2025-09-16 12:45

Drop comes amid more reliance on shale, deep offshore resources Investment needed to offset supply losses, IEA's Birol says OPEC says IEA forecasts have discouraged investment LONDON, Sept 16 (Reuters) - The decline in output from mature global oil and gas fields is accelerating amid greater reliance on shale and deep offshore resources, the International Energy Agency said on Tuesday, meaning companies need to invest more just to keep output flat. The IEA, which advises industrialised countries, is under fire from U.S. President Donald Trump's administration for a recent shift to focus on clean energy policy. A 2021 IEA report said there should be no investment in new oil, gas and coal projects if the world was serious about meeting climate targets. Sign up here. Tuesday's report warns that without continued investment in existing fields, the world would lose the equivalent of Brazil and Norway's combined oil production each year, with implications for markets and energy security. "Only a small portion of upstream oil and gas investment is used to meet increases in demand while nearly 90% of upstream investment annually is dedicated to offsetting losses of supply at existing fields," IEA Executive Director Fatih Birol said in an IEA statement. "Decline rates are the elephant in the room for any discussion of investment needs in oil and gas, and our new analysis shows that they have accelerated in recent years." Drawing on data from about 15,000 oil and gas fields around the world, the IEA said that after reaching peak production the average annual decline in output was 5.6% for conventional oil fields, and 6.8% for conventional gas fields. A halt in upstream investment would cut oil supply by 5.5 million barrels per day each year, the IEA said, up from just under 4 million bpd in 2010. The 5.5 million bpd figure is roughly equal to Brazil's and Norway's output combined. The decline for natural gas has risen to 270 billion cubic metres per year from 180 bcm, it said. The IEA has been at odds with producer group the Organization of the Petroleum Exporting Countries over its 2021 report and its forecasts that call for a relatively swift energy transition and a peak in oil demand by 2030. OPEC, in a statement on Tuesday, criticised the IEA's report, saying the agency had not referenced how its 2021 report and peak oil demand forecast had discouraged investment and contributed to uncertainty about long-term demand. "In contrast to the IEA's U-turning on this important issue, OPEC has consistently advocated for timely investments in the oil industry to account for decline rates and meet growing demand," OPEC said. https://www.reuters.com/sustainability/boards-policy-regulation/decline-global-oil-gas-field-output-accelerating-iea-says-2025-09-16/

2025-09-16 12:44

Sept 16 (Reuters) - Uranium company enCore Energy (EU.O) , opens new tab said on Tuesday it will start the process to seek state permits for its Dewey Burdock project in South Dakota this year, ahead of its earlier schedule. Shares of the company rose 3.6% in premarket trading. Sign up here. The announcement comes after a U.S. Environmental Protection Agency appeals board denied a review petition by the Black Hills Clean Water Alliance and indigenous groups Oglala Sioux Tribe and NDN Collective that had challenged the project's federal permits. The petition had alleged several violations in the EPA's initial permit decisions, including that of the Safe Drinking Water Act, the Administrative Procedure Act, and the National Historic Preservation Act. However, the appeals board said regulators had acted properly in approving underground injection well permits, which are essential for in-situ recovery uranium mining. The ruling clears the way for Dewey Burdock to advance through state permitting in 2025 and finalizes all major federal authorizations, including a nuclear materials license. EnCore said the project remains on a federal fast-track permitting program. The White House in April had said it would fast-track permitting for 10 mining projects across the country as part of President Donald Trump's push to expand critical minerals production. Meanwhile, uranium demand for nuclear reactors is expected to jump by almost 30% in the next five years as more governments rely on nuclear power to meet zero-carbon targets, the World Nuclear Association said earlier this month. https://www.reuters.com/business/energy/encore-energy-start-seeking-state-permits-dewey-burdock-uranium-project-2025-09-16/

2025-09-16 12:40

Russia may have to cut output after Ukrainian attacks Markets eye Fed meeting for clues on economy Analysts expect US crude inventory declines last week LONDON , Sept 16 (Reuters) - Oil prices rose on Tuesday as markets weighed a potential disruption of supplies from Russia due to Ukrainian drone attacks on its ports and refineries as well as the prospect of a U.S. central bank interest rate cut. Brent crude futures gained 53 cents, or 0.8%, to $67.97 a barrel by 1221 GMT, while U.S. West Texas Intermediate crude was at $63.93, up 63 cents, or 1%. On Monday, Brent settled up 45 cents at $67.44, while WTI settled 61 cents higher at $63.30. Sign up here. Russia's oil pipeline monopoly Transneft (TRNF_p.MM) , opens new tab has warned producers they may have to cut , opens new tab output following Ukraine's drone attacks on critical export ports and refineries, three industry sources said on Tuesday. Ukraine has intensified attacks on Russia's energy infrastructure in an attempt to impair Moscow's war capabilities, as talks to end their conflict have stalled. "An attack on an export terminal like Primorsk is aimed more at limiting Russia's ability to sell its oil abroad, affecting export markets," said JP Morgan analysts. "More importantly, the attack suggests a growing willingness to disrupt international oil markets, which has the potential to add upside pressure on oil prices," they said. Goldman Sachs estimates that the Ukrainian attacks have taken out about 300,000 barrels per day of Russian refining capacity in August and so far this month. "While the uncertainty around secondary tariffs and additional sanctions remains high, we assume only modestly lower Russian production as Asian buyers continue to signal willingness to import Russian crude," the bank said. U.S. Treasury Secretary Scott Bessent on Monday said the government would not impose additional tariffs on Chinese goods to encourage China to halt purchases of Russian oil unless European countries hit China and India, the biggest buyers of Russian crude, with duties of their own. Also on investors' radar is the U.S. Federal Reserve's September 16-17 meeting, at which the bank is widely expected to cut interest rates. While lower borrowing costs typically boost fuel demand, analysts were cautious on the health of the overall U.S. economy. Markets were also factoring in the likelihood of crude inventory declines in the U.S. last week, with official data expected on Wednesday at 1430 GMT. U.S. crude inventories likely fell 6.4 million barrels for the week ended September 12, following a 3.9 million build a week earlier, energy strategist Walt Chancellor at Macquarie Group said in a client note. A Reuters poll on Monday showed analysts expected U.S. crude oil and gasoline stockpiles to have fallen last week, while distillate inventories likely rose. https://www.reuters.com/business/energy/oil-prices-rise-market-weighs-russia-supply-risk-us-rate-decision-2025-09-16/

2025-09-16 12:35

Sept 16 (Reuters) - Inner Mongolia, China’s largest coal-producing region, has ordered 15 mines to halt production after they were found to have exceeded their approved output plans, a document from the Inner Mongolia Autonomous Region Energy Bureau showed. China launched inspections in major coal hubs in July and asked local authorities to report whether mines had exceeded output in 2024 and the first half of 2025, as Beijing seeks to tackle overcapacity in the sector. Sign up here. Reuters called the Inner Mongolia Autonomous Region Energy Bureau, and the person who answered confirmed the document detailing the results of the region’s production capacity inspection and the key details. The investigation results showed that 15 mines in Ordos exceeded their approved capacity by more than 10% in the first half of 2025. They have been ordered to suspend operations and may resume only after passing inspections by regional safety regulators, according to the document. The document did not provide a timeline for when the inspections will take place. The halted mines have combined annual capacity of about 34.6 million metric tons, according to Mysteel, a Chinese commodity consulting firm. As of September 16, five of the 15 mines, with combined capacity of 19.3 million tons per year, were ordered to suspend production for five to seven days due to safety hazards. Four mines have since resumed normal production after the inspections, according to Mysteel. China’s most-traded coking coal futures contract on the Dalian Commodity Exchange rose 5.84%, or 68.5 yuan ($9.63) a ton on Tuesday. The market rallied after state media published President Xi Jinping's call on Monday for the “orderly exit” of outdated production capacity and the curbing of “disorderly” price competition. ($1 = 7.1151 Chinese yuan renminbi) https://www.reuters.com/business/energy/chinas-inner-mongolia-halts-coal-mines-exceeding-output-plans-document-shows-2025-09-16/

2025-09-16 12:29

TORONTO, Sept 16 (Reuters) - Canadian housing starts fell 16% in August compared with the previous month, a steeper decline than expected, data from the national housing agency showed on Tuesday. The seasonally adjusted annualized rate of housing starts was 245,791 units, down from a revised 293,537 units in July, the Canadian Mortgage and Housing Corporation (CMHC) said. Economists had expected starts to fall to 277,500 units. Sign up here. https://www.reuters.com/world/americas/canadian-housing-starts-fall-16-august-cmhc-2025-09-16/

2025-09-16 12:25

PARIS, Sept 16 (Reuters) - Malta's financial watchdog is opposed to a push by other countries to give the European Union's securities regulator more powers to supervise crypto companies, a spokesperson said on Tuesday. On Monday, France, Italy and Austria called for the Paris-based European Securities and Markets Authority (ESMA) to take over supervision of major crypto companies, citing concerns that different countries are applying the EU's new crypto rules differently. Sign up here. The Malta Financial Services Authority (MFSA), whose crypto licence-granting process came under scrutiny earlier this year, said that it supported ESMA's work to create "supervisory convergence" between regulators on crypto, but it didn't back centralisation. "We believe that centralisation at this stage would only introduce an additional layer of bureaucracy, which could hinder efficiency during a period when the EU is actively striving to enhance its competitiveness," a spokesperson for the MFSA said in emailed comments. France, Italy and Austria did not give examples of where regulators had interpreted the rules differently. Financial watchdogs across Europe are divided on whether to give more powers to ESMA. France's regulator told Reuters on Monday that it would not rule out challenging crypto licences granted by other EU member states. France has long been pushing for ESMA to be given greater powers. ESMA head Verena Ross has said she would welcome the move, but it faces resistance from some EU members. https://www.reuters.com/sustainability/boards-policy-regulation/maltas-financial-regulator-opposes-push-centralise-eu-crypto-supervision-2025-09-16/