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EU climate negotiations to be led by far-right politicians
Patriots for Europe, an extreme right-wing group, will be in charge of the European Parliament’s work on the new climate target for the bloc, European Union legislators said on Tuesday. This could complicate any agreement on the goal of reducing greenhouse gas emissions to 90% by 2040. The Patriots group is the third largest in the Parliament and includes both the far-right parties of France and Hungary, including Marine Le Pen, the leader of the French far-right, and Viktor Orban, the Prime Minister of Hungary. Jordan Bardella, chair of the Patriots Group, said that the group was "resolutely against" the 90% emission target and had bid for the work to assert their vision on the goal. Bardella said at a press conference that "we are against it" because there are already too many restrictions on the industry in Europe. This would only lead to a de-growth. Climate change has caused Europe to be the fastest-warming continental in the world. A severe heatwave that swept across Europe last week also caused chaos. However, governments in Italy and Poland have been reluctant to adopt ambitious goals for reducing emissions this year because of concerns about the costs. Patriots' new role will give them a powerful voice when EU countries, the European Parliament and other legislators negotiate on the EU 2040 climate goal in the next few months. Patriots are tasked to draft an initial proposal that will represent the position of parliament in these negotiations. Liberal, socialist, and green groups have said that they are preparing a plan, which will be voted on by the Parliament on Wednesday, to speed up the negotiations. This would eliminate the first stage where Patriots could exert influence. Pascal Canfin, a liberal French EU legislator, told reporters that "we can take back control of the files". The Patriots Group holds eurosceptic views, including accusations that the EU seeks to replace national governments by a European superstate. EU officials said that the Patriots won the negotiating role at a meeting behind closed doors on Tuesday morning, by outbidding parliament's largest group, the centre right European People's Party. The European Commission, after months of delays, proposed the 2040 Climate Target last week. However, Brussels has been unable to garner political support. (Reporting and editing by Mark Heinrich, Deepa Babington and Kate Abnett)
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EU creates Critical Chemical Alliance for supply chain security
The European Commission said that it will work with EU members states and the chemical sector to support the production of chemicals identified by the EU executive as being critical for Europe's supply chains. The EU executive said that it would establish a Critical Chemical Alliance later this year, which will bring together the Commission and member states as well as various stakeholders, in order to revitalize Europe's chemical industry. In a press release, the Commission stated that "the chemical alliance" will "identify key production sites in need of policy support and address trade issues such as supply chain dependence and distortions." This move is similar to another alliance that was set up in order to identify the metals and minerals crucial for energy transition. The EU set mining, processing and recycle targets for 17 strategic materials. Chemicals are an essential input in nearly every industry, from textiles to defence and tech. They also account for over 1.2 million jobs directly in the EU. Chemical production plummeted during the COVID-19 epidemic and hasn't fully recovered due to the competition from U.S. and Chinese competitors who benefit from lower energy and production costs. The Commission said that more than 20 chemical plants have closed in the past two years. Ammonia and petrochemicals are "under severe pressure". Stephane Sejourne, Executive Vice President of the European Commission and Industry Commissioner, told reporters: "First and foremost is the question of sovereignty. We must keep our steam crackers." Steam crackers are a unit of petrochemical factories that produce the building blocks chemicals ethylene, and propylene. These chemicals can be found in plastic food packaging, rubber, car headlights, and fleece hoodies. Around 40 steam crackers are located in the EU. The Dow Chemical Company announced on Monday that it would be closing two plants in Germany, and one in Britain in the next two-year period. Sejourne said reporters that the alliance will evaluate the bloc's dependency on imports within the context of its importance. We are dependent on foreign imports of methanol for example. If we examine the critical production sites we must safeguard and maintain European sovereignty... Work is being done to identify the molecules and the plan proposes moving forward with a sort of Critical Molecules Act." The Commission will also include chemicals in future agreements with other countries and increase the surveillance of chemical imports. Since 2024, the Commission has opened 18 trade defense investigations on different molecules. In order to compensate for the high cost of energy, the Commission will increase state aids, accelerate permits and provide energy guarantee from EU funds. Sejourne stated that the Commission would also incorporate EU-content criteria into public procurements for chemicals. This is an effort being promoted by EU industries. The Commission will also present its sixth package of simplifications, called an omnibus for the chemical industry. The omnibus package, which is due to be presented before year-end, will simplify the rules for labelling dangerous chemicals and revise rules surrounding cosmetics, fertilizers, and other products. This will result in savings of up to 363 million euro ($425,47 million) per year.
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Insurgents and bandits in Nigeria kill more people in the first half of 2025 compared to all of 2018.
According to figures released by Nigeria's Human Rights Agency on Tuesday, more people were killed in Nigeria by bandits and insurgents during the first half of 2018 than they will be in 2024. According to these figures, there were at least 2,266 deaths in the first six months of 2025. This compares to 1,083 deaths in the same period of 2024, and 2,194 in the entire year of last year. Nigeria's military is stretched thin as it fights a multi-fronted war against Boko Haram, other insurgents and banditry in the north, herder attacks and kidnappings throughout the central states, and secessionists and separatists in southeast. In the last few months, the situation has gotten worse. 606 people have been killed, including around 200 in an attack by gunmen against the Yelewata community and the Dauda community in central Benue. Tony Ojukwu - the Executive Secretary of Nigeria's National Human Rights Commission - revealed the statistics during a presentation held in Abuja and called on the government to take urgent, decisive actions. Ojukwu stated, "These were not just figures in a report. They were fathers and mothers, children and breadwinners. Families were torn apart; livelihoods were destroyed; and futures were extinguished by moments of senseless violence." The agency reported that 857 people were abducted during the first half 2025. This was down from 1,461 for the same period in 2018. The report noted that attacks on law enforcement and security forces were increasing. More than 17 soldiers died in Kaduna State and Niger State, and more than 40 members of Civilian Joint Task Force in Zamfara in the northwest.
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Gold, the safe-haven asset, falls on optimism about trade
Gold prices for safe-havens fell on Tuesday due to some optimism about a trade agreement between the U.S. As of 1325 GMT, spot gold declined 0.4% to $3322.93 an ounce. U.S. Gold Futures dropped 0.3% to $3332.30. The yield on the benchmark 10-year bond hit a record high of more than two weeks, which made gold that does not pay a return less attractive. Meanwhile, the dollar rose by 0.2%. Japan and South Korea, two of the most powerful Asian economies, said they would negotiate with the U.S. on Tuesday to reduce the impact of the sharply increased tariffs President Donald Trump plans to implement from the beginning of August. Trump re-ignited his trade conflict on Monday by warning 14 nations they will face higher tariffs. The start date was pushed to August 1 and countries focused on the three-week window for a smoother ride. The Trump administration is increasing pressure as the deadline of July 9 approaches. "But some optimism related trade deals are fueling risk-on sentiment and keeping gold subdued," says Peter Grant, Zaner Metals' senior metals analyst. The markets await the minutes from the latest U.S. Federal Reserve policy meeting, due on Wednesday. Several Fed officials are scheduled to speak in the coming week and provide more insight into the economy. Hamad Hussain is a climate and commodities economist with Capital Economics. He said that the Fed will likely delay cutting rates until next year due to the lingering inflation threat from tariffs. This will keep gold prices in check. Investors expect a 50 basis point Fed rate cut by the end this year. Silver spot fell 0.5% per ounce to $36.57, while platinum dropped 0.8% to 1,359.97, and palladium fell 0.2% to $1,000.77. (Reporting by Anushree Mukherjee in Bengaluru; Editing by Shreya Biswas)
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Platts to change benchmark Dubai oil prices in 2026
S&P Global Platts announced on Tuesday that it would be changing the pricing mechanism of United Arab Emirates Murban crude oil in the Dubai benchmark oil from 2026, to better reflect the market dynamics. In a document posted on its website, the price-reporting organization said that the Abu Dhabi grade should be priced at a level above or below Dubai and other grades of medium-sour in the basket. Currently, a premium has been applied to the light-sour Murban in order to reflect its superior quality compared to other medium-sour grade - Dubai Oman Upper Zakum, and al-Shaheen - which can be delivered as part of the Platts market on Close process, which sets the benchmark price for Dubai. The price of Murban crude has recently fallen due to increased supplies. This, in turn, has affected the Dubai benchmark, which prices Middle East oil for Asia at more than 14,000,000 barrels of oil per day. Platts said that it also planned to change its calculation for pricing the quality difference between Murban and other grades in the Dubai Basket. Platts stated that the changes would take effect on January 2, 2026 pending feedback from the industry. Platts stated that the role of Murban has changed in recent years due to changing market dynamics. These include OPEC+ cuts in production that have restricted the availability of medium sour crudes and increased supplies at the same of lighter, sweeter grades, which has more often led to a narrowing of sweet/sour value. Murban is responsible for two thirds of Abu Dhabi National Oil Co.'s production. Platts reported that upgrades at regional and international refineries increased the demand for heavier crudes with more sourness. The report added that "these market shifts" have increased the frequency with which Murban is declared as Dubai convergences, and Murban played a larger role in defining benchmarks. Platts' proposed methodology would calculate the daily Murban adjustment based upon the difference in net prices between Platts' assessments for Murban versus Oman, for cargoes that are loading two months before the publication date. A Singapore-based trader stated that this was great news for Dubai, and added that Murban would no longer be able to limit gains for the Middle East benchmark. (Reporting and Editing by Florence Tan and Siyi Liu)
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Mali intends to sell gold reserves to Barrick Complex to fund operations
Two sources say that the administrator appointed by the Malian court to Barrick Mining’s Loulo-Gounkoto site, who is Barrick Mining’s Loulo-Gounkoto Complex, plans to sell a metric ton (one tonne) of gold in its storeroom when operations resume after a six-month hiatus. Barrick Gold, a Canadian mining company, temporarily halted its operations in January when the Malian government confiscated gold stocks at the Loulo-Gounkoto Complex. Two sources claim that former health minister Soumana Mahadji was appointed temporary administrator in December and enlisted Samba Toure, the chairman of the state mining company, to assist with operations. Before the suspension, Barrick, world's third largest gold miner, produced 15% of its gold at the site. This has affected the national gold production and reflects the conflict between Mali, and international miners. Mark Bristow told Barrick CEO that the company only received informal information regarding the restart of the gold shipment and the information was not formal. Bristow stated that "if it's true, then any plans made by the administrator to resume operations and sell gold at the site would in our opinion be illegal." Three additional sources confirmed that the plant began operating again on Monday, for the first since January. Makadji, and the Mali mines ministry did no respond immediately to questions by. Toure was not available. Barrick suspended its operations after Mali banned exports, arrested executives and confiscated bullion. The company also initiated international arbitration in order to settle the dispute. The decision to restart the complex follows a two-year standoff that has erupted between Barrick and Mali’s military-led Government over alleged tax disputes, and the company’s refusal to accept a new mining codes aimed at increasing state revenue through soaring gold price. Investors who have invested billions in West Africa now face new rules, as the military governments seeking a larger share of mining revenues. According to data, gold prices rose 25% in the first four months of this year, peaking at $3,500 an ounce. Setting a Precedent? The sale of the gold ton, which had been sitting in Loulo Gounkoto's room of gold since operations were suspended and was separate from the three tons that were seized in January, would be Makadji’s first major action after taking over the largest gold mine in Mali and third-largest gold mine in Africa. The restarting of the mine without Barrick’s cooperation could set a precedent in West Africa for state intervention. The funds from the planned sale of gold, which is worth approximately $107 million, will be used to fund operational expenses including salaries, fuel, and unpaid contractor dues. Barrick's CEO has promised to take the government's actions before international courts. Bristow added that Mali did not act in good faith. Three sources who were present at meetings with Makadji said that he had told Barrick employees, union representatives, and subcontractors, he was committed to resume operations and maintain salaries. CHALLENGES Six people have said that Loulo Gounkoto's size and complexity will present significant challenges to the new management. One person said that even if production begins, it would take at least four more months to return to the normal pace. Four months was the case with Barrick Gold. But now, it is the provisional administration so it may be longer. Barrick, meanwhile, has lowered its output forecast for 2025, and the chief of the mine is not optimistic about the mine's future under the provisional management. Bristow stated that "we do not believe the administrator or his advisors are capable of running this mine." We are worried that this will have a serious impact on the future prospects of the mine complex. Loulo Gounkoto’s all-in-sustaining cost was $100 million for the quarter ending December 2024. This is a cost metric that miners use to determine the cost of producing one ounce of gold. Barrick has blocked intranet and emails in Mali since losing control of the complex. Three sources claim that only Bamako-based employees were paid in June. Those on the ground remain unpaid. Bristow stated that the administrator is responsible for salaries in June and Barrick has provided a detailed note of handover. Two sources also said that it would be difficult to recall key staff who are expatriates. One of the sources said that these included Australian jumbo drilling operators who have been absent since January. Last year, the company's employees left after Malian authorities arrested Resolute Mining CEO Bristow during a discussion on a new mining code. Some Malian employees have been temporarily transferred abroad, while others have resigned. Most contractors have not paid their staff since January and have either suspended or laid them off. Reporting by Divyarajagopal, PortiaCrowe and Tiemoko Diallo from Toronto; editing by Veronica Brown and Bernadette Baum.
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EDF promotes nuclear executives ahead of new build
By America Hernandez PARIS, 8 July - France's EDF, the state-owned energy company, has named several new directors to its Board and will reorganise its operations to prepare for its plans to build 6 new nuclear reactors, and to increase investments in hydropower. EDF CEO Bernard Fontana stated in a press release that "this evolution aims at strengthening the Group's performance industrially in support of the revitalization of nuclear power and Hydropower... We must organize ourselves to better identify and deliver on our long-term commitments." Xavier Gruz will be joining the executive committee as director of EDF's Nuclear Programme immediately. He will propose a stronger ownership structure for new nuclear projects and report directly to the CEO. EDF is also forming a new entity for project management to speed up the construction of reactors. This will be done by streamlining the cooperation with industrial partners on the levels of engineering, construction and supply chain. Nicolas Machtou will be the secretary general of the board from September. He currently oversees new nuclear projects. Emmanuelle Verger and Elisabeth Terrail from EDF’s Hydropower business, Framatome as well as Elisabeth Terrail who leads EDF’s reactor-building activities have been appointed to the Board. Fontana was appointed CEO in the first quarter of this year. The company is now looking for ways to raise money to fund new nuclear builds. This includes possible asset sales. In early 2018, the French government approved a subsidised loan to EDF to cover at least half the estimated construction costs for six new reactors in 2022, which was estimated to be 52 billion euros. A revised budget is expected to be released by the end of the year. (Reporting and editing by Barbara Lewis, Emelia Sithole Matarise and America Hernandez in Paris)
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UN vote on phase-out of fossil fuels tests commitments to climate change
The U.N. Human Rights Council will vote on Tuesday whether to adopt a pledge that all fossil fuels must be phased out to combat climate change. Diplomats have warned Gulf states and other countries may not honor their previous commitments. The council recognized the right to a healthy and clean environment in 2021. It has revealed divisions between the 47 members, after the Marshall Islands - one of the countries most vulnerable to rising ocean levels with an average elevation of only 2 meters - made an amendment to motion to mention the exit of fossil fuels. The vote is now a test to see if countries are willing to leave the oil age, after they agreed to do it at the COP28 Climate Summit in December 2023. Often, decisions are reached without a vote by the council. They do not have legal force, but they help to shape global standards. It's not yet clear if there will be a majority for the language on Tuesday. Doreen Debrum, the Marshall Islands ambassador to the U.N. at Geneva, said before the vote: "It's incomprehensible how a resolution that purports to protect human rights against the effects of climate changes would not mention the necessity to move away from fossil fuels ...,". Australia, Britain, Germany and several small island nations including Samoa and Vanuatu support the move. Three diplomats claim that oil-producing countries, including Saudi Arabia and Kuwait (a voting member), voiced their opposition to this phrasing during negotiations. Riyadh instead called for "multiple paths" to reduce emission. Kuwait's foreign ministry or Saudi Arabia's international press offices did not respond to requests for comment. The diplomatic missions of Saudi Arabia and Kuwait in Geneva failed to respond immediately. Sebastien duyck, the human rights and climate campaign director at the Center for International Environmental Law (CIEL), called the vote "a litmus test for government". Campaigners have accused leaders in climate action such as the European Union of scaling back their policies while dealing with the effects of an early summer heatwave. Since disengaging from the Council this year, the U.S. will not take part in the formal vote. (Reporting and editing by Alison Williams; Emma Farge)
Sources claim that India will import 10% of its cooking gases from the US by 2026.
Four industry sources with knowledge of the matter have said that India intends to import about 10% of its domestic cooking gas from the U.S. starting in 2026. This is part of an effort to increase energy purchases and narrow the trade gap between Washington and India.
Middle Eastern LPG producers are the world's largest importers and consumers of liquefied gas. In 2024, more than 90% (or 20.5 million tons) of their imports will come from this region.
LPG, a mixture of butane and propane used as a cooking fuel, is imported mainly by state retailers Indian Oil Corp. Bharat Petroleum Corp. and Hindustan Petroleum Corp. and sold to households at a subventioned price.
India rarely purchased U.S. LPG before due to the higher freight costs. However, state retailers started buying U.S. LPG after China imposed retaliatory tariffs on U.S. LPG imports.
Sources have previously said that India intends to eliminate the import tax on U.S. butane and propane used to make LPG.
India has committed to increasing U.S. energy purchase by $10 to $25 billion within the next few years. The two nations also agreed in February to aim for $500 billion of bilateral trade by 2030.
Data obtained from sources revealed that India's imports of U.S. crude oil have more than doubled in the past year.
We are looking at the U.S. for a reliable source of crude oil and LPG. "We need to diversify the LPG sources we use," said one source who declined to give his name because he wasn't authorized to speak with media.
India is diversifying its crude suppliers to support its growing refinery capacity and reduce geopolitical risk. LPG is mainly purchased from the Middle East on a FOB basis.
The 10% Chinese tariff on U.S. propane has opened arbitrage opportunities for Indian customers, further encouraging a move to U.S. cargoes.
He said: "We prefer to buy U.S. crude on a delivery basis, to reduce freight risks."
Two sources reported that the Indian state refiners see an annual LPG growth of 5% to 6 %, and total imports will rise to 22 to 23 million metric tonnes by 2026.
The Indian oil ministry as well as the three state fuel retailers have not responded to comments immediately.
A third source in the industry said that pricing will be key in determining exact volumes of U.S. LPG imported.
The International Energy Agency predicts that India's LPG consumption will grow by an average 2.5% per year between 2024 and 2030. This would amount to 1.2 million barrels of LPG per day or approximately 37,7 million tonnes. (Reporting and editing by Tony Munroe, Kate Mayberry, and Nidhi verma)
(source: Reuters)