2025-09-01 11:54
RIO DE JANEIRO, Sept 1 (Reuters) - Brazilian state-run oil company Petrobras (PETR3.SA) , opens new tab will lower the average price of jet fuel sold to distributors by 3.7%, or 0.13 real ($0.0240) per liter, starting September 1, the company said on Monday. Petrobras makes monthly alterations to its jet fuel prices based on factors including oil prices and currency exchange rates. Sign up here. ($1 = 5.4212 reais) https://www.reuters.com/business/energy/brazils-petrobras-lowers-jet-fuel-prices-by-37-2025-09-01/
2025-09-01 11:25
Negotiations slowed despite handshake agreement and summit Tariff and defence issues remain unresolved, impacting progress $350 billion investment fund and agriculture market disagreements persist SEOUL, Aug 29 (Reuters) - Negotiations ranging from tariffs to defence between South Korea and the United States were bogged down, overshadowing a handshake agreement and a promising presidential summit, officials in Seoul said. South Korean President Lee Jae Myung met U.S. President Donald Trump for the first time on Monday, and emerged declaring success after displaying personal chemistry and avoiding any public split between the two long-time allies. Sign up here. Behind the scenes, however, the two sides were unable to agree on a joint statement or even a fact sheet, and a month after announcing a deal on tariffs, the agreement still has not been finalised on paper. Lee's national security adviser, Wi Sung-lac, said on Friday that the two countries did not produce documents covering security, economy, trade or investments because progress remained slow in some areas while large strides had been made in other areas. More discussions and reviews were needed to hash out their details, he added, without providing specific details. South Korean presidential chief of staff Kang Hoon-sik told reporters on Thursday that it was a "very difficult negotiation" because issues ranging from investments to security are closely intertwined. "If the negotiations for one minister doesn't go well, they put a break on another negotiation that is going well," he said. "We've overcome a significant obstacle, but there is still a long way to go." Kang added that Washington could leverage several issues such as tariffs on cars, chips, and pharmaceuticals, as well as defence costs and around U.S. forces stationed in Korea. Speaking to his cabinet after the summit, Trump acknowledged a "problem with South Korea" but that Seoul had ultimately "kept the same deal." Neither Seoul nor Washington has elaborated. The U.S. Embassy in Seoul did not immediately respond to questions about the talks. 'BIG LOSSES' Even before Lee and Trump's meeting, disagreements over a $350 billion investment fund, as well as a U.S. push to open up South Korea's agriculture market, were hampering negotiations. Meanwhile, cuts to tariffs on automobiles are yet to be finalised and Seoul has not secured assurances on chip levies, both expected to be capped at 15% - the same rate as Europe. An auto industry official said the summit has done little to ease uncertainty: "We are really worried... We are having big losses." South Korean newspaper JoongAng Ilbo said the U.S. wanted to use the summit to produce documents detailing the $350 billion investments in return for accepting Seoul's demand for formalising 15% tariffs on cars and chips, and ruling out the opening of rice and beef imports. A South Korean official said Seoul has asked for equity to account for a fraction of the fund. After the summit, Seoul said it was in talks with the U.S. to work out a non-binding deal on the fund. Japan, the only other country to propose such a large investment fund, is also facing delays in finalising its deal over unresolved issues with Washington. It remains unclear what payments Trump will demand from South Korea for maintaining the 28,500 American troops based there. He has also raised a fresh demand for the U.S. to own the land on which its bases are located. South Korean officials have said it is a political non-starter and there has been no such formal request from Washington. https://www.reuters.com/world/asia-pacific/hold-south-korean-negotiators-struggle-close-gaps-with-us-despite-summit-tariff-2025-08-29/
2025-09-01 11:03
Fed's Daly reiterates support for rate cut, given labour market risk Silver gains more than 2% to breach $40 mark, highest since 2011 Platinum up 1.9% Sept 1 (Reuters) - Gold hit a more-than-four-month high on Monday to trade around $30 shy of all-time highs, buoyed by U.S. Federal Reserve rate cut bets and a softer dollar, while silver breached $40 per ounce for the first time since 2011. Spot gold was up 0.7% at $3,471.28 per ounce by 1141 GMT, its highest since April 22, when it touched a record $3,500.05. U.S. gold futures for December delivery gained 0.8% to $3,543.70. Sign up here. Spot silver jumped 2.1% to $40.49 per ounce, its highest since September 2011. The U.S. dollar (.DXY) , opens new tab was trading near its lowest since July 28 against a basket of major currencies, making dollar-priced bullion cheaper for overseas buyers. "Gold, and especially silver, extended Friday's strong gains, supported by sticky U.S. inflation, weakening consumer sentiment, (expected) rate cuts ... and concerns over Fed independence," said Saxo Bank's head of commodity strategy, Ole Hansen. The U.S. personal consumption expenditures price index rose 0.2% month-on-month and 2.6% year-on-year, in line with expectations, data showed on Friday. "Silver is making a move higher in response to expectations of lower rates, while a tight supply market is helping to maintain an upward bias," said KCM Trade's chief market analyst, Tim Waterer. Gold reached a record price of $3,468.80 at the LBMA exchange's morning auction, while silver notched up a 14-year auction high of $40.75, the LBMA said. San Francisco Federal Reserve Bank President Mary Daly reiterated her support for a rate cut, citing labour market risks. "The market is watching for Friday's U.S. job market report, anticipating that this would allow the Fed to resume rate cuts from September onwards," said UBS analyst Giovanni Staunovo. August non-farm payrolls are expected to have grown by 78,000 jobs, a Reuters poll showed, versus 73,000 in July. Non-yielding gold typically performs well in a low-interest-rate environment. Meanwhile, U.S. Trade Representative Jamieson Greer said on Sunday that President Donald Trump's administration was continuing talks with trade partners despite a U.S. court ruling that most of the tariffs are illegal. Elsewhere, platinum gained 2.4% to $1,397.49 and palladium added 0.8% for $1,117.98. https://www.reuters.com/world/india/gold-trades-near-record-highs-us-rate-cut-bets-silver-14-year-high-2025-09-01/
2025-09-01 10:54
Equinor supports Orsted's rights issue Will subscribe for shares worth up to $941 million Says it sees value in strategic collaboration with Orsted Will nominate candidate to Orsted’s board Orsted shares rise 4.7% COPENHAGEN/OSLO, Sept 1 (Reuters) - Norway's Equinor (EQNR.OL) , opens new tab will pump nearly $1 billion into Orsted's (ORSTED.CO) , opens new tab emergency fundraising , opens new tab, it said on Monday, bolstering the Danish offshore wind power developer's efforts to cope with U.S. President Donald Trump's hostility to the sector. The energy company said it planned to participate in Orsted's 60-billion Danish crown ($9.4 billion) rights issue by subscribing for new shares worth up to 6 billion crowns. It will maintain its 10% stake in the company, it added, helping remove some uncertainty for the offshore wind farm developer. Sign up here. Shares in Orsted, which tumbled to record lows after the company's surprise announcement in August of the capital raise and are down 85% since their 2021 peak, rose as much as 4.7% on the Equinor news. Separately, Norway's sovereign wealth fund, which holds around 3% of shares in Orsted, said it would vote in favour of the capital raise at an extraordinary meeting of shareholders on September 5. Equinor, which is 67%-owned by the Norwegian state, is the second-biggest shareholder in Orsted. The Danish state, which holds just over 50% of Orsted, has already confirmed its commitment to participate. "In response to the challenges facing offshore wind, the industry will see consolidation and new business models," Equinor said in a statement, adding it seeks "closer industrial and strategic collaboration" with Orsted. The offshore wind industry, which has struggled in recent years with soaring inflation and logistical problems that sent costs soaring, faced a further setback when Trump suspended licensing on his first day back in office in January. His administration has also stymied some developments, including a temporary halt in April to an Equinor project off New York. Analysts said Equinor had little choice but to participate in Orsted's capital raise as sitting out would dilute its stake. RBC analysts described it as being “between a rock and a hard place”. Equinor, which has said the purchase of its stake in Orsted was a long-term bet on the sector, plans to nominate a candidate to Orsted’s board ahead of its next annual general meeting. ($1 = 6.3751 Danish crowns) https://www.reuters.com/sustainability/climate-energy/equinor-inject-nearly-1-billion-into-orsted-following-us-setbacks-under-trump-2025-09-01/
2025-09-01 10:50
MOSCOW, Sept 1 (Reuters) - Recent Ukrainian drone attacks shut down facilities accounting for at least 17% of Russia's oil processing capacity, or 1.1 million barrels per day, according to Reuters' calculations. Following is a summary of attacks in recent weeks on key energy sites in Russia, one of the world's biggest energy producers. Sign up here. SYZRAN REFINERY The Ukrainian military said there was a fire in August in the Syzran oil refinery area in the Samara Region, which had a processing capacity of 8.5 million tonnes per year before the fire. The military also said on August 15 that it had struck the Syzran oil refinery. The Syzran oil refinery suspended production and crude intake, according to two industry sources. KRASNODAR REGION REFINERIES On Saturday, Kyiv's military recorded multiple explosions and a fire at the Krasnodar oil refinery in Russia's south, which produces 3 million tonnes of light oil products annually. A small fire ignited by debris from a destroyed drone was promptly doused at the Slavyansk oil refinery in the region, authorities said on August 13, with no casualties reported. On August 7, fallen drone debris caused a fire at the Afipsky refinery also in Krasnodar Region, though the extent of the damage was not immediately clear. On July 7, debris fell on Russia's Ilsky oil refinery in the Krasnodar Region due to a drone attack. UST-LUGA Russia's Ust-Luga Baltic Sea oil export terminal will operate at around 350,000 barrels per day in September, or about half its usual capacity, following damage to pipeline infrastructure from Ukrainian drone attacks, two industry sources told Reuters. DRUZHBA PIPELINE Hungary and Slovakia saw supplies via the Soviet-built Druzhba pipeline interrupted following the Ukrainian military strike on the Unecha oil pumping station in Russia's Bryansk Region. Ukraine's military also said on August 13 that its drones struck the Unecha pumping station. Damage and a large-scale fire were reported. However, crude flows through the Druzhba pipeline system were not affected at that time. NOVOSHAKHSTINSK A fire broke out following a drone strike at an industrial site in Russia's southern Novoshakhtinsk city, home to an oil refinery, authorities said in August. VOLGOGRAD REFINERY The Ukrainian military said on August 14 its drones had hit a Russian refinery in the Volgograd Region, causing huge fires. The Volgograd refinery has been shut down after being hit by drone attacks, two sources familiar with the matter said. The refinery, operated by Lukoil, was forced to halt operations for a little over a week back in February after a drone strike. SARATOV REFINERY Ukraine said it struck an oil refinery in Russia's Saratov Region in an overnight drone attack on August 10, causing an explosion and fire, though the extent of the damage was unclear. The Saratov refinery was forced to suspend fuel production after a drone strike in February. SOCHI OIL DEPOT A Ukrainian drone attack on August 3 caused two oil tanks to catch fire at an oil depot in Sochi in southern Russia, but the blazes were later extinguished, local authorities said. NOVOKUIBYSHEVSK REFINERY Primary oil processing at Russia's Novokuibyshevsk refinery, which is operated by oil company Rosneft, has been halted since August 2 following a Ukrainian drone attack the previous week, two industry sources said. RYAZAN REFINERY The Ryazan oil refinery, also operated by Rosneft, halted around half of its refining capacity on August 2 following a Ukrainian drone attack, three industry sources said. The Ryazan refinery has been struck several times. It was forced to halt operations after a drone strike in late-January, and again in February. https://www.reuters.com/business/energy/russian-energy-facilities-targeted-drone-attacks-2025-09-01/
2025-09-01 10:46
PARIS, Sept 1 (Reuters) - French oil major TotalEnergies (TTEF.PA) , opens new tab has been awarded an exploration permit for the Nzombo area off the coast of the Republic of Congo, close to its already operational Moho facilities, it said on Monday. TotalEnergies said it will operate the asset with a 50% stake, while QatarEnergy will hold a 35% interest and Congo's national oil company SNPC the remainder. Sign up here. The permit is for a 1,000 square km area located 100 km off the coast of Pointe Noire, and would add to a portfolio of "high-impact prospects", said Kevin McLachlan, TotalEnergies' senior vice-president for exploration. The work programme includes the drilling of one exploration well, which is expected to begin before the end of 2025, the company said. TotalEnergies currently produces 65,000 barrels of oil per day in the Republic of Congo, mostly through offshore wells. SNPC also owns 15% of the Moho production facilities, according to TotalEnergies' website. https://www.reuters.com/business/energy/totalenergies-wins-new-offshore-exploration-permit-congo-republic-2025-09-01/
