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India arrests anti-fossil energy activist
Indian officials announced on Wednesday that a global environmental activist who was working to coordinate an international treaty to phase-out fossil fuels had been detained by Indian authorities and then released as part of their investigation into the use?of foreign?funds in order to 'undermine Indian energy policy. India's Enforcement Directorate conducted a search of the home of Harjeet and Jyoti Singh, who are the founders of the environmental NGO Satat Sampada. The raid was part of an investigation into the "suspicious" foreign remittances received by the organisation to promote the so-called Fossil fuel Non-Proliferation treaty in India. Vanuatu proposed the?treaty in 2022. It aims to stop fossil fuel production and transition towards green energy. The treaty is supported by 18 developing nations, including Pakistan and Colombia. The investigation comes after COP30 'climate summit, held in Belem in Brazil. Several countries were unhappy with the final outcome, which avoided stronger plans to rein in greenhouse gas emissions or phase out fossil fuels. The Indian agency stated in a press release that "while presented as a 'climate initiative,' its adoption could expose India?to legal challenges at international fora such as the International Court of Justice. It would also severely compromise the nation's economic and energy development." In a July advisory opinion, the ICJ stated that wealthy nations are responsible for curbing climate change. Singh and Awasthi?were not immediately available to comment. Tzeporah Bernman, the founder and chairperson of the Fossil Fuel Non-Proliferation Initiative, was unable to comment on the details of the investigation but stated in a press release that the treaty is meant to support India, not undermine it. The proposal aims to assist developing countries, including India, through international cooperation, financial access, and technology transfers. She said that the goal was to promote a fair and orderly transition to renewable and accessible systems with a special focus on those in most need. (Reporting and editing by Matthew Lewis in Washington, Valerie Volcovici)
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Energy ministry reports that Russian strikes have knocked out power in southeast Ukraine
The?energy ministry reported that Russian strikes on Wednesday evening knocked out almost all power supplies in two regions in southeastern Ukraine. In a Telegram statement, the Ministry said that "as a consequence of the attack, the Dnipropetrovsk region and the Zaporizhzhia region are almost completely powerless." "Critical infrastructure operates on reserve power." In recent months, Russian attacks on Ukraine's energy system have increased. Yulia Shvyrydenko, Ukraine's prime minister, said that impending snowfalls as well as temperatures dropping overnight to minus 20° Celsius (minus four degrees Fahrenheit), would likely cause power and heating problems. Svyrydenko, a Telegram user, wrote: "Ukraine’s energy system is constantly under attack by the enemy. Energy workers work in very difficult conditions just to provide light and heat for people." She said that "deteriorating weather conditions place additional strain on critical infrastructure." Public?broadcaster Suspilne reported that power cuts had affected the city of Dnipro where the metro stopped running and other parts in the region. The Dnipropetrovsk Regional Council's head told the broadcaster that he was unsure when the power would be restored. Oleksandr Vikul, the head of the military administration in Kryvyi Rih (the home town of President Volodymyr Zelenskiy in the region), warned residents that they should prepare for long power cuts and use generators as much as possible. Ukrainian Railways said that trains and signalling systems in both regions were switched to reserve systems, and that?stations are being operated using generators. The Zaporizhzhia regional governor Ivan Fedorov stated that the power cuts had caused air raid sirens to be unaudible. He stated that mobile phone?networks are working under emergency conditions, and urged residents to stay away from the networks. Fedorov stated that the hospitals in Zaporizhzhia are functioning normally, and that water will be restored quickly in the affected areas. (Reporting and editing by Jamie Freed; Ron Popeski)
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Venezuela's PDVSA announces that oil supply negotiations with the US are progressing
PDVSA, Venezuela's state oil company, said Wednesday that it was?progressing with negotiations with the United States regarding oil sales.?A board member of the company informed?the?U.S. Will need to purchase cargoes at the international price. Washington announced on Tuesday that it had reached a deal with Caracas for access to up $2 billion of Venezuelan crude. This is a sign the Venezuelan government has responded to President Donald Trump’s demand that they be open to U.S. companies and risk further military intervention. Trump has said that he wants Delcy Rodrguez, the interim Venezuelan president, to be installed in this week's after the U.S. The U.S. has deposed Nicolas Maduro and given "total access to the oil industry" of Venezuela. PDVSA stated?in a short statement? that the parties had been discussing?similar terms to those?in place?with foreign partners like Chevron, its main joint venture partner which controls all oil exported to the U.S. The company stated that "the process... is based strictly on commercial transactions, under terms which are legal and transparent for both parties." Wills Rangel is a PDVSA board director and union leader. He told us that the U.S. would need to purchase cargoes for Venezuelan oil at international prices. Rangel stated that "if they want to purchase it, it will be available in due course, at the current international price." "Not what (Trump's) intentions are, as though that?oil belonged to them since we supposedly owe. We owe nothing to the United States. Rangel said that Chevron is currently the only company exporting Venezuelan crude, due to a U.S. ban on the country. This has paralyzed the exports of Venezuelan oil to China, its main destination. (Reporting and Editing by Rod Nickel).
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De Beers CEO: African countries and business groups are eyeing De Beers stakes
De Beers' CEO,?Tony?Taylor, said that Anglo American is looking to sell its stake in De Beers and has received interest from business groups as well as African governments. Al Cook, CEO of De Beers said that Botswana Angola Namibia, all of which are major diamond producers, have shown an interest in purchasing equity in the company. He did not comment on the current status of the talks or who the parties were. In June, it was reported, citing reliable sources, that Anil 'Agarwal and Indian diamond groups, as well as Qatari investment funds, were among the people who had expressed a?interest in De Beers. Anglo American, the company that owns about 85% of De Beers has valued it at $4.9 billion. Cook responded that the focus was not on the identity of the new owner but rather on the alignment with the long-term strategy, which included its emphasis on "natural diamonds", partnerships with producer countries and growth in key market. Cook, De Beers' CEO, said that India is "an extremely important market." He believes that the demand for diamonds will double in India, and the market value of the precious stone should reach $16.7 billion by 2030. This week, the?group opened the fifth Forevermark Store, the largest in the world, in Mumbai. The group plans to expand its network to?25 outlets before the end of the year, and eventually to 100 stores. De Beers is banking on the rising demand for self-purchases as the global model of gifting has changed. The group will also be doubling down on the Element Six?business. Last year, it generated about $300 million of revenue by supplying synthetic wafers for data centers to use as heat conductors. The company discontinued its lab grown diamond jewellery brand Lightbox in 2013.
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Investors lock in profits as gold falls by more than 1%
Gold prices fell more than 1% Wednesday, as investors took profits following a recent rally. However, it has pared some of its losses since weaker-than expected U.S. job data helped to boost bets on Federal Reserve rate reductions. As of 1:36 pm, spot gold fell 0.9%, to $4,445.32 an ounce. ET (1836 GMT). Prices dropped as much as 1,7% to $4422.89 in the earlier session. U.S. Gold Futures for 'February Delivery' settled at $4,462.50, down 0.7%. David Meger is the director of metals trading for High Ridge Futures. He said, "We view today's pullback a general profit-taking after that recent surge." Meger said that the recent gold price rise is due to the Fed's easing. U.S. Job Openings declined more than expected in November after increasing marginally in October. A separate ADP report revealed that private payrolls increased less in December than was anticipated. According to data compiled LSEG, the markets expect 61 basis point rate cuts in 2019. Now, the focus is on Friday's nonfarm employment report. The geopolitical situation remains uncertain following the capture of Venezuelan President Nicolas Maduro over the weekend. U.S. president Donald Trump announced plans to refine and export Venezuelan crude on Tuesday, while the White House confirmed separate discussions about the acquisition of Greenland including possible military involvement. According to official data, China's central banks extended their gold buying streak for a 14th consecutive month in December. Meger stated that the data from China continues to show "strong demand from Asia" and is yet another reason for this recent surge to the upside. In low-rate environments, and during times of uncertainty, gold, which is a safe-haven investment, tends do well. Silver spot fell 4.1%, to $77.93 an ounce. Goldman Sachs believes that London inventories are causing sharp swings in prices and may even lead to rallies. Palladium fell 5.2% to $1,727.40, while spot platinum declined 6.5%. (Reporting and editing by Anmol Chaubey, Bengaluru. Sahal Muhammed Varun H K Alan Barona.
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Rubio: US plan for Venezuela includes stability, recovery and transition
Trump warns of more military operations following Maduro's capture Murphy, a Democrat, says that the plan is stealing oil at gunpoint' Rubio: US will make sure oil companies can access Venezuela during the recovery phase. Simon Lewis and Patricia Zengerle WASHINGTON - On Wednesday, Marco Rubio, the Secretary of State, said that the United States had a three-step strategy for Venezuela. The plan will start 'with stabilizing the country, after U.S. troops seized Nicolas Maduro,' then ensure that U.S. companies have access to Venezuela during the recovery phase, and lastly oversee a transition. Donald Trump warned that he would launch more military operations in Venezuela if Maduro's inner-circle members who took over the leadership of the country did not comply with his demands. These demands are largely aimed at obtaining Venezuelan crude oil. Trump said the U.S. will refine and sell 50 million barrels worth of Venezuelan crude as U.S. forces continue to seize oil tankers tied to Venezuela. "The bottom-line is that we now have tremendous control and?leverage?over what these interim authorities are doing," said Rubio. He spoke with?Defense Sec. Pete Hegseth following a?classified briefing given to U.S. Senators about the Trump Administration's plan for Latin America. "But this will be a transition process," Rubio said. It will ultimately be up to Venezuelans to transform their nation. Rubio has not provided any details about the planned transition. DEMOCRATS SAID PLANS ARE EQUAL TO THE STEALING OF OIL Democrats were shocked by the plans. They said that they amounted to oil theft, but lacked specifics. They also questioned why these plans couldn't be discussed at public hearings. Rubio said that the briefing contained operational details which could not be released. However, he added that after Venezuela was stopped from "descending into chaotic chaos," the U.S. will begin a phase of "recovery." This would include "ensuring that American and Western companies, as well as other companies, have fair access to the Venezuelan markets." Rubio continued, "At the same time, we must begin the process of national reconciliation within Venezuela so that the opposition can be released from prisons or brought back into the country and start to rebuild the civil society." "And the third phase will, of course be one of transition." Chris Murphy, a Connecticut Democrat senator, called the plan "a crazy plan". "They're talking about taking the Venezuelan oil under threat of gunfire for an undefined period of time as leverage to micromanage this country." Murphy told reporters that the plan's scope and absurdity was "absolutely stunning". Reporting by Patricia Zengerle and Simon Lewis; Editing by Nia William, Rod Nickel.
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Investors lock in profits as gold falls by more than 1%
Gold prices dropped more than?1% Wednesday, as investors booked profits following a recent rally. However, it did pare some losses after weaker-than expected U.S. job data increased bets on Federal Reserve rate reductions. As of 11:16 am, spot gold fell 1.1%, to $4,445.32 an ounce. ET (1616 GMT). Prices dropped as much as 1,7% to $4,422.89 in the earlier session. U.S. Gold Futures for February Delivery were down 0.9% to $4,456.10. David Meger is the director of metals trading for?High Ridge Futures. He said, "We view today's pullback as a general profit-taking after that recent surge." Meger said that the recent rise in gold prices has been attributed to the Fed's easing. U.S. employment openings declined more than anticipated in November, after increasing marginally in October. Separately, a report from?ADP showed that private payrolls grew less than expected for December. According to data compiled LSEG, the markets expect 61 basis point rate cuts in 2019. Now, the focus is on Friday's nonfarm employment report. Geopolitical uncertainty has persisted since the capture of Venezuelan President Nicolas Maduro over the weekend. U.S. president Donald Trump announced plans to refine and sale Venezuelan crude on Tuesday, while the White House confirmed separate discussions about the acquisition of Greenland, which included potential military involvement. According to official data, China's central bank increased its gold purchases for the 14th consecutive month in December. Meger stated that the data from China continues to show "strong demand from Asia" and is yet another reason for this recent surge to the upside. In low-rate environments, and in times of uncertainty, gold, which is a non-yielding asset, tends benefit. Silver lost?5%, falling to $77.26 an ounce. HSBC increased its average silver price forecast for 2026 to $68.25 citing tight supplies and strong investment demand. However, it warned about volatility if the supply constraints ease. The spot price of platinum fell 6.8% to $2277.75 while palladium dropped 5.6% to $1720.74. (Reporting and editing by Sahal Muhammad and Varun H. K. in Bengaluru.
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Sheinbaum: Mexico hasn't increased oil shipments from Cuba to Venezuela
MEXICO CITY. Jan. 7 - Mexican president Claudia Sheinbaum stated on Wednesday that Mexico was not sending more crude oil to Cuba than in the past, but that amidst recent events in Venezuela Mexico had become an "important" supplier of crude oil to Cuba. Sheinbaum's comments were made during her morning press conference, in response to the question of whether Mexico was now the primary oil supplier for Cuba following the United States blockade of oil exports from Venezuela since mid-December. "We are not sending more oil than we have historically." She said. "Ofcourse, with the current Venezuelan situation, Mexico has become an important supply, before it was Venezuela." He added that Mexico has been providing oil to Cuba for many years, and this is done in different ways, including as humanitarian assistance, under contract or sometimes as part of a contract. She replied that it was part of a contract, and part of aid provided in the past. Trump on Tuesday Unveiling a plan The U.S. has blocked Venezuelan oil exports, which could amount to up to 50,000,000 barrels.
Australia's nuclear power proponents have concerns to respond to: Russell
(The. viewpoints expressed here are those of the author, a columnist for. .)
Australia's main opposition celebration wants a sensible dispute. about nuclear power as it devotes to develop seven plants to. replace coal generation if it wins the next federal election.
The conservative Liberal Celebration and its junior regional. partner National Celebration announced intend on Wednesday for five. large-scale nuclear plants in the eastern Australian states of. Queensland, New South Wales and Victoria, in addition to small. modular reactors for South Australia and Western Australia.
If there is to be a real argument on what type of. generation is best to change Australia's aging and. significantly undependable fleet of coal generators, there are 2. main questions that need to be responded to.
The first is the expense of the replacement generation and the. second is whether it can be delivered quickly enough to not just. replace coal plants, but also to satisfy Australia's dedication to. net-zero emissions by 2050.
The Liberal and National parties, together known as the. Coalition, decreased to offer any costings for the their plans,. but Liberal leader Petter Dutton did acknowledge it would be. expensive, while still declaring it would deliver less expensive power. for Australians.
No credible expert supports Dutton's assertion, with. price quotes differing as to the expense of building nuclear generation,. however all of them coming in well above the cost of solar and wind. firmed by battery storage and pumped hydropower.
The federal government's science company, the CSIRO, estimated that. new nuclear power would be two times as pricey as renewables. backed by storage, and this was a best case scenario predicated. on attaining economies of scale from a long-term and continuous. constructing programme.
The Union stated it would be able to have nuclear plants. up and running between 2035 and 2037, assuming it started. executing its policy if it beats the ruling Labor Celebration in. a federal election due in the first half of 2025.
In theory it would be possible to develop the seven gigawatts. ( GW) of nuclear plants on that time scale, however doing so would be. an amazing achievement at odds with the recent experiences of. other Western countries.
Nuclear plants are well-known for burning out both on spending plan. and time, with Britain's under-construction Hinkley Point C one. such example, where the expense has more than doubled and the start. date pressed back at least seven years.
BARRIERS ABOUND
The Union likewise did not elaborate on how it would. get rid of several political and social barriers to nuclear. power.
Currently nuclear generation is prohibited by federal law,. suggesting the Coalition would need to pass enabling legislation. through both the lower chamber and the upper home Senate.
While it may win the election and manage the lower house,. it would take an enormous triumph for it to take control of the. Senate.
This suggests Dutton as prime minister would have to negotiate. with cross-bench senators, and provided the majority of those are. either from the Australian Greens or are progressive. independents, it's likely his nuclear strategy would stop working at the. initially obstacle.
There are also restrictions on nuclear power in a number of. states, therefore far the leaders of New South Wales, Victoria and. Queensland have turned down any nuclear plants.
Developing a nuclear industry from scratch would likewise need. importing a competent workforce of nuclear engineers and other. professionals, something that appears at chances with the Union's plans. to lower migration and its increasing anti-immigrant rhetoric.
Winning a social licence from the communities where the. nuclear plants are prepared to be situated might also provide. obstacles, even if the centers bring tasks to change those. lost when the coal-fired generators close.
There is likewise the concern of scale, with the Union. intending on 7 GW of nuclear plants, which is only a 3rd of. Australia's current coal-fired capacity of about 22 GW.
This indicates that nuclear will not come close to changing coal,. which in turn means that renewables and storage will be needed. too, or there will be more reliance on costly natural gas.
The concern of funding nuclear is likewise unsettled,. especially given that no Australian energy has actually revealed any interest in. going nuclear.
The Coalition has actually indicated that a government-owned. corporation will be established and probably funded by taxpayers, a. position that seems to contradict the underlying philosophy of. a minimum of the Liberal part of the Union that governments. should play a minimal function in the economy.
Initial reaction to the Coalition's nuclear plans has been. overwhelmingly negative, with one of the couple of encouraging voices. originating from the Minerals Council of Australia, a lobby group. that includes coal miners.
While the council doesn't say it in their media release,. part of their support for nuclear is since they identify that. going down that path most likely means coal stays in the. generation mix for a lot longer duration than currently anticipated.
In general, it's tempting to dismiss the Coalition's nuclear. plans as a pricey fantasy, specifically in a country so. preferably fit to establish solar and wind.
However, the real damage from the nuclear proposal is most likely. that the energy argument in Australia will come down into a partisan. political slanging match, with nuclear and fossil fuels being. promoted by the conservative and renewables and storage by their. left opponents.
The opinions revealed here are those of the author, a columnist. .
(source: Reuters)