2025-05-31 17:38

Saudi, Qatar support follows lifting of US, EU sanctions Financial support to Syrian state employees to run for three months Saudi delegation to discuss investments in Syria's reconstruction CAIRO, May 31 (Reuters) - Saudi Arabia's Foreign Minister Prince Faisal bin Farhan Al-Saud said on Saturday that the kingdom will jointly offer with Qatar financial support to state employees in Syria. "The kingdom will provide with Qatar joint financial support to state employees in Syria," Bin Farhan said during a press conference with his Syrian counterpart Asaad al-Shibani in Damascus. Sign up here. He did not provide details on the size of the financial support to be provided by Riyadh and Doha. However, it echoes a similar move by Qatar to bankroll Syria's public sector. A joint statement by Saudi Arabia and Qatar later said on Saturday that the joint financial support would be delivered over a three-month period. It said the move came following an earlier contribution by Saudi Arabia and Qatar in April to settle Syria's outstanding arrears of around $15 million to the World Bank. The Saudi foreign minister's visit comes a few weeks after the U.S. made a surprise announcement on lifting sanctions on Syria's Islamist-led government which overthrew former leader Bashar al-Assad in December. U.S. President Donald Trump made the decision during his recent visit to the Middle East and said it was at the behest of Saudi Arabia's crown prince, whose country was a main advocate for the lifting of sanctions. The European Union also recently lifted economic sanctions on Syria. Bin Farhan referred to his country's role in helping to lift economic sanctions on Syria, saying that Saudi Arabia would continue to be one of the main backers of Syria on its path to reconstruction and economic recovery. He said he was being accompanied by a high-level economic delegation from the kingdom to "hold talks (with the Syrian side) to bolster aspects of cooperation in various fields". Several visits would then follow in the coming days by Saudi businessmen to Syria to discuss investments in energy, agriculture, infrastructure and other sectors, he said. The Syrian leadership is seeking to strengthen ties with Arab and Western leaders following the fall of Assad at the hands of Ahmed al-Sharaa's Sunni Islamist group, Hayat Tahrir al-Sham. It hopes a flow of aid and investments by Gulf neighbors following the lifting of economic sanctions would help it rebuild a state shattered by conflict. Syria's Sharaa is set to visit Kuwait on Sunday upon an invitation by Kuwait's Emir Sheikh Meshal al-Ahmad al-Sabah, Syrian state news agency SANA reported, citing a source in the Syrian president's office. Sharaa is set to discuss joint cooperation in various economic and political aspects in his first official visit to Kuwait, the source said. https://www.reuters.com/world/middle-east/saudi-arabia-provide-financial-support-with-qatar-syrias-state-employees-saudi-2025-05-31/

2025-05-31 13:01

LONDON, May 31 (Reuters) - The OPEC+ group of oil-producing countries has begun unwinding some of its output curbs with eight members looking to gradually add back some 2.2. million barrels per day (bpd) of supply. The eight agreed to increase production in July by 411,000 bpd in an online meeting on Saturday. Sign up here. Below are details on the latest decisions from OPEC+, which includes members of the Organization of the Petroleum Exporting Countries and allies such as Russia. WHO ARE THE EIGHT? Algeria, Iraq, Kazakhstan, Kuwait, Oman, Russia, Saudi Arabia and the United Arab Emirates. WHEN DID MONTHLY INCREASE BEGIN? Their increases began in April and so far they have raised their output targets through July by nearly 1.4 million bpd, or some 1.4% of daily world demand. That leaves them with about 800,000 bpd in planned increases left to enact. WHAT ABOUT THE WIDER GROUP? An online meeting of all 22 OPEC+ members was held on May 28 with no changes to group-wide curbs. CURRENT OPEC+ CUTS OPEC+ collectively is cutting output by a total of 5.3 million bpd or about 5% of global demand. This includes three tranches: 1. Two million bpd by all OPEC+ members which is currently expected to run until the end of 2026. 2. 1.65 million bpd of voluntary cuts by the eight members which is currently expected to run until the end of 2026. 3. 2.2 million bpd of voluntary cuts by the eight members which they are now unwinding. TIMELINE December: Since December the group of eight has made a series of decisions to accelerate the release of barrels back to the market previously scheduled to run until end of September 2026. In December United Arab Emirates was also granted a higher production quota which will see it boost output by 300,000 bpd by September 2026. March 3: They agree to proceed with a hike of 138,000 bpd in April April 3: They surprise the market by accelerating the schedule with an increase for May of 411,000 bpd versus a planned 135,000 bpd. May 3: They announce a 411,000 bpd increase for June May 31: They agree another 411,000 bpd increase for July, bringing the total to 1.37 million bpd so far and leaving about 830,000 bpd to unwind. Reuters has reported that the eight has considering unwinding the remainder by the end of October. https://www.reuters.com/markets/commodities/what-opec-oil-output-cuts-are-currently-place-2024-12-05/

2025-05-31 12:17

EU prepared to retaliate against planned steel and aluminum tariff increases Tariffs take effect on June 4 Canadian Chamber of Commerce, Australia denounce tariff hike BRUSSELS, May 31 (Reuters) - The European Commission said on Saturday that Europe was prepared to retaliate against President Donald Trump's plan to double tariffs on imported steel and aluminum, raising the prospect of an escalating trade fight between two of the world's largest economic powers. Trump's announcement on Friday that he would increase tariffs on imported steel and aluminum to 50% from 25%, intensifies his global trade war and came just hours after he accused China of violating an agreement with the U.S. to mutually roll back levies and trade restrictions for critical minerals. Sign up here. The European Commission said it "strongly" regrets Trump's plan to increase tariffs, adding it "undermines ongoing efforts to reach a negotiated solution." "This decision adds further uncertainty to the global economy and increases costs for consumers and businesses on both sides of the Atlantic," a European Commission spokesperson said, adding that "the (European Union) is prepared to impose countermeasures." The spokesperson noted that the European Union had paused its countermeasures to create space for continued negotiations. "The European Commission is currently finalising consultations on expanded countermeasures. If no mutually acceptable solution is reached, both existing and additional EU measures will automatically take effect on 14 July — or earlier, if circumstances require," the spokesperson added. Trump announced the higher tariffs just outside Pittsburgh, where he was talking up an agreement between Nippon Steel (5401.T) , opens new tab and U.S. Steel (X.N) , opens new tab. Trump said the $14.9 billion deal, like the tariff increase, will help keep jobs for steel workers in the U.S. He later posted on social media that the increased tariff would also apply to aluminum products and that it would take effect on Wednesday. The planned U.S. move ratchets up pressure on global steel producers, and has sparked protests from trading partners around the world. Canada's Chamber of Commerce quickly denounced the tariff hike as "antithetical to North American economic security." "Unwinding the efficient, competitive and reliable cross-border supply chains like we have in steel and aluminum comes at a great cost to both countries," Candace Laing, president of the chamber, said in a statement. Canada's United Steelworkers union on Saturday called the move a direct attack on Canadian industries and workers. Australia's centre-left government also condemned the tariff increase, with Trade Minister Don Farrell calling it "unjustified and not the act of a friend." The U.S. is the world's largest steel importer, excluding the European Union, with a total of 26.2 million tons of imported steel in 2024, according to the Department of Commerce. As a result, the new tariffs will likely increase steel prices across the board, hitting industry and consumers alike. Steel and aluminum tariffs were among the earliest put into effect by Trump when he returned to office in January. The tariffs of 25% on most steel and aluminum imported to the U.S. went into effect in March, and he had briefly threatened a 50% levy on Canadian steel but ultimately backed off. https://www.reuters.com/markets/commodities/eu-commission-strongly-regrets-announced-increase-us-steel-tariffs-2025-05-31/

2025-05-31 11:49

May 31 (Reuters) - Flooding in Nigeria's Niger State this week has killed 151 people and forced several thousand from their homes, an emergency official told Reuters on Saturday. Ibrahim Audu Hussaini, director of information at the Niger State Emergency Management Agency, provided the new death toll, which was previously reported at 117 on Friday. Sign up here. He added that over 500 households had been impacted and more than 3,000 people displaced. The flooding incident in the central town of Mokwa in Niger State occurred on Wednesday night and continued into Thursday morning. Days later, rescuers were still picking through mud and debris in search of bodies. Nigeria is prone to flooding during the rainy season, which began in April. In 2022, the country's worst wave of floods in more than a decade killed more than 600 people, displaced around 1.4 million and destroyed 440,000 hectares (1.09 million acres) of farmland. https://www.reuters.com/business/environment/death-toll-nigeria-floods-rises-151-2025-05-31/

2025-05-31 11:17

Eight OPEC+ members met online OPEC+ cites steady economic outlook, healthy fundamentals Started unwinding output cuts in April For more detail on OPEC+ unwinding its cuts, see Explainer LONDON/MOSCOW, May 31 (Reuters) - The world’s largest group of oil producers, OPEC+, stuck to its guns on Saturday with another big increase of 411,000 barrels per day for July as it looks to wrestle back market share and punish over-producers. Having spent years curbing production - more than 5 million barrels a day (bpd) or 5% of world demand - eight OPEC+ countries made an modest output increase in April before tripling it for May, June and now July. Sign up here. They are spurring production despite the extra supply weighing on crude prices as group leaders Saudi Arabia and Russia seek to win back market share as well as punish over-producing allies such as Iraq and Kazakhstan. "Today’s decision only goes to show that market share is on top of the agenda. If price will not get you the revenues you want, they are hoping that volume will," said analyst Harry Tchilinguirian of Onyx Captal Group. The eight countries held an online meeting on Saturday to set July production. They also discussed other options, an OPEC+ delegate said. On Friday, sources familiar with OPEC+ talks had said they could discuss an even larger hike. In a statement OPEC+ cited a "steady global economic outlook and current healthy market fundamentals, as reflected in the low oil inventories" as its reasoning for the July increase. OPEC+ pumps about half of the world's oil and includes OPEC members and allies such as Russia. Its increased supply is weighing on crude prices, squeezing all producers, but some more than others, including a key group of rivals - U.S. shale producers, analysts say. "Three strikes from OPEC+, and none were softballs. May warned, June confirmed, and July fires a shot across the bow," said Jorge Leon, head of geopolitical analysis at Rystad and a former OPEC official. Since April, the OPEC+ eight have now made or announced increases totalling 1.37 million bpd, or 62% of the 2.2 million bpd they aim to add back to the market. Higher summer oil demand favours increasing output at this time, OPEC+ officials including Russian Deputy Prime Minister Alexander Novak have said. "The oil market remains tight indicating it can absorb additional barrels, as the effective increase should be smaller as several of the eight countries are overproducing, and demand is seasonally rising," said Giovanni Staunovo, analyst at UBS. Algeria was among a small number of nations that requested a pause in the output hikes on Saturday, a source familiar with the matter said. Oil prices fell to a four-year low in April, slipping below $60 per barrel after OPEC+ said it was tripling its output hike in May and as U.S. President Donald Trump's tariffs raised concerns about global economic weakness. Prices closed just below $63 on Friday. Global oil demand is expected to grow by an average of 775,000 bpd in 2025, according to a Reuters poll of analysts published on Friday, while the International Energy Agency in its latest outlook saw an increase of 740,000 bpd. Besides the 2.2 million bpd cut that the eight members started to unwind in April, OPEC+ has two other layers of cuts that are expected to remain in place until the end of 2026. https://www.reuters.com/business/energy/opec-set-discuss-july-oil-output-hike-may-be-larger-than-411000-bpd-sources-say-2025-05-31/

2025-05-31 02:09

WASHINGTON, May 30 (Reuters) - U.S. President Donald Trump said on Friday representatives from Pakistan are coming to the United States next week as the South Asian country seeks to make a deal on tariffs. Pakistan faces a potential 29% tariff on its exports to the United States due to a $3 billion trade surplus with the world's biggest economy, under tariffs announced by Washington last month on countries around the world. Sign up here. Trump said he would have no interest in making a deal with the South Asian country or its neighbor, India, if they were to engage in war with each other. The two nuclear-armed rivals used fighter jets, missiles, drones and artillery in four days of clashes this month, their worst fighting in decades. "As you know, we're very close making a deal with India," Trump told reporters at Joint Base Andrews after departing Air Force One. Indian Trade Minister Piyush Goyal visited Washington recently to advance trade talks, with both sides aiming to sign an interim agreement by early July. India faces 26% tariffs on shipments to the U.S. Reuters reported last week that India is likely to allow U.S. firms to bid for contracts worth over $50 billion, mainly from federal entities, as it negotiates a trade deal with Washington. https://www.reuters.com/world/asia-pacific/trump-says-pakistani-representatives-coming-us-next-week-trade-talks-2025-05-31/