2025-03-06 11:22

JAKARTA, March 6 (Reuters) - Indonesia needs to expand its biodiesel production capacity by 4 million kilolitres to meet demand if the government expands the mandatory mix of biodiesel to 50%, producer group APROBI said on Thursday. The country is the world's biggest palm oil producer and has increased its mandatory biodiesel blend to a 40% palm oil requirement, up from 35% previously, and is working to increase that blend to 50%, known as B50, next year. Indonesia has about 19.6 million kilolitres of installed capacity for biodiesel production, APROBI Secretary General Ernest Gunawan told reporters. If the country implements the 50% blend, biodiesel demand is expected to increase to 19 million kilolitres per year, he said. "We utilise, on average, 85% of the installed capacity because there are maintenance activities. We cannot run at 100% capacity," Gunawan said. Biodiesel demand this year is estimated at 15.6 million kilolitres for the current 40% mix. Sign up here. https://www.reuters.com/business/energy/indonesia-needs-expand-biodiesel-capacity-b50-industry-group-says-2025-03-06/

2025-03-06 11:18

March 6 (Reuters) - Canadian Natural Resources (CNQ.TO) , opens new tab on Thursday posted a fall in fourth-quarter profit as weaker commodity prices overshadowed a rise in production. The oil and gas producer also said its chief financial officer, Mark Stainthorpe, will step down from his post, effective April 30. He will continue to work with the company's finance team as an executive advisor. Stainthorpe will be succeeded by insider Victor Darel, the company said. Average Brent crude futures fell 3% in 2024 as major consumer China's economy weakened, while the OPEC+ producer group postponed planned supply increases and, in a sign of muted demand, extended deep output cuts to the end of 2026. However, the initiation of the Trans Mountain pipeline expansion (TMX) has allowed Canadian producers to increase production. TMX has nearly tripled the flow of oil to Canada's Pacific Coast from the landlocked Alberta. Canadian Natural, the country's largest oil and gas producer, said its output rose to 1.47 million barrels of oil equivalent per day (mboepd) during the fourth quarter from 1.42 mboepd a year ago. The Alberta-based company said its total capital expenditures, excluding acquisition costs, rose 26.6% to $1.29 billion in the fourth quarter. The company last year bought certain Athabasca oil sands and Duvernay shale formation assets from U.S. energy major Chevron (CVX.N) , opens new tab for $6.5 billion. The results come just days after U.S. President Donald Trump imposed 25% tariffs on Canadian and Mexican imports and a 10% levy on Canada's energy imports. Canada has been the biggest source of U.S. oil imports for over two decades and supplied more than half of all crude imports into the United States in 2023, according to the Energy Information Administration. Canadian Natural's net income fell to C$1.14 billion ($794.76 million), or 54 Canadian cents per share, in the three months ended December 31, from C$2.63 billion, or C$1.21, a year earlier. ($1 = 1.4344 Canadian dollars) Sign up here. https://www.reuters.com/business/energy/canadian-natural-resources-reports-fall-fourth-quarter-profit-2025-03-06/

2025-03-06 11:12

Trump vows 'maximum pressure' to drive Iran oil exports to zero Under new plan, US allies could stop and inspect tankers at sea Iran has retaliated at previous attempts to stop oil exports WASHINGTON, March 6 (Reuters) - President Donald Trump's administration is considering a plan to stop and inspect Iranian oil tankers at sea under an international accord aimed at countering the spread of weapons of mass destruction, sources familiar with the matter told Reuters. Trump has vowed to restore a "maximum pressure" campaign to isolate Iran from the global economy and drive its oil exports to zero, in order to stop the country from obtaining a nuclear weapon. Trump hit Iran with two waves of fresh sanctions in the first weeks of his second-term, targeting companies and the so-called shadow fleet of ageing oil tankers that sail without Western insurance and transport crude from sanctioned countries. Those moves have largely been in line with the limited measures implemented during former President Joe Biden's administration, during which Iran succeeded in ramping up oil exports through complex smuggling networks. Trump officials are now looking at ways for allied countries to stop and inspect ships sailing through critical chokepoints such as the Malacca Strait in Asia and other sea lanes, according to six sources who asked not to be named due to the sensitive subject. That would delay delivery of crude to refiners. It could also expose parties involved in facilitating the trade to reputational damage and sanctions, the sources said. "You don’t have to sink ships or arrest people to have that chilling effect that this is just not worth the risk," one of the sources said. "The delay in delivery ... instills uncertainty in that illicit trade network." The administration was examining whether inspections at sea could be conducted under the auspices of the Proliferation Security Initiative launched in 2003, which aims to prevent the trafficking of weapons of mass destruction. The U.S. drove that initiative, which has been signed by over 100 governments. This mechanism could enable foreign governments to target Iran's oil shipments at Washington's request, one of the sources said, effectively delaying deliveries and hitting supply chains Tehran relies upon for revenue. The National Security Council, which formulates policy in the White House, was looking into possible inspections at sea, two of the sources said. It was unclear if Washington had yet approached any signatories to the Proliferation Security Initiative to test their willingness to cooperate with the proposal. John Bolton, who was the U.S. lead negotiator for the initiative when it was formed, told Reuters: "it would be fully justified" to use the initiative to slow down Iran oil exports. He noted that selling oil was "obviously critical to raise revenue for the government of Iran to conduct both its proliferation activities and support for terrorism." The White House National Security Council did not respond to requests for comment. Iran's oil and foreign ministries did not respond to separate requests for comment. Iranian President Masoud Pezeshkian told Iran's parliament on March 2 that Trump "has once again signed an order sanctioning many of our ships at sea, leaving them uncertain about how to unload their oil and gas cargo". He was referring to Trump's latest round of sanctions. POTENTIAL BLOWBACK Previous attempts to seize Iranian oil cargoes have triggered retaliation by Iran. The U.S. tried to interdict at least two cargoes of Iranian oil in 2023, under Biden. This prompted Iran to seize foreign ships - including one chartered by Chevron Corp CVX.N, which sent crude prices higher. The current low oil price environment gives Trump more options to block Iranian oil flows, from sanctions on tanker companies to seizing ships, according to Ben Cahill, an energy analyst at the Center for Energy and Environmental Systems at the University of Texas. "I think if prices stay below $75 a barrel, the White House has more latitude to look at sanctions that would affect, you know, supply from Iran and other countries. It would be much harder to do this in a $92 per barrel environment," Cahill said. Aggressive U.S. action could cut Iran exports by some 750,000 barrels per day in the short term, he said, but the longer the sanctions are in place, the less effective they are as Iran and buyers figure out ways around them. A speedy resumption of oil exports from Iraq's semi-autonomous Kurdistan region would help offset any fall in Iranian exports. Reuters previously reported that the White House is piling pressure on Iraq to allow Kurdish oil exports to restart or face sanctions alongside Iran. Despite U.S. sanctions in recent years, Tehran's oil exports brought in $53 billion in 2023 and $54 billion a year earlier, largely in trades with China, according to U.S. Energy Information Administration estimates. Iran relies on oil exports to China for vital revenue. Russia, which faces restrictions on oil exports and broader Western sanctions, is similarly focused on shipping oil to buyers in China and India. Finland and other Nordic countries have warned in recent months of the dangers of ships sailing close to their shores and the environmental risks they pose to their shores in oil spills if there is an accident. While European countries have spoken about inspections of ships transporting Russian oil suspected of not having valid insurance, little action has been taken and none mooted for vessels hauling Iranian oil. Sign up here. https://www.reuters.com/business/energy/us-mulls-plan-disrupt-irans-oil-by-halting-vessels-sea-2025-03-06/

2025-03-06 11:03

More than 6,000 candidates will compete for judge and magistrate positions Cartels may try to influence judicial elections, experts warn Mexico faces budget issues, lacks resources for candidate protection ACAPULCO, Mexico, March 6 (Reuters) - Clerical workers in an Acapulco courthouse heard the shots ring out as they were wrapping up their workday. Gunmen had opened fire on Magistrate Edmundo Roman Pinzon, a former president of the highest court in Guerrero state, killing him instantly as he tried to pull out of the parking lot. The December 11 killing happened months before thousands of candidates will vie for federal judge and magistrate positions in an election that marks a sea change in how Mexico runs its judicial system after years of rampant lawlessness. In a country that last year endured the bloodiest political elections in its modern history, the heightened public exposure of those competing for the prestigious posts has sparked fears that the candidates will be easy targets. "Undoubtedly all of us are at risk to suffer an attack," Ynocente Orduno, former president of Guerrero's judges' association, said in an interview at his office in the courthouse where Roman was killed. Roman's position is expected to be on the ballot in Guerrero's local judicial elections slated for 2027. Two legal professionals in Acapulco who knew Roman and spoke to Reuters said many in the community believe the magistrate was targeted directly for his work. Guerrero's attorney general and Mexico's security secretary have announced at least three arrests in the case, including a person suspected of links to organized crime, according to local media. Authorities have not disclosed a motive and the prosecutor declined to comment. The June 1 elections are part of a reform , opens new tab passed last year that overhauls the country's judicial system. Around 5,000 candidates are vying for more than 840 federal positions in June, including Supreme Court justices. Another 1,737 candidates will compete for local positions in 17 states. Other states will hold their local elections in the coming years. President Claudia Sheinbaum's mentor and predecessor Andres Manuel Lopez Obrador said the reform was necessary to root out corruption and better serve the interests of ordinary citizens. But it has raised fears that judges will be targeted by criminal gangs. Ahead of the 2024 elections that Sheinbaum and her party won in a landslide, 37 candidates were assassinated, which human rights monitors largely link to organized crime. Reuters spoke to six judicial professionals, security experts, politicians and academics who questioned how the government will keep the election safe. Mexico is up against a budget crunch and a depleted National Guard as it focuses on collaboration with the United States at its shared border. "Mexico is going through a very important (deficit) crisis, there will not be money for these conditions," said Jose Ramon Cossio of Tec de Monterrey university, a former Mexican Supreme Court justice. Mexico's autonomous election body INE serves as a conduit between candidates who report threats and authorities, but any protection measures fall to the federal government, according to Claudia Zavala, an electoral advisor at INE. A spokeswoman for Sheinbaum reiterated INE's role in requesting security for candidates and said "normally, if there is a request, security is assigned to them." She did not elaborate on a specific plan or budget resources dedicated to candidate security. 'JUSTICE BY THE STRONGEST' Orduno, a judge of almost three decades, acknowledged it would be financially difficult for the government to fully protect every candidate, but implored officials to take the issue more seriously. At least 22 local judicial professionals, including Roman, have been killed in Mexico since 2012, according to think tank Mexico Evalua. In the majority of cases, authorities did not publicize the motives for the killings, though Mexico Evalua found at least four to be associated with the judges' work. When Reuters visited the courthouse in Acapulco's rough Las Playas neighborhood in February, a state police officer stood outside. At the door, there were no security checks and no surveillance cameras. Members of the public moved freely between floors. An abandoned car with smashed windows sat parked outside. Guerrero state is one of the most dangerous areas of the country to campaign. A mayoral candidate in the town of Coyuca de Benitez was shot point-blank at a rally just days before the 2024 elections. In October, the newly sworn-in mayor of state capital Chilpancingo was brutally murdered and decapitated. "I could foresee a scenario where (cartels) are supporting a particular candidate, and another candidate on the other side is equally as popular. The threat of violence or coercion is very strong," said Mike Ballard, director of intelligence at international security firm Global Guardian. "Then you end up with a number of judges who are in the pockets of the cartels, which is not going to be a positive thing for fairness or democracy in Mexico," Ballard said. Sheinbaum is trying to control a worsening security crisis in the country, which has recorded an average of 78 homicides daily since she took office in October, according to pollster TResearch. Without real protection available, cartels could strong-arm their opponents to drop out, said Cossio, the former Supreme Court justice. "If Mexico is left without justice, you are opening the doors for justice by the strongest," said Cossio. NOT ENOUGH POLICE Ramiro Solorio, an attorney and law professor who has made three unsuccessful bids for mayor of Acapulco, knows the risks. When he started receiving death threats ahead of last year's election, Solorio reported them and INE activated a protocol that prompted protection by the National Guard. "There will not be enough police to follow each candidate," Solorio said. He pointed to security for government officials and questioned why it should be different for those in the judicial branch. "The president, the governor, secretaries... they have security even for their families," Solorio said. On a recent visit to Acapulco, Guerrero Governor Evelyn Salgado was flanked by members of her security team as she prepared to depart a busy street after speaking to journalists. Asked about candidate security, Salgado said coordination with Sheinbaum's administration has been "perfect." "As always, a security protocol that we have for each election will be followed to guarantee that the elections are peaceful," Salgado said. Then her team ushered her into an SUV and drove away. Sign up here. https://www.reuters.com/world/americas/after-murder-cartels-loom-over-mexicos-new-system-electing-judges-2025-03-06/

2025-03-06 10:53

BAGHDAD/DUBAI, March 6 (Reuters) - A U.S. diplomat will attend a planned meeting in Baghdad on Thursday on the resumption of Kurdish oil exports via Turkey's Ceyhan pipeline, five sources with knowledge of the matter told Reuters, as Washington continues to push for a restart. The Iraqi oil ministry is hosting the talks on accelerating a resumption in oil exports from Iraq’s semi-autonomous region of Kurdistan region. They have been delayed till Thursday due to disagreements over terms between oil firms and the oil ministry. One of the sources, an Iraqi oil ministry official with direct knowledge of the meeting, said the planned attendance of the diplomat, based at the U.S. embassy in Baghdad, had come in response to a request from Washington. The White House National Security Office did not respond to a request for comment on the matter. "The presence of the U.S. diplomat aims to help push the negotiations forward and reach solutions to the issues hindering the resumption of oil exports in a way that satisfies all parties," the oil ministry official said. Reuters revealed last month that Iraq has come under increasing U.S. pressure to allow Kurdish oil exports via Turkey, thereby boosting supply to the global market at a time when Washington wants to reduce Iranian oil exports as part of its efforts to curb Tehran's nuclear programme. Iran views its neighbour and ally Iraq as vital for keeping its economy afloat amid international sanctions. But Baghdad, a partner of both the United States and Iran, is wary of getting caught in the crosshairs of President Donald Trump's policy of squeezing Tehran, sources have told Reuters. "There is strong insistence from the U.S. side on ensuring the success of the negotiations (on resuming Kurdish oil exports) by any means," said a government official close to the talks. "We hope that the U.S. role will help reach a reasonable and acceptable agreement for the Iraqi government." Sign up here. https://www.reuters.com/business/energy/us-pushes-kurdish-oil-exports-resumption-baghdad-meeting-2025-03-06/

2025-03-06 10:45

MUMBAI/NEW DELHI, March 6 (Reuters) - India's central bank plans to ask lenders to follow stricter underwriting processes for gold loans and monitor the end-use of funds as it tries to cool growth in the fast-growing segment, seven people, including industry sources and those aware of the regulator's thinking, said. The Reserve Bank of India wants banks and non-banks to also bolster background checks on borrowers and ascertain the ownership of the gold that is being mortgaged, according to the sources, who did not want to be identified as they are not allowed to speak to the media. "The RBI wants to ensure that the entities are following a standard protocol and any growth in the gold loan sector is not out of bounds," one of the sources aware of the central bank's thinking, said. "It wants to make sure that any unethical business practices are curbed and financial stability is protected." The RBI did not immediately reply to a Reuters email seeking comment. Since September 2024, banks' gold loans have been rising by 50%, sharply outpacing the growth in overall loans, bolstered in part by tighter norms for unsecured lending. In India, the world's second-biggest consumer of the precious metal, households typically buy gold during festivals and weddings. Record prices make gold loans more attractive. In September, the central bank said it found several irregular practices in the gold loan industry and asked lenders to comprehensively review their lending processes to identify and address regulatory lapses. The RBI has identified shortcomings in the sourcing of loans as well as the appraisal and gold valuation and "not all entities are following the standardised rules", a source aware of the central bank's thinking said. In audits conducted over the last 12-to-16 months, the RBI found irregularities in the portfolios of non-bank lenders and weaknesses in monitoring the amount of funds that can be lent against gold, two of the sources said. It also found that fintech agents of banks were collecting gold, storing and weighing it, tasks that lenders are meant to handle, one of the industry sources said. Lenders were also auctioning gold without informing borrowers who had defaulted, the person said. The regulator aims to treat all lenders uniformly to ensure no entity bypasses regulations, including for gold auctions and monitoring use of the loaned money through receipts, a second industry source said. Sign up here. https://www.reuters.com/markets/commodities/indias-central-bank-set-ask-lenders-tighten-gold-loan-processes-sources-say-2025-03-06/