By Ahmad Ghaddar, Olesya Astakhova and Alex Lawler
Sept 6 (Reuters) - OPEC+ kept its oil output policy unchanged for October at a meeting on Sunday, it said in a statement, as the producer group needs to agree new quotas before deciding its next output steps.
The meeting of seven core OPEC+ members — Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan and Oman — comes as the Iran war continues to disrupt oil exports through the Strait of Hormuz, limiting OPEC+'s influence over prices and market share.
In August, OPEC+ agreed its production boost for September, completing a phased rollback of a 1.65 million-barrel-per-day supply cut first agreed in 2023. Despite the agreed production increases, the group made up of the Organization of the Petroleum Exporting Countries and its allies, including Russia, still produces far below its targets because of the war.
OPEC'S POWER LIMITED BY IRAN CONFLICT
"OPEC+ currently has very limited power over the physical oil market," said Jorge Leon of Rystad Energy. "The group can change production targets on paper, but it cannot guarantee that those barrels will be produced or actually reach the market."
"The focus now shifts away from monthly production adjustments and towards the much more consequential debate over 2027."
OPEC+ still has another layer of production cuts in place, covering most members of the 21-country group until the end of 2026. Before the group decides how to unwind the cuts and return production to the market, it needs to review members' oil production capacity to set 2027 output baselines, which form the basis for quotas.
This debate will likely happen later in 2026 and hence OPEC+ is likely to pause its output increases for the fourth quarter, sources earlier told Reuters. The statement on Sunday made no mention of policy beyond October.
Only the seven OPEC+ members who met on Sunday, plus the United Arab Emirates until it left OPEC in May, have been involved in monthly output decisions in recent years.
The seven countries will hold their next meeting on October 4.
(Reporting by Olesya Astakhova, Ahmad Ghaddar and Alex Lawler, Editing by Tomasz Janowski and David Holmes)
https://live.euronext.com/en/financial-news/opec-keeps-oil-output-policy-unchanged-october
Photo by BeInCrypto
Since the Federal Reserve was created in 1913, the US dollar has lost about 97% of its purchasing power, according to the Bureau of Labor Statistics CPI-U.
A 1913 dollar buys roughly 3 cents' worth of today's goods, meaning $1 back then is worth about $33 to $34 in 2026.
What 113 Years of Inflation Actually Looks Like
That figure is not a slogan. It reflects the official price index compounded over 113 years, through two world wars, the Great Inflation of the 1970s, and the 2021-23 spike. The 1971 end of gold convertibility accelerated the dollar's stretch, and cash left idle was quietly taxed by inflation the entire time.
"Check out the biggest, kosher ponzy scam in recent history. The US dollar has lost 97% of its purchasing power since the Federal Reserve was created in 1913. A $3 item in 1913 would cost $100 today," one user said on X.
Bitcoin was designed in response to that system: a 21 million-coin cap paired with a declining issuance schedule. It did not exist in 1913, so the comparison is not one-for-one. As a store of value, though, its record since 2009 has been extreme in both directions.
Early buyers saw their purchasing power explode. Later buyers, by contrast, endured drawdowns of 50% to 80% within single cycles.
As of early September 2026, Bitcoin trades near $79,852, well below its October 2025 peak of $126,080. Since its inception, the token's price has soared more than 59,000%, and over full market cycles, it has beaten cash and often beaten gold.
Bitcoin (BTC) Historic Price Performance. Source: BeInCrypto
Inside any single cycle, though, it can erase years of gains within months — the trade-off inherent to a scarce, non-yielding, narrative-driven asset.
How Institutional Access Changed the Story
Utility has reshaped Bitcoin's role since then. Spot Bitcoin ETFs, approved in the United States in 2024, turned a bearer asset into a ticker that pensions, RIAs, and balance-sheet allocators can hold without managing private keys.
Those products have accumulated $55.62 billion in cumulative net inflows as of September 4, according to SoSoValue data, with total net assets across the category reaching $101.25 billion, equal to roughly 6.33% of Bitcoin's entire market cap.
Adoption remains incomplete in several respects. Volatility stays high, regulation varies widely across jurisdictions, and energy and custody risks are real and unresolved. The US dollar still clears most global trade, prices most debts, and pays most wages worldwide. Bitcoin has not replaced that role as a unit of account.
https://finance.yahoo.com/markets/crypto/articles/us-dollar-lost-97-value-155758790.html
CAIRO (AP) — Iran said Sunday it struck an unmanned U.S. vessel trying to enter the Strait of Hormuz, a claim that the U.S. military dismissed as a “total lie.”
The purported attack came a day after the U.S. military said forces struck three Iranian oil tankers in response to Navy warships being targeted with ballistic missiles. Experts called it a dangerous escalation after Iran’s previous attacks at sea targeted commercial shipping.
The war began with U.S. and Israeli attacks on Iran on Feb. 28. But since a fragile ceasefire agreement was announced in June, on-and-off fighting has persisted, with both sides trying to inflict military and economic pain as negotiations have collapsed.
Strikes came about a week after fighting resumed
The United States and Iran resumed attacks last week, following a month of relative calm, with the Strait of Hormuz and areas along Iran's southern coast again being targeted. At least five people were killed earlier in the week during a U.S. bombardment that returned attention to the area where a school was hit in the war's opening strikes.
The Trump administration appears to have adopted a dual-prong approach to the conflict, responding militarily to attacks on the strait while going after foreign financial institutions that handle Iran’s money.
But Tehran's hard-line new senior leaders have signaled a willingness to dig in after weathering decades of sanctions. Iran has found ways over the years to circumvent sanctions, and now a U.S. blockade of its ports, and get its oil to buyers to help ease growing economic pressures. That relies in part on a shadow fleet transporting its oil.
US says million barrels of oil a day pass through the strait
Tehran’s new leverage focuses on the Strait of Hormuz that is crucial to global oil and natural gas shipments. It was seen as an international waterway before the war began.
On Sunday, U.S. Energy Secretary Chris Wright said that on average, 9 million barrels of oil a day are getting through the strait, which should help to relieve pressure on energy prices. His estimate appeared to exceed average flows over the past 28 days through the strait, according to TankerTrackers.com and other sources.
Wright told CNN that with oil also flowing through pipelines in the region, “we’re probably two-thirds or more of pre-conflict flows.”
But those flows depend on the presence of the U.S. Navy to help escort tankers and provide some protection against possible Iranian attack. Wright said he expected that other countries would eventually support the Navy’s efforts.
Meanwhile, Iran's nuclear program, the issue that contributed to the outbreak of the war, was meant to be addressed in negotiations that fell apart soon after the U.S. and Iran signed a memorandum of understanding in mid-June.
Diplomats say the U.S., Britain, France and Germany now seek to refer Iran to the U.N. Security Council for failure to comply with its nuclear nonproliferation obligations.
KEY POINTS
US Energy Secretary Chris Wright testifies before a Senate Committee on Armed Services Committee hearing to examine the 2027 budget for the Department of Energy and National Nuclear Security Administration on Capitol Hill in Washington, DC, on May 13, 2026.
U.S. Energy Secretary Chris Wright on Sunday said the U.S. may not reach an elusive deal to constrain Iran from obtaining a nuclear weapon, as the U.S.-Iran conflict enters its seventh month.
"There may not be a nuclear agreement. It may be simply destroying their capabilities to do it," Wright said on ABC News' "This Week." "An agreement may await the next administration in Iran. We simply don't know that."
Trump has repeatedly said preventing Iran from obtaining a nuclear weapon is a central objective of the U.S. campaign. He has also sought a negotiated deal with Iran throughout the war, which has sent energy prices soaring worldwide.
Wright's comments suggest the administration may pursue its goal of preventing an Iranian nuclear weapon without reaching a negotiated nuclear agreement.
Pressed on whether Wright's comments mean the U.S. will continue striking Iran when it attempts to rebuild its nuclear infrastructure, the energy secretary said, "You have to destroy their capabilities to do it."
"We are degrading their capacity to develop nuclear weapons and ultimately to deliver them if they develop them," he said. "It is a 47-year-long effort. This is not trivial, but the United States will get the job done and we will work in cooperation with our allies in the region."
Asked about his comments again later during an appearance on CBS' "Face the Nation," Wright said President Donald Trump's preference "is always to have a negotiated settlement and not use a military solution unless absolutely necessary."
"The biggest role of our military in the region right now is to stop the export of any Iranian crude or crude-related products, natural gas, whatever," he said. "We are strangling their economy to try to bring either a change in policy from the existing regime or a new regime."
https://www.cnbc.com/2026/09/06/iran-us-response-oil-tanker-strikes.html
WASHINGTON (AP) — The origins of Labor Day date back to the late 19th century, when activists first sought to establish a day that would pay tribute to workers.
The first U.S. Labor Day celebration took place in New York City on Sept. 5, 1882. Some 10,000 workers marched in a parade organized by the Central Labor Union and the Knights of Labor.
A handful of cities and states began to adopt laws recognizing Labor Day in the years that followed, yet it took more than a decade before President Grover Cleveland signed a congressional act in 1894 establishing the first Monday of September as a legal holiday.
While many workers have the day off, most big consumer-facing businesses are open and even offering promotional sales to lure customers.
Here’s what is open and closed this year on Labor Day:
Government buildings
Government offices, post offices, courts and schools are closed.
Banks and the stock market
U.S. stock markets and banks are closed Monday.
Standard FedEx and UPS pickup and delivery services will not be available on Labor Day, although some critical services will be offered at certain locations.
Retailers
Warehouse membership club Costco will be closed on Labor Day, but the vast majority of major national retailers and grocery stores will be open, with many offering promotional sales to lure customers. Hours may vary by location, so check your local store.
Travel
Despite the fact that many schools are back in session and travel costs have risen with higher fuel prices due to the conflict in Iran, millions of Americans will hit the roads and the skies to get away for the last big summer travel weekend.
AAA says that prices for flights to top domestic destinations are nearly 20% higher than last year and prices for hotels have also risen. The average U.S. price for a gallon of regular gas, according to the auto club, is just under $4.10, up 90 cents from the same time a year ago.
However, for those traveling by sea, AAA says that cruises departing from U.S. ports are about 4% cheaper than last year.
The auto club doesn’t provide a full travel forecast for Labor Day as it does for Memorial Day and July Fourth. But AAA does offer some useful advice for travelers.
AAA advises travelers to keep an eye on the weather and inspect your vehicle’s tires, battery, and fluid levels before a road trip. It’s also a good idea to pack an emergency kit with water, snacks, a flashlight, and jumper cables, AAA says.
Copyright 2026 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.
In November 2006, Kumba Resources Limited unbundled and Kumba’s coal and other assets merged with Eyesizwe Coal to create Exxaro Resources Limited. Exxaro has since grown to become one of the largest black-empowered diversified mining companies in South Africa. Exxaro has an asset portfolio, which includes coal operations and investments in iron ore, residual pigment manufacturing and renewable (wind) energy (Cennergi).
The organisation prides itself in being more than just a mining business and strongly believes that empowering local communities in which it operates and making a positive impact on the world is central to its purpose.
The company assumes and actively practices a balanced approach for sustainable growth and impact to ensure that a future is secured for every one of its stakeholders. Exxaro’s purpose to Power better Lives in Africa and beyond will be achieved by responsibly investing in resources that will improve and sustain life on the continent. In the last decade, Exxaro has established itself as an organisation that is respected by its peers for its innovation, ethics and integrity, and has been recognised as a leading performer in the FTSE Russel ESG Index.
Scientists say ultrafine particles from cruise ship emissions can trigger inflammation in lung cells and reduce their ability to resist common viruses
A team of 32 researchers began studying pollution around the port in 2018 and spent more than two years sampling air from different sources. Southampton is the UK's leading vehicle and deep-sea trading port, and more than 2.5 million cruise passengers passed through it in 2025.
Researchers found a distinct pollution signature downwind of the cruise terminal, containing tiny ultrafine particles and metals including vanadium, nickel, cobalt and molybdenum.
They then tested particles collected near the cruise terminal on lung cells, including cells donated by people living in Southampton. Prof Matthew Loxham of the University of Southampton, who led the research, said the particles were more capable of triggering the release of chemical signals associated with inflammation and reducing the cells' ability to prevent viruses from replicating.
Further tests suggested that vanadium particles were responsible for the inflammatory effects and reduced ability to resist common viruses.
The researchers also found a clear relationship between levels of ultrafine vanadium detected downwind of the cruise terminal and the number of cruise ships in port.
Loxham said vanadium becomes concentrated in heavy fuel oil during the refining of crude oil. When ships burn heavy fuel oil, some of the metal vaporises and is released through exhaust emissions.
China Petroleum & Chemical Corporation or Sinopec has joined forces with Kazakhstan’s Ministry of Energy and Nazarbayev University to launch a new initiative aimed at accelerating international cooperation on low-carbon energy and carbon capture, utilization and storage (CCUS).
The Initiative for Cooperation on Low-Carbon Energy Development was unveiled during the 2026 International CCUS Technology Conference in Astana on Sept. 1-2, bringing together the International CCUS Technology Innovation Cooperation Organization (ICTO), Kazakhstan’s Ministry of Energy and the Institute of New Materials and Energy Technologies at Nazarbayev University.
The initiative seeks to strengthen cooperation on CCUS technologies and standards while expanding exchanges among professionals working across the sector.
Government officials, industry leaders and representatives of international organizations from China, Kazakhstan, the United Kingdom, the United States and Canada attended the launch. More than 230 participants from dozens of countries and regions took part in the conference, which focused on carbon dioxide capture, geological storage, CO2 mineralization and the development of CCUS hubs.
Discussions also centered on the business models, policy frameworks and international partnerships needed to move CCUS from demonstration projects toward wider commercial deployment.
Tian Hongbin, vice president of Sinopec Group, said global climate action had entered a critical phase, with CCUS becoming a key enabling technology. Having helped establish ICTO, Sinopec would continue to support its development as a global network of leading experts and deepen international cooperation across the CCUS sector, he added.
Sinopec is already advancing large-scale CCUS infrastructure in China. The company has built the country's first 100-kilometer dense-phase CO2 pipeline and commissioned its first integrated CCUS demonstration project with an annual capacity of 1 million metric tons.
The company is also working with Shell, BASF and China Baowu on a joint study for China's first open-access CCUS cluster, targeting a 10-million-metric-ton scale. Separately, Sinopec is preparing a 1-million-metric-ton demonstration project at Shengli Oilfield designed to handle lower-concentration CO2 sources.
Together, the projects span multiple stages of the CCUS value chain, including CO2 capture from sources with different concentrations, enhanced oil recovery and geological storage.
Sinopec said it will continue working with ICTO and its members to link engineering experience with international research and help advance the development and deployment of CCUS technologies globally.
Ivanhoe Mines (TSE:IVN) has shared an update.
Ivanhoe Mines will release an operational and exploration update on its majority-owned Western Forelands Exploration Project before markets open on September 8, 2026, signalling potential progress in one of its key growth regions adjacent to the Kamoa-Kakula Copper Complex.
The company will host an investor webinar the same day to discuss the update, with a live presentation and Q&A and a replay available on its website, underscoring ongoing engagement with shareholders around the strategic importance of Western Forelands to Ivanhoe’s long-term copper growth pipeline.
The most recent analyst rating on (TSE:IVN) stock is a Hold with a C$13.00 price target.
Spark’s Take on IVN Stock According to Spark, TipRanks’ AI Analyst, IVN is a Neutral.
The score is mainly held back by weak cash-flow fundamentals (negative operating and deeply negative free cash flow) despite revenue growth and a manageable leverage profile. Technicals also detract as the stock trades below its 50/100/200-day averages. Valuation is a further headwind given the high P/E and no dividend yield. The earnings call provides a partial offset with solid operational performance and credible cost/working-capital mitigations, though notable near-term execution and safety/logistics risks remain.
The Tanzanian government is intensifying efforts to ensure that the expanding mining sector not only extracts minerals but also builds local industries, creates jobs, and develops technical skills to benefit the wider economy.
Recognizing mining as a key driver of national growth, the government is committed to protecting local investors and enhancing the participation of Tanzanian-owned businesses across the mining value chain. This renewed focus highlights local manufacturing, technology transfer, skills development, and the engagement of Tanzanian suppliers and service providers.
During a recent visit to Max Steel Limited in Dar es Salaam, Dr. Theresia Numbi, Mining Commission Commissioner and Chairperson of the Local Content Committee, emphasized the crucial role of strengthening domestic enterprises to increase local participation. She warned that small and medium-scale miners risk exclusion without access to technology, expertise, and locally produced equipment.
“Building local content means developing people as much as it means establishing factories,” Dr. Numbi stated, underscoring the need for skills development and technology transfer to sustain Tanzania’s industrial base.
Max Steel’s Chief Operating Officer, Bhavna Pandya, echoed this sentiment, noting that local content should be measured by Tanzania’s capacity to manufacture and deliver products domestically, not just by the origin of purchases. Max Steel currently fabricates around 800 tonnes of industrial equipment per month, planning to increase to 1,200 tonnes to meet growing demand.
However, challenges remain. Tanzanian manufacturers face higher costs due to duties and taxes on imported raw materials, making locally produced goods less competitive against imported finished products. Pandya urged for a balanced policy environment that considers the broader economic benefits of supporting domestic manufacturing, including job creation, skill development, and tax revenue.
The Local Content Compliance Forum, which brought together government officials, mining companies, contractors, and manufacturers, reflects a shift from mere regulatory compliance to building a competitive and sustainable domestic supply base. Success will be measured by the ability of Tanzanian companies to meet the technical, quality, and price demands of the mining sector, ensuring that more value remains within the country.
Ultimately, Tanzania aims to transform local content from a procurement requirement into a foundation for lasting industrial capacity, supporting economic growth and inclusive development across the mining sector and beyond.
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By Felicity Bradstock - Sep 06, 2026, 2:00 PM CDT
While electric car and truck sales have grown more slowly than expected in recent years, prompting governments to rethink clean fuel targets and automakers to slow the pace of EV production, electric motorcycles are becoming increasingly popular in certain parts of the world. Two-wheel vehicles have long been popular in busy cities and low-income countries, and now, largely due to rising fuel prices, many are investing in electric two-wheelers.
The United States-Israeli attacks on Iran in February, which led to the ongoing Iran War and spurred the closure of the Strait of Hormuz, have driven oil and gas prices up sharply in recent months. Many countries have faced energy shortages, and everyone has been forced to pay a premium to access much-needed fuel. This has hit some regions of the world harder than others, disproportionately affecting low-income countries.
Some of the most affected markets, such as those in Southeast Asia and Africa, have long used motorcycles as a low-cost means of navigating crowded cities. While the electric version of these vehicles is generally more expensive than petrol-powered ones, they can be cheaper and more reliable to run in the long term, given the volatility of fossil fuel prices. As it is often cheaper now to charge a battery than to fill a fuel tank, many people are making the switch.
In Pakistan, motorbikes make up about 80 per cent of vehicles on the road. E-motorcycles were rarely seen just a few years ago, but the trend has grown in popularity, with new brands entering the market every week. Models from around 84 companies are now available in Pakistan. The rise in popularity has given way to small startups, backed by venture capital, as well as traditional electric vehicle (EV) makers.
The sale of electric two-wheelers rose by 173 per cent in Pakistan in the first half of the year, according to market-intelligence firm Motorcycles Data. In addition to the rise in oil prices, which has driven demand, government subsidies have also supported the trend. Many of the motorcycles being sold in Pakistan come from China, although some companies are fitting domestically produced motorbikes with Chinese motors.
In Vietnam, where motorcycles have long been popular due to heavy congestion, automakers are seeing electric two-wheeler sales soar. The establishment of a low-emission zone in Hanoi’s city centre, which restricts the use of gasoline-powered motorcycles on weekends, is driving uptake in the capital. Vietnam’s VinFast saw record e-motorcycle order volumes in the first quarter of 2026. VinFast delivered 143,136 electric motorbikes and e-bikes in the first three months of the year, up by 219 per cent from the same period in 2025.
In July, Japan’s Honda Motor announced plans to begin production of its UC3 electric motorcycle in Vietnam starting this year. Honda is expected to develop production facilities in the northern province of Phu Tho. Honda’s Vietnam’s general director, Sayaka Arai, stated, “The trend toward electrification among consumers is moving forward more than expected.” She added that higher fuel prices, driven by the ongoing war in Iran, have further accelerated consumer interest in electric scooters and motorcycles.
The wider availability of more affordable Chinese EVs has driven uptake in recent years. More Chinese brands have opened stores selling e-motorcycles and other EVs across Asia and Africa, helping to drive up sales. Some Chinese companies have partnered with local firms to adapt their EVs for the local market to further boost demand.
The Chinese electric bike maker TAILG partnered with Ghanaian battery-swapping operator Kofa to develop the TK90 electric motorcycle, which is tailored exclusively for the African market. The duo created the TK90 with a swappable lithium battery and reduced the motorcycle’s operating costs by around 30 per cent. The model is now available in Kenya and Tanzania.
TAILG is also developing a solar-powered three-wheeler with over 25 per cent power generation efficiency. It is currently testing solar panels on outdoor battery swap cabinets across Africa. The rollout of these units could enable consumers to use an e-motorcycle in regions not yet equipped with sufficient charging infrastructure. The lack of charging points has been a major bottleneck to EV uptake in some countries, such as Kenya, where consumers have been deterred from investing in e-motorcycles for fear they cannot charge them in many areas.
In addition to their rising popularity in low-income countries, e-motorcycles are also gaining traction in certain market segments in other parts of the world. In California, e-motorcycles, e-scooters, and e-mopeds have become more popular among teenagers seeking access to cleaner, low-cost transportation. Sales have been steadily growing since the Covid-19 pandemic.
The sale of e-motorcycles is expected to continue to rise as a broader range of models becomes available, and consumers increasingly look to switch to cleaner modes of transportation. The trend is also being driven by the volatility in oil and gas prices, with the ongoing conflict in the Middle East demonstrating how an overreliance on fossil fuels can threaten energy security.
Hyundai Motor Group Chairman Chung Euisun delivers a welcome address at the groundbreaking ceremony for the Hyundai Steel-POSCO Louisiana electric arc furnace steel mill in Donaldsonville, Louisiana, on Nov. 4 local time. Hyundai Motor Group
DONALDSONVILLE — Hyundai Motor (005380) Group broke ground on Hyundai Steel-POSCO Louisiana Steel (HPLS), its first steel production base in the United States. As the first integrated electric-arc furnace mill in the U.S. dedicated to automotive sheet steel, HPLS is expected to play a pivotal role in completing the group's advanced mobility supply chain in the country, spanning raw material production through vehicle sales.
Hyundai Motor Group Executive Chairman Euisun Chung said at the groundbreaking ceremony in Donaldsonville, Louisiana, on the 4th that steel produced at HPLS would generate synergy both in improving vehicle quality and in easing the burden of tariffs. He said the steel would also be used in Atlas, the humanoid robot the group plans to build in the United States. "I hope that by working harder, we can supply steel for rockets, including those of SpaceX," Chung said.
Hyundai Motor Group, in a joint venture with POSCO, is investing $5.8 billion, or about 8 trillion won, in Louisiana to produce high-value, low-carbon specialty steel and general-purpose steel products at an annual capacity of 2.7 million tons starting in 2029. The construction and operation of HPLS is expected to serve as a foothold for overcoming U.S. steel tariffs of up to 50% and as a buffer against the Donald Trump administration's pressure for expanded investment in the United States.
https://en.sedaily.com/finance/2026/09/06/hyundai-to-use-us-made-steel-in-atlas-humanoid-robots
