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☆ Oil set for weekly gain on signs of improving demand
▼ + stars: | 2024-05-17 | by ( ) www.cnbc.com time to read: +2 min

Oil prices rose in Asian trading hours on Friday, with global benchmark Brent set for its first weekly increase in three weeks on signs of improving global demand and slowing inflation in top oil consumer the United States. Brent crude oil prices rose 21 cents, or 0.3%, to $83.48 a barrel by 0018 GMT. U.S. West Texas Intermediate (WTI) crude futures rose 18 cents, or 0.2%, to $79.41 a barrel. Brent futures are set to rise about 1% on a weekly basis, and WTI futures are set to gain 1.4%. Recent declines in oil and refined products inventories at major global trading hubs have created optimism over oil demand growth, reversing a trend of rising stockpiles that had weighed heavily on crude oil prices in prior weeks.

Persons: Brent, Alex Hodes Organizations: . West Texas, Brent, ., Financial, Federal Reserve Locations: Tutong district, Brunei, United States, U.S, Europe's Amsterdam, Rotterdam, Antwerp

☆ U.S. and China trade divisions threaten a 'reversal' for global economy, IMF official warns
▼ + stars: | 2024-05-08 | by ( Dylan Butts | ) www.cnbc.com time to read: +2 min

Carlos Barria | Afp | Getty ImagesDifferences between U.S.-led Western and China-aligned economic blocs threaten global trade cooperation and economic growth, a top official with the International Monetary Fund warned on Tuesday. IMF Deputy Managing Director Gita Gopinath said in a speech at Stanford University that events such as the global pandemic and Russia's invasion of Ukraine have disrupted global trade relations in ways not seen since the Cold War. "Increasingly, countries around the world are guided by economic security and national security concerns in determining who they trade with and invest in," she said, adding that this has resulted in countries increasingly picking sides between China and the U.S. Trade between the China and U.S. blocs has declined compared with trade among countries within the groupings, Gopinath said. The U.S. bloc mainly includes Europe, Canada, Australia and New Zealand, while China-leaning countries include Russia, Eritrea, Mali, Nicaragua and Syria.

Persons: Xi Jinping, Carlos Barria, Gita Gopinath, Gopinath Organizations: National Committee, China Relations, China Business Council, Economic Cooperation, APEC, Afp, International Monetary Fund, Stanford University, U.S, IMF, Trade, West Locations: Asia, San Francisco , California, China, Ukraine, Washington, Beijing, U.S, South, Taiwan, Europe, Canada, Australia, New Zealand, Russia, Eritrea, Mali, Nicaragua, Syria

☆ Yellen returns to China to tackle economic challenges bedeviling ties with US
▼ + stars: | 2024-04-04 | by ( Laura He | ) edition.cnn.com time to read: +6 min

Hong Kong CNN —Janet Yellen has kicked off her second visit to China as US treasury secretary to continue efforts to further stabilize ties between the world’s two largest economies. “During prior meetings with her Chinese interlocutors, Yellen has largely avoided taking a strong stance on controversial issues,” he said. Trade tensionsBiden administration officials have suggested raising tariffs on Chinese imports to “level” the playing field for trade. Former President Donald Trump has threatened to slap 60% tariffs on imports from China if he is re-elected. The “forces” are often referred to as emerging industries such as EVs, new materials and artificial intelligence.

Persons: Hong Kong CNN — Janet Yellen, Yellen, “, ’ Yellen, Joe Biden, Xi Jinping, Li Qiang, Lifeng, Liu He, Pan Gongsheng, Lan Fo’an, Craig Singleton, ”, Biden, Xi’s, Donald Trump, Rick Waters, ’, Xi, Waters, don’t, ” Singleton Organizations: Hong Kong CNN, People’s Bank of China, Finance, Foundation for Defense of Democracies, Bali . Trade, Biden, Trump, Treasury Department Locations: China, Hong Kong, Georgia, United States, California, Guangzhou, Beijing, Washington, Bali ., Eurasia

Reliable and affordable food and commodity imports are more important to a net food importer like Kenya than to some other countries. Perhaps more importantly, a critical part of the world's food supply system remains disrupted, undermining food security and raising the underlying costs of cross-border trade. The governments of Kenya and Ukraine are also working together on food security. Meanwhile, Russia's own efforts to play a part in rebuilding food security have been more a public relations exercise than real action. Although Russian sources have claimed that such shipments have begun, there is still little evidence of Russian food aid arriving in Africa.

Persons: Timothy Njagi Njeru, Kalya Kiptiony, Dr Abraham Korir SingOei, William Ruto, Volodymyr Zelenskyy, Russia's, Dr Njeru, Lensa Omune Organizations: Tegemeo Institute, Kenyan, Initiative, Kenya's Ministry of Foreign, Diaspora Affairs, International Food Policy Research Institute, Insider Studios, Foreign, Commonwealth & Development Office Locations: East Africa, Ukraine, Kenya, Russian, Nairobi, Russia, Africa, Horn, Port, Mombasa

☆ UK-Canada trade deal: UK pulls out of post-Brexit negotiations
▼ + stars: | 2024-01-26 | by ( Anna Cooban | ) edition.cnn.com time to read: +3 min

London CNN —Britain is finding out just how hard it can be to negotiate free trade deals, even with close allies and friends. Goods and services have continued flowing between the two countries under the terms of the EU-Canada free trade deal. But Britain had sought to negotiate a new trade deal with Canada that would improve upon the terms of the existing agreement. A key sticking point in the negotiations has been Britain’s refusal to relax a ban on hormone-treated beef, which at the moment effectively bars Canadian farmers from selling to British consumers. We remain open to restarting talks with Canada in the future,” a UK government spokesperson said in a statement.

Persons: King Charles, Britain, ”, Mary Ng, “, David Henig, we’ll Organizations: London CNN, European Union, NATO, —, Britain, EU . Goods, EU, Canada, Centre for International Political, CNN, Reuters, National Farmers ’ Union, BBC, “ Locations: Canada, United Kingdom, Britain, Brussels, “, England, Wales, “ Canada

☆ Crypto Firm Genesis Global Trading to Pay $8 Million for Compliance Failings
▼ + stars: | 2024-01-13 | by ( David Smagalla | ) www.wsj.com time to read: 1 min

Genesis Global Trading closed its U.S. spot trading operations in September. Its parent company, Genesis Global Holdco, filed for bankruptcy a year ago. Photo: Gabby Jones/Bloomberg NewsCrypto brokerage firm Genesis Global Trading has agreed to pay $8 million in a settlement with New York state’s financial regulator over alleged failings in its anti-money-laundering and cybersecurity programs. Genesis Global Trading, part of the now-bankrupt Genesis Global Holdco LLC, closed its U.S. spot crypto trading operations in September and is in the process of winding down. As part of its settlement with the New York State Department of Financial Services, the trading unit will surrender its BitLicense, which allowed it to operate a crypto business in New York, the regulator said in a statement Friday.

Persons: Gabby Jones Organizations: Genesis, Bloomberg, New York, Global, New York State Department of Financial Services Locations: New, New York

Traders work on the floor of the London Metal Exchange in London, Britain, September 27, 2018. Both explicitly allow for the cancellation of trades "in exceptional cases", which would be a fair description of last year's nickel market meltdown and the resulting threat of multiple member defaults. This is a case of "knowing one when you see one" or "the elephant test" in legal precedent, the judges said. Nor would it have affected Chamberlain's assessment that nickel trading had become irrational and disorderly on the morning of March 8. LME trading has been transformed by the crisis in the form of permanent caps on time-spreads and limits on intraday price movements.

Persons: Simon Dawson, Elliott, Jonathan Swift, Robert Bright, Matthew Chamberlain, Jane Street, Chamberlain, China's, Xiang Guangda, Oliver Wyman, Tsingshan, Barbara Lewis Organizations: London Metal Exchange, REUTERS, London High, Elliott Associates, Jane, Global Trading, Financial, Authority, China's Tsingshan, Reuters, Thomson Locations: London, Britain, U.S

☆ Investors Lose Legal Bid Against Exchange Over Nickel Market Blowup
▼ + stars: | 2023-11-29 | by ( Yusuf Khan | Joe Wallace | ) www.wsj.com time to read: 1 min

Traders work on the floor of the London Metal Exchange in London. Photo: simon dawson/ReutersLONDON—The London Metal Exchange chalked up a big victory over investors on Wednesday, when a court said it was within its rights to cancel trades during a high-profile blowup in the nickel market sparked by Russia’s full-scale invasion of Ukraine. The U.K. court rejected claims by activist fund Elliott Investment Management and market maker Jane Street Global Trading that the exchange had overstepped its powers by nixing $12 billion in trades in March last year. Had they won, Elliott and Jane Street planned to claim hundreds of millions of dollars in damages combined in a follow-on trial.

Persons: simon dawson, Russia’s, nixing, Elliott, Jane Street Organizations: London Metal Exchange, Reuters, Elliott Investment Management, Jane, Global Locations: London, Ukraine

Washington in mid-October issued a general license lifting through April sanctions on the country's oil production and exports. POLICY SHIFTThe U.S. imposed sanctions on Venezuela's oil industry to try to oust President Nicolas Maduro, whose 2018 re-election it considers a sham. In the last three weeks, PDVSA has signed new term deals to sell products, including fuel oil and asphalt cement with little known firms. LINING UPShortly after sanctions were eased last month, Trafigura chartered a vessel to pick up a fuel oil cargo at a Venezuelan port. The firm that won the offer is Romania-registered Ke Lo Ke Mgmt, PDVSA documents seen by Reuters showed.

Persons: Marco Bello, Nicolas Maduro's, PDVSA, Nicolas Maduro, Joe Biden's, Trafigura, Lo, Ke Lo Ke, Gunvor, Marianna Parraga, Gary McWilliams, Barbara Lewis Organizations: REUTERS, Gunvor, Reuters, Bloomberg, Thomson Locations: Puerto Cabello, Carabobo, HOUSTON, Washington, U.S, Venezuela, PDVSA, Venezuelan, Romania

SINGAPORE, Oct 31 (Reuters) - At least three Chinese companies including state giant China National Offshore Oil Company (CNOOC) are evaluating Shell's Singapore assets and considering non-binding bids in coming weeks for the city-state's oldest refinery, according to several sources familiar with the matter. CNOOC, the parent of offshore oil and gas major CNOOC Ltd , operates a joint refining-petrochemical complex with Shell in southern China. However, Sinopec Corp's president said in late August it was not interested in the Shell assets. Two of the sources said Shell had set a preliminary Nov. 5 deadline for proposals, although that could be extended. A Wanhua spokesperson said he was not aware of the company's potential interest in the Shell assets.

Persons: Shell, Goldman Sachs, CNOOC, Sinopec, Rongsheng, Eversun, Salmon Lee, Chen Aizhu, Trixie Yap, Tony Munroe, Florence Tan, Kim Coghill Organizations: Offshore Oil Company, Singapore, Reuters, Eversun Holdings, Wanhua, Shell, Hengli Petrochemical, China National Petroleum Corp, Privately, Thomson Locations: SINGAPORE, China, state's, Singapore, Bukom, Jurong, PetroChina, Huizhou, Guangdong, Fujian province, Putian, Shandong province, Asia, Southeast Asia

☆ Opinion | Why We Should Fear China More Than Middle Eastern War
▼ + stars: | 2023-10-21 | by ( Ross Douthat | ) www.nytimes.com time to read: +5 min

And since we don’t actually want to be at war with China, it makes a certain sense to avoid lumping Beijing in with Moscow and Tehran. It makes sense to talk about China, Iran and Russia as a loose alliance trying to undermine American power, but it is not a trio of equals. But the threat China poses to Taiwan, in particular, has different implications for American power from the threat Russia poses to Ukraine or Hamas poses to Israel. Whatever misery Iran and its proxies may inflict upon the Middle East, they are not going to conquer Israel or drive American power out of the Levant. But we have no experience being defeated in straightforward combat, not guerrilla war, by a great-power rival and ideological competitor.

Persons: Joe Biden, don’t, ”, “, Biden, Putin, pseudodemocracy, Xi, Vladimir Putin Organizations: NATO Locations: Israel, Ukraine, America, United States, China, Russia, Iran, Beijing, Moscow, Tehran, Taiwan, East Asia, Crimea, —, Vietnam, Afghanistan

[1/2] California Governor Gavin Newsom speaks at an event for the second year of the Roybal School of Film and Television Production Magnet at the Edward R. Roybal Learning Center in Los Angeles, California, U.S., October 13, 2023. "As two of the world’s largest economies, our partnership is essential to delivering climate action for our communities and beyond," Newsom said in a statement on Wednesday. Newsom has been building up a national profile as a voice for stringent climate action, most recently gaining applause at the United Nation's Climate Ambition Summit last month for a speech railing against oil companies' climate policy obstruction. China, the world's largest methane emitter, has yet to release details of its planned methane reduction strategy despite encouragement from Kerry's team to do so. The governor also plans to tour Tesla’s Shanghai Gigafactory, which produces the largest number of electric vehicles in the world.

Persons: Gavin Newsom, Edward R, Mario Anzuoni, Gavin Newsom's, Janet Yellen, Antony Blinken, John Kerry, Gina Raimondo, Newsom, Kerry, Valerie Volcovici, Deborah Kyvrikosaios Organizations: California, Roybal, of Film, Learning, REUTERS, Rights, United, Ambition, Shanghai, Thomson Locations: Los Angeles , California, U.S, California, China, Beijing, Hong Kong, Shanghai, Jiangsu

☆ Europe stocks mixed after best day in 11 months with eyes on U.S. inflation; LVMH down 7%
▼ + stars: | 2023-10-11 | by ( Jenni Reid | ) www.cnbc.com time to read: 1 min

European stock markets were mixed Wednesday lower after clocking their best one-day performance in nearly a year. The Stoxx 600 was index was 0.19% higher at 8:50 a.m. London time, reversing earlier slight losses. European marketsThe Stoxx gained nearly 2% on Tuesday, according to LSEG data, its strongest session since Nov. 10, 2022. Bullish global trading was boosted by two Federal Reserve officials who suggested Monday that the recent rise in Treasury yields may reduce the need to raise the Federal Funds rate, paring back peak rate expectations. Atlanta Federal Reserve Bank President Raphael Bostic on Tuesday said rates did not need to rise any further.

Persons: Raphael Bostic Organizations: Federal, Atlanta Federal Reserve Bank Locations: London

DUBAI, Oct 9 (Reuters) - The United Arab Emirates is refashioning state-owned Abu Dhabi National Oil Company (ADNOC) in the image of an international oil major by stepping up its global expansion and finding new revenue streams to maximise earnings for the Gulf state. The state-owned company also told Reuters it was investing in energy trading, without giving further details. ADNOC has two trading arms, both set up in 2020: ADNOC Trading, which is focused on crude oil, and ADNOC Global Trading, a joint venture with Italy's Eni (ENI.MI) and OMV which is more focused on refined products. Other recent hires include Bart Cornelissen, who left Deloitte to become ADNOC's senior vice president for group strategy and portfolio last month, according to LinkedIn. Recent senior hires for ADNOC's trading arms include alumni of Gunvor, Litasco, Shell and TotalEnergies, the employment network showed.

Persons: ADNOC, Galp, Austria's, Mohammed bin Zayed, headcount, Michele Fiorentino, Baker Hughes, Musabbeh Al Kaabi, Al Kaabi, Bart Cornelissen, Michael Hafner, Hafner, Morgan Stanley, Neil Quilliam, Sultan al, Jaber, John Kerry, Abu, Maha El Dahan, Yousef Saba, Ron Bousso, David Clarke Organizations: United, Abu, Abu Dhabi National Oil Company, Reuters, BP, NewMed Energy, Italy's Eni, UAE, IOC, Aramco, LinkedIn, Mubadala Energy, Deloitte, Greenhill &, Deutsche Bank, UBS, HSBC, Shell, Eni, Gunvor, The, Chatham House, United Nations, Masdar, Thomson Locations: DUBAI, United Arab Emirates, Abu Dhabi, Gulf, Saudi Arabia, Qatar, UAE, Africa, Mozambique, ADNOC, Geneva, London, The UAE, Europe, Sultan, Dubai

☆ Choppy waters as Europe navigates China-US rivalry
▼ + stars: | 2023-10-04 | by ( Mark John | ) www.reuters.com time to read: +6 min

The fracturing of the rules and bonds tying the global economy together - so-called "geo-economic fragmentation" - seemed implausible only a few years ago. Nowhere is it more pressing than for Europe, whose wealth has always relied on trade, from its rapacious colonial history through to its reinvention as self-styled champion of WTO rules. Both the United States and Europe have been hardening their stance towards Beijing while stressing the rules of world trade must be fairly applied. The main EU concern is that the U.S. proposals could break WTO rules by discriminating against third parties. "And we really hope ... that after the election in the United States this is going to continue."

Persons: Jon Nazca, Gordon Brown, Brown, Brad Setser, Biden, Joe Biden, Donald Trump, Trump, Wang Huiyao, Petra Sigmund, Philip Blenkinsop, Joe Cash, Belen Carreno, Mark John, Catherine Evans Organizations: Triple, Majestic, APM, REUTERS, Trade Organization, USA, International Monetary, European, Reuters, for, Thomson Locations: Algeciras, Spain, China, Europe, America, American, United States, Moroccan, Marrakech, Beijing, Washington, Brussels, U.S, EU, for China, IMF, Madrid

☆ At WTO, growing disregard for trade rules shows world is fragmenting
▼ + stars: | 2023-10-02 | by ( Philip Blenkinsop | ) www.reuters.com time to read: +5 min

A logo is seen at the World Trade Organization (WTO) headquarters before a news conference in Geneva, Switzerland, October 5, 2022. Those depositing cases include China, Dominican Republic, India, Indonesia, Morocco, Pakistan, South Korea and the United States. The result is a growing disregard for global trading rules among WTO members. Countries have taken advantage of exceptions to WTO rules, such as for national security used by the United States to limit metal imports and some Gulf states to restrict trade with Qatar. Beijing has restricted exports of critical minerals, while Washington has sought to prevent Chinese access to U.S. technology, with national security trumping global trading rules.

Persons: Denis Balibouse, ”, Alan Wolff, Donald Trump, Keith Rockwell, Biden, Ngozi Okonjo, Philip Blenkinsop, Emma Farge, Christina Fincher Organizations: World Trade Organization, REUTERS, WTO, Reuters, Reuters Graphics, European Union, Foundation, Washington, Thomson Locations: Geneva, Switzerland, China, Dominican Republic, India, Indonesia, Morocco, Pakistan, South Korea, United States, Ukraine, North America, Washington, Qatar, Beijing, U.S, Lake Geneva, Indian

Trudeau said that Canada was "actively pursuing credible allegations" linking Indian government agents to the murder of a Sikh separatist leader in British Columbia in June. "Obviously we're concerned about making sure (the sales) get executed," Price said, adding that he's not aware of any cancellations. Due to India's poor crop, lentil prices are high, but since Trudeau's comments Indian offers for Canadian supplies have dropped 6% to around $770 per metric ton, Price said. India consumes around 2.4 million metric tons of lentils annually, but local production falls short at 1.6 million tons, said Bimal Kothari, chairman of India Pulses and Grains Association. "Inflation within the pulses group is currently very high, making Canadian lentils a critical need for India.

Persons: Amit Dave, Justin Trudeau, Trudeau, Nitin Gupta, Kevin Price, Parrish, Price, Bimal Kothari, Rod Nickel, Rajendra Jadhav, Timothy Gardner Organizations: REUTERS, Rights, Canadian, Industry, Olam Agri, Indian, Canadian Global Affairs, Heimbecker, Association, Thomson Locations: Delhi, India, Rights WINNIPEG , Manitoba, MUMBAI, New Delhi, Canada, British Columbia, Olam Agri India, Winnipeg, Canadian, Australia, Mumbai, Winnipeg , Manitoba

☆ Palm oil buying lifts India's August edible oil imports to record -dealers
▼ + stars: | 2023-09-04 | by ( Rajendra Jadhav | ) www.reuters.com time to read: +2 min

Workers prepare oil palm seedlings at a nursery in Khammam district, in southern state of Telangana, India, July 12, 2022. India's average monthly edible oil imports in the 2021/22 marketing year were 1.17 million tons, trade body Solvent Extractors' Association of India (SEA) said. Palm oil imports increased from 1.09 million tons in July to 1.12 million tons in August, the highest in nine months, according to average estimates from the dealers. Sunflower oil imports jumped by 11.5% from a month earlier to 365,000 tons, the highest in seven months, while soyoil imports edged up 3.7% to 355,000 tons, dealers estimated. India buys palm oil mainly from Indonesia, Malaysia and Thailand, while it imports soyoil and sunflower oil from Argentina, Brazil, Russia and Ukraine.

Persons: Rajendra, Rajesh Patel, Sandeep Bajoria, refiners, Rajendra Jadhav, Jamie Freed Organizations: REUTERS, Rights, Reuters, Association of India, SEA, GGN Research, Sunvin, Thomson Locations: Khammam district, Telangana, India, Rights MUMBAI, Indonesia, Malaysia, Thailand, Argentina, Brazil, Russia, Ukraine, Kandla, New Delhi

That sobering view of a post-pandemic global economy emerged from research organized by the Kansas City Federal Reserve and debated here this past weekend. "This puts us in a bleak setting, thinking about the parts of the world that are labor rich but capital poor," he said. "I do remember a time, maybe a more naive time...when more trade would create friends," said Ben Broadbent, deputy governor of the Bank of England. If there was a potential bright spot, it was around the discussion of advances in artificial intelligence as a possible driver of higher productivity. Reporting by Howard Schneider; Editing by Dan Burns and Andrea RicciOur Standards: The Thomson Reuters Trust Principles.

Persons: JACKSON, Pierre, Olivier Gourinchas, Gourinchas, Maurice Obstfeld, Barry Eichengreen, Eswar Prasad, Donald Trump, Biden, Jared Bernstein, Bernstein, Ben Broadbent, Ngozi Okonjo, Iweala, Trump, Nela Richardson, Howard Schneider, Dan Burns, Andrea Ricci Organizations: Kansas City Federal Reserve, U.S, Monetary Fund, Fed, Peterson Institute for International Economics, International Monetary Fund, University of California, Cornell University, U.S . White House Council, Economic, Biden, Bank of England, Trade Organization, Thomson Locations: , Wyoming, Ukraine, China, West, Washington . China, U.S, Berkeley, Japan, Nigeria, Russian, Europe

☆ India on track for lowest monsoon rains in 8 years -sources
▼ + stars: | 2023-08-28 | by ( Rajendra Jadhav | ) www.reuters.com time to read: +3 min

"El Niño dampened rainfall in August, and it will also have a negative impact on September rainfall," said a senior official at the India Meteorological Department (IMD). The weather department did not immediately respond to requests for comment. India is heading for its driest August in more than a century, weather department officials said earlier this month. The current monsoon has been uneven, with June rains 9% below average but July rains rebounding to 13% above average. The last four Septembers have seen above-average rains due to delayed withdrawal of the monsoon, he said.

Persons: Sivaram, El, El Niño, Rajendra Jadhav, Tony Munroe, Raju Gopalakrishnan, Alex Richardson Organizations: REUTERS, Rights, El, Reuters, India Meteorological Department, IMD, Reuters Graphics, Thomson Locations: Vembanad, Kochi, India, El, New Delhi, Mumbai

REUTERS/Chris Helgren/File Photo Acquire Licensing RightsSINGAPORE, Aug 23 (Reuters) - Shell is considering a sale of its Singapore refining and petrochemical plants as part of a broader strategic review and has hired investment bank Goldman Sachs to explore a potential deal, said several sources close to the matter. "Our strategic review is ongoing and we are exploring several options including divestment," a Shell spokesperson told Reuters on Wednesday. Companies that are reviewing Shell's Singapore assets include Asia's largest refiner, China's Sinopec (600028.SS), as well as global trading companies Vitol and Trafigura, the sources said. For trading companies, the site is seen as a potential oil storage and distribution hub, some of the sources said. In March, Shell decided not to proceed with two projects it was studying to produce biofuels and base oils in Singapore.

Persons: Chris Helgren, Goldman Sachs, Wael Sawan, China's Sinopec, Shell, Trixie Yap, Chen Aizhu, Florence Tan, Tony Munroe, David Goodman Organizations: Shell, REUTERS, Rights, Reuters, Thomson Locations: Vancouver , British Columbia, Canada, Singapore, Jurong, Asia

Zhang Yaoyu, PCI's global head of LNG trading, declined to comment on the company's traded volume, but said trading was part of the company's overall strategy. By 2026, Chinese companies are expected to have contracted LNG supplies of more than 100 million tons a year. That could mean a surplus of up to 8 million tons that year, according to consultancy Poten & Partners, or a deficit of 5 million to 6 million tons based on estimates from pricing agency ICIS. Qatar, which will be China's largest supplier for 2026, however, offers traditional LNG contracts that are restricted to a single destination or country. These openings in the market and a more liberalised domestic gas market have also prompted smaller Chinese gas distributors and importers to expand into the trading space.

Persons: Dado Ruvic, Toby Copson, Copson, it's, Zhang Yaoyu, Zhang, Jason Feer, Feer, Chen Aizhu, Emily Chow, Marwa Rashad, Yuka Obayashi, Tom Hogue Organizations: REUTERS, 2026 Companies, Shell, BP, International Energy Agency, Offshore Oil Corp, China Gas Holdings, HK, Qatar, Trident LNG, Sinochem, PetroChina International, Poten, Partners, Rystad Energy, Reuters Graphics Reuters, Reuters, PCI, U.S, Beijing Gas, Zhejiang Energy, JOVO Energy, Thomson Locations: Qatar, US, Europe, Asia SINGAPORE, London, Singapore, U.S, Oman, Canada, Mozambique, Shanghai, China, Japan, Beijing, Central Asia, Russia, Southeast Asia, South Korea, Ukraine, ENN, Tokyo

☆ The BRICS are better off disbanding than expanding
▼ + stars: | 2023-07-31 | by ( Hugo Dixon | ) www.reuters.com time to read: +7 min

(South Africa wasn’t on his list.) O’Neill likes to tease the BRICS that their economic performance subsequently went downhill - particularly after the much smaller South Africa joined in 2011. Since then, Russia, Brazil and South Africa have all struggled economically. The fault line between India and China, which fought a small war in the Himalayas in 2020, is one reason the BRICS club has done so little. Besides, most developing countries don’t want to be forced to choose sides in a showdown with the United States.

Persons: Jim O’Neill, Goldman Sachs, O’Neill, Vladimir Putin, Peter Thal Larsen, Thomas Shum Organizations: Reuters, Africa wasn’t, Reuters Graphics Reuters, New Development Bank, Bank, Global, U.S ., Thomson Locations: TINOS, GREECE, Brazil, Russia, India, China, South Africa, Johannesburg, Africa, Africa’s, Saudi Arabia, Argentina, Egypt, Iran, Cuba, Kazakhstan, United States, Iraq, Republic, Ukraine, Russian, New Delhi, Soviet, Philippines, Mexico, Indonesia, Thailand, Nigeria, Vietnam, Malaysia, Bangladesh

JOHANNESBURG, July 20 (Reuters) - A BRICS currency will not be on the agenda of the bloc's summit in South Africa next month, but Brazil, Russia, India, China and South Africa will continue to switch away from the U.S. dollar, South Africa's senior BRICS diplomat said on Thursday. "There's never been talk of a BRICS currency, it's not on the agenda," Anil Sooklal, South Africa's Ambassador at Large: Asia and BRICS, told a media briefing. "What we have said and we continue to deepen is trading in local currencies and settlement in local currencies." This has pushed countries to find alternatives to the dollar, especially among non-U.S. allies. "BRICS started a process that has been expedited as a result of the conflict, as a result of unilateral sanctions," Sooklal said.

Persons: There's, it's, Anil Sooklal, Luiz Inacio Lula da Silva, Sergei Lavrov, BRICS, Sooklal, Rachel Savage, Carien du Plessis, Tim Cocks, Angus MacSwan Organizations: U.S ., South, Thomson Locations: JOHANNESBURG, South Africa, Brazil, Russia, India, China, South, Asia, Russian, Ukraine, U.S

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