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Cuba protects essential services when US cuts off oil supply
Cuba detailed on Friday an extensive plan to protect essential services and to ration fuel, as the communist government dug in its heels to defy a U.S. attempt to cut off?oil supplies to the Caribbean Island. Cubans are already facing severe shortages in food, fuel and medicine. The first rationing measure announced is the first since President Donald Trump warned of tariffs being imposed on any country that exports fuel to Cuba. Ministers of the government said that these measures will ensure fuel supply to key sectors such as agriculture, education, water, healthcare, and defense. As he outlined the details of?the government plan, Commerce Minister Oscar Perez Oliva struck a defiant note. Perez-Oliva said on a television news program: "This is a chance and a problem that we are confident we will overcome." "We will not collapse." Perez-Oliva stated that the government would supply fuel to the tourism and export sectors to provide the foreign currency necessary to fund the other basic programs. Fuel rationing will not affect domestic and international travel immediately, but drivers will experience fuel price reductions until the supply returns to normal, he said. In an effort to protect the island's import and exported sectors, the government has said that it will protect ports and provide fuel for domestic transport. Perez-Oliva also announced an ambitious plan for planting 200,000 hectares of rice (500,000 acres) to ensure "an important part"?of our demands, but acknowledged that fuel shortages would force the country to rely more on renewable energy and animal power?for tilling field. Naima Ariatne said on the same show that infant-care and primary schools will remain open, and they'll be staffed by people, but secondary and higher schools will implement a hybrid system, which would require greater "flexibility", and would vary depending on institution and region. Ariatne stated that "as a matter of priority, we would like to keep (open) all our primary schools." Health care will also be given priority, according to top officials, with a special focus on emergency services and cancer programs. (Reporting and editing by Rosalba o'Brien, William Mallard, and Dave Sherwood)
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China's central banks purchases gold for the 15th consecutive month
The People's Bank of China's (PBOC) data released on Saturday showed that China's central banks continued its gold-buying spree in January for a fifteenth consecutive month. By the end of the month, the country's gold holdings had risen to 74.19 fine troy pounds. This is up from the previous 74.15. According to the PBOC, the value of China’s gold reserves rose to $369.58 Billion at the end last?month. This is up from $319.45 Billion a month before. In January, gold, which has been viewed as a safe haven to protect against political and economic risks, experienced a wild surge in a speculative purchasing spree that took it to an all-time high of $5,600 for one ounce. The bull market in spot gold collapsed after Kevin Warsh was nominated as the new chair of the U.S. Federal Reserve. It fell as low as $4403.24 per ounce by Monday. Gold is now trading at about $4,960 per ounce. China's gold demand dropped by 3.75% in 2025 to 950 tons. This is according to the state-backed China Gold Association. Gold bars and coins, which represent safe-haven demands, are up 35.14 % in 2025 and will account for over?half of the total gold consumption. The PBOC halted a 18-month gold-buying streak in May 2024 but resumed the purchases six months later. Reporting by Lewis Jackson and Dylan Duan; Editing Clarence Fernandez
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Mexican authorities discover remains that match one of the 10 kidnapped miners
Mexican authorities announced on Friday that a body that matched the description of at least one of the 10?mineworkers' who were abducted from a Sinaloa mine late last month has been found in a secret grave. The?Attorney General's Office of Mexico said that steps were being taken by the office to verify the victim's identification and collect evidence at the grave site in Concordia where the remains of other bodies had been found about 45 km (28miles) east of Mazatlan, a Pacific Coast city. Police have not yet formally identified?anybody of the bodies. According to family members interviewed, some of the missing workers from Canada's Vizsla Silver Corp mine had received threats by organized crime groups including the Chapitos - a faction of Sinaloa cartel headed by the sons Joaquin "El Chapo", the ex-Mexican drug baron. Security Minister Omar Garcia confirmed to the media last month that the Chapitos controlled the area in which the miners disappeared. Since the kidnapping, the silver mine is closed. The authorities have not yet established a motive for the kidnapping of the group on January 23, 2017. Jaime Lopez said that the family of Pablo Osorio (a 26-year old engineer who is one of the missing men) was "poor" and would not have the money to pay a ransom. He said "we are devastated" and added that his nephew had not been allowed to go to Concordia because it was dangerous. However, it was the only job postings that responded when he completed his degree in 2013. "We will do everything we can to find him." He said, "We cannot believe it," in tears, after learning of the mass grave. Lopez said that he was waiting for news from authorities about whether or not his nephew's remains were found on the site. Mexico sent more than 1,000 troops to the area, including elite marines and soldiers, this weekend in order to find the missing miners. Four suspects were arrested on Thursday in connection with the case. (Reporting and editing by Sam Holmes; Lizbeth Diaz)
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Union accepts refinery contract in US, avoiding nationwide strike
United Steelworkers of the United States adopted a national agreement regarding pay and benefits on Friday, averting an nationwide strike which could have affected up to 30,000 workers at?26 companies that operate crude oil refineries or petrochemical facilities. The union and the leading U.S. refining company Marathon Petroleum negotiated the agreement on behalf of refiners, chemical producers and other interested parties. Jamal Kheiry, a spokesperson for Marathon, said: "We are happy that Marathon and USW have successfully concluded a model agreement for new collective-bargaining contracts in the U.S. refinery industry." "We are looking forward to the local sites moving ahead with the ratification." The agreement, which will last four years, will increase the pay of hourly workers 15%. It also offers a $2,500 sign-up bonus to USW represented employees. USW members work in refineries which account for two-thirds or the U.S. capacity. The agreement, which "provides a pay increase of 4% in the first year and a 3.5% in the second and the third years" was proposed by the union on February 1. The previous offers, which were rejected since the negotiations began late in January, had been made. The USW National Oil Bargaining Program Policy Committee, which represents oil workers in the United States, approved the agreement. USW - NOBP Chairman Mike Smith gave credit to union members for the deal. Smith stated in a union statement that "USW members across the country stood united in their call for a fair contract." "Their solidarity and unity made this agreement possible." Although a national strike was avoided, some refineries and chemical factories could still experience work stoppages due to disagreements on local issues. USW Local 7-1, Whiting, Indiana told its members working at BP Plc's Whiting refinery on Thursday to prepare for a lockout or strike. BP announced on Friday that it will not be bound by the terms and conditions of the USW-approved national agreement. A BP spokesperson stated that "while the Whiting Refinery may not be obligated to follow a 'pattern', it is in no way obligated to do so." "We will continue bargaining in the best interest of our employees and our company." Eric Schultz of USW 7-1 called BP's announcement a "historical" event. Schultz stated that "we've spent the majority of our discussions discussing BP concessionary proposals which would eliminate local jobs and reduce pay across-the-board? and strip us of bargaining right." "We will continue in good faith to negotiate." Sources familiar with the negotiations said that union officials met this week with local unions in order to gauge their willingness accept what was to become Marathon's final, "best and last" offer. Sources said that the USW had hoped for a 16% increase in the USW's overall?increase, but Marathon refused to budge on its final offer. The union leaders were faced with expectations from the rank-and-file who hoped that the USW could achieve a 25% pay increase during the term of the new contract. Cost-of-living adjustments would be made if inflation was higher than the annual increases. Average inside operators at refineries make about $50 per hour. As the new contract is adopted in each plant, it will replace the old one. The current contract was extended by 24 hours on a rolling basis, just hours before its expiration date of 12:01 am on 1 February.
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French miner Eramet's finance director steps down temporarily after CEO ouster
Abel Martins Alexandre, finance chief at French miner Eramet, has temporarily stepped down 'during an investigation into management methods', said a company spokesperson on Friday. This comes days after Eramet fired its chief executive. The spokesperson confirmed that Eramet has appointed interim management in its finance department, while its CFO temporarily steps aside during an investigation into its management methods. Christel Bories, the chairperson of the board, said that the dismissal of CEO Paulo 'Castellari on Sunday was not due to the financial results but rather to issues in coordination with the 'board and staff'. Financial Times reported on the story first on Friday. Martins-Alexandre was said to have been on sick leave since Castellari left the company. Castellari was fired just a few months into his tenure, raising questions about the governance of the nickel, manganese, and lithium miner that is owned in part by the French government. The company's shares are down by?nearly 8 percent this week. According to sources cited by The FT, the dismissal of Castellari and MartinsAlexandre are unrelated to any accusations. Martins-Alexandre & Bories didn't immediately respond to requests for comment. According to the FT, Castellari and Martins Alexandre have been forming an internal taskforce in recent weeks to investigate possible financial mismanagement in the group over recent years. Eramet cited a decline in results due to a drop in metal prices, and setbacks on production at its mines. Reporting by Abu Sultan from Bengaluru, and Gus Trompiz from Paris; editing by Vijay Kishore, Will Dunham
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Worries about a possible Iran-US conflict have caused oil prices to rise
The oil prices rose on Friday as traders feared that the talks this week between the U.S.A. and Iran failed to reduce the threat of a war between the two countries. Brent crude futures settled on $68.05 per barrel, up?50 cents or 0.74%. U.S. West Texas Intermediate crude ended up 26 cents or 0.41% at $63.55 per barrel. Both benchmarks declined overnight, but both Brent and WTI gained more than $1 per barrel during the U.S. trading session before settling. Iran and the U.S. conducted negotiations through Omani mediation in order to resolve?sharp disagreements over Tehran's nuke program. John Kilduff said, "We are constantly changing our minds about the Iran situation." It's worse one day, or even an hour later. It's status quo nervousness ?over Iran." Iranian state TV announced that the talks were over late in the afternoon. Iran's Foreign Minister said that negotiators would return to their respective capitals for "consultations" and the talks would continue. Investors were worried about geopolitical risks because there was no consensus on the agenda of the meeting. Iran wanted to focus only on nuclear issues while the U.S. preferred to talk about Iran's ballistic rockets and its support for armed forces in the region. An escalation of tensions between the two countries could disrupt oil supplies, as a fifth of world consumption flows through the Strait of Hormuz in Oman-Iran. Saudi Arabia, the United Arab Emirates (UAE), Kuwait, Iraq and Iran, all members of OPEC, export the majority of their crude oil via the Strait. Oil prices may drop further if the conflict in the region is reduced. Four trading sources say that Kazakhstan's oil exports via the main route through Russia could drop by up to?35% in this month, as Tengiz slowly recovers after fires at power facilities. Analysts said that prices on a weekly basis were affected by the broader market selloff and persistent expectations of a glut of oil. Saudi Arabia reduced the official selling price of its Arab Light oil to Asia in March by around five years on Thursday. This is the fourth consecutive month that prices have been cut. Reporting by Erwin Seba, Anna Hirtenstein, Stephanie Kelly, and Florence Tan in London, and Sudarshan Varadhan and Florence Tan in Singapore. Editing by Sonali, Clarence Fernandez Joe Bavier, and David Gregorio.
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Minister: Argentina's trade agreements with the US do not exclude China
Argentine Foreign minister?Pablo Quirno said that a deal between Argentina and 'the U.S. on critical minerals signed this week doesn't rule out Chinese investments?into the mining sector of the country. As of today, this does not mean that China will or cannot invest in Argentina. Quirno stated at a press briefing that China has made investments in Argentina in the form of minerals. The agreement was announced following a meeting in Washington of over 50 countries where U.S. Vice President JD Vance suggested a trading block for critical minerals. On Thursday, the two countries finalized their reciprocal trade agreement and investment agreement. Argentina committed to giving priority to the U.S. for its copper, lithium, and other critical minerals, and to "market manipulating enterprises or economies" (a reference to China). Quirno stated that the agreement between Argentina and the United States provides greater predictability, allowing American companies to increase their investment in Argentina. Quirno stated that Bolivia is poised to join the Mercosur bloc. He stated that Argentina is not restricted from negotiating bilateral agreements because of the Mercosur bloc. This agreement, he added, took just over one year to complete. Quirno stated that parts of the reciprocal trade agreement and investment agreement could be implemented by a presidential order.
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Olympic Anti-ICE protesters rally ahead of the opening ceremony in Milan
At a Friday rally, hundreds of protesters chanted slogans, blew whistles, and lit flares to protest the presence of U.S. Immigration agents in Italy and the closing of streets before the 'Milano Winter Games' Opening Ceremony. Immigration and Customs Enforcement officials are reportedly present to protect Americans at the Olympics. This has sparked protests, given their role as frontline agents in President Donald Trump's aggressive immigration policy. Some of the banners displayed by the students-led protesters read "Ice out" and "Ice should not be in my drink, but my city". The demonstrators in Milan blew plastic whistles that have become a sign of 'anti-ICE rallies' in the U.S. They also urged Vice President JDVance of the U.S. and Secretary of State, Marco?Rubio, to return home. Katie Legare is a Minnesotan protester currently studying in Europe. She was referring to the killings of two U.S. Citizens by ICE agents in her 'home city'. It's not okay just to accept the status quo and ignore any problems. "It's not okay to just acquiesce and go with the status quo." The Italian government has denied the allegations, stating that ICE personnel were not present on the streets of Italy during the Olympics. Only operatives working for Homeland Security Investigations in Italy are based out of U.S. diplomat missions. The U.S. Olympic and Paralympic Committee also stated that no agents of ICE provided security for Team USA. MORE PROTESTS Italian authorities blocked some areas of central Milan and ordered that schools remain closed until the Friday evening opening ceremony. This was done to improve security and reduce traffic disruptions. A separate demonstration took place in the afternoon on a nearby square, near the San Siro Stadium, where the Opening Ceremony will be held. Several hundred people, including tenants of public housing protesting the high cost to live, and members of the Unsustainable Olympics Committee accusing the government of directing public funds into the Games rather than helping lower-income residents, marched in opposition to what they deemed as the economic and social impact of the Games. The protesters claim that the Olympics are a wasteful use of resources and money, while housing costs are high and public meeting places are scarce. Some demonstrators chanted slogans that criticised Israel and expressed support for Palestinians. Greenpeace, an environmental group, staged a demonstration in front of Milan’s cathedral on Thursday to protest the role of Italian oil giant Eni as the sponsor of the Games. On Friday, a torchlit protest march organized by a movement opposing the Games will be held in an area near the site of the Opening Ceremony. (Reporting and writing by Elisa Mandala and Andrea Mandala, Additional reporting by Leonardo Benassatto, Andrew Cawthorne, and Christian Radnedge, editing by Pritha Sakar, Andrew Cawthorne, and Christian Radnedge.
Dollar firm as oil prices remain steady, markets considering possible deescalation between the U.S. and Iran
The oil prices remained stable on Tuesday, as participants in the market weighed the likelihood of a deescalation of tensions between the U.S. and Iran. A stronger dollar limited the potential for price increases.
Brent crude futures?were?up six cents or 0.1% at $66.36 a barrel?at 0102 GMT. U.S. West Texas Intermediate Crude was up 0.2% at $62.24 a barrel.
Oil prices dropped more than 4% Monday, after U.S. president Donald Trump stated that Iran is "seriously speaking" with Washington. This signaled a deescalation in tensions between the OPEC country and Washington.
Officials from both sides said on Monday that Iran and the U.S. will resume nuclear negotiations on Friday in Turkey. Trump also warned of bad outcomes if there is no agreement, as large U.S. battleships are heading to Iran.
The U.S. dollar index was near its highest level in more than a month, limiting the upside. A stronger dollar hurts foreign demand for crude oil denominated in dollars.
Trump announced a trade deal on Monday with India, which reduces U.S. duties on Indian products to 18% instead of 50%. In exchange, India will stop buying Russian oil and lower trade barriers.
Trump announced the deal via social media after a phone call with Indian PM Narendra Modi. He noted that India had agreed, to purchase oil from the U.S. and possibly Venezuela.
India has recently started to reduce its purchases of Russian oil. According to a report, in 'January they were at around 1.2m barrels per day. They are expected to drop to 1m bpd by February and 800k bpd by March.
OPEC+ announced on Sunday that it would not change its oil production for March.
Saudi Arabia, Russia and the United Arab Emirates along with Kazakhstan, Kuwait, Iraq and Algeria, all eight members of the group, have raised their production quotas from April to December 2025 by approximately 2.9 million barrels per day, or about 3% of world demand. (Reporting and editing by Thomas Derpinghaus in Bengaluru, Anushree mukherjee from Bengaluru)
(source: Reuters)