2024-08-30 11:30

PRAGUE, Aug 30 (Reuters) - Any potential halt in oil supplies via the Druzhba pipeline through Ukraine from Russia from next year would not be a problem for the Czech Republic, the country's energy security envoy Vaclav Bartuska said on Friday. Responding to a Reuters question - on comments by Ukrainian presidential aide Mykhailo Podolyak that flows of Russian oil may stop from January - Bartuska said Ukraine had also in the past warned of a potential halt. "This is not the first time, this time maybe they mean it seriously - we shall see," Bartuska said in a text message. "For the Czech Republic, it is not a problem." To end partial dependency on the Druzhba pipeline, Czech state-owned pipeline operator MERO has been investing in raising the capacity of the TAL pipeline from Italy to Germany, which connects to the IKL pipeline supplying the Czech Republic. From next year, the increased capacity would be sufficient for the total needs of the country's two refineries, owned by Poland's Orlen (PKN.WA) , opens new tab, of up to 8 million tons of crude per year. MERO has said it planned to achieve the country's independence from Russian oil from the start of 2025, although the TAL upgrade would be finished by June 2025. Sign up here. https://www.reuters.com/markets/commodities/czechs-will-be-fine-if-druzhba-oil-flow-stops-official-says-2024-08-30/

2024-08-30 11:23

KINSHASA, Aug 30 (Reuters) - Democratic Republic of Congo is looking for new buyers of gold from its eastern territories after taking full control of Primera Gold which had an exclusive contract to buy and sell gold mined in the east, the company's head said. UAE-based Primera Group recently sold its stake in Congo-based Primera Gold, which had been a joint venture with the government, ending a controversial arrangement where it had been granted sole rights to trade gold dug by small producers or so-called artisanal miners in eastern Congo. Primera Gold, now wholly owned by the government, is keen to invite other investors to buy the gold, its director-general, Joseph Kazibaziba, told Reuters on Tuesday. "We are very open to new buyers, we have been criticised for being exclusive," he said. "We are even interested in finding buyers in Europe." Congo's deal with Primera, signed in 2022, was touted as a way to clean up the country's artisanal mining sector, where smuggling has led to the loss of millions of dollars in tax revenue each year and helped fund armed groups destabilising the mineral-rich east. The contract gave Primera Gold a majority share in two joint ventures with exclusive rights to export artisanally-mined gold at a preferential rate of 0.25%. Watchdog 'Le Congo n’est pas a vendre' (Congo is not for sale), a group of 14 Congolese and international organisations that push for transparency in the mining and financial sectors, has said the government needs to provide clarity on why Primera stepped away from the contract and called for an investigation. Primera Group's corporate license in UAE expired in March, according to government records. Primera Group did not respond to a request for comment. A Congo government spokesperson also did not respond to a request for comment. Primera Gold has recently faced challenges buying gold in eastern Congo due to illicit traders who smuggle the mineral to Burundi, Uganda and Rwanda and are willing to pay more, according to a UN Security Council Report released in June. The report said that Primera Gold's exports had declined to 164 kilograms of gold a month in March 2024 from a monthly average of 500 kilograms between May and October 2023. Sign up here. https://www.reuters.com/markets/commodities/congo-seeks-new-buyers-gold-mined-eastern-provinces-2024-08-30/

2024-08-30 11:13

Analysts trim 2024 Brent forecast for fourth straight month OPEC cut its forecast for 2024 global oil demand growth For table of crude price forecasts, click Aug 30 (Reuters) - Analysts have lowered their 2024 oil price outlook due to weak fuel demand from leading importer China and rising inventory levels as Saudi Arabia and OPEC+ allies prepare to ease some output cuts from October, a Reuters poll found. The poll of 37 analysts and economists surveyed by Reuters in the last two weeks forecast Brent crude would average $82.86 per barrel in 2024, a fourth straight cut in estimates, from $83.66 forecast in July. The poll showed U.S. crude would average $78.82 this year, slightly lower than last month's estimate of $79.22. "Despite heightened geopolitical tensions, oil prices have been trading below $90 per barrel so far this year, as weak crude intake from China and Europe has offset the bullish impact of still-curbed OPEC supplies," Florian Grunberger, senior analyst at data and analytics firm Kpler. Analysts anticipated global oil demand growing by 1.0 to 1.3 million barrels per day (mbpd) in 2024, compared with 1 and 1.5 mbpd growth forecast in the previous poll. OPEC also cut its forecast for global oil demand growth in 2024, citing weaker than expected data for the first half of the year and lower expectations for demand from China. "This slowdown in consumption has led to a rise in inventory stock in the U.S. which could further put downward pressure on prices," Sehul Bhatt, Director-Research at CRISIL Market Intelligence and Analytics, said. Conflicts are ongoing in the Middle East and between Russia and Ukraine, but analysts said the risk premium on oil had shrunk because there has been no material impact on oil flows. However, a further widening of the Israel-Hamas conflict paired with sustained supply outages, including disruptions in Libya, could drive prices above $90 a barrel, Kpler's Grunberger said. "The floating storage has risen recently. Also, the announced production enhancement by the OPEC+ alliance is a burden on oil prices shoulder so far," said Thomas Wybierek, analyst at NORD Landbk. The Organization of the Petroleum Exporting Countries and allies (OPEC+) earlier this month confirmed its plan to start unwinding the most recent layer of cuts of 2.2 million bpd from October, but repeated earlier comment the increase in supply could be paused or reversed if needed. "We still assume that OPEC will raise production in the fourth quarter as the market is potentially shifting from an equilibrium where OPEC supports spot balances and reduces volatility to a more long-run equilibrium focused on strategically disciplining non-OPEC supply and supporting cohesion," Goldman Sachs said in a note this week. Sign up here. https://www.reuters.com/markets/commodities/oil-prices-face-pressure-slow-china-demand-inventory-rise-2024-08-30/

2024-08-30 11:11

Aug 30 (Reuters) - U.S. oil and gas firm Talos Energy (TALO.N) , opens new tab said on Friday its CEO Tim Duncan had stepped down from his role on Aug. 29. The company named board member Joseph Mills as its interim chief. Sign up here. https://www.reuters.com/markets/commodities/talos-energy-ceo-tim-duncan-steps-down-mills-named-interim-chief-2024-08-30/

2024-08-30 11:02

BERLIN, Aug 30 (Reuters) - German authorities are warning of unconventional incendiary devices sent by unknown persons in packages, German news agency dpa reported on Friday, citing a message sent to airlines and logistics companies. The parcels were sent from European locations to other locations on the continent and caught fire on the way, the report said. The security notice was sent issued by the domestic intelligence service BfV and federal crime agency BKA, it said. Sign up here. https://www.reuters.com/world/europe/german-authorities-warn-incendiary-devices-packages-dpa-reports-2024-08-30/

2024-08-30 10:57

PRAGUE, Aug 30 (Reuters) - Czech police have detonated a World War Two bomb found last week at Polish group Orlen's (PKN.WA) , opens new tab Litvinov refinery, whose production has been stopped since the discovery, live Czech TV footage showed on Friday. Police said on X social media platform that first indications from the detonation site in the refinery compound showed no visible significant damage. Police had prepared for the controlled explosion for several days, creating a wall of sandbags around the bomb. Sign up here. https://www.reuters.com/world/europe/czech-police-detonate-world-war-two-bomb-orlens-litvinov-refinery-2024-08-30/