Cristal Union announces higher sugar and ethanol production in 2025/26
After integrating a new refinery, and taking advantage of higher sugar beet yields this season, France's second largest sugar producer Cristal Union has produced 6.5% more sugar and 5% alcohol and ethanol. The cooperative said it would produce 1.6 million metric tonnes of sugar from beets, and 2.1 millions hectolitres each of alcohol and bioethanol by 2025/26. This compares to 1.5 million 'tons of sugar, and 2,000,000 hectolitres each of alcohol and bioethanol last season.
Namibia Flags Approval Need for TotalEnergies, Petrobras Offshore Stakes
Government officials stated on Sunday that Namibia would not recognize the purchase of offshore stakes by TotalEnergies or Petrobras announced last week until the oil companies followed the proper approval route.A spokesperson for the Presidency, Jonas Mbambo confirmed that "no transaction" can be recognized or considered valid until a formal application is submitted, and the prescribed legal process has been completed.French oil giant TotalEnergies…
Namibia's Energy Ministry blasts TotalEnergies and Petrobras for failing to follow procedure
Namibia expressed concern that TotalEnergies and Petrobras acquired new offshore positions within the Luderitz basin without notifying the energy ministry and/or obtaining the necessary approval. Both French and Brazilian oil companies, TotalEnergies & Petrobras, announced on Friday that they each acquired a 42.5% share in an offshore Namibia exploration license. The firms are looking to develop oil at one of the last frontiers in exploration.
Sources: Eneva, a Brazilian company, is in negotiations with Maha to form a joint venture in Venezuela
Two sources who have direct knowledge of this matter said that Eneva, a Brazilian energy firm, is evaluating options to enter Venezuela's oil and gas sector. It is also in discussions with Maha Capital from Sweden about forming a joint venture. According to a source who did not want to be identified, the Brazilian oil and gas producer was in discussions with other companies than Maha. Both sources stated that the talks are still?preliminary. Eneva and Maha declined comment.
Tesla executives are hiring to support Musk’s solar expansion strategy
According to senior executives, Tesla is currently hiring to support Elon Musk’s recent announcement to become the largest U.S. producer of solar energy components. The posts indicate that 'the company is implementing Musk's vision to set up 100 gigawatts domestic solar production. Musk announced this goal?last? month. Seth Winger is Tesla's senior manager of solar product engineering. He wrote this in a LinkedIn post.
EIA data show that US oil demand and production fell to multi-month highs in November.
Data from the Energy Information Administration on Friday showed that U.S. oil output fell to its lowest level since July in November, while oil demand dropped to its lowest level since April. The EIA reported that the crude oil output fell to 13,78 million bpd during November. This is down 82,000 compared to October's record 13.86 million. This is the first monthly decline in U.S. crude oil production since May 2025.
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. Sources close to…
TotalEnergies and Petrobras purchase land north of Namibia's massive Mopane discovery
Both TotalEnergies, the French oil giant, and Petrobras, the Brazilian firm acquired a 42.5% share in an offshore exploration license. The firms are looking to "develop" oil in one of last frontiers in exploration. Total has expanded its holdings in South Africa, where the company hopes to become the first oil producer by the end decade. Petrobras has also made a significant step in its plan to make Africa its primary exploratory region outside Brazil.
Trinidad's Atlantic LNG will shut down Train 4 to perform major maintenance
Three people familiar with the plan said that Trinidad and Tobago’s flagship 'Atlantic LNG' plans to close its 6 million metric ton per annum Train 4 in May and/or June for maintenance and repairs. Atlantic LNG is owned by Shell, BP and Trinidad's National Gas Company. Each company holds a 45% share. According to documents from the company, this facility will account for?roughly 15% of BP’s global LNG production in 2025 and 10% of Shell’s LNG output.
RWE looks to buy LNG from ADNOC in Germany as it moves to diversify its supply
RWE signed a preliminary agreement with Abu Dhabi National Oil Company on Friday. The German utility stated that it could purchase LNG for European markets as Berlin strives to diversify their energy partners. The German Chancellor Friedrich Merz has been visiting the Gulf region to look for new energy sources, and to reduce the country's dependency on the United States, its dominant supplier. RWE is not only a power producer but also a trader of gas and LNG and an energy 'importer.
ConocoPhillips aims to cut costs by $1 billion in 2026. Profits miss on lower oil prices
ConocoPhillips announced on Thursday that it plans to reduce capital and operating costs by $1 billion by 2026. This comes after the U.S. energy producer missed Wall Street's?estimates? for its fourth-quarter profits due to lower crude prices. Falling oil prices have put pressure on the industry to reduce spending, drill less and cut staff. ConocoPhillips' average price was $42.46 for a barrel of oil-equivalent (boe)…
Rio Tinto and Glencore abandon plans to create the world's largest mining company
Rio Tinto has ended takeover negotiations with Glencore after months of talks over a tie up that would have reshaped global mining. The merger was first announced in January and would have created a global mining giant with a value of more than $200 billion. Rio announced on Thursday that it was unable to reach a deal with the two companies that would have provided shareholders with enough value. This is the third round of failed talks in total, after an earlier attempt by Glencore late in 2024.
Beach Energy's profit falls on account of higher costs and lower oil prices
Beach Energy, Australia, reported a 8% drop in its first-half profits?on Friday, due to higher costs of sales and lower oil and liquids price. This sent the company's shares down?more?than?5%. The benchmark ASX200 index edged down 0.2%, as shares of the oil-and-gas producer fell as much as 5.18 percent to A$1.190. This was their biggest intraday decline since January 7th. The Adelaide-headquartered company attributed the profit drop ?to higher cost of sales…
Oil majors buy up West African oil blocks to prepare for the next Brazil
Chevron, TotalEnergies and other oil majors are snatching up offshore blocks off the coast of West and Southern Africa. Geology, regulatory reforms and the need to replenish the reserves have prompted the search for the next Brazil. Companies are restocking oil and gas assets as fossil fuel demand is expected to remain higher than forecasted just a few short years ago. Justin Cochrane is the African Upstream Regional Research Director for S&P Global Commodity Insights.
Nigeria's Dangote Refinery will begin full-capacity testing in February
A senior executive at Nigeria's Dangote Refinery said that the facility will start performance testing?runs? in February, after it has completed planned maintenance. This is a crucial step to ensuring a steady operation throughout the year. Africa's biggest oil refinery started operations in 2024. It has run at 450,000 to 485,000 bpd since its startup phase due to difficulties obtaining enough local crude during the ramp-up period.
Experts say that Brazil is on track to increase ethanol production in 2026.
Analysts and commodities traders stated on Tuesday that a healthy ethanol price, the expansion of corn-ethanol plants, and a large sugarcane harvest are all factors contributing to the increase in biofuel production in Brazil this year, the world's?second largest producer. They said?during an event at the Dubai Sugar Conference, that increased production this year is due to a combination of Brazilian…
Grain futures rise as gold and commodities stabilize, while soybeans continue to climb.
Chicago soybean futures rose on Tuesday as traders struggled with teetering commodity markets and rising gold prices. Wheat and corn also traded higher. As of 0453 GMT, the most active soybean contract on Chicago?Board?of Trade was up 0.2% to $10.62-3/4 a Bushel. CBOT corn was up 0.3% and wheat rose 0.3%. The rise in grain and soybean prices is related to the recovery of gold and silver. A sharp fall in the price of gold and silver has recently caused a pullback on the commodities market…
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.
Imperial Oil shares drop on lower profits; CEO says Venezuelan situation has little impact.
Imperial Oil, a Canadian oil company, saw its share price fall Friday due to a 'lower' fourth-quarter profit. However, the CEO of the company expressed confidence that the company would be able to withstand any changes in crude flow that might occur as a result of the current situation in Venezuela. Imperial shares fell 4.5% by midday, as the market responded to the company’s decline in earnings from the previous year.
Chevron beats Q4 profit estimate, eyes Venezuela investment opportunities
Chevron's profits for the fourth quarter fell, but were still higher than expected. The company focused on cutting costs to make its operations more efficient in order to compete with lower crude oil prices through 2025. Chevron is the only U.S. oil producer currently operating in Venezuela. Now in the spotlight due to the U.S.'s capture and removal of Nicolas Maduro, the former Venezuelan president this month, Chevron said that it would be evaluating other opportunities in Venezuela.