Oil rates drop as OPEC+ weighs another output hike
Oil prices fell by more than 2 percent on Wednesday ahead of a weekend meeting of OPEC+ producers that is expected to consider another increase in production targets in October.
Brent crude fell $1.6, or 2.31 percent, to $67.54 a barrel by 2:11 p.m. EDT (1811 GMT). U.S. West Texas Intermediate crude fell $1.68, or 2.56 percent, to $63.91 a barrel.
Eight members of the Organization of the Petroleum Exporting Countries and allies – known as OPEC+ – will consider further raising oil production at a meeting on Sunday, two sources familiar with the discussions told Reuters, as the group seeks to regain market share.
The prospect of OPEC+ raising oil production has increased ahead of the meeting, said Phil Flynn, senior analyst with Price Futures Group. Traders had expected the group to stay the course.
Another boost would mean that OPEC+, which pumps about half of the world’s oil, would be starting to unwind a second layer of output cuts of about 1.65 million barrels per day, or 1.6 percent of world demand, more than a year ahead of schedule.
Colombia’s coal exports decline
Colombia’s coal exports fell by almost half in July compared to the same month last year, official figures show, amid a global price crisis and days after President Gustavo Petro’s ban on sales to Israel.
Colombia is Latin America’s leading coal producer but the sector has contracted for five consecutive quarters due to the collapse of international prices and domestic policies.
The country exported $479.8 million worth of coal in July, a 45.8 percent drop from the $885.8 million sold during July 2024, according to the National Administrative Department of Statistics
Local mining unions blame increased production in Indonesia that has driven down global prices.
Last month, Petro issued a second decree for Colombia to halt coal exports to Israel, renewing a June 2024 edict.
Colombia was previously Israel’s top coal supplier.
In a broader push for sustainability, the leftist president has imposed higher taxes on coal with a view to moving his country toward renewable energies.
In 2026 Kazatomprom to lower uranium production
The national atomic company of Kazakhstan has announced plans for a roughly 10 percent cut in its uranium production in 2026, saying it does not view the current supply-demand balance and existing uncovered demand as sufficient to incentivise a return to its 100 percent levels at this time.
“As the world’s largest producer and seller of natural uranium, Kazatomprom fully recognises the critical role the Company has in supporting the global energy transition. We remain committed to delivering long-term value to all stakeholders,” Kazatomprom CEO Meirzhan Yussupov said, as the company announced its consolidated financial results for the first half of 2025.
“Kazatomprom is currently undertaking a large-scale exploration in Kazakhstan, which is a top priority for replenishing its resource base and maintaining its leading position as a global nuclear fuel supplier.
“Despite the volatility in the spot uranium market and the broader capital markets, some of which may be due to uncertainty brought by the tariff wars, uranium long-term price has remained stable at 80 US dollars per pound proving that fundamentals remain strong. However, the Company does not view the current market developments to be sufficient to return to the Company’s initial 100 percent levels at this time, which are now being decreased by roughly 8 million pounds, cutting about 5 percent of the world’s primary supply.”
In July, Brazil oil and gas production reaches record levels
Brazilian national oil and gas regulator Agência Nacional do Petróleo, Gás Natural e Biocombustíveis (ANP) said July saw record-breaking total oil and gas production in Brazil, reaching 5.2M barrels of oil equivalent per day (boe/d), and surpassing the 5.0M boe/d mark for the first time.
ANP said the country extracted around 4.0M barrels per day (bbl/d), up 5 percent compared to June and 23 percent compared to July 2024. Natural gas production in July hit 190.9M cubic meters per day (m³/d), a 5 percent increase compared to June and a 26 percent increase compared to July 2024.
Brazil also saw a new record for pre-salt oil and natural gas production, reaching 4.1M boe/d, a 6 percent increase over the previous month and a 24 percent increase compared to July 2024.
Wheat plantation area declined by 6.5pc in Pakistan
The Food and Agriculture Organisation (FAO) of the United Nations says though the wheat production in Pakistan has officially been estimated at 29 million tonnes in 2025, reflecting about 5 percent above the five-year average, the area planted has declined by 6.5 percent compared to the previous year.
The reason for the decline in area of plantation is attributed to the removal of the minimal support price since May 2024, combined with low domestic wheat prices at the planting time that led some farmers to shift to more profitable vegetables and cash crops, including oilseeds, condiments and vegetables, says Global Information and Early Warning System on Food and Agriculture (GIEWS) on Pakistan in its latest issue.
Sugar stocks skyrocket as government relaxes ethanol norms
Sugar stocks were in high demand on Tuesday, with Rajshree Sugars surging 20 percent, a day after the government permitted sugar mills and distilleries to produce ethanol without any quantitative restrictions in the 2025-26 marketing year starting November.
Vikram Kasat, Head – Advisory at PL Capital, said, “Sugar companies rallied after the government allowed ethanol production without quanti-tative restrictions from November.”
Ethanol Supply Year (ESY) runs from November to October. “Sugar mills and distilleries are allowed to produce ethanol from sugarcane juice/sugar syrup, B-heavy molasses as well as C-heavy molasses during ESY 2025-26 without any restrictions,” the food ministry said in a notification on Monday.