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Saudi Arabia cuts prices and OPEC+ increases target, but oil prices are little affected
Prices were little changed Monday as they traded?around pre -Iran War levels. Saudi Arabia slashed their?official'selling prices. OPEC+ approved a new production target starting in August. And exports via the Strait of Hormuz improved further. Brent crude futures were trading at $72.19 per barrel at 11:26 am, after hitting a four-year peak above $126 late in April. ET (1626 GMT), up by 7 cents or 0.1%. U.S. West Texas Intermediate Crude was trading at $68.81 per barrel, an increase of 12 cents or 0.2%. WTI was not settled on Friday due to the fact that U.S. market were closed. Both contracts were essentially unchanged last week, after falling over the last month to levels seen last in late February before the start of the war which severely disrupted the global energy flow. UBS analyst Giovanni Staunovo stated that "the downward movement is still influenced" by the fact that earlier stranded oil tankers managed to leave the Gulf and resulted in a rise in?oil on water. Investors closely monitored the talks between the U.S., Iran and other countries over shipping through the Strait of Hormuz. They also kept tabs on the improvement in Gulf oil exports. Two people who are familiar with the production data say that after leaving OPEC, the United Arab Emirates increased its crude production to near-record levels above 3.8'million barrels per a day in June. Saudi Arabia set its official price for Arab Light crude exported to Asia at $1.50 per barrel less than the average price in Oman/Dubai in August, the largest monthly price cut since records began. Abu Dhabi National Oil Company has also sold crude at reduced prices through tenders, traders have reported. Robert Yawger is the director of energy futures for Mizuho. He said: "It's looking more and more like Gulf producers are preparing to wage a price war." On Sunday, the Organization of the Petroleum Exporting Countries and its allies, including Russia, agreed to increase their output targets for August by 188,000 bpd. This is on top of the similar increases?for both June and July. These increases are largely theoretical because of the Iran War, which has closed the 'Strait of Hormuz' to tanker traffic, limiting the output of key OPEC countries like Saudi Arabia, Kuwait, and Iraq. PVM analyst Tamas Varga said: "They're selling into a declining market and there is little hope for an immediate price recovery." Lower oil prices, however, will stimulate demand in the future. Ukraine's military announced on Monday that it had struck overnight the largest Russian oil refinery, Omsk. It also hit facilities in Yaroslavl, Leningrad and Yaroslavl regions. Maersk, Hapag-Lloyd and other shipping groups will resume certain sailings through Suez Canal. The canal accounts for 10% of global trade. Most shippers abandoned the Asia-Europe trade corridor after Houthi attacks on the Red Sea during the Gaza War. Hapag-Lloyd's spokesperson stated that resuming this route would reduce the length of the journey by four weeks. Reporting by Siddharth Cavale in New York, Robert Harvey and Helen Clark in London; Anushree Mukerjee in Bengaluru. Editing by Thomas Derpinghaus and Joe Bavier.
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Trump claims that either there will be a deal made with Iran, or the US will "finish the job"
Donald Trump, President of the United States, said that the United States will either "finish the job" or reach an agreement with Iran. He renewed his threat to take military action in response to the defiance shown by Tehran following the funeral for Supreme Leader Ayatollah Ali Khamenei. The indirect U.S.-Iran negotiations ended last week with no public signs of progress toward a lasting peace. This was despite the 60-day ceasefire that was intended to create "space for diplomacy" following U.S. We'll either make a deal, or we'll?finish the task. It won't be difficult to finish the job. Trump told reporters that he would rather reach a deal than affect 91,000,000 people. "We can knock their bridges down in an hour, we can knock their energy supply .... They have no money. We haven't given any money to them. Trump said after Khamenei’s?weekend?funeral, that, instead of looking weakened by war, which began on February 28 with U.S. and Israeli strikes,?Iranians seemed to be defiant. They were united, and they appeared determined to shape the 'next?. Washington hoped to revive diplomacy in order to stop Iran from developing a nuclear weapon. (Reporting and editing by Doina Schiacu and Howard Goller; Reporting and editing by Bo Erickson, Steve Holland)
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Wildfires in Southern France Force 10,000 People to Leave Their Homes
Officials said that strong winds will exacerbate the fires. The European Union announced on Monday that it would be sending four waterbombing planes from Sweden and Cyprus to France, as well as more than 100 firefighters to assist emergency teams near Perpignan. Ursula von der Leyen, President of the European Commission, said on X that "Europe stands with France". In a post to?X, Pierre Regnault de la Mothe, the local prefect, said that the fire had injured 16 people including four firefighters and burned 4,600 hectares (11,367 acres) of land in the foothills near the French Pyrenees. The early summer heatwaves that swept across France and western Europe between May and June drained vast areas, leaving them vulnerable to wildfires. According to Tour de France Director?Christian Prudhomme, the Trevillach fire was burning close to the third stage. This led to it being closed to the public on Monday in order to give firefighters access to the area. He said that the motorcade of cars that follows the race had also been kept to a minimal. The 196-km (122-mile) stage began in Granollers, Spain, and ended in Les Angles in the Pyrenees Orientales region of France. The World Meteorological Organization says that Europe is warming up at a rate more than double the global average. This makes prolonged heat waves more likely. The temperatures are expected to hit 104 degrees Fahrenheit in southwest France again this week. Portugal and Spain will also be baking in a heatwave. But they are not likely to reach the records set in June. The fire on the Spanish side of border ravaged 2200 ha, 97% of which were in the 'protected natural area' of Les Gavarres. Regional authorities stated over the weekend that the fire was stable and will be extinguished by the end of the week. The police have arrested a?employee from a company that was contracted by the regional government of Catalonia. He is suspected of having sparked a wildfire using an angle grinder on the side of the road. In the eastern Castellon Province, south of Catalonia 500 people had to be evacuated after a wildfire engulfed the Sierra 'de Espadan National Park, which is home to an important?cork-oak forest. Portugal has seen hundreds of fires over the past few days. The largest of these has already burned through 10,000 ha - roughly the same size as 14,000 football fields. Reporting by Inti Latona, David Latona, and Dominique Vidalon, with editing by Richard Lough and Gareth Jones.
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Eni, the Italian company, has acquired a minority stake in EnergyX’s lithium project in Chile
Eni, the Italian energy company, announced on Monday that it had signed a deal to purchase a 25% stake of?Black Giant?a subsidiary owned by EnergyX?a U.S. start-up developing a lithium?project?in Chile. Eni will be able to access EnergyX's innovative proprietary technologies for lithium production and?secure the possibility of getting up to one-fourth of Black Giant's future output, it said. Eni's $225 million investment will give it access to EnergyX proprietary lithium technologies and the chance to obtain up to a quarter of Black Giant future production, according to the Wall Street Journal report. Eni owns a small minority stake in EnergyX via its corporate venture capital firm Eni Next. Black Giant’s?project aims to produce?52.5 kilograms of lithium carbonate per year at full capacity by 2030. It will be implemented in two phases. The Italian state-controlled company said that the transaction was in line with its strategy to diversify supply chains and strengthen its entry into critical minerals value chain. This will also help Eni to support its initiative to manufacture stationary lithium batteries in Italy as part of their plan to reduce exposure to the petrochemical industry and increase exposure to "the green" transition. Eni Storage Systems, jointly owned by Eni and a unit of Seri Industrial, on Monday launched construction work ?in the Italian city of Brindisi for the development ?of a hub for the production of lithium-iron-phosphate batteries. The production will be primarily used for battery energy?systems that enhance the stability of power grids, and support the deployment of renewable energy sources. According to Wood Mackenzie, the European BESS market is expected to grow by around 138 gigawatt-hours (GWh) in 2030. (Reporting and editing by Keith Weir.)
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Heatwave to sweep across Europe as Tour de France cyclists prepare for blistering conditions
Tour de France riders will face scorching temperatures as a heatwave sweeps across the country. Temperatures around Carcassonne where Tuesday's 4th stage starts are forecast to reach 41 degrees Celsius (106 Fahrenheit). Extreme heat is a constant enemy of the peloton during the 'Tour de France in July and the 'Vuelta a Espana' in August. Hugo Page, a French rider, told reporters that the heat of July is always hot. "Global warming could make things worse and worse." According to Benjamin Thomas, France's Cofidis, high temperatures can affect the health and safety of riders. It can be dangerous and affect the health of riders. "Once the perceived temperature exceeds 40 C, things start to get dangerous," said he. The teams have implemented protocols to cool down riders?before and during the stage. They use ice vests and socks, ice cubes wrapped around the neck, and ice slush to lower core body temperature. Mattia Michiusi, Cofidis' head of performance, said that the team uses cold bottles to cool down. They also use wristbands. On Saturday, Netcompany-Ineos cyclists were seen dipping their arms into a bowl of cold water and imitating a aerodynamic position. Mathieu le Strat, Groupama-FDJ United’s medical director, said that the riders?had a heightened heat tolerance because of their targeted training. He said that "you can't compare these athletes to the general public, due to the intense heat training they have undergone." START STAGES EAGER? This training method is designed to help riders adjust to heat. Michelusi said that the first step was to get riders used to high temperatures. "This is why we organise our training camp in Sierra Nevada where you can experience altitude and really hot temperatures." The French Championships last month saw dizziness and headaches as a result of prolonged exposure to extreme heat. Vice president of the CPA Riders Union, Pascal Chanteur, urged organisers not to start the stages during the hotter parts of the day. Chanteur said: "Working six hours at extreme temperatures in extreme conditions is not possible." "The only solution to the problem of the future is changing the departure times." He said that there was no alternative. However, TV schedules which prioritize peak viewership are a major barrier to such adjustments. Christian Prudhomme, the race director of the Tour de France, expressed his confidence in its ability to handle extreme weather conditions. Prudhomme, a reporter, told reporters that "we are always ready to adapt, anywhere, at any time." We will give more ice to teams. We can also open the feed zones more frequently, and have already added a 3rd motorbike so that we can give more water bottles during the stage. The International Cycling Union introduced the High Temperature Protocol (HTP) in 2024, using a five-tiered risk assessment system, based on Wet Bulb Globe Temperature, a system that measures the impact of direct sunlight, ambient temperature and humidity on the body. According to a French Interior Ministry report seen last week, the UCI protocol is not binding, but it does suggest countermeasures. For example, if temperatures rise above 28 C, officials in French regions may cancel Tour de France stage if there is a heatwave alert. (Reporting and editing by Hugh Lawson in Les Angles)
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In one of the deepest strikes ever, Ukrainian drones strike Russia's largest refinery.
Kyiv’s military confirmed on Monday that Ukrainian drones had'struck' Russia's Omsk Refinery, located deep in Siberia and the largest refinery in the country. This would have been 'one of the longest ranged' Ukrainian strikes since the beginning of the war. Local Russian authorities also confirmed a strike. Ukraine's General Staff released a statement in which it stated that the strike caused an fire at the Omsk Refinery. The refinery is located around 2,700 kilometers (1,700 miles), away from Ukrainian territory, and near the border between Russia and Kazakhstan. Vitaly Khotsenko said that Ukraine attacked the refinery and said that Russian air defenses destroyed most of drones involved in the strike. Khotsenko wrote in a message on the Russian messaging application MAX that there were no injuries and emergency services had arrived at the scene. It wasn't immediately clear what damage had been done to the refinery. According to sources, the Gazpromneft owned Omsk refinery processed approximately 23 million metric tonnes last year. That's around 460,000 barrels per day. Ukraine is intensifying its campaign of strikes on Russian oil refineries. This has caused fuel shortages in some time zones. Local governors said that, in addition to Omsk and other Russian ports on the Baltic Sea such as Ust-Luga, Vysotsk and Kaluga, the Ukrainian military also 'hit' targets 'in the Kaluga, Yaroslavl and Kaluga regions. According to the Russian-installed officials, a woman was killed in Crimea after a strike occurred on Kerch's port. Sevastopol was the largest city on the peninsula and suffered a power outage, according to reports. Reporting by Felix Light, Alessandra Prrentice, Alexandra Hudson, Emelia Sithole-Matarise, and Sharon Singleton; Editing by Alexandra Hudson and Emelia Sithole Matarise
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Tennessee Guard soldiers in a task force under Trump's leadership kill an armed man.
Two Tennessee National Guardsmen assigned to a Donald Trump-backed task force against crime fatally shot a man who was being chased by the 'Memphis Police. This brought attention to a high profile 'federal' initiative that has been hailed as a success. The soldiers involved in the incident on Sunday were members of the Memphis Safe Task Force. This was a partnership between federal agents, National Guard units and local police that was launched last year in order to fight violent crime. Memphis is one of several Democratic-led U.S. Cities where the Trump Administration has deployed federal forces. Trump and senior officials visited Memphis, Tennessee in March to commend the operation. The 'Republican President' has credited the operation with reducing violent crime?in the city. The city police department reported that when they responded to a call of shots being fired downtown, they saw a man with a handgun. According to the Tennessee Bureau of Investigation (TBI), two Guard soldiers nearby joined the pursuit. The suspect was identified as Tyrin Johnson, 20 years old. The TBI stated that "for reasons under investigation, the situation escalated and two National Guard soldiers fired upon Johnson, hitting him and killing" him. The Memphis Police Department reported that the suspect turned his handgun toward the Guardsmen before they shot at him. The Tennessee National Guard did not respond immediately to an e-mail seeking a?comment. The TBI is conducting an investigation at the request from the Shelby County District Attorney. (Reporting and editing by Donna Bryson, Howard Golle and Howard Golle)
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Yonhap reports that the prosecutor has charged South Korea's four oil refining companies with collusion over price.
Yonhap News Agency, citing the prosecution, reported that South Korean prosecutors indicted four oil refiners for alleged collusion over fuel prices, which was estimated to have caused anti-competitive damage worth $17 billion. Yonhap reported that the companies are HD Hyundai Oilbank GS Caltex S-Oil and SK Energy. The 'Seoul Central District Prosecutors' Office spokesperson did not reply to my phone call and text message seeking confirmation of the report. A phone call or text message asking for confirmation of the report was not answered. Yonhap reported that the prosecutors alleged pricing managers from HD Hyundai Oilbank, SK Energy and other companies colluded on prices of petroleum products shortly after the outbreak of the conflict in Iran this year. Yonhap reported that they discussed the timing and scale of price increases. Yonhap reported that GS Caltex, S-Oil and other oil companies followed the same pricing. Yonhap, citing prosecutors, said that the total value of the anti-competitive effects was estimated to be 26 trillion won (17 billion dollars). SK?Innovation (the parent company of SK Energy) declined to comment. ?S-Oil ?had no immediate comment. HD Hyundai Oilbank, GS Caltex and BP did not respond to our requests for comments immediately. Korea Fair Trade Commission raised the penalty for collusion from 0.5% to at least 10% of the sales related to the violation.
Pakistan mediating Libya unity push as rival camps seek deal, Pakistani sources say
Two Pakistani sources claim that Pakistan is quietly mediating between Libya’s rival eastern-western?power centers. This effort, which was previously unknown, will raise Pakistan's diplomatic profile, if successful.
The Pakistani involvement comes after months of monitoring a U.S. led push to find diplomatic solutions in Libya.
The Trump administration has repeatedly credited Pakistan's role in separate mediation between Iran and the U.S. This year. One of the Pakistani source said that the U.S. had been "fully aware and engaged" with Islamabad’s Libya role.
Both sources confirmed that Saudi Arabia was also supporting the effort. Islamabad and Saudi Arabia signed a mutual defense pact last year. Saudi Arabia has been seeking influence in Libya for a long time.
Both sources in Pakistan said that the effort began at the end of last year, and both sides in Libya requested their involvement. It is unclear how closely Pakistan coordinates its efforts with regional stakeholders.
The Pakistani foreign ministry and its military media, officials from western and eastern Libya, the Qatari, Turkish, Saudi Arabian and U.S. foreign ministries did not respond immediately to requests for comment.
UNITY PLAN
Analysts said that any successful plan for reunifying Libya would have to balance the vastly differing interests of foreign patrons, and resolve disputes about posts, election rules, and oil revenue, which have derailed previous attempts.
The United States is pushing hard to impose a new format in Libya, but the structure is still vague and undefined.
Summary of "Libya Reunification Plan" shared with would establish a 36-month power-sharing arrangement, under an entity called the Government of National Consensus & Presidential Council.
One Pakistani source warned that the proposal was still under discussion. It would create a period of transition with Abdulhamid Dbeibah, the U.N. recognized and western-based Libyan Government of National Unity, as Prime Minister and Saddam Haftar as the deputy commander of eastern-based Libyan National Army as Chairman of the Presidential Council.
The proposed budget plan would give Haftar's father Khalifa Haftar authority over the budget. He controls Libya's largest oilfields and infrastructure.
Pakistani sources said that Pakistan will play an "active role" in ensuring this entire arrangement remains in place, with the details still being worked out.
PAKISTANI MEDITATION Last month, Pakistani army chief Asim Muniz met Saddam Haftar at Rawalpindi. This meeting was followed by Haftar’s visit to Washington where he met Secretary of State Marco Rubio.
In a statement issued at the time, the State Department stated that Rubio had welcomed Libyan leaders efforts to?overcome divisions? and reaffirmed U.S. backing for Libyan unification.
Analysts may view Pakistan as an unimportant player in Libya where the U.S.A., UAE, Turkey, and Egypt have been battling for influence for years. However, Islamabad maintains ties with both sides, which other regional players might not.
As reported in December, Pakistani officials pursued defence ties to the LNA based in eastern Pakistan, including possible sales of JF-17 jet fighters and Supermushshak trainer planes, despite an arms embargo by the U.N.
According to a document that was not reported, the western GNU sought direct talks with Pakistan.
Two Pakistani sources with knowledge of the situation said that Qatar and Turkey, which is one of the biggest supporters of the GNU, encouraged Pakistan to become involved in the mediation process. Tarek Megirisi, the director of the geopolitical consulting firm Informmi warned that no deal was guaranteed to last. He cited the collapse of the agreement between Rwandan and Democratic Republic of Congo leaders in the past year. Reporting by Ariba Bukhari and Mubasher Shahid in Islamabad, with additional reporting from Alexander Dziadosz and Alex Richardson in Cairo.
(source: Reuters)