DIRS.INFO The most relevant business & tech news

Companies NK Rosneft' PAO FollowJune 19 (Reuters) - Oil prices fell on Monday as questions over China's economy outweighed OPEC+ output cuts and the seventh straight drop in the number of oil and gas rigs operating in the United States. "(China's) economy is navigating through powerful headwinds," said PVM oil analyst Tamas Varga. In recent weeks global road traffic has been declining, said Jorge Leon, Rystad Energy's senior vice president, which may also point to slowing growth and drag on oil prices. Iran's crude exports and oil output have hit record highs in 2023 despite U.S. sanctions, according to consultants, shipping data and a source close to the matter, adding to global supply when other producers are limiting output. The Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia this month agreed on a new oil output deal and the group's biggest producer, Saudi Arabia, also pledged to make a deep cut to its output in July.

Persons: Brent, Tamas Varga, Jorge Leon, Rystad Energy's, Leon, Nia Williams, Ahmad Ghaddar, Katya Golubkova, Emily Chow, David Goodman, Kirsten Donovan Organizations: NK Rosneft, West Texas, of, Petroleum, Thomson Locations: United States, U.S, China, Europe, Russia, Saudi Arabia, British Columbia, London, Tokyo, Singapore

☆ Oil falls on China growth uncertainties
▼ + stars: | 2023-06-19 | by ( Ahmad Ghaddar | ) www.reuters.com time to read: +2 min

Companies NK Rosneft' PAO FollowLONDON, June 19 (Reuters) - Oil prices fell on Monday as questions over China's economy outweighed OPEC+ output cuts and the seventh straight drop in the number of oil and gas rigs operating in the United States. Brent crude fell 17 cents, or 0.2%, to $76.44 a barrel by 0944 GMT while U.S. West Texas Intermediate (WTI) crude lost 31 cents, or 0.4%, to $71.47. "(China's) economy is navigating through powerful headwinds," said PVM oil analyst Tamas Varga. The oil and gas rig count, an early indicator of future output, fell by eight to 687 in the week to June 16 for the lowest total since April 2022. , , . Iran's crude exports and oil output have hit record highs in 2023 despite U.S. sanctions, according to consultants, shipping data and a source close to the matter, adding to global supply when other producers are limiting output.

Persons: Brent, Tamas Varga, Ahmad Ghaddar, Katya Golubkova, Emily Chow, David Goodman Organizations: NK Rosneft, West Texas, Reuters, of, Petroleum, Thomson Locations: United States, China, U.S, Russia, Saudi Arabia, Tokyo, Singapore

A number of major banks have cut their 2023 gross domestic product growth forecasts for China after May data last week showed the post-COVID recovery in the world's second-largest economy was faltering. The oil and gas rig count, an early indicator of future output, fell by 8 to 687 in the week to June 16, lowest since April 2022. , , . Earlier this month, OPEC+ had agreed on a new oil output deal. The group's biggest producer Saudi Arabia also pledged to make a deep cut to its output in July. Reporting by Katya Golubkova in Tokyo and Emily Chow in Singapore; Editing by Tom HogueOur Standards: The Thomson Reuters Trust Principles.

Persons: Brent, Tina Teng, PBOC, Edward Moya, Moya, Igor Sechin, Sechin, Katya Golubkova, Emily Chow, Tom Hogue Organizations: NK Rosneft, U.S, West Texas, People's Bank of China's, CMC Markets, Reuters, of, Petroleum, Thomson Locations: TOKYO, United States, China, U.S, Russia, OPEC, Saudi Arabia, Tokyo, Singapore

☆ Japanese companies team up for battery storage project to fuel clean energy expansion
▼ + stars: | 2023-06-07 | by ( ) www.reuters.com time to read: +1 min

June 7 (Reuters) - Japan's Itochu Corp (8001.T) said on Wednesday it has jointly established a power storage company with Osaka Gas Co (9532.T) and Tokyo Century Corp (8439.T), as the country's expansion in renewable energy drives demand for storage capacity. Batteries are central to Japan becoming carbon neutral by 2050, as they are critical for storage of renewable energy to smoothen output fluctuations. The project will have capacity of 23 megawatt hours and output of 11 megawatt, for which Itochu would provide storage batteries and construction, Osaka Gas would trade the power and Tokyo Century would do business management. Japan is targeting over $24 billion in investments both from the public and private sectors to develop domestic battery production capacity of 150 gigawatt hours (GWh) by 2030, including for electric vehicles, and global production by Japanese companies of 600 GWh. Reporting by Katya Golubkova; Editing by Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

Persons: Itochu, Katya Golubkova, Rashmi Organizations: Itochu Corp, Osaka Gas Co, Tokyo Century Corp, Osaka Gas, Thomson Locations: Osaka prefecture, Japan, Osaka, Tokyo

The G7, the European Union and Australia agreed to impose a $60-per-barrel price cap on Russian seaborne crude oil and also set an upper price limit for Russian oil products to deprive Moscow of revenues for its invasion of Ukraine. The IEA, which provides analysis and input to the G7 on energy, does not see the enhanced enforcement of the price caps affecting the global oil and fuel supply, Birol told Reuters in an interview on the sidelines of the summit. According to Birol, the price cap reached two main objectives: it did not trigger tightness in the markets as Russian oil continued to flow but at the same time Moscow's revenues were reduced. But there are some loopholes, some challenges for the better functioning of the oil price cap," Birol said. "There is no determination of any time frame there, but I think the main issue is because of the reliance of especially European countries on Russian gas almost for decades.

☆ UK's Sunak says China poses world's biggest security challenge
▼ + stars: | 2023-05-21 | by ( Katya Golubkova | ) www.reuters.com time to read: +2 min

"China poses the biggest challenge of our age to global security and prosperity. They are increasingly authoritarian at home and assertive abroad," Sunak told reporters after the G7 summit in the Japanese city of Hiroshima. Sunak said Britain and other G7 countries would pursue a common approach to reduce the challenges posed by China. Sunak also said Britain would start training Ukrainian pilots this summer to support its air force in its war with Russia. At the three-day summit the G7 signalled to Russia their readiness to stand by Ukraine for the long term.

HIROSHIMA, Japan, May 21 (Reuters) - Potential allied training programmes for Ukrainian pilots on F-16 fighter jets were a message to Russia not to expect to succeed in its invasion of Ukraine even in a prolonged conflict, German Chancellor Olaf Scholz said on Sunday. "The training of the pilots is a longer project," Scholz told reporters before leaving the G7 summit in the Japanese city of Hiroshima. Discussions with Kyiv were ongoing and no Ukrainian pilots were now being trained in France, the official said. The official said training a person from scratch to operate a NATO-made warplane could take as long as four years, while an experienced pilot used to Ukrainian jets would need four to nine months. We are in a counteroffensive stage and this training won't be ready in the coming weeks, but for the long term," the official said.

G7 members - the United States, Japan, Germany, France, Britain, Italy and Canada - are grappling with the immense challenges posed by Russia's invasion of Ukraine and tensions with China, notably over Taiwan and economic security. The communique was issued shortly after the French government aircraft that brought Zelenskiy to Hiroshima touched down. Zelenskiy will hold bilateral meetings with G7 leaders, but significantly also the leaders of India and Brazil, two countries that have not distanced themselves from Moscow. He is due to hold a session on Sunday with the G7 before a broader session with the Global South attendees. Reporting by Reuters G7 team in Hiroshima; Writing by David Dolan; Editing by Nick MacfieOur Standards: The Thomson Reuters Trust Principles.

The Hiroshima summit comes as G7 members are faced with the immense challenges posed by Russia's invasion of Ukraine and tensions with China. The G7 nations are looking to "de-risk, not decouple" from China, White House national security adviser Jake Sullivan told reporters in Hiroshima. In a draft of the final communique seen by Reuters, G7 leaders agreed that China's status as the world's second-largest economy meant they had to continue to cooperate. U.S. President Joe Biden told G7 leaders on Friday that Washington supports joint allied training programmes for Ukrainian pilots on F-16 fighter jets, in a significant endorsement for Kyiv. Reporting by Reuters G7 team in Hiroshima; Writing by David Dolan; Editing by Nick MacfieOur Standards: The Thomson Reuters Trust Principles.

The April meeting of G7 climate ministers eventually agreed, despite tussles between Japan and European nations, that gas investments "can be appropriate to help address potential market shortfalls" following Russia's invasion of Ukraine and the disruption it has caused in global energy markets. Saturday's G7 leaders statement at their summit in Japan's Hiroshima changed the language - eventually formulated by Germany, sources say - to include gas investments again, with the G7 saying it was "necessary to accelerate the phase-out of our dependency on Russian energy". DEFENDING THE STANCEGerman government officials rejected that criticism, saying investments are needed to get away from Russian gas and find a replacement. The G7 pledged to achieve a net-zero emissions goal by 2050 and to limit global warming to 1.5 degrees Celsius. Max Lawson, head of inequality policy at activist group Oxfam, said the G7 had maintained a loophole for new fossil gas investments using the Russian military conflict with Ukraine "as an excuse."

☆ Meloni to leave G7 a day early to tackle Italy flood crisis
▼ + stars: | 2023-05-20 | by ( ) www.reuters.com time to read: +1 min

[1/2] Ukraine's President Volodymyr Zelenskiy and Italy's Prime Minister Giorgia Meloni attend a meeting during the G7 leaders' summit in Hiroshima, Japan May 20, 2023 Ukrainian Presidential Press... Read moreHIROSHIMA/ROME, May 20 (Reuters) - Italy's Prime Minister Giorgia Meloni is set to leave the Group of Seven (G7) summit in Hiroshima a day earlier than scheduled to lead the response to flooding which hit the north of her country this week, two sources said on Saturday. Torrential rains devastated the eastern side of the Italian region of Emilia-Romagna, killing 14 people, causing billions of euros worth of damage and hitting agriculture particularly hard. Italy's government will hold a cabinet meeting on Tuesday to decide on measures to help people to cope with the emergency. Earlier in the day, Meloni thanked the G7 leaders and everyone from other countries who had expressed solidarity with Italy and those affected by the flooding. Reporting by Katya Golubkova and Angelo Amante, writing by Gianluca Semeraro, editing by Gavin Jones and Giles ElgoodOur Standards: The Thomson Reuters Trust Principles.

☆ EU's Michel calls for 'stable and constructive' cooperation with China
▼ + stars: | 2023-05-19 | by ( Katya Golubkova | ) www.reuters.com time to read: +1 min

HIROSHIMA, Japan, May 19 (Reuters) - European Council President Charles Michel said on Friday it was in the EU's interest to maintain "stable and constructive" cooperation with China, as the Group of Seven countries met to consider China's "economic coercion" and other concerns. The EU wants to "de-risk to reduce over-dependencies and diversify to address unfair practices", Michel told a briefing in Hiroshima. "Stable and constructive relations with China is in our mutual interest," he said. Michel called on China to use its influence over its neighbour to end the war in Ukraine. "We call on China to press Russia to stop its military aggression," Michel said.

Summary U.S. crude stockpiles rise 5 mln bbl -EIAReuters poll forecast 900,000 bbl U.S. crude drawdownIEA predicts demand will outpace supply by 2 mln barrels per dayTOKYO, May 17 (Reuters) - Oil prices settled up about $2 on Wednesday as optimism over oil demand and U.S. debt ceiling negotiations outweighed worries about abundant supply. West Texas Intermediate U.S. crude settled up $1.97 or 2.8% to $72.83. President Joe Biden and top U.S. congressional Republican Kevin McCarthy on Wednesday underscored their determination to reach a deal soon to raise the federal government's $31.4 trillion debt ceiling and avoid an economically catastrophic default. The International Energy Agency on Tuesday predicted demand would outpace supply by 2 million barrels per day (bpd) in the second half of the year, with China making up 60% of oil demand growth in 2023. Markets are in a "wait-and-watch mode" over the outcome of the debt ceiling negotiations, said Vandana Hari, founder of oil market analysis provider Vanda Insights.

Japan's insistence on continuing to rely on gas may delay reaching global climate change goals, especially as its energy companies reap large profits from their investments in the sector, climate activists say. "But I think Japanese companies will generally hesitate to be involved in gas projects in the future, especially those with long lead times. Japan's support for gas clashes with findings that new investments in gas, which is mainly composed of the greenhouse gas methane and produces CO2 emissions when burned for energy, would undermine climate goals. But, gas investments have been lucrative for Japan's energy companies resulting in record profits. But, Japan's stated intention to lower its carbon emissions may mean these gas investments carry some risk.

U.S. West Texas Intermediate crude edged down 2 cents to $70.84 as of 0222 GMT. "Crude prices remain heavy as energy traders just can't shake off global demand concerns. U.S. crude stockpiles rose by about 3.6 million barrels in the week ended May 12, according to market sources citing American Petroleum Institute figures. U.S. government data on crude and product stockpiles is due at 1430 GMT. The U.S. Treasury Department has estimated that the United States will go into a crippling default as early as June 1 if Congress does not lift the debt ceiling.

☆ Oil dips on demand worries after unexpected U.S. crude build
▼ + stars: | 2023-05-17 | by ( Katya Golubkova | ) www.reuters.com time to read: +2 min

Brent crude futures was 29 cents lower, or down by 0.4%, to $74.60 a barrel. U.S. West Texas Intermediate crude edged down by 32 cents, also 0.4% down, to $70.55, as of 0005 GMT. Right now too much oil is still available," Edward Moya, senior market analyst at OANDA, said in a note. The U.S. Treasury Department has estimated that the United States will go into a crippling default as early as June 1 if Congress does not lift the debt ceiling. Oil prices fell even as the International Energy Agency raised its forecast for global oil demand this year by 200,000 barrels per day (bpd) to a record 102 million bpd.

WASHINGTON/PARIS, May 17 (Reuters) - The longest shadows at the Group of Seven (G7) leaders' summit this week will be cast by two countries that weren't even invited to the Hiroshima gathering: China and Russia. The G7 countries -- the United States, Japan, Germany, the United Kingdom, France, Canada and Italy -- are all closely tied economically to China, the world's second-largest economy and a key global manufacturing base and market. "Everything is part of the great power competition that is taking place between the United States and Russia, and the United States and China." A woman walks past a “G7 Hiroshima” flower installation near the Peace Memorial Museum, ahead of the G7 summit, in Hiroshima, Japan, May 17, 2023. The United States is at the forefront in pushing for stronger investment controls, yet Germany is more cautious, given its heavy reliance on trade with Beijing.

The G7 countries -- the United States, Japan, Germany, the United Kingdom, France, Canada and Italy -- are all closely tied economically to China, the world's second-largest economy and a key global manufacturing base and market. "Everything is part of the great power competition that is taking place between the United States and Russia, and the United States and China." A woman walks past a “G7 Hiroshima” flower installation near the Peace Memorial Museum, ahead of the G7 summit, in Hiroshima, Japan, May 17, 2023. The G7 is looking to draw closer to members of the "Global South" to counter China's role on the global stage. The United States is at the forefront in pushing for stronger investment controls, yet Germany is more cautious, given its heavy reliance on trade with Beijing.

TOKYO, May 17 (Reuters) - Rich nations should boost financial and technical support to poorer countries to help them tackle climate change and achieve similar decarbonisation goals, a senior Japanese environment ministry official said ahead of a G7 summit in Hiroshima. Developed countries promised in 2009 to transfer $100 billion annually between 2020 and 2025 to vulnerable states hit by increasingly severe climate-linked impacts and disasters - but that target was never met. G7 energy and climate ministers discussed how to meet that goal when they met in the Japanese city of Sapporo last month. "All countries should follow the good example of Japan so that we could achieve the $100 billion goal," he said, adding that he hoped that the level would be achieved as soon as possible and maintained through 2025. Developing countries say they need far more support than that from the rich nations, who are responsible for most of the greenhouse gas emissions, otherwise they cannot afford to cut CO2 emissions.

☆ Oil recoups losses on plans for SPR refill, higher seasonal demand
▼ + stars: | 2023-05-09 | by ( Arathy Somasekhar | ) www.reuters.com time to read: +3 min

Companies Bank of America Corp FollowTOKYO, May 9 (Reuters) - Oil prices ticked up on Tuesday, reversing a more than 2% drop earlier in the session, as markets weighed U.S. government's plans to refill the nation's emergency oil reserve and anticipated higher seasonal demand. Brent crude settled 43 cents, or 0.6% higher, at $77.44 a barrel, while U.S. West Texas Intermediate (WTI) crude closed up 24 cents, or 0.3%, at $73.39. Biden administration plans to begin purchasing oil to replenish the Strategic Petroleum Reserve helped cover speculative short positions, said Robert Yawger, executive director of energy futures at Mizuho. A report from the Energy Information Administration (EIA) pointing to higher seasonal demand and lower-than-expected output also supported prices. "We expect the seasonal rise in oil consumption and a drop in OPEC crude oil production to put some upward pressure on crude oil prices in the coming months," the Energy Information Administration said in its Short-Term Energy Outlook.

☆ Oil prices ease in cautious trade ahead of US inflation data
▼ + stars: | 2023-05-09 | by ( Emily Chow | ) www.reuters.com time to read: +2 min

TOKYO, May 9 (Reuters) - Oil prices fell on Tuesday, relinquishing some of the strong gains of the previous two sessions with the market cautious ahead of U.S. inflation figures for April, which will be key to the Federal Reserve's next interest rate decision. "Oil prices have rebounded somewhat in the last two sessions, so now is time for a pause ... with no real positive data coming out," said Suvro Sarkar, lead energy analyst at DBS Bank. "The market is cautious today ahead of the inflation data.... With net long positions declining sharply over the last two weeks, a lot of traders are already out of the market, so volumes are low." "If tomorrow's CPI data remains at around 5% by market consensus, and if the core CPI does not drop significantly, it will likely continue to support the rise in oil prices," said CMC Markets analyst Leon Li. While oil markets fell sharply last week, prices rose on Friday and Monday as fears of recession eased in the U.S., the world's biggest oil consumer, and some traders saw crude's three-week slide on demand worries as overdone.

REUTERS/Sarah MeyssonnierTOKYO, May 9 (Reuters) - Two major European asset managers have jointly filed a shareholder resolution at Japanese electricity generator Electric Power Development Co Ltd (9513.T), known as J-Power, for the second consecutive year in a row. The asset managers are calling on J-Power, Japan's largest operator of coal-fired power stations, to set and disclose credible short and medium-term emissions reduction targets, aligned with the goals of the Paris Agreement. The resolution is supported by Man Group (EMG.L), the world's largest publicly traded hedge fund, ACCR said. Amundi, Man Group, and HSBC Asset Management have nearly $3 trillion in assets combined under management. J-Power will "carefully consider" proposals and disclose its board of directors' opinions "as soon as they are determined", the company said on Tuesday.

TOKYO, May 9 (Reuters) - Oil prices fell on Tuesday, relinquishing some of the strong gains in the previous two sessions while the market remained cautious ahead of U.S. inflation figures for April, which will be key to the Federal Reserve's next interest rate decision. "Oil prices have rebounded somewhat in the last two sessions, so now is time for a pause ... with no real positive data coming out," said Suvro Sarkar, lead energy analyst at DBS Bank. "The market is cautious today ahead of the inflation data.... With net long positions declining sharply over the last two weeks, a lot of traders are already out of the market, so volumes are low." While oil markets fell sharply last week, prices rose on Friday and Monday as fears of recession eased in the U.S., the world's biggest oil consumer, and some traders saw crude's three-week slide on demand worries as overdone. "Oil prices won't be able to rise that much from here given all the growth demand fears, but expectations are high for OPEC+ to try to keep prices above the $70 a barrel level," Moya's note said.

☆ Oil prices dip in cautious trade ahead of U.S. inflation data
▼ + stars: | 2023-05-09 | by ( Katya Golubkova | ) www.reuters.com time to read: +2 min

TOKYO, May 9 (Reuters) - Oil prices fell in early trade on Tuesday, paring strong gains from the previous two sessions as markets remain cautious ahead of U.S. inflation figures for April which will be key to the Federal Reserve's next interest rate decision. Markets are awaiting U.S. consumer price inflation figures for April due on Wednesday to provide some indication on the U.S. central bank's next rate decision. U.S. consumers said last month they expected slightly lower inflation in a year's time, a report showed on Monday. While oil markets fell sharply last week, prices rose on Friday and Monday as fears of recession in the U.S., the world's biggest oil consumer, eased and some traders saw crude's three-week slide on demand worries as overdone. "Oil prices won't be able to rise that much from here given all the growth demand fears, but expectations are high for OPEC+ to try to keep prices above the $70 a barrel level," Moya's note said.

Prior to Russia's invasion of Ukraine in February last year, Ukraine ran its nuclear reactors on Russian fuel, producing 55% of the country's electricity. Cameco, like Energoatom, can adjust how much uranium it delivers on two years' notice, Kotin said. Contracted uranium prices are typically higher than spot prices, meaning that Cameco may take a discount if Ukraine purchases less uranium due to the war's impact, Carter said. Kotin said Energoatom will buy Cameco's uranium at a price based equally on a fixed price and a market price. BIG POTENTIAL REWARDSWhile Ukraine will rely on Cameco for uranium, it has struck separate deals for further processing.

Search resuls for: "Katya Golubkova"

25 mentions found