2026-01-02 04:55

SINGAPORE, Jan 2 (Reuters) - China received 22 shipments of liquefied natural gas (LNG) last year from two export projects in Russia sanctioned by the United States and European Union, shiptracking data showed. One shipment was from Portovaya and the rest were from the Arctic LNG 2 project, showed data from Kpler and LSEG. Sign up here. The U.S. and EU have sanctioned the projects to curb revenue reaching Russia following its invasion of Ukraine. Chinese state-owned China National Petroleum Corp (CNPC) and China National Offshore Oil Corporation (CNOOC) each own 10% of the Arctic LNG 2 project. All of the shipments were delivered to the Beihai LNG Terminal in China's southwestern Guangxi region. PipeChina - operator of the Beihai LNG Terminal - did not respond to a Reuters request for comment on a national holiday. Below is a list of tankers that delivered the cargo to Beihai along with arrival dates, derived from Kpler data: Reuters could not find contact information for the owners or managers of the tankers. https://www.reuters.com/business/energy/china-receives-22-shipments-lng-sanctioned-russian-projects-2025-2026-01-02/

2026-01-02 04:30

Ukraine has increased attacks on Russian refineries Yemen crisis deepens Saudi-UAE rift Brent and WTI posted annual losses of nearly 20% HOUSTON, Jan 2 (Reuters) - Oil prices settled lower on Friday on the first trading day of 2026 after registering their biggest annual loss since 2020, as investors weighed oversupply concerns against geopolitical risks, including the war in Ukraine and Venezuela exports. Brent crude futures closed down 10 cents to $60.75 a barrel, while U.S. West Texas Intermediate crude eased 10 cents to $57.32. Sign up here. Russia and Ukraine traded allegations of attacks on civilians on New Year's Day despite talks overseen by U.S. President Donald Trump, aimed at ending the nearly four-year-old war. Kyiv has been intensifying strikes against Russian energy infrastructure, aiming to cut off Moscow's sources of financing for its military campaign. The Trump administration ratcheted up pressure on Venezuelan President Nicolas Maduro on Wednesday, imposing sanctions on four companies and associated oil tankers it said were operating in Venezuela’s oil sector. Maduro said in a New Year's interview that his country is willing to receive U.S. investment in its oil sector, coordinate in the fight against drug trafficking and hold serious talks with the United States. Trump also threatened to aid protesters in Iran if security forces fire on them, days into unrest that has left and posed the biggest internal threat in years to Iranian authorities. "Despite all these geopolitical concerns, the oil market seems unmoved. Oil prices are locked in this long-term trading range, and there’s a sense that the market is going to be well supplied no matter what happens," said Phil Flynn, senior analyst with the Price Futures Group. In the Middle East, a crisis between OPEC producers Saudi Arabia and the United Arab Emirates over Yemen has deepened after flights were halted at Aden's airport on Thursday. OPEC+, the Organization of the Petroleum Exporting Countries and allied producers, is due to meet on Sunday. Traders widely expect the group to continue pausing output increases in the first quarter, said Sparta Commodities analyst June Goh. "2026 will be an important year on assessing OPEC+ decisions for balancing supply," she said, adding that China would continue to build crude stockpiles in the first half, providing a floor for oil prices. The Brent and WTI benchmarks each lost nearly 20% in 2025, the steepest since 2020. It was the third straight year of losses for Brent, the longest streak on record. Phillip Nova analyst Priyanka Sachdeva said the muted price movement reflected a struggle between short-term geopolitical risks and longer-term market fundamentals that point towards oversupply. https://www.reuters.com/business/energy/oil-edges-higher-following-biggest-annual-loss-since-2020-2026-01-02/

2026-01-02 04:21

SEOUL, Jan 2 (Reuters) - South Korea's won weakened on the first trading day of the year on Friday even after authorities renewed their determination to stabilize foreign exchange markets following a package of measures to bolster the local currency. The won has been hovering at a 16-year low against the dollar as the interest rate differential between South Korea and the U.S. reached two percentage points, the widest since 1999, which contributed to higher demand for dollars by Korean retail and institutional investors. Sign up here. In his New Year speech, Bank of Korea Governor Rhee Chang-yong warned that the recent dollar-won levels in the high-1,400 range did not accurately reflect the local economy's fundamentals, insinuating that the currency has been too weak in part because the National Pension Service (NPS) has been selling the won for dollars to fund its overseas investments. "While it's difficult to determine the appropriate exchange rate, the recent exchange rate in the upper 1,400-won range appears to be significantly misaligned with our economic fundamentals," Rhee said. Rhee also said the central bank would not agree to any U.S.-bound investments that could hurt foreign exchange stability as it works with the government to implement a bilateral trade deal with Washington. He also urged the NPS to review its overseas investment strategy to minimize its impact on the spot dollar-won market. On Friday, the won declined 0.26% against the dollar to 1,443.2 at 0408 GMT. NEW TAX MEASURES Over the past few weeks, the won has been inching toward 1,500 to the dollar as authorities work to reverse that trend with a package of new tax measures and by issuing warnings against making speculative investments. In an effort to bring more capital into local equities, the government plans to roll out new tax incentives to bring more foreign investments back home. And the NPS has been selling dollars to support the won, a move that was interpreted by market participants as an attempt to be in tandem with the government's push to bolster the won. "We continue to believe that FX authorities would likely prefer the relatively lower dollar-won market average rate of December 30," said Kim Jin-wook, an economist at Citibank Korea, referring to the won's rise to 1,439.5 at the end of last year. "Our team forecasts dollar-won to stabilize at 1,450 and 1,430 over the next three months and six to 12 months, respectively." In October, Seoul and Washington finalized a trade deal that caps tariffs at 15%. South Korea is expected to fund its $350 billion U.S. investment pledge mainly through the return of foreign currency assets, though it capped maximum annual outflows at $20 billion to minimize the impact on the won. Finance Minister Koo Yoon-cheol previously said the scheduled U.S.-bound investment would likely be below the annual $20 billion cap, especially in the early stages. https://www.reuters.com/world/asia-pacific/boks-rhee-says-recent-dollar-won-levels-do-not-reflect-economic-fundamentals-2026-01-02/

2026-01-02 01:02

Jan 1 (Reuters) - Canada-based Capstone Copper (CS.TO) , opens new tab said on Thursday that a union representing about half the workers at its Mantoverde copper and gold mine in Chile and roughly 22% of the company's total workforce will launch a strike on January 2. The copper miner said it had sought to reach a new collective bargaining agreement before the strike notice and will gradually scale down operations at the mine in a safe manner. Output is expected to run at up to 30% of normal levels during the stoppage, it added. Sign up here. Capstone said it remains open to talks to resolve the dispute. Mantoverde is 70% owned by Capstone and 30% by Mitsubishi Materials (5711.T) , opens new tab. The mine is forecast to produce between 29,000 and 32,000 metric tons of copper cathodes in 2025. https://www.reuters.com/sustainability/sustainable-finance-reporting/capstone-copper-faces-strike-mantoverde-mine-chile-2026-01-02/

2026-01-01 20:51

U.S. slashes proposed pasta duties after review La Molisana cut to 2.26%, Garofalo to 13.98% Final anti-dumping rates expected by March 12 ROME, Jan 1 (Reuters) - The United States sharply lowered proposed new duties on several Italian pasta makers following a preliminary review of their alleged anti-dumping activities, the Italian foreign ministry said on Thursday. A U.S. Commerce Department official said an updated analysis showed Italian exporters had addressed many of the concerns raised in an initial assessment. Sign up here. In October, the United States said 13 Italian pasta companies would face an extra 92% duty, on top of the regular 15% tariff on most EU imports, accusing two producers in particular, La Molisana and Garofalo, of selling pasta at unfairly low prices. Following its updated assessment, the U.S. decided to cut the tariff for La Molisana to 2.26%, while Garofalo's rate was set at 13.98%, the Italian foreign ministry said in a statement. The remaining 11 producers, which were not individually examined in the review, face a tariff of 9.09%. "The recalculation of the duties is a sign that U.S. authorities recognise our companies' constructive willingness to cooperate," the foreign ministry said. A U.S. Department of Commerce official said in an email Washington was committed to a "fair, transparent process." "(Our) post-preliminary analysis indicates that Italian pasta makers have addressed many of Commerce’s concerns raised in the preliminary determination," the official said. "Commerce will continue to engage with interested parties to take into account all information before issuing the final determination." This is scheduled for March 12, although the deadline could be extended by up to 60 days. The new duties on imports will only change once the full results are analysed, meaning there has been no increase in duties so far. The 13 companies under review account for about 16% of U.S. pasta imports from Italy. The threatened pasta tariffs had been an embarrassment to Prime Minister Giorgia Meloni, who had hoped her close ties with U.S. President Donald Trump would shield Italian companies from any additional tariffs. Italy's total pasta exports were worth over 4 billion euros ($4.7 billion) in 2024, according to data from national statistics agency ISTAT. The U.S. market was worth almost $800 million to Italian firms. Margherita Mastromauro, president of the pasta makers sector of Unione Italiana Food association, welcomed the move to slash the proposed new tariffs. "The decision by U.S. authorities confirms that the United States is a country attentive to Italy and the fate of our economy," she said in a statement. https://www.reuters.com/business/italy-says-us-has-sharply-cut-proposed-pasta-tariffs-after-review-2026-01-01/

2026-01-01 19:58

LIMA, Jan 1 (Reuters) - At least three people were killed in a New Year's Eve attack on informal miners in Pataz district in northern Peru, local authorities and a mining firm said on Thursday, the latest in a series of attacks on small-scale gold miners in the Andean nation. Mining firm Poderosa (PODERC1.LM) , opens new tab said its security personnel had approached the area after hearing gunshots, and found three people shot dead, adding they had likely entered illegally to extract materials. Sign up here. The mining company said police had said no one was kidnapped or missing, contradicting earlier statements on TV by Pataz Mayor Aldo Marino, who told local TV that police had reported seven people missing. Marino said reports from other people nearby suggested the death toll could be higher. Local prosecutors said on social media they had found 11 shell casings at the scene and launched an investigation. Poderosa said police had arrested two people. The police did not confirm the attack and government officials were not available to comment. Pataz has become Peru's main gold-producing area, thanks mainly to small-scale artisan or informal mines, which operate under temporary government permits called REINFO. Thousands of permits are however exploited by illegal miners who according to police and industry sources steal the output from other miners working together with criminal gangs. Peru's government in December extended the REINFO permits for one year, the fifth such extension in a decade. In July, it kicked over 50,000 small-scale miners off the scheme, more than half, keeping just over 30,000 for a formalization process. Peru exported $15.5 billion worth of gold in 2024, a sharp jump from $11 billion registered the previous year. About 40% is of illegal origin, according to estimates from local industry and the country's financial watchdog. Police reported 13 miners killed in the same district in May last year as criminal gangs sought to grow their control in the area. https://www.reuters.com/world/americas/three-killed-7-missing-new-years-eve-attack-informal-miners-peru-2026-01-01/