2025-03-31 07:41

March 31 (Reuters) - Australia's Tamboran Resources Corporation (TBN.AX) , opens new tab will supply gas from its Beetaloo basin assets in the Northern Territory to local rare earths miner Arafura's (ARU.AX) , opens new tab Nolans project for up to 10 years, the companies said on Monday. Tamboran has signed a non-binding letter of intent with a unit of Arafura, under which the former intends to supply 18 to 25 terajoules per day (TJ/d) of natural gas. Arafura would potentially support the development of the Beetaloo basin acreage. Sign up here. Arafura's earlier gas supply agreement with the Mereenie gas field joint venture, which was signed in February last year, was set to lapse on March 31. Arafura's Nolans project produces Neodymium-Praseodymium, a blend of two rare earth metals of neodymium and praseodymium which is used to make powerful magnets for modern technologies. The company has existing rare earths oxide deals with automakers such as Hyundai (011760.KS) , opens new tab and Kia (000270.KS) , opens new tab, and with renewable energy major Siemens Gamesa RE. https://www.reuters.com/business/energy/australias-tamboran-supply-gas-arafuras-nolans-project-2025-03-31/

2025-03-31 07:33

Trump warns of possible secondary tariffs on Russian oil buyers Trump threatens Iran with bombing along with further tariffs China manufacturing activity expanded in March March 31 (Reuters) - Oil prices climbed about 2% to a five-week high on Monday on worries supplies could decline if U.S. President Donald Trump follows through on threats to impose more tariffs on Russia and to possibly attack Iran. Brent futures were up $1.11, or 1.5%, to settle at $74.74 a barrel, while U.S. West Texas Intermediate crude rose $2.12, or 3.1%, to settle at $71.48. Sign up here. That was the highest close for Brent since February 24 and the highest close for WTI since February 20. Brent's premium over WTI fell to $3.02 a barrel, its lowest since July 2024. Analysts have said when Brent's premium over WTI falls below $4 a barrel, it does not make much economic sense for energy firms to send ships across the ocean to pick up U.S. crude, which should result in lower U.S. exports. Trump said on Sunday he was "pissed off" at Russian President Vladimir Putin and will impose 25%-50% secondary tariffs on buyers of Russian oil if he feels Moscow is hindering Trump's efforts to end the war in Ukraine. "(Trump's) threat on secondary tariffs on Russia and Iranian oil is a factor oil market participants are tracking, although he has indicated he is not planning to introduce them for now," said UBS analyst Giovanni Staunovo. "But, there is a rising risk of larger supply risks down the road." The Kremlin said on Monday that Russia and the U.S. were working on ideas for a possible peace settlement in Ukraine. China and India are major buyers of Russian crude and their acquiescence would be crucial to making any secondary sanctions package seriously hurt exports from the world's second-largest oil exporter. Trump also threatened Iran on Sunday with bombing and secondary tariffs if Tehran did not come to an agreement with Washington over its nuclear program. Iran's Supreme Leader Ayatollah Ali Khamenei said on Monday the U.S. would receive a strong blow if it acts on Trump's threat. Iran's Revolutionary Guards, meanwhile, seized two foreign tankers in the Persian Gulf carrying over 3 million litres (792,516 U.S. gallons) of allegedly smuggled diesel fuel. Some analysts believe that Trump may not act on his threats, a view that is putting a cap on oil prices. IG analyst Tony Sycamore said the market felt Trump would not follow through. If enacted, he said, the tariffs would be another step toward a trade war that would weigh on global growth and demand for crude oil. On Monday, several Chinese traders were unfazed by the latest threat. Three who spoke with Reuters all said Trump's constant brinkmanship meant they discounted what he said. Elsewhere, talks to restart Kurdish oil exports through the Iraq-Turkey pipeline have hit a snag as a lack of clarity over payments and contracts persists, two sources with direct knowledge of the matter told Reuters. In another move that could limit world oil supplies, U.S. authorities notified Spanish oil company Repsol (REP.MC) , opens new tab that its license to export oil from Venezuela is to be revoked. Repsol said it is talking with U.S. authorities on ways the company can keep operating in Venezuela. In the U.S., crude oil production fell by 305,000 barrels per day to 13.15 million bpd in January, the lowest since February 2024. SIGNS OF RISING DEMAND In China, the world's second-biggest economy, manufacturing activity expanded at the fastest pace in a year in March, a factory survey showed on Monday, with new orders boosting production, giving the economy some reprieve as it deals with an intensifying U.S. trade war. In Germany, Europe's biggest economy, inflation fell more than expected in March, bolstering the case for policymakers seeking further interest rate cuts from the European Central Bank. Lower interest rates reduce consumer borrowing costs, which can spur economic growth and demand for oil. https://www.reuters.com/markets/commodities/oil-prices-ease-despite-trump-warning-possible-tariffs-russian-buyers-2025-03-31/

2025-03-31 07:30

PARIS, March 31 (Reuters) - The likely implementation of tariffs imposed by the United States on April 2 means Europe will have to take better control of its future, European Central Bank (ECB) head Christine Lagarde said on Monday. "I've tried to describe this as a moment for our Europe... and I see it as the start of a march towards independence," Lagarde said in an interview on France Inter radio Sign up here. "He calls it Liberation Day in the United States. I see it as a moment when we must together decide to take better control of our destiny, and I think it's a step towards independence." Trump is set to announce a comprehensive tariff proposal on what he's called "Liberation Day" this Wednesday, after implementing levies on aluminium, steel, and automobiles, along with increased tariffs on all goods from China. "He's someone who always takes a transactional approach. He applies this kind of principle, which is more in the realm of business, to the management of international relations," Lagarde said. The ECB President reaffirmed her estimate of a decrease of about 0.3 percentage points for Europe in the first year of tariffs on U.S. imports from Europe. She added that if Europe responds with reciprocal measures, growth will be even lower, down 0.5 percentage points. https://www.reuters.com/markets/europe/trumps-tariffs-should-herald-march-towards-independence-europe-says-ecbs-lagarde-2025-03-31/

2025-03-31 07:29

All analysts polled expect stable rates Central bank cautious amid inflation risks WARSAW, March 31 (Reuters) - The National Bank of Poland (NBP) is expected to keep its main interest rate steady at 5.75% on Wednesday, a Reuters poll showed, as inflation stands near double the central bank target. NBP Governor Adam Glapinski reiterated last week that Poland's elevated inflation currently left no grounds for policy easing. He cited risks stemming from wage growth, accelerating economic expansion and loose fiscal policy, among others. Sign up here. Poland's annual inflation accelerated in February to 4.9%, less than expected due to changes in the baskets used to calculate price growth, according to economists, who see it increasing further in March. The National Bank of Poland's inflation target is 2.5% plus or minus one percentage point. All 30 analysts in the Reuters poll forecast that interest rates would remain steady in April. The NBP has kept interest rates unchanged since a surprise reduction in autumn 2023. Glapinski's caution about resuming monetary easing is not shared by some rate-setters who see the possibility of interest rate cuts after the publication of the central bank's next inflation projection in July. "I expect no change in the NBP's rate at the upcoming meeting... I expect interest rate cuts to resume in July, but uncertainties remain high, both in terms of timing and size of rate cuts," Generali Investments CEE Chief Economist Radomir Jac said. Speaking of the April monetary policy council meeting, Morgan Stanley analyst Georgi Deyanov said: "We see a reasonable chance for one or two MPC members to seek a motion for a rate cut. Still, we continue to expect a first 25bp (basis point) rate cut at the July core meeting." A motion to lower interest rates was last put forward in October 2023, when the MPC cut borrowing costs by 25 basis points. https://www.reuters.com/markets/europe/polish-central-bank-seen-keeping-rates-unchanged-this-week-2025-03-31/

2025-03-31 06:26

March 31 (Reuters) - The U.S. Treasury Department's Office of Foreign Assets Control (OFAC) has revoked Maurel et Prom's (MAUP.PA) , opens new tab specific licence for its activities in Venezuela, the French oil group said on Monday. Last week, U.S. President Donald Trump issued an executive order declaring that any country buying oil or gas from Venezuela will pay a 25% tariff on trades with the United States. Sign up here. In recent years, former President Joe Biden's administration had granted authorisations to individual companies to secure Venezuelan oil for refineries from Spain to India as exceptions to the U.S. sanction regime on the South American country. In May 2024, M&P was granted a specific license from the office for its 40% consolidated interest in the mixed company Petroregional del Lago, which operates the Urdaneta Oeste field in Lake Maracaibo in Venezuela. The notification of the revocation received by M&P, which is majority-owned by the Government of Indonesia, was dated March 28 and included a wind-down period until May 27, the company said. "M&P is currently assessing the implications of this decision in close consultation with its legal advisors," it said in a press release. https://www.reuters.com/markets/commodities/us-revokes-french-oil-group-mps-specific-licence-activities-venezuela-2025-03-31/

2025-03-31 06:25

COPENHAGEN/FRANKFURT, March 31 (Reuters) - Norway's sovereign wealth fund, the world's largest, said on Monday it has acquired a 49% stake in two offshore wind farms under construction in Denmark and Germany from RWE (RWEG.DE) , opens new tab for 1.4 billion euros ($1.5 billion). Norges Bank Investment Management's purchase of the stakes in RWE's Nordseecluster and Thor wind projects is expected to close by the beginning of the third quarter and leaves Germany's top utility in charge of construction and operation. Sign up here. With a total expected capacity of 2.64 gigawatt, both projects will produce enough electricity to power more than 2.6 million households in Germany and Denmark, RWE said in a separate statement. The deal reduces RWE's share of the projects' net cash investments by around 4 billion euros and results in a book gain of 150 million, Bernstein analysts wrote, adding it represented a 12% premium to already spent capex. "Today's farm-down announcement is a step forward on reducing RWE's net capex as announced with the FY24 results and de-risks any further capex risks on these projects," they wrote. "However, RWE still retains the market price-risk for the first 15 years on these projects ..." RWE earlier this month said it would cut its investment programme that runs until 2030 by 10 billion euros, or more than a fifth, warning that conditions in the renewable sector had made it more difficult to hit its return targets. ($1 = 0.9235 euros) https://www.reuters.com/markets/deals/norway-sovereign-wealth-fund-buys-stake-two-offshore-wind-farms-rwe-2025-03-31/