2025-11-19 12:07
MOSCOW, Nov 19 (Reuters) - Russia is set to reach its OPEC+ oil production quota by the end of 2025 or early 2026, Deputy Prime Minister Alexander Novak told reporters on Wednesday. "I think this (will happen) in the next few months, maybe by the end of the year or early next year. We'll see how companies do," Novak said when asked when Russia would reach its quota. Sign up here. Russia's quota for November is approximately 9.5 million barrels per day. Novak said Russia was steadily increasing oil production in November and the growth rate was slightly higher than in October, when the country fell short of its quota by 70,000 barrels per day. Novak said Russia has not changed its liquid hydrocarbon production forecast for the current year, maintaining it at 510 million tons. He said that U.S. sanctions against Rosneft and Lukoil, imposed in October in retaliation for the stalling of peace talks on Ukraine, have not impacted oil production in Russia. He said that Russia has fully completed compensating for its previous oil overproduction under the OPEC+ deal and that it does not plan to voluntarily reduce output. Domestic fuel prices have stabilised thanks to export curbs, reduced demand and refineries returning from maintenance, while retail prices have begun to decline, Novak added. https://www.reuters.com/business/energy/russia-set-reach-opec-quota-by-end-2025-or-early-2026-novak-says-2025-11-19/
2025-11-19 11:52
LONDON, Nov 19 (Reuters) - Ocean Winds, a joint venture between Portugal's EDP Renewables and France's Engie (ENGIE.PA) , opens new tab, has won seabed lease rights to build a 1.5 gigawatt floating wind farm in the Celtic Sea off the coast of Wales and South West England, Britain's Crown Estate said on Wednesday. Britain is aiming to largely decarbonise its electricity sector by 2030 to reduce its reliance on fossil fuels and drive down cost, and is seeking to increase offshore wind capacity to 43-50 gigawatts (GW) by the end of the decade, from around 16 GW at present. Sign up here. “Floating offshore wind in the Celtic Sea will drive growth across Wales and the South West, create thousands of skilled jobs in places like Port Talbot and Bristol, bolster our energy security, and power industrial renewal,” Britain’s energy secretary Ed Miliband said in a statement. Ocean Winds will pay 350 pounds ($468.55) per megawatt per year for the lease, Crown Estate said, meaning it will pay 525,000 pounds per year for the sites, excluding VAT. The lease is the third offered at the site, with Equinor and Gwynt Glas, a joint venture between EDF Renewables UK and ESB, awarded leases earlier this year. The three projects combined could generate enough electricity to power four million homes and create over 5,000 jobs, the Crown Estate said. Floating wind projects can be installed in deeper waters than fixed-bottom foundations, harnessing stronger and more continuous wind to generate more power. The Crown Estate is an independently run commercial business whose profits go to the Treasury and are used as the benchmark for the level of public funding for the royal family. https://www.reuters.com/sustainability/climate-energy/edp-engies-ocean-winds-win-rights-develop-celtic-sea-floating-wind-farm-2025-11-19/
2025-11-19 11:48
Selig, Trump's nominee to head CFTC, faces Senate scrutiny over crypto plans Senate is debating CLARITY Act to establish jurisdiction over crypto Bill could hand CFTC more authority over crypto markets Nov 19 (Reuters) - U.S. senators on Wednesday pressed Michael Selig, President Donald Trump's nominee to lead the Commodity Futures Trading Commission, about his plans to overhaul cryptocurrency regulations and election betting, among other hot-button issues. Selig is currently chief counsel for the Securities and Exchange Commission's crypto task force and an adviser to Trump's Republican SEC Chair Paul Atkins. Sign up here. Appearing before the Senate Agriculture Committee, Selig advocated for "clear, simple guidelines" for cryptocurrency. "This is a real opportunity to develop a framework that can allow for software developers to thrive, for new exchanges that are going to crop up that are going to protect investors ... and make sure that we have the right disclosure and requirements that we have typically in our financial markets," he said. Trump courted crypto cash on the campaign trail with promises to be a "crypto president," and his administration has pushed industry-friendly policies, dropped probes into crypto firms, and signed into law a new regulatory framework for stablecoins, a type of cryptocurrency pegged to the U.S. dollar. Trump's family is building a crypto enterprise. WHITE HOUSE WITHDREW PREVIOUS NOMINEE The CFTC, which oversees commodity derivatives markets, would take a more active role overseeing the crypto industry if Congress passes a bill, dubbed the CLARITY Act, that includes proposed changes in crypto market supervision. The White House withdrew its previous nominee for CFTC head, former Republican CFTC Commissioner Brian Quintenz, who said in September that influential crypto entrepreneurs Cameron and Tyler Winklevoss urged Trump to stall his nomination. The pair, who donated to Trump's campaign, have not commented on Quintenz's statement. Selig, in a post on X after his nomination, said he would "help the President make the United States the Crypto Capital of the World." Prior to joining the SEC, Selig was a partner at law firm Willkie Farr & Gallagher, according to his LinkedIn page. The CLARITY Act, passed by the House of Representatives in July and now under consideration in the Senate, would clear up a longstanding debate by defining when a cryptocurrency is considered a commodity versus a security. That would give the CFTC the authority to oversee crypto spot markets. Lawmakers pressed Selig on whether the CFTC would need more funding and resources to adequately deal with the potential new authority should Congress pass such a bill. Selig declined to say, and maintained that it would "be irresponsible to prejudge that issue." "I don't know why it's hard to say, 'We need more staff ... we need the investment,'" said Democratic Senator Ben Ray Luján. "This is a whole new space that we're building in the United States of America." The CFTC is traditionally led by a bipartisan group of five commissioners nominated by the president. The agency currently has only one commissioner, Republican Caroline Pham, who is also serving as its acting chair. Pham has indicated she plans to depart the agency once Trump's nominee for chair is confirmed. "We are excited to see Mike Selig's nomination for CFTC chairman moving so swiftly," said Cody Carbone, CEO of crypto trade group The Digital Chamber. "This is a great sign for the industry and the U.S. regulatory system, not only to have a digital asset expert leading the efforts at CFTC on a number of fronts, but specifically for informing ongoing market structure legislative debates." https://www.reuters.com/world/us/senate-grill-trumps-pick-cftc-head-crypto-regulation-2025-11-19/
2025-11-19 11:45
STOCKHOLM, Nov 19 (Reuters) - Finnish petrol station operator Teboil, owned by Russian oil major Lukoil (LKOH.MM) , opens new tab, said on Wednesday it is preparing to shut down all its petrol stations in the country as fuel runs out amid U.S. sanctions against its parent company. Teboil has 430 petrol stations in Finland, according to its website, or roughly one-fifth of the Nordic country's 2,250 stations, according to a 2024 report by an industry group. Sign up here. "Fuel supply in Finland is not threatened, as Teboil does not refine fuel in Finland, but mainly distributes fuel from a Finnish refinery owned by Neste (NESTE.HE) , opens new tab," Finland's Ministry of Economic Affairs and Employment said in an email to Reuters, adding that customers can switch to other retailers. The United States last month hit Lukoil with sanctions over Moscow's war in Ukraine, disrupting the company's international business. Teboil is the first Lukoil-owned international business to say it will close down as a result of the sanctions. Elsewhere, Lukoil has declared force majeure at its prized West Qurna 2 oilfield after Iraq halted all cash and crude payments, while a contractor working for Lukoil cancelled plans to drill for petroleum off Romania, and Bulgaria prepared to take over a Lukoil refinery. "Stations will close in phases once fuel stocks are sold out," Finland's Teboil said in a statement, without giving a timeline. The administration of U.S. President Donald Trump on Friday gave clearance to potential buyers to talk to Lukoil about buying its non-Russian assets, and Teboil had said on Monday it expected Lukoil to sell the chain. Teboil was not immediately available for further comment. Finland's Financial Supervisory Authority last month said banks and other Finnish institutions subject to its regulations should exercise caution in dealing with Lukoil and companies directly or indirectly owned by it. https://www.reuters.com/business/energy/finlands-teboil-prepares-shut-down-operations-amid-lukoil-sanctions-2025-11-19/
2025-11-19 11:42
TSX ends up 0.8% at 30,278.41 Tech sector gains 2.3%, with Shopify up 4.6% Materials group adds 1.3% as gold rises Nov 19 (Reuters) - Canada's main stock index rose on Wednesday, led by gains for technology and mining shares, as metal prices rose and investors awaited a key earnings report from U.S. chipmaker Nvidia. The S&P/TSX composite index (.GSPTSE) , opens new tab ended up 241.95 points, or 0.8%, at 30,278.41. It follows two straight days of declines as investors worried that the boom in company spending on artificial intelligence had gone too far. Sign up here. "I think everybody's waiting for Nvidia to report earnings after the bell," said Allan Small, senior investment advisor at Allan Small Financial Group with iA Private Wealth. "Everybody's talking about the biggest company in the world by far and it's going to obviously mean a lot to the tech area." Brookfield Asset Management (BAM.N) , opens new tab has launched a $100 billion AI infrastructure program in partnership with Nvidia (NVDA.O) , opens new tab and Kuwait Investment Authority as demand for computing and energy to support AI applications accelerates. Shares of Brookfield Asset Management were up 2.1%. Investors were also waiting for a delayed U.S. labor report, scheduled for Thursday, which could confirm weakness in the job market and reignite hopes of a Federal Reserve interest rate cut. "The data we will receive on Thursday will give us a little bit more information as to the strength of the (U.S.) economy," Small said. The Toronto market's technology sector rose 2.3%, with shares of e-commerce company Shopify Inc (SHOP.TO) , opens new tab up 4.6%. The materials group, which includes metal mining shares, added 1.3% as gold and copper prices rose. The Bank of Canada called for a coordinated economy-wide approach to boost weak productivity, an issue it said was becoming more pressing in the face of challenges caused by U.S. trade policy. https://www.reuters.com/business/tsx-futures-rise-commodity-boost-investors-await-nvidia-results-2025-11-19/
2025-11-19 11:40
Nov 19 - What matters in U.S. and global markets today By Mike Dolan , opens new tab, Editor-at-Large, Finance and Markets Sign up here. Anticipation of AI giant Nvidia's results , opens new tab after today's closing bell allowed Wall Street stock futures to catch a breath after this week's latest tech-driven selloff. Meanwhile, global markets are also watching another withering slide in Japan's yen and government bond , opens new tab prices. There was no respite for U.S. tech on Tuesday, with anxiety about AI-related valuations, over-spending and increasingly leverage in the sector dragging the S&P500 and Nasdaq into the red for the fourth straight trading day. While rotation of stock sectors saw the small-cap Russell 2000 eke out a small gain, selling on the main indexes was not all about AI. Shares of Home Depot dropped 6% after the home improvement chain gave a forecast for full-year profit that disappointed and missed quarterly earnings estimates. Apart from Nvidia earnings, the other big events of the week will be the long-awaited September payrolls and Walmart results on Thursday. Retailer Target is also due to report later today. Even though the main U.S. index futures regained ground early on Wednesday, the VIX volatility gauge remained elevated above long-term averages and stuck at about 24. Crypto markets also remained on edge, with digital token Bitcoin limping back below $92,000 again after Tuesday's bounce. U.S. macro markets were more subdued by comparison. With a 20-year bond auction due later today, Treasuries caught something of a bid from Tuesday's equity selling - but longer-term yields reversed most of that overnight. Although futures markets now do not fully price another Federal Reserve rate cut until March, the release today of minutes from the Fed's last meeting may give marginally more clarity about what has been read about a more hawkish turn. Shorter-dated Treasury yields stayed lower, however, as jobless claims data on Tuesday showed the number of Americans on jobless benefits surged between mid-September and mid-October, suggesting an elevated unemployment rate in October. That picture was reinforced by ADP's data showing private employers shed an average of 2,500 jobs a week during the four weeks ending November 1. But new jobless claims during that period were unchanged, which cut across speculation that the government shutdown led to an increase in layoffs. Overseas bond markets were more restive on Wednesday, with Japan's yen and Japanese government bond prices falling to new lows amid worries about loosening government fiscal policy and political pressure on the Bank of Japan to resist tightening monetary policy too much. Yields on 10, 30 and 40-year JGB soared to new highs and the yen fell to its weakest against the dollar since January and a record low against the euro. A sale of about 800 billion yen in 20-year JGBs by the Ministry of Finance had a bid-to-cover ratio of 3.28, down from the previous sale but around the average over the past year. The market is nervous, however, about a ruling-party panel's proposal on a supplementary budget exceeding 25 trillion yen ($160.86 billion) to fund Prime Minister Sanae Takaichi's planned stimulus. It also wary about pressure on the Bank of Japan to toe the line. BOJ Governor Kazuo Ueda met key government ministers on Wednesday, including Finance Minister Satsuki Katayama. Katayama said the meeting about maintaining "close coordination" between government and central bank and closely monitoring market with a "high sense of urgency". Elsewhere, British inflation slowed last month for the first time since May, offering relief to the government before next week's annual budget, and boosting the chance of a December rate cut by the Bank of England. Canada's dollar slipped back from its best level of the month, after staging its biggest one-day gain in three months on Tuesday. The move came after the Canadian Parliament this week narrowly voted in favor of Prime Minister Mark Carney's first budget, staving off the risk of a second election in less than a year. In today's column, I take a look at how global investors are viewing the AI investment frenzy as an overspend and fretting about what comes next. Today's Market Minute Chart of the day President Donald Trump's approval rating fell two percentage points to 38% this month, the lowest since his return to power, with Americans registering concerns about his handling of the high cost of living and the investigation into the late convicted sex offender Jeffrey Epstein, a Reuters/Ipsos opinion poll found. Just 26% of Americans say Trump is doing a good job at managing the cost of living, down from 29% in the prior poll. Some 65% of respondents - including one in three Republicans - disapprove of Trump's performance on the cost of living. Today's events to watch * US August trade balance (8:30 EDT) * Federal Open Market Committee issues minutes (1:00 EDT) * Federal Reserve Board Governor Stephen Miran, New York Fed President John Williams, Dallas Fed President Lorie Logan and Richmond Fed boss Thomas Barkin all speak * US corporate earnings: Nvidia, Palo Alto Networks, Target, Lowe's, TJX, Progressive, Williams-Sonoma * US Treasury sells $16 billion of 20-year bonds Want to receive the Morning Bid in your inbox every weekday morning? Sign up for the newsletter here. You can find ROI on the Reuters website , opens new tab, and you can follow us on LinkedIn , opens new tab and X. , opens new tab Opinions expressed are those of the author. They do not reflect the views of Reuters News, which, under the Trust Principles , opens new tab, is committed to integrity, independence, and freedom from bias. https://www.reuters.com/business/finance/global-markets-view-usa-2025-11-19/
