United States

Chris Wright, the U.S. secretary of energy, told NBC News that oil sales from Venezuela under U.S. control have reached a total of?over $1billion since President Nicolas Maduro was captured in January. In the coming months he expects to bring?in 'another $5billion. He added that the U.S. government under President Donald Trump had given Venezuela's interim administration the proceeds of sales from U.S. oil refineries. Wright, on the second day of his visit to Venezuela, said, "Sales are now over one billion dollars and we have some sort of short-term deals over the next couple of months that will bring...

Saudi-backed Midad Energy signed a termsheet?to purchase Russia's sanctioned Lukoil?assets?in a high stakes competition against rivals, including?private equity giant Carlyle Group. The deal is contingent upon U.S. regulator approval, according three people with knowledge of the matter. The Russian energy giant is continuing to try to sell off overseas assets that are restricted by Western sanctions. It also highlights the growing interest of Middle Eastern countries in purchasing discounted global oil and refinery assets. Sources said that the agreement was signed late in January and covered all the assets. Midad agreed that it would place its?all-cash offer? in escrow, while...

Refiner PBF Energy posted a surprise profit Thursday, as lower crude oil prices boosted refining margins. PBF earned 49 'cents 'per share on a adjusted basis during the fourth quarter. Analysts had estimated a loss per share of 10 cents, according to LSEG data. Refiners in the U.S. saw their profits rebound from multi-year lows in 2024. This turnaround was fueled?by tighter fuel supplies globally and an increase in seasonal demand that boosted profits. The recovery follows a slump in 2024, when margins fell from their post-pandemic peaks as supply disruptions related to Russia's invasion of Ukraine in?2022 eased. Matthew...

According to an interview published Thursday by NBC News, Venezuelan interim 'leader' President Delcy Rodriguez stated that she had 'been invited to a United States. Rodriguez was quoted as saying "I've been invited to the States." "We are considering going there as soon as we have established a good working relationship and can move forward on everything." Rodriguez, Venezuela's formerly vice-president and oil minister, took office as Venezuela's interim president on January 1st after the United States ousted?President Nicolas Maduro. The recovery of the stolen vehicle is a Herculean job for Wright and She. Venezuela's oil and gas industry After...

PBF Energy, a refiner in the United States, reported a surprising profit on Thursday. Supply disruptions due to the Russia-Ukraine conflict and higher crude prices differentials helped boost refining margins. LSEG data shows that PBF 'gained 49c per share on a?adjusted -basis? in the fourth quarter. This compares to estimates of a 10c loss per share. The U.S. refinery industry experienced a strong recovery in the fourth-quarter, with?the benchmark 3-2-1 crack spread Rebounding from multi-year lowers in?2024. The turnaround was attributed to tighter global fuel supply and seasonal demand that boosted profits. The recovery comes after a slump in 2024,...

Izvestia, a Russian newspaper, reported on Thursday that Russia was preparing to ship crude oil and fuel to Cuba within the next few months. Cuba has been hit by fuel shortages since the U.S. cut off its oil supply. The communist-run Island has informed international airlines that there will be no jet fuel available. This is the latest sign of rapidly worsening conditions. Venezuela has been a major supplier of jet fuel to the United States for many years. However, since Washington's 'blocking of Venezuelan exports in mid-December, it hasn’t received any crude or refined products. A Russian diplomat said...

India's Oil Minister said that he met and communicated with the late financier, convicted sex offenders, and convicted sex-offender Jeffrey Epstein while he was in the United States. He said he has no connection to any wrongdoing or crimes. Hardeep Singh Puri, a career diplomat-turned-politician, said he was part of the International Peace Institute, a New York ?think tank headed by Norwegian diplomat and former cabinet minister ?Terje Roed-Larsen until 2020, and met Epstein "three or maximum four ?times" during his time there. Roed-Larsen has apologized for his connections to Epstein, and his wife Mona Juul resigned as a Norwegian...

Two people who have direct knowledge of the plan say that Saudi Arabian and U.S. firms will form a consortium to explore and produce oil and gas in northeastern Syria. Sources said that Baker Hughes, Hunt Energy, and Argent LNG plan to partner with TAQA on the project. The project would cover four to five exploration blocks in the northeastern area. The project is the latest in an array of large-scale business deals that have spanned Syria's entire economy, since the former autocrat Bashar Al-Assad was overthrown by Islamist rebels who became rulers a year earlier and after the U.S....

Solstice Advanced Materials announced on Tuesday that it would?increase production of uranium-hexafluoride?by about 20% at its Metropolis Works facility?in Illinois by 2026.?As increasing nuclear demand?strains?the U.S. fuel?supply?chain?. The producer of specialty chemicals that Honeywell spun off in October said that the expansion will increase its output from 2024 to over 10 kilotonnes. Metropolis is currently the only US facility capable of converting uranium to uranium hexafluoride (UF6), a critical input for enriching nuclear fuel. Global nuclear fuel supply chains are becoming tighter due to renewed interest in nuclear energy, driven by concerns about energy security and the rising demand for...

This week, the administration of Donald Trump will overturn a scientific finding from Obama's time that "carbon dioxide is harmful to human health". The legal basis for federal regulations on greenhouse gas emissions will be removed. The move would be the most significant climate change policy rollback by the Republican administration to date. It follows a series of regulatory reductions and other measures intended to unfetter the development of fossil fuels and stymie clean energy's rollout. Trump has said that he believes climate changes are a hoax and has pulled the United States out of global efforts to fight it....

According to correspondence seen by, the management of a Russian owned oil refinery located in Germany privately warned Berlin that U.S. Sanctions were hurting their business and threatened fuel supplies for the capital and region. In a letter sent to Katherina Reiche in January, the management of Rosneft's PCK Schwedt refinery made an "urgent" appeal to her to resolve the standoff between the United States and the refinery. The letter details the escalating issues at the refinery which supplies fuel to Brandenburg, eastern Germany, and nine out of ten cars in Berlin. It also supplies key chemicals and ingredients for...

Oil prices fell slightly on Tuesday, as traders assessed the possibility of supply disruptions following U.S. guidance to vessels transiting 'the Strait of Hormuz'. Brent crude oil futures fell 25 cents or 0.4% to $68.79 per barrel at 0102 GMT. U.S. West Texas Intermediate Crude fell 23 cents or 0.4% to $64.13. Prices rose by more than 1% Monday after the U.S. Department of Transportation’s Maritime Administration told U.S. flagged commercial vessels to keep as far away from Iran's 'territorial water' as possible, and to decline verbally if asked to allow Iranian forces to board. A fifth of all oil...

The Financial Times reported that Donald Trump intends to?reduce some tariffs on?goods made of steel and aluminum, citing a number of people who are familiar with the issue. The?Commerce Department officials and the?U.S. The FT reported that the trade representative's office believes the tariffs hurt consumers by increasing prices of goods such as pie tins, food-and drink cans, and beverage bottles. Cost-of-living and consumer prices are major concerns for voters nationwide as they head into the midterm elections in November. Recent /Ipsos survey showed that 30% of Americans approved of Trump’s handling of rising costs of living. 59% disapproved, including...

Data from Benchmark Mineral - Intelligence (BMI), a consultancy, showed that global EV registrations dropped 3% in January due to the introduction of a EV purchase 'tax' and lower EV subsides in China as well as policy alterations in the U.S. Why it's important Global automakers with a large exposure to the U.S. have written down $55 billion over the last year. This is due to their scaling back of electric vehicle ambitions as they face a difficult U.S. marketplace under President Donald Trump. They also faced price wars and more complex vehicle types in Europe. The European Union, as...

According to 'provisional data', Ghana will produce 6 million ounces in 2025. The contribution of large-scale mining is 2.9 million ounces - the same as last year. The industry has warned that the projected 6.5 million-ounce production for next year is in danger, citing Ghana's planned overhaul to mineral royalties that could delay new projects or expansions which underpin 2026's production. The Ghana Chamber of Mines CEO Kenneth Ashigbey stated that 2025 production exceeded its target due?to artisanal and small scale mining (ASM), with a rise of about 3.1 millions ounces. REFORMS AND SURGING GOLD Prices Drive Output Ashigbey, speaking...

Mark Carney, the Canadian prime minister, will soon visit the remote British Columbia town of Tumbler Ridge where nine people died in one the worst mass shootings that has ever occurred, according to his office. Police say that 18-year old Jesse Van Rootselaar - who allegedly had mental health issues - shot and killed her mother, stepbrother, and a teacher at a local school on Tuesday. Van Rootselaar committed suicide after police said he was born as a man but started identifying himself as a female six years earlier. In a short statement that gave no further details, Carney's office...

Hindalco Industries, an Indian company, posted a 45% drop in its third quarter profit on Thursday. This was despite the?firmer prices of aluminium and cobalt. However expenses related to 'fire-related interruptions' at its U.S. Novelis. Aditya Birla's metals producer, owned by the?Group?, reported a net profit of 226.14 million dollars for the quarter ended December 31 compared to 37.35 billion rupees one year ago. The decline in revenue was due largely to 26,10 billion rupees in exceptional expenses related to an Oswego plant shutdown, located in?New York. A fire in its New York facility last year impacted the company's U.S....

Analysts?and producers say that Paraguay’s soybean crop in 2025/26 is expected to exceed 10 million tons, and could become the biggest ever recorded by the country. StoneX, a South American agricultural?consultancy, revised its estimate of the crop harvested from October to February, increasing it by 500,000 tons. This is a significant increase over the previous estimate, which was 9.65 million tonnes. The crop, according to StoneX, "is among the best recorded ever" in this landlocked South American producer, the report stated. Analysts believe the final production total will depend on the second, smaller crop (or "zafrina") harvested between April-May. StoneX's...

The Indian arm of 3M suffered its first quarterly loss in over five and a half years due to a one-time cost'related to the new labour codes'. The company's products, which range from Post-it Notes to power tools posted a loss on Thursday of 620.6 millions rupees (about $6.85 million), compared with a profit last year of 1.14 billion rupees. The company had last posted a loss during the quarter ending June 2020, amid a COVID-19 lockdown across the country. 3M India’s revenue for the December quarter in the Transportation and Electronics?segment grew 3.8%. This is down from the 10%...

Albemarle is the world's biggest producer of lithium. It posted a?larger-than-expected loss on Wednesday. The company also announced that it would be?idling a major Australian?processing?plant due to its continued?struggle with low prices for battery metal. After-hours trading saw shares of the Charlotte-based company fall 3.1%. Prices of lithium have fallen by more than 90 percent in the last two years, largely due to an oversupply coming from China. This has led to layoffs, buyouts, and project delays at Albemarle, and other companies. Prices have increased in recent months but remain below the all-time highs of 2023. Albemarle announced that it...

Three sources familiar with the matter have told us that CME Group has been working on a plan to launch the first futures contract for rare earths in the world. This would allow governments, companies, and banks to hedge their exposure to the 'China-controlled sector. Two sources claim that the rival Intercontinental Exchange also plans to offer rare earth futures but it is not as far along in its planning process as CME. CME declined comment, and ICE didn't immediately respond to a comment request. Banks are reluctant to finance Western projects, in an industry where volatile prices can be...

Martin Marietta Materials reported a weak 'annual sales forecast on Wednesday. This comes after the company reported a drop in its fourth quarter 'profit. Following the results, the shares of the company dropped by about 3% during premarket trading. An artificial-intelligence-led push to build more ?data centers, alongside energy and infrastructure projects, has supported ?aggregates demand, nudging shipments up 2% in ?the quarter and prices over 5%. Even so, the company's earnings were impacted by higher fuel and energy costs, as well as acquisition charges in an inflationary environment. Ward Nye, CEO of Martin?Marietta, said that the company's data center...

India's Titan jeweller expects a double-digit percent increase in profits for the current quarter. The CFO of the jeweller said this on Wednesday. As consumers in the most populous country of the world continue to spend on gold, despite soaring prices, a 'Bengaluru based company, Tanishq, and CaratLane, have seen a robust growth. Titan's third quarter profit increased 61% due to higher jewellery sales prices and strong demand during India's traditional festive season from October to December. Ashok Sonthalia, in an interview, said that the month of January had been very successful, and that the falling gold prices should encourage...

Ursula von der Leyen, President of the European Commission, said that the EU must simplify its regulations to be more competitive with the United States and China. Over the last two decades, EU growth has consistently been lower than that of?the United States, with EU innovation and productivity, especially in fields such as AI, falling behind. "Let's take the U.S. as an example again." Von der Leyen stated on Wednesday that there is only one financial system and capital. "In Europe, we don't only have 27 different systems of financial supervision, each with their own supervisor. More than 300 trading...