2025-08-30 08:53
Rosneft says oil prices declined due to overproduction Output hikes by OPEC led to weak oil prices, says Rosneft Rosneft's Sechin warns of production glut Sechin repeats criticism of high interest rates, strong rouble MOSCOW, Aug 30 (Reuters) - The chief executive of Russia's Rosneft (ROSN.MM) , opens new tab said net income sank more than 68% to 245 billion roubles ($3 billion) in the first half due to weak oil prices that were dragged down by production hikes by Saudi Arabia and other OPEC states. The comments from the head of Russia's largest oil producer, Igor Sechin, a long-standing ally of President Vladimir Putin, were the first indications of unease in months from Russia about the OPEC+ strategy to speed up production hikes. Sign up here. Sechin is known for his scepticism about cooperation with the OPEC. He had said that production cuts by the group spurred an output rise by the United States, which over the past years has become the world's leading oil producer. Industry sources have said Russia had voiced its concern at the OPEC+ meetings about faster-than-planned output hikes, though eventually it supported the moves. The Organisation of the Petroleum Exporting Countries and its allies led by Russia, a group known as OPEC+, had been curtailing production for several years to support oil prices. The group, which pumps about half of the world's oil, reversed course this year in a bid to regain market share, spurred in part by calls from U.S. President Donald Trump for OPEC to ramp up production. "The first half of the year was characterized by a decline in oil prices, primarily due to overproduction of oil. The main reason is the active increase in production by OPEC countries, including Saudi Arabia, the UAE, Iraq, Kuwait," Sechin said on Saturday. Sechin said that the surplus on the global oil market, according to Rosneft and leading energy agencies, will reach 2.6 million barrels per day in the fourth quarter, easing to 2.2 million bpd in 2026. He repeated his criticism of Russia's central bank's hawkish monetary policy, which he said supported a strong rouble. ($1 = 80.8455 roubles) https://www.reuters.com/business/energy/rosneft-net-income-drops-68-first-half-blames-opec-weak-oil-prices-2025-08-30/
2025-08-30 07:26
NEW DELHI, Aug 30 (Reuters) - Two dead storks at Delhi Zoo have tested positive for the highly pathogenic H5N1 bird flu virus, prompting authorities to shut the facility from Saturday, the Times of India reported. A sample from another dead captive bird is being tested as authorities implement bio-security measures and intensive surveillance to prevent the spread of the virus to other animals and humans, the newspaper reported. Sign up here. The zoo will be shut until further orders, it said. The spread of bird flu would be a concern for the government and the poultry industry because it can devastate flocks, prompt trade restrictions and pose a risk of human transmission. https://www.reuters.com/business/healthcare-pharmaceuticals/indias-delhi-zoo-shut-after-positive-bird-flu-tests-two-storks-times-india-2025-08-30/
2025-08-30 07:22
KYIV, Aug 30 (Reuters) - Ukrainian military said on Saturday that it had struck Russian oil refineries in Krasnodar and Syzran overnight. 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 petroleum products annually. Sign up here. Russian authorities in Krasnodar said falling drone debris damaged one of the refinery's units and a fire had broken out over an area measuring 300 square metres (3,230 square feet). That fire was later extinguished, authorities said. There were no casualties, and employees were evacuated, authorities wrote on Telegram. Russia's defence ministry said it had downed 11 Ukrainian drones over the Krasnodar region overnight. There was also a fire in the Syzran oil refinery area in Samara region, which had a processing capacity of 8.5 million tonnes per year before August, the Ukrainian military said. Samara's regional governor confirmed an attempt overnight to attack an industrial enterprise, but gave no further details. https://www.reuters.com/business/energy/ukraines-military-says-it-struck-two-russian-oil-refineries-overnight-2025-08-30/
2025-08-30 06:58
TOKYO, Aug 30 (Reuters) - A Trump administration request that Japan buy more U.S. rice caused this week's snag in bilateral trade talks as Tokyo "strongly objected" to the condition, the Nikkei newspaper reported on Saturday. Japan's top tariff negotiator abruptly cancelled a U.S. trip on Thursday over unspecified "points that need to be discussed at the administrative level", the top government spokesperson said, as the two sides try to hammer out details of a July agreement on a reduced 15% tariff on U.S. imports from Japan. Sign up here. The Nikkei, citing Japanese government officials it did not identify, said a revised order from President Donald Trump included a commitment for Japan to buy more American rice. One official criticised the proposal as an "interference in domestic affairs," the business daily said. The office of negotiator Ryosei Akazawa, Japan's minister for economic policy, and the agriculture and foreign ministries, as well as the U.S. embassy could not be reached for comment on the report outside business hours. The Nikkei said the new demand contradicted an agreement that Japan would not need to lower its tariffs on agricultural imports. In the July deal, the White House said Japan would boost U.S. rice purchases by 75%. Prime Minister Shigeru Ishiba said the share of U.S. rice imports might increase under an existing tariff-free framework but that the agreement did "not sacrifice" Japanese agriculture. Akazawa's trip was meant to finalise Japan's agreement to a $550 billion package of U.S.-bound investment through government-backed loans and guarantees, the contents of which remain obscure. Japanese officials have repeatedly said they want an amended presidential executive order - removing overlapping tariffs on Japanese goods - before releasing a joint document on the investment details. Opposition leader Yuichiro Tamaki on Saturday questioned the government's competence and transparency on the trade deal, posting on X that the confusion highlights the danger of operating without a formal text of the deal. "Because there is no written agreement, we cannot confirm what the problem is," said Tamaki, head of the Democratic Party for the People. Citing "heightened uncertainty" for Japan's auto industry and its workers, he urged Ishiba to swiftly convene parliament and provide a full explanation, saying any new agricultural concessions would require legislative approval. https://www.reuters.com/business/trump-demand-japan-buy-more-us-rice-snagged-trade-talks-nikkei-says-2025-08-30/
2025-08-30 06:45
CAIRO, Aug 30 (Reuters) - Egypt has signed four agreements with international firms worth more than $340 million to explore oil and gas in the Mediterranean and Nile Delta, the Petroleum Ministry said on Saturday. The deals, signed by the state-owned Egyptian Natural Gas Holding Company (EGAS), provide for the drilling of 10 wells as part of the ministry's efforts to boost exploration and production. Sign up here. Egypt, once a regional exporter, has increasingly turned to imports to meet rising domestic demand as output declines from aging fields and investment lags in new ones. Gas production in May was 3,545 million cubic metres, down more than 40% from March 2021, according to the Joint Organisations Data Initiative (JODI). The first deal, with oil giant Shell (SHEL.L) , opens new tab, is worth $120 million and covers three wells in the Mediterranean's Merneith offshore area, the ministry said. Italy's Eni (ENI.MI) , opens new tab signed a $100 million agreement to drill three wells in the East Port Said offshore block. A third agreement, worth $109 million, went to Arcius Energy, a joint venture 51% owned by BP (BP.L) , opens new tab and 49% by ADNOC's investment arm XRG, to operate in the North Damietta offshore area. The ministry also announced a $14 million deal with Russia's Zarubezhneft to drill four wells in the onshore North El-Khatatba block in the Nile Delta. https://www.reuters.com/business/energy/egypt-signs-340-mln-oil-gas-exploration-deals-with-global-firms-2025-08-30/
2025-08-30 04:24
Amber's bid includes pact to pay $2.13 billion to bondholders Changes by Gold Reserve to its bid were not enough to exceed Amber's Delaware judge to make final decision following September hearing HOUSTON, Aug 29 (Reuters) - A $5.89 billion bid from an affiliate of hedge fund Elliott Investment Management has been recommended as the winner of a U.S. court-organized auction of shares in the parent of Venezuela-owned refiner Citgo Petroleum, according to documents filed late on Friday by the officer overseeing the sale process. Improved bids emerged in the final stages of the auction, spurred by court rulings in parallel legal cases that encouraged revisions. Delaware Judge Leonard Stark is expected to make a final decision on the winner following a court hearing next month. Sign up here. The recommendation from court officer Robert Pincus came despite a last-minute effort from a subsidiary of miner Gold Reserve (GRZ.V) , opens new tab earlier this week to sweeten its $7.4 billion offer, which had previously been marked as the frontrunner. Earlier this month, Pincus said an improved bid from Elliott's affiliate Amber Energy was superior. The court gave three days to the Gold Reserve group to try and match it. Pincus said on Friday that the transaction proposed by Gold Reserve's Dalinar Energy "did not match or exceed the Amber sale transaction, and therefore, the Amber sale transaction continues to constitute a superior proposal." However, he left the door open for the court to request a future revision of his recommendation based on "intervening events." The auction's proceeds are expected to compensate some of the 15 creditors that have been fighting since 2017 to recover nearly $19 billion in U.S. courts after Venezuela expropriated assets and defaulted on debt. Amber's offer fully covers nine claimants, one of the filings showed, compared with the 12 claimants that the Gold Reserve group proposed to compensate. However, it includes a separate agreement with more than 75% of the holders of a defaulted Venezuelan bond collateralized with Citgo equity to settle their claim by paying them $2.13 billion in cash. Amber is also offering partial compensation of $500 million to Gold Reserve, which wants the auction proceeds to cover the expropriation of its mining assets in Venezuela. The miner has not accepted the offer, one of the filings said. Gold Reserve and creditors Siemens Energy (ENR1n.DE) , opens new tab, Consorcio Andino and Valores Mundiales this week filed motions to disqualify Amber's bid, saying that Pincus' determination that its price was superior "discarded the bidding procedures." Those motions are under review. https://www.reuters.com/business/energy/elliott-affiliates-589-billion-bid-recommended-winner-citgo-auction-2025-08-30/
