2025-12-02 07:34
Dec 2 (Reuters) - Exxon Mobil (XOM.N) , opens new tab has approached the Iraqi oil ministry to express its interest in buying Russian firm Lukoil's majority stake in the giant West Qurna 2 oilfield, five Iraqi official sources with direct knowledge of the matter told Reuters. Exxon declined to comment and Lukoil didn't immediately respond to a Reuters' request for comment on the matter. Sign up here. https://www.reuters.com/business/energy/exxon-mobil-approached-iraq-about-buying-lukoils-west-qurna-oilfield-stake-2025-12-02/
2025-12-02 07:27
MUMBAI, Dec 2 (Reuters) - India's sugar production in the first two months of the 2025/26 season, which began on October 1, rose 43% from a year earlier, driven by better recovery rates and faster crushing across major producing states, leading industry bodies said on Tuesday. The higher output is expected to allow the world's second-largest sugar producer to export surplus supplies without risk of domestic shortages, although it could weigh on global prices. Sign up here. Mills have produced 4.1 million metric tons of sugar by the end of November, up from last year's 2.88 million tons, the Indian Sugar & Bio-Energy Manufacturers Association (ISMA) said in a statement. Production in the western state of Maharashtra, India's biggest sugar-producing state, more than tripled from last year to 1.7 million tons, while it rose by 9% in northern state of Uttar Pradesh to 1.4 million tons, the ISMA said. However, production in the southern state of Karnataka slipped to 774,000 tons from 812,000 tons a year earlier, as farmer protests demanding higher cane prices disrupted crushing operations. The sugar recovery rate in the first two months of the season rose to 8.51% compared to 8.29% a year ago, the National Federation of Cooperative Sugar Factories (NFCSF) said. The sugar recovery rate, a key industry metric, measures the percentage of sugar extracted from the sugarcane stalks. The government should allow an additional 1 million metric tons of sugar exports in the current season as lower sugar diversion for ethanol production is creating a larger exportable surplus, the NFCSF said. India last month allowed exports of 1.5 million metric tons of sugar in the current season, although mills are struggling to secure export deals as global prices remain below domestic rates. The ISMA has urged New Delhi to raise the floor price for sugar sales in the domestic market as it has remained unchanged for more than six years despite steadily rising production costs. https://www.reuters.com/sustainability/climate-energy/indias-october-november-sugar-output-rises-43-higher-recovery-rates-2025-12-02/
2025-12-02 07:27
Kashiwazaki-Kariwa is world's largest nuclear power plant Niigata lawmakers begin year's last session Lawmakers set to vote on restart by December 22 Niigata governor approved TEPCO's restart KASHIWAZAKI, Japan, Dec 2 (Reuters) - A Japanese regional assembly on Tuesday began deliberations on whether to partially restart the Kashiwazaki-Kariwa Nuclear Power Plant, the world's largest, as the nation seeks to bolster its domestic power sources. The plant, located around 300 kilometers (186 miles) northeast of Tokyo on the coast of the Sea of Japan, was shut down after a powerful tsunami destroyed the Fukushima Daiichi reactor in 2011. Both are operated by Tokyo Electric Power Co (9501.T) , opens new tab. Sign up here. The peaceful coastal area encompassing Kashiwazaki city and Kariwa village, home to around 80,000 people, is gaining attention as the restart of the plant's Unit No. 6 would be the first for TEPCO since the Fukushima disaster. "The use of nuclear energy is essential in Japan, which has few resources," said TEPCO President Tomiaki Kobayakawa on Monday as he gave top delegates from the Japan Business Federation a tour of the plant. After the Fukushima disaster, Japan shuttered all 54 nuclear reactors in operation at the time, which left it heavily reliant on fossil fuel imports. Prime Minister Sanae Takaichi has said she supports more nuclear relaunches to strengthen energy security and address the cost of imported energy, which accounts for 60% to 70% of Japan's electricity generation. TEPCO has been improving safety at its nuclear power business, Kobayakawa said, as around 20 staffers - clad in thick blue hazmat suits - performed safety drills at the plant. But Yukihiko Hoshino, a member of the Kashiwazaki city assembly, said local residents were concerned about the chances of another nuclear accident. "The biggest worry is whether they will be able to evacuate," he said. He said there are still people who cannot return home to the Fukushima plant area. The Niigata assembly's final session of 2025 runs from Tuesday until December 22. TEPCO plans to restart the 1,356-megawatt Unit No. 6 in January, pending the assembly's vote. It is not clear when the assembly might vote on the plant's restart. TEPCO was looking to restart Unit No. 7 later and possibly decommission the other five. Of the 54 reactors that were in operation before the Fukushima incident, Japan has restarted 14 of the 33 that remained operable. On its own, Unit No. 6 could improve the supply situation for the energy-hungry Tokyo area by 2%, according to Japan's industry ministry. After years of decline, Japan's power demand is set to grow thanks to data center expansions and AI-driven businesses. TEPCO continues to pay compensation for the Fukushima Daiichi disaster. https://www.reuters.com/business/energy/japanese-regional-assembly-is-set-vote-by-december-22-restarting-nuclear-plant-2025-12-02/
2025-12-02 07:02
Witkoff and Kushner meet Putin for peace talks Decline in India's Russian oil imports may be brief, Kremlin says Caution emerges over US-Venezuela situation U.S. crude stocks rose by 2.48 million barrels last week - API NEW YORK, Dec 2 (Reuters) - Oil prices declined 1% on Tuesday as markets weighed faltering Russia-Ukraine peace hopes against fears of oversupply. Brent crude futures settled 72 cents lower, or 1.14%, at $62.45 a barrel, while U.S. West Texas Intermediate crude was down 68 cents, or 1.15%, at $58.64 a barrel. Sign up here. Both benchmarks advanced more than 1% on Monday. Investors turned their focus to the Russia-Ukraine peace talks as Russian President Vladimir Putin met with U.S. President Donald Trump's special envoy Steve Witkoff and son-in-law Jared Kushner in the Kremlin on Tuesday. “Oil prices are in check on expectations for a breakthrough in Ukraine peace talks that could lift restrictions on Russian supplies,” said Clayton Seigle, senior fellow at the Center for Strategic and International Studies. “But those hopes are likely to be dashed, and the market will be facing even more disruption risks as energy remains under fire by both sides.” MIXED RHETORIC ON RUSSIAN OIL Just before the meeting, Putin warned European powers that if they started a war with Russia, Moscow was ready to fight. Putin also threatened to sever Ukraine's access to the sea in response to drone attacks on tankers of Russia's "shadow fleet" in the Black Sea. Putin is set to start a two-day visit to India starting on Thursday, pitching more sales of Russian oil, missile systems and fighter jets in a bid to restore energy and defense ties hit by U.S. pressure on the South Asian nation. "The mixed rhetoric caused a little shakedown in oil, initially showing confidence that Russia will continue to be a supplier of oil to India," said Phil Flynn, senior analyst with Price Futures Group. However, Putin's comments signalled that the peace deal may not be as close as the market would have hoped, Flynn said. The latest concerns about oversupply, which put pressure on prices, have been balanced by attacks on Russian infrastructure over the weekend and tensions between the U.S. and Venezuela. On Monday, the Caspian Pipeline Consortium said it had resumed oil shipments from one mooring point at its Black Sea terminal following a major Ukrainian drone attack on Saturday. A Russia-flagged tanker loaded with sunflower oil reported a drone attack off the Turkish coast on Tuesday. Trump said over the weekend that the airspace above and surrounding Venezuela should be considered closed, sparking fresh uncertainty in the oil market, as the South American nation is a major producer. OPEC+ agreed to leave oil output levels unchanged for the first quarter of 2026 at its meetings on Sunday as the group slows its push to regain market share, amid fears of a looming supply glut. U.S. crude stocks rose by 2.48 million barrels in the week ended November 28, while gasoline inventories rose by 3.14 million barrels and distillate inventories rose by 2.88 million barrels from a week earlier, sources citing American Petroleum Institute figures on Tuesday. Official U.S. government inventory data will be released later on Wednesday. https://www.reuters.com/business/energy/oil-rises-geopolitical-risks-supply-2025-12-02/
2025-12-02 06:55
Operatives using drones, sniffer dogs to seek out carcasses Farms implementing strict controls to prevent spread No plans to cull boar population, agriculture ministry says Spain's pork sector employs 400,000 workers, largest EU exporter BARCELONA/MADRID, Dec 1 (Reuters) - Spanish police, soldiers and park rangers are racing to identify wild boars that might be infected with African swine fever and prevent the disease from crossing into the country's domestic herd, which is central to its multi-billion-euro pork export industry. Operatives are using drones, infrared technology and sniffer dogs to find any boar carcasses for testing, as well as sealing off the areas around animal tracks under highways and pipework to prevent live animals moving into other areas of the countryside. Sign up here. Police have been stationed and have posted signs to turn visitors away since the weekend around Barcelona's Collserola mountain range, a popular attraction for walkers, cyclists and joggers from the city. Those who live inside the park were told to keep dogs on leads and report any boar sightings. On farms, trade association Interporc said strict controls already in place for disease prevention had been reinforced. These included testing and quarantining of new animals, perimeter fencing and bird nets, regular disinfections and checks on drinking water, a strict employee dress code and proper storage of pig semen samples. Government vets were checking farms and taking samples, but none of the 39 in the area have tested positive. 'LEAVE THE WILD BOARS IN PEACE' The outbreak has revived memories of the last swine fever outbreak in 1994, when the virus reached farms, prompting mass pig culls and a complete shutdown of the country's pork exports. Still, Emilio Garcia Muro, an agriculture ministry official, said there was no plan to launch a cull for now. "We are going to leave the wild boars in peace, in this area," he said. "Specialized teams will be brought in ... to detect carcasses, but above all, the aim is not to disturb or kill in this type of situation." Spain is the European Union's largest pork exporter and the second-largest worldwide, with more than €8 billion in exports annually. The sector generates over €25 billion ($29.09 billion) in revenue and employs more than 400,000 workers. Within the EU, Spain's biggest export markets are France and Italy, and outside the EU, the United Kingdom, China and Japan. In August 2022, the Catalan authorities launched a controlled cull of spiralling wild boar populations, which had grown accustomed to venturing into urban areas and scavenging in garbage bins during the pandemic lockdowns. ($1 = 0.8595 euros) https://www.reuters.com/business/healthcare-pharmaceuticals/spanish-police-soldiers-track-boars-reinforce-farm-security-amid-swine-fever-2025-12-01/
2025-12-02 06:35
Market expects 89% chance of 25-basis point Fed rate cut in Dec Gold may reach $5,000 early in the new year, analyst says Central banks bought 53 tons of gold in October, WGC says Dec 2 (Reuters) - Gold prices fell over 1% on Tuesday as investors took profits following a six-week high in the previous session, while they awaited key U.S. economic data ahead of the Federal Reserve's policy meeting next week. Spot gold lost 1.1% to $4,186.89 per ounce by 1:43 p.m. ET (1843 GMT). Sign up here. U.S. gold futures for February delivery settled 1.3% lower at $4,220.80 per ounce. "It's probably just a little bit of profit taking ... the market's biggest focus of late has been rate cut expectations and those remain pretty steady," said Peter Grant, vice president and senior metals strategist at Zaner Metals. "We are in a continuation pattern that will eventually lead to an upside breakout and I still like $5,000 gold early in the new year." Recent data pointing to a gradual cooling of the U.S. economy, coupled with dovish signals from Fed policymakers, has bolstered market expectations for a 25-basis-point rate cut at the U.S. central bank's meeting next week, with traders pricing in an 89% probability of the move . Investors are also eyeing November ADP employment report on Wednesday and the delayed September Personal Consumption Expenditures (PCE) Index, due Friday, which is the Fed's preferred inflation gauge. Lower interest rates typically benefit non-yielding gold. Central banks bought 53 tons of gold in October, up 36% month-on-month and the largest monthly net demand since the start of 2025, according to the World Gold Council. Silver retreated from its record high of $58.83 hit on Monday, easing 0.1% to $57.90 per ounce. It has risen over 100% year-to-date. "There were no new reasons for the recent price jump (in silver). However, the known reasons still apply, namely tight supply, which is reflected in low inventories on the Shanghai exchanges," Commerzbank said in a note, adding it expects a further, albeit moderate, price increase to $59 in the coming year. Platinum slipped 2% to $1,624.90 and palladium gained 2.3% to $1,456.86. https://www.reuters.com/world/india/gold-prices-ease-firmer-yields-us-data-focus-2025-12-02/
