By Marianna Parraga
Feb 9 (Reuters) – Venezuela’s state oil company PDVSA has reversed most of the output cuts it had ordered at its own oilfields and joint ventures in the country’s main crude region, the Orinoco Belt, boosting the nation’s total production close to 1 million barrels per day (bpd), sources close to operations said.
The OPEC country had to cut back crude output, its main source of revenue, following an oil blockade in December imposed by Washington to pressure President Nicolas Maduro, who was captured in early January leading to the U.S.-overseen government of interim President Delcy Rodriguez.
The strict U.S. blockade left millions of barrels of exportable crude stuck at onshore tanks and vessels in the country, forcing output cuts that PDVSA has recently begun to reverse as exports bounce close to normal levels.
The Orinoco region is now producing slightly over 500,000 bpd after increases over the weekend at several projects, the sources said, more than 100,000 bpd above early January.
Trading houses Trafigura and Vitol were granted initial U.S. licenses last month to export and market millions of barrels of Venezuelan oil as part of a flagship $2 billion supply agreement between Caracas and Washington.
The U.S. Treasury Department also has issued general licenses in recent weeks broadly allowing U.S. companies to export Venezuelan oil and provide the country with fuel, which are expected to be followed by other authorizations for exploring and producing oil in the country, separate sources have said.
The U.S. licenses have helped untangling exports, freeing crude and fuel that were in inventory, providing much needed diluents for Venezuela’s extra heavy oil and allowing PDVSA to boost production, particularly at the Orinoco Belt, the sources said.
(Reporting by Reuters Staff and Marianna Parraga; Editing by Nathan Crooks and Nick Zieminski)
Foreign Minister Sergei Lavrov. Dmitry Belitsky/Moskva News Agency.
Russian Foreign Minister Sergei Lavrov has accused the United States of sabotaging efforts to improve bilateral relations and of undermining negotiations to end the war in Ukraine.
“Despite all the statements by the Trump administration about the need to end the war … it does not challenge all the laws that Joe Biden passed to punish Russia after the start of the special military operation,” Lavrov said in an interview with TV BRICS published on Monday.
“In practice, the opposite is happening: new sanctions are being imposed, a war is being waged against tankers on the high seas, in violation of the UN Convention on the Law of the Sea,” he said, referring to U.S. forces recently seizing ships belonging to a so-called “shadow fleet” of oil tankers.
In October, the United States sanctioned Russia’s largest oil producers, Lukoil and Rosneft, marking the first major sanctions against Moscow since Trump took office last year. Lukoil was forced to sell most of its foreign assets following the move.
Trump had promised to end the war in Ukraine by day one of his presidency, but efforts to broker a peace deal stalled nearly as soon as they began. The president, meanwhile, has said he hopes for improved relations with Russia, including possible business deals between the two countries.
NEW DELHI, Feb 9 (Reuters) – India’s state-owned refiners Indian Oil Corp and Hindustan Petroleum Corp have together bought 2 million barrels of Merey crude from Venezuela for delivery in the second half of April, two trade sources aware of the deal said.
The crude will be carried on a single very large crude carrier with IOC taking about 1.5 million barrels and HPCL about 500,000 barrels and is set to arrive on India’s east coast, the sources said, adding the seller was Trafigura.
The purchase highlights Indian refiners’ effort to diversify their imports to partly replace Russian oil, which they are avoiding to help New Delhi seal a trade deal with Washington.
The purchase of Venezuelan oil is the first by HPCL, with IOC, the country’s top refiner, having previously bought Venezuelan oil in 2024, data compiled by Reuters shows.
Indian companies do not comment on spot tenders due to confidentiality agreements. Trafigura declined to comment.
HPCL said in January it was seeking Venezuelan oil to process at its 300,000-barrels-per-day refinery in Visakhapatnam in the southeastern state of Andhra Pradesh, which was recently upgraded to process heavy oil. IOC previously processed Merey at its Paradip refinery in the eastern state of Odisha.
The Merey is priced against the Dubai benchmark and reflects similar rates at which Reliance Industries bought Venezuelan oil from trader Vitol, said one of the two trade sources, who all spoke on condition of anonymity.
Reliance, the operator of the world’s biggest refining complex, bought 2 million barrels of Venezuelan oil for April delivery from Vitol at a discount of around $6.50-$7 per barrel to ICE Brent, sources previously told Reuters.
Vitol and Trafigura were granted U.S. licences to sell Venezuelan oil after last month’s U.S. military operation to capture President Nicolas Maduro.
Oil refiners on the U.S. Gulf Coast are struggling to absorb a rapid increase in Venezuelan shipments, leaving some volumes unsold, according to traders and shipping data.
The U.S. and India have moved closer to a trade pact, announcing a framework for a deal they hope to conclude by March that would lower tariffs and deepen economic cooperation.
Although a U.S.-India statement on the trade framework did not mention Russian oil, President Donald Trump rescinded his 25% tariffs on Indian goods, imposed over Russian oil purchases, because, he said, New Delhi had “committed to stop directly or indirectly” importing Russian oil.
New Delhi has not officially announced plans to halt Russian oil imports.
https://thesentimes.com/india-buys-2-million-barrels-venezuelan-oil-from-trafigura-sources-say/
By Irina Slav - Feb 09, 2026, 7:00 PM CST
Big Tech plans to spend hundreds of billions on AI this year, the industry leaders said this earnings season. In response, a stock sell-off followed as traders grew wary of the whole AI story. Looking for something safer, they went into energy stocks. Big Oil stocks, to be precise.
Last week saw a sharp drop in Big Tech stocks as traders sold off their holdings on fears that artificial intelligence was about to replace software. NVIDIA’s CEO Jensen Huang dismissed those fears, saying, “There's this notion that the tool industry is in decline and will be replaced by AI. You could tell because there's a whole bunch of software companies whose stock prices are under a lot of pressure because somehow AI is going to replace them. It is the most illogical thing in the world and time will prove itself.”
There are, however, other concerns related to the Big Tech sector that are making traders and investors turn increasingly to safer industries, namely oil and gas. Those concerns essentially come down to the spending plans of the tech giants, running at over $660 billion for this year alone. Amazon alone announced capex of $200 billion for 2026 on Friday, which was 50 billion higher than what traders expected. Meta said it would spend $135 billion this year, which was a nearly twofold increase on its 2025 capex, with most of the money to be spent on AI.
While Big Tech is burning cash on data centers, chips, and power supply, Big Oil is quietly doing what it does best: extracting oil and gas, the latter incidentally essential for Big Tech’s AI buildout. The fact that peak oil demand warnings have grown less frequent after the International Energy Agency admitted oil is going to be around for a lot longer than 2030 also helped traders rediscover energy stocks.
As a result of these developments, U.S. oil and gas stocks are up a collective 17% since the start of the year, the Financial Times reported this month, citing data from Bloomberg. The stock gains helped push the market cap of Exxon, Chevron, and ConocoPhillips 25% higher over the past 12 months, the report went on, noting that European Big Oil also enjoyed a rise in stock prices, although a bit more moderate.
The FT noted in its report that the stock gains materialized despite a decline in international oil prices, which it saw as unusual and counterintuitive. The fact is, however, that even with lower oil prices, Big Oil is making money, and traders are being reminded that this is a good thing, while Big Tech’s artificial intelligence plans have yet to bear financial fruit.
It is a fact that the oil price slide from last year was substantial and that it affected the earnings of the supermajors and smaller players. However, it is also a fact that Big Oil remained profitable despite the price slide—and the IEA’s admission that oil demand could continue growing until 2050 at least helped traders and investors see markets in a new, more real-life light.
There is also another reason why Big Oil is getting more attractive. The supermajors have pretty reasonable debt levels, while Big Tech is borrowing big and about to start borrowing even bigger because those $660 billion have to come from somewhere, and debt markets are the obvious choice. Besides, Big Oil likes to pamper its shareholders with cash returns via buybacks and dividends, even if it needs to borrow to do that, as some analysts expect.
Currently, cash returns as a percentage of cash flow from operations for several supermajors sit at a comfortable 50%, CNBC reported recently, quoting a Quilter Cheviot analyst. To maintain that level amid weak international oil prices, Big Oil may need to borrow more, Maurizio Carulli predicted last October. Yet oil prices are actually higher now, driven by geopolitical events that suggest a supply disruption may be looming over oil markets.
Meanwhile, Big Tech will see shrinking cash flows this year because of its massive AI spending plans. Amazon may swing into negative territory there, with Morgan Stanley seeing its cash flow at minus $17 billion and Bank of America predicting it at minus $28 billion. Alphabet hiked its long-term debt fourfold last year, while analysts expect its free cash flow to slump by 90% this year. The same extent of free cash flow loss is expected at Meta, according to Barclays.
It is not that analysts are particularly worried about the state of the industry and, more specifically, the so-called hyperscalers segment. The banks still have “buy” ratings on Big Tech’s stocks. Yet it seems traders are more guarded and more careful about where they put their money. The jam tomorrow story does not appeal to everyone—especially when there is an industry that offers the jam today, as does Big Oil.
Written by: Akshay ShivalkarUpdated on: 10 Feb 2026, 3:47 pm IST
Crude prices extended their two‑day climb as geopolitical tensions involving Iran added a risk premium to global benchmarks.
Crude oil prices continued to rise as tensions in the Middle East heightened, particularly around Iran, a key OPEC member. West Texas Intermediate (WTI) traded above $64 a barrel, building on a 1.7% increase over the previous two sessions.
Brent crude also strengthened, closing near $69. The upward movement followed new warnings from the US advising American‑flagged vessels to avoid Iranian waters in the Strait of Hormuz.
Geopolitical Tensions Drive Risk Premium
Iran’s central role in OPEC and its strategic geographical position contributed to heightened market sensitivity. The US government advised its commercial vessels on Monday to maintain a significant distance from Iranian waters when navigating the Strait of Hormuz.
This guidance emerged even as diplomatic engagements between the US and Iran showed signs of advancement. The region has a long history of volatility affecting energy markets, and traders responded by pricing in additional risk.
Importance of the Strait of Hormuz
The Strait of Hormuz is regarded as one of the world’s most critical maritime corridors for oil transportation. It connects several leading Middle Eastern producers with major global markets, especially in Asia.
During earlier periods of political tension, Tehran has threatened to restrict or close the passage, prompting concerns among global energy stakeholders. Although such threats have never materialised, the potential disruption remains a consistent market worry.
Recent Price Performance and Market Conditions
WTI’s rise above $64 and Brent’s close near $69 underscored the sustained momentum seen this year. Crude prices have been trending upward as recurring geopolitical flare‑ups overshadowed concerns about a potential global supply surplus.
Market participants observed that these tensions have often outweighed inventory‑related pressures. Despite expectations of increasing stockpiles, the geopolitical risk premium has been strong enough to support prices.
Data Releases Expected to Influence Trading
A series of market updates scheduled for this week is expected to offer traders fresh insights into current conditions. The first of these is an update from the official US energy forecaster, due later on Tuesday.
Such data releases typically provide clarity on production levels, demand trends and inventory status. Traders often adjust their positions based on these assessments, making the reports important short‑term market drivers.
Conclusion
Crude oil prices have held their recent gains as tensions centred on Iran contributed to a higher risk premium in global energy markets. WTI remaining above $64 and Brent near $69 reflect how geopolitical uncertainties continue to influence pricing.
The strategic importance of the Strait of Hormuz remains a pivotal factor in trader sentiment. With upcoming market data expected to offer additional clarity, crude prices may continue reacting to both geopolitical and fundamental cues.
Image by Csaba Nagy from Pixabay
On February 6, UBS lowered its price target on Barrick Mining Corporation (NYSE:B) to $55 from $59, while maintaining a Buy rating on the stock.
A few days earlier, on February 4, CIBC moved in the opposite direction. The firm raised its price target on Barrick to $71 from $50 and reiterated an Outperformer rating. The change came as CIBC lifted its gold price forecasts to $6,000 per ounce for 2026 and $6,500 for 2027, while also raising its copper assumptions. The analyst said the same demand drivers seen in 2025 are expected to carry into 2026, though geopolitical risks are becoming more pronounced.
On February 5, Bloomberg reported that Barrick plans to spin off its top North American gold assets through an initial public offering as part of a broader strategic reset. The company said it intends to sell a minority stake in the new North American unit, with an IPO targeted for late 2026. Interim chief executive Mark Hill told investors the company plans to sell between 10% and 15% of the new entity.
The proposed IPO could be valued at more than $60 billion and follows a period of operational and leadership challenges. Barrick has faced declining production in recent years and a management shakeup, including the abrupt exit of former CEO Mark Bristow in September after the seizure of a key mine in Mali by the country’s military junta. The spinoff is expected to include Barrick’s joint-venture interests in Nevada, including the Fourmile discovery, as well as a mine in the Dominican Republic. Assets located in higher-risk regions such as Africa and Pakistan will remain with the parent company.
Barrick Mining Corporation (NYSE:B) produces gold and copper and is also involved in related activities such as exploration and mine development.
While we acknowledge the potential of B as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you’re looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.
https://finance.yahoo.com/news/barrick-mining-corporation-b-draws-132427043.html
Published on February 10, 2026
Concerns raised over operational performance before potential Barrick IPO proceeds.
Newmont Corporation is pressing Barrick Gold to address what it perceives as underperformance at their Nevada Gold Mines joint venture. The move comes ahead of Barrick’s potential initial public offering (IPO) of its North American assets. Newmont, a dual-listed miner, has expressed concerns that the operation and management of the Nevada Gold Mines have experienced a decline in performance and asset value over the past six years. Newmont is an international gold mining company with operations in multiple countries, including Australia. The company also produces copper, silver, zinc and lead.
According to Newmont, steps are being taken to address these issues with Barrick, with the objective of reversing the decline and ensuring the assets achieve their full potential. Newmont asserts that any transaction involving their joint ventures must adhere to the protections outlined in the agreements, specifically transfer restriction requirements. The company states that it is committed to generating and safeguarding long-term value through operational improvements.
Newmont has emphasised that it will act in the best interests of its shareholders. Newmont’s concerns highlight the importance of operational efficiency and adherence to partnership agreements in the mining sector. Barrick Gold Corporation is a mining company that produces gold and copper. It has mining projects and operations in Africa, North America, South America, and the Middle East.
https://www.sharecafe.com.au/2026/02/10/newmont-urges-barrick-to-fix-nevada-mines/
By Anmol Choubey and Ashitha Shivaprasad
Feb 9 (Reuters) - Indium, used in touch screens, advanced semiconductors and new solar technologies, has hit its highest prices in over a decade in Western markets, driven by speculative activity on a Chinese exchange and tightening supply, market sources say.
The jump is drawing fresh attention to a niche but strategically important market dominated by Asian producers.
Traders and market experts say indium is trading in Rotterdam around $500-$600 per kg, the highest level since early 2015. Since September, prices are up more than 55%.
Huge speculation from Chinese investors on expectations of tighter supply and stronger demand has driven the interest in indium futures on the Zhonglianjin exchange, three market sources said.
Supplies from key producers China and South Korea have been falling.
In China, which accounted for about 70% of global refined indium production in 2024, according to the United States Geological Survey, customs data show unwrought indium exports down more than 23% in a month in December to 22.72 metric tons.
South Korea made up roughly 17% of last year's global output of 1,080 tons.
CHINA CONTROLS MOST INDIUM OUTPUT
"The tight supply of crude indium is a long-standing structural issue, exacerbated by China's increasingly stringent environmental protection policies," said Cristina Belda, senior analyst at Argus.
Indium is recovered mainly as a byproduct of zinc processing, and extracted from smelter residues rather than primary mining.
"Considering the extraction of zinc, China controls most of its processing. In the coming years, a steady increase in (indium) prices is expected, because supply is inelastic," said Julia Khandoshko, CEO at the European broker Mind Money.
"It is a critical raw material whose consumption is only increasing and supply is not keeping pace."
South Korea has also been unable to provide material on the spot market recently, two market sources said.
Korea Zinc, one of the world's largest indium producers, said in an email that it sells 90–100 metric tons of indium a year.
It said exports had not been affected by any specific or unusual factors, and that 2026 volumes were likely to remain broadly in line with historical levels.
Indium demand is being supported by emerging clean-energy technologies, notably for use in indium tin oxide-based high-efficiency solar cells and advanced chips, market sources said.
Argus's Belda noted that prices remained below their 2010 peaks, which had prompted intensive research into alternatives, and said prices would have to remain high for some time for substitution to emerge. LSEG data put those peaks at $750-$800.
https://uk.finance.yahoo.com/news/indium-hits-highest-prices-decade-123446082.html
Ero Copper Corp. ERO reported stellar operational gains in the fourth quarter of 2025, delivering record consolidated copper production of 19,706 tons of copper in concentrate. This was supported by improved execution across both of its core operating sites. On a quarter-on-quarter basis, output rose approximately 18.3% from the previous quarter, and roughly 53% on a year-over-year basis. This was driven primarily by the continued ramp-up of the Tucumã Operation and higher processing capacity at the Caraíba Operations.
Tucumã posted a 22% sequential increase in production as plant throughput improved steadily and recovery rates stabilized, reflecting its transition into more consistent commercial-scale performance. Concurrently, Caraíba benefited from stronger mining rates and the completion of a multi-quarter mill debottlenecking initiative, which lifted throughput by roughly 15% sequentially and enabled the processing of greater ore volumes despite grade variability.
Among peers, Lundin Mining Corporation LUNMF reported 87,032 tons of consolidated copper production in the fourth quarter of 2025, down from 87,353 tons in the third quarter. In 2025, Lundin Mining produced 331,232 tons of copper, lower than 369,067 tons in 2024. It expects consolidated copper production to be between 310,000 and 335,000 tons in 2026.
Southern Copper Corporation SCCO recorded 242,172 tons of copper production in the fourth quarter of 2025, representing a marginal year-over-year increase from the prior-year period. This was mainly driven by better ore grades and recoveries at La Caridad, Toquepala, Cuajone and IMMSA mines.
For 2025, Southern Copper generated 956,270 tons of copper, about 1.8% lower year over year. It expects full-year 2026 copper output of around 911,400 tons. This indicates a 4.7% year- over-year decline, mainly reflecting lower ore grades at SCCO’s Peruvian operations.
The Zacks Rundown for ERO
Shares of ERO have popped 120.5% over the past year compared with the industry’s 78.7% rise.
From a valuation perspective, ERO is currently trading at a forward 12-month price-to-sales of 3.06X, below the industry’s average of 5.13X. It carries a Value Score of B.
The Zacks Consensus Estimate for ERO for 2025 and 2026 earnings implies year-over-year growth of 155.13% and 104.4%, respectively.
The consensus estimate for EPS for fiscal 2025 and 2026 have been trending higher over the past 90 days.
ERO currently carries a Zacks Rank of #2 (Buy).
This article originally published on Zacks Investment Research (zacks.com).
Zacks Investment Research
FULL DISCLOSURE: Emerita Resources is a sponsor of theDeepDive.ca.
Emerita Resources (TSXV: EMO) this morning released further assay results from ongoing exploration being conducted at their El Cura deposit, which is part of the larger Iberian Belt West Project.
Drilling continues to intersect polymetallic mineralization at the deposit, with the latest assay results focused on providing further definition to the deposit. Highlights from the results include:
The latest holes to be reported are said to have spanned a strike length of 420 metres and approximately 460 metres down dip from surface. Hole EC089 is said to have focused on defining the deepest levels of the El Cura deposit to date, while hole EC090 focused on the definition of the upper edge of the deposit to the west.
EC093 meanwhile focused on drilling towards the center of the deposit and represents one of the thickest intercepts of mineralization in the area.
The highest grade hole released this morning, EC094, was designed as a follow up to hole EC092, which drilled 12.1 metres of 1.6% copper, 0.1% lead, 0.1% zinc, 0.85 g/t gold and 32.11 g/t silver. The hole was drilled 50 metres to the east of EC092, with copper grades said to be consistent while variance existed in the ratio of base to precious metals.
Drilling remains ongoing at both El Cura and La Infanta ahead of a planned prefeasibility study, with drilling working to convert inferred resources to the measured and indicated categories. Assay results for 91 holes are expected to be included within the El Cura mineral resource estimate that is to be used for the prefeasibility study.
Emerita Resources last traded at $0.51 on the TSX Venture.
FULL DISCLOSURE: Emerita Resources Corp. is a client of Canacom Group, the parent company of The Deep Dive. Canacom Group is currently long the equity of Emerita Resources Corp. The author has been compensated to cover Emerita Resources Corp. on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. We may buy or sell securities in the company at any time. Always do additional research and consult a professional before purchasing a security.
Global miner Anglo American’s South African subsidiary Kumba Iron Ore has announced its operational results for the fourth quarter and the full year of 2025.
In the given quarter, the company produced 8.59 million mt of iron ore, down by 7.1 percent quarter on quarter and up by 9.8 percent year on year. In particular, output of its Kolomela iron ore mine came to 2.03 million mt, falling by 30.0 percent quarter on quarter and by 5.1 percent year on year, while output at its Sishen mine increased by 3.4 percent quarter on quarter and by 15.4 percent year on year to 6.56 million mt. In the fourth quarter, Kumba’s iron ore sales amounted to 8.71 million mt, dropping by 9.6 percent compared to the previous quarter and by 4.7 percent from the same period of 2024.
In the full year, the company produced 36.08 million mt of iron ore, increasing by one year on year, while it sold 37.04 million mt of iron ore, advancing by two percent year on year. In particular, output of its Kolomela iron ore mine came to 10.80 million mt, rising by seven percent year on year, while output at its Sishen mine fell by one percent year on year to 25.29 million mt.
According to its statement, Kumba achieved an average realized price of $95/wmt for the year, compared to $92/wmt in 2024.
Kumba anticipates production in the range of 31-33 million mt for 2026 and 35-37 million mt for 2027.
Strike letters received from Oil and Natural Gas Corporation (W.O.U.) Karmachari Sangathana, Coal Mines Workers’ Union, and Joint Action Committee of Trade Unions South Eastern Coalfields Limited (OHPC)
A very large number of unions representing public sector workers have sent legal notices to the respective authorities, declaring that their members will be joining the all-India strike on 12 February 2026. We are attaching herewith some of those notices from:
Koyla Shramik Sabha (affiliated to HMS) has also sent a strike letter, which is presented on our Hindi website (www.hindi.aifap.org.in).
All of them have expressed their full support to the various demands being raised by the strike call given by the Central Trade Unions, including the following demands:
Coal workers have also raised the following important demands:
The company's steel plant continues to implement major investment projects
Kazakhstan’s Qarmet produced 3.8 million tons of steel and 3.5 million tons of iron ore concentrate in 2025, with coal production totaling 7.5 million tons, according to a company statement.
The Qarmet steel plant continues to implement major investment projects, including the construction of modern coke batteries No. 8-9, a new section rolling mill, galvanizing and polymer coating lines, the restoration of the forging and pressing shop, as well as the modernization of equipment and the gasification of production processes.
Earlier, Qarmet announced a target of producing 3.7 million tons of steel as part of its business plan for 2025.
In June last year, the company presented a large-scale five-year investment plan worth $3.5 billion. One of the key areas of development was identified as safety in production, especially in coal mines. It plans to allocate $300 million for this purpose. A significant portion of the funds will also be invested in environmental initiatives and the modernization of production facilities.
This year, the company plans to commission a new section rolling mill. The new modern rolling complex is capable of producing up to 540,000 tons of section steel. It will be equipped with a high-performance heating furnace with a capacity of 100 tons per hour and modern rolling technologies that will ensure high productivity and compliance with international quality standards.
As reported by GMK Center, at the end of 2024, Qarmet exceeded its production plan for almost all key products. In particular, the plan for pig iron production was exceeded by 15%, steel by 15%, coke by 18%, sinter by 12%, and the section rolling mill by 17%.
https://gmk.center/en/news/kazakhstan-s-qarmet-produced-3-8-million-tons-of-steel-in-2025/
