2024-09-07 00:11

Sept 6 (Reuters) - Goldman Sachs adjusted its expectations for OPEC+ oil production saying it now expects three months of production increases starting from December instead of October, the bank said in a note on Friday. OPEC+ has agreed to delay a planned oil output increase for October and November, the producers group said on Thursday after crude prices hit their lowest in nine months, adding it could further pause or reverse the hikes if needed. However Goldman Sachs (GS.N) , opens new tab maintained its Brent crude range of $70-85 per barrel and a December 2025 Brent forecast at $74 per barrel. The investment bank expects the effects of a modest reduction in OPEC+ supply in the upcoming months to be counterbalanced by easing effects from the current softness in China's demand and faster-than-expected recovery of Libya's supply. "We still see the risks to our $70-85 range as skewed to the downside given high spare capacity, and downside risks to demand from weakness in China and potential trade tensions," Goldman Sachs said. Brent crude futures were down $1.63, or 2.24%, to $71.06 a barrel on Friday, their lowest level since December 2021. U.S. West Texas Intermediate crude futures fell $1.48 on Friday, or 2.14%, to $67.67, their lowest since June 2023. Sign up here. https://www.reuters.com/business/energy/goldman-sachs-expects-opec-production-increases-start-december-2024-09-07/

2024-09-06 22:45

BRASILIA, Sept 6 (Reuters) - Brazil's government is considering tax hikes that do not require congressional approval to balance this year's budget, two finance ministry sources said on Friday, after officials acknowledged that new revenue measures could be implemented. Taxes in this category could include a levy on financial transactions (IOF), and import and export taxes, which can all be adjusted via presidential decree. On Thursday, the Treasury unveiled a plan for new revenue measures, if necessary, to ensure compliance with the year's fiscal target of eliminating the primary deficit. The fresh measures could be included in the bimonthly revenue and expenditure report due later this month, the Treasury said. In July, the government froze 15 billion reais ($2.68 billion) in federal expenditures to meet the fiscal goal. The new assessment of federal accounts will be presented on Sept. 20. To finalize its analysis, the Finance Ministry is waiting for approval of a bill that includes compensatory measures for costly payroll tax waivers passed by Congress. These measures include securing resources from judicial deposits, collecting dormant bank account funds and repatriating overseas assets. One of the sources noted that even with the approval of these measures, the implementation process will not be straightforward, requiring the issuance of new regulations and programs. ($1 = 5.5988 reais) Sign up here. https://www.reuters.com/world/americas/brazil-studies-raising-taxes-without-lawmaker-approval-sources-say-2024-09-06/

2024-09-06 22:37

Sept 6 (Reuters) - The U.S. Centers for Disease Control and Prevention on Friday confirmed a human case of avian influenza A reported by the state of Missouri. The case was identified through that state's seasonal flu surveillance system, the agency said. The case was confirmed on Thursday, the CDC said, adding that an investigation into the potential exposure is ongoing by the Missouri Department of Health and Senior Services. The patient, who was hospitalized, had underlying medical conditions and was treated with influenza antiviral medications. The patient was subsequently discharged and has recovered. There is no immediate known animal exposure and no ongoing transmission among close contacts or otherwise has been identified. This is the 14th human case of H5 reported in the United States during 2024 and the first case of H5 without a known occupational exposure to sick or infected animals. While other novel flu cases have been detected through the country's national flu surveillance system, this is the first time that system has detected a case of H5, the CDC said. H5 bird flu is widespread in wild birds worldwide and is causing outbreaks in poultry and U.S. dairy cows, with several recent human cases in U.S. dairy and poultry workers. While, outbreaks of H5 have been reported in commercial and backyard poultry flocks in 2024, outbreaks in cattle have not been reported in Missouri. Missouri's last reported case of bird flu in a commercial poultry flock was in February, according to USDA. H5N1 bird flu has been detected in wild birds in the state in the past. Fourteen U.S. states have reported an outbreak of the H5N1 virus in dairy cattle. The virus's jump to cows from birds has heightened concerns it could adapt to spread among humans. The CDC said the risk to the general public from H5N1 remains low, based on available data. Sign up here. https://www.reuters.com/business/healthcare-pharmaceuticals/cdc-confirms-bird-flu-case-missouri-2024-09-06/

2024-09-06 22:31

ISTANBUL, Sept 6 (Reuters) - A bomb threat that forced a flight operated by India's Vistara Airlines to make an emergency landing in the eastern Turkish city of Erzurum on Friday was false, the local governor said. Turkish officials had said a piece of paper with "bomb on board" written on it was found in a lavatory on the aircraft, prompting bomb disposal teams to search the plane and evacuate its 234 passengers and 13 crew. A Vistara spokesperson had said flight UK27 from Mumbai to Frankfurt diverted due to "a security concern." The flight landed at Erzurum at 4.30pm local time (1330 GMT). "As of 23:30, we have completed all search and examination operations. As a result of the work we carried out, we found that the bomb threat was unfounded," Erzurum governor Mustafa Ciftci told reporters at the airport. Ciftci also said a precautionary halt to landings and take-offs at the airport was lifted after inspections were completed. "All flights coming or leaving from our province will now be able to fly comfortably," he said. Vistara said in a post on X that customers, crew and the aircraft were cleared by security agencies and that all necessary checks were conducted. The airline also said it was sending an alternate aircraft to Turkey by 12:25 local time on Saturday to take the passengers to Frankfurt. Sign up here. https://www.reuters.com/world/indian-passenger-plane-makes-emergency-landing-turkey-after-bomb-threat-2024-09-06/

2024-09-06 22:05

ABUJA, Sept 6 (Reuters) - Nigeria's oil regulator on Friday granted UTM Offshore Limited the first license to operate a floating liquefied natural gas plant, to tap flared gas from an ExxonMobil (XOM.N) , opens new tab oil field in the Niger Delta. Such plants are springing up on the continent as Africa seeks to tap its gas resources. Nigeria has more than 209 trillion cubic feet of gas reserves, but loses over $1 billion in annual revenue due to gas flaring, government estimates show. The 2.8 million tons per annum (MTPA) floating vessel owned by UTM will tap flared gas from ExxonMobil's Oil Mining Lease 104 (Yoho field) in offshore Akwa Ibom, in southern Nigeria. Farouk Ahmed, head of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), said the plant's capacity had been upgraded from 1.2 MTPA to 2.8 MTPA due to growing LNG demand. The engineering work will be completed in 2028, and production will roll out in the first quarter of 2029, UTM Offshore CEO Julius Rone said. "This is just the engineering phase, and there are other variables. So it is not possible to give you the cost, but it is a multibillion dollar project." The facility will deliver 500,000 metric tons of liquefied petroleum gas for domestic market, while the LNG will be exported, he noted. Afreximbank provided $2.1 billion in financing the first phase of construction and committed for $3 billion for the second phase. Sign up here. https://www.reuters.com/business/energy/nigeria-licenses-first-floating-lng-plant-export-domestic-use-2024-09-06/

2024-09-06 21:51

BRASILIA, Sept 6 (Reuters) - European Union and South American negotiators ended two days of trade negotiations on Friday with "significant progress" on contentious issues that have been holding up the long-overdue EU-Mercosur agreement, two sources close to the talks said. The sources said the negotiations seem to be on course for a positive conclusion before the end of the year. The meeting marked the first in-person talks since April. "The round of negotiations went very well. There was significant progress in the areas of the environment and government procurement," said a source at the Brazilian foreign ministry, where the talks were held. "A new round of negotiations should take place in a few weeks," the official added. Eleven EU governments this week called for a rapid conclusion of the trade deal that has been in the works for 25 years in a letter to European Commission President Ursula von der Leyen. "It is now urgent to secure the progress reached so far and close the negotiations," the letter seen by Reuters said. "We believe that all elements are in place to allow for a rapid conclusion of negotiations by the end of 2024," the prime ministers of Germany, Spain, Portugal, Sweden, Denmark, Finland, Croatia, Estonia, Latvia, Luxembourg and the Czech Republic wrote. Mercosur joins Brazil, Argentina, Uruguay, Paraguay and more recently Bolivia in a market that is a sought-after destination for EU manufacturing exporters, though European farmers, especially in France, fear the competition it will bring. The deal was concluded in 2019, but was stalled by EU demands for commitments on Amazon deforestation and climate change. In the midst of demonstrations by French farmers in January, French President Emmanuel Macron reinforced his opposition to the deal, saying it would cause environmental damage and subject farmers to unfair competition. The main French farmers' union, FNSEA, said on Friday it opposed the resumption of talks, saying the EU-Mercosur agreement would increase competition for producers of beef, chicken, rice, sugar and ethanol. "European agriculture should not be sacrificed in order to conclude international trade accords. On the contrary, agriculture should be protected and considered one of the main strategic European sectors," the union said in a statement. With the European election over, now is the time to finalize the deal, the 11 prime ministers said in their letter. "The agreement will create a free trade area encompassing more than 700 million people, creating enormous opportunities for European businesses and workers in markets which have been relatively closed up until now," the letter said. Sign up here. https://www.reuters.com/world/eu-mercosur-trade-talks-progress-divisive-issues-sources-say-2024-09-06/