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Saudi Arabia and Qatar will provide financial support for Syria's government employees, Saudi Foreign Minister says
Saudi Arabian Foreign Minister Prince Faisal Bin Farhan Al Saud announced on Saturday that Saudi Arabia and Qatar will offer financial support jointly to Syrian state employees. Bin Farhan, speaking at a press briefing in Damascus with Asaad Al-Shibani, his Syrian counterpart, said that the kingdom and Qatar would provide joint financial support for state employees in Syria. He did not give details about the amount of financial support that Riyadh or Doha will provide. It echoes the sentiments of a Similar Move In a joint statement released by Saudi Arabia on Saturday, the two countries said that they would provide financial support over a period of three months. The move was a result of an earlier contribution Saudi Arabia and Qatar settled Syria's outstanding arrears to the World Bank of approximately $15 million in April. The Saudi Foreign Minister's visit follows a U.S. surprise announcement made on Lifting sanctions On Syria's islamist-led government that overthrew former president Bashar al Assad in December. U.S. president Donald Trump The decision was made during his recent Middle East visit. It was said to be at the request of Saudi Arabia's Crown Prince, whose nation was the main advocate of lifting sanctions. Recent economic sanctions against Syria were also lifted by the European Union. Bin Farhan spoke of his country's contribution to the lifting of economic sanctions against Syria and said that Saudi Arabia will continue to be a major supporter of Syria in its efforts to rebuild and recover economically. He claimed that a high-level delegation of the Kingdom's economic sector was accompanying him to "hold discussions (with the Syrians) to strengthen aspects of cooperation in different fields". He said that Saudi businessmen would visit Syria in the next few days to discuss investment in energy, agriculture and infrastructure, among other sectors. After the fall of Assad, the Syrian leadership wants to improve ties with Arabs and Western leaders. The state hopes that a flood of aid and investment from Gulf neighbors after the lifting of sanctions will help rebuild a country ravaged by conflict. The Syrian President's Office reported that Sharaa, the Syrian Minister of Foreign Affairs, is scheduled to visit Kuwait this Sunday, upon an invitation from Kuwait's Emir, Sheikh Meshal Al-Ahmad Al-Sabah. The source stated that Sharaa will discuss various aspects of economic and political cooperation during his first official trip to Kuwait. Menna Alaa and Muhammad Al Gebaly, Menna Alaa and Jaidaa THA (Reporting and Writing)
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Wildfire smoke exposure may shorten lung cancer survival
A large California study, presented on Saturday at a major medical conference, found that exposure to wildfire smoke can increase the risk of lung cancer patients dying, especially among non-smokers. However, certain cancer treatments may mitigate this effect. Researchers followed up on more than 18000 people diagnosed with non-small-cell lung cancer, the most common type of lung cancer. This was between 2017 and 2020. Researchers found that those who lived in areas with high levels of air pollution caused by wildfires in the first year following their cancer diagnosis had a higher risk of dying from the disease. Researchers reported that patients who inhaled high levels of small particulate matter, with a diameter of less than 2.5 microns and can penetrate deep into the lungs, had a 20% higher risk of lung cancer death. Researchers found that people with advanced cancer stage 4 who have never smoked are particularly affected. Researchers found that their risk of death from cancer increased by 55% if they were exposed high levels of air pollution caused by wildfires. This study relied on advanced modeling to estimate the daily air quality of patients' homes, using data from satellites. weather models, smoke predictions, and air quality monitors. Researchers also found that wildfire exposure did not have a significant impact on the survival of Stage 4 lung cancer patients who had smoked in the past and were being treated with immunotherapy drugs. Researchers said that this surprising trend indicates that changes caused by smoking in the body could interact with certain treatments. Further study is needed to understand this phenomenon. Smoke from wildfires is more toxic than air pollution. It contains soil particles, biological materials and traces of metals, plastics, and other synthetic materials. Surbhi Singhal, a researcher at the UC Davis Comprehensive Cancer Center, Sacramento, California, said: "As wildfires are becoming more intense and frequent in California and elsewhere in the U.S. we need to develop targeted health strategies that protect cancer patients as well as those with other serious health issues." Reporting by Nancy Lapid, Editing by Bill Berkrot
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EU Commission regrets'strongly,' the announcement of an increase in US Steel Tariffs
The European Commission announced on Saturday it regrets "strongly" the increase in U.S. steel tariffs that was announced and that they are prepared to take countermeasures. Donald Trump, the U.S. president, said on Friday that he would increase import tariffs for steel and aluminum from 25% to 50%. This will put more pressure on steel producers around the world and intensify his trade war. In an email, a spokesperson for the European Commission said: "We regret the announcement of the increase in U.S. steel tariffs from 25% up to 50%." The spokesperson stated that the decision "adds further uncertainty to global economies and increases costs for businesses and consumers on both sides" of the Atlantic. "The tariff increase also undermines the ongoing efforts to find a negotiated resolution." The spokesperson stated that the European Union has paused their countermeasures in order to allow for further negotiations. The spokesperson stated that "the EU is ready to take countermeasures in response to the recent tariff increases by the United States". The European Commission is in the process of finalising consultations regarding expanded countermeasures. "If no solution can be reached that is mutually acceptable, existing EU measures and any additional EU actions will take effect automatically on 14 July - or earlier if the circumstances demand," they said. Reporting by Lili Bayer, Editing by Kirsten Doovan
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OPEC+ has agreed to a 411,000 bpd increase in July oil production, according to sources
OPEC+ has agreed to increase July oil production by 411,000 barrels a day (bpd), the same as it did in May and June. Due to the sensitive nature of the subject, all sources declined to provide their names. Eight OPEC+ member countries are removing 2.2 million bpd of voluntary curbs that they imposed over and above earlier cuts. OPEC+ is a group of OPEC members, as well as allies like Russia. The current round of production increases began in April. Some of the eight producers are asked to reduce their production to compensate for past overproduction. Kazakhstan said Thursday it would not reduce production, leading to speculation that OPEC+ could go for a larger increase in July than 411,000 bpd. In April, oil prices dropped to a 4-year low. They fell below $60 per barrel as OPEC+ announced that it would triple its production increase in May. Meanwhile, tariffs imposed by President Donald Trump raised fears about the global economy. Prices were just below $63 per barrel on Friday. According to a Friday poll, the average global oil demand will grow by 775,000 barrels per day (bpd) in 2025. The International Energy Agency, in its most recent outlook, predicted an increase of 740,000 barrels per day.
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BP Lines Up Noble Rig for North Sea CCS Drilling Job
BP has hired Noble Corporation’s Noble Innovator jack-up rig for a drilling job related to carbon capture and storage (CCS) project in the North Sea.Under the contract, Noble Innovator will drill six firm wells for the Northern Endurance Partnership (NEP) project in the North Sea.BP provides operatorship services to NEP, with project partners Equinor and TotalEnergies. The contract is expected to start in the third quarter of 2026.It also contains an option for two additional wells, and is in direct continuation of Noble’s current contract with BP.To remind, the North Sea Transition Authority (NSTA) issued its first carbon storage permit to NEP for the CCS project off the coast of Teeside in December 2024. The partners also reached a financial investment close for the execution of the project.Permits and Funding in Place for UK’s First Offshore CCS ProjectThe project has the potential to store up to 100 million tonnes of CO2. The first CO2 injection could come as early as 2027, according to NSTA, with a permitted injection rate of 4 million tonnes per year.Averaged over a duration of 25 years, this could reach a total of 100 million tonnes, equivalent to taking 58.8 million cars off the road for a year. "Supporting the Northern Endurance Partnership advances our role in delivering the well infrastructure behind the UK’s net-zero ambitions. This award reinforces our leadership in offshore carbon storage, and we value the continued trust that bp places in our crews,” said Blake Denton, SVP Marketing and Contracts at Noble Corporation.
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Trump praises Nippon Steel for being a 'great partner" of U.S. Steel at a raucous rally
At a Friday political rally, U.S. president Donald Trump praised an "agreement", between Nippon Steel & U.S. Steel. He did not clarify if he intended to approve their diplomatically sensitive merger. Trump announced that the American Steel Company would remain American on a Pittsburgh stage, Pennsylvania, decorated with signs praising "American steel." He also praised its new Japanese partner. It's unclear if he has given his approval to a merger that would give Nippon ownership as requested by the companies, or if he has formally approved the deal. Trump said to more than 1,600 people wearing hard hats, "We are here today to celebrate an agreement that will ensure that this storied American Company remains an American company." You're going stay an American business, you know that right? We're going have a great partnership." The Japanese company's proposed acquisition of U.S. Steel in 2023 divided Pennsylvania, a politically significant state, and its heavily-unionized blue-collar workers. It also brought tension to the otherwise friendly relationship between Tokyo and Washington. The transaction's supporters hoped that Trump's trip would bring an end to a turbulent 18-month attempt by Nippon Steel, which was plagued by opposition from the union leadership and by two national security reviews. Trump stated that the company will be "controlled" by the USA, that there would be no layoffs and that Nippon Steel would invest billions in modernizing U.S. mills to increase their production. He announced a new plan that will be implemented by next week. Tariffs are being raised Import steel duty increased from 25% to 50% Trump's comments on Friday did not shed any further light on whether or not he would give a formal approval to a deal. Trump added, "I will be keeping an eye on it and it's going be fantastic." Requests for comments on the current status of the deal negotiations have not been responded to by the White House or the companies. Trump announced the rally last Friday and appeared to endorse this merger in a post on social media. This pushed the share price of U.S. Steel up by over 20%, as investors bet that he would give the merger the green light soon. He sowed doubt on Sunday by describing to reporters the deal as not the takeover Nippon seeks but an investment, with "partial ownership" and control located in the United States. U.S. Steel's headquarters is located in Pennsylvania. This symbolized the strength of the U.S. manufacturing industry at one time, but also the decline as steel factories and plants along the Rust Belt lost business to foreign competitors. In presidential elections, the state that is most closely contested is often a prize. Takahiro Muri, Nippon's Vice-Chair, said before Trump: "We wouldn't be here without President Trump. He has ensured the future of our company by approving this partnership." Ryosei Acazawa, Japan's chief trade negotiator told reporters Friday that he couldn't comment yet on the deal. "I'm aware of all the reports and posts made by President Trump in social media. There hasn't been any official announcement by the U.S. Government," Akazawa said, who was in Washington to negotiate tariffs. Trump has to make a decision by Thursday, after the Committee on Foreign Investment in the U.S. completed its second review last week. The timeline may slip. The road leading up to the rally on Friday has been bumpy. Nippon Steel made an offer of $14.9 billion to U.S. Steel for December 2023. They wanted to take advantage of the expected increase in steel sales due to the bipartisan Infrastructure Law. The tie-up was doomed from the beginning, as both Biden and Trump insisted that U.S. Steel be owned by Americans to win over Pennsylvania voters ahead of the presidential election in November. Biden, after the review in December 2008, blocked the deal on grounds of national security. The companies filed suit, claiming they had not received a fair review, an accusation that the Biden White House denied. Steel giants saw an opportunity with the Trump administration. The Trump administration opened a 45-day review of the proposed merger. Trump's public remarks, which ranged from welcoming the Japanese company to "invest" in U.S. Steel to suggesting that Nippon Steel should have a minority stake, did not do much to boost investor confidence. Last week, it was reported that Nippon Steel has proposed plans to invest up to $14 billion into U.S. Steel operations. This includes $4 billion for a new mill. If the Trump administration approves its merger bid. Reporting by Jeff Mason and Alexandra Alper, Writing by Trevor Hunnicutt, Additional reporting by Makiko Yazaki in Tokyo, and Nathan Layne, in New York, and Editing by Chizu Nomiyama Alistair Bell, and Chris Reese
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Trump plans to double steel tariffs from 50% to 100%
Donald Trump, the U.S. president, announced on Friday that he would increase the tariffs on steel imports from 25 to 50 percent. This will put more pressure on steel producers around the world and intensify his trade war. "We will be increasing the tariffs by 25%." "We are going to increase the tariffs from 25% to 50% on steel imported into the United States of America. This will further secure the American steel industry," he stated at a Pennsylvania rally. Next week, the new levy will come into effect. Steel tariffs Trump's return to office in January saw him impose levies and tariffs on aluminum. Tariffs of 25% were imposed on steel and aluminum imports to the U.S. in March. He had threatened a 50% tax on Canadian steel, but eventually backed down. The import tax is imposed under the Section 232 authority. This includes both raw metals as well as derivative products such as horseshoes or aluminum fry pans. According to Census Bureau Data retrieved by the U.S. International Trade Commission Data Web System, the total import value of the 289 categories in 2024 was $147.3 billion. Nearly two thirds were aluminum and one third steel. Trump's two first rounds of punitive duties on Chinese industrial products in 2018, during his first term, totaled $50 Billion in annual imports. (Reporting and editing by Chris Reese; Jeff Mason)
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Rosneft, a Russian oil company, says its Q1 net income was $2.2 billion less than a half-year ago.
Rosneft, Russia's biggest oil producer, reported a net profit Friday of 170 billion Russian roubles (2.19 billion dollars). This is less than half the level from a year ago due to higher interest rates, sanctions, and a stronger ruble. Igor Sechin has been a staunch ally of Vladimir Putin and Rosneft CEO Igor Sechin. He has often criticised the Russian central bank's tight monetary policies. Since October, the central bank has maintained its key rate at 21% as it has fought against persistently high inflation. The rate has increased since the early 2000s when Russia was still recovering after the chaos of the collapse of the Soviet Union. Sechin stated in a press release that "during the reporting period the company operated under conditions of a further deterioration in the macroeconomic climate, including a decline in the price for Russian Urals oil, an expansion of discounts to global oil benchmarks, new sanctions as well as the strengthening of the Russian rouble." Rosneft reported that interest costs increased by 1.8 times in the first quarter. Rosneft didn't provide a comparison to the net income of the previous year, but it did report last year that its first-quarter net income for 2024 reached 399 billion Russian roubles. The company reported a net profit increase from 158 billion Russian roubles during the previous three-month period. The company also reported that the revenue for the quarter of January-March decreased by 8.5% compared to the previous one to 2.3 trillion Russian roubles, due to the lower oil prices in roubles. Rosneft reported that the EBITDA (earnings before taxes, depreciation, and amortization) fell by 15.5% compared to the previous quarter, falling to 598 billion Russian roubles.
LME copper set to rise at its fastest pace since September due to tightening supply
Copper prices in London were unchanged on Friday but are on track for their largest monthly increase in eight months, due to tighter supply. This is highlighted by the premium of nearby copper contracts compared with those further away.
The benchmark three-month copper price on the London Metal Exchange was unchanged at $9,570 per metric ton as of 1006 GMT. The contract has risen 4.8% in May so far, and is on track to have its best month since September.
Prices are supported by the decline in stocks at LME-registered storage facilities
The premium for COMEX copper over the LME benchmark is still high, which attracts more metal to COMEX owned warehouses.
"The LME Copper is facing a little squeeze because the COMEX stock keeps going up and the LME stock is declining," said Dan Smith.
Spread between cash LME and three-month copper contracts
Smith said that the premium, or backwardation as it is also known, reflects the uncertainty surrounding the supply of copper from the Kamoa-Kakula mine in the Democratic Republic of Congo. This mine is the largest copper producer in Africa, and one of the largest in the world, Smith explained.
The industrial metals as a whole were under pressure, with the dollar strengthening and the market losing optimism following a recent court ruling which reinstated tariffs that President Donald Trump had imposed.
China's Futures Markets are closed until 3 June for the Dragon Boat Holiday, which has reduced the overall trading volume.
On the demand side, Saturday's official purchasing managers index (PMI), which is a measure of metals consumption in China, will be the main focus. A poll shows that China's factory output likely declined for a second consecutive month in May.
LME aluminium dropped 0.3% to $2.443.50 per ton. Zinc fell 0.4% to 2,663.50; lead lost 0.2% at $1.958; tin declined 1.8% to $30.655 while nickel increased 0.2% at $15.395. (Reporting from London by Polina Devlin; Additional reporting in Bengaluru by Brijesh Patel; Editing by Jane Merriman).
(source: Reuters)