such progress." "Bro culture is now alive and kicking." Robby Starbuck is a conservative activist who, in a series of high-profile campaigns on social media, urged companies such as Tractor Supply and John Deere to rollback DEI. He said, "They focused on the wrong things and it showed in their earnings." Both companies did not respond to requests for comments. Allison Schuster, White House spokesperson, responded that Trump was "resoundingly elected" with a mandate for ending divisive and racist policies, and restoring merit and efficiency. "OUR COUNTRY WON'T BE WOKE ANY LONGER" The Equal Employment Opportunity Commission (EEOC), created under the Civil Rights Act of 1965, was tasked by the Trump administration with eradicating what it calls illegal DEI policies that, according to the administration, gave women and minorities preferential treatment in hiring and promotion. After the Supreme Court ruled that race should not be considered in college admissions in 2023, many companies canceled or reevaluated their diversity initiatives. The decision did not cover corporate practices but it triggered a legal threat against companies for a variety of diversity initiatives. Last year, Trump issued executive orders that restricted certain DEI programs within federal contractors as well as the federal government. He then declared: "Our country will no longer be woke." Trump's administration threatens hefty fines against companies who do not comply. IBM agreed in April to pay $17million to settle allegations that it discriminated against certain employees and failed comply with Trump's order calling DEI initiatives illegal to federal contractors. The U.S. Justice Department claimed IBM gave priority to diverse candidates when hiring and tied bonuses to meeting certain demographic targets. IBM, the first U.S. firm to be targeted under Trump's anti DEI directive for its employment practices, has not responded to requests for comment. The settlement agreement denied that there was any wrongdoing. However, shareholders have not shown much interest in proposals that would weaken DEI. Conservative shareholder proposals aimed at corporate DEI efforts received only 1.5% average support in recent annual meetings. This is a typical level. Board Recruitment Shifts Away from Diversity Interviews with over a dozen recruiters and investors, as well as employees, revealed that companies place less importance on diversity when it comes to board recruitment. This shift can be seen at companies such as Johnson & Johnson and Goldman Sachs, which championed diversity after the #MeToo and 2020 protests against the police killing George Floyd. Goldman dropped its requirement in early 2017 that companies going public had at least two board members who were diverse. It cited "legal developments", weeks after Trump's?first executive orders targeting diversity initiatives. Goldman's spokesperson stated that the firm believes diversity is important to its success and enhances performance. Amex and J&J did not respond to requests for comments. The INVESTOR RETREAT eases pressure on board diversity PeopleReturn CEO, Josh Ramer, said that top asset managers like BlackRock Vanguard State Street had withdrawn from DEI. This has eased the pressure on companies to increase board diversity. "All of the large investors who were pushing this issue have stopped talking about it. He said that large-cap executives are under less pressure to talk about it. Previously, fund managers had to ensure that there was a certain amount of diversity in the company boards they owned stock. BlackRock, as an example, called for 30% diversity on company boards in late 2021, while Vanguard in?2022 called for diversity in gender, race, and ethnicity at a minimum. Last year, both companies removed this language. State Street lowered its expectation that by 2025, women would make up at least 30% on major company boards. Three asset managers declined comment on this article. In the C suite, recruiters report that diversity is now less important in executive searches. Spencer Stuart reports that women and minorities accounted for 22% of the S&P 500 CEOs in 2013. This is down from 23% a year earlier. Spencer Stuart and PeopleReturn tracked the race, ethnicity, and gender of board members using self-identified data, which was supplemented with information from outside sources. Today, we hear more about "the best person." Jeff Christian, CEO at executive headhunting company Christian & Timbers, said that being a person or color is less valuable than it used to be.
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Gold drops as dollar hovers around one-month high; Fed meeting in focus
Gold prices fell on Tuesday, as a result of a strong?dollar? that hovered around a month-high. Investors were waiting for the Federal Reserve's interest rate announcement this week and Kevin Warsh's comments to get a sense of policy direction. Spot gold dropped 1.1% per ounce to $4.032.42 by 9:27 am EDT (1327 GMT), and U.S. Gold Futures for August Delivery fell 1.1%, to $4.032.40. The dollar remained near a one-month high on Tuesday, making greenback-priced bullion expensive for buyers overseas. The dollar remained near its one-month-high on Tuesday, making bullion priced in greenbacks expensive for overseas buyers. David Meger is director of metals trading at High Ridge Futures. He said that "Elevated energy prices are an inflationary concern to Fed members. The expected hawkish stance by the Fed has forced expectations for interest rate hikes and the U.S. Dollar higher, adding pressure on the gold price." Bullion is down about 24% from the time that the U.S. and Israeli?war against Iran began late in February. This has been a result of expectations that inflation due to war could cause interest rates to rise for longer. Gold is often seen as a hedge against inflation. However, when rates rise, it can have a negative impact on the metal. Investors are now awaiting the Fed's decision on interest rates and Chairman Warsh's remarks on Wednesday. The traders expect the policymakers to hold interest rates at their current level on Wednesday, with 77% expecting a rate increase during the central bank meeting in September. The U.S. The U.S. Commerzbank has lowered its gold price forecast for the year to $4,500 an ounce. They added that without a change in interest rates expectations, it is unlikely that gold ETF investors will return and gold prices will recover. Donald Trump, the U.S. president, said that Washington and Iran were having "good discussions" on the geopolitical side. He also stated that there was a chance for a resolution. He said that if the negotiations fail, U.S. airstrikes would resume. Iran also made similar remarks about retaliation. (Reporting by Noel John in Bengaluru; Editing by Leroy Leo) (Reporting from Noel John, Bengaluru. Editing by Leroy Leo.)
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US supports Madagascar rare earths project to loosen China’s supply chain grip
The?U.S. The?U.S. State Department said that Washington is supporting the Ampasindava?rare earths 'project in Madagascar in order to?loosen the dominance of competitors in critical minerals supply chain, as part of its?strategies?to loosen rivals' dominance, and this underscores Washington’s push for alternative sources of minerals, which are now largely controlled primarily by China. The project reveals a shift in the African critical minerals sector where Chinese companies had long been dominant in investment in copper cobalt lithium. The U.S., and other Western countries are supporting some of Africa's most important rare earth projects. Harena Rare Earths of London, the owner and developer behind the $150 million Ampasindava Project, announced last week that the U.S. International Development Finance Corporation had committed up to $4.48million for the pilot plant, laboratory testing, and environmental programmes. This paved the way for future funding. State Department spokesperson stated that Washington's crucial minerals strategy in Africa aims to increase U.S. investments in mining sectors which have long been dominated by "opaque and predatory investments" from our enemies. In an email response, the spokesperson stated that "Madagascar is part of this strategy and we see many opportunities to increase U.S. investment and U.S. aligned investment in the critical minerals sector" throughout the country. China is the world's largest rare earth miner and processor. It has implemented export controls to demonstrate its control over critical supply chains for electric vehicles and wind turbines. US AND EUROPE PROCESSING OPTIONS Harena claims that the Ampasindava deposit of ionic sand is rich in neodymium as well as praseodymium. These elements are vital for manufacturing permanent magnets, which are used to manufacture fighter jets, precision-guided rocket systems and other defence applications. The company stated that the project will produce approximately 4,000 metric tonnes of rare earth oxides per year, including 1,700 tons high-value magnet rare Earths NdPr, DyTb and DyTb. Andrew Murphy, Harena's Executive Chair, told? Harena Executive?Chair Andrew Murphy told? The mines ministry of Madagascar did not immediately respond to requests for comment. Harena plans to start production in Ampasindava around mid-2028 and is currently evaluating refining options both in the U.S. and Europe. Murphy named MP Materials, USA Rare Earths and Solvay as potential partners. Murphy stated that while the DFC's commitment is modest, it may?open up the door for larger U.S. funding as the roughly $150 million project progresses towards construction. DFC officials said that they could provide additional funding for the project if it meets certain criteria, such as due diligence and approvals. However, they declined to discuss possible financing.
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France has experienced its first "fire cloud". What is it exactly?
France is coping with a fire season unprecedented in its history. It has forced hundreds of thousands to evacuate and dealt a major blow to the country's economy at optimum tourist season. It's not only the?scale?of the fires?that?is a?first. The fires are also acting in a way that has never been seen in France before, such as the first ever reported pyrocumulonimbus or "fire cloud". Here is an overview of this rare phenomenon. What is a 'fire-cloud'? A pyrocumulonimbus cloud is formed when intense heat drives smoke, ash, and water vapour into the air. David Bowman is professor of pyrogeography at the University of Tasmania. He said that you can imagine it like a 'chimney, where there is a fire on the bottom, and the smoke goes straight up the 'chimney to the stratosphere. Jean-Christophe Vincendon is the wildfire coordinator at France's national meteorological service. He said that while meteorologists can identify conditions which favour fire clouds, they are unable to predict when or where one will form. How do they worsen wildfires? Wildfires are made more unpredictable and dangerous by fire-clouds, which can cause them to be less predictable. They do this by creating powerful winds that change the direction of a fire or producing lightning to ignite new flames. They can also cause a "plume collapse" when they run out energy. Bowman said that when the plume collapses it is a "showering of debris and burning debris". What does this mean for Europe? The French authorities announced on Saturday that a pyrocumulonimbus, the first ever recorded in France, had been observed near Bordeaux. Marc Vermeulen is the head of Gironde Fire and Rescue Service. He said that the phenomenon poses a challenge to emergency services due to the unpredictable nature of fires. Bowman says that Western Europe can expect to see this phenomenon more often, as it tends to occur in larger wilderness areas such as Canada or Australia. Bowman stated that "this is a grave milestone." "It's fascinating, but also absolutely terrible and horrible, and we don't want to see more of this." (Reporting and editing by Gabriel Stargardter, Ros Russell and Coralie Lamarque)
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The chip market is on a downward spiral as world stocks fall to a one-month low
Investors dumped chipmakers around the world on Tuesday due to concerns over Chinese competition and the funding of the AI Boom. The possibility of an interest rate increase in the U.S. as soon as this week also dampened the mood. Asian chipmakers were at the 'heart' of the selloff on Tuesday. South Korea's KOSPI plunged more than 10%?to an all-time low. It triggered a circuit breaker on its way down, as it headed for its biggest monthly drop on record. The index's value had tripled over the past 12 months, but has lost more than a quarter of that value since its peak. Shares of memory chipmakers SK Hynix, and Samsung Electronics have fallen more than 12% in a market transformed through leverage. Their stratospheric rise has slowed down in a hurry. The MSCI All Country World Price Index fell by 0.6%, to its lowest level since June 29. Investors are concerned about circular funding and stretched valuations in the AI sector. After reports that China was manufacturing its own immersion deep ultraviolet (DUV), lithography machines and Chinese chipmaker CXMT made a strong debut on the stock market, investors began to worry about increased competition within the memory chip sector. "You've seen companies paying for AI and hyperscalers not participating due to concerns over the cost and degree of leverage required. We're now seeing concerns about the profitability of semiconductors, especially in Asia," Dorian Carrell, Schroders' head of multi-assets income, said. These kinds of growth rates (profits) are not sustained. We believe that the market is healthy in questioning these issues. Wall Street was under pressure once again, despite some positive earnings reports from Unilever and Mercedes-Benz that helped European stocks to outperform. Futures that track the Nasdaq 100, a tech-heavy index, fell more than 1% as Nvidia's and Micron Technology’s shares dropped in premarket trade. Nvidia's shares were down 5% by Monday, after the Wall Street Journal reported that the company had been in discussions to provide $250 billion worth of financing guarantees for OpenAI in connection with a massive data center project. The earnings this week of "Magnificent 7" members Microsoft.com, Amazon.com Meta, and Apple, which are also companies that spend the most on AI will be seen by many as a test for the market rally. This is especially true after Alphabet, Tesla, and other tech giants spooked investors with their negative cash flow reports last week. OIL SLIDES; US RATE HIT EYED Brent crude's futures continued their nearly 9% drop on Monday, dropping more than 2%, to $86.63 per barrel. This was due to a lull between hostilities in the U.S.-Iran conflict following Washington's sudden suspension of air attacks on Saturday. Donald Trump stated on Monday that the United States were having "good discussions"?with Iran, and that there was a possibility of a deal. The U.S. 10-year Treasury yields fell by 4 basis points to 4.64%, while rates for shorter-term bonds barely changed. The markets have estimated that there is a 36% probability of a Federal Reserve rate hike by 25 basis points this Wednesday. "If I were sitting with positions in shares that had done really well, I'd be quite nervous, because if people started to de-gross their expositons, the high-momentum stock tends to be the first place that the de-grossing occurs," Martin Frandsen said, referring the risks that high-growth companies face due to higher interest rates. If money gets more expensive, people will start to sell their leveraged positions. The expectation of a hike sooner or later has kept the 'dollar strong, and the euro at $1.1362. The yen was trading at?163.925 per dollar, barely above its four-decade-low, as markets were on edge over?Japan's intervention in the currency pair, especially if the Bank of Japan left rates on hold and set off another yen decline. Thierry Wizman is a currency and rates analyst at Macquarie Group. He said that if BOJ communication was not hawkish, and USD/JPY headed higher, traders can expect an official response. This could include verbal interventions, rate checks or even direct FX Market intervention. (Reporting and editing by Tom Westbrook and Ankur Banerjee; and Amanda Cooper, Saad sayeed and Anil D’Silva).
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IIR note: Saudi Aramco closes Jizan oil refining after attack
Saudi Aramco closed its Jizan oil refinery, which produces 400,000 barrels per day in Saudi Arabia, on July 27, following an attack on the facility by Yemeni Houthi militants. A note seen by revealed that this was due to an attack on Saturday by Yemen's Houthi terrorists. The market is already constrained by the tight fuel supply in the world, as well as disruptions from the Middle East and Russia's ban on diesel exports. The outage has also had a significant impact on the refinery profit margins, which have reached'record highs' in certain regions. The note stated that the attack damaged the plant’s Integrated Gasification Combination?Cycle and the tank farm, and added that Aramco would tentatively finish repairs and restart the facility?by August 15?. Aramco didn't respond to a comment request. HOUTHI?SPOKESPERSON CLAIMS A STRIKE ON ARAMCO?SITES Yahya Saree, the Houthi's military spokesperson, said that the group had successfully attacked sites owned by Saudi Aramco at Jizan and Yanbu as the Gulf War which has disrupted the global supply chain extended to a new front. A video shared on social networks and confirmed by showed that a huge column of smoke rose from the Jizan refinery following the attack. Kpler data shows that the refinery exported more than 200,000 barrels per day on average in the last three months. Diesel and 'gasoil were the two main export products that accounted for over half of June?exports, which was around?170,000bpd. Naphtha accounted for about 30%. The European diesel profit margins reached a new record of $70.77 per barrel on Tuesday. This was largely due to the attacks on Middle East oil infrastructure and disruptions in regional export routes, including the Strait of Hormuz. The refinery exports most of its naphtha to Asia through the Bab el-Mandeb strait. This is a 'alternative route to the Strait of Hormuz which accounts for over half of its naphtha sales to Asian buyers. Reporting by Mohi Naira in New Delhi, and Ahmad Ghaddar from London. Editing by Louise Heavens & Jan Harvey.
Sources say that OPEC+ is likely to halt oil production increases after September.
On August 2, seven members of OPEC+ will meet.
Sources say that the group will increase its output quotas for September by 188,000 bpd.
Source: OPEC+ requires the result of the oil capacity review to decide on 2027 quotas
By Alex Lawler and Ahmad Ghaddar
LONDON, 28 July - OPEC+ will likely pause its 'gradual oil production hikes' after September, for?the rest of the year, according to four sources, because it needs to hold additional discussions before deciding on its output quotas in 2027. The pause will mark the end of several month of production hikes that were mostly on paper because the Iran War forced Middle East countries to reduce exports.
Some members of the alliance are pushing for higher targets, while others like the International Energy Agency predict that supply could exceed demand.
GROUP'S PRINCIPALS MEMBERS MEET?ON AUGUUST 2 Sources from OPEC+ told us last week that the core members of the group -- Saudi Arabian, Russia, Iraqi, Kuwait, Algerian, Kazakhstan, and Oman -- are likely to increase their output target for September by 188,000 barrels a day at a meeting on August 2, which is similar to what they did in June, July, and August.
The September increase 'would complete a phasing back of a 1,65 million bpd cut in supply originally agreed upon in 2023 when OPEC still included United Arab emirates.
One of the sources stated that there would be no further changes until the end of the year. The current production levels will remain unchanged until January 2027, when the new quotas are implemented.
Sources spoke anonymously and stated that no final decision has been made. Neither OPEC nor Russian authorities responded immediately to requests for comments.
INTERNATIONAL AND EXTERNAL FIELDS AT PLAY
OPEC+’s?output strategy for 2027 is likely to be influenced both by external and internal factors.
The group still has a layer of cuts to be implemented until the end?2026. This is a 2 million bpd cut that dates back to 2022 and applies for most members. OPEC+ is also completing a'review' of member oil production capacities to be used as a baseline for 2027, from which quotas will be set. The group must wait until the results of this review are released before deciding on the next steps. Iraq and other members of the group are also pushing for increased individual quotas in order to reflect their higher production capacity. The IEA's outlook for the oil market in 2027 is also important. It expects a surplus, depending on whether or not the Strait of?Hormuz will be reopened.
OPEC+ is a group of 21 countries that includes the Organization of Petroleum Exporting Countries plus Russia and allies.
Only seven countries have participated in the monthly management of production. The UAE was excluded until it left. Reporting by Alex Lawler and Ahmad Ghaddar; editing by Kirby Donovan and Jan Harvey
(source: Reuters)