2025-08-01 12:52
NEW DELHI/MOSCOW, Aug 1 (Reuters) - At least two vessels loaded with Russian oil bound for refiners in India have diverted to other destinations following new U.S. sanctions, trade sources said, and LSEG trade flows showed. The U.S. Treasury Department this week imposed sanctions on more than 115 Iran-linked individuals, entities, and ships, some of which are involved in transporting Russian oil. Sign up here. U.S. President Donald Trump has urged countries to halt purchases of oil from Moscow, threatening 100% tariffs unless Russia agrees to a significant peace deal with Ukraine. Three ships - the Aframaxes Tagor and Guanyin and the Suezmax Tassos - were scheduled to deliver Russian oil to Indian ports this month, trade sources said. All three vessels are under U.S. sanctions. Tagor was bound for Chennai on India's east coast, while Guanyin and Tassos were headed to ports in western India, according to trade sources and Russian ports data. Tighter Western sanctions aimed at cutting Russia's oil revenue, seen as funding its war against Ukraine, have been increasingly hitting Russian oil supplies for India, which buys more than a third of its oil needs from Russia. Tagor is now heading to Dalian in China, while Tassos is diverting to Port Said in Egypt, the data shows. Guanyin remains on course to Sikka, a port used by Reliance Industries (RELI.NS) , opens new tab and Bharat Petroleum Corp Ltd. (BPCL.NS) , opens new tab. Indian Oil Corp (IOC.NS) , opens new tab, which was to receive the Tagor shipment, and BPCL did not respond to Reuters' emailed requests for comment. Zulu Shipping, linked to Panama-flagged Tassos and Tagor, and Guanyin-owner Silver Tetra Marine could not be reached for comments. Both companies are under U.S. sanctions. A Reliance spokesperson said that "neither of these two vessels, Guanyin and Tassos, is coming to us". Reliance has previously purchased oil in Guanyin. Separately, two other vessels, Achilles and Elyte, loaded with Russian oil, are preparing to discharge Russian Urals for Reliance, according to LSEG data. Both these vessels are sanctioned by Britain and the European Union. India has condemned the EU sanctions. https://www.reuters.com/business/energy/us-sanctions-force-vessels-with-russian-oil-divert-india-sources-say-2025-08-01/
2025-08-01 12:52
Aug 1 (Reuters) - Canadian oil producer Imperial Oil (IMO.TO) , opens new tab posted a fall in second-quarter profit on Friday, hurt by lower crude prices and a decline in refinery throughput. Benchmark Brent crude prices were lower during the April-June quarter compared to a year earlier, pressured by weak global demand, market volatility due to tariffs and increased oil supply from OPEC+. Sign up here. The Calgary, Alberta-based company's total throughput volumes, or the amount of crude processed, fell to 376,000 barrels per day during the second quarter, from 387,000 bpd a year ago. Refinery utilization stood at 87%, down from 89% in the same quarter last year. Imperial CEO John Whelan announced the start-up of a renewable diesel facility that will deliver lower-emission fuels to the Canadian transportation sector. The company said significant uncertainty exists regarding the effects that tariff-related actions could have on Imperial, its suppliers and its customers. It plans to monitor the global trade environment and work to mitigate potential impacts. However, upstream production for the April-June quarter was 427,000 gross barrels of oil equivalent per day (boepd), higher than the 404,000 gross boepd a year earlier. Imperial Oil is majority owned by U.S. oil and gas major ExxonMobil(XOM.N) , opens new tab, which beat analysts' estimates for quarterly profit earlier on Friday. The company said its net income fell to C$949 million ($684.31 million), or C$1.86 per share, in the quarter ended March 31, from C$1.13 billion, or C$2.11 per share, a year earlier. ($1 = 1.3868 Canadian dollars) https://www.reuters.com/business/energy/canadas-imperial-oil-posts-fall-quarterly-profit-lower-crude-prices-2025-08-01/
2025-08-01 12:41
Oil prices head for weekly gain US tariffs on dozens of countries take effect on August 1 Investors weigh impact from Trump threats over Russian oil LONDON, Aug 1 (Reuters) - Oil prices were little changed on Friday and heading for a weekly gain as investors weighed the impact of further importtariffsimposed by U.S. President Donald Trump and threats of sanctions. Brent crude futures were down 26 cents, or 0.36%, at $71.44 a barrel by 1212 GMT. U.S. West Texas Intermediate crude was down 18 cents, or 0.26%, at $69.08. Sign up here. Prices stabilised on Friday after losing more than 1% in the previous session, though Brent and WTI remained on course for weekly gains of 4.4% and 6% respectively. Investors have focused on the potential impact of U.S. tariffs on oil prices this week, with tariff rates on U.S. trading partners largely set to take effect from next Friday. Trump signed an executive order on Thursday imposing tariffs ranging from 10% to 41% on U.S. imports from dozens of countries and foreign territories that failed to reach trade deals by his August 1 deadline, including Canada, India and Taiwan. Partners that managed to secure trade deals include the European Union, South Korea, Japan and Britain. "We think the resolution of trade deals to the satisfaction of the market – more or less, barring a few exceptions – has been the key driver for oil price bullishness in recent days, and further progress on trade talks with China in future could be a further confidence booster for the oil market," said Suvro Sarkar at DBS Bank. Prices were also supported this week by Trump's threats to impose 100% secondary tariffs on Russian crude buyers as he seeks to pressure Russia into halting its war in Ukraine. This has stoked concern over potential disruption to oil trade flows and the removal of some oil from the market. "It is not possible to completely replace Russian oil supplies in any case, which is why effective sanctions would lead to significantly higher oil prices," said Commerzbank analyst Carsten Fritsch. JP Morgan analysts said on Thursday that Trump's threatened penalties on China and India over their purchases of Russian oil potentially put 2.75 million barrels per day (bpd) of Russian seaborne oil exports at risk. China and India are the world's second and third-largest crude consumers respectively. Some analysts, however, remain concerned that U.S. levies will limit economic growth by raising prices, which could weigh on oil demand. June inflation data on Thursday showed signs that existing tariffs are already pushing prices higher in the U.S., the world's biggest economy and oil consumer. https://www.reuters.com/business/energy/oil-steadies-investors-mull-us-tariff-impacts-2025-08-01/
2025-08-01 12:41
Aug 1 (Reuters) - U.S. liquefied natural gas developer NextDecade Corp (NEXT.O) , opens new tab said on Friday it was targeting mid-September for a final investment decision on Train 5 of its Rio Grande LNG project in Texas. The move follows its first long-term offtake deal for the fifth train and the execution of an engineering, procurement and construction contract. Sign up here. NextDecade said it was working to contract an additional 2.5 million tonnes per annum under LNG supply deals to support Train 5. LNG developers typically reach a final investment decision on projects once they have secured enough supply deals to obtain the necessary financing for construction. NextDecade is also aiming final investment decision for Train 4 in the same timeframe, having secured 20-year LNG supply deals with Aramco (2223.SE) , opens new tab, TotalEnergies (TTEF.PA) , opens new tab and ADNOC. "Phase 1 remains on schedule and on budget, and we are progressing Trains 4 and 5 quickly toward final investment decisions," NextDecade CEO Matt Schatzman said in a statement. As of June, Trains 1 and 2 and common facilities of the Rio Grande LNG facility were 48.3% complete, while Train 3 stood at 22.7%, the company said. https://www.reuters.com/business/energy/nextdecade-sets-september-final-investment-decision-rio-grande-lng-train-5-2025-08-01/
2025-08-01 12:40
NEW YORK, Aug 1 (Reuters) - The dollar fell broadly on Friday after data showed that employers added fewer jobs in July than economists had expected, while the unemployment rate moved higher in line with expectations. Employers added 73,000 jobs last month, below the 100,000 expected by economists polled by Reuters. The unemployment rate edged higher to 4.2%, as anticipated, up from 4.1% in June. Sign up here. The dollar index , which measures the greenback against a basket of currencies including the yen and the euro, was last down 0.67% on the day at 99.35, with the euro up 0.8% at $1.1506. Against the Japanese yen , the dollar weakened 0.92% to 149.38. https://www.reuters.com/world/africa/dollar-drops-employers-add-fewer-jobs-than-expected-july-2025-08-01/
2025-08-01 12:31
LONDON, Aug 1 (Reuters) - Dozens of carbon project developers are urging the registries that set standards for the voluntary carbon market to overhaul their complaints procedures, following several high-profile cases that have dented trust in the sector. The voluntary carbon market, which lets companies buy credits to offset their emissions, has been under growing scrutiny, with many environmental groups saying it generates "junk" credits that allow firms to "greenwash". Sign up here. But industry advocates say complaints about projects, which have in some cases led registries such as U.S.-based Verra to stop them from generating credits, are causing unfair damage to the sector as a whole and holding up vital sources of funding for environmental and climate initiatives. The Project Developers Forum, which represents more than 60 carbon projects from Kenya to Singapore, said current complaints procedures do not offer an effective way for developers to defend any alleged wrongdoing before it is made public. "You see a lot of projects getting suspended and it becomes public very quickly," the forum's chair, Nick Marshall, told Reuters. "Integrity is non-negotiable, but how we surface and respond to allegations matters just as much." Marshall also said a few bad actors were doing undue damage to the industry's reputation and that developers with knowledge of wrongdoing tended not to come forward because the whistle-blowing procedure was not sufficiently anonymised. He said the group has asked leading registry Verra to develop a clear policy and secure submission form on its website which would allow information about possible integrity issues to be shared anonymously. Verra told Reuters in a statement it has had a formal and robust process in place for submitting complaints since early 2024 and that it "already contains provisions that address the concerns that the PD Forum has raised". Last year, Verra rejected as many as 37 low-emission rice cultivation projects located in China following a quality control review. https://www.reuters.com/sustainability/climate-energy/carbon-project-developers-call-complaints-procedure-overhaul-2025-08-01/
