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Oil prices steady after a 2% decline on OPEC+ production increase
Oil prices rose on Thursday, after falling by nearly 2% the previous day. Investors weighed a possible OPEC+ production increase against contradictory tariff signals from White House as well as ongoing U.S. Iran nuclear talks. Brent crude futures gained 8 cents or 0.12% to $66.20 a bar by 0505 GMT. U.S. West Texas Intermediate crude rose 9 cents or 0.14% to $62.36 a bar. The previous trading session saw prices drop by 2% after it was reported that several OPEC+ member countries would suggest to the group to increase oil production for a second consecutive month in June. This information came from three sources who are familiar with OPEC+ discussions. "While a move to increase risk yesterday lifted risk assets, oil fell behind due to OPEC+'s discord," ING analyst wrote in a report. Reports on Wednesday said that Kazakhstan, which produces 2% of the global oil output, and has consistently exceeded its quota in the past year, would prioritize national interest over OPEC+ when deciding production levels. OPEC+ has had disputes in the past over production quotas. One of these disputes led to Angola leaving OPEC+ by 2023. The ING analysts stated that "further disagreements between OPEC+ member countries is a clear downside threat, as they could lead to a pricing war." Prices rose on signs that U.S.-China trade talks could be nearing completion. The Wall Street Journal reported the White House was willing to reduce its tariffs against China by as much as 50% to start negotiations. Treasury Secretary Scott Bessent stated on Wednesday that the current import tariffs of 145% for Chinese goods heading to the U.S., and 125% for U.S. products going into China were unsustainable and had to be reduced before trade negotiations between the two parties could begin. White House Press Secretary KarolineLeavitt told Fox News that the tariffs would not be reduced unilaterally. Rystad analysts believe that a prolonged U.S. China trade war would reduce China's oil consumption growth by half, to 90 000 barrels per day. This is down from 180,000 barrels per days. The Financial Times reported that Trump was also considering tariff exemptions for imports of car parts from China. The U.S. will meet with Iran for a third round this weekend to discuss a possible agreement that would reimpose restrictions on Tehran's nuclear enrichment program. This could put downward pressure on the oil price. The market is looking for signs that a U.S. and Iran rapprochement may lead to easing sanctions on Iran's oil, and boosting supply. The U.S. imposed new sanctions on Iran on Tuesday, according to the Iranian foreign ministry's spokesperson. This showed "a lack of goodwill and a seriousness" in regards to dialogue with Tehran. (Reporting and editing by Sonali Paul, Tom Hogue and Colleen Hogue).
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Taiwan offers another $10 billion in aid to help deal with US tariffs
Taiwan's Premier proposed on Thursday another $10 billion as a budget special to help the economy cope with the impact U.S. Tariffs. Taiwan was due to receive 32% U.S. Tariffs in two weeks, but President Donald Trump suspended his "reciprocal Tariffs" for 90-days. At a press conference held in Taipei on Tuesday, Premier Cho Jung Tai said that the initial T$88.9 billion ($2.71billion) aid package will be increased up to T$410.9 billion ($12.61billion), which includes financing assistance for businesses, measures to stabilize the job market, and subsidies for electric. The special budget must be approved by the parliament. Opposition parties, which have a majority, have already imposed this year major cuts to Taiwan's budget. They claim they are targeting wastage. Taiwan's government began talks with the United States about tariffs, and has pledged to make new purchases worth billions of dollars to help reduce the island's huge trade surplus. Taiwan's trade talks with the United States are centered on increasing purchases of U.S. oil and natural gas, said President Lai Ching Te.
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European car sales increase in March, as electric vehicles offset falling combustion engines
The new car sales in Europe increased 2.8% in march, with double-digit increases in Britain and Spain. Industry data released on Thursday revealed that the increase in electric vehicle registrations for the month was offset by a decline in petrol and diesel vehicles. The European Automobile Manufacturers Association's (ACEA) data showed that sales of fully-electric cars increased by 23.6% during the month. Why it's important As they struggle to reduce costs on their home markets, and fight the competition from China's automakers, European carmakers now have to deal with the effects that President Donald Trump’s 25% tariffs for auto imports are having. This is a major blow to the industry. Trump's 145% tariffs on Chinese imports, and Beijing's retaliatory duties have also caused global growth predictions to be revised downwards. This has put automotive companies at risk. By the Numbers The ACEA data revealed that March sales of cars in the European Union (EU), Britain, and the European Free Trade Association(EFTA) increased to 1,42 million vehicles, after two months of decline. Stellantis registered a 5.9% decline in registrations, while Volkswagen and Renault saw theirs grow by 10.3% and 130% respectively. Tesla's third-month sales were down 28.2% on a year-over-year basis, and its market share dropped to 2%, from 2.9%. The EU total car sales declined 0.2% on an annual basis, declining for the third consecutive month, despite the fact that the number of registrations for battery electric (BEV), electric hybrid (HEV), and plug-in hybrid cars (PHEV) increased by 17.1%, 23,9%, and 12.4%, respectively. In March, 59.2% (up from 49.1% the year before) of all passenger cars registered in the country were electric vehicles. Sales in Spain and Italy grew by 23,2% and 6,3%, respectively, whereas in France and Germany, they fell by 14,5% and 3,9%. Registrations in Britain increased by 12.4%. CONTEXT Experts say that the growing interest in electric vehicles in Europe, which is the second largest EV market in the world, is largely a result of new EU emission standards and the introduction of cheaper electric cars, even though the EU recently proposed lowering the emission targets. Reporting by Greta Rose Fondahn in Gdansk and Alessandro Parodi; editing by Sandra Maler
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Dalian iron ore prices rise on short-term demand but higher shipments limit gains
Iron ore futures continued to rise for the fourth session in a row on Thursday. This was supported by seasonal demand, optimism about U.S. China trade talks and seasonal demand. However, a stronger outlook due to increased shipments limited any further gains. As of 0304 GMT, the most-traded contract for September iron ore on China's Dalian Commodity Exchange was trading 0.28% higher. It was 724.5 yuan (US$99.31) per metric ton. The benchmark iron ore for May on the Singapore Exchange fell 0.44% to $99.8 per ton. ANZ reported that iron ore prices rose on the prospect of improved U.S.-China trading relations. U.S. Treasury secretary Scott Bessent stated on Wednesday that the high tariffs between Washington, D.C. and Beijing were not sustainable. The administration of President Donald Trump signaled an openness towards de-escalating trade wars between two of the largest economies in the world. Steel production gaining momentum also helped to support prices. ANZ reported that "improved profitability at steel mills saw production recover to 93 millions tons in March and kept Q1 production growth positive." According to Lange Steel's analysis of statistics from China Iron and Steel Industry Association, the daily average steel production by key steel companies was 2,113 million tons at mid-April. This represents a growth of 3.3% from one month to the next and a 3.1% rise from the same time last year. According to Mysteel, after a decline in February, the volume shipped from Port Hedland - the largest iron ore port in Western Australia - to China has increased by 30.3%. According to Mysteel, the total number of shipments to China in March was 41.2 million tonnes. Coking coal and coke, which are used to make steel, have both gained in value, rising by 1.05% and 1.666% respectively. The benchmark steel prices on the Shanghai Futures Exchange were flat. The price of rebar was 0.58% higher than the previous day, while hot-rolled coils were 0.44% higher. Wire rod fell 0.8%, and stainless steel dropped 0.24%. (Reporting and editing by Sherry Jab-Phillips; $1 = 7.2956 Chinese Yuan)
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Vaar Energi Misses Quarterly Profit Forecast
Oslo-listed oil and gas firm Vaar Energi on Wednesday reported a lower-than-expected operating profit for the first quarter, but said it would maintain its dividend level as it prepares for a sharp rise in output in coming months.Vaar's earnings before interest and tax (EBIT) for the January-March quarter fell to $972 million from $1.05 billion a year earlier, lagging the average $1.04 billion forecast in a company-provided poll of 12 analysts."In the current uncertain market environment our business remains resilient, with low free cash flow break-even and a highly flexible investment program of which 70% is uncommitted," Vaar's CEO Nick Walker said in a statement.The company maintained investment plans of $2.3 billion-$2.5 billion for 2025 and $2.0 billion-$2.5 billion annually for 2026-2030, but much of this has yet to be formally approved.Vaar said it would pay $300 million in dividends for the second quarter, maintaining its policy of returning to shareholders between 25% and 30% of cash flow from operations after tax for the full year.The Norway-focused company, majority owned by Italy's Eni ENI.MI, eyes significant growth of its output thanks to the startup of production from new fields.It expects petroleum production to rise to over 400,000 barrels of oil equivalent per day (boepd) in the fourth-quarter from 272,000 boepd in the first quarter.Vaar's flagship Balder X project will come on stream at the end of the second-quarter, after several delays, the company confirmed on Wednesday.Along with other new projects, including the partner-operated Johan Castberg oilfield in the Barents Sea, Vaar aims to add some 180,000 boepd in oil and gas production towards the fourth-quarter.Global oil demand is expected to grow at its slowest rate for five years in 2025 due to U.S. President Donald Trump’s tariffs on trading partners and their retaliatory moves, the International Energy Agency warned on April 15.(Reuters - Reporting by Nerijus Adomaitis; Editing by Terje Solsvik and Tom Hogue)
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VIKING Launches First CTV Immersion Suit for Women in Offshore Wind Industry
VIKING Life-Saving Equipment has launched the first Crew Transfer Vessel (CTV) immersion suit in the world designed for women working in offshore wind energy, using guidance on diversity and inclusivity from industry leaders Ørsted, Siemens and Vestas.The VIKING YouSafe Cyclone suit joins a growing portfolio of VIKING PPE whose fit and features reflect the safety needs of female seafarers, pilots and technicians in the marine and offshore industries.The most recent UK Government Industrial Strategy Offshore Wind Sector Deal study included a ‘minimum target’ for one third of the industry’s workforce to be by 2030 (2018 – 16%).In UK waters, and elsewhere, getting the right PPE in place to best serve the safety needs of women offshore has become a focus for equity and inclusivity strategy at Ørsted, Siemens and Vestas.“As a young industry, offshore wind offers a huge opportunity to change attitudes in the workplace, and to encourage the diversity, equity and inclusion women are entitled to expect.“Ørsted has identified female-specific PPE as part of the critical infrastructure we need for women to work safely offshore today and a necessity to attract more of them into this industry. We were delighted to work with VIKING as one of our key safety solution providers to take a significant step in the right direction,” said Lasse Hansen, Senior HSE Manager, PPE and TMSE, Ørsted.Delivered in high-vis GORE-TEX NARVIK, the female-fit YouSafe Cyclone suit is approved to the same dual SOLAS/MED and CE/ISO standard as the male version and is available in multiple sizes.Common features include compatibility with all standard offshore harnesses, durable Neoprene cuffs and neck seal, retro-reflective piping for increased visibility in dark surroundings, and a maintenance free zipper.“Bringing Cyclone to market has been a joy because we have worked with customers whose competitive position did not stand in the way of our common goal to deliver a safety necessity and level the playing field for women working offshore. Their response in spreading the word has also been phenomenal,” added Bettina Kjærgaard, Global Sales Manager Offshore Wind, VIKING Life-Saving Equipment.
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What are the positions of Australia's political parties on energy policy
Energy security is a major issue for Australian voters, who are concerned about rising electricity bills and gas shortages. Australia is the second largest LNG exporter in the world, with sales of A$69 billion ($44 billion) last year. With sales of A$69.9 billion ($44.92 billion) in 2013, Australia was the world's No. 2 LNG exporter. It is also the most polluting nation per capita within the OECD. Both the Liberal-National Coalition, led by Peter Dutton and the centre-left Labor Party of Prime Minister Anthony Albanese, and its conservative counterpart, the Liberal-National Coalition, have pledged to lower gas prices for consumers and increase domestic supply. Both sides favor using gas as a backup to renewables that are weather dependent. Labor wants a grid that is dominated by renewables, whereas the Coalition wants to build an industry of nuclear power, which is currently banned in Australia. The Greens, who also expect to win seats, and could be kingmakers in the event that either of two major parties fails to form a majority, are against nuclear energy, and any new gas or oil production. The details of energy and climate policy are listed below: LABOR Albanese’s energy package aims at addressing living costs and climate change by committing A$2.3billion to subsidise batteries for household use to store solar electricity. Labor has pledged to provide energy bill relief to households and small business. The party announced a $2 billion increase to its clean energy technology financing through its green bank in order to help it reach its goal of 82% renewable production by 2030. The government wants to reduce carbon emissions by 43 percent from 2005 levels by the year 2030, and reach net zero by 2050. It will replace coal-fired stations with solar and wind power, supported by hydropower, gas and energy storage. Last year, the government released a long term strategy which committed to using gas as an energy resource to 2050. The strategy assured trading partners "Australia will remain a reliable trading counterpart for energy, including LNG." Albanese intervened on the domestic gas markets with emergency price caps, and a code for producers during his tenure. LIBERAL-NATIONAL COALITION Dutton released a plan that promised "Australian Gas for Australians", with the aim of reducing gas and electricity prices. The coalition is proposing a radical shift in policy by requiring the country's LNG exporters on the east coast - mostly Shell's QCLNG, and Australia Pacific LNG, operated by ConocoPhillips to sell a part of their gas that has not been contracted into the domestic market. Non-compliance will result in fines. The proposed policies have raised concerns amongst Japan's LNG importers, who rely on Australia to supply about 40% of their gas. The coalition also said that it would support the gas sector by reducing "red and white tape" in the approval process for new projects. This includes halving the timeframes of the approval process and accelerating a decision to extend the life of Woodside’s North West Shelf Liquefied Natural Gas plant. The government has also committed to increasing investment in "strategic" basins, including Beetaloo and Narrabri in eastern Australia. The coalition is asking the government to build nuclear power plants in seven different locations across the country. The coalition says that a small reactor or larger plant could be built in 2035, and the rest of them by 2050. Commercially, small modular reactors have not yet been commercially released. GREENS The Greens propose to phase out fossil fuels through the banning of all new coal and natural gas projects. They also want to cancel exploration permits, and block expansions for current projects. This includes the North West Shelf LNG Plant. The party hopes to reach net-zero emission by 2035. The government will provide grants and low interest loans to households that want to switch from gas appliances to electric ones. The Greens also criticised the low tax payments of the gas sector and said that they would close "loopholes", and raise levies on big corporations.
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Gold prices rebound on dip buying despite US China trade deal hopes
Gold prices rose more than 1% Thursday, thanks to bargain-buying. This comes a day after bullion fell to a new low of the week amid optimism about the U.S. China trade agreement. As of 0312 GMT, spot gold increased 1.5% to $3335.39 per ounce. U.S. Gold Futures rose 1.5% to $3344. Bullion that does not yield, which is traditionally viewed as a hedge to global instability, reached a record-high of $3,500.05, but dropped below $3,300 on Wednesday. The volatility we are seeing this week has been driven by headline and technical risk. The fundamentals remain strong so investors are buying dips based on the larger picture, said Capital.com financial market analyst Kyle Rodda. U.S. Treasury secretary Scott Bessent stated on Wednesday that excessively high tariffs are not sustainable and must be reduced in order to proceed with trade negotiations. However, he said President Donald Trump will not cut tariffs unilaterally on Chinese imports. A report stated that Trump plans to exempt carmakers from certain tariffs after intense lobbying over the past few weeks by executives in the industry. Rodda stated that "we will continue to see an upward trend until the Trump administration reverses its trade policies." The International Monetary Fund stated on Wednesday that tariffs would slow down growth and increase debt across the globe. Bessent stated that if Trump's policies were implemented, the U.S. economy will grow faster than the revised IMF estimate of 1,8%, which is down from 2,7% in January. Dollar index fell by 0.3% against peers, making greenback priced bullion more affordable for overseas buyers. Silver spot fell by 0.6%, to $33.33, platinum dropped 0.4% to $968.60 an ounce and palladium fell by 0.8% to $936.63. (Reporting and editing by Rashmi Soreng and Eileen Soreng in Bengaluru, Anmol Choubey from Bengaluru and Anushree mukherjee)
CIP Orders Vestas Offshore Wind Turbines for 495MW Taiwanese Project
Danish wind turbine maker Vestas has secured an order from Copenhagen Infrastructure Partners (CIP) to supply offshore wind turbines for the 495MW Fengmiao I project off the coast of Taichung in Taiwan.
The order includes 33 V236-15.0 MW turbines as well as a long-term comprehensive service agreement designed to ensure optimized performance of the assets.
CIP made a financial close on the Fengmiao I offshore wind project earlier in March, securing $3.1 billion project financing from 27 international and Taiwanese banks.
The construction of the Fengmiao I offshore wind farm is scheduled to be completed by the end of 2027.
"We are honored to deepen our partnership with CIP on the Fengmiao I project, our inaugural venture in Taiwan featuring the V236-15.0 MW turbine.
“This project marks the start of construction for Taiwan’s first Round 3 offshore wind project and reinforces our commitment to delivering innovative clean energy solutions and supporting Taiwan’s ambitious renewable energy goals,” said Purvin Patel, President of Vestas Asia Pacific.
“We are confident that, together, we will deliver the Fengmiao I project on schedule, safely, and to the highest standards. We look forward to playing a key role in supporting Taiwan’s energy transition and long-term renewable energy goals,” added Mark Wainwright, Fengmiao I Project CEO.