EUR/USD
1.16342
0.094%
Gold
4387.49
0.739%
Oil
91.785
-0.457%
USD/JPY
153.399
-0.377%
GBP/USD
1.35515
0.086%
GBP/JPY
207.883
-0.299%
Real-time News
September 9th - According to sources, Iraq is seeking a significant increase in its oil production quota as OPEC+ reviews its capacity to determine next years output levels. The second-largest oil producer in OPEC hopes to calculate future production targets based on a benchmark of 6 million barrels per day, a substantial increase from its recent levels. Iraq, the birthplace of OPEC sixty years ago, hinted in June that it might withdraw from OPEC if it could not secure a sufficiently high benchmark quota. This move could be a major blow to the organization, following the withdrawal of another key Middle Eastern member, the UAE. OPEC+ has commissioned external consultants to assess the maximum achievable production levels for each member country to better align quotas with reality. This assessment is expected to be completed by the end of this month and approved at the oil ministers meeting at the end of November. The assessment results could be crucial to OPEC unity. Meanwhile, another founding member, Venezuela, is closely watching whether to withdraw, as it is reaching a major agreement with Trump that would grant the US considerable control over some of its oil reserves.The World Platinum Investment Council: The platinum market will experience its first annual supply surplus since 2022 due to outflows of investment funds.September 9th - The World Platinum Investment Council (WPIC) stated that the platinum market is expected to shift to a supply surplus this year after three consecutive years of shortages, influenced by factors such as large-scale investor sell-offs. At the beginning of the year, precious metals were caught in an investment frenzy, with platinum soaring to a record high of nearly $3,000 per ounce. This upward trend subsequently reversed sharply, with platinum prices falling by more than a third from their January peak. The WPIC now predicts an 8.2-ton supply surplus in 2026, compared to a 9.2-ton shortage forecast earlier this year. This change is almost entirely attributed to a downward revision in investment demand, with ETF holdings expected to decrease by approximately 12 tons this year. Ed Stecker, Head of Research at the WPIC, stated that as investor demand recovers, a supply gap is expected in the second half of the year, but this will not be enough to offset the impact of the large ETF outflows at the beginning of the year.The National Bank of Kazakhstan reported that Kazakhstans net gold and foreign exchange reserves in August totaled $68.562 billion (an increase of 11.8% month-on-month).Futures News, September 9th - Data released by the Petroleum Institute of Japan (PAJ) on Wednesday showed that for the week ending September 5th, Japans commercial crude oil inventories were 11.4515 million kiloliters, a decrease of 1,007,645 kiloliters from the previous weeks 12.4591 million kiloliters. Refinery operational capacity (BPSD) utilization was 82.9%, compared to 82.6% the previous week. Refinery design capacity (BPCD) utilization was 76.6%, compared to 77.6% the previous week. Due to changes in Japans petroleum product supply structure, the PAJ has suspended the release of weekly inventory details for gasoline, jet fuel, kerosene, and diesel.
