2026-01-29 12:39
SOUTH GOA, India, Jan 29 (Reuters) - India's Reliance Industries Ltd (RELI.NS) , opens new tab, operator of the world's largest refining complex, will buy up to 150,000 barrels per day of Russian oil from February for its domestic market-focused refinery, a company executive said on Thursday. Reuters earlier this month reported that Reliance was set to receive sanctions-compliant Russian oil in February and March after a one-month pause. Sign up here. Reliance last received Russian crude in December after securing a one-month U.S. concession that allowed it to wind down dealings with the Russian oil producer Rosneft (ROSN.MM) , opens new tab beyond a November 21 deadline. The U.S. imposed sanctions on Rosneft and fellow Russian oil giant Lukoil (LKOH.MM) , opens new tab in October but non-sanctioned Russian companies and trading intermediaries have continued sales. Reliance would buy up to 150,000 barrels per day of Russian oil from February from sellers that are not under sanctions, the executive said on the sidelines of India Energy Week, declining to be named in line with his company's policy. He did not name the sellers and Reliance did not immediately respond to a Reuters request seeking comment. Reliance was previously importing Russian crude under a long-term agreement with Rosneft for 500,000 barrels per day (bpd) for its 1.4 million-bpd Jamnagar refinery complex in Gujarat state. The conglomerate also buys oil from Saudi Arabia and Iraq, among others, under term deals to meet its requirements at the Jamnagar refinery complex in Gujarat, and also purchases Canadian oil. Reliance is also seeking U.S. approval to resume purchases of Venezuelan crude, Reuters reported earlier this month, as the private refiner looks to secure supplies with the move away from the biggest Russian oil companies. https://www.reuters.com/business/energy/indias-reliance-buy-up-150000-bpd-russian-oil-february-2026-01-29/
2026-01-29 12:38
New CPI series to use 2024 as base year Food weight cut to 36.75% from 45.86% Housing, electricity weight set at 17.66% CPI groups to double to 12 from 6 for better price tracking NEW DELHI, Jan 29 (Reuters) - India will cut the weighting of food in its consumer price index (CPI) to 36.75% in a new inflation series, potentially making headline inflation readings less volatile and smoothing the outlook for monetary policy. Food prices, which tend to swing based on factors such as weather and supply disruptions, now account for 45.86% of the basket used to calculate CPI, while the central bank uses CPI as the anchor for its main inflation target of 4% plus or minus two percentage points. Sign up here. The current CPI basket still reflects 2011-12 consumer spending patterns, which economists say are no longer valid and may be skewing the readings. The statistics ministry said in a report that the revamped data series will use 2024 as the base year, while 2025 will be used as an overlapping year between the old and new series so that past data can be converted into the new base statistically. The number of major spending groups will be expanded to 12 from six, aligning India's inflation framework with international standards. Recent surveys show food now accounts for 39.7% of urban household spending, down from roughly 43% in 2011-12, and around 47% in rural areas, down from 53% earlier. The weighting of housing, water, electricity, gas and other fuels will stay at 17.66%, making shelter and utilities the second-biggest driver of inflation. "For the first time, rural house rent has been included in the CPI. Further, in both rural and urban areas, the sample size for house rent has been increased," said Saurabh Garg, secretary, Ministry of Statistics and Programme Implementation. Transport accounts for 8.8%, while health at 6.10% and clothing & footwear at 6.38% remain significant household expenses. Categories such as restaurants & accommodation, education and information & communication, each at around 3.5%, will reflect a more service-oriented consumption basket. For the first time, CPI will factor in prices from e-commerce platforms with items like airfares, OTT subscriptions, telecom plans and some services set to be tracked, the report showed. India's headline inflation rose in December to its fastest rate in three months at 1.33% year-on-year, as a decline in food prices slowed. Inflation in November stood at 0.71%. https://www.reuters.com/world/india/india-cut-food-weighting-cpi-new-inflation-series-2026-01-29/
2026-01-29 12:33
FRANKFURT, Jan 29 (Reuters) - Dutch miner and lithium supplier AMG Critical Materials (AMG.AS) , opens new tab plans to reduce dependence on China by processing battery-grade lithium for electric vehicles in Brazil, Portugal and Germany, its head of development told Reuters. AMG development head Michael Connor said the firm aimed to create what he called a "lithium highway" connecting those three countries to allow the company to bypass China, which he added was currently the only option for processing the material. Sign up here. "Our goal is to build this processing capacity in both Brazil and Portugal in order to establish a Western provider for this expertise – something that does not exist today," he said. EUROPE CAN CATCH UP WITH CHINA Europe is trying to curb reliance on Chinese lithium as it shifts away from fossil fuels, but the region's own extraction and refining capacity is minimal. The world's largest producers are South America, Australia and China. AMG produces spodumene concentrate – a lithium-bearing mineral – at its Mibra mine in Brazil and ships the material to China for conversion from about 6% lithium content to nearly 100%. Only then is it sent to AMG's facility in the German town Bitterfeld-Wolfen, where it is processed into lithium hydroxide, a key cathode material for EV batteries and stationary storage. Connor said that Europe could catch up despite lagging globally. Lithium extraction and processing is, however, complex and takes years to ramp up scale. "Even if China has gained a significant lead, there's no reason Europe can't catch up," he added. "Once production takes place in Europe, it becomes much cheaper to produce lithium here than to ship it via China." SLOWER-THAN-EXPECTED RAMP-UP AT GERMAN SITE AMG's Bitterfeld plant is expected to reach its full 20,000-metric-ton lithium hydroxide capacity by end-2026, two years later than planned, which means missing an earlier goal of 100,000 tons by 2030. Connor blamed the delay on weaker-than-expected market demand and ongoing checks by prospective customers. AMG is the largest shareholder in London-based Savannah Resources (SAVS.L) , opens new tab, which is developing a lithium project in northern Portugal. The Barroso spodumene deposit holds more than 39 million tons of estimated reserves, the largest in Europe. https://www.reuters.com/business/energy/dutch-lithium-supplier-amg-seeks-bypass-china-2026-01-29/
2026-01-29 12:26
KYIV, Jan 29 (Reuters) - Extremely low temperatures down to minus 30 degrees Celsius (minus 22 degrees Fahrenheit) will hit Ukraine at the beginning of next week, which is very dangerous for winter crops, agricultural analysts and the national emergency service said on Thursday. A sharp drop in temperature will begin on February 1 and will affect all regions except southern Ukraine and the frosts will begin to ease slightly only on February 4, the service said on the Telegram messenger. Sign up here. "We consider the current cold spell to be extremely dangerous for winter crops across a significant part of Ukraine," analyst Barva Invest said on Telegram. Ukraine is a producer of winter wheat, which accounts for about 95% of the total Ukrainian wheat harvest. Winter wheat, which has a higher yield than spring wheat, is sown in autumn and harvested in the summer of the following year. Barva Invest noted that a combination of severe frosts and insufficient snow cover could affect crops in central, north-eastern and eastern Ukraine. Frosts will be less severe in southern Ukraine, but there is no snow cover there to protect the crops. Temperatures dropped to minus 20 C in Ukraine in early January, only easing to above-zero temperatures this week. https://www.reuters.com/business/environment/temperatures-low-minus-30c-ukraine-next-week-may-damage-crops-2026-01-29/
2026-01-29 12:16
Jan 29 (Reuters) - Dow (DOW.N) , opens new tab will slash about 4,500 jobs, or 13% of its total workforce, under a sweeping restructuring aimed at boosting profitability by at least $2 billion, while projecting first-quarter revenue below expectations on stubbornly weak demand. Shares of the company fell 3% in premarket trading on Thursday. Sign up here. Global chemical producers are reassessing their strategies amid stagnant demand, rising production costs in Europe, changing regulatory requirements and persistent global oversupply. Dow, which began a strategic review of some European assets in 2024, has also been re-evaluating its ownership of non-core assets across its global portfolio, including power and steam production and pipelines. Last year, the company closed a 40% stake sale in some U.S. Gulf Coast infrastructure assets to a fund managed by Macquarie Asset Management for $2.4 billion to focus more on its chemicals business. It later sold an additional stake for $540 million in September. "In 2025, we achieved well over half of our more than $6.5 billion in near-term cash and cost support actions, including the accelerated delivery of more than $400 million in cost savings from our $1 billion program," said CEO Jim Fitterling. Dow, which operates manufacturing sites in 29 countries and employs about 34,600 people, expects to incur about $1.1 billion to $1.5 billion in one-time costs tied to the restructuring in 2026 and 2027. DOWNBEAT REVENUE EXPECTATIONS Dow now expects first-quarter net sales of $9.4 billion, below analysts' average estimate of $10.33 billion, according to data compiled by LSEG. Net sales in the fourth-quarter ended December 31 for its packaging and specialty plastics segment, its largest by revenue, fell 10.7% to $4.74 billion from a year earlier, due to lower polymer prices. The Michigan-based company reported a smaller-than-expected adjusted loss of 34 cents per share, compared with analysts' average estimate of a loss of 46 cents. https://www.reuters.com/sustainability/chemicals-maker-dow-eliminate-4500-roles-targets-2-billion-core-profit-boost-2026-01-29/
2026-01-29 11:59
Jan 29 (Reuters) - U.S. refiner Valero Energy (VLO.N) , opens new tab surpassed Wall Street expectations for fourth-quarter profit on Thursday, on the back of a rebound in margins as well as higher throughput volume. Shares of the company, which is the second largest U.S. refiner by capacity, rose 1.6% to $186.97 before the bell. Sign up here. During the fourth quarter, U.S. refining margins, measured by the 3-2-1 crack spread , rebounded from the multi-year lows seen in 2024, when profits eased from post-pandemic highs due to supply disruptions from Russia's invasion of Ukraine. The company's refining margin per barrel of throughput was $13.61 in the quarter, compared with $8.44 a year earlier. The refiner said its average throughput volume rose slightly to 3.1 million barrels per day in the quarter, from 2.9 million bpd a year earlier. Valero kicked off the earnings season for U.S. refiners, as the energy sector prepares to boost output in Venezuela after the Trump administration outlined a long-term plan urging companies to spend $100 billion to revive the country's oil industry. Analysts have said Valero stands to benefit significantly from a recovery in Venezuelan crude imports into the U.S. According to BofA analysts, the refiner can run an incremental 200,000 bpd of output from the South American country in the near term. The refiner added it was progressing with the FCC Unit optimization project at the St. Charles Refinery to enhance its ability to produce high-value products. The project is expected to cost $230 million and be completed in the second half of the year. The Houston, Texas-based company posted an adjusted profit of $3.82 per share for the three months ended December 31, compared with analysts' expectations of $3.27 per share according to data compiled by LSEG. https://www.reuters.com/business/energy/refiner-valero-energy-beats-estimates-fourth-quarter-profit-2026-01-29/
