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OPEC+ maintains oil production policy for October
OPEC+ said that it would not change its oil production policy for 'October' at a meeting held on Sunday. The group must first agree to new quotas in order to decide the next steps. The Iran War continues to disrupt oil exports via the Strait of Hormuz. This limits OPEC+’s influence on prices and market shares. In August, OPEC+ agreed ?its production boost for September, completing a phased rollback of a 1.65 million-barrel-per-day supply cut first agreed in ?2023. The Organization of the Petroleum Exporting Countries (OPEC) and its allies including Russia, despite the production increases agreed, are still far below their targets due to the war. OPEC'S POWER LIMITED BY IRAN CONFLICT Jorge Leon, of Rystad energy, said that "OPEC+ has a very limited influence over the oil market." The group may change its production targets on paper but cannot guarantee the barrels produced will reach the market. The focus is now shifting away from the monthly adjustments of production and to the more important debate about 2027. OPEC+ has another layer of production cutbacks in place that will cover most of the members of the group of 21 countries until 2026. Before the group decides on how to unwind the production cuts and return to the market, they need to review the oil production capacity of members to establish baselines for 2027, which will form the basis of quotas. Sources have said that this debate is more likely to happen in 2026, and OPEC+ will probably pause their output increases during the 'fourth quarter. Sources earlier said that the statement made on Sunday did not mention policy beyond October. In recent years, only the seven OPEC+ members who met Sunday, plus the United Arab Emirates, until it left OPEC in may, were involved in monthly production decisions. The next meeting of the seven countries will be held on October 4, 2018.
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Sources say that OPEC+ will maintain its oil production policy on Sunday.
During a Sunday meeting, two sources familiar with the discussions said that OPEC+ will not change its 'oil production policy' for October, because the group must first agree on new quotas. The meeting is taking place 'as the Iran War continues to disrupt oil imports through the Strait of Hormuz - limiting OPEC+’s influence on prices and market shares. The group's decisions on supply have had limited influence on the market, unlike in the past. In ?August, OPEC+ agreed its production boost for September, ?completing a phased rollback ?of a 1.65 million-barrel-per-day supply cut first agreed in 2023. The Organization of the Petroleum Exporting Countries, along with its allies including Russia, has agreed to increase production, but the group still falls far short of its target due to the war. OPEC+ has a second layer of production reductions in place that will cover most of the 21-country group's members until 2026. Before deciding how to return to market and unwind cuts, OPEC+ must review member's oil production capacities to establish quotas for 2027. Sources earlier said that this debate is expected to happen in 2026, and that OPEC+ will likely pause its output increases during the fourth quarter.
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A ceasefire negotiated for repairs to the Zaporizhzhia Nuclear Plant has been implemented
The IAEA announced that a local ceasefire brokered by it took effect Saturday in order to allow repairs at the Zaporizhzhia nuclear power plant, controlled by Russia, to be made to restore external power. Since August 20, the plant has been relying on diesel emergency generators to cool vital safety systems. The U.N. Nuclear Watchdog said that if power is not restored to the facility or additional fuel cannot be delivered, a blackout could occur within days. IAEA stated that Ukrainian technicians would begin working on the damaged Ferosplavna electric line after demining the area. In the first weeks following the outbreak of war in Ukraine, 2022, Russian forces captured the largest nuclear power station in Europe, the?plant. Alexei Likhachev, Rosatom's chief executive officer, said that on Saturday morning a temporary ceasefire was in place around the plant. This would create the conditions necessary for repair work. It is expected to last a week. He stated that restoring the Ferosplavna power line does not guarantee the?resumption of external energy supplies to the plant. He said that another 'power line' had been repaired by July 23, but it had not yet been reconnected due to a lack of action from the Ukrainian authorities. Ukraine has not commented publicly on the reported ceasefire, or Likhachev’s remarks. Both Moscow and Kyiv accused each other of military actions that compromised nuclear safety during the war.
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Zagreb waste cleanup delays prompt tens of thousands to protest
On Saturday, tens of thousands of protesters gathered on the central square of Zagreb to demonstrate against the failure of the government to begin cleaning up the more than 30,000 tonnes of waste that have accumulated in central Croatia. Environmentalists claim this is polluting drinking water in the area. The protest was one of the largest in Croatia for several years. It was called "Walk for Lika", named after the mountainous area where the wastes are stored. Last year, authorities discovered between 34,000 to 37,000 tons at a site in the Lika region of Croatia, near the town of?Gospic. Much of this waste was?imported in 2023 or 2024 from Italy. The government promised to clean up the area, but environmental groups claim that little progress has been achieved. Environmentalists claim that the waste, including medical waste and other 'industrial waste', is contaminating Lika, an 'area known for its vast areas of unspoiled natural beauty. They accuse government of being too slow to remove the waste. The protesters held banners that read: "Stop the Destruction of Croatia", "Nature does not forgive" and "The Lungs of Croatia can no longer breathe". "We're not satisfied with the response of the government." Verica Jurnjak said that the site should have?been cleaned up long ago. It is sad that no one cares for our children or their future. Andrej Plenkovic, the Prime Minister of Serbia, visited Gospic Wednesday. He said that the government has selected a contractor to carry out the first phase?cleanup's removal of waste from the site. The protest was also attended by Croatian actor Rade Serbedzija. He is internationally recognized for his roles in Hollywood movies such as "Snatch", "Mission: Impossible II" and others. "I'm here because I have to be." He said that it was our duty to defend our country. It is an outrage that this has happened, and someone needs to be held responsible.
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Gas prices in the US hit record highs for Labor Day Weekend
The war in the Middle East is still driving up energy costs. Americans are facing record high gasoline prices for Labor Day Weekend, just as midterm Congressional election campaigns begin. Patrick De Haan, GasBuddy analyst, says that the national average gas price is likely to reach $4.03 per gallon on Labor Day. This will be a significant increase over the previous record of $3.83 set in 2012. De Haan, in a blog post, wrote that "Gasoline is not at all-time highs, but it's at the highest level ever recorded for this late in the year. This means Americans may see the first national average gasoline price above $4 per gallon at Labor Day." According to GasBuddy, the national average gasoline price was $4.13 per galon on Thursday. This is up almost a dollar compared to last year's price. Analysts claim that $4 per gallon can be a problem for consumers. The price of gasoline, one of the most visible indicators of economic health for U.S. citizens, can have a significant impact on the perceptions that consumers hold about the economy. Prices have been hovering around $4 per gallon for most of the year. This has caused President Donald Trump's?Republican Party to be concerned. Trump has promised to reduce energy costs. He has intensified his criticism in recent weeks of fuel retailers and refiners, accusing them to profit from high pump prices. Trump stated on August 14 that Americans should be prepared to pay a 'tiny bit more' for gasoline in order to prevent Iran from obtaining a nuclear weapon. Labor Day is often the last summer vacation for many Americans. Many people travel by car or plane. The price of gasoline has risen along with crude oil prices. This week, the price of crude oil jumped over $90 per barrel following renewed military action between Iran and the U.S. The price of distillates (which includes diesel and heating oil) has also increased. This is due to the ongoing attacks against Russian refineries, which have raised concerns about possible supply disruptions. Crude oil and retail fuel prices typically move in the opposite direction, because crude feedstock is a major cost for the production of fuel. DRIVERS CUTTING BACK Randi?O'Brien said, "It's totally out of control" while filling her truck up at a 'Phillips 66' near Evergreen in Colorado. Colorado, Utah, Idaho Montana, Wyoming and North Dakota are among the states that have seen the most dramatic price increases since the start of the war. California, Hawaii and Washington have the highest average gas prices in the country. O'Brien said that she could only afford to pay $15 for gas at the moment. She drives 40 minutes each way round-trip every day to her job at Home Depot. She partly blames the high prices on an increase in crude and fuel exported from the U.S. after the start of Iran's war. This prompted countries to look to America for their fuel supply. According to the U.S. Energy Information Administration, refined products exports have increased by more than 10% since last year. She said, "We are sending our fuel to other countries even though we have it here." O'Brien’s struggles have been echoed by motorists in the U.S. Madison Moore, a 28-year-old Houston resident, said that she had to cut back on her Labor Day plans because the cost of a simple grocery trip was increasing and household budgets were already stretched. It used to be so easy to load up the car and drive to Galveston, out to the beach for a cookout. Moore, who was filling up his car at a Shell station in Houston, said that people "don't want" to move around like this anymore. "You'd think that our government could do a little more for its people when they actually need it." NO WIGGLE ROOM Kuan Dosmuratov is a research analyst with Wood Mackenzie. He believes that the main reason for persistently high gas prices is a lack of supply. The fear of disruptions in energy shipments across the Strait of Hormuz has pushed up crude prices as well as refining margins. Attacks on Russian refineries have also impacted fuel inventories. There are currently few levers available to increase fuel supply. The U.S. refinery is currently operating at 98% utilization, the highest since 2018. The Jones Act waiver has been extended by the government, making fuel shipping between U.S. port ports easier. Washington has also terminated the summer blend gasoline requirement early in an attempt to limit prices. The Energy Information Administration reported on Wednesday that U.S. gasoline stocks fell by 1.2 millions barrels to 205.7 million last week. The Energy Information Administration reported that the U.S. gasoline inventories fell by 1.2 million barrels last week to 205.7 million barrels. Other refined products are also seeing a sharp rise in price. U.S. Diesel prices have reached a record high this week, while AAA predicts that air travel over Labor Day will cost 20% more than it did a year ago. Tom Kloza said, "The public isn't obsessed with diesel, but I think there is a greater than even chance of retail numbers surpassing the all-time high of $5.82 per gallon by June 2022." It's a worrying future.
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US Embassy issues health alert to Cuba amid oil blockade and sanctions
The U.S. Embassy in Havana has issued a health alert for Cuba, warning residents and travelers of a rise in diarrhea and intestinal illness due to a 'failing electricity and water supply.' This is happening as the Trump Administration continues to halt fuel shipments that are necessary for the power generation in Cuba. The alert said that the U.S. Embassy had noted an increase in diarrheal illnesses across Cuba. This was associated with the continued degradation of Cuba's water and energy infrastructure. This degradation affects the water supply and food storage, as well as temperature control. The U.S. alert comes nine months after Trump's administration imposed a fuel?blockade on communist-run Island, contributing to an increase in power?cuts as well as complicating refrigeration measures and sanitary measures for homes and businesses. U.N. human rights experts called the Trump fuel ban a 'violation of international law. In August, a team of U.N. scientists?warned that the U.S. had tightened its sanctions on the island and increased the risk of disease outbreaks. The experts warned that "the humanitarian consequences have already exploded into a crisis that threatens the rights to life, health, food, and development." Trump's administration claims that sanctions are needed to force a?change in the island's governing body, an aim the U.S. has had for decades following Fidel's revolution of 1959. Trump has called Cuba an?threat' to national security in the United States. Residents in Cuba have been complaining of a rash of illnesses that cause diarrhea, fever, and body aches for several days, leaving them bedridden. In the Caribbean, it is difficult to sleep without an air conditioner or fan, and food preservation is impossible without refrigeration. The U.S. blockade of fuel has led to widespread blackouts lasting days. The U.S. health alert issued on Friday warned?travelers to Cuba and residents to be "cautious" of "perishable food that has been improperly stored." It also cautioned against eating foods that have appeared to be sitting at room temperature.
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Stocks and yields rise after a solid US jobs report
Treasury yields and the dollar rose, while stocks fell ?on Friday after stronger-than-expected U.S. job growth data boosted bets on a September interest rate hike by the Federal ?Reserve. The three major U.S. stock indexes all ended the day lower, in a widespread selloff before a 'three-day holiday weekend. Global stock index also declined. The nonfarm payrolls increased by 162,000 positions last month, following a 21,000-job increase that was upwardly revised in July. The economists polled predicted an increase of 56,000. This was after the previously reported decline of 23,000 jobs in July. The unemployment rate remained unchanged. The yield on two-year Treasuries, which is particularly sensitive to changes of monetary policy and was the last increase 4 basis points, at 4.37%, led this rise. The yield briefly reached a high of?4.4246%. This was its highest level since January 2025. The yield on Treasury 10-year notes increased by nearly 2 basis points to 4.78% after peaking at 4.812%. Bret Kenwell is a U.S. Investment Analyst at eToro, New York. He said investors would pay close attention to the consumer price report next week ahead of Fed's mid September decision. Short-term interest rate futures indicated that there was a 64% chance of a Fed hike in September, compared to 55% just before the jobs report. In New York's afternoon trading, this had dropped to 57%. The producer price inflation data will be released on Thursday and the consumer price inflation report will be published next Friday. Economists predict that the core CPI will ease from 2.5% to 2.4% over the course of the year. OIL PRICES, DOLLAR-UP The renewed attacks on the U.S. - Iran war this week has sparked a rise in oil prices and added to concerns about rising costs. The oil prices increased and finished higher for the entire week. Brent crude futures ended the week at $92.68 per barrel, an increase of 76 cents or 0.8%. West Texas Intermediate crude finished at $91.48 per barrel, an increase of 18 cents or 0.2%. Brent crude increased 7.6% this week, while U.S. Crude gained almost 10%. This is because the Middle East remains a difficult place to supply oil due to the ongoing war. Adobe's 6.7% drop after its announcement that Anil Chakravarthy, an insider, will succeed long-time CEO Shantanu Narayen. The Dow Jones Industrial Average dropped 271.86 points or 0.51% to 53,414.25.?The S&P 500 declined 29.11 points or 0.38% to 7,718.60, and the Nasdaq Composite was down 77.07 or 0.29% to 26,506.99. The MSCI index of global stocks fell by 1.09 points or 0.09% to 1,153.65. The pan-European STOXX 600 Index?rose by 0.12%. Dollar jumped following the jobs data, but lost some of its initial gains. The dollar index, which measures the greenback versus a basket including the yen, the euro and other currencies, rose by 0.21% at 99.17. However, the euro fell 0.12% to $1.1611. The dollar gained 0.26% against the Japanese yen to?156.19. The yen is surging this week as traders bet on more or quicker Bank of Japan interest rate increases. It's testing the 155.21 mark, which was last month's high following U.S.-Japan interventions. It will then reach its highest level since May 6 if it manages to break through this barrier. Spot gold dropped 1.2% to $4.419.09 an ounce.
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A Mexican lawmaker from the ruling party was found dead, with a gunshot wound a year prior to elections
By Lizbeth Diaz MEXICO CITY - On Friday, September 4, a member of Congress of Mexico's ruling Morena party, was found dead in Veracruz, an eastern state, from a gunshot wound. This happened a little more than a year before local and federal election. Zenyazen Escobar, a federal lawmaker representing the coastal state - home to many of the oil complexes in the country - was found dead with at least one bullet wound inside his vehicle. Lisbeth Lisbeth told reporters that the investigation file was being prepared, without providing any further details. Ricardo Ahued said that the vehicle of the legislator showed no signs of violence. Mexico's lower chamber of Congress sent condolences Escobar's friends and family, and asked judicial authorities to "conduct a thorough investigation into the fact." The death happened as the country prepares for elections to be held on June 6, to renew positions in mayoral, state legislative, city council, and gubernatorial offices. During previous elections, violence was linked to organized criminal groups that sought to control political figures by co-opting them. Data Civica reports that in just one month, there were 30 "political criminal violence" incidents in 11 states of Mexico. Of these, 14 were homicides. Zacatecas had the most cases, followed by Michoacan and Quintana-Roo with four cases each, Oaxaca with three, and then?Baja California,?Veracruz and 'Baja California, each with two. Data Civica defines political-criminal violent as threats, murders and armed attacks. It also includes assassination efforts, kidnappings, disappearances and assassination tries. The national?electoral?body INE has warned organized crime is a serious concern for democratic processes. According to INE, in the past, court rulings documented the presence of armed individuals who attempted to intimidate the public or 'coerce them into voting a particular way.
Four killed in Israeli attacks on southern Lebanon
Lebanese Health Ministry: Israeli strikes in southern Lebanon killed four people on Sunday, including two women. Israel was retaliating for drone attacks by Hezbollah, it claimed, within areas that its troops occupied.
Israel's military operates in what they have declared a "security zone" in southern Lebanon, despite a June ceasefire mediated by the United States.
The health ministry of Lebanon said two men died in a village?on the border of the area occupied by Israeli forces, and two women in Arab Salim which is?well north of the occupied zone.
Israeli military issued an online warning for evacuation at 6 am local time (0300 GMT). The warning was for areas near a building that Israel said would be struck because Hezbollah used it. Six?others were injured, including two girls.
The office of President Joseph Aoun in Lebanon called the strikes on Sunday, which destroyed a hospital and damaged a building belonging to the Finance Ministry, a "dangerous escalate" that was directed at "pure civilian administrations and hospitals".
It said that "President Aoun holds the Israeli side responsible for the ongoing escalation and calls on the United States to take immediate actions to stop these violations, and hold perpetrators accountable."
Israeli military claimed that its targets included Hezbollah weapon storage facilities, as well as a command center inside an old hospital. The Israeli military also claimed that it had used precision munitions, aerial surveillance and other methods to minimize civilian injury.
The evacuation alert issued on Sunday is only the second since the ceasefire was announced in June.
The first online evacuation order was issued on 5 August for residents of Mansouri near Tyre. Israel had dropped leaflets in the village a week before, warning residents to evacuate ahead of any strikes.
The health ministry reported on Saturday that Israeli strikes without evacuation warnings killed four people and injured 23 others in southern Lebanon. Israeli military claimed that these strikes targeted Hezbollah weapon storage facilities.
Hezbollah stated on Saturday that Israel’s continued escalation was aimed at putting pressure on the Lebanese government, which had been in direct talks with Israel under U.S. sponsorship -- negotiations that Hezbollah's Iran-backed group rejected.
Since March 2, when Hezbollah launched missiles at Israel to support Iran, Israeli airstrikes in Lebanon have killed more than 4,300 people.
(source: Reuters)