2025-10-08 12:40
Ukrainian drones have damaged Russian oil infrastructure Gasoline shortages reported in several regions Russia's oil output rose to 9.173 million bpd in August MOSCOW, Oct 8 (Reuters) - Russia has been gradually raising its oil production and was close last month to meeting the output quota agreed by the OPEC+ group of leading oil producers, Deputy Prime Minister Alexander Novak said on Wednesday, the Interfax news agency reported. Russia's energy sector has been under serious strain in the past two months due to a wave of Ukrainian drone attacks on its oil and gas infrastructure, mainly targeting oil refineries. Sign up here. The attacks, along with disruption to logistics chains, have led to shortages of some popular types of gasoline in several regions, prompting the government to extend a gasoline export ban and declare a partial ban on diesel exports. Novak was cited as saying that there was no need to further restrict diesel exports and that domestic oil refineries had increased fuel production. "Overall, there is a balance between supply and demand. And today, we're addressing any logistical issues that arise as usual. So, there are no major problems," Novak was quoted as saying when discussing domestic fuel supplies. The Organization of the Petroleum Exporting Countries and its allies, led by Russia, a group known as OPEC+, have been unwinding previously agreed oil production cuts to regain market share from rivals such as U.S. shale producers. According to OPEC, Russian oil production increased in August to 9.173 million barrels per day, up 50,000 bpd from July. Russia's OPEC+ production quota stood at 9.415 million bpd in September. No last-month production data has been available. https://www.reuters.com/business/energy/russia-has-been-gradually-increasing-its-oil-output-deputy-pm-novak-says-2025-10-08/
2025-10-08 12:37
Oct 8 (Reuters) - The Reserve Bank of India (RBI) on Wednesday launched a retail sandbox for its central bank digital currency (CBDC), allowing fintech firms to build and test solutions as part of the ongoing pilot, Suvendu Pati, chief general manager at the Reserve Bank of India, said. The RBI's first retail e-rupee pilot, its version of a CBDC, began on December 1, 2022. Sign up here. Total CBDC users in India are about 7 million. https://www.reuters.com/world/india/indias-central-bank-launches-digital-currency-retail-sandbox-2025-10-08/
2025-10-08 12:30
Oct 8 (Reuters) - NextDecade said on Wednesday CFO Brent Wahl will step down on October 20 to join a digital infrastructure company and will be replaced by the U.S. liquefied natural gas producer's senior vice president, Mike Mott, on an interim basis. Wahl, who has served as NextDecade's CFO since 2021, will continue in a consulting capacity through the end of the year to support a smooth transition, the company said. Sign up here. NextDecade has launched a search for a permanent successor. Mott, who currently leads the company's enterprise transformation program, previously headed Carbon Solutions and corporate strategy at NextDecade. https://www.reuters.com/business/energy/nextdecade-cfo-brent-wahl-resigns-2025-10-08/
2025-10-08 12:20
BELGRADE, Oct 8 (Reuters) - The U.S. has postponed sanctions on Serbia's Russian-owned NIS (NIIS.BEL) , opens new tab oil company, which runs Serbia's only oil refinery, for one week until October 15, Belgrade-based Nova Ekonomija news portal reported on Wednesday, citing sources. The reported extension comes as the U.S. extended a license for Croatian oil pipeline operator JANAF (JANF.ZA) , opens new tab to transport crude to Serbia for another week, as it seeks to complete the delivery of contracted volumes, JANAF said on Wednesday. Sign up here. NIS did not respond to a request for comment. The U.S. imposed the sanctions on NIS in January, part of a wider move to isolate Russian energy assets. A series of waivers delayed the measures until October 9, when deliveries were finally expected to stop. But on Wednesday, JANAF said in a statement that the U.S. Treasury's Office of Foreign Assets Control (OFAC) extended it for another week upon JANAF's request. NIS is one of Russia's last remaining energy assets in Europe. Gazprom Neft (SIBN.MM) , opens new tab holds a 44.9% stake, and an investment unit of Gazprom (GAZP.MM) , opens new tab has around 11.3%. The Serbian government has 29.9%. While NIS says that in the near term it has enough stocks to supply the domestic market with oil and oil products, the sanctions will complicate longer term efforts to secure deliveries, experts said. JANAF, which transports crude from the Croatian coast to Serbia, said the license extension would allow it to carry out "activities that are customary and necessary for oil transportation, with the aim of completing all activities undertaken under the previously mentioned crude oil transportation contract by October 15." The next crude cargo set to arrive at Croatia's Omisalj for transport through the JANAF network to NIS is the tanker Maran Helios, carrying approximately 1 million barrels of Kazakh crude oil. It is due to arrive overnight on 8-9 October, according to a person familiar with the matter. https://www.reuters.com/business/energy/us-postpones-sanctions-serbias-russian-owned-nis-oil-company-one-week-2025-10-08/
2025-10-08 12:12
BRUSSELS, Oct 8 (Reuters) - EU lawmakers voted on Wednesday to ban the use of the term "veggie-burger" and limit food descriptions such as steak, escalope and sausage to products containing meat, part of a proposed EU law to protect farmers. Lawmakers at the European Parliament voted by 355 to 247 in favour of an amendment to a regulation designed to give farmers a stronger negotiating position so that powerful companies in the food supply chain do not impose unfavourable conditions. Sign up here. The text of the final regulation will follow negotiations between representatives of the Parliament, EU governments and the Commission, with the Parliament backing a ban of terms such as "veggie-burger" or "vegan sausage". Its meat-only list also includes "hamburger", "egg yolk" and "egg white". The EU has already defined dairy items milk, butter, cream, yoghurt and cheese as "products secreted by mammary glands", meaning that what might otherwise be called oat milk is instead generally referred to as oat drink. EU lawmakers in 2020 voted against a proposal to ban the use of meat-related terms for plant-based alternatives. https://www.reuters.com/business/eu-lawmakers-push-ban-term-veggie-burger-2025-10-08/
2025-10-08 12:08
Oct 8 (Reuters) - Shares in European steelmakers rose on Wednesday after the European Commission proposed cutting tariff-free steel import quotas by almost half as part of a plan to preserve viable steelmaking in the European Union. "We interpret the EU’s new safeguarding proposals as positive across the full spectrum of EU Carbon steel producers," analysts from J.P. Morgan said in a note to investors, adding that they expected this to have positive consequences for EU steel prices through 2026. Sign up here. European steelmaker shares were among the top gainers in Europe on Wednesday, with Aperam (APAM.AS) , opens new tab, ArcelorMittal (MT.LU) , opens new tab, Thyssenkrupp (TKAG.DE) , opens new tab and SSAB (SSABa.ST) , opens new tab rising between 3.1% and 4.4% as of 0940 GMT. Due to rising imports and U.S. tariffs, EU steel producers are operating at only 67% of their capacity. The new measures, in line with those reported by Reuters last week, are designed to push that up towards 80%. 'GAME-CHANGER' FOR EU STEELMAKERS "The announcement has the potential to be the largest game-changer since the companies were forced to spend billions on decarbonisation with highly uncertain return prospects," Deutsche Bank analysts said in a research note. Aperam said on Wednesday it welcomed the new measures. ArcelorMittal said on Tuesday it was "relieved" by the proposal. Thyssenkrupp and stainless steelmaker Outokumpu (OUT1V.HE) , opens new tab also said in written statements they welcomed the plan. "The Commission has clearly recognized that the European steel industry and its associated value chains are in serious danger without effective trade protection," said Dennis Grimm, the CEO of Thyssenkrupp's Steel Europe division. Some 5.5 million jobs in Germany are directly or indirectly tied to the steel industry, according to data from steel association Wirtschaftsvereinigung Stahl. CONCERNS AMONG TRADE PARTNERS Analysts at J.P. Morgan said the proposed import quota cuts could reduce steel imports into the EU by 8 metric tons, positively affecting local steel producers' pricing power. But European carmakers, who source about 90% of their direct steel purchases in the EU, have concerns about the inflationary impact tighter restrictions would have on steel imports, the European Automobile Manufacturers' Association (ACEA) said on Wednesday. South Korea’s Industry Ministry said in a statement that the plan was expected to have a significant impact on steel exports to the EU, which is South Korean steelmakers' second-largest export market. British industry group UK Steel also warned the EU proposals threatened thousands of jobs across the country. https://www.reuters.com/business/european-steelmakers-shares-rise-eu-plan-cut-steel-import-quotas-2025-10-08/
