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EU adds international CO2 credits as part of next climate goal
A draft of the proposal revealed that the European Commission would propose on Wednesday an EU climate goal for 2040, which for the first will allow countries to utilize carbon credits from developing countries to meet a small share of their emission goals. The draft seen by said that the European Union executive will propose a legally binding target to reduce net greenhouse gas emission by 90% by 2040 from 1990 levels. This is to keep the EU on track to achieve its core climate goal of reaching net zero emissions in 2050. The draft EU proposal, however, includes flexibility that will soften the 90% emission target for European industry, following pressure from France, Germany and other governments, including Italy, Poland, and the Czech Republic. Prior EU emission targets were based solely on domestic emission reductions. The draft reflects Germany's public position that up to three percentage points of 2040 targets can be covered through carbon credits purchased from other countries via a U.N. supported market. This reduces the effort required for domestic industries. The draft stated that the carbon credits will be phased-in from 2036. "EU will propose legislation setting robust and high integrity standards and criteria, as well as conditions on origin, timing, and use of these credits," it said. The report said that countries would be given more flexibility in choosing the sectors of their economy that contribute most to the 2040 target. Climate change has made Europe one of the fastest-warming continents in the world. A heatwave that hit the continent this week caused wildfires, disruption and chaos. But Europe's aggressive policies to combat the temperature increase have stoked the tensions among the 27 member bloc. The European Commission's climate agenda is a way for the European Commission to improve Europe’s competitiveness and safety. However, some governments and legislators say that industries already struggling with high energy prices and U.S. tariffs cannot afford stricter emission rules. The draft stated that "Decarbonisation not only is crucial for the environment, but it can also be a key driver of growth in the economy when integrated with policies on industrial, trade, and competition." Un spokesperson for the Commission declined to comment on this draft which may change before publication. Carbon credits can be generated through projects that reduce CO2 emission abroad, such as forest restoration projects in Brazil. These carbon credits then raise money for these projects. Investigations have revealed that some credits did not deliver the claimed environmental benefits. The EU's Climate Science Advisors oppose counting them towards 2040 and say that spending money on carbon credits from abroad would divert investment away from local industries. EU legislators and countries must agree on the 2040 target. This lawmaking process may take many years, but by mid-September the EU must submit to the U.N. its new 2035 climate goal - which should be derived directly from the current 2040 target - as the Commission had stated. (Reporting and additional reporting by Michel Rose, editing by Barbara Lewis.)
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Oil prices remain unchanged as OPEC+ increases weigh on the market
The price of oil futures was little changed on Tuesday as the markets considered the expectations for more supply next month from major producers, a weaker U.S. Dollar and a mix bag of economic indicators and market indicators coming from the U.S. Brent crude rose 2 cents to $67.13 a bar at 0345 GMT while U.S. West Texas Intermediate Crude fell 1 cent, down to $65.44 a bar. Brent oil has fluctuated between a high and a low of $69.05 per barrel since June 25. This is because concerns about supply disruptions have diminished following the ceasefire agreement between Iran and Israel. Sources said that American Petroleum Institute data released late Tuesday showed U.S. crude inventories had increased by 680,000 barrels over the past seven days, at a period when stocks are typically low during the summer season. "Today's oil prices are influenced by a combination of factors, including a potentially increasing OPEC+ production, unclear U.S. stock signals, an uncertain geopolitical scenario, and macro policy ambiguity," stated Phillip Nova Senior Market Analyst Priyanka Sahdeva. Investors have already factored in the planned increases by the Organization of the Petroleum Exporting Countries (OPEC+), which includes Russia. They are not likely to be caught off guard again soon, said Ms. Sher. Four OPEC+ source told us last week that the group will increase output by 411,000 barrels a day when it meets next month on July 6. This is a similar amount as what was agreed upon for May, June and even July. According to Kpler data, the market has already seen the effects of previous OPEC+ increases. Saudi Arabia, which is the largest oil exporter in the world, increased its shipments by 450,000 bpd in June from May. This was the highest level in over a year. Sachdeva said that, "With geopolitics at a minimum for the moment, oil futures are likely to trade in a tighter band this week as global economic worries persist. An easing dollar is the only exception which could extend any upward momentum." The greenback The number of people who are unemployed has fallen to its lowest level in three and a half years A weaker dollar could support prices, as it would encourage buyers to pay in other currencies. Tony Sycamore is an analyst at IG. He said that the Federal Reserve's interest rate reductions in the second half will be influenced by the non-farm payroll data released on Thursday. Lower interest rates would spur economic activity, which in turn would boost oil demand. The Energy Information Administration will release official data on the U.S. stockpile of oil by Wednesday morning at 10:30 am ET. ET. (Reporting and editing by Christian Schmollinger; Trixie Yap, Singapore; Sudarshan Varadahan in Singapore)
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PTTEP Hires Velesto’s Jack-Up Rig for Drilling Campaign off Malaysia
Malaysia’s oil and gas services Velesto has secured a drilling contract for its NAGA 5 jack-up drilling rig by PTTEP HK Offshore and PTTEP Sarawak Oil, collectively referred as PTTEP, for its 2025 - 2026 drilling campaign in Malaysia.Under the contract, Velesto will assign NAGA 5, one of its premium jack-up rigs, to drill a firm 15 wells with operations scheduled to commence in June 2025.The latest award follows Velesto’s recent announcements for NAGA 4 and NAGA 8 in May 2025, further strengthening the group’s fleet utilization outlook.Velesto continues to benefit from rising regional demand for jack-up rigs and anticipates a more active second half of 2025, supported by a robust tender pipeline and stable client activity.NAGA 5 is a premium independent-leg cantilever jack-up drilling rig with a rated operating water depth of 400 feet and drilling depth capability of 30,000 feet.“We thank PTTEP for their continued confidence and the opportunity to support their drilling operations in Malaysia. Our focus remains on safe, reliable execution, driven by consistent delivery across campaigns.“With several rigs under long-term contracts, we remain committed to operational discipline and value-driven execution that creates sustainable returns for our shareholders,” said Megat Zariman Abdul Rahim, President of Velesto.
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Copper gains as traders continue to ship ahead of potential US tariffs
On Wednesday, copper prices rose at the London Metal Exchange (LME) and Shanghai Futures Exchange, as traders were expected to continue to rush metal shipments into the U.S. before potential import tariffs. This would further reduce inventories that are already very low. As of 0105 GMT the most traded copper contract on SHFE rose 0.62%, to 80,520 Yuan ($11238.43), per metric ton. This is the highest price range in 2025 so far, around the second half of March. The LME's three-month copper also increased 0.12%, to $9,945.5. Low copper inventories in the SHFE and LME, along with the continued shipment to the U.S. prior to the imposition on import tariffs, have supported the price. Copper Stocks Copper inventories in LME-registered storage shed 66% between the middle of February and now stand at 91 250 tons. In the warehouses monitored, the SHFE has also seen a 66% drop in stock since early March. The summer months are usually the time when copper inventories in China tend to increase due to a low season demand. ANZ reported that "U.S. Treasury Sec. Scott Bessent stated that Washington's negotiation with Beijing would focus first on reciprocal duties, and then on duties on raw materials such as copper." "A delayed tariff decision would justify a premium for U.S. Copper, giving traders more shipping time before levies are implemented." SHFE aluminium rose 0.61%, to 20,685 Yuan per ton. Tin gained 0.4%, to 268,420 Yuan. Lead increased by 0.2%, to 17,170 Yuan. Nickel grew by 0.16%, to 120,580 Yan, while Zinc fell 0.4%, to 22,165 Yan. LME aluminium rose 0.33%, to $2607 per ton. Lead gained 0.2%, to $2042, while zinc grew 0.06%, to $2715.5. Click or to see the latest news in metals, and other related stories. Data/Events (GMT 0900 EU Unemployment May Rate ($1 = 7.1647 Chinese Yuan) (Reporting and Editing by Rashmi aich; Reporting by Hongmei Li)
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Investors weigh Fed rate stance as they assess US data and gold prices.
The gold price fell on Wednesday, as investors waited for U.S. employment data and assessed Federal Reserve Chairman Jerome Powell's cautious approach to rate cuts. However, a weaker greenback helped limit losses on bullion priced in dollars. As of 0217 GMT spot gold fell 0.2% to $3,330.68 an ounce while U.S. Gold Futures dropped 0.3%, falling to $3,340.60. Holders of other currencies can now afford to buy bullion because the U.S. Dollar index has fallen to its lowest level in over three years. Gold prices have been consolidating since posting their strongest gains in the past two weeks. "The overall trend bias continues in favour of the upside at this time," said Ilya SPivak, Tastylive's head of global macro. Powell said that the U.S. Central Bank will "wait and see" how tariffs impact inflation before it lowers interest rates. This is a further rejection of President Donald Trump's demand for immediate rate cuts. The number of U.S. jobs opened in May was unexpectedly higher, but the decline in hiring is a sign that the labour markets has shifted down gear due to the uncertainty surrounding the Trump administration’s tariffs against imports. Investors will now be awaiting the U.S. ADP Employment data due later today, as well as nonfarm payroll numbers on Thursday, for more insight into the labour market. Spivak stated that the biggest risk to gold is an unexpectedly high (NFP) result, but this seems unlikely. The U.S. Senate Republicans passed Trump's tax and spending bill Tuesday by a narrow margin. It is a package that cuts taxes, reduces social safety net programs, increases military expenditures, while adding $3.3 billion to the national debt. Trump was optimistic on Tuesday regarding a possible trade agreement with India, but sceptical about a similar deal with Japan. He also said that he would not consider extending the deadline of July 9 for countries to reach trade agreements. Spot silver fell 0.1% per ounce to $36.01, platinum dropped 0.4% at $1,344.91, and palladium rose 0.4% to $ 1,104.92.
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Investors' expectations for the OPEC+ summit have not changed much in terms of oil prices
The price of oil futures was little changed on the day of Wednesday, as investors were cautious ahead of this week's meeting of major producers to decide output levels for August. Brent crude rose 1 cent to $67.12 a bar at 0124 GMT. U.S. West Texas Intermediate Crude fell 5 cents, falling to $65.40 a bar. Analysts said that demand expectations were boosted on Tuesday by a survey conducted by the private sector, which showed that factory activity in China, world's largest oil importer, increased in June. Brent oil has fluctuated between a high and low of $68.40 and $66.34 a barrel since June 25 as fears of disruptions to supply in the Middle East region producing region have diminished. Oil prices are in a tight range, as there is less geopolitical uncertainty and more nervousness about what OPEC might do to increase production. This was said by Phil Flynn. Senior analyst at Price Futures Group. The price has been held down by the expectation that the Organization of the Petroleum Exporting Countries (OPEC+) and its allies, including Russia, will increase their crude oil production in August by a similar amount to the large increases agreed upon in May, July, and June. Four OPEC+ members told four sources last week that the group intends to increase output by 411,000 barrels a day when it meets next month on July 6. According to Kpler data, the market has already seen the effects of previous OPEC+ increases. Saudi Arabia, which is the largest oil exporter in the world, increased its shipments by 450,000 bpd in June from May. This was the highest level in over a year. According to American Petroleum Institute figures, the crude oil inventory in the U.S. has increased by 680,000 barrels over the last week. The Energy Information Administration will release official data on Wednesday, 10:30 am ET. ET. Tony Sycamore is an analyst at IG. He said that the non-farm payrolls numbers due Thursday will determine the timing and depth of the interest rate reductions by the Federal Reserve in the second half this year. Lower interest rates would spur economic activity, which in turn would boost oil demand. Investors also watch trade negotiations in advance of the tariff deadline set by U.S. president Donald Trump on July 9. Trump said on Tuesday that he does not plan to extend the deadline. (Reporting from Sudarshan Varadahan in Singapore, Editing by Christian Schmollinger).
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India's renewable energy output increases at the fastest rate in three years
In the first half 2025, India's renewable energy output grew at its fastest rate since 2022. According to an analysis of daily load dispatch data by the federal grid regulator, renewable power output increased 24.4% from January to June 2025 to 134.43 kilowatt-hours (kWh). In June, the share of renewables (excluding hydropower) reached a new record of over 17%. India's coal-fired electricity generation fell by nearly 3% during the first half of this year, as growth in overall power output slowed down to just 1.5%. Electricity production will grow 5.8% by 2024. A milder summer, due to an earlier-than-expected monsoon, and slowing economic activity have reduced coal demand, resulting in record domestic stockpiles and lower imports by the world's second-largest consumer of the fossil fuel behind China. According to Vikram V., vice president for corporate ratings at Moody's ICRA, renewable generation in India will continue to increase. This year, India is expected to add 32 gigawatts of renewable capacity, compared to about 28 GW by 2024. Government data shows that India has added 16.3 GW in wind and solar power capacity during the five months to May. After a long slowdown, the nation of South Asia has increased its wind and solar capacity. This is after it missed its target for 2022 of 175 GW. The country now wants to reach 500 GW non-fossil energy capacity, including nuclear and hydro power by 2030. This is nearly twice the current 235.6GW. S&P Global Commodity Insights stated in a report that "we believe this target is achievable but, in our base scenario, the goal may shift to 2032". Grid modernisation and energy-storage investments are crucial to support renewable integration. (Reporting from Sudarshan varadhan and Sethuraman NR, both in Singapore; editing by Shinjini ganguli).
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US Senate budget bill cuts money for filling oil reserves
The U.S. Senate budget bill, passed on Tuesday, reduces the amount of money that can be used to replenish the Strategic Petroleum Reserve despite the fact that President Donald Trump promised on the first day of his second term in office to fill it to "the top". Joe Biden, former president, sold 180 million barrels of SPR, the highest amount ever, following the Russian invasion of Ukraine. SPR was at its lowest point in 40 years when oil imports were more important to the U.S. The budget bill reduced the amount of money available for crude oil purchases in order to replenish the SPR from $1.3 billion to $171 millions. This is only enough money to purchase about 3 million barrels, instead of the 20 million barrels that are currently available at current prices. Rapidan Energy, an energy consultancy, informed clients that funding had been affected by the Senate’s need to cut budgets elsewhere, as they softened the green energy cuts in the House version. It was not clear when the U.S. House would vote on this bill. Trump stated on Tuesday that the SPR will be filled when market conditions are favorable, but he did not specify when or how. Even scheduled oil deliveries to the SPR after Biden purchased some crude last summer are seven months behind schedule. Biden had scheduled deliveries of 15.8 million barrels to the SPR between January and May. Only 8.8 million barrels have been delivered so far to the SPR, which the Trump administration has blamed on maintenance. The Senate bill kept a measure to cancel 7 million barrels in congressionally-mandated sales. Later in the year, lawmakers could repeal further mandated sales through legislation. SPR currently has approximately 403 million barrels. This is a far cry from the 727 millions barrels that it had in 2009, when it was the largest ever. The SPR is the largest oil reserve in the world. Under Biden's leadership, the U.S. achieved record oil production. Trump wants to increase this.
BRICS nations raise power emissions to new highs over rest of world: Maguire
The BRICS group of major emerging economies Brazil, Russia, India, China and South Africa emitted a record 1.98 billion metric tons of co2 from power generation during the first quarter of 2024, information from energy think tank Ember programs.
That emissions toll was approximately 500 million heaps higher than the whole emissions load generated by the rest of the world combined and highlights the diverging pollution trends between key fast-growing economies and most developed nations.
A compounding issue for emissions trackers is a potential deterioration in trade relations between BRICS members and the United States and its allies, and the possibility that BRICS members focus on financial development over decarbonization efforts.
Together, the BRICS nations account for more than 40% of the world's population and around a quarter of the worldwide economy, and so hold considerable influence when banded together.
The bloc was established as a casual club in 2009 to challenge a world order dominated by western economies, and over 40 other nations including Indonesia, Saudi Arabia, Egypt and Kazakhstan have revealed interest in signing up with the forum.
If the present BRICS group opts to integrate ambitious members, the brand-new club could have the means to mostly overlook western financial pressure to reduce pollution, as growing trade and investment within the new BRICS bloc could provide a guard against blowback by western-affiliated trade partners.
HEAVY HITTERS
China and India alone accounted for over 90% of the BRICS emissions total throughout the first quarter, highlighting how focused power contamination is within the BRICS bloc due to high coal usage by Asian countries.
China and India are likewise perhaps the most prominent members of the BRICS, with the power to deliver on trade pacts and to undertake considerable foreign financial investment projects that might entice new members.
As the world's largest power producer and renewable energy developer, China is also an essential gamer on the worldwide phase in regards to current nonrenewable fuel source emissions as well as sustainable energy generation possible.
The nation discharged approximately 5.4 billion tons of CO2 from nonrenewable fuel source power generation in 2023, or approximately 40% of the worldwide overall, which has made China an essential target for global pressure to lower international pollution.
China is likewise by far the world's top clean energy designer and exporter, and intends to control the production and export of tidy energy products over the coming years.
However, Beijing has faced allegations of unfair trade practices including the discarding solar panels, electric cars and other products onto world markets at prices that undercut rival manufacturers.
This has actually led to trade spats with the United States and Europe in the last few years and lengthy disputes at the World Trade Organisation (WTO).
Over the same duration, China has become the top location for exports from countries that deal with western sanctions, consisting of Russia and Iran, providing those nations with critical revenues that further strain China's relations with western powers.
India, the world's second biggest coal user behind China, has likewise frustrated western sanctions efforts by emerging as a. key purchaser of Russian product exports, consisting of crude oil,. coal and natural gas.
India is likewise under growing global pressure to cut. power emissions, but like China is struggling to balance the. energy needs of its fast-growing economy with promises to control. pollution.
India also deals with the difficulty of producing sufficient tasks. for its 1.4 billion population - the world's biggest - which. requires a rapid and sustained growth to its cost-sensitive. manufacturing sector.
Power firms have actually dedicated to sharply increasing energy. products from tidy sources but still count on low-priced coal to. produce over 75% of the country's electricity.
India has actually vowed to reach net zero carbon emissions by 2070. however is deemed highly unlikely to reach that target, given the. withstanding reliance on coal and prepared even more expansions in usage. of the fuel, according to Environment Action Tracker.
GROWTH DRIVE
In addition to China and India, Russia likewise recorded sharp. development in power emissions throughout the very first quarter, while Brazil. and South Africa kept emissions mostly flat.
These emissions patterns put BRICS members at odds with lots of. western countries.
But the fact that each BRICS country is a crucial producer of. several vital products that aid financial growth makes BRICS. membership attractive to other emerging economies.
In addition to surging volumes of low-cost made and. semi-finished goods, BRICS nations produce and export coal, gas,. crude oil, soybeans, corn, rice, metals and rare earth minerals.
Many BRICS countries are also committed to consuming growing. volumes of the majority of nonrenewable fuel sources for the coming decades, that makes. the bloc an appealing trade partner for the similarity Saudi. Arabia and Indonesia which have plentiful fuel products but face. decreasing need for them in western markets.
At present, the still-limited degree of BRICS forum. engagement with other countries suggests that western policymakers. still play an essential role in major choices by the majority of emerging market. federal governments.
Which suggests that western values about the environment may. still prevail and stimulate a power sector clean-up in some. countries.
But if BRICS nations choose to discover new club members that look for. economic development above all else, the decrease of emissions may. take a rear seats to more emissions-laden commercial. expansion.
<< The opinions revealed here are those of the author, a. writer .>
(source: Reuters)