EU considers a revamp of the industry's free allowances in Carbon Market Reform
As part of a redesign of its carbon market, the European Union may overhaul its system of free "CO2 permits" for industries. Brussels is redesigning its Emissions Trading System (ETS), the EU's most important policy on climate change, which requires power plants and industry to purchase CO2 permits when polluting. Brussels, according to a presentation made by the European Commission internally…
Sources say that Venezuela's Orinoco Belt is loosening, which helps to boost oil production to 1 million barrels per day.
Sources close to the operations reported that Venezuela's state-owned?oil firm PDVSA reversed the majority of output cuts in its own oilfields and joint ventures located along the Orinoco Belt. Total production has increased to close to one million barrels a day. OPEC member Venezuela was forced to reduce its crude production after Washington imposed an oil blockade in December in order to put pressure on Nicolas Maduro.
US takes on Chinese dominance in the race for African minerals
Diplomats, executives and analysts have said that the U.S. uses offtake agreements and state-backed financing to compete with China?in a short time frame? in order to secure supplies of African cobalt, copper and other essential minerals. Washington is focusing on Zambia, Guinea and the Democratic Republic of Congo. The Democratic Republic of the Congo is expected to produce 3.3 million tons of copper by 2024 and account for 70% of global cobalt supply.
Glencore focuses on short-term disposals while Rio deal remains elusive
Glencore, the Swiss-based mining company, is likely to sell assets to bolster its copper portfolio after failing to merge with Rio Tinto. The two companies have called off talks to create a global mining giant worth $240 billion due to disagreements over valuation and ownership. This is the third failed attempt at a tie-up, following earlier merger discussions between 2014 and 2024.
Brazil's oil regulator authorizes Petrobras to resume Foz do Amazonas drilling
A document obtained by?showed that Brazil's oil regulator ANP had?authorized the?state-run Petrobras on Wednesday to resume drilling operations in the environmentally sensitive Foz do Amazonas area. The drilling was halted by the?ANP in early December after a synthetic liquid leaked from auxiliary lines that connected Petrobras' drill rig with a planned well located off the coast of Brazil’s?Amazonian State of?Amapa.
Bunge's forecast profit is below estimates due to trade and biofuel uncertainties
Bunge Global, the world's biggest oilseed processor, forecast lower-than expected profit in 2026 on Wednesday. The company is navigating commodity market volatility as well as?tight?margins that took a toll last year. Bunge, a Missouri-based company, reported its lowest adjusted annual profit and fourth quarter since 2019 although both exceeded consensus analyst's estimates. Analysts characterized the outlook as "conservative"…
Knight Vinke's founder says that his fund cannot invest in the uncertain US under Trump
Eric Knight, a hedge fund manager, said that his fund could not invest in the United States with President Donald Trump as the risks were too high. However profits can be made by investing in Europe where the rules and policies regarding green energy projects is more predictable. Knight Vinke Asset Management, based in Monaco, sold its 'last' U.S. assets in August. This was revealed in an interview with its CEO and founder Knight.
German wind energy supply expected to plummet Wednesday
The French baseload contract fell on Tuesday due to the anticipated return of two reactors. However, the German contract is expected to increase because there will be a decrease in wind power. LSEG data shows that the French day-ahead power?contract fell 2.3% to 87 euros ($102.61 per megawatt hour) at 1002 GMT. The German contract was not traded. LSEG data shows that German wind power production is expected to drop by 12.1 gigawatts on Wednesday to 26.4 GW.
Qatar Energy CEO: By 2030, the LNG glut may be reduced to a gap due to AI power requirements.
Qatar Energy CEO Saad Al-Kaabi said on Monday that the expected global glut of liquefied gas could become a shortage in 2030 due to rising demand for gas and fuels, particularly in Asia. The LNG supply expected between 2026-2029, including projects such as Golden Pass LNG in the U.S. Gulf Coast region and Qatar's North Field Expansion are likely to be significant. Kaabi added that the demand expectation has increased "primarily due to...AI and data center needs".
OPEC+ agrees that oil production will remain unchanged despite Iran tensions
OPEC+ decided to keep its oil production unchanged for March during a meeting on Sunday, the producer group reportedly said. This was despite crude prices hitting six-month highs due to fears that the U.S. might launch a military attack on OPEC's member Iran. Brent crude oil closed at $70 a barge on Friday, near the $71.89 high it reached on Thursday. The eight OPEC+ member countries met as prices rose to a six-month peak.
Sources say that OPEC+ will not increase oil production in March due to the price spike.
Three OPEC+ delegates said that OPEC+ will likely?keep its planned pause for oil production increases in?March?" when it meets on Sunday. This is even though crude prices have reached six-month highs due to fears the U.S. might launch a strike against OPEC member Iran. The eight OPEC+ member countries met as Brent crude prices closed at $70 a bar on Friday. This was close to the?six-month peak of $71.89 on Thursday.
Mexico tries to avoid US tariffs for states that ship oil to Cuba
Mexico will look for diplomatic solutions to help Cuba. Mexican President Claudia Sheinbaum said on Friday that the country would seek alternatives and find diplomatic solutions after U.S. president Donald Trump signed a tariff order on oil-supplying countries. The White House Executive Order on Thursday could be devastating for Cuba and Mexico, as it is one of the last oil suppliers.
Major Gulf bourses see gains as earnings season progresses
Investors focused on corporate earnings drove the early trading on Tuesday on major stock markets across the Gulf. Saudi Arabia's benchmark indices gained?0.4% led by an increase of 0.9% in Al?Rajhi bank. The bank's net profit was 24.79 billion Saudi riyals, up from 19.72 billion the year before. Al Rajhi announced a dividend of 1,75 riyals per share for the second quarter, a rise of nearly 20% compared to last year's same period.
Trinidad's BP head says the company is interested in cross border opportunities with Venezuela
BP's Trinidad and Tobago head said Monday that the oil and?gas?major was still interested in cross border opportunities with Venezuela despite a?government in Caracas that suspended all bilateral energy deals with its neighbor in last year. BP and Shell were granted licenses to develop offshore natural-gas projects along the maritime?border by the U.S. David Campbell, BP's spokesman, said: "There is a logic of industrial?reasoning?
Shell Nigeria announces progress on $20 billion Bonga South West Oilfield
Bola Tinubu, Nigeria's President, has approved "investment linked" incentives for Shell’s Bonga South West Deepwater Oilfield. This follows a meeting between the CEO of the company Wael Sawan and the Nigerian president. Wael Sawan indicated that the project could be greenlit in 2027. The incentives proposed are part of a series of regulatory reforms that have been implemented in Africa's…
Nordzucker, a German sugar company, expects to lose money as the market for sugar remains weak
Nordzucker, Germany's second largest sugar refiner, warned that it could suffer an operating loss due to the low EU sugar prices, which are affecting producers across the market. The unlisted company stated that it expects a loss of operating income in the high double-digit millions for the current year. This is much worse than anticipated. In its previous financial year, it reported an operating profit of 100 million euros ($116 million).
Ivanhoe achieves 2025 copper and zinc production targets as Kamoa Kakula smelter ramps-up
Ivanhoe Mines said it had met its output targets for 2025 at the 'Kamoa Kakula Copper Complex and Kipushi Zinc Mine in Congo. It also issued a guidance that pointed to a steady recovery following a year-long disruption and an important smelter ramp up. Kamoa-Kakula, widely considered as one of the most important new copper sources in the world, makes details of Canadian miner Ivanhoe’s…
Abu Dhabi's XRG raises Rio Grande LNG project stake
Abu Dhabi's state-owned energy company, XRG, announced on Monday that it was buying an additional 7.6% stake in two liquefied natural gas trains in the Rio Grande LNG Project in Texas. This investment will deepen its involvement in the largest export facility in the world. XRG announced that it is acquiring the stakes in Trains 4 & 5 from Global Infrastructure Partners (GIP), a company which has now been absorbed by BlackRock.
Mozambique president cancels Davos trip due to severe floods
Mozambique President Daniel Chapo cancelled his trip to Davos for the World Economic Forum this week because of severe flooding that has?damaged the infrastructure and affected hundreds of thousands in the Southern African nation. Chapo said in a Facebook post late Sunday night that Mozambique is "going through a difficult?time" and the priority right now is to save lives. In a report published on Sunday…
Floods in Mozambique force thousands of people to flee, President cancels Davos trip
Witnesses and officials reported that severe floods in Mozambique caused by heavy rainfall forced thousands to leave their homes. Some were left stranded atop roofs while surging waters swamped settlements. Daniel Chapo, the president of Venezuela, cancelled his trip to Davos to attend a World Economic Forum and stated on social media that the "absolute priority" at this time is to save lifes.