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Oil prices continue to fall as OPEC+ considers a new output increase
Oil prices fell on Thursday, extending a drop of more than 2% from the previous trading session. Investors and traders are looking ahead to a meeting at the weekend of OPEC+, where producers will likely consider another increase of output targets. Brent crude dropped 27 cents or 0.40% to $67.33 a bar by 0114 GMT. U.S. West Texas intermediate crude fell 28 cents or 0.44% to $63.69 a bar. Two sources with knowledge of the discussions said that eight members of the Organization of the Petroleum Exporting Countries (OPEC+) will discuss further increases in production at a Sunday meeting. The group is seeking to regain its market share. Phil Flynn is a senior analyst at Price Futures Group. He said that the prospect of OPEC+ increasing output had increased before the meeting. The traders had not expected any change from the group. OPEC+ agreed to increase output targets from April to September by approximately 2.2 million barrels a day, plus a 300,000. bpd quota for the United Arab Emirates. Middle Eastern oil has remained the most expensive region in the world despite production increases. According to a Haitong Securities report, this has boosted the confidence of Saudi Arabian and other OPEC member countries to increase output. The market is now awaiting government data about U.S. crude stocks, which are due on Thursday. This will be a day later than usual due to the U.S. federal holiday on Monday. U.S. crude stockpiles increased by 622,000 barges in the week ending August 29, according to market sources citing API figures released on Wednesday. The API estimate of a U.S. increase in crude stock went against the estimates of analysts polled who, on average estimated that U.S. crude inventory fell by 2,000,000 barrels. (Reporting from Sam Li in Beijing, Trixie Yap and Nicole Jao in New York. Editing by Tom Hogue.)
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Flatiron Energy and South Korea's SK On sign a deal for energy storage batteries
SK On, a South Korean company, announced on Thursday that it had signed a contract with Flatiron Energy Development in the United States to supply lithium iron phosphate batteries (LFP) for energy storage systems. SK On will be supplying up to 7.2 gigawatt-hours (GWh) in ESS batteries from 2026 to 2030. This is its first order of LFP batteries for energy storage systems. The company didn't disclose the value. SK On announced in a press release that it would begin mass production of LFP batteries dedicated to ESS in the second half next year. It also plans to convert a few of its EV battery production lines into ESS production lines in Georgia. The company stated that "the LFP battery production of energy storage systems is expected to further strengthen our product line and business portfolio, to effectively respond and accelerate stable growth and to temporarily slow down in electric vehicle demand." The company also plans to set up LFP production in South Korea. SK On's agreement echoes a growing trend among EV batteries makers to expand into energy storage in order to hedge against a slowing EV market. In July, LG Energy Solution The company warned that U.S. Tariffs and the end of federal EV Purchase Subsidies by September 30 could weigh on EV Demand into early 2026. This may prompt it to increase ESS production while cutting or delaying its investment plans. Heekyong Yong reports.
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Petrobras taps the global debt market for 2 billion dollars after Brazil's issuance
Petrobras, the state-run Brazilian oil company, has priced a $2 billion global notes offering through its wholly-owned subsidiary Petrobras Global Finance B.V. in two tranches. This was disclosed in a filing of securities on Wednesday. The first tranche is $1 billion of global notes with a 5.125% interest rate due 2030. They are priced at 99.024% and yield 5.350%. The interest payments will begin in March 2026 and continue every 10th of March until September 2020. The second tranche includes a $1 billion of 6.250% global bonds due in 2036 priced at 97.784%, yielding 6.550%. Interest payments will begin in January 2026 on the 10th January and 10th July. Brazil's Treasury made its third sale of foreign debt this year on Tuesday. The Treasury said the transaction would open the market and serve as a benchmark for corporate issues. Petrobras said that the offering was "subject to conditions of the market and others," in a filing with securities. The company added that net proceeds will be used for general corporate purposes. Petrobras Global Finance announced that BBVA and Citigroup as well as Itau BBA Santander, Deutsche Bank, Santander, UBS, and Citigroup will act jointly as bookrunners. IFR, a fixed-income news service, reported earlier that day that Petrobras would issue two separate unsecured notes. One note will be for five years and the other will be for a 10-year term. (Reporting and editing by Nick Zieminski, Isabel Teles, and Nia William)
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Nippon Steel resolves disputes with USW and Cliffs over U.S. Steel Deal
Nippon Steel announced on Wednesday that it had resolved all legal disputes relating to the $14.9 billion purchase of U.S. Steel by Nippon Steel from U.S. Steel in June. The settlement included the dismissal of the lawsuit filed by Nippon Steel and its North America unit against USW president David McCall as well as withdrawal of the unfair labor practice complaint the union filed against U.S. Steel at the National Labor Relations Board. Both companies dropped all claims against Cleveland-Cliffs, its CEO Lourenco Goncalves and anyone else who opposed the deal. Nippon Steel and U.S. Steel accused Cleveland-Cliffs and its CEO Lourenco Goncalves, as well as United Steelworkers president David McCall, of trying to stop the deal. The union also filed a complaint with the National Labor Relations Board alleging that U.S. Steel intimidated its workers and tried to suppress any opposition to the sale. The announcement of the buyout in late 2023, and its completion on June 18, 2025 faced months of political scrutiny, and union opposition, over foreign ownership. Nippon stated that no compensation has been exchanged in these settlements. Both parties said they are still focused on collective bargaining and steelmaking operations.
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Grain-Corn falls from six-week-high, soybeans fall on China demand concerns
After three sessions of gains, U.S. Corn futures dropped from their six-week high on Wednesday due to profit-taking. The market was also weighed down by an anticipated record-large U.S. crop. Soybeans fell for the second day in a row on concerns about a lack export sales to China, the top buyer amid increased trade tensions. Wheat also dropped due to ample global supplies. Corn and soybeans both registered losses, despite concerns that the U.S. government's latest production forecasts are too high. In a Tuesday weekly report, the U.S. Department of Agriculture reduced its corn and soy bean crop ratings. The optimism about a breakthrough of U.S. China trade talks boosted soybean futures prices to multi-month-highs at the end of last month. However, market sentiment has deteriorated. Beijing's hostility towards the United States is highlighted by its hosting of non-Western world leaders this week, such as Russian President Vladimir Putin, and Indian Prime Minister Narendra Modi. Don Roose said, "China will probably be the most dominant factor. We're also getting closer and closer to harvest, so the guessing games on yields are soon going to end." "China has not increased its purchases of our soybeans." Each week they do not buy, we lose business. Chicago Board of Trade December soybeans dropped to their lowest level since August 19, and settled at $10.31-12 a bushel, 9-1/2 cents less. December corn fell 5 cents, to $4.18 per bushel, after reaching its highest level in overnight trading since July 22. CBOT December Wheat ended at $5.22 per bushel, down 6-1/4 Cents. Wheat markets have been impacted by falling prices in Russia amid improved harvest prospects in the largest wheat exporting country in the world, as well as expectations of a crop above average in Australia.
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Venezuelan oil exports reach a 9-month high with cargoes returning to US
Shipping data revealed that Venezuelan oil exports surpassed 900,000. barrels per day during August, their highest level since November. This was after energy producer Chevron obtained a license allowing the OPEC nation's crude to be returned to the U.S. after a 4-month pause. Last month, the U.S. Treasury Department issued a limited authorization to Chevron, a major partner of Venezuelan PDVSA state company, to export oil and operate in Venezuela, despite the sanctions. According to data from tanker movements, the resumption in Chevron flow to the U.S. and larger cargoes going to Venezuela's main destination, China, resulted in a 27% rise in exports for last month, resulting an average of 966 485 bpd. According to a PDVSA internal document, stable output and no outages in crude upgraders or blending facilities along the Orinoco Belt (Venezuela's main producing area) also contributed to increased oil exports and inventories. Last month, exports to China, direct and indirect, after ship-to -ship transfers, made up 85% of total outflows, down from 95% in July. About 60,000 barrels per day of Venezuelan crude oil were shipped to the U.S. while Cuba received around 29,000 barrels per day of crude and fuel. Venezuelan methanol was shipped to Europe in several cargoes. Venezuela exported 275,000 tons of oil products and petrochemicals to the world in August, a significant increase over the 227,000 tons it shipped the previous month. This is the highest export since May. Data showed that the country increased imports of light oil and naphtha, which were needed to dilute extra heavy oil production and produce exportable grades. The data indicated that 99,000 bpd was imported in August, compared with 58,000 bpd for July.
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UN calls on countries to set new climate targets in the month of September
The United Nations called on countries to develop more ambitious climate plans this month in order to put pressure on major economies, including China and the EU. This is ahead of this year’s U.N. Climate Summit. The U.N. asked countries to submit plans called Nationally Determined Contributions (NDCs) by September, so their efforts could be evaluated before the COP30 Summit in Brazil in November. The majority of countries have not yet done so, despite having agreed to submit them by this year as part of the 2015 Paris Agreement. The updated NDCs must describe how each country intends to reduce emissions by 2035. Simon Stiell, the U.N. chief of climate change, wrote to almost 200 countries in a letter describing the NDCs "the cornerstone for humanity's fight against global climate crises." The letter was published by the U.N. and stated that "These national climate policies... are among the most powerful engines for economic growth and increasing living standards in this century." China, the largest polluter in the world, has only said that it will increase its target by the fall. The European Union struggles to come up with a plan. This month, France and Poland asked for a delay on the approval of the proposed 2040 target, which would have influenced the 2035 goal. The U.N. report will indicate if countries are on the right track to keep global warming at safe levels, or if their plans need to be stepped up. The response of governments will be a test for their climate commitment, especially at a moment when the United States is pulling away from the initiative. They are the biggest polluter in history and the biggest economy. The hottest year ever recorded was last year, and all 10 of the hottest years in history occurred within the past 10 years. Climate change is worsening extremes of weather on all continents, from wildfires to torrential rainstorms. (Reporting and editing by Kate Abnett, Katy Daigle, and Chizu Nomiyama)
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US nuclear safety regulators claim their jobs may be threatened under Trump
The Nuclear Regulatory Commission is the U.S. watchdog for nuclear safety. Two of its three remaining commissioners told a Senate committee on Wednesday that they believe President Donald Trump may fire them if he feels they obstruct the goal of approving reactors more quickly. Trump signed executive order in May setting goals to accelerate new reactor licenses, quadruple U.S. Nuclear Energy capacity by 2050 and boost the U.S. power grid. He also reduced staffing at NRC. Trump fired Chris Hanson, a Democrat. Meanwhile, Republican Annie Caputo left the panel in July to focus more on her family. The traditionally five-member panel was reduced to just three. Matthew Marzano (Democrat) told the hearing that he was worried he would be fired if he decided a new reactor is unsafe and refused to license it. Bradley Crowell, a Democrat who is also a commissioner, stated that he believed "any day, I could be terminated by the administration, for unknown reasons." The White House didn't immediately respond to an inquiry for comment. NRC chairman David Wright, a Republican said that the agency is currently reviewing five applications for so-called advanced reactors and expects to receive another 25-30 in the near future. Wright refused to comment on whether he thought he might be fired. He said that it was "speculation". He said the NRC shouldn't approve incomplete applications by companies seeking to build new nuclear power plants, even if that means missing a deadline of 18 months set out in Trump’s executive orders. Senator Sheldon Whitehouse is a Democrat and supports nuclear energy because of its potential to reduce greenhouse gases. He said that about a dozen managers have either left the NRC or announced their intention to leave, and 143 employees have left between January and June. Whitehouse stated, "It is a bloodbath for personnel." The industry's reputation as a leader in nuclear safety is based on the NRC. Now, it's in danger." Crowell said that if the agency loses any more staff it will be difficult to make credible safety cases for the timelines in Trump's order. (Reporting and editing by Nia William in Washington, Timothy Gardner)
Equinor expects to reboot Hammerfest LNG plant on Monday
Equinor remains on track to restart its Arctic Hammerfest LNG plant on Monday after a weekend power blackout halted production, a company spokesperson stated.
Hammerfest LNG, likewise called Melkoeya, has capacity of about 6.5 billion cubic metres of gas per year. That is enough to provide about 6.5 million European homes and accounts for approximately 5% of all Norwegian gas exports.
We plan to increase today, the representative said.
Production at Europe's largest melted gas export center was stopped late on Saturday and is expected to stay offline until 1900 GMT on Monday, according to a regulatory disclosure.
The plant's power generators had been undergoing upkeep when its backup supply from an external grid stopped working, resulting in the interruption.
Equinor will inform the market when a restart has taken place, the Norwegian business's spokesperson said.
Norway is Europe's biggest supplier of natural gas after a. sharp reduction in Russian shipments since the start of the war. in Ukraine in 2022.
The Melkoeya plant receives its gas through pipeline from the. Snoehvit offshore field. Its owners are Equinor, Petoro,. TotalEnergies, Vaar Energi and Wintershall. Dea.
(source: Reuters)