2025-09-06 18:46
Deal to raise output reached in principle, sources say Output to rise by at least 135,000 bpd in Oct, sources say Eight OPEC+ countries to meet on Sunday Talks focus on gradual unwinding of 1.65 mln bpd cut LONDON/MOSCOW, Sept 6 (Reuters) - OPEC+ will likely raise oil output on Sunday but probably add less oil from October than in recent months as global demand might be slowing with the end of the driving season, OPEC+ sources said on Saturday. OPEC+ has reversed its strategy of output cuts from April and has already raised quotas by about 2.5 million barrels per day, about 2.4% of world demand, to boost market share and under pressure from U.S. President Donald Trump to lower oil prices. Sign up here. But those increases have failed to significantly dent oil prices, which are trading near $66 a barrel supported by Western sanctions on Russia and Iran, encouraging further production gains in rivals such as the United States. Another output boost would mean OPEC+, which pumps about half of the world's oil, would begin to unwind a second layer of cuts of about 1.65 million bpd, more than a year ahead of schedule. Talks are focusing on unwinding that whole cut in gradual monthly increments and the group has reached an agreement in principle to raise output by at least 135,000 bpd from October, two sources said. A third OPEC+ source the October's hike could be closer to 200,000-350,000 bpd. At their last meeting in August, OPEC+ raised production by 547,000 bpd for September. OPEC+, which includes the Organization of the Petroleum Exporting Countries plus Russia and other allies, will hold an online meeting on Sunday at 1230 GMT. Brent crude futures settled at $65.50 a barrel on Friday, down 2.2%, pressured by a weak U.S. jobs report and expectations of an OPEC+ output hike. This is still up from a 2025 low of near $58 in April. OPEC+'s hikes have fallen short of the pledged amounts because most members are pumping near capacity. As a result, only Saudi Arabia and the United Arab Emirates are able to add more barrels into the market, analysts have said and data showed. OPEC still has in place two layers of cuts - the 1.65 million bpd cut by eight members - and another 2 million bpd cut by the whole group in place until the end of 2026. https://www.reuters.com/business/energy/opec-will-likely-raise-oil-output-further-october-sources-say-2025-09-06/
2025-09-06 17:53
CERNOBBIO, Italy, Sept 6 (Reuters) - Gas storage levels in Europe are "good", Italian Energy Minister Gilberto Pichetto Fratin said on Saturday, adding that his own country was close to the 90% target set by the European Union. "We are relaxed about gas storage, certainly in Italy ... the level is also good in Europe, although slightly lower," Pichetto said on the sidelines of the TEHA Forum in Cernobbio. Sign up here. High gas storage levels function as a buffer in case of unexpected peaks in demand during winter months. The EU set gas storage targets after Russia's full-scale invasion of Ukraine in 2022 triggered an energy crisis. Member states are meant to hit a 90% filling target at any point between October 1 and December 1. However, Pichetto said Italy was not ready to dismantle coal-fired plants in continental Italy by year-end, as previously planned, singling out Enel (ENEI.MI) , opens new tab plants in Civitavecchia and Brindisi. "We have a war in Europe, we have very difficult situations in the Mediterranean, which are changing by the hour ... so I am not in a position to dismantle coal-fired power stations," said Pichetto, who had previously expressed doubts about the year-end deadline. Gas supply across the Mediterranean has been affected by a reduction of shipping through the Suez Canal due to attacks by Yemen's Houthis, and by instability in Libya. Asked whether Italy could increase imports of liquefied natural gas (LNG) coming from the United States, Pichetto said imports of liquefied natural gas (LNG) from the United States were "convenient" at the moment, and any increase depended on price. https://www.reuters.com/sustainability/boards-policy-regulation/gas-storage-levels-italy-europe-are-good-italian-minister-says-2025-09-06/
2025-09-06 17:22
Sept 6 (Reuters) - At least five people were killed and over a dozen rescued on Saturday after a boat evacuating residents capsized in flood-hit southern Punjab province of Pakistan, the disaster agency said. The disaster management authority said the boat overturned in Multan district due to strong currents but most passengers were rescued. Sign up here. Earlier during the day, relief commissioner Nabil Javed said flooding from the Ravi, Sutlej and Chenab rivers has affected more than 4,100 villages, forcing over 2 million people to flee their homes. Authorities have set up 423 relief camps, 512 medical facilities and 432 veterinary posts to protect both people and livestock, with more than 1.5 million animals relocated. At least 50 people have died in floodwaters this season, Javed added. https://www.reuters.com/business/environment/five-killed-evacuation-boat-capsizes-flood-hit-southern-punjab-pakistan-2025-09-06/
2025-09-06 16:59
CERNOBBIO, Italy, Sept 6 (Reuters) - Italy could fail to meet carbon emission reduction targets agreed at the European Union level due to delays in key green transition areas, including renewable power generation and energy storage systems, a study showed on Saturday. The report, prepared by energy group Edison (EDNn.MI) , opens new tab and think tank TEHA Group, pointed to Italy taking 10 years longer than anticipating in deploying renewables and storage infrastructure, which could prevent the country from hitting EU-set decarbonisation goals for 2030. Sign up here. The study called for streamlining permitting, providing certainty for investments and reducing energy costs. By combining hydropower storage with advanced nuclear power generation and carbon capture technologies, Italy could add 190 billion euros to its economic out by 2050, the study calculated. Italy could develop hydropower storage, with an estimated 13.6 gigawatt potential across 56 new sites, supporting energy security and climate resilience, the report said. "We must reduce our energy and technological dependence on foreign countries, enhance domestic supply chains such as hydroelectric pumping, and build European partnerships around emerging technologies, from next-generation nuclear to carbon capture," Edison CEO Nicola Monti said, commenting the study. Italy's solar projects face costs that are currently 20% higher than in France, Germany and Spain, due to power grid congestion, land availability and lengthy approval processes, the report said. https://www.reuters.com/sustainability/climate-energy/italy-could-struggle-meet-2030-green-goals-study-shows-2025-09-06/
2025-09-06 14:20
BAGHDAD, Sept 6 (Reuters) - Iraq's state oil company SOMO is in advanced talks with ExxonMobil (XOM.N) , opens new tab over a possible agreement to secure storage capacity in Singapore using tanks owned by the U.S. oil major, the Iraqi state news agency INA said on Saturday. Negotiations also include possible refining capacity deals and profit-sharing arrangements in Asia, where demand for crude and products continues to grow, INA added citing SOMO's Director General Ali Nazar as saying. Sign up here. In the past two years, Iraq has signed agreements with oil majors that had previously retreated from the country, including Chevron (CVX.N) , opens new tab, France's TotalEnergies (TTEF.PA) , opens new tab and UK oil major (BP.L) , opens new tab. https://www.reuters.com/business/energy/iraq-talks-with-exxonmobil-asian-refining-capacities-2025-09-06/
2025-09-06 12:21
Eight OPEC+ states to consider output hike on Sunday Iraq's OPEC envoy says attention focussed on market balance Sudani says Iraq looking to facilitate entry of oil majors BAGHDAD, Sept 6 (Reuters) - Iraq hopes fellow producers will reconsider its oil export quota to better reflect its production capacity, Prime Minister Mohammed Shia al-Sudani said on Saturday, a day ahead of an OPEC+ meeting in a rare public comment by a senior Iraqi official. Iraq, the group's largest overproducer, is under pressure from the Organization of the Petroleum Exporting Countries to cut output to compensate for having produced more than its agreed volume. Sign up here. It is among countries that submitted plans in April to make further oil output cuts to compensate for pumping above agreed quotas. Iraq's oil exports averaged 3.38 million barrels per day in August, according to the oil ministry. September average oil exports are expected to be between 3.4 million bpd and 3.45 million, the chief of the state oil company SOMO said on Saturday. OPEC counts oil flows from Kurdistan as part of Iraq's quota. Sudani previously appealed publicly for a review of Iraq's production quota in late 2022. OPEC+, which includes OPEC members plus Russia and other allies, has reversed its strategy of output cuts from April and has already raised quotas by some 2.5 million barrels per day, about 2.4% of world demand. The move is intended to boost market share and follows pressure from U.S. President Donald Trump to lower oil prices. Eight countries from OPEC+ are set to meet online on Sunday to consider a further output hike. Another output boost would mean OPEC+, which pumps about half of the world's oil, would be starting to unwind a second layer of cuts of about 1.65 million barrels per day, or 1.6% of world demand, more than a year ahead of schedule. Responding to a question about Sunday's meeting, Iraq's OPEC representative Ali Nazar said attention was focused on balancing the market, whether through increases, maintaining current production, or cuts. Separately, Sudani also said there would be arrangements to facilitate the entry of major oil companies to Iraq. In the past two years, Iraq has signed agreements with oil majors that had previously retreated from the country, including Chevron (CVX.N) , opens new tab, France's TotalEnergies (TTEF.PA) , opens new tab and UK oil major BP (BP.L) , opens new tab. https://www.reuters.com/business/energy/iraqs-premier-says-he-hopes-producers-will-reconsider-oil-export-quota-2025-09-06/
