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RWE CEO sees energy sector entering new era as geopolitics shift
RWE's CEO said that the resulting?geopolitical tensions? have led to a heightened expectation from governments regarding long-term security and resilience in energy supply. Markus Krebber, a Handelsblatt Energy Summit reporter, said that "we are entering a new age in energy supply". He added that the focus of economics was shifting towards a "long-term strategy for energy supply without new dependences". Germany, Europe's largest economy, is among Western nations looking for new alliances. This is because trusted relationships have been damaged, most notably those with the United States, as a result trade tensions caused by Donald Trump's policies. Berlin has severed energy ties to Russia, its former principal supplier. This is hurting the German industry and reducing growth. Germany, which has no fossil fuel reserves, has tried to diversify the supply of these fuels, driving prices up. Krebber sounded like he was putting a damper on the hopes of more RWE share buybacks, as activist investor Elliott had called for. He said the group has "outstanding" opportunities for investment in new power plants in Germany, in offshore wind in Britain, and in solar and batteries in America. RWE announced in late 2024 a 1,5 billion euro ($1.8 'billion) share purchase program that Krebber stated runs until May 2026. Since the announcement, Krebber noted that RWE's shares have risen by more than 50% and are now worth over 50 euros. Krebber stated that "we?have always said whether or not we do a share purchase depends on the price of the shares and our investment opportunities." It?will not surprise you to hear that a buyback of shares at 28 euros is a completely different issue than a buyback of shares at 52 euros." $1 = 0.8356 Euros (Reporting and editing by Miranda Murray, Alexander Smith and Christoph Steitz)
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Morocco to open Nador West Med port in Q4 2026
The royal palace announced on Wednesday that Morocco would begin operating Nador West 'Med, its second Mediterranean deepwater port in the fourth quarter of this year. It aims to duplicate the success of Tanger Med - the Mediterranean and Africa’s largest port. The palace announced after a meeting presided over by King Mohammed VI that the $5.6 billion facility would open with a?annual capacity? of 5 million containers. This could be expanded to 12 million, according to the palace. It said that the new facility included 5.4 km breakwaters, four km of quays, and four power plants. The terminal was built to house Morocco's first liquefied natural gas terminal with a capacity of 5 billion cubic meters per year, as well as a hydrocarbons terminal. It said that the project also provides 700 hectares of industrial and logistic activity. This has already attracted private investment worth 20 billion dirhams.
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Sources say that Chevron will increase its Venezuelan oil exports to the US in March.
Two sources familiar with the plans on Wednesday said that oil producer Chevron will increase exports of Venezuelan crude from the U.S. up to 300,000 barrels per day (bpd). This is up from 100,000 bpd last December and 230,000 bpd this month. The U.S. firm, which is the principal partner of Venezuelan state-run energy company PDVSA has chartered a dozen oil tankers in order to increase shipments at its projects and drain inventories accumulated since December when a U.S. ban on Venezuelan exports left millions of barrels in tanks and vessels onshore. Four Chevron - PDVSA joint ventures produce between 240,000 and 250.000 bpd in heavy crude grades, which are popular with U.S. Gulf Coast refiners. Separate sources confirmed that the PDVSA output cuts implemented on some oilfields in early January didn't affect Chevron projects. Chevron was for many months the only company that Washington allowed to export Venezuelan crude oil to the U.S. in order to avoid sanctions. Now, it is competing with Vitol, Trafigura and other trading houses. Chevron stated that it is "committed to both its present and its future while strengthening U.S. Energy and regional security." PDVSA didn't immediately respond to a comment request. Mark Nelson, Chevron Vice Chairman at a meeting with U.S. president Donald Trump in early this month, said that the company could increase crude loading by 100% instantly and?increase?production within the next two year. When asked about Chevron's plans, Trump was told that the company is looking to fix and build new infrastructure. Nelson explained that the majority of investments were made to bring the equipment to the standard we have come to expect. Trump has proposed a $100 billion plan to rebuild Venezuela's oil industry after U.S. troops captured Nicolas Maduro earlier this month. The country is now ruled by a government headed by interim president Delcy Rodriquez, which is working to pass sweeping reforms to the main oil law of Venezuela in record time. This will allow for the investment to be made. Reporting by Marianna Paraga and Sheila Dang, Editing by Julia Symmes Cobb and Nathan Crooks; Paul Simao and Julia Symmes Simao
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Adani Airports calls on India to relax the seat cap for foreign airlines
Adani Airports urged India on Wednesday to relax limits on how many seats foreign carriers can sell?on flights into and out of?the country, saying that the curbs were holding back its ambitions to become a world aviation hub. These limits are part of bilateral agreements to protect domestic carriers, but they have long frustrated overseas carriers. Dubai's Emirates has, for instance, said that demand is much higher than the weekly seat limits under the India-UAE agreement. Arun Bansal, Chief Executive of Adani Airports, said that "in the short-term" bilateral agreements are limiting growth in Indian aviation. He made this statement during a discussion panel at an Indian airshow in Hyderabad. For India to become a hub we need a open skies approach. A spokesperson for the Indian government?didn't immediately respond to an inquiry for comment. India has the fastest growing aviation market in the world. Adani Airports is part of Gautam Adani’s billionaire group and operates eight airports. It plans to bid on 11 more in its $11 billion expansion plan. IndiGo and other Indian airlines have supported the government's decision on seat caps. They argue that a rapid liberalisation could harm domestic carriers who are still expanding fleets. (Reporting and editing by Aditya K. Kalra, Mark Potter and Abhijith G. Ganapavaram from Hyderabad)
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TSX futures rise ahead of Fed and BoC rate decisions; gold rallies
The futures for Canada's main index of stocks rose on Wednesday, as gold prices reached a new high. Investors awaited the interest rate decisions that would be made by the U.S. Federal Reserve later in the day. As of 5:41 a.m., March futures for Toronto's S&P/TSX composite index were up 0.16%. ET. Spot gold rose 1.6% and briefly surpassed $5,300 an ounce as the U.S. Dollar sank to four-year lows before stabilizing after President Donald Trump dismissed January's decline. At its next policy meeting, the Fed is expected to?keep rates unchanged. However, the decision will likely be overshadowed due to concerns about the central bank's independence amid Trump's efforts to gain more?control over monetary policy. The Bank of Canada is scheduled to announce its decision at 9:45 am. It is widely expected that the Bank of Canada will also keep its rates unchanged. According to a poll conducted on Friday, a majority believe that the Canadian central banks will maintain rates through 2026 based on the expectation of?economic growth? and inflation that is largely controlled. Investors remained cautious ahead of rate decisions, as the Toronto benchmark stock index did not change much on Tuesday. In light of concerns about a 'AI bubble,' the market will also be looking at earnings from Microsoft and Meta due after the bell for clues on profitability in the tech sector. Canadian railway operator Canadian Pacific Kansas City, Celestica, a firm that provides electronic manufacturing services, and CGI, a tech consulting firm, are all scheduled to report earnings in Canada later today. CLICK CODES TO GET CANADIAN MARKETS UPDATES: TSX Market Report Canadian Dollar and Bond Report Global Stocks Poll for Canada Canadian Markets Directory (Reporting and editing by Jonathan Ananda in Bengaluru, Utkarsh T. Tushar Hathi)
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Storm Kristin knocks 800,000 people out of power in Portugal before crashing into Spain
Authorities said that Storm Kristin caused more than 800,000. people in central and northern Portugal to lose electricity on Wednesday morning. The storm knocked down trees and utility poles, damaged homes and disrupted motorway and railway traffic, before it moved inland into Spain. According to emergency services, at least one person was killed when a fallen tree fell onto their car on the outskirts Lisbon. In a country with 11 million people, civil protection authorities reported?1,500 incidents related to weather. These were triggered by wind gusts up to 150 km/h and heavy rain. Grid operator E-Redes stated that technical teams are working to restore power to about 855,000 'clients, after initial efforts were hampered by severe weather. The storm then moved eastward into Spain. Spain is still recovering from the effects of Storm Joseph, a previous system. On Tuesday, strong winds in Torremolinos killed a woman when a palm was felled by the wind. Snow covered more than 160 roads in?Spain on Wednesday. This included 27 motorways, such as?A-6, which connects Madrid to the north. In central Madrid, snow also covered the rooftops but did not cause any major problems. AEMET, the Spanish weather agency, warned of strong winds in large parts of Spain. Some gusts were even hurricane force. Authorities in southern Almeria province have issued a'red alert' due to the severity of the wind. In some places, local authorities have closed parks and suspended outdoor sports and educational programs.
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Vitol executive: Kazakhstan oil export losses will ease global oil glut
The Asia head of trader Vitol said that Kazakhstan lost more than 40 million barrels from crude exports due to 'damage near the Caspian Pipeline Consortium. Kieran Galagher, a speaker at the Indian Energy Week conference, said that the market had been impacted by the massive shut-in of CPC 'Kazakh Group. This has had a real impact on the immediate increase in stocks. Tengiz oilfield's?largest oilfield, Tengiz?, experienced a?outage in this month. Gallagher stated that the global crude oil stock is expected to increase by 700,000 barrels a day (bpd), which is lower than the over a million bpd predicted by many analysts. In its January monthly oil report, the International Energy Agency predicted that global oil supply would surpass demand by 4,25 million barrels per day in the first quarter. The main reason why the supply has risen faster that the demand is because the producer group OPEC+ - which includes the 'Organization of the Petroleum Exporting Countries and?allies such as Russia - began boosting production in April 2025, after years of cutting. Other producers such as the U.S. Guyana, and Brazil have also increased their output. OPEC+, however, has paused production increases for the first three months of 2026. (Reporting and writing by Mohi Nairayan Editing by David Goodman.)
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Egypt demands the release of four Egyptian citizens who were detained in a tanker that was seized by Iran
Egypt announced on Wednesday that they are working to secure the release of four citizens who were arrested?by Iran?last month. Tehran had seized a tanker in the Gulf on suspicion of "smuggled gasoline". The Egyptian Foreign Ministry said in a statement that four Egyptian crewmembers were currently on board the Reem AlKhaleej vessel, which is docked at the Bandar Abbas port of Iran. Iran announced last month that they had seized an oil tanker from a foreign country carrying 4 million litres of fuel smuggled near the Iranian Island of Qeshm. The Iranian government did not reveal the name of the ship or its nationality but said 16 foreign crew were detained for 'criminal' charges. Iran has one of the lowest fuel prices in the world due to its heavy subsidies and the sharp fall of the national currency. It has also been trying to curb widespread fuel smuggling, both by land and sea, to Gulf States.
Montenegro may face fuel shortages as a result of truckers' blockade
Montenegro may face fuel shortages as a result of regional protests and the blockade by truck drivers?of Bar's Adriatic port over restrictive EU entry laws?that could lead to their deportation if they exceed Schengen visit limitations.
Montenegro has no own oil refinery and so the port of Bar is a major entry point for fuel imported from abroad. The port of Bar is also home to the largest fuel?depots in the country.
The blockade of border crossings that began Monday in Serbia, Bosnia and Montenegro, and North Macedonia has halted transportation along a crucial road corridor connecting?the EU to Turkey and the Middle East.
The Montenegrin Energy Ministry issued a statement late on Tuesday in which it said that they had asked the oil companies to provide information about their stocks and the period estimated during which fuel supplies can be kept regular.
The current fuel supplies have been effectively reduced to what is available in petrol stations. This will allow the market to continue to function 'for just a few days more.
The ministry also advised people to refrain from purchasing excessive amounts of fuel at petrol station.
Montenegrin Police said that the truckers had a permit allowing them to protest until Thursday midday.
Truckers want to extend the time they can stay in Schengen, claiming that they are quickly reaching the limit due to the volume of freight they carry. (Reporting and editing by Ros Russell; Aleksandar Vasovic)
(source: Reuters)