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Greenland's Democrats are looking for a broad coalition of Democrats to stand united in the face of Trump's pressure
Greenland's parties must put aside their differences and quickly form a wide coalition government in order to show unity against a U.S. annexation campaign, said the Democrats on Friday following this week's elections. Jens-Frederik Nielson, leader of a pro-business party that favors a gradual separation from Denmark, expressed in a post on Facebook the urgency of the current situation following introductory coalition discussions. This is not the moment for internal disputes and political tactics. He said that the situation in our country was far too grave for such tactics. "We stand together when someone threatens us or looks down upon us. Donald Trump, the President of the United States, said on Thursday that the U.S. needs to control Greenland in order to improve international security. When asked about the possibility of an annexation, he replied: "I believe it will happen." On Friday, the leaders of Greenland's Inatsisartut Parliament's five parties rejected Trump's remarks. In a joint press release, they stated that "we - all the party leaders – cannot accept the repeated remarks about annexation of Greenland and its control." They said that "we find this behavior unacceptable towards friends and ally in a defense alliance", adding that they condemned any attempts to cause division. The Democrats, which more than tripled to 10 seats in the chamber of 31, have advocated a responsible mining of Greenland’s vast, but largely untapped, mineral resources as a way to develop the economy, as the semiautonomous territory transitions towards full independence from Denmark. Naleraq, which is strongly pro-independence, came in second place at Tuesday's elections. It doubled its number of seats from four to eight. (Reporting and editing by Hugh Lawson, Christina Fincher and Louise Breusch Rasmussen)
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Baker Hughes reports that the US oil and gas rig counts remained unchanged last week.
Baker Hughes, a leading energy services company, said that the U.S. energy companies this week did not change the number of oil rigs and natural gas rigs in operation. The number of oil and gas rigs, a good indicator of future production, remained at 592 during the week ending March 14. . Baker Hughes reported that the total number of rigs is down 37 or 6% from this time last. Baker Hughes reported that the number of oil rigs rose this week by one, to 487. The number of gas rigs dropped by one, to 100. Oil and gas rig counts are expected to decline by 5% and 20% respectively in 2024, as the lower U.S. gas and oil prices in recent years have prompted energy companies to concentrate more on increasing shareholder returns and paying off debt than increasing output. The U.S. Energy Information Administration's (EIA) projections show that crude production will continue to reach all-time levels for the next two year, even though analysts predict U.S. oil prices will stay the same in 2025. The U.S. oil production will plateau at the end of the decade, said CEOs from Occidental Petroleum Occidental Petroleum ConocoPhillips this week in Houston during the CERAWeek Conference. The EIA predicted a 73% price increase for gas. In 2025, a price drop of 14% in 2024 would cause producers to increase drilling in this year. Several energy firms had cut production in 2024 for the first since the COVID-19 epidemic reduced demand for fuel in 2020. The projected production will increase from 103.2 billion cubic feet per days (bcfd) in 2024, to 105.2 bcfd and 107.5 bcfd by 2026. Executives at CERAWeek said that U.S. gas consumption is expected to continue to reach record levels due to the soaring demand for liquefied gas (LNG) and power consumption by data centers. They also warned a lack infrastructure could harm the industry. (Reporting and editing by Marguerita Chy in Bengaluru)
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Data shows that Tupras, a Turkish company, imports the first Brazilian crude cargo.
According to ship tracking data and a source familiar with the matter, Turkey's biggest oil refiner Tupras will receive its first shipment of Itapu crude in early January. Tupras said last month that it stopped buying Russian crude oil after the United States announced new restrictions on Russia's petroleum industry on January 10, According to Kpler and LSEG tracking data, the cargo of Itapu crude oil, approximately 1 million barrels was loaded onto Joao Candido, a Suezmax tanker, on March 12. The data shows that it is expected to arrive in Turkey's Izmit Port, where Tupras operates an oil refinery with a capacity of 225.800 barrels per day, on the 3-4 April. Tupras didn't immediately respond to an inquiry about the purchase, received late on Friday in the Turkish working day. The Kpler data, which dates back to 2013, shows that neither of Tupras’ two refineries in Izmit or Izmir has ever received Brazilian crude. Itapu has an API gravity (density) of 29.3 and a 0.253% sulphur level, according to the data. Urals, a medium-sour crude, has an API gravity of 31.7, and is more sulphurous, at 1.7%. This is according to S&P Global Commodity Insights. Kpler reports that Tupras became one of the largest importers of Russian crude oil since Moscow invaded Ukraine in 2022. It received around 305,000 barrels per day of this grade in 2024. A Mediterranean crude trader stated that Itapu was similar in quality to other medium-sweet grades, like Nigeria's Forcados. (Reporting and editing by Barbara Lewis in London, Robert Harvey)
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Rusal, a Russian company, will buy a 50% stake in the Indian owner of an alumina refinery in phases.
Rusal, the Russian aluminium giant, announced on Friday that it has agreed to purchase a 26% share in an Indian alumina refining company for $243.75 millions and will acquire up to 50% over time. This move should help reduce Rusal's reliance on third party raw materials. Rusal is the largest aluminum producer in the world outside of China. Although the sanctions against Moscow for the conflict in Ukraine have not directly targeted Rusal, it has lost 40% of its alumina supply after Australia stopped exports to Russia, and Rusal closed its alumina refining plant in Ukraine. Rusal reduced its deficit by increasing its raw material purchases from China, India and Kazakhstan. In October 2023 it acquired a 30% share in a Chinese manufacturer to compensate for the falling volumes of alumina. Rusal still purchased more than one-third of its alumina requirements for aluminum production at global exchange rates as of November 2024. This, it said, "puts serious strain on the production margins". Rusal announced that it had agreed to buy up to 50% in three phases of the share capital of Pioneer Aluminium Industries Limited through a fully-owned subsidiary. Rusal announced that it would purchase 26% of Pioneer’s shares at a price of $243.75 millions plus any contractual adjustments for debt and net working capital. Rusal stated that "(Pioneer), owns and operates an alumina refinery in Andhra Pradesh (India) with a nameplate capacity of 1,5 million tonnes per year." Rusal announced that it and its vendors, the Pioneer group and KCap, will supply bauxite to Pioneer and receive alumina according to their respective shares. Rusal (listed in Hong Kong) reported on Friday a nearly three-fold increase in its annual profits, due to lower production costs as well as higher aluminium prices. (Reporting Anastasia Lyrchikova, Alexander Marrow and Elaine Hardcastle; Editing by Elaine Hardcastle).
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Democrats claim that Greenland needs to quickly form a broad coalition in order to show unity against Trump's pressure.
Greenland's parties need to put aside their differences and quickly form a large coalition government in order to demonstrate unity against a U.S. annexation campaign, said the Democrats on Friday following this week's elections. Jens-Frederik Nielson, leader of the business-friendly party that supports gradual independence from Denmark expressed the urgency of this situation in a post on Facebook following an initial round coalition discussions. This is not the moment for internal disputes and political tactics. He said that the situation in our country was far too grave for such tactics. "When someone threatens, looks down upon us, or speaks poorly of us, then we stand united." Donald Trump, the President of the United States, said on Thursday that the U.S. needs to control Greenland in order to improve international security. When asked about the possibility of an annexation, he replied: "I believe it will happen." Leaders of Greenland’s Inatsisartut Parliament met on Friday in order to discuss a response to Trump’s remarks. The Democrats, which more than tripled to 10 seats in the chamber of 31 members, have advocated responsible mining and development of Greenland’s economy, as well as its welfare, at a time when the semi-autonomous region is transitioning to full independence from Denmark. Naleraq, which is strongly pro-independence, came in second place at Tuesday's elections. It doubled its number of seats from four to eight. (Reporting and editing by Hugh Lawson; Louise Breusch Rasmussen, Jacob GronholtPedersen)
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Trump calls talks with Putin productive and urges him not to use Ukrainian troops
Donald Trump, the U.S. president, said that there was a "very high chance" of ending the conflict between Russia and Ukraine after Washington held "productive" talks with Russian President Vladimir Putin Thursday. He said that he asked Putin to spare the lives "completely surrounded", Ukrainian troops. This is a reference to the Ukrainian forces that were pushed out of the Kursk area, which was their sole foothold in Russian territory. Trump stated in a Truth Social posting that he had "very good and productive" discussions with Russian President Vladimir Putin yesterday. There is a good chance this terrible, bloody conflict can finally end. Karoline Leavitt, a White House spokesperson, told reporters later that Trump did not speak with Putin on the day in question but that U.S. ambassador Steve Witkoff spoke to him. Witkoff met with Putin for a long time in Moscow, according to an anonymous source who was briefed about the meeting. Dmitry Peskov, Kremlin spokesperson, said that Putin used the meeting as a way to send "signals" through Witkoff to Trump. He said that once Witkoff has briefed Trump, Russia and the U.S. will work out the time of a telephone call between their respective presidents. The U.S. President has stated that he wants Moscow to reach a quick ceasefire with Kyiv in order to stop the fighting. He has warned of the dangers of a war spiraling into World War Three, and he said it has already claimed many lives from both sides. Reporting by Trevor Hunnicutt and Katharine Jackson; Editing done by Chizu Nomiyama and Don Durfee.
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Gold reaches historic highs of $3,000/oz in historic safe haven rally
Gold broke the $3,000 barrier for the first-time on Friday as investors sought refuge from the economic uncertainty caused by US President Donald Trump’s tariff war. Gold spot rose by 0.1% at 9:42am ET (1342 GMT), after reaching a record high of $3004.86. U.S. Gold Futures rose 0.4% to $3.002.30. Tai Wong said that gold's rise past the $3000 mark was due to "beleaguered" investors who were looking for a safe haven given Trump's turmoil on the stock market. Bullion, traditionally viewed as an asset to store value in times of geopolitical unrest, has gained nearly 14% this year. This is due in part to concerns about the impact of Trump’s tariffs, and a decline in stock markets. Trump's protectionist policy has unsettled the global markets. U.S. stock prices have been experiencing a sell-off for a week, and S&P 500 is now in correction territory after losing $4 trillion. "Real Asset Money Managers, especially in the West, required a strong stock-market and an economic slowdown to return to Gold -- and this is happening now," Ole Hansen said, head of commodity strategies at Saxo Bank. The central bank demand for gold has also supported the price of gold, with China being a key buyer who increased its bullion reserve in February for the fourth consecutive month. David Russell, CEO of GoldCore, said, "Central banks continue to record high gold purchases, in order to diversify their portfolios away from the volatile U.S. Dollar." The expectation of monetary ease by the U.S. Federal Reserve has also boosted zero-yield. The Fed is expected keep rates the same next week. However, traders expect to see a return to rate cuts in June. Gold could still see a large correction "when trade issues are resolved and asset markets rebound." Wong said. Silver rose 0.3%, to $33.9 per ounce. Platinum gained 0.3%, to $997.00. Palladium was up 2.1%, to $978.18.
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Yemeni camel herders are at risk from landmines
The Marib Province in Yemen has a landmine warning sign that reminds camel-herders of their danger. Bedouins who have been displaced by war or forced to live in smaller areas hope to return to their nomadic lifestyle. Finding safe land for grazing is dangerous. Landmines are a problem in the south. Ogaim, a camel-herder, said that a landmine explodes every time one of the animals moves south. He said that nomads had moved north in order to avoid minefields and conflict zones. Yemen's Houthis, who are aligned with Iran, have been fighting a Saudi-led alliance against them since 2015. Since the Israel-Hamas conflict in Gaza began in 2023, a United Nations peace process is stalled. The United Nations warns that despite the fact that there have been no significant changes or escalation of violence in recent years, a new outbreak of violence is possible. Human Rights Watch reported in 2024 that landmines planted by warring parties continued to kill and injure civilians in areas where the fighting had ceased. Saleh al-Qadry, a herder from the Houthis war zone, said: "Landmines is our first problem near the Houthis." Mwatana, a local human rights organisation, has documented 537 landmine incidents between January 2016 and March 2024. Abed al-Thawr is an official in the Houthi Defense Ministry. He said that mercenaries had planted the mines, and the Houthis weren't responsible. According to the United Nations Development Programme, landmines and explosives remnants of war are a grave threat for millions of Yemenis. Herders in Marib in central Yemen say they have been forced to confine their camels and stay in tents because of landmines. "If we let them go, they might head to the landmines, step on them and cause them to explode," explained camel herder Saeed Oaig. (Written by Clauda Tanias; edited by Michael Georgy, Peter Graff and Peter Graff).
Barclays lowers Brent oil forecast for 2025 on the basis of soft demand
Barclays lowered their 2025 Brent Oil price forecast on Friday by $9 per barrel. This was due to a weaker demand outlook in the face of increased economic uncertainty.
Brent crude futures traded at around $70 per barrel on Friday after closing 1.5% lower the previous session. U.S. West Texas Intermediate Crude was around $67 per barrel.
Barclays analysts said that they were "neutral" on oil prices compared to the curve. They also revised down their 2025 demand forecast to 510,000 barrels a day, due to low-frequency indicators being soft and economic uncertainty increasing.
It said: "However we don't turn bearish in relation to the curve as inventories are still low and declining and risks for the supply outlook are also skewed towards the downside due to producers who are price sensitive pulling back, and geopolitical pressures."
The International Energy Agency
Warning: Thursday
Global oil supply may exceed demand this year by 600,000 barrels a day due to the U.S.-led growth and lower-than-expected demand.
Barclays has also sharply lowered its outlook for oil demand, now expecting a growth of 900,000. barrels per a day in the entire year. (Reporting from Brijesh Patel and Anmol Chaubey in Bengaluru, Editing by Paul Simao.)
(source: Reuters)