UN condemns Russia’s largest drone strikes on Ukraine
UN Secretary-General Antonio Guterres condemned Russia’s recent large-scale drone and missile attacks on Ukraine, calling them the biggest since the...
Eight OPEC+ countries meeting on Thursday will focus debates on how to convince Kazakhstan to stop exceeding its output quota and its plans to compensate for overproduction as the group steps up gradual production hikes.
Record Kazakh output has angered several other members of the group, including top producer Saudi Arabia, sources have told Reuters. OPEC+ is urging the Central Asian country, among other members, to make further cuts to compensate for excess production.
Today's meeting is "just to make the new Kazakhstan minister aware of the importance of meeting his required production and compensating for the surplus," one of the delegates said. Both declined to be identified by name due to the sensitivity of the matter.
The Kazakh energy ministry and OPEC did not immediately reply to a Reuters request for comment.
Last month, Kazakhstan's president appointed Erlan Akkenzhenov as new minister of energy after his predecessor was named the head of the country's newly created atomic energy agency.
Eight members of OPEC+, a group that includes the Organization of the Petroleum Exporting Countries and allies led by Russia, are scheduled to raise oil output by 135,000 barrels per day in May.
The group is expected to proceed with this plan, both sources on Wednesday said, following similar comments on Tuesday from other OPEC+ delegates.
The May hike is the next increment of a plan agreed by Russia, Saudi Arabia, UAE, Kuwait, Iraq, Algeria, Kazakhstan and Oman to gradually unwind their most recent output cut of 2.2 million bpd, which came into effect this month.
OPEC+ also has 3.65 million bpd of other output cuts in place until the end of next year.
This week, Russia ordered the Black Sea terminal handling Kazakhstan's oil exports to close two of its three moorings, a move which is widely expected to slash the country's production as a result.
An OPEC+ ministerial committee, with the power to recommend to the larger group changes in production policy, was initially scheduled to meet on April 5, although one source said this may also take place on Thursday.
The European Commission is set to propose allowing carbon credits from other countries to count towards the EU’s 2040 climate target, according to a leaked internal document.
A magnitude 5.5 earthquake struck off Japan’s Tokara Islands on Wednesday, with no tsunami warning issued but residents advised to remain vigilant.
The United States has rescinded licensing restrictions on ethane exports to China, allowing shipments to resume after a temporary halt and signalling progress in efforts to ease recent trade tensions.
Italy plans to grant approximately 500,000 work visas to non-EU nationals between 2026 and 2028, as announced in a cabinet statement. The initiative aims to address labor shortages by expanding legal immigration pathways
Following a deadly glacier collapse in Blatten, near the Swiss Alpine village of Kandersteg, the town is on high alert as melting permafrost and shifting rock threaten another potential disaster after it was buried a month ago.
Microsoft is closing its direct operations in Pakistan after 25 years, shifting to a partner-led model to serve the market.
The European Union will drastically reduce imports of Ukrainian wheat and sugar, by up to 80%—to protect its farmers, a move expected to shift Ukraine's exports toward Asia and Africa.
The Bank of England has launched a public consultation on future banknote designs.
Unexpected weakness in Germany's manufacturing orders in May signals ongoing uncertainty in industrial demand, despite a yearly rise and sector-specific gains.
Oil futures fell on Friday after Iran reaffirmed its commitment to nuclear non-proliferation and amid expectations that major producers are set to agree to raise their output this weekend.
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