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IEA: Global oil demand will rise less quickly as prices increase
The International Energy Agency warned on Thursday that world oil demand will rise more slowly than anticipated this year. However, it still expects a large surplus in the global market despite the outages which cut supply back in January. In its monthly report on oil, the agency predicted that global supply will exceed demand by 3,73 million barrels a day in 2026. This is essentially unchanged from last months' forecast. This surplus would be equivalent to almost 4% of global demand, which is higher than any other forecast. Brent crude LCOc1 - the global benchmark - was trading at less than $70 per barrel on Thursday, after the report. Prices have risen by about 14% in the past year due to tensions between the US and Canada. Prices are still up about 14% since the start of the year due to tensions between Iran and the United States. The IEA, a consultancy for industrialised countries, said that "escalating geopolitical conflicts, snowstorms in North America and extreme temperatures, as well as Kazakh supply disruptions" prompted the reversal from a "bullish market". Prices CURB Demand The IEA said that world oil demand will rise by 850,000 bpd in this year. This is down 80,000 bpd compared to last month's estimate and below the Wednesday projection of OPEC. According to the IEA, "economic uncertainty and higher oil prices are weighing down on consumption." OPEC+ – the Organization of the Petroleum Exporting Countries, plus Russia and allies – began increasing production in April 2025 following years of cuts. Other producers such as the U.S. Guyana and Brazil have also increased?production. OPEC+, however, has paused their output increases for the first quarter 2026. On March 1, eight members are expected to meet to decide if they will resume the?hikes for April. Supply Cuts in Early 2026 The IEA reported that the global oil supply fell by 1.2m bpd to 106.6m bpd after the outages in Kazakhstan. The agency reduced its forecast for supply growth in 2026 to 2.4m bpd, down from 2.5m bpd as of last month. The IEA reported that OPEC+ pumped a total of 43.3 million?bpd in January, a decrease of 160,000 bpd compared to December. This is still far higher than the report's estimated demand for OPEC+ oil - plus inventory withdrawals - which was 39.7 mbpd during the first quarter, and 39.6 mbpd during the second. According to a calculation, the data published by OPEC Wednesday showed a much smaller supply deficit for 2026 if OPEC+ production stays at its January level. Alex Lawler is the reporter. (Editing by David Goodman, Mark Potter and Mark Potter.)
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Entergy's profit forecast for 2026 is lower than expected as costs weigh
Entergy, the U.S. electric company, forecast earnings for 2026 below Wall Street expectations on Thursday after it missed estimates for its 'fourth quarter profit. The demand for electricity has increased due to the large industrial consumers and new high-load users. However, higher operating costs, financing?costs, and capital requirements have weighed on utilities' margins and short-term profits. Entergy’s operating and maintenance costs grew 8.6% on an annual basis in the fourth quarter, to $26.67 a megawatt-hour (MWh). Full-year O&M expenses and nuclear refueling expenses rose 1.2%. In 2025, the company's debt level increased by nearly 7% on an annual basis to $31 millions. Entergy, based in New Orleans, provides electricity to more than 3 million customers in Arkansas, Louisiana and Texas. According to data compiled and analyzed by LSEG, the utility 'now expects that its adjusted full-year profit 'will be between $4.25 and $4.45. The midpoint is below analysts?average estimates of $4.41 a share. Entergy's adjusted profit per share for the quarter ending December 31 was 51 cents, missing analysts' expectations of 52 cents. (Reporting and editing by Maju Sam in Bengaluru, with Pranav Mathur reporting from Bengaluru)
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Paraguay's soy harvest may break records as it enters the final stages
Analysts?and producers say that Paraguay’s soybean crop in 2025/26 is expected to exceed 10 million tons, and could become the biggest ever recorded by the country. StoneX, a South American agricultural?consultancy, revised its estimate of the crop harvested from October to February, increasing it by 500,000 tons. This is a significant increase over the previous estimate, which was 9.65 million tonnes. The crop, according to StoneX, "is among the best recorded ever" in this landlocked South American producer, the report stated. Analysts believe the final production total will depend on the second, smaller crop (or "zafrina") harvested between April-May. StoneX's most recent estimate would mean that if the harvest is within average range and reaches 1,39 million tons (the second crop), total production?would be 11.53 million tonnes, a new record. Cargill Viterra and ADM are the main companies that ship soybeans to Paraguay. In its latest report, CAPECO, the chamber of grain exporters, stated that Paraguay will export 6.4 million tonnes of soybeans by 2025. 80% would be shipped to Argentina, and 14% to Brazil. Paraguay is unable to export directly to China because of its diplomatic relations with Taiwan. The majority of the crop is shipped to nearby crushing plants in Brazil and Argentina and exported as soybean oil and meal, including to China. UGP, Paraguay’s most influential farming group, stated that a favorable weather pattern would increase production above last season's 10 million tons. Hector Cristaldo, UGP President, said: "Actual yields and late harvest are moving well." He added that "we will certainly?have a?better year than last year", estimating the harvest to be 60% complete on 3 million hectares of planted crops.
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Farmers in South Africa's Western Cape lose their cattle due to drought
Western Cape is South Africa's most visited and wealthy province. One of the worst droughts ever recorded has dried up dams and scorched grass, killing livestock and forcing the government to declare an emergency. Scientists claim climate change is worsening the droughts that are occurring in the province. The region, which attracts tourists for its?vineyards and beaches, as well as the lush slopes above Cape Town of Table Mountain, lies at the edge of semi-desert Karoo. In 2015, the city's taps were almost completely dried out by a severe drought. Farmers say that this year's drought has been more severe than 10 years ago. Christian and Ilze Pieenaar, a mixed-race couple, distributed?feed over the weekend to feed their hungry cattle. One cow was recently found to have died from starvation, with its bones clearly visible through the skin. Ilze, 40 said that the drought was not as bad before because there was still... grazing. "Now, there is nothing. The dams are dried... and we spend all our money on food." She claimed to have lost 16 cattle and thirteen sheep in January alone. The drought has also affected parts of the Eastern Cape and the Northern Cape. It comes just weeks after flooding in the northeastern region of South Africa, blamed on climate changes and the cyclical "La Nina" weather, washed out the area and claimed 200 lives. Anton Cartwright is an economist at the African Centre for Cities. He said that the intensity and duration of both floods and droughts are increasing in this part of the world. He said: "Farmers here are very good at adapting to weather, but... it's becoming less predictable." "Seasons don't start and end at the same time every year. It's likely to get worse."
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Izvestia: Russia will soon send crude oil to Cuba and fuel there
Izvestia, a Russian newspaper, reported on Thursday that Russia was preparing to ship crude oil and fuel to Cuba within the next few months. Cuba has been hit by fuel shortages since the U.S. cut off its oil supply. The communist-run Island has informed international airlines that there will be no jet fuel available. This is the latest sign of rapidly worsening conditions. Venezuela has been a major supplier of jet fuel to the United States for many years. However, since Washington's 'blocking of Venezuelan exports in mid-December, it hasn’t received any crude or refined products. A Russian diplomat said to the newspaper that "supply of crude oil and oil products will be expected from Russia in the near future, as humanitarian assistance." Izvestia reported that Russia delivered 100,000 metric tonnes of oil to Cuba last in February 2025. The Kremlin refused to directly comment on the reported plan, but said that it was in touch with Havana about possible support. Dmitry Peskov, Kremlin spokesperson, told reporters that "we are in close contact with our Cuban Friends and are discussing the options of providing them with assistance." Peskov was asked if Washington would increase tariffs on Russian products if Moscow helped Cuba. He replied: "We don't want any escalation but, on the other side, we have very little trade with the United States at the moment." We would probably rely on constructive dialogue to solve existing problems. The U.S. is accused of "suffocating" Cuba's economy by trying to "suffocate the fuel situation in Cuba". Moscow has voiced its?solidarity and opposition to?any military intervention. Russia said Wednesday that it will also suspend flights to Cuba after Russian tourists leave the Island. (Reporting from Vladimir Soldatkin & Gleb Stolyarov. Mark Trevelyan, Mark Potter and Mark Trevelyan edited the report.
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Thames Water in the UK begins process to unlock new debt of $1.12 billion
Thames Water, Britain’s largest water supplier, announced that 'its creditors have agreed to begin a process of lending it an additional 823 million pounds ($1.1 billion), as the work on a long-term plan to ensure its financial survival continues. The company that supplies 16 million customers has become a symbol for the failure of this sector, as it faces criticism over sewage contamination while grappling with debts of nearly 20 billion pounds. The company has spent the last three years fighting to avoid being nationalised. The last-ditch offer by senior?creditors of a write-off of 7.5 billion pounds in debt is still on the table. However, the negotiations with the government and regulators over the deal's terms are taking longer than expected. Creditors agreed on Thursday to "begin the process" of providing extra funding, even though the debt-write-off deal had not yet been finalised. This was one of the requirements for further lending. The group announced in a press release that "Super Senior Issuer" will launch a process today to allocate approximately 823 million pounds. The company has already withdrawn 1.43 billion pounds from an initial super-senior facility of 1.5 billion pounds. In order to keep the company afloat as it searches for a long-term solution, they have the option of drawing another 1.5 billion pounds over two tranches. If no long-term restructuring deal can be reached, Thames Water will likely end up under the government's special management regime, which is a temporary nationalisation. Raechel Thankam Job and Sarah Young reported from Londom. Sonia Cheema, Mark Potter and Sonia Cheema edited the article.
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3M India reports first quarterly loss in June 2020 due to labour code hit
The Indian arm of 3M suffered its first quarterly loss in over five and a half years due to a one-time cost'related to the new labour codes'. The company's products, which range from Post-it Notes to power tools posted a loss on Thursday of 620.6 millions rupees (about $6.85 million), compared with a profit last year of 1.14 billion rupees. The company had last posted a loss during the quarter ending June 2020, amid a COVID-19 lockdown across the country. 3M India’s revenue for the December quarter in the Transportation and Electronics?segment grew 3.8%. This is down from the 10% increase of the previous year. 3M India’s second largest business, the safety and industrials division, grew 20%, while its healthcare sector grew 13.5%. The total revenue increased 12.7%, to 12,28 billion rupees. This was higher than the expenses which rose by 10%. The company recorded a charge for 746?millions of rupees, tied to India's labour codes. This is the biggest overhaul in workers' laws that India has seen in decades. It has impacted profits across all sectors. Aseem Joshi, the Managing Director designate of 'Scotch-Brite Scrub' manufacturer, will succeed Ramesh Ramadurai as of April 2026. Last month, 3M parent company reported a?annual loss that was just below Wall Street expectations, citing uneven demands. CEO ?Bill Brown said its ?roofing-granules and automotive-aftermarket units will ?stay under pressure early in 2026 due to a weak macro environment. $1 = 90.6080 Indian Rupees (Reporting and editing by Mrigank Dahniwala in Bengaluru)
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Sources: India withdraws from Russian-backed Mali Lithium project due to security concerns
Sources say that security risks have prompted 'India to withdraw 'from a lithium project in Mali, backed by the state nuclear corporation of Russia, Rosatom. New Delhi is trying to protect its investments in this politically unstable West African country. Western nations from Britain to France and the United States have urged their citizens to leave the landlocked country as security concerns 'rise? in its fight against al Qaeda-linked militants who target economic assets and foreign investments. Last year,?Rosatom approached India-backed Khanij Bidesh India Ltd and NLC India Ltd to explore lithium in?Mali. This emerging producer of this metal is critical for making batteries for electric cars. One of the sources stated that "the project is on hold because we cannot spend on something where a risk exists?that?we may lose our 'investment. The discussions between the two sources were private and confidential. The Indian mining ministry, KABIL, and NLC India have not responded to requests for comments. Rosatom declined comment. Russia has developed ties with several African countries, including Mali and Burkina Faso, through military cooperation. India, the fastest-growing major economic power in the world, has been seeking a "steady" supply of lithium to meet the rising demand. The metal is a key component of India's efforts to reduce carbon emissions. New Delhi aims to increase the penetration of electric cars and two-wheelers from 4% now to 30% by 2030. India recently increased its efforts to secure deals for accessing critical minerals from resource-rich countries like Argentina, Australia and Chile. KABIL hasn't signed any deals similar to the one it signed in?2024 with a state owned firm in Argentina for exploration and mining of five lithium blocks. (Reporting and editing by Mayank Bhadwaj, Clarence Fernandez and Anastasia Lyrchikova; Additional reporting by Neha Aroos in Moscow)
Dalian iron ore continues to fall due to concerns about demand; positive China data cap losses
Dalian iron ore prices fell further on Monday due to lingering worries about the demand from China, its largest consumer. However, some positive data re-invigorated hopes of a pickup in steel demand.
After a 11% drop in price last week, the most traded May iron ore contract at China's Dalian Commodity Exchange ended morning trading 0.44% lower.
Analysts said that the tepid ore demand in the near term was a drag on both sentiment and prices.
The average daily hot metal production among Chinese steelmakers that were surveyed dropped for the fourth consecutive week during the week ending March 15. Data from consultancy Mysteel revealed a drop of 0.6% per week, to 2,21 million tonnes.
Official data revealed that investment in China's largest steel-consuming sector, the property industry, fell 9.0% on an annual basis in January and February, compared to a 24.0% drop in December. However, it is still far away from stabilizing.
This helped to boost sentiment, especially after data revealed that the new lending by Chinese banks fell less than expected from its record high in January. China's central bank also left a key rate unchanged when it withdrawn cash from a mid-term policy loan on Friday.
As of 0320 GMT, however, the benchmark iron ore for April on the Singapore Exchange had risen by 1.84% to $101.75 per ton.
Coking coal and coke were both mixed on the DCE.
The benchmark steel prices on the Shanghai Futures Exchange have been moving sideways. The benchmarks for steel on the Shanghai Futures Exchange moved sideways.
Analysts at ANZ Bank said that "Property prices and sales in China do not show signs of recovery, leaving downbeat expectations for steel demand."
The Chinese steel industry's output increased 1.6% from the same period last year, despite the fact that many steel producers were carrying out maintenance during the low demand period. $1 = 7.1972 Chinese Yuan (Reporting and editing by Amy Lv, Andrew Hayley)
(source: Reuters)