2024-12-31 13:23

PODGORICA, Dec 31 (Reuters) - Montenegro on Tuesday extradited Terraform Labs co-founder Do Kwon to the United States, where he faces charges of having deceived investors about the stability of the TerraUSD cryptocurrency and how an app used the Terraform blockchain. Kwon was handed over to U.S. law enforcement officers and agents of the Federal Bureau of Investigation (FBI) at Podgorica airport, Montenegro's interior ministry said in a statement. Kwon denies wrongdoing. The South Korean national is the former CEO of South Korea-based Terraform Labs, the company behind the TerraUSD, a "stablecoin" designed to maintain a constant $1 price, which collapsed in May 2022, roiling cryptocurrency markets. Kwon, who was arrested in March 2023 while attempting to leave Montenegro, is also wanted by South Korea. Last week, Montenegrin Justice Minister Bojan Bozovic ordered Kwon's extradition to the United States after the Supreme Court ruled all legal conditions were fulfilled. The Justice Ministry said it had concluded that most legal criteria favoured the U.S.'s request for extradition. His lawyers said they had appealed against Bozovic's decision at the Constitutional Court. Kwon and his company Terraform Labs were sued by the U.S. Securities and Exchange Commission in February 2023 over the TerraUSD and Luna cryptocurrencies, which authorities have said caused about $40 billion of losses in crypto markets. A stablecoin is a digital asset that aims to keep a stable price. Usually pegged to a currency, they are intended to be less volatile than other cryptocurrencies. Sign up here. https://www.reuters.com/world/montenegro-says-it-extradites-terraform-lab-co-founder-us-2024-12-31/

2024-12-31 12:28

Dec 31 (Reuters) - Slovakia is not facing a gas shortage risk if Ukraine stops the transit of Russian supplies via its territory as expected, but there will be a financial impact, including gas firms needing to pay 177 million euros more in fees for alternative routes, the Slovak Economy Ministry said on Tuesday. The ministry, ahead of the expiry of a transit deal between Ukraine and Russia that will end flows to Slovakia, said the country had sufficient gas storage and alternative supplies for 2025. Sign up here. https://www.reuters.com/business/energy/slovakia-not-facing-gas-shortage-after-ukraine-transit-deal-expires-ministry-2024-12-31/

2024-12-31 12:13

SANTIAGO, 31 dic (Reuters) - La producción de cobre en Chile, mayor productor mundial del metal, subió un 9,8% interanual en noviembre, según cifras divulgadas el martes por el gobierno. El Instituto Nacional de Estadísticas (INE) informó que el país sumó 488.519 toneladas del metal rojo en el undécimo mes del año. El organismo explicó que el resultado fue "producto de una mayor ley de mineral". La producción de la estatal Codelco registró un aumento interanual del 18% en noviembre, pero no alcanzó la meta esperada, según un documento interno visto por Reuters. Sign up here. https://www.reuters.com/markets/commodities/chile-copper-production-rises-98-november-state-agency-says-2024-12-31/

2024-12-31 11:48

NEW DELHI, Dec 31 (Reuters) - India's infrastructure output (ININFR=ECI) , opens new tab grew 4.3% year-on-year in November, helped by strong construction activity, government data showed on Tuesday. In October, infrastructure output, which makes up 40% of India's industrial production and tracks activity across eight sectors, grew at a revised 3.7%. Cement output climbed 13% year-on-year in November compared with a 3.1% increase in October, and steel production grew 4.8%, against a revised 5.2% increase a month earlier. Last month, coal output rose 7.5% year-on-year compared to a 7.8% increase in October, while the output of refinery products grew 2.9% compared with an increase of 5.2% in October. Electricity generation was up 3.8% from a revised 2% rise in October, while fertiliser production rose 2%, against a 0.4% rise in the previous month. Crude oil production fell 2.1% compared with a 4.8% dip in October. Natural gas output fell 1.9% against a 1.2% decline a month prior. In the April-November period, infrastructure output grew 4.2% compared with an 8.7% increase for the same period last year. Sign up here. https://www.reuters.com/world/india/indias-november-infrastructure-output-grows-43-on-year-2024-12-31/

2024-12-31 11:07

Brent price forecast cut for an eighth straight month-poll Brent prices set for second straight annual decline Global oil demand seen growing between 0.4 mln-1.3 mbpd in 2025 For table of crude price forecasts, click Dec 31 (Reuters) - Oil prices are likely to be constrained near $70 a barrel in 2025 as weak demand from China and rising global supplies are expected to cast a shadow on OPEC+-led efforts to shore up the market, a Reuters monthly poll showed on Tuesday. The survey of 31 economists and analysts predicted that Brent crude would average $74.33 per barrel in 2025, down from a forecast of $74.53 in November, marking an eighth straight downward revision. The global benchmark Brent crude has averaged around $80 a barrel so far this year and was poised for a 3% yearly decline on weakening demand stemming from top importer China. U.S. crude is projected to average $70.86 per barrel in 2025, compared with last month's expectation of $70.69. "Rising production from non-OPEC countries is expected to keep the market well-supplied. While an economic recovery in China is anticipated, the shift to electric vehicles is likely to limit demand growth," Sehul Bhatt, director of research at CRISIL, said. Most of the poll respondents expect the oil market to be in a surplus next year, with analysts from JPMorgan predicting that supply will outpace demand to the tune of 1.2 million barrels per day (bpd). OPEC+, which pumps about half the world's oil, at its December meeting pushed back the start of oil output rises by three months until April 2025 and extended the full unwinding of cuts by a year until the end of 2026. "The decision was driven by the expectation that non-OPEC+ supply growth will outpace demand growth in 2025. This leaves limited room for OPEC+ to raise production... we anticipate a further delay in unwinding of cuts until Q4 2025," said Florian Grunberger, senior analyst at data and analytics firm Kpler. Global oil demand was seen growing between 0.4 million and 1.3 million bpd in 2025, the poll showed. That compares with OPEC's 2025 growth estimate of 1.45 million bpd. Markets are also bracing for substantial policy shifts, encompassing tariffs, deregulation, and tax amendments as Donald Trump is set to return to the White House in January 2025. "In general, we think U.S. politics matter less than many believe when it comes to the impact on oil prices and the U.S. domestic oil & gas sector," said Kim Fustier, head of European oil & gas research at HSBC. However, implementation of intensified sanctions on Iranian oil exports by the Trump administration could offer support to oil prices in the short term, some analysts noted. Sign up here. https://www.reuters.com/business/energy/ample-supply-slow-demand-temper-oil-price-gains-2025-2024-12-31/

2024-12-31 11:00

ABUJA, Dec 31 (Reuters) - Nigeria has stepped up its drive to crack down on oil theft in the Niger Delta region as it aims to increase national production to 3 million barrels per day in 2025. Africa's top oil producer, which relies on the commodity for around two-thirds of state revenue and more than 90% of foreign currency earnings, has been hit by large-scale oil theft that has curbed government finances in recent years. While the government estimates oil output at around 2.06 million barrels per day (bpd) in next year's budget, actual production hovers around 1.8 million bpd, according to official figures. The operation to crack down on oil theft, code-named Delta Sanity (OPDS), was launched last year by the petroleum ministry and the Nigerian navy. Chief of Naval Staff Emmanuel Ogalla said OPDS has now been bolstered in a second phase with armed drones, attack helicopters, increased intelligence and other reinforcements which could push up oil production above the budget estimate to 3 million bpd. "If you look at where we were last year, when we launched this operation, we were about 1.4 million bpd. We have now gone to 1.8 million. "I believe that with all the assets that we are bringing on board, we are definitely going to meet that target and surpass it," Ogalla said in a statement on Tuesday after the operation's flag-off in the southern oil hub of Port Harcourt in Rivers state. Junior oil minister Heineken Lokpobiri said Nigeria's average daily oil output was only a little above 1 million bpd when he came into office in August 2023. "Our target is to reach 3 million bpd by 2025 and we are confident that the second phase of OPDS will play a key role in achieving this milestone." Last month, Rivers State Government donated six gunboats to the Navy to boost its operation against oil theft in the region. Sign up here. https://www.reuters.com/business/energy/nigeria-steps-up-crackdown-oil-theft-it-targets-3-million-bpd-production-2024-12-31/