2025-09-28 16:06
Sept 28 (Reuters) - Occidental Petroleum (OXY.N) , opens new tab is negotiating the sale of its OxyChem division, a transaction that could value the unit at a minimum of $10 billion, the Financial Times reported on Sunday. The divestment was likely to be announced in the coming weeks, provided it does not hit any last-minute hurdles, the report said, citing two people familiar with the matter. Sign up here. Reuters could not immediately verify the report. Occidental Petroleum did not immediately respond to a Reuters' request for comment. https://www.reuters.com/business/energy/occidental-talks-sell-oxychem-unit-least-10-billion-ft-reports-2025-09-28/
2025-09-28 12:11
Increase to amount to at least 137,000 bpd, sources say Ukrainian drones attacks cut Russian oil refining, exports Oil trades at multi-week high above $70 a barrel MOSCOW/LONDON, Sept 28 (Reuters) - OPEC+ will likely approve another oil production increase of at least 137,000 barrels per day at its meeting next Sunday, as rising oil prices encourage the group to try to further regain market share, three sources familiar with the talks said. OPEC+ has reversed its strategy of output cuts from April and has already raised quotas by more than 2.5 million barrels per day, representing about 2.4% of world demand, to boost market share and after coming under pressure from U.S. President Donald Trump to lower oil prices. Sign up here. Eight OPEC+ countries will hold an online meeting on October 5 to decide on November output. OPEC+ pumps about half of the world's oil and includes the Organization of the Petroleum Exporting Countries plus Russia and other allies. OPEC headquarters and authorities in Saudi Arabia did not immediately respond to requests for comment. WHAT HAVE OIL PRICES BEEN DOING? Oil prices have fallen from over $80 per barrel at the start of the year but have mostly traded in a narrow range of $60-$70 per barrel since OPEC began production increases in April. On Friday, prices rose to their highest since August 1, hitting levels above $70 per barrel, supported by Ukrainian drone attacks on Russia's energy infrastructure which disrupted refining and shipments from one of the world's biggest oil exporters. The group's total output reductions amounted at their peak to 5.85 million bpd, made up of three different elements - voluntary cuts of 2.2 million bpd, plus 1.65 million bpd by eight members, and another 2.0 million bpd by the whole group. FURTHER INCREASE TO BE DISCUSSED 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 a second layer, of 1.65 million bpd, with an increase of 137,000 bpd. OPEC+ also gave the United Arab Emirates approval to boost production by 300,000 bpd between April and September. The November increase to be discussed on October 5 will amount to at least 137,000 bpd, equal to the October hike, the three sources said. A final decision has not been made, the sources said. OPEC+ hikes have fallen short of the pledged amounts because most members are pumping at capacity, analysts have said. OPEC+'s third group-wide layer of cuts of 2 million bpd is due to last until the end of 2026. https://www.reuters.com/business/energy/opec-plans-another-oil-output-hike-november-sources-say-2025-09-28/
2025-09-28 11:39
LAGOS, Sept 28 (Reuters) - Nigeria's Dangote Petroleum Refinery has resumed selling petrol in naira, following a brief suspension due to crude supply constraints, according to a notice sent to customers and seen by Reuters late on Saturday. The refinery said sales of petrol denominated in naira were restarting immediately, following intervention by the chairman of the Naira for Crude Technical Committee. Sign up here. Customers were advised to begin placing orders in naira for both self-collection and free delivery to previously designated locations across the country. The resumption marks a reversal of the refinery's earlier decision to halt local currency sales, which had raised concerns about fuel availability and pricing in Africa's largest economy. Dangote refinery, Africa's largest, began supplying petrol to the domestic market earlier this year, but has faced challenges securing crude feedstock amid Nigeria's broader oil production issues. https://www.reuters.com/business/energy/nigerias-dangote-refinery-resumes-naira-petrol-sales-after-brief-halt-over-crude-2025-09-28/
2025-09-28 08:55
MOSCOW, Sept 28 (Reuters) - Russia's government has decided to declare a federal level emergency in the agriculture sector of the southern Rostov region as bad weather has caused massive loss of crops, local authorities said. In June, Rostov declared a regional state of agricultural emergency due to drought, which enables farmers to seek compensation for losses. Sign up here. Yuri Slyusar, Rostov governor, said that the federal level emergency would allow new measures to support farmers. "We discussed the emergency in detail at the highest level - with the President, with the Minister of Agriculture Oksana Lut," Slyusar wrote on the Telegram messaging app. "The first result was an increase in the limits on preferential loans. Now the key issue is the prolongation of almost 300 existing loans for farms that will not be able to repay them." Around 1 million hectares of crops were lost or damaged by drought or frosts in the major agriculture region this year, according to the local government's estimate. The Sovecon consultancy said that for the first time since 2015, Rostov will not be Russia's top wheat-producing region due to bad weather this year, ceding its position to neighbouring Stavropol. https://www.reuters.com/business/environment/russia-raises-emergency-level-major-agriculture-region-2025-09-28/
2025-09-28 04:25
SEOUL, Sept 28 (Reuters) - The United States has agreed that South Korea is not manipulating its currency for trade advantage, a spokesperson for President Lee Jae Myung said on Sunday. The two allies agreed that Seoul does not fall under the manipulator designation that the U.S. Treasury Department announces in reports twice a year, Kang Yu-jung told a press conference. Sign up here. Officials at the U.S. embassy in Seoul could not be reached for comment outside business hours. The administration of President Joe Biden added South Korea to a manipulation monitoring list in November due to its large current account surplus and its sizable trade surplus with the U.S. The government of Donald Trumpkept Seoul on the list in June. Under a 2015 U.S. law, , opens new tab Washington can take "remedial action" against countries that do not "correct the undervaluation of their currency and trade surplus with the United States". The South Korea-U.S. deal is not related to talks on a currency swap as part of bilateral negotiations over Trump's tariffs on South Korean goods, South Korean officials said. President Lee told Treasury Secretary Scott Bessent on Wednesday in New York that the Asian country needs a foreign exchange swap in order to make the $350 billion investment it has pledged in the tariff talks, Finance Minister Koo Yun-cheol said on Saturday. Koo quoted Bessent as saying he would discuss the issue with other U.S. officials and get back to South Korea. South Korean National Security Adviser Wi Sung-lac reiterated on Saturday that Seoul cannot pay the $350 billion "upfront", as Trump has suggested in recent days. President Lee told Reuters this month that South Korea's economy could fall into crisis rivalling its 1997 meltdown if the government accepted the U.S. demands without safeguards. Koo said he had not heard anything about a Wall Street Journal report that Commerce Secretary Howard Lutnick had discussed raising the $350 billion investment. https://www.reuters.com/world/asia-pacific/south-korea-us-reach-an-agreement-over-foreign-exchange-deal-seoul-says-2025-09-28/
2025-09-28 02:30
VINH, Vietnam, Sept 28 (Reuters) - Vietnam closed airports and evacuated thousands of people in areas under storm threat on Sunday, as intensifying Typhoon Bualoi barrelled towards the country, days after causing at least 10 deaths and widespread flooding in the Philippines. The typhoon was generating winds of up to 133 km/h (83 mph) as of 1000 GMT and is forecast to make landfall in central Vietnam around 0100 on Monday, slowing as it nears the coast, state-run Thanh Nien newspaper reported. Sign up here. "This is a rapidly moving storm - nearly twice the average speed - with strong intensity and a broad area of impact," the national weather forecast agency said. "It is capable of triggering multiple natural disasters simultaneously, including powerful winds, heavy rainfall, flooding, flash floods, landslides, and coastal inundation." Northern and central provinces may see up to 600 mm of rain through October 1, with rivers rising by 9 meters and risks of flooding and landslides, it said. Authorities in the central province of Ha Tinh have started to evacuate more than 15,000 people, the government said, adding thousands of troops were standing ready. Residents in Vinh, capital of Nghe An province where the typhoon is expected to make landfall, were rushing to secure homes, tie down boats, and stack sandbags or water-filled sacks on rooftops. "We already suffered from losses from recent Typhoon Kajiki this year and haven't recovered yet," said Bui Thi Tuyet, a 41-year-old resident. "Over the last 20 years living here, I have not felt this terrified because of storms." Vietnam suspended operations at four coastal airports from Sunday, including Da Nang International Airport, and adjusted the departure time of several flights, the Civil Aviation Authority said. Schools in the typhoon-affected area will be closed on Monday, with closures potentially extended if necessary, according to news site VnExpress. Heavy rain has already caused flooding in Hue and Quang Tri, the government said. With a long coastline facing the South China Sea, Vietnam is prone to typhoons that are often deadly. Last year, Typhoon Yagi killed around 300 people and caused $3.3 billion of property damage. https://www.reuters.com/business/environment/vietnam-evacuates-thousands-shuts-airports-typhoon-bualoi-nears-2025-09-28/
