2025-10-05 09:50

OPEC+ will raise oil output from November by 137,000 bpd Group has upped output targets by over 2.7 million bpd this year Shift in policy designed to regain market share from rivals such as U.S. shale producers LONDON/MOSCOW, Oct 5 (Reuters) - OPEC+ will raise oil output from November by 137,000 barrels per day (bpd), it said on Sunday, opting for the same fairly modest monthly increase as in October amid persistent worries over a looming supply glut. The group comprising the Organization of the Petroleum Exporting Countries plus Russia and some smaller producers has increased its oil output targets by more than 2.7 million bpd this year, equating to about 2.5% of global demand. Sign up here. The shift in policy after years of cuts is designed to regain market share from rivals such as U.S. shale producers. SUPPLY GLUT SEEN IN FOURTH QUARTER Brent prices fell below $65 per barrel on Friday, as most analysts predict a supply glut in the fourth quarter and in 2026 due to slower demand and rising U.S. supply. Prices are trading below this year's peaks of $82 per barrel but above $60 per barrel seen in May. In the run-up to the meeting, Russia and Saudi Arabia, the two biggest producers in the OPEC+ group, had different views, sources have said. Russia was advocating for a modest output increase, the same as in October, to avoid pressuring oil prices and because it would struggle to raise output owing to sanctions over its war in Ukraine, two sources said this week. Saudi Arabia would have preferred double, triple or even quadruple that figure - 274,000 bpd, 411,000 bpd or 548,000 bpd respectively - because it has spare capacity and wants to regain market share more quickly, sources said ahead of the meeting. OPEC views the global economic outlook as steady and market fundamentals as healthy because of low oil inventories, it said in a statement on Sunday. WALKING A TIGHTROPE Scott Shelton at TP ICAP Group said oil prices may rise on Monday by up to $1 per barrel as the November production increase turned out to be modest. Jorge Leon at Rystad Energy said: "OPEC+ stepped carefully after witnessing how nervous the market had become ... The group is walking a tightrope between maintaining stability and clawing back market share in a surplus environmen." OPEC+ output cuts had peaked in March, amounting to 5.85 million bpd in total. The cuts were made up of three elements: voluntary cuts of 2.2 million bpd, 1.65 million bpd by eight members and a further 2 million bpd by the whole group. The eight producers plan to fully unwind one element of those cuts - 2.2 million bpd - by the end of September. For October, they started removing the second layer of 1.65 million bpd with the increase of 137,000 bpd. The eight producers will meet again on Nov. 2. https://www.reuters.com/business/energy/opec-poised-raise-oil-output-further-sources-say-2025-10-05/

2025-10-05 08:56

DUBAI, Oct 5 (Reuters) - Iran has gained parliamentary approval for a monetary overhaul to remove four zeros from its national currency over the next few years to simplify transactions after years of inflation. Years of inflation above 35% have caused Iran's currency to plunge to 1,150,000 rials to the dollar on the free market, currency tracker bonbast.com shows, making it difficult for people to make sense of bills or financial statements. Sign up here. The approval was reported by state media on Sunday after parliament had resolved objections from the Guardian Council to pass a bill that had been in the works for several years. "The currency remains the rial and changes won't be overnight," the head of parliament's economic commission, Shamsoldin Hossein, told state TV. "The central bank has up to two years to prepare the ground for this change. After that, there will be a transition period of three years when both denominations will be used." The move will make the rial easier to use in transactions and calculations, Hossein said, adding that high inflation had severely diminished the usefulness of banknotes. The move remains contentious, however. "A national currency's prestige isn't revived by removing four zeros. Instead, that can only be done by strengthening the real value of the currency," Iranian MP Hossein Samsami was quoted as saying on Sunday by the Iranian Students News Agency. Several countries have sought to drop zeros from their national currency when faced with high inflation. Venezuela has had several monetary overhauls in recent years but continues to suffer from high inflation. https://www.reuters.com/world/middle-east/iranian-parliament-approves-currency-redenomination-2025-10-05/

2025-10-05 08:10

TRIPOLI, Oct 5 (Reuters) - The North African branch of Italian energy company Eni(ENI.MI) , opens new tab has resumed its exploration drilling in an offshore area northwest of Libya after a five-year hiatus, the Libyan state-run National Oil Corporation (NOC) said on Sunday. In 2024, Eni and British oil giant BP (BP.L) , opens new tab have resumed exploration in Libya after onshore drilling was halted in 2014, the year when the North African country's civil war erupted and divided the country between two administrations. Sign up here. Eni resumed operations in a well where drilling operations were halted in 2020 due to the COVID-19 pandemic, NOC said. https://www.reuters.com/business/energy/italys-eni-resumes-drilling-offshore-area-northwest-libya-after-five-year-hiatus-2025-10-05/

2025-10-05 08:02

Foxconn's Q3, September revenue hit records Foxconn benefiting from surge in AI demand Foxconn to report broader Q3 results on Nov 12 TAIPEI, Oct 5 (Reuters) - Taiwan's Foxconn, the world's largest contract electronics maker, reported record third-quarter revenue on strong demand for artificial intelligence products, though it missed the market forecast and offered caution about exchange rates. Revenue for Nvidia's biggest server maker and Apple's (AAPL.O) , opens new tab top iPhone assembler jumped 11% from the same quarter last year to T$2.057 trillion ($67.71 billion), Foxconn said in a statement on Sunday. Sign up here. While that was below the T$2.134 trillion LSEG SmartEstimate, which gives greater weight to forecasts from analysts who are more consistently accurate, Foxconn said the result was better than expected. On a U.S. dollar basis, Foxconn (2317.TW) , opens new tab said third quarter revenue rose 16.1% on year. The Taiwan dollar has strengthened some 8% so far this year against the greenback. Strong AI demand led to robust revenue growth for its cloud and networking products division. Smart consumer electronics, which includes iPhones, posted a slight revenue decline, affected by exchange rates, the company said. September revenue rose 14.2% on year to T$837.1 billion, a record for that month. Operations are expected to "maintain sequential quarterly growth as AI server shipments continue to ramp up in the fourth quarter" and due to the traditional peak season ahead of year-end holidays in major Western markets, the company said. "However, the impact of the global political and economic situation and exchange rate fluctuations will need continued close monitoring," it added, without elaborating. Foxconn, formally called Hon Hai Precision Industry, does not provide numerical forecasts. It will report third quarter earnings on November 12. Foxconn's shares have risen 23% this year, outperforming the 16% rise for the Taiwan market (.TWII) , opens new tab. The stock closed up 0.44% on Friday ahead of the revenue data release, compared with a 1.45% gain for the benchmark index. ($1 = 30.3800 Taiwan dollars) https://www.reuters.com/world/asia-pacific/foxconn-third-quarter-revenue-jumps-11-yryr-2025-10-05/

2025-10-05 07:37

DOHA, Oct 5 (Reuters) - QatarEnergy agreed with Shell (SHEL.L) , opens new tab to acquire a 27% participating interest in a block offshore Egypt from the oil and gas major, it said in a statement on Sunday. QatarEnergy has in recent years acquired stakes in oil and gas basins including in Guyana, Lebanon, Namibia and South Africa as part of a strategy to expand its global presence. Sign up here. It recently also acquired several exploration blocks offshore Egypt. The agreement, still subject to Egypt's approval, stipulated that Shell will retain a 36% participating interest as operator of the North Cleopatra block. Chevron (CVX.N) , opens new tab also holds a 27% participating interest and Egyptian oil and gas firm Tharwa Petroleum Company holds 10%. The North Cleopatra block is located in the frontier Herodotus basin in the eastern Mediterranean Sea. It covers an area of over 3,400 square km (1,313 square miles) in water depths of up to 2,600 m (8,530 ft), QatarEnergy said. https://www.reuters.com/business/energy/qatarenergy-acquires-27-participating-interest-offshore-egypt-block-shell-2025-10-05/

2025-10-05 07:16

SHANGHAI, Oct 5 (Reuters) - Typhoon Matmo hit southern China on Sunday, the state broadcaster said, after flights and many events had been cancelled in the island province of Hainan, causing disruption in a peak holiday season. Matmo, which caused flooding in the Philippines last week, made landfall on the east coast of Xuwen in Guangdong province around 2:50 p.m. (0650 GMT). Sign up here. It was generating winds of 151 kph (94 mph) as it approached China's coastline, the national meteorological centre said. The typhoon was arriving in the middle of the eight-day holiday that started with National Day on Wednesday, during which people are expected to make around 2.36 billion trips, according to estimates reported by state media. Flights and ferries in the holiday hub of Hainan had already been cancelled from Saturday evening in anticipation of Matmo's strong winds and heavy rains. https://www.reuters.com/business/environment/typhoon-matmo-hits-southern-china-during-peak-holiday-season-2025-10-05/