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Cawthorne crude is similar to Bonny Light and valued for its gasoline and diesel yields Cawthorne export via vessel with a capacity of 2.2 million barrels, increasing production Kpler claims that Nigeria's crude oil and condensate production could reach 1.7 million barrels per day. Seher Dareen and Isaac Anyaogu LONDON, FEB 24 - Nigerian state oil firm NNPC plans to export a new sweet, light crude grade named Cawthorne in March. This will add to the recent increase in production from Africa's largest exporter. This launch is part a broader effort by Nigeria to increase production. It has been hampered...

Investors assessed the risks of a supply disruption after Iran conducted naval exercises near the Strait of Hormuz, just before nuclear talks with the U.S. that day. Donald Trump, the U.S. President, said on Monday that he will be "indirectly involved" in the Geneva talks. He also stated that he believes Tehran is interested in a deal. Trump stated at the weekend that a regime change in Iran would be "the best thing to happen." Brent crude futures fell 0.2% to $68.59 per barrel at 0106 GMT after a 1.3% rise on Monday. U.S. West Texas Intermediate crude oil was...

The Financial Times reported that four EY partners had left the firm because they violated independence rules during their audit of Shell, which led to the termination of the $66 million contract. The report stated that the exits occurred last December, as the accounting firm was rushing to contain the fallout of the 'compliance failures. Shell didn't respond to an immediate?' Shell did not respond immediately to a?'Einenajungiodată conving?zeugnemsprachhneé Ihre EY declined to make sprach EY declines to comment. Shell stated in a July 2025 regulatory filing that EY violated "rules" that require an accounting firm to switch its lead...

The Financial Times reported that four partners had left EY after potential breaches in its audit of Shell, which led to the oil major dropping the accounting firm as its auditor. According to the report, public records and sources familiar with the matter indicate that the partners of one of the "Big Four" accounting and consulting networks left in December. It said that among the four partners who left was a partner who was?ascended to EY's highest ranks only a few months earlier and Gary Donald who led Shell audit. Earlier this month, Shell said it had chosen PricewaterhouseCoopers (PWC)...

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...

Shell has chosen PricewaterhouseCoopers (PwC) ?as its next auditor after a ?tender process, with PwC set ?to replace ?EY from 2027, the oil major said on Friday. The Financial Reporting Council of Britain announced in December that it had launched an investigation into EY’s audit of Shell's financial statements for 2024 due to possible breaches regarding audit partner rotation rules. Shell stated in a regulatory filing from July that EY violated the rules that require accounting firms to change their lead audit partners 'every five or seven years. Shell announced that it would amend the 2023 and 2024 reports, but...

By America Hernandez PARIS, February 5, 2019 - French oil giant?TotalEnergies signed two agreements to supply Airbus with 3.3 terawatt hours of electricity. The companies stated that this amount would cover half the sites’ power needs in the next decade. Germany and Britain are key growth markets for Total. Total is focusing on markets that have deregulated electricity markets, where it can own and build renewable assets and sell directly to clients. The company has a'strategy' that includes owning gas-fired plants and signing supply deals to provide continuous power sourced both from renewables and gas assets. These contracts, which are...

Investors became cautious in anticipation of the U.S. Federal Reserve interest rate announcement, and UK blue-chips index fell on Wednesday. It was weighed down by banks and healthcare companies, as it missed a 'tech-led rally' that had boosted Wall Street's indexes. The FTSE closed down by 0.5% while the domestically focused FTSE 250 ended little changed. Axel Rudolph is a senior financial analyst with IG. He said that there was a shift away from European and U.K. stock to U.S. tech stocks before earnings, which weighed down the FTSE 100. The FTSE 100 is a relatively smaller technology share compared...

The oil prices rose on Wednesday, as supply concerns remained after a winter storm that disrupted U.S. crude exports and production. Middle?East tensions also contributed to the increase. Brent crude futures increased 11 cents or 0.2% to $67.68 per barrel at 0725 GMT. U.S. West Texas Intermediate crude rose 19 cents or 0.3% to $62.58 per barrel. Both benchmarks rose by about 3% Tuesday. Analysts and traders estimated that the storm had caused the U.S. to lose up to 2,000,000 barrels of oil per day, or 15% of the nation's output, over the weekend. Ship tracking service Vortexa reported that...

On Wednesday, oil prices were mixed. Brent was down slightly while the U.S. contract edged higher. Supply concerns increased after a winter storm disrupted production and stopped Gulf Coast exports at the weekend. Brent crude futures dropped 6 cents or 0.1% to $67.51 a 'barrel' by 0122 GMT. U.S. West Texas Intermediate Crude rose 4 cents or 0.1% to $62.43 a 'barrel. Both benchmarks rose by about 3% Tuesday. Analysts and traders estimate that U.S. oil producers lost as much as 2 million barrels of crude oil per day, or 15%, over the weekend due to the storm straining the?energy...

Vodafone Idea, an Indian telecom operator, reported on Tuesday a smaller fiscal third-quarter profit. This was due to increased data consumption and a higher number of users upgrading their plans to 4G or 5G. The debt-ridden telecom operator's loss after tax narrowed from 66.09bn rupees to 52.86bn rupees in the December 31st quarter, down from 66.09bn rupees one year ago. Vodafone Idea has invested in its 4G/5G infrastructure over the past few years in order to improve service quality and reduce subscriber losses. The average revenue per user (a key industry metric) rose 7.3% on an annual basis to 186...

British prosecutors said that former Nigerian oil minister Diezani Alison Madueke received bribes, including cash, luxury items and the use of high-end property, from those who were interested in oil and gas deals. Alison-Madueke served as Minister for Petroleum Resources between 2010 and 2015. She was the first woman in history to hold either role. The 65-year old is one of the highest-profile former energy officials who will be tried for corruption. He was charged in 2023 with five counts of taking bribes, and also a conspiracy charge. Alison-Madueke denies the charges. Her trial started at London's Southwark Crown Court....

The copper price rose on Tuesday to its highest level in more than a month, fueled by a positive mood and a stronger demand from China, the world's largest metal consumer, after markets reopened following a holiday. Benchmark?copper for three months on the London Metal Exchange?had gained 2.4% by 1700 GMT to $13,182 per metric ton after reaching its highest price of $13,196 since February 12. LME copper fell 0.7% on Sunday, but has gained 22.5% over the last three months. However, it is still well below its record high of $14,527.50, set on January 29. Alastair Munro is a...

Prices of copper fell on Monday as inventories continued to rise. Investors were also unsure about the future of U.S. Tariffs and Chinese Trading ahead of reopening following a holiday. Benchmark three-month Copper on the London Metal Exchange fell 0.9% to $12,843 per metric tonne by 1700 GMT. It had earlier reached a session high of more than $13,050. LME copper is up about 3% in the last four sessions but still far below its record high of $14,57.50 on January 29, which was reached. The fact that there is more inventory outside the U.S. may be a little dampener...

The price of rare Earths has risen sharply, pushing the market price above the minimum price guaranteed by the U.S. government in its groundbreaking deal with domestic producer MP Materials. The good news is that the U.S. government will not be subsidizing MP Materials' production of neodymium, praseodymium or NdPr as long as the price remains above the critical threshold at $110 per kilogram. Since signing the agreement with the Department of Defense in July last year, the innovative 'floor-price' mechanism has protected the U.S. National champion from low prices. DoD earns 30% on the price increase. The problem is...

The prices of copper, aluminium, and other base metals rose on Friday as the U.S. Supreme Court overturned sweeping tariffs that were imposed by President Donald Trump in accordance with a law meant to address national emergencies. London?Metal Exchange benchmark 3-month copper increased 0.8% to $12,917 per metric ton at 1720 GMT. It had previously reached $12,985.50, its highest level in a week. Aluminium also rose 1.2% to $3103.50. The ruling is "constructive" for base metals, as it reduces the near-term risk to global trade flows and demand. The upside will likely be limited, however, given that some sector-specific duties...

Anglo American reported a $3.7billion loss on Friday, after another writedown of its diamonds business. The miner is pushing ahead with plans to shed its non-core assets as well as complete its merger with?Teck Resources. Anglo has wrapped up an uneven reporting season for London listed mining groups. This highlights the divergent fortunes of the industry as Antofagasta benefitted from rising copper prices, while other diversified peers suffered due to weaker markets in iron ore and diamonds. The company recorded a $2.3bn pre-tax impairment on its De Beers division, reducing carrying value from over $4bn to $2.3bn. Analysts' estimates of...

Imerys, the minerals group, announced on Thursday that it has halted its project to develop lithium production in Britain. Instead, they will focus on a more advanced venture in France. Imerys British Lithium's project in Cornwall (southwest England) aims to produce over 20,000 tons of lithium carbonate annually and potentially meet the lithium demand for 500,000 electric vehicles. Imerys, in its annual report, said that it had placed the project under care and maintenance. It has suspended active development. "We realized that managing two projects in two countries at the same time was a lot," CEO Alessandro Dazza said to...

London's FTSE 100 fell from its record highs on Thursday as Rio Tinto shares dropped after the global mining company's earnings missed expectations. Meanwhile, simmering tensions between the U.S. and Iran kept investors wary. Blue-chip index dropped 0.5%, after two consecutive sessions of closing at record highs. The mid-cap FTSE 250, which is primarily focused on the domestic market, was down by 0.4%. Rio Tinto dropped 3.6% following the miner's?reporting flat annual earnings. Lower prices at its iron ore business, its mainstay, were offset by a strong performance?in its copper division. Other London-listed companies also fell as copper prices were...

The price of copper rose on Wednesday after a drop to a low that was more than a week old. Investors bought the dip, and industrial metals prices followed a rebound in tech stocks. As of 1700 GMT the benchmark?copper price on?the London Metal Exchange had risen 2.2% to $12,893 per metric ton, having earlier climbed to $12,941. The metal fell 1.8% Tuesday, reaching its lowest level since February 6. Due to the Lunar New Year, traders in China, a major metals consumer, were mostly absent. Tom Price, a Panmure Liberum analyst, stated that traders "rarely leave significant capital on...

The price of copper fell on Tuesday due to a'stronger dollar' and a rise in inventories at London Metal Exchange-registered storage facilities, as well as low trading volumes because of the Chinese Lunar New Year holiday. Benchmark three-month "copper" on the London Metal Exchange fell 1.8% to $12,619 per metric ton at 1702 GMT, after reaching its lowest level since February 6 (12,586). Metal, which is used for power and construction, has fallen 13% since a record high was reached on January 29,?on the back of a wave speculative purchases, encouraged by expectations that demand would be strong. The high...

Antofagasta, a Chilean miner, posted a 52% increase in its annual core profit on Tuesday, as record prices for copper offset softer output. It also said that increased capital expenditures would support production over the medium-term. Analysts had expected that earnings before interest, tax, depreciation, and amortisation would reach a record of $5.2 billion in 2025, up from $3.43billion a year ago. This was due to the fact that copper prices rose by more than 40%. Antofagasta proposed a final dividend of 48 cents per share for 2025, bringing its dividend payout ratio to 50%. Since more than a decade,...

Prices of copper fell on Monday, due to the?firmer dollar as well as a focus on increasing inventories and weak demand prospects during holiday trading. The London Metal Exchange's Wednesday settlement or rollover for maturing contracts and the Chinese Lunar New Year holiday this week, as well as the U.S. public holiday on Monday, will likely result in low volumes and volatile movements due to the expiring contracts and the holiday. As of 1700 GMT, the benchmark copper price on the LME was 0.2% lower. It stood at $12.845 per metric ton. It has fallen more than 11% from a...

Analysts praised a core profit that was above expectations and predicted a positive reaction to the shares. Rio de Janeiro-headquartered Vale, one of the world's largest iron ore producers, posted a $3.8 billion net loss for the October-to-December quarter, compared to a $694 million loss in the same period of 2024. Analysts polled at?LSEG expected a profit of $2.7 billion. Vale Base Metals reported a $3.5billion impairment of its?nickel assets located in Canada. This was "caused by a downward adjustment in long-term nickel prices based on market estimates". The company also noted a $2.8 billion write-off from deferred taxes assets...