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Mexico is looking for a way to send fuel without US tariffs to Cuba, according to sources
Sources familiar with the situation said that Mexican officials are looking at ways to ship fuel to Cuba in order to meet the island's "basic needs" such as transportation and electricity, without provoking Washington. Washington has threatened to impose tariffs on countries that supply fuel to Cuba. Sources said that high-level Mexican officials had been in contact with their counterparts in the United States to clarify the extent of the tariff threat described by President Donald Trump through an executive order, and to see if there was a possible way to get the fuel they desperately needed. Mexico's ability to find a solution is still uncertain. The White House has referred to Trump's previous remarks, in which he said that Mexico would cease sending oil to Cuba on Monday, without explaining why he believed this. Requests for comment from the U.S. State Department or Mexican presidency were not immediately responded to. Mexico's Foreign Ministry stated that it had no information about the incident. Cuba imports fuel to meet two-thirds its energy requirements, but is also struggling with power outages that are getting worse and long queues at gas stations. After the U.S. blocked Venezuelan tankers and President Nicolas Maduro was captured in January, the shipments of Venezuelan oil to Cuba ceased. Mexico is now Cuba's biggest supplier. In mid-January however, the Mexican government stopped shipments of crude oil and refined products due to pressure from the Trump Administration. Washington then threatened to impose tariffs on oil-supplying countries to Cuba, claiming that the island poses an "extraordinary" threat to U.S. security. Havana denied this claim. One of the sources who asked to remain anonymous in order to discuss private issues said, "There are almost daily talks." Mexico does not want tariffs to be imposed but is firm in its policy to help the Cuban people, the source said. Cuban officials announced on Thursday that they were preparing an emergency plan to deal with "acute fuel shortages". They would reveal the details in the coming week. This week, U.N. Sec-Gen?Antonio Guterres said that Cuba faces a "collapse" if oil is not provided to meet its requirements. Mexico and the ruling?Morena Party have maintained long-standing ideological and historical ties to Cuba. President Claudia Sheinbaum faces pressure within her coalition not to abandon Havana. Three of the four sources said that talks were progressing, and they were optimistic about a possible solution. Two of the four sources claimed that Mexico could send a tanker containing gasoline, food, and other supplies to the island within days, if a deal is reached. Sheinbaum stated last Friday that imposing tariffs on oil-supplying countries could lead to a humanitarian crisis that would affect hospitals, food and other basic services in Cuba. This situation must be avoided by respecting international law and dialog. (Reporting and editing by Stephen Eisenhammer, Nia Williams and Adriana Barrera in Mexico City; Additional reporting and editing by Ana Isabel Martinez and Adriana Barera in Mexico City; Marianna Pararaga in Houston)
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Oil prices continue to fall ahead of US-Iran negotiations
U.S. Crude Futures continued to decline on Friday. They are on track for their first weekly loss in weeks as investors focused on the outcome later that day of the U.S. and Iran nuclear talks in Oman. U.S. West Texas Intermediate Crude was $62.47 per barrel at 0013 GMT. This is down 82 cents, or 1.3% after the price closed 2.84% lower Thursday. The U.S. has agreed to hold talks with Iran in Oman this Friday, amid increased tensions in the Middle East as the U.S. is building up its forces and regional players are trying to avoid a possible military confrontation. Around a fifth of all oil consumed in the world passes through the Strait of Hormuz, which connects Oman with?Iran. Saudi Arabia, Kuwait, Iraq, United Arab Emirates and other OPEC countries export the majority of their crude oil via the strait. Capital Economics analysts stated in a note that "escalating 'geopolitical tensions' between the U.S. "But we believe that geopolitical concerns will give way to weak fundamentals," said the experts, pointing out a rebound in Kazakhstan's output which will push oil prices down to $50 per barrel by 2026. (Reporting and editing by Chris Reese; Florence Tan, Reporting)
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Capstone Copper resumes full production at Chile’s Mantoverde Mine as strike ends
Canada's Capstone Copper announced on Friday that its largest union at the Mantoverde copper and gold mine in?Chile approved a three-year contract. This ended a strike which began on January 2, and allowed production to resume normal. The Australian-listed shares of the miner fell by?3.9%, to A$15.430. This is their lowest level since January 23. The agreement brings an end to the labour strike which had reduced production in the?mine by about 55%. Capstone announced that it had?now negotiated new contracts for all four unions on the site. This allows the company to resume its full operations. Union No. Union No. 2, which represents around 645 workers, or about 50% of Mantoverde’s direct workforce led the strike. They had rejected a payment after 'labour negotiations failed. The company didn't disclose any details about the new payment offer, or the terms of the contract. Mantoverde will produce 62,308 tons of copper concentrate in '2025 and 32,807 tonnes of copper cathodes. This is about 0.4% global production. Capstone holds 70% of Mantoverde while Japan's Mitsubishi Materials owns the remaining 30%. (Reporting by Kumar Tanishk in Bengaluru; Editing by Subhranshu Sahu)
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India exports its first fuel to Europe after the ban on Russian crude oil-derived products
Reliance Industries partially unloaded a jet fuel cargo in Italy. This was India's first export since the European Union banned products made from Russian oil on January 21. India is a major buyer of Russian crude oil, and the market closely monitors its refined oil exports into Europe to look for signs of any trade disruptions which could cause prices to rise. The EU ban on the import of products made from?Russian oil is intended to curb oil revenues that Moscow uses to finance its war in Ukraine. Reliance has two refineries in its Jamnagar complex - one is geared towards exports, and the other for the domestic market. On November 20, it announced that it had stopped processing Russian crude in its export-oriented facility. Aframax Liwa V, chartered by Reliance and offloaded around 390,000 barrels or half of its cargo at the Fiumicino Port near Rome between February 1 and 4, according to ship tracking data from Kpler, Vortexa, and a source in the trade. Data showed that the Liwa-V arrived in Italy around 8 January and waited for three weeks outside the port. The cargo was initially scheduled to be unloaded by January 24 according to two different trade sources. The discharge was delayed because of bad weather. The ship had already discharged a substantial amount and is now waiting outside the port for the cargo to be completely offloaded," stated a spokesperson from Reliance Industries. RELIANCE SEGREGATES RUSSIA FREE FUEL FOR EUROPEAN MARK India is able to benefit from the discounted Russian crude oil as Western nations have sought to reduce their dependency on Russian energy due to the conflict in Ukraine. Kpler data shows that India imported nearly 15% of Europe’s aviation fuel from 2022-2025. This is nearly three times more than the amount it exported in 2021, before the outbreak the war. Reliance has told European buyers and traders it has written statements that Russian crude oil has not been used in the production of fuels exported to Europe. Sparta Commodities analyst James Noel Beswick stated that "Reliance maintains segregation is possible of diesel streams. One would expect to see the company explore workarounds like FOB (free on board) sales or blend operations, should European buyers remain cautious." Shipping data from Kpler and two sources of trade showed that only one Indian jet fuel shipment per month is headed to Europe on the tanker Karpathos. Since the ban began, Europe has not received any diesel imports.
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WEC Energy increases spending by $1 Billion as Microsoft data centres expand in Wisconsin
WEC Energy Group Inc, a Wisconsin-based U.S. utility company, announced on Thursday it would increase its capital expenditure by $1 billion in the next five year as it increases output to power Microsoft's data centers. Big Tech is ?racing ?to build energy-intensive data centers to support artificial-intelligence initiatives, pushing electricity demand to record highs and prompting deals with U.S. power companies. Wisconsin, other Mid-Atlantic and Southern U.S. states and the Midwest are currently seeing most of the new requests for data center power. Microsoft, which purchased 2,000 acres in 'WEC territory for data centers, was approved by regulators to expand Mount Pleasant, Wisconsin campus, by 15 buildings, last week. WEC CEO Scott Lauber told investors that the first phase is expected to be online by the end of this year. The new plan will increase demand forecasts by 500 Megawatts. Microsoft's Wisconsin expansion of data centers brings WEC demand forecast for the area to 2.6 gigawatts in 2030. One gigawatt is enough power to run 750,000 homes. Vantage Data Centers, a developer who has signed on to build data centres for Oracle and OpenAI in 1,900 acres of land, is also driving energy consumption. WEC has said that it will begin supplying electricity to the site by the end of next year. Lauber stated that the demand for electricity at the site will be estimated at 1.3 gigawatts over the next five-year period, with a potential of 3.5 gigawatts. WEC Energy Group Inc. reported a fourth quarter profit that exceeded Wall Street expectations,? driven by data center demand and an increase in residential and commercial sale. Milwaukee-based company serves 4.7 million customers in Wisconsin, Illinois Michigan and Minnesota. Residential electricity usage increased 3.5% over the past year. Total retail deliveries also increased by 2.2%. The quarter included a 45 cents per share charge related to proceedings relating to?infrastructure costs-recovery riders' in Illinois. According to LSEG, WEC reported adjusted quarterly earnings of 1.42 dollars per share during the three-month period ended December 31. This compares with an average analyst estimate of $1.40, based on data compiled. Reporting by Laila K. Kearney, New York; editing by Tasim Z. Zahid and Cynthia Osterman
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Mexico is looking for a way to send fuel without US tariffs to Cuba, according to sources
Sources familiar with the situation said that Mexican officials are looking at ways to ship fuel to Cuba in order to meet basic needs, such as electricity and transportation, without provoking Washington's retaliation. Washington has threatened to impose tariffs on countries supplying fuel to the Caribbean Island. Sources said that high-level Mexican officials had been in contact with their counterparts in the United States to clarify the extent of the tariff threat described by President Donald Trump through an executive order, and to see if there was a possible way to get the fuel they desperately needed. Mexico's ability to find a solution is still uncertain. Requests for comment from the?White House, U.S. State Department, and the Mexican Presidency were not immediately responded to. Mexico's Foreign Ministry stated that it had no information about the matter. Cuba imports fuel to meet two-thirds its energy requirements, but is also struggling with power outages and long gas lines. After the U.S. blocked Venezuelan tankers and President Nicolás Maduro was captured in early January, the oil shipments to Cuba ceased. Mexico is now Cuba's biggest supplier. Mid-January, however, the Mexican government stopped shipments of "crude and refined" products due to pressure from the Trump administration. Washington then threatened to impose tariffs on oil-supplying countries to Cuba, claiming that the island poses an "extraordinary" threat to U.S. security. Havana denied this claim. One of the sources who asked to remain anonymous in order to discuss private issues said, "There are almost daily talks." Mexico does not want tariffs to be imposed but is firm in its policy towards the Cuban people," said the source. Cuban officials announced?on Friday that they are preparing a "plan for acute fuel shortages", and will release the details in the coming week. The U.N. Secretary General Antonio Guterres warned this week that Cuba faces a "humanitarian collapse" if they do not receive enough oil to meet their needs. Mexico, in particular, the Morena Party, which is currently ruling, has maintained long-standing ideological and historical links with Cuba. President Claudia Sheinbaum, however, faces pressure within her coalition not to abandon Havana. Three of the sources stated that talks were progressing, and they were hopeful?a solution would be found. Two sources claim that Mexico could send a tanker of gasoline, food, and other supplies to the island within days, if an accord is reached. Sheinbaum stated last Friday that "imposing tariffs on countries that supply oil?to Cuba could trigger an extensive humanitarian crisis that would directly affect hospitals, food and other basic services to the Cuban population. This situation must be avoided by respecting international law and dialog." (Reporting and editing by Stephen Eisenhammer, Nia Williams and Adriana Barrera in Mexico City; Additional reporting and editing by Ana Isabel Martinez and Adriana Barera in Mexico City; Marianna Pararaga in Houston)
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The Olympic Torch arrives in Milan amid cheers and protests
The Olympic flame arrived at Milan's gothic giant cathedral on Thursday, amid cheers and protests on the eve before the opening ceremony of the Milano Cortina Winter Games. Nicoletta Mani, a 'leading 'ballet dancer from the nearby La Scala Theatre, carried the torch to a platform under the cathedral, where it was lit a brazier. The majority of people who packed the Piazza del Duomo, or Cathedral Square in the light rain cheered and took photos on their smartphones as the torch passed. The torch was brought to the square through the Galleria Vittorio Emanuele. In solidarity with Gazans, a small group of protesters flew Palestinian flags at the edge of the square. Pro-Palestinian demonstrations also took place near the university in the early evening. Israel will be sending a team of 10 athletes to the Games. The environmental group Greenpeace protested in front of the Cathedral on 'Thursday morning. They were protesting Eni, the Italian oil company that sponsored these Games. The installation showed the Olympic rings covered in black oil. It was a visual denigration of the companies that it accused of contributing to global heating and endangering winter sports which depend on cold temperatures. One of the banners read: "Kick Polluters Out of the Games." The flame has traveled through all 110 Italian provinces since December, when it was lit in Rome. The flame visited Cortina D'Ampezzo, the co-host of the Games in the Dolomites last month. Eni stated that it "shares" the importance of addressing the climate change and will continue to invest in the 'energy transition' as part of its goal of reaching net-zero emission?by the year 2050. The Games will officially open on Friday night, with a ceremony in Milan's soccer stadium San Siro, paired with a celebration at Cortina. Gazzetta Sport reported that the Olympic ski champions of Italy, Alberto Tomba and Deborah Compagnoni, will light the cauldrons on Friday. Reporting by Emilio Parodi and Yara Nardi. Editing by Keith Weir.
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Cuba implements rationing plan in response to US move to block fuel supply
Cuban President Miguel Diaz-Canel announced on Thursday that his government will implement a plan to address fuel shortages in the 'next week' as the U.S. attempts to cut off oil supplies to the Caribbean Island nation. Last week, tensions escalated after the U.S. announced it would impose tariffs on products from countries that supply oil to Cuba. This led to a spike in prices for transportation and food, and a severe shortage of fuel. Last month, U.S. president Donald Trump announced that Cuba would cease to receive oil from Venezuela, its largest supplier. Diaz-Canel stated in a two-hour long televised news conference that the U.S. Blockade affects public transportation, hospitals and schools, as well as the economy and tourism. How do we till the soil? How do we get around? "How can we keep our children in class without fuel?" "We will take measures, which, though not permanent, require some effort. Some of these...?are restrictive, forcing us to reduce consumption and encourage savings. We have to 'postpone' or halt certain activities in order to maintain a high level of performance. BLACKOUT ATTACKS SEVERAL PROVINCES The island's government is struggling to keep the lights lit with the dwindling supply of fuel and the failing infrastructure. Diaz Canel reiterated on Thursday the statements made by Cuba's Foreign Ministry that it was willing to speak with the United States but only under certain conditions. Cuban President said, "Cuba will engage in dialogue with the U.S. Government, as long as they do not interfere in Cuban internal affairs or undermine our sovereignty." Cuba's top diplomatic representative in the United States, Carlos Fernandez de Cossio said this week that Cuba had begun to communicate with the U.S. but still hadn't established a formal bilateral dialog. Diaz-Canel didn't provide details on the talks or measures that will be announced next week but laid out a broad plan to deal with U.S. pressurization. He said that the island will increase solar?generation, and use renewable resources, to ensure electricity is available for vital services such as hospitals, elderly care centers, and isolated areas. Diaz Canel stated that Cuba generates about 1,000 megawatts or 38% of the daytime electricity it uses from solar panels. The panels were installed over the last two years with help from China. Diaz-Canel stated that Cuba is working to increase crude oil storage and extraction capacity in order to boost its self-sufficiency. Cuba has the right to receive fuel delivered by sea, he added. He said, "We will take all the necessary steps to make sure that fuel can be imported into the country once more."
TSX futures decrease ahead of CPI information
Futures connected to Canada's main stock index fell on Tuesday as financier caution ahead of inflation data weighed on risk cravings and countered gains in gold costs.
September futures on the S&P/ TSX index were down 0.1% at 6:29 a.m. ET (1029 GMT).
The products sector is anticipated to get focus, with gold having hit a record high as the dollar compromised and financiers bought into the bullion amid bets of a U.S. rate cut.
Oil costs, nevertheless, alleviated on decreased fear over supply interruptions after Israel accepted a proposition to resolve differences blocking the ceasefire deal in Gaza.
The S&P/ TSX composite index closed at a record high on Monday, enhanced by monetary and metal mining shares.
Investors will be keeping an eye on the U.S. Federal Reserve Chair Jerome Powell's commentary at the Jackson Hole Economic Seminar on Friday, amidst acknowledgments of a possible rate cut in September.
Markets anticipate a 25-basis points reduction at the U.S. reserve bank's policy conference next month.
Reduced U.S. borrowing expenses might assist stimulate consumer spending and business investments in the country, while also triggering greater trade in between the United States and Canada.
Back home, financiers will likewise concentrate on Canada's consumer rate index numbers due at 8:30 a.m. ET.
The information is anticipated to show domestic inflation to be moderate to 2.5% on a yearly basis, adding to the story of cooling inflation and additional solidifying bets for another cut by the Bank of Canada.
In corporate news, Neo Efficiency Materials has accepted sell bulk equity interest of China uncommon earth separation properties for $30 million.
COMMODITIES
Gold: $2,523.87; +0.80%
United States crude: $74.39; 0.0%
Brent crude: $77.79; 0.2%
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(source: Reuters)