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Oil | Agriculture | Metals | Carbon & Power | Dry Freight Top News Oil | Agriculture | Metals | Carbon & Power | Dry Freight Click on headers to go to that section Top News - Oil OPEC+ sticks to plan to ease oil output cuts from The OPEC+ report said it expected commercial oil stocks May 1 to reach 2.95 billion barrels in July, taking them below the OPEC, Russia and their allies will stick to plans for a 2015-2019 average, and expected them to remain below phased easing of oil production restrictions from May to that average for the rest of the year. July amid upbeat forecasts for a recovery in global It said it saw stocks at about 70 million barrels below the demand and despite surging coronavirus cases in India, average for the whole of 2021, a more optimistic outlook Brazil and Japan. than its previous forecast of 20 million barrels below the The group known as OPEC+ ditched plans to hold a average. ministerial meeting on Wednesday, four OPEC+ sources said, following Tuesday's meeting of ministers who are Saudi Arabia in talks to sell 1% of Aramco to foreign members of a market monitoring panel. investor, says crown prince The panel decided to stick to policies broadly agreed at a Saudi Arabia's crown prince said in televised remarks on previous April 1 meeting of OPEC+, Russian Deputy Tuesday that the kingdom was in discussions to sell 1% Prime Minister Alexander Novak said after the talks. of state oil firm Saudi Aramco to a leading global energy He said the next OPEC+ ministerial meeting was company. scheduled for June 1 to review output levels for July and Crown Prince Mohammed bin Salman said Aramco, the August. world's biggest oil company which listed on the Saudi An OPEC+ statement also confirmed the June 1 date for bourse in late 2019, could sell further shares including to the next meeting. international investors within the next year or two. OPEC+, which is responsible for more than a third of "There are talks now for the acquisition of a 1% stake by global production, has cut output by around 8 million a leading global energy company in an important deal barrels per day (bpd), equivalent to over 8% of global that would boost Aramco's sales in ... a major country," demand. The reduction includes a 1 million bpd voluntary he said, without elaborating. cut by Saudi Arabia. "There are talks with other companies for different stakes, At the April 1 meeting, the group agreed to bring 2.1 and part of Aramco's shares could be transferred to the million bpd back to the market from May to July, easing (Saudi) Public Investment Fund and a part listed ... on the cuts to 5.8 million bpd. Saudi bourse," he said in an interview aired by Saudi TV In a report by OPEC+ experts, the group forecast global marking the fifth anniversary of Vision 2030. oil demand in 2021 would grow by 6 million bpd, after The Aramco initial public offering in 2019 was seen as a falling 9.5 million bpd last year. pillar of the economic diversification programme aimed at But the group said that, even though more than 1 billion attracting foreign investment. COVID-19 vaccine doses had been administered globally, Aramco raised $25.6 billion in the IPO and later sold it was concerned that surges in new virus cases in India, more shares under a "greenshoe option" to raise the total Brazil and Japan might derail recovering demand for to $29.4 billion. crude. The proceeds of that offer were transferred to the Public Oil prices rebounded on Tuesday after falling the previous Investment Fund (PIF), Prince Mohammed’s vehicle of session, with gains capped by growing concern about fuel choice to transform the Saudi economy and diversify demand in India, the world's third-biggest crude importer. away from oil revenue. Top News - Agriculture ADM posts 76% Q1 profit jump, sees strong 2021 as oilseeds unit. COVID restrictions ease ADM results offered an early glimpse into how the Archer Daniels Midland Co reported a surge in first- world's largest grain traders are emerging from the quarter profit on Tuesday and forecast "significant year- pandemic that triggered massive shifts in food and fuel over-year growth" in 2021 as coronavirus vaccinations demand as consumers cooked more meals at home and accelerate and pandemic restrictions continue to ease, avoided unnecessary travel. sending shares to a record high. Further easing of pandemic restrictions are expected to Quarterly profit jumped 76% as robust import demand benefit agribusinesses like ADM and its rivals Bunge Ltd, from China and strong oilseed crushing margins boosted Cargill Inc and Louis Dreyfus Co, known as the ABCD the U.S. grains merchant's core agricultural services and quartet of grain trading giants. "We are seeing clear, favorable demand trends for many President Alassane Ouattara is expected to sign on of our products, and we expect that pattern to continue as Wednesday an order to enforce a 2012 law under which vaccine rollouts accelerate and restrictions ease," ADM's Ivorian cocoa exporters are meant to handle at least 20% Chief Executive Officer Juan Luciano said, adding that all of national cocoa output. of its business segments should post stronger year-over- The policy has gone largely unenforced until now. Every year results in 2021. year the six major international players have used their But slow vaccine rollouts in some parts of the world greater financial muscle to buy and export all of the cocoa suggest an uneven, years-long recovery from the virus, available, while local firms lacked access to financing and he said. to European and U.S. chocolate makers to compete on ADM said its agricultural services and oilseeds unit an even playing field. recorded a record first quarter despite slow farmer selling Once the new order is in force, it will be compulsory for and a delayed harvest in South America. The company's one fifth of all export deals contracted by multinationals to oilseed crushing operations recorded their strongest ever be carried out by local exporters designated by the quarter, ADM said. country's Cocoa and Coffee Council (CCC), according to ADM recently restarted two dry corn ethanol mills it idled two CCC sources and two agriculture ministry sources. during the pandemic amid rising demand, but said it The international cocoa companies that currently hold remains committed to selling the facilities. Ivorian export contracts are Cargill, SucDen, Oam, Barry Net earnings attributable to ADM rose to $689 million, or Callebaut, Touton, and Ecom. $1.22 per share, in the three months ended March 31, "The cartel of these six multinationals is a danger for our from $391 million, or 69 cents per share, a year earlier. cocoa sector," one of the cocoa council sources told Quarterly revenue climbed 26.2% to $18.89 billion, Reuters on condition of anonymity. "We must reduce their blowing past Wall Street's expectation of $16.38 billion, influence and ensure that all actors have a place to work." according to Refinitiv IBES. The multinationals say they act in compliance with all ADM stock was up 3.8% at $62.25. CCC regulations. Some Ivorian firms have said that by not enforcing the Ivory Coast to boost local firms' share in cocoa existing policy, the government had failed to provide local exports, say sources companies fair access to the international market. Ivory Coast will soon require 20% of cocoa purchases by "For us this is not a victory but the redress of an injustice, multinational companies to be fulfilled by local firms in because for almost 10 years these multinationals have order to reduce foreign influence on the world's largest taken advantage of this situation to consolidate their cocoa-exporting economy, four sources told Reuters on monopoly," a director of one Ivorian export company told Tuesday. Reuters on condition of anonymity. Top News - Metals Brazil's Vale, eyeing EV market, mulls base metal Caledonia to a consortium involving commodity trader spinoff Trafigura. The mine had been shut since December amid Brazilian iron ore miner Vale SA is "closely analyzing" a violent protests, after its possible divestment became a possible spinoff of its base metals division, Chief matter of political debate. Executive Eduardo Bartolomeo said on Tuesday, a move Meanwhile, the company posted disappointing copper that could help the company take advantage of increasing production figures in the first quarter, amid COVID-19 demand from electric car manufacturers. related operational restrictions. The company previously considered spinning off its base In Tuesday comments, executives said the sale of the metals division in 2014, but delayed the move in 2015, financially troubled New Caledonia assets was one-factor and later abandoned the idea. in their decision to restart analysis on the base metal "More and more, we're focusing on copper and nickel as spin-off, adding that they considered the division key for our participation in the de-carbonization of the undervalued. economy," said Mark Travers, Vale's director of base Executives added, however, that the spin-off was still in metals. its conceptual stages, and the company would still need "Clearly, we are going down that path of EV penetration to established how to structure the unit. in the auto industry and the inclusion of nickel in the Brazil-listed common shares in Vale were up 1% in batteries of those vehicles." afternoon trade on Tuesday, outperforming Brazil's The company's base metals division, while dwarfed by its benchmark Bovespa equities index, which was down core ferrous minerals division, has experienced significant 0.4%. turmoil over the last year.
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