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US firm to take over some Venezuela oilfields previously run by Chinese, Russian firms
Reuters · 2026-08-31
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data-focus-scope-start="true" hidden=""></span><div data-testid="Markets" class="nav-bar-module__dropdown__bsmM6" id="react-aria-_R_1mjpam_"><div class="nav-dropdown-module__container__X8zm-" data-testid="NavDropdownContainer"><div class="nav-dropdown-module__inner__VS6zv"><div class="nav-dropdown-module__submenu__-HR75"><div class="nav-dropdown-module__inner__VS6zv"><h2 data-testid="Heading" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__medium__2Rl30 text-module__heading_6__u1KdJ heading-module__base__p-zaD heading-module__heading_6__-zrtS"><a data-testid="SectionDropdown" href="/markets/" class="text-module__text__0GDob text-module__graphite__fZRmg text-module__medium__2Rl30 text-module__body__9d61E body-module__base__o--Cl body-module__body_alt__0ewNU nav-dropdown-module__section-link__Mvj6r">Browse Markets</a></h2><div class="nav-dropdown-module__sections__i94UN"><ul class="nav-dropdown-module__sections-group__CPSAa"><li><a data-testid="Body" href="/markets/on-the-money/" data-subnav="Markets_On the Money" class="text-module__text__0GDob text-module__medium-grey__yZtlg text-module__regular__qJJtA text-module__small__sph8i body-module__base__o--Cl body-module__small_body__gOmDf nav-dropdown-module__subsection-link__T9-bB">On the Money</a></li><li><a data-testid="Body" href="/markets/asia/" data-subnav="Markets_Asian Markets" class="text-module__text__0GDob text-module__medium-grey__yZtlg text-module__regular__qJJtA text-module__small__sph8i body-module__base__o--Cl body-module__small_body__gOmDf nav-dropdown-module__subsection-link__T9-bB">Asian Markets</a></li><li><a data-testid="Body" href="/markets/carbon/" data-subnav="Markets_Carbon Markets" class="text-module__text__0GDob text-module__medium-grey__yZtlg text-module__regular__qJJtA text-module__small__sph8i body-module__base__o--Cl body-module__small_body__gOmDf nav-dropdown-module__subsection-link__T9-bB">Carbon Markets</a></li><li><a data-testid="Body" href="/markets/commodities/" data-subnav="Markets_Commodities" class="text-module__text__0GDob text-module__medium-grey__yZtlg text-module__regular__qJJtA text-module__small__sph8i body-module__base__o--Cl body-module__small_body__gOmDf nav-dropdown-module__subsection-link__T9-bB">Commodities</a></li><li><a data-testid="Body" href="/markets/currencies/" data-subnav="Markets_Currencies" class="text-module__text__0GDob text-module__medium-grey__yZtlg text-module__regular__qJJtA text-module__small__sph8i body-module__base__o--Cl body-module__small_body__gOmDf nav-dropdown-module__subsection-link__T9-bB">Currencies</a></li><li><a data-testid="Body" href="/markets/deals/" data-subnav="Markets_Deals" class="text-module__text__0GDob text-module__medium-grey__yZtlg text-module__regular__qJJtA text-module__small__sph8i body-module__base__o--Cl body-module__small_body__gOmDf nav-dropdown-module__subsection-link__T9-bB">Deals</a></li><li><a data-testid="Body" href="/markets/emerging/" data-subnav="Markets_Emerging Markets" class="text-module__text__0GDob text-module__medium-grey__yZtlg text-module__regular__qJJtA text-module__small__sph8i body-module__base__o--Cl body-module__small_body__gOmDf nav-dropdown-module__subsection-link__T9-bB">Emerging Markets</a></li><li><a data-testid="Body" href="/markets/etf/" data-subnav="Markets_ETFs" class="text-module__text__0GDob text-module__medium-grey__yZtlg text-module__regular__qJJtA text-module__small__sph8i body-module__base__o--Cl body-module__small_body__gOmDf nav-dropdown-module__subsection-link__T9-bB">ETFs</a></li><li><a data-testid="Body" href="/markets/europe/" data-subnav="Markets_European Markets" class="text-module__text__0GDob text-module__medium-grey__yZtlg text-module__regular__qJJtA text-module__small__sph8i body-module__base__o--Cl body-module__small_body__gOmDf nav-dropdown-module__subsection-link__T9-bB">European Markets</a></li><li><a data-testid="Body" href="/markets/funds/" data-subnav="Markets_Funds" class="text-module__text__0GDob text-module__medium-grey__yZtlg text-module__regular__qJJtA text-module__small__sph8i body-module__base__o--Cl body-module__small_body__gOmDf nav-dropdown-module__subsection-link__T9-bB">Funds</a></li><li><a data-testid="Body" href="/markets/econ-world/" data-subnav="Markets_Econ World" class="text-module__text__0GDob text-module__medium-grey__yZtlg text-module__regular__qJJtA text-module__small__sph8i body-module__base__o--Cl body-module__small_body__gOmDf nav-dropdown-module__subsection-link__T9-bB">Econ World</a></li><li><a data-testid="Body" href="/markets/global-market-data/" data-subnav="Markets_Global Market Data" class="text-module__text__0GDob text-module__medium-grey__yZtlg text-module__regular__qJJtA text-module__small__sph8i body-module__base__o--Cl body-module__small_body__gOmDf nav-dropdown-module__subsection-link__T9-bB">Global Market Data</a></li><li><a data-testid="Body" href="/markets/rates-bonds/" data-subnav="Markets_Rates & Bonds" class="text-module__text__0GDob text-module__medium-grey__yZtlg text-module__regular__qJJtA text-module__small__sph8i body-module__base__o--Cl body-module__small_body__gOmDf nav-dropdown-module__subsection-link__T9-bB">Rates & Bonds</a></li><li><a data-testid="Body" href="/markets/stocks/" data-subnav="Markets_Stocks" class="text-module__text__0GDob text-module__medium-grey__yZtlg text-module__regular__qJJtA text-module__small__sph8i body-module__base__o--Cl body-module__small_body__gOmDf nav-dropdown-module__subsection-link__T9-bB">Stocks</a></li><li><a data-testid="Body" href="/markets/us/" data-subnav="Markets_U.S. Markets" class="text-module__text__0GDob text-module__medium-grey__yZtlg text-module__regular__qJJtA text-module__small__sph8i body-module__base__o--Cl body-module__small_body__gOmDf nav-dropdown-module__subsection-link__T9-bB">U.S. Markets</a></li><li><a data-testid="Body" href="/markets/wealth/" data-subnav="Markets_Wealth" class="text-module__text__0GDob text-module__medium-grey__yZtlg text-module__regular__qJJtA text-module__small__sph8i body-module__base__o--Cl body-module__small_body__gOmDf nav-dropdown-module__subsection-link__T9-bB">Wealth</a></li></ul></div></div></div></div></div></div><span data-focus-scope-end="true" hidden=""></span></div></li><li class="nav-bar-module__nav-item__EUpy4 nav-bar-module__category__bRFMO"><div class="nav-bar-module__nav-button__mCZoN"><a data-testid="Body" href="/sustainability/" data-nav="Sustainability" class="text-module__text__0GDob text-module__graphite__fZRmg text-module__medium__2Rl30 text-module__extra_small__8Buss body-module__base__o--Cl body-module__extra_small_body__Bfz20 link">Sustainability</a><button data-testid="DropDownButton" type="button" class="nav-bar-module__button__YVhxE" tabindex="0" data-react-aria-pressable="true" aria-label="Sustainability" aria-haspopup="true" aria-expanded="false"><svg xmlns="http://www.w3.org/2000/svg" fill="none" viewbox="0 0 15 9" aria-hidden="true" focusable="false" role="presentation" data-testid="IconChevronDown" class="nav-bar-module__arrow__D1LfD chevron-down"><path d="M14.093.337c-.411-.45-1.028-.45-1.44 0L7.2 6.3 1.749.337c-.411-.45-1.028-.45-1.44 0a1.16 1.16 0 0 0 0 1.576l6.171 6.75c.206.225.515.337.72.337.205 0 .515-.112.72-.338l6.172-6.75a1.16 1.16 0 0 0 0-1.575h.001Z"></path></svg></button></div><div class="nav-bar-module__hidden__1Qi40" data-testid="sectionDropdownContainer" role="presentation"><span data-focus-scope-start="true" hidden=""></span><div data-testid="Sustainability" class="nav-bar-module__dropdown__bsmM6" id="react-aria-_R_26jpam_"><div class="nav-dropdown-module__container__X8zm-" data-testid="NavDropdownContainer"><div class="nav-dropdown-module__inner__VS6zv"><div class="nav-dropdown-module__submenu__-HR75"><div class="nav-dropdown-module__inner__VS6zv"><h2 data-testid="Heading" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__medium__2Rl30 text-module__heading_6__u1KdJ heading-module__base__p-zaD heading-module__heading_6__-zrtS"><a data-testid="SectionDropdown" href="/sustainability/" class="text-module__text__0GDob text-module__graphite__fZRmg text-module__medium__2Rl30 text-module__body__9d61E body-module__base__o--Cl body-module__body_alt__0ewNU nav-dropdown-module__section-link__Mvj6r">Browse Sustainability</a></h2><div class="nav-dropdown-module__sections__i94UN"><ul class="nav-dropdown-module__sections-group__CPSAa"><li><a data-testid="Body" href="/sustainability/boards-policy-regulation/" data-subnav="Sustainability_Boards, Policy & Regulation" class="text-module__text__0GDob text-module__medium-grey__yZtlg text-module__regular__qJJtA text-module__small__sph8i body-module__base__o--Cl body-module__small_body__gOmDf nav-dropdown-module__subsection-link__T9-bB">Boards, Policy & Regulation</a></li><li><a data-testid="Body" href="/sustainability/climate-energy/" data-subnav="Sustainability_Climate & Energy" class="text-module__text__0GDob text-module__medium-grey__yZtlg text-module__regular__qJJtA text-module__small__sph8i body-module__base__o--Cl body-module__small_body__gOmDf nav-dropdown-module__subsection-link__T9-bB">Climate & Energy</a></li><li><a data-testid="Body" href="/sustainability/land-use-biodiversity/" data-subnav="Sustainability_Land Use & Biodiversity" class="text-module__text__0GDob text-module__medium-grey__yZtlg text-module__regular__qJJtA text-module__small__sph8i body-module__base__o--Cl body-module__small_body__gOmDf nav-dropdown-module__subsection-link__T9-bB">Land Use & Biodiversity</a></li><li><a data-testid="Body" href="/sustainability/society-equity/" data-subnav="Sustainability_Society & Equity" class="text-module__text__0GDob text-module__medium-grey__yZtlg text-module__regular__qJJtA text-module__small__sph8i body-module__base__o--Cl body-module__small_body__gOmDf nav-dropdown-module__subsection-link__T9-bB">Society & Equity</a></li><li><a data-testid="Body" href="/sustainability/sustainable-finance-reporting/" data-subnav="Sustainability_Sustainable Finance & Reporting" class="text-module__text__0GDob text-module__medium-grey__yZtlg text-module__regular__qJJtA text-module__small__sph8i body-module__base__o--Cl body-module__small_body__gOmDf nav-dropdown-module__subsection-link__T9-bB">Sustainable Finance & Reporting</a></li><li><a data-testid="Body" href="/sustainability/the-switch/" data-subnav="Sustainability_The Switch" class="text-module__text__0GDob text-module__medium-grey__yZtlg text-module__regular__qJJtA text-module__small__sph8i body-module__base__o--Cl body-module__small_body__gOmDf nav-dropdown-module__subsection-link__T9-bB">The Switch</a></li><li><a data-testid="Body" href="/sustainability/reuters-impact/" data-subnav="Sustainability_Reuters Impact" class="text-module__text__0GDob text-module__medium-grey__yZtlg text-module__regular__qJJtA text-module__small__sph8i body-module__base__o--Cl body-module__small_body__gOmDf nav-dropdown-module__subsection-link__T9-bB">Reuters Impact</a></li><li><a data-testid="Body" href="/sustainability/cop/" data-subnav="Sustainability_COP31" class="text-module__text__0GDob text-module__medium-grey__yZtlg text-module__regular__qJJtA text-module__small__sph8i body-module__base__o--Cl body-module__small_body__gOmDf nav-dropdown-module__subsection-link__T9-bB">COP31</a></li></ul></div></div></div></div></div></div><span data-focus-scope-end="true" hidden=""></span></div></li><li class="nav-bar-module__nav-item__EUpy4"><div class="nav-bar-module__nav-button__mCZoN"><button data-testid="Text" type="button" tabindex="0" data-react-aria-pressable="true" aria-haspopup="true" aria-expanded="false" class="text-module__text__0GDob text-module__graphite__fZRmg text-module__medium__2Rl30 text-module__extra_small__8Buss nav-bar-module__button__YVhxE">More<svg xmlns="http://www.w3.org/2000/svg" fill="none" viewbox="0 0 15 9" aria-hidden="true" focusable="false" role="presentation" data-testid="IconChevronDown" class="nav-bar-module__arrow__D1LfD nav-bar-module__more__C7bEy chevron-down"><path d="M14.093.337c-.411-.45-1.028-.45-1.44 0L7.2 6.3 1.749.337c-.411-.45-1.028-.45-1.44 0a1.16 1.16 0 0 0 0 1.576l6.171 6.75c.206.225.515.337.72.337.205 0 .515-.112.72-.338l6.172-6.75a1.16 1.16 0 0 0 0-1.575h.001Z"></path></svg></button></div><div class="nav-bar-module__hidden__1Qi40" data-testid="moreSectionDropdownContainer" role="presentation"><span data-focus-scope-start="true" hidden=""></span><div class="nav-bar-module__dropdown__bsmM6" id="react-aria-_R_ajpam_"><div class="nav-dropdown-module__container__X8zm-" data-testid="NavDropdownContainer"><div class="nav-dropdown-module__inner__VS6zv"><div class="nav-dropdown-module__submenu__-HR75"><div class="nav-dropdown-module__inner__VS6zv"><div class="nav-dropdown-module__more-sections__9LctJ"><div class="nav-dropdown-module__group-container__B7ZaS"><section data-testid="MoreDropdown" class="nav-dropdown-module__more-section-group__6-L2e nav-dropdown-module__has-children__Wpz3R"><h2 data-testid="Heading" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__medium__2Rl30 text-module__heading_6__u1KdJ heading-module__base__p-zaD heading-module__heading_6__-zrtS"><a data-testid="Body" href="/legal/" class="text-module__text__0GDob text-module__graphite__fZRmg text-module__medium__2Rl30 text-module__body__9d61E body-module__base__o--Cl body-module__body_alt__0ewNU nav-dropdown-module__section-link__Mvj6r">Legal</a></h2><ul class="nav-dropdown-module__subsections__ElxDL"><li><a data-testid="Body" href="/legal/government/" class="text-module__text__0GDob text-module__medium-grey__yZtlg text-module__regular__qJJtA text-module__small__sph8i body-module__base__o--Cl body-module__small_body__gOmDf nav-dropdown-module__subsection-link__T9-bB">Government</a></li><li><a data-testid="Body" href="/legal/legalindustry/" class="text-module__text__0GDob text-module__medium-grey__yZtlg text-module__regular__qJJtA text-module__small__sph8i body-module__base__o--Cl body-module__small_body__gOmDf nav-dropdown-module__subsection-link__T9-bB">Legal Industry</a></li><li><a data-testid="Body" href="/legal/litigation/" class="text-module__text__0GDob text-module__medium-grey__yZtlg text-module__regular__qJJtA text-module__small__sph8i body-module__base__o--Cl body-module__small_body__gOmDf nav-dropdown-module__subsection-link__T9-bB">Litigation</a></li><li><a data-testid="Body" href="/legal/transactional/" class="text-module__text__0GDob text-module__medium-grey__yZtlg text-module__regular__qJJtA text-module__small__sph8i body-module__base__o--Cl body-module__small_body__gOmDf nav-dropdown-module__subsection-link__T9-bB">Transactional</a></li><li><a data-testid="Body" href="/legal/us-supreme-court/" class="text-module__text__0GDob text-module__medium-grey__yZtlg text-module__regular__qJJtA text-module__small__sph8i body-module__base__o--Cl body-module__small_body__gOmDf nav-dropdown-module__subsection-link__T9-bB">US Supreme Court</a></li></ul></section><section data-testid="MoreDropdown" class="nav-dropdown-module__more-section-group__6-L2e nav-dropdown-module__has-children__Wpz3R"><h2 data-testid="Heading" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__medium__2Rl30 text-module__heading_6__u1KdJ heading-module__base__p-zaD heading-module__heading_6__-zrtS"><a data-testid="Body" href="/commentary/" class="text-module__text__0GDob text-module__graphite__fZRmg text-module__medium__2Rl30 text-module__body__9d61E body-module__base__o--Cl body-module__body_alt__0ewNU nav-dropdown-module__section-link__Mvj6r">Commentary</a></h2><ul class="nav-dropdown-module__subsections__ElxDL"><li><a data-testid="Body" href="/commentary/breakingviews/" class="text-module__text__0GDob text-module__medium-grey__yZtlg text-module__regular__qJJtA text-module__small__sph8i body-module__base__o--Cl body-module__small_body__gOmDf nav-dropdown-module__subsection-link__T9-bB">Breakingviews</a></li><li><a data-testid="Body" href="/commentary/reuters-open-interest/" class="text-module__text__0GDob text-module__medium-grey__yZtlg text-module__regular__qJJtA text-module__small__sph8i body-module__base__o--Cl body-module__small_body__gOmDf nav-dropdown-module__subsection-link__T9-bB">ROI: Reuters Open Interest</a></li></ul></section><section data-testid="MoreDropdown" class="nav-dropdown-module__more-section-group__6-L2e nav-dropdown-module__has-children__Wpz3R"><h2 data-testid="Heading" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__medium__2Rl30 text-module__heading_6__u1KdJ heading-module__base__p-zaD heading-module__heading_6__-zrtS"><a data-testid="Body" href="/technology/" class="text-module__text__0GDob text-module__graphite__fZRmg text-module__medium__2Rl30 text-module__body__9d61E body-module__base__o--Cl body-module__body_alt__0ewNU nav-dropdown-module__section-link__Mvj6r">Technology</a></h2><ul class="nav-dropdown-module__subsections__ElxDL"><li><a data-testid="Body" href="/technology/artificial-intelligence/" class="text-module__text__0GDob text-module__medium-grey__yZtlg text-module__regular__qJJtA text-module__small__sph8i body-module__base__o--Cl body-module__small_body__gOmDf nav-dropdown-module__subsection-link__T9-bB">Artificial Intelligence</a></li><li><a data-testid="Body" href="/technology/cybersecurity/" class="text-module__text__0GDob text-module__medium-grey__yZtlg text-module__regular__qJJtA text-module__small__sph8i body-module__base__o--Cl body-module__small_body__gOmDf nav-dropdown-module__subsection-link__T9-bB">Cybersecurity</a></li><li><a data-testid="Body" href="/technology/space/" class="text-module__text__0GDob text-module__medium-grey__yZtlg text-module__regular__qJJtA text-module__small__sph8i body-module__base__o--Cl body-module__small_body__gOmDf nav-dropdown-module__subsection-link__T9-bB">Space</a></li><li><a data-testid="Body" href="/technology/disrupted/" class="text-module__text__0GDob text-module__medium-grey__yZtlg text-module__regular__qJJtA text-module__small__sph8i body-module__base__o--Cl body-module__small_body__gOmDf nav-dropdown-module__subsection-link__T9-bB">Disrupted</a></li></ul></section><section data-testid="MoreDropdown" class="nav-dropdown-module__more-section-group__6-L2e"><h2 data-testid="Heading" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__medium__2Rl30 text-module__heading_6__u1KdJ heading-module__base__p-zaD heading-module__heading_6__-zrtS"><a data-testid="Body" href="/investigations/" class="text-module__text__0GDob text-module__graphite__fZRmg text-module__medium__2Rl30 text-module__body__9d61E body-module__base__o--Cl body-module__body_alt__0ewNU nav-dropdown-module__section-link__Mvj6r">Investigations</a></h2></section><section data-testid="MoreDropdown" class="nav-dropdown-module__more-section-group__6-L2e nav-dropdown-module__has-children__Wpz3R"><h2 data-testid="Heading" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__medium__2Rl30 text-module__heading_6__u1KdJ heading-module__base__p-zaD heading-module__heading_6__-zrtS"><a data-testid="Body" href="/sports/" class="text-module__text__0GDob text-module__graphite__fZRmg text-module__medium__2Rl30 text-module__body__9d61E body-module__base__o--Cl body-module__body_alt__0ewNU nav-dropdown-module__section-link__Mvj6r">Sports</a></h2><ul class="nav-dropdown-module__subsections__ElxDL"><li><a data-testid="Body" href="/sports/world-cup/" class="text-module__text__0GDob text-module__medium-grey__yZtlg text-module__regular__qJJtA text-module__small__sph8i body-module__base__o--Cl body-module__small_body__gOmDf nav-dropdown-module__subsection-link__T9-bB">World Cup</a></li><li><a data-testid="Body" href="/sports/athletics/" class="text-module__text__0GDob text-module__medium-grey__yZtlg text-module__regular__qJJtA text-module__small__sph8i body-module__base__o--Cl body-module__small_body__gOmDf nav-dropdown-module__subsection-link__T9-bB">Athletics</a></li><li><a data-testid="Body" href="/sports/baseball/" class="text-module__text__0GDob text-module__medium-grey__yZtlg text-module__regular__qJJtA text-module__small__sph8i body-module__base__o--Cl body-module__small_body__gOmDf nav-dropdown-module__subsection-link__T9-bB">Baseball</a></li><li><a data-testid="Body" href="/sports/basketball/" class="text-module__text__0GDob text-module__medium-grey__yZtlg text-module__regular__qJJtA text-module__small__sph8i body-module__base__o--Cl body-module__small_body__gOmDf nav-dropdown-module__subsection-link__T9-bB">Basketball</a></li><li><a data-testid="Body" href="/sports/cricket/" class="text-module__text__0GDob text-module__medium-grey__yZtlg text-module__regular__qJJtA text-module__small__sph8i body-module__base__o--Cl body-module__small_body__gOmDf nav-dropdown-module__subsection-link__T9-bB">Cricket</a></li><li><a data-testid="Body" href="/sports/cycling/" class="text-module__text__0GDob text-module__medium-grey__yZtlg text-module__regular__qJJtA text-module__small__sph8i body-module__base__o--Cl body-module__small_body__gOmDf nav-dropdown-module__subsection-link__T9-bB">Cycling</a></li><li><a data-testid="Body" href="/sports/formula1/" class="text-module__text__0GDob text-module__medium-grey__yZtlg text-module__regular__qJJtA text-module__small__sph8i body-module__base__o--Cl body-module__small_body__gOmDf nav-dropdown-module__subsection-link__T9-bB">Formula 1</a></li><li><a data-testid="Body" href="/sports/golf/" class="text-module__text__0GDob text-module__medium-grey__yZtlg text-module__regular__qJJtA text-module__small__sph8i body-module__base__o--Cl body-module__small_body__gOmDf nav-dropdown-module__subsection-link__T9-bB">Golf</a></li><li><a data-testid="Body" href="/sports/nfl/" class="text-module__text__0GDob text-module__medium-grey__yZtlg text-module__regular__qJJtA text-module__small__sph8i body-module__base__o--Cl body-module__small_body__gOmDf nav-dropdown-module__subsection-link__T9-bB">NFL</a></li><li><a data-testid="Body" href="/sports/nhl/" class="text-module__text__0GDob text-module__medium-grey__yZtlg text-module__regular__qJJtA text-module__small__sph8i body-module__base__o--Cl body-module__small_body__gOmDf nav-dropdown-module__subsection-link__T9-bB">NHL</a></li><li><a data-testid="Body" href="/sports/soccer/" class="text-module__text__0GDob text-module__medium-grey__yZtlg text-module__regular__qJJtA text-module__small__sph8i body-module__base__o--Cl body-module__small_body__gOmDf nav-dropdown-module__subsection-link__T9-bB">Soccer</a></li><li><a data-testid="Body" href="/sports/tennis/" class="text-module__text__0GDob text-module__medium-grey__yZtlg text-module__regular__qJJtA text-module__small__sph8i body-module__base__o--Cl body-module__small_body__gOmDf nav-dropdown-module__subsection-link__T9-bB">Tennis</a></li></ul></section><section data-testid="MoreDropdown" class="nav-dropdown-module__more-section-group__6-L2e"><h2 data-testid="Heading" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__medium__2Rl30 text-module__heading_6__u1KdJ heading-module__base__p-zaD heading-module__heading_6__-zrtS"><a data-testid="Body" href="/science/" class="text-module__text__0GDob text-module__graphite__fZRmg text-module__medium__2Rl30 text-module__body__9d61E body-module__base__o--Cl body-module__body_alt__0ewNU nav-dropdown-module__section-link__Mvj6r">Science</a></h2></section><section data-testid="MoreDropdown" class="nav-dropdown-module__more-section-group__6-L2e nav-dropdown-module__has-children__Wpz3R"><h2 data-testid="Heading" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__medium__2Rl30 text-module__heading_6__u1KdJ heading-module__base__p-zaD heading-module__heading_6__-zrtS"><a data-testid="Body" href="/lifestyle/" class="text-module__text__0GDob text-module__graphite__fZRmg text-module__medium__2Rl30 text-module__body__9d61E body-module__base__o--Cl body-module__body_alt__0ewNU nav-dropdown-module__section-link__Mvj6r">Lifestyle</a></h2><ul class="nav-dropdown-module__subsections__ElxDL"><li><a data-testid="Body" href="/lifestyle/culture-current/" class="text-module__text__0GDob text-module__medium-grey__yZtlg text-module__regular__qJJtA text-module__small__sph8i body-module__base__o--Cl body-module__small_body__gOmDf nav-dropdown-module__subsection-link__T9-bB">Culture Current</a></li></ul></section><section data-testid="MoreDropdown" class="nav-dropdown-module__more-section-group__6-L2e"><h2 data-testid="Heading" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__medium__2Rl30 text-module__heading_6__u1KdJ heading-module__base__p-zaD heading-module__heading_6__-zrtS"><a data-testid="Body" href="/city-memo/" class="text-module__text__0GDob text-module__graphite__fZRmg text-module__medium__2Rl30 text-module__body__9d61E body-module__base__o--Cl body-module__body_alt__0ewNU nav-dropdown-module__section-link__Mvj6r">City Memo</a></h2></section></div><div class="nav-dropdown-module__group-container__B7ZaS"><section data-testid="MoreDropdown" class="nav-dropdown-module__more-section-group__6-L2e nav-dropdown-module__has-children__Wpz3R"><h2 data-testid="Heading" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__medium__2Rl30 text-module__heading_6__u1KdJ heading-module__base__p-zaD heading-module__heading_6__-zrtS"><a data-testid="Body" href="/graphics/" class="text-module__text__0GDob text-module__graphite__fZRmg text-module__medium__2Rl30 text-module__body__9d61E body-module__base__o--Cl body-module__body_alt__0ewNU nav-dropdown-module__section-link__Mvj6r">Graphics</a></h2><ul class="nav-dropdown-module__subsections__ElxDL"><li><a data-testid="Body" href="/chart-of-the-week/" class="text-module__text__0GDob text-module__medium-grey__yZtlg text-module__regular__qJJtA text-module__small__sph8i body-module__base__o--Cl body-module__small_body__gOmDf nav-dropdown-module__subsection-link__T9-bB">Chart of the Week</a></li></ul></section><section data-testid="MoreDropdown" class="nav-dropdown-module__more-section-group__6-L2e"><h2 data-testid="Heading" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__medium__2Rl30 text-module__heading_6__u1KdJ heading-module__base__p-zaD heading-module__heading_6__-zrtS"><a data-testid="Body" href="/pictures/" class="text-module__text__0GDob text-module__graphite__fZRmg text-module__medium__2Rl30 text-module__body__9d61E body-module__base__o--Cl body-module__body_alt__0ewNU nav-dropdown-module__section-link__Mvj6r">Pictures</a></h2></section><section data-testid="MoreDropdown" class="nav-dropdown-module__more-section-group__6-L2e"><h2 data-testid="Heading" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__medium__2Rl30 text-module__heading_6__u1KdJ heading-module__base__p-zaD heading-module__heading_6__-zrtS"><a data-testid="Body" href="/wider-image/" class="text-module__text__0GDob text-module__graphite__fZRmg text-module__medium__2Rl30 text-module__body__9d61E body-module__base__o--Cl body-module__body_alt__0ewNU nav-dropdown-module__section-link__Mvj6r">Wider Image</a></h2></section><section data-testid="MoreDropdown" class="nav-dropdown-module__more-section-group__6-L2e nav-dropdown-module__has-children__Wpz3R"><h2 data-testid="Heading" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__medium__2Rl30 text-module__heading_6__u1KdJ heading-module__base__p-zaD heading-module__heading_6__-zrtS"><a data-testid="Body" href="/podcasts/" class="text-module__text__0GDob text-module__graphite__fZRmg text-module__medium__2Rl30 text-module__body__9d61E body-module__base__o--Cl body-module__body_alt__0ewNU nav-dropdown-module__section-link__Mvj6r">Podcasts</a></h2><ul class="nav-dropdown-module__subsections__ElxDL"><li><a data-testid="Body" href="/podcasts/reuters-world-news/" class="text-module__text__0GDob text-module__medium-grey__yZtlg text-module__regular__qJJtA text-module__small__sph8i body-module__base__o--Cl body-module__small_body__gOmDf nav-dropdown-module__subsection-link__T9-bB">Reuters World News</a></li><li><a data-testid="Body" href="/podcasts/reuters-morning-bid/" class="text-module__text__0GDob text-module__medium-grey__yZtlg text-module__regular__qJJtA text-module__small__sph8i body-module__base__o--Cl body-module__small_body__gOmDf nav-dropdown-module__subsection-link__T9-bB">Reuters Morning Bid</a></li><li><a data-testid="Body" href="/podcasts/reuters-econ-world/" class="text-module__text__0GDob text-module__medium-grey__yZtlg text-module__regular__qJJtA text-module__small__sph8i body-module__base__o--Cl body-module__small_body__gOmDf nav-dropdown-module__subsection-link__T9-bB">Reuters Econ World</a></li><li><a data-testid="Body" href="/podcasts/on-assignment/" class="text-module__text__0GDob text-module__medium-grey__yZtlg text-module__regular__qJJtA text-module__small__sph8i body-module__base__o--Cl body-module__small_body__gOmDf nav-dropdown-module__subsection-link__T9-bB">On Assignment</a></li><li><a data-testid="Body" href="/podcasts/viewsroom/" class="text-module__text__0GDob text-module__medium-grey__yZtlg text-module__regular__qJJtA text-module__small__sph8i body-module__base__o--Cl body-module__small_body__gOmDf nav-dropdown-module__subsection-link__T9-bB">Viewsroom</a></li><li><a data-testid="Body" href="/podcasts/the-big-view/" class="text-module__text__0GDob text-module__medium-grey__yZtlg text-module__regular__qJJtA text-module__small__sph8i body-module__base__o--Cl body-module__small_body__gOmDf nav-dropdown-module__subsection-link__T9-bB">The Big View</a></li></ul></section><section data-testid="MoreDropdown" class="nav-dropdown-module__more-section-group__6-L2e"><h2 data-testid="Heading" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__medium__2Rl30 text-module__heading_6__u1KdJ heading-module__base__p-zaD heading-module__heading_6__-zrtS"><a data-testid="Body" href="/live/" class="text-module__text__0GDob text-module__graphite__fZRmg text-module__medium__2Rl30 text-module__body__9d61E body-module__base__o--Cl body-module__body_alt__0ewNU nav-dropdown-module__section-link__Mvj6r">Live</a></h2></section><section data-testid="MoreDropdown" class="nav-dropdown-module__more-section-group__6-L2e"><h2 data-testid="Heading" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__medium__2Rl30 text-module__heading_6__u1KdJ heading-module__base__p-zaD heading-module__heading_6__-zrtS"><a data-testid="Body" href="/fact-check/" class="text-module__text__0GDob text-module__graphite__fZRmg text-module__medium__2Rl30 text-module__body__9d61E body-module__base__o--Cl body-module__body_alt__0ewNU nav-dropdown-module__section-link__Mvj6r">Fact Check</a></h2></section><section data-testid="MoreDropdown" class="nav-dropdown-module__more-section-group__6-L2e"><h2 data-testid="Heading" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__medium__2Rl30 text-module__heading_6__u1KdJ heading-module__base__p-zaD heading-module__heading_6__-zrtS"><a data-testid="Body" href="/video/" class="text-module__text__0GDob text-module__graphite__fZRmg text-module__medium__2Rl30 text-module__body__9d61E body-module__base__o--Cl body-module__body_alt__0ewNU nav-dropdown-module__section-link__Mvj6r">Video</a></h2></section><section data-testid="MoreDropdown" class="nav-dropdown-module__more-section-group__6-L2e nav-dropdown-module__has-children__Wpz3R"><h2 data-testid="Heading" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__medium__2Rl30 text-module__heading_6__u1KdJ heading-module__base__p-zaD heading-module__heading_6__-zrtS"><a data-testid="Body" href="/media-center/" class="text-module__text__0GDob text-module__graphite__fZRmg text-module__medium__2Rl30 text-module__body__9d61E body-module__base__o--Cl body-module__body_alt__0ewNU nav-dropdown-module__section-link__Mvj6r">Media Center</a></h2><ul class="nav-dropdown-module__subsections__ElxDL"><li><a data-testid="Body" href="/media-center/announcements/" class="text-module__text__0GDob text-module__medium-grey__yZtlg text-module__regular__qJJtA text-module__small__sph8i body-module__base__o--Cl body-module__small_body__gOmDf nav-dropdown-module__subsection-link__T9-bB">Announcements</a></li><li><a data-testid="Body" href="/media-center/awards/" class="text-module__text__0GDob text-module__medium-grey__yZtlg text-module__regular__qJJtA text-module__small__sph8i body-module__base__o--Cl body-module__small_body__gOmDf nav-dropdown-module__subsection-link__T9-bB">Awards</a></li><li><a data-testid="Body" href="/media-center/inside-the-newsroom/" class="text-module__text__0GDob text-module__medium-grey__yZtlg text-module__regular__qJJtA text-module__small__sph8i body-module__base__o--Cl body-module__small_body__gOmDf nav-dropdown-module__subsection-link__T9-bB">Inside the Newsroom</a></li><li><a data-testid="Body" href="/media-center/people-news/" class="text-module__text__0GDob text-module__medium-grey__yZtlg text-module__regular__qJJtA text-module__small__sph8i body-module__base__o--Cl body-module__small_body__gOmDf nav-dropdown-module__subsection-link__T9-bB">People News</a></li></ul></section><section data-testid="MoreDropdown" class="nav-dropdown-module__more-section-group__6-L2e nav-dropdown-module__has-children__Wpz3R"><h2 data-testid="Heading" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__medium__2Rl30 text-module__heading_6__u1KdJ heading-module__base__p-zaD heading-module__heading_6__-zrtS"><a data-testid="Body" 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kicker-with-badge-module__badge__Q5q6V"><p data-testid="Body" class="text-module__text__0GDob text-module__tr-orange-2024__EFtqJ text-module__bold__chuBM text-module__extra_small__8Buss body-module__base__o--Cl body-module__extra_small_body_bold__ruT7x type-label-module__text__-O6C7">EXCLUSIVE</p></div></div><h1 data-testid="Heading" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__medium__2Rl30 text-module__heading_article__2yUro heading-module__base__p-zaD heading-module__heading_article__h3IXH headline-module__headline__L8lWb">Officials: US firm to take over some Venezuela oilfields previously run by Chinese, Russian firms</h1><div data-testid="InfoContent" class="info-content-module__info__FR-5y default-article-header-module__info-content__EOcyE"><div data-testid="AuthorName" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__medium__2Rl30 text-module__tag_label__4kwMu"><span data-testid="Text" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__regular__qJJtA text-module__tag_label__4kwMu">By </span><a data-testid="AuthorNameLink" referrerpolicy="no-referrer-when-downgrade" href="/authors/steve-holland/" rel="author" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__medium__2Rl30 text-module__tag_label__4kwMu link-module__link__INqxZ link-module__underline_on_hover__YTwYC author-name-module__author__09Ri8">Steve Holland</a><span data-testid="Text" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__regular__qJJtA text-module__tag_label__4kwMu"> and </span><a data-testid="AuthorNameLink" referrerpolicy="no-referrer-when-downgrade" href="/authors/jarrett-renshaw/" rel="author" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__medium__2Rl30 text-module__tag_label__4kwMu link-module__link__INqxZ link-module__underline_on_hover__YTwYC author-name-module__author__09Ri8">Jarrett Renshaw</a></div><time 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960w,https://www.reuters.com/resizer/v2/WISEILW6ZRLLPIQKB7KUBGCEN4.jpg?auth=165035c4311dc3d23dd6432a4a29c52bf94c26964e3752a7449e4cf861fc6120&width=1080&quality=80 1080w,https://www.reuters.com/resizer/v2/WISEILW6ZRLLPIQKB7KUBGCEN4.jpg?auth=165035c4311dc3d23dd6432a4a29c52bf94c26964e3752a7449e4cf861fc6120&width=1200&quality=80 1200w" sizes="(min-width: 1024px) 560px, (min-width: 1440px) 700px, 100vw" width="6500" height="4333" alt="In Venezuelan oil region, industry reform sparks both hope and skepticism"></div></div><div data-testid="Body" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__regular__qJJtA text-module__ultra_small__6-vhY body-module__full_width__kCIGb body-module__ultra_small_body__WelUC primary-image-module__caption__BFvVU"><span>Workers of Venezuelan state oil company PDVSA labour at an operating pumpjack in Lake Maracaibo, in Cabimas, Venezuela, January 27, 2026. REUTERS/Leonardo Fernandez Viloria/File Photo <a data-testid="Link" target="_blank" referrerpolicy="no-referrer-when-downgrade" href="https://www.reutersconnect.com/item/in-venezuelan-oil-region-industry-reform-sparks-both-hope-and-skepticism/dGFnOnJldXRlcnMuY29tLDIwMjU6bmV3c21sX1JDMkRJQ0EyUFpPTw%3D%3D/?utm_medium=rcom-article-media&utm_campaign=rcom-rcp-lead" rel="noopener" class="text-module__text__0GDob text-module__inherit-color__PhuPF text-module__inherit-font__1P1hv text-module__inherit-size__EyiQW link-module__link__INqxZ link-module__underline_default__-okuC link-module__with-icon__qlg76 collapsible-caption-module__license__CPQvV">Purchase Licensing<span><span class="link-module__suffix__ObiNY"> Rights</span><svg xmlns="http://www.w3.org/2000/svg" viewbox="0 0 32 32" aria-hidden="true" focusable="false" role="presentation" data-testid="NewTabSymbol" class="link-module__new-tab-symbol__d53s7 link-module__move-left__CCZH6 collapsible-caption-module__symbol__943UJ" fill="#666" width="0" height="0"><path fill="currentColor" d="M15 6c.6 0 1 .4 1 1s-.4 1-1 1H9c-.6 0-1 .4-1 1v14a1.1 1.1 0 0 0 .2.6c.1.2.4.4.8.4h14c.6 0 1-.4 1-1v-6c0-.6.4-1 1-1s1 .4 1 1v6a3 3 0 0 1-3 3H9a3 3 0 0 1-2.2-.9A3 3 0 0 1 6 23V9a3 3 0 0 1 3-3Zm10 0 .4.1.5.5.1.4v6c0 .6-.4 1-1 1s-1-.4-1-1V9.4l-5.3 5.3a1 1 0 0 1-.7.3 1 1 0 0 1-.7-.3 1 1 0 0 1 0-1.4L22.6 8H19c-.6 0-1-.4-1-1s.4-1 1-1Z"></path></svg><span style="border:0;clip:rect(0 0 0 0);clip-path:inset(50%);height:1px;margin:-1px;overflow:hidden;padding:0;position:absolute;width:1px;white-space:nowrap">, opens new tab</span></span></a></span></div></figure></div><div class="article-body-module__content__bnXL1"><div data-testid="ContextWidget" class="context-widget-module__container__b9mKr context-widget-module__with-scroll__CmEdD article-body-module__context_widget__sq1EI"><div data-testid="TabContainer" class="context-widget-module__tabcontainer__O1B-s context-widget-module__right-gradient__QLuno"><ul role="tablist" class="context-widget-module__tabs__AIjL0"><li data-testid="summary-tab" role="tab" aria-selected="true" tabindex="0" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__medium__2Rl30 text-module__small__sph8i body-module__base__o--Cl body-module__small_body__gOmDf context-widget-module__tab__lRw-D context-widget-module__selected__Et295">Summary</li><li data-testid="companies-tab" role="tab" aria-selected="false" tabindex="-1" class="text-module__text__0GDob text-module__medium-grey__yZtlg text-module__medium__2Rl30 text-module__small__sph8i body-module__base__o--Cl body-module__small_body__gOmDf context-widget-module__tab__lRw-D">Companies</li></ul></div><div data-testid="ContextWidgetContent" class="context-widget-module__content__lI1uo"><ul data-testid="Summary" class="summary-module__summary__QjADA"><li data-testid="Body" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__regular__qJJtA text-module__small__sph8i body-module__base__o--Cl body-module__small_body__gOmDf summary-module__point__UgXPz">NABEP previously owned by US tycoon Harry Sargeant</li><li data-testid="Body" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__regular__qJJtA text-module__small__sph8i body-module__base__o--Cl body-module__small_body__gOmDf summary-module__point__UgXPz">Deal displaces Chinese, Russian interests from key oil fields</li><li data-testid="Body" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__regular__qJJtA text-module__small__sph8i body-module__base__o--Cl body-module__small_body__gOmDf summary-module__point__UgXPz">Five of 14 contracts had been operated by Chinese companies</li></ul></div></div><div data-testid="paragraph-0" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__regular__qJJtA text-module__small__sph8i body-module__full_width__kCIGb body-module__small_body__gOmDf article-body-module__paragraph__Ts-yF">WASHINGTON, Aug 31 (Reuters) - U.S. oil company North American Blue Energy Partners (NABEP) will take over some oilfields previously controlled by several Chinese companies and a Russian firm, two U.S. officials told Reuters on Monday.</div><div data-testid="paragraph-1" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__regular__qJJtA text-module__small__sph8i body-module__full_width__kCIGb body-module__small_body__gOmDf article-body-module__paragraph__Ts-yF">The takeover will be part of a sweeping oil production agreement that President Donald Trump announced with Venezuela, they said.</div><p data-testid="promo-box" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__regular__qJJtA text-module__small__sph8i body-module__base__o--Cl body-module__small_body__gOmDf article-body-module__promo-box__hVl8h"> Sign up <a data-testid="Link" referrerpolicy="no-referrer-when-downgrade" href="undefined?location=article-paragraph&redirectUrl=%2Fbusiness%2Fenergy%2Funder-us-venezuela-oil-deal-some-chinese-russian-operators-lose-out-officials-2026-08-31%2F" class="text-module__text__0GDob text-module__inherit-color__PhuPF text-module__inherit-font__1P1hv text-module__inherit-size__EyiQW link-module__link__INqxZ link-module__underline_default__-okuC">here.</a></p><div data-testid="paragraph-2" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__regular__qJJtA text-module__small__sph8i body-module__full_width__kCIGb body-module__small_body__gOmDf article-body-module__paragraph__Ts-yF">The projects were among 14 contracts newly granted to U.S.-backed North American Blue Energy Partners, according to the officials. NABEP was previously owned by U.S. oil tycoon Harry Sargeant and is now controlled by Venezuelan businessman Alejandro Betancourt.</div><div data-testid="element" class="article-body-module__element__5eCce"></div><div data-testid="paragraph-3" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__regular__qJJtA text-module__small__sph8i body-module__full_width__kCIGb body-module__small_body__gOmDf article-body-module__paragraph__Ts-yF">"Venezuela is blessed with an abundance of natural resources, hardworking people and untapped potential,” Betancourt said in a statement, confirming the deal. “This transaction will unleash that potential to the great benefit of both Venezuelans and Americans."</div><div data-testid="paragraph-4" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__regular__qJJtA text-module__small__sph8i body-module__full_width__kCIGb body-module__small_body__gOmDf article-body-module__paragraph__Ts-yF">NABEP said it will have operating control of the business and the U.S. government will have holding rights to a 35% stake in the company, alongside "preferential access" to 20% of the company’s production at cost.</div><div data-testid="element" class="article-body-module__element__5eCce"></div><div data-testid="paragraph-5" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__regular__qJJtA text-module__small__sph8i body-module__full_width__kCIGb body-module__small_body__gOmDf article-body-module__paragraph__Ts-yF">The White House said NABEP has also granted the U.S. Department of State the right of first refusal to purchase the remaining 80% of its production.</div><div data-testid="paragraph-6" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__regular__qJJtA text-module__small__sph8i body-module__full_width__kCIGb body-module__small_body__gOmDf article-body-module__paragraph__Ts-yF">Last week, <a data-testid="Link" referrerpolicy="no-referrer-when-downgrade" href="https://www.reuters.com/business/energy/us-enters-into-oil-agreement-with-venezuela-trump-says-2026-08-28/" class="text-module__text__0GDob text-module__inherit-color__PhuPF text-module__inherit-font__1P1hv text-module__inherit-size__EyiQW link-module__link__INqxZ link-module__underline_default__-okuC">Trump announced</a> that the U.S. had secured access to some 64 billion barrels of Venezuela's proven oil reserves through a partnership with private business.</div><div data-testid="paragraph-7" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__regular__qJJtA text-module__small__sph8i body-module__full_width__kCIGb body-module__small_body__gOmDf article-body-module__paragraph__Ts-yF">The arrangement gives U.S. companies a foothold in some of Venezuela's strategically important oil assets while displacing Chinese and Russian interests that have long played a major role in the country's energy sector. It also gives Washington a direct role in determining who produces and sells Venezuela's oil, as the Trump administration seeks to reshape the country's oil industry and bring its vast reserves closer to U.S. economic and geopolitical interests.</div><div data-testid="element" class="article-body-module__element__5eCce"></div><div data-testid="paragraph-8" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__regular__qJJtA text-module__small__sph8i body-module__full_width__kCIGb body-module__small_body__gOmDf article-body-module__paragraph__Ts-yF">The U.S. will also have veto power over NABEP's board and directors and has stipulated that a majority of the board must be American citizens, the White House added.</div><div data-testid="paragraph-9" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__regular__qJJtA text-module__small__sph8i body-module__full_width__kCIGb body-module__small_body__gOmDf article-body-module__paragraph__Ts-yF">NABEP is expected to control a total of 17 projects in Venezuela that it plans to develop and ultimately use to supply oil to the U.S. Fourteen of those projects will be newly granted by the Venezuelan government, the officials said.</div><div data-testid="element" class="article-body-module__element__5eCce"></div><div data-testid="paragraph-10" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__regular__qJJtA text-module__small__sph8i body-module__full_width__kCIGb body-module__small_body__gOmDf article-body-module__paragraph__Ts-yF">Five of the 14 fields have been operated by Chinese companies under a model promoted by then-President Nicolas Maduro, while one was previously operated by a Russian company, the officials said.</div><div data-testid="paragraph-11" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__regular__qJJtA text-module__small__sph8i body-module__full_width__kCIGb body-module__small_body__gOmDf article-body-module__paragraph__Ts-yF">Two of the projects have been operated by China Concord Resources, which was sanctioned by the U.S. in 2019 for Iran-related activity. Another project was operated by Sinopec and another by China National Petroleum Corp, the officials said.</div><div data-testid="element" class="article-body-module__element__5eCce"></div><div data-testid="paragraph-12" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__regular__qJJtA text-module__small__sph8i body-module__full_width__kCIGb body-module__small_body__gOmDf article-body-module__paragraph__Ts-yF">"Not only are we opening up new opportunities for the U.S. government to benefit and for U.S. operators to benefit, we are opening up the United States as the market for this oil which was previously being sent to China," the official said.</div><div data-testid="paragraph-13" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__regular__qJJtA text-module__small__sph8i body-module__full_width__kCIGb body-module__small_body__gOmDf article-body-module__paragraph__Ts-yF">Two other projects were operated by affiliates of Alex Saab, a former close associate of ousted Venezuelan President Nicolas Maduro who is currently being held in U.S. custody, the officials said.</div><div data-testid="paragraph-14" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__regular__qJJtA text-module__small__sph8i body-module__full_width__kCIGb body-module__small_body__gOmDf article-body-module__paragraph__Ts-yF">Another oilfield was linked to a nephew of Maduro's wife, Cilia Flores, the officials said.</div><div data-testid="paragraph-15" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__regular__qJJtA text-module__small__sph8i body-module__full_width__kCIGb body-module__small_body__gOmDf article-body-module__paragraph__Ts-yF">Trump told reporters earlier on Monday that the U.S. was taking out "millions and millions of barrels of oil" that is currently being shipped to refineries in Texas and Louisiana, among other locations. He is to meet oil and gas retailers and refineries on Tuesday.</div><div data-testid="paragraph-16" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__regular__qJJtA text-module__small__sph8i body-module__full_width__kCIGb body-module__small_body__gOmDf article-body-module__paragraph__Ts-yF">The officials said talks between Venezuela's interim authorities and representatives of the 2015 National Assembly are aimed at restoring a measure of constitutional order and addressing legal questions surrounding the country's transition.</div><div data-testid="paragraph-17" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__regular__qJJtA text-module__small__sph8i body-module__full_width__kCIGb body-module__small_body__gOmDf article-body-module__paragraph__Ts-yF">The Trump administration views the 2015 assembly as the last Venezuelan legislative body elected and operating under the country's constitution, although it has no formal governing power.</div><div data-testid="paragraph-18" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__regular__qJJtA text-module__small__sph8i body-module__full_width__kCIGb body-module__small_body__gOmDf article-body-module__paragraph__Ts-yF">One official said reaching an agreement with the 2015 assembly could provide a constitutional and legal basis for the broader transition, including economic decisions such as the revival of Venezuela's oil industry.</div><div class="article-body-module__element__5eCce"><p data-testid="SignOff" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__regular__qJJtA text-module__extra_small__8Buss body-module__full_width__kCIGb body-module__extra_small_body__Bfz20 sign-off-module__text__LQAMP">Reporting by Steve Holland and Jarrett Renshaw; Additonal reporting by Marianna Parraga; Editing by David Gregorio</p></div><p data-testid="Body" dir="ltr" class="text-module__text__0GDob text-module__dark-grey__UFC18 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text-module__heading_6__u1KdJ heading-module__base__p-zaD heading-module__heading_6__-zrtS title-module__heading__ZrRzk">Trump's oil deal with Venezuela raises red flags for some major producers, sources say</span></a></div><figure class=" image-container no-caption story-card-module__area-media__N2Hg6" data-testid="MediaImage"><a data-testid="MediaImageLink" aria-hidden="true" tabindex="-1" referrerpolicy="no-referrer-when-downgrade" href="/business/energy/trumps-oil-deal-with-venezuela-raises-red-flags-some-major-producers-sources-say-2026-09-01/" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__medium__2Rl30 text-module__default__R2Ckt link-module__link__INqxZ link-module__underline_default__-okuC image-module__container__dqGwP story-card-module__image-link__4wq06"><div data-testid="Image" class="image story-card-module__image__NNKq2"><div class="styles-module__image-container__E0mCm styles-module__cover__SgyOM styles-module__center_center__bzABO styles-module__apply-ratio__u0jXJ styles-module__transition__joucY" style="--aspect-ratio:1.5"></div><noscript><img src="https://www.reuters.com/resizer/v2/FXM646KHTJN6PMLZR4PEZWAVXU.jpg?auth=722914b63b5007121e2b80465d3fb6cc5b7322199df11b0e39b9b1d2c90dd64e&width=1200&quality=80" alt="In Venezuelan oil region, industry reform sparks both hope and skepticism"></noscript></div></a></figure></div></li><li class="read-next-v2-module__item__F8aJ9"><div class="story-card-module__tpl-common__G5wYS story-card-module__tpl-full-media-on-top__ps3O2 story-card-module__transition-no-date-for-extra-wide-desktop__20m3z story-card-module__transition-no-date-for-desktop__b65V6 story-card-module__transition-no-date-for-tablet__2zqMx story-card-module__transition-media-on-right-for-mobile__ygju8 read-next-v2-module__story-card__Bus22" data-are-authors="true" data-has-multiple-authors="false" data-dir="ltr" data-testid="StoryCard" tabindex="-1"><time data-testid="DateLineText" datetime="2026-09-01T11:15:06.806Z" class="text-module__text__0GDob text-module__medium-grey__yZtlg text-module__light__ZYtNU text-module__ultra_small__6-vhY story-card-module__area-date__p9wlR"> ago</time><span data-testid="KickerLabel" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__light__ZYtNU text-module__extra_small__8Buss label-module__label__Sv2H2 label-module__kicker__jiI-y story-card-module__area-kicker__CYVuk"><a data-testid="KickerLink" referrerpolicy="no-referrer-when-downgrade" href="/business/energy/" class="text-module__text__0GDob text-module__inherit-color__PhuPF text-module__inherit-font__1P1hv text-module__inherit-size__EyiQW link-module__link__INqxZ link-module__underline_on_hover__YTwYC">Energy<span style="border:0;clip:rect(0 0 0 0);clip-path:inset(50%);height:1px;margin:-1px;overflow:hidden;padding:0;position:absolute;width:1px;white-space:nowrap">category</span></a></span><div data-testid="Title" class="title-module__title__Lr6MH story-card-module__area-headline__N6EZa"><a data-testid="TitleLink" referrerpolicy="no-referrer-when-downgrade" href="/business/energy/oil-prices-rise-latest-fighting-resurrects-middle-east-supply-disruption-risks-2026-09-01/" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__inherit-font__1P1hv text-module__inherit-size__EyiQW link-module__link__INqxZ link-module__underline_on_hover__YTwYC"><span data-testid="TitleHeading" class="text-module__text__0GDob text-module__inherit-color__PhuPF text-module__medium__2Rl30 text-module__heading_6__u1KdJ heading-module__base__p-zaD heading-module__heading_6__-zrtS title-module__heading__ZrRzk">Oil up around 2% as renewed US-Iran strikes stoke supply fears</span></a></div><figure class=" image-container no-caption story-card-module__area-media__N2Hg6" data-testid="MediaImage"><a data-testid="MediaImageLink" aria-hidden="true" tabindex="-1" referrerpolicy="no-referrer-when-downgrade" href="/business/energy/oil-prices-rise-latest-fighting-resurrects-middle-east-supply-disruption-risks-2026-09-01/" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__medium__2Rl30 text-module__default__R2Ckt link-module__link__INqxZ link-module__underline_default__-okuC image-module__container__dqGwP story-card-module__image-link__4wq06"><div data-testid="Image" class="image story-card-module__image__NNKq2"><div class="styles-module__image-container__E0mCm styles-module__cover__SgyOM styles-module__center_center__bzABO styles-module__apply-ratio__u0jXJ styles-module__transition__joucY" style="--aspect-ratio:1.5"></div><noscript><img src="https://www.reuters.com/resizer/v2/V2OGLCUZ4BO4ZBN3XVL5DUJAPM.jpg?auth=1e1aef2ce7dd6eb74a5d1c1cb9df7fc8bc7256d236ccbefcf9fe362cceede48f&width=1200&quality=80" alt="Scenes from the Port of Fujairah, as U.S.-Israel conflict with Iran limits marine traffic in the Strait of Hormuz"></noscript></div></a></figure></div></li><li 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story-card-module__area-kicker__CYVuk"><a data-testid="KickerLink" referrerpolicy="no-referrer-when-downgrade" href="/business/energy/" class="text-module__text__0GDob text-module__inherit-color__PhuPF text-module__inherit-font__1P1hv text-module__inherit-size__EyiQW link-module__link__INqxZ link-module__underline_on_hover__YTwYC">Energy<span style="border:0;clip:rect(0 0 0 0);clip-path:inset(50%);height:1px;margin:-1px;overflow:hidden;padding:0;position:absolute;width:1px;white-space:nowrap">category</span></a></span><div data-testid="Title" class="title-module__title__Lr6MH story-card-module__area-headline__N6EZa"><a data-testid="TitleLink" referrerpolicy="no-referrer-when-downgrade" href="/business/energy/two-tankers-carrying-saudi-oil-attacked-strait-hormuz-2026-09-01/" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__inherit-font__1P1hv text-module__inherit-size__EyiQW link-module__link__INqxZ link-module__underline_on_hover__YTwYC"><span 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body-module__base__o--Cl">EXCLUSIVE</span></div></div><a data-testid="TitleLink" referrerpolicy="no-referrer-when-downgrade" href="/business/energy/russia-cuts-expected-2026-oil-output-17-year-low-war-fallout-draft-forecasts-2026-09-01/" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__inherit-font__1P1hv text-module__inherit-size__EyiQW link-module__link__INqxZ link-module__underline_on_hover__YTwYC"><span data-testid="TitleHeading" class="text-module__text__0GDob text-module__inherit-color__PhuPF text-module__medium__2Rl30 text-module__heading_6__u1KdJ heading-module__base__p-zaD heading-module__heading_6__-zrtS title-module__heading__ZrRzk">Russia cuts expected 2026 oil output to 17-year low on war fallout, draft forecasts show</span></a></div><figure class=" image-container no-caption story-card-module__area-media__N2Hg6" data-testid="MediaImage"><a data-testid="MediaImageLink" aria-hidden="true" tabindex="-1" referrerpolicy="no-referrer-when-downgrade" 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story-collection-module__hero__gKDSI story-collection-module__default__k3Xt2 story-collection-module__with-spacing__OhP-U" id="7ETRX2LWVFL2VDUC2OWDQE6OUI" data-testid="one_hero_and_two_columns"><div data-testid="MediaStoryCard" class="media-story-card-module__hero__UeoFK story-card"><div class="media-story-card-module__placement-container__1ZSB1"><a href="https://www.reuters.com/business/rbi-intervention-dollar-flows-push-indian-rupee-two-month-peak-2026-09-01/" aria-hidden="true" tabindex="-1" referrerpolicy="no-referrer-when-downgrade"><div class="media-story-card-module__image-container__fJn9a"><div data-testid="Image" class="image"><div class="styles-module__image-container__E0mCm styles-module__cover__SgyOM styles-module__center_center__bzABO styles-module__apply-ratio__u0jXJ styles-module__transition__joucY" style="--aspect-ratio:1.5"></div><noscript><img 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media-story-card-module__heading__xgKcP">RBI intervention, dollar flows push Indian rupee to two-month peak</a></h3><span data-testid="Label" class="text-module__text__0GDob text-module__inherit-color__PhuPF text-module__light__ZYtNU text-module__default__R2Ckt label-module__label__Sv2H2 kicker_hero media-story-card-module__section__PyVDc"><a data-testid="Link" referrerpolicy="no-referrer-when-downgrade" href="/business/" class="text-module__text__0GDob text-module__inherit-color__PhuPF text-module__inherit-font__1P1hv text-module__inherit-size__EyiQW link-module__link__INqxZ link-module__underline_on_hover__YTwYC">Business<span style="border:0;clip:rect(0 0 0 0);clip-path:inset(50%);height:1px;margin:-1px;overflow:hidden;padding:0;position:absolute;width:1px;white-space:nowrap">category</span></a> · <time datetime="2026-09-01T11:33:32.963Z">September 1, 2026 · 11:33 AM UTC</time> · ago</span><p data-testid="Body" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__regular__qJJtA text-module__large__03GSP body-module__base__o--Cl body-module__large_body__NQgnj media-story-card-module__description__DzXN2">The Indian rupee surged to a two-month high against the U.S. dollar on Tuesday, powered by aggressive central bank intervention and supported by flow-related dollar offers from foreign banks.</p></div></div></li><li class="story-collection-module__list-item__nvJUz story-collection-module__story__A3dpi story-collection-module__default__k3Xt2 story-collection-module__with-spacing__OhP-U" id="GQHJQNTLZRKINADREEEO3NBYUQ" data-testid="one_hero_and_two_columns"><div data-testid="MediaStoryCard" class="media-story-card-module__hub__y3KsD story-card"><div class="media-story-card-module__placement-container__1ZSB1"><a href="https://www.reuters.com/business/stellantis-halts-again-fiat-500-factory-due-supply-shortages-2026-09-01/" aria-hidden="true" tabindex="-1" referrerpolicy="no-referrer-when-downgrade"><div class="media-story-card-module__image-container__fJn9a"><div data-testid="Image" class="image"><div class="styles-module__image-container__E0mCm styles-module__cover__SgyOM styles-module__center_center__bzABO styles-module__apply-ratio__u0jXJ styles-module__transition__joucY" style="--aspect-ratio:1.5"></div><noscript><img src="https://www.reuters.com/resizer/v2/OAOPONKO2NPQPFGK5UZJ3E7Q3Q.jpg?auth=0bbc78f7c0272f538490c9c7b8c5a802c7d716bf63b5396591b497f5fdb59d3e&width=960&quality=80" width="6192" height="4128" alt="Stellantis launches production of new hybrid Fiat 500"></noscript></div></div></a></div><div class="media-story-card-module__body__nZjo1"><span data-testid="Label" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__light__ZYtNU text-module__extra_small__8Buss label-module__label__Sv2H2 label-module__kicker__jiI-y media-story-card-module__section__PyVDc"><a data-testid="Link" referrerpolicy="no-referrer-when-downgrade" href="/business/" 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text-module__regular__qJJtA text-module__extra_small__8Buss label-module__label__Sv2H2 label-module__small__0kHqa date">11:33 AM UTC</time></div></div></div></li><li class="story-collection-module__list-item__nvJUz story-collection-module__story__A3dpi story-collection-module__default__k3Xt2 story-collection-module__with-spacing__OhP-U" id="FWAYEPEXX5NLXHZ5BYVAB4U7T4" data-testid="one_hero_and_two_columns"><div data-testid="MediaStoryCard" class="media-story-card-module__hub__y3KsD story-card"><div class="media-story-card-module__placement-container__1ZSB1"><a href="https://www.reuters.com/world/india/indias-coal-fired-power-generation-growth-slows-august-renewables-up-2026-09-01/" aria-hidden="true" tabindex="-1" referrerpolicy="no-referrer-when-downgrade"><div class="media-story-card-module__image-container__fJn9a"><div data-testid="Image" class="image"><div class="styles-module__image-container__E0mCm styles-module__cover__SgyOM styles-module__center_center__bzABO 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link-module__underline_on_hover__YTwYC"><span style="border:0;clip:rect(0 0 0 0);clip-path:inset(50%);height:1px;margin:-1px;overflow:hidden;padding:0;position:absolute;width:1px;white-space:nowrap">category</span></a></span><a data-testid="Heading" href="https://www.reuters.com/world/india/indias-coal-fired-power-generation-growth-slows-august-renewables-up-2026-09-01/" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__medium__2Rl30 text-module__heading_6__u1KdJ heading-module__base__p-zaD heading-module__heading_6__-zrtS media-story-card-module__headline__ZWaRz">India's coal-fired power generation growth slows in August, renewables up</a><div class="media-story-card-module__date-line__37fk5"><time data-testid="Label" datetime="2026-09-01T11:31:06.705Z" class="text-module__text__0GDob text-module__inherit-color__PhuPF text-module__regular__qJJtA text-module__extra_small__8Buss label-module__label__Sv2H2 label-module__small__0kHqa date">11:31 AM 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link-group-module__label__mDGn2">Latest</h3><ul class="link-group-module__list__yrOzI link-group-module__vertical__vGvtx"><li class="link-group-module__item__Za3t6"><a data-testid="Link" target="_self" referrerpolicy="no-referrer-when-downgrade" href="/" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__medium__2Rl30 text-module__default__R2Ckt link-module__link__INqxZ link-module__underline_on_hover__YTwYC link-group-module__link__BcHeN"><span data-testid="LinkGroupItem" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__medium__2Rl30 text-module__heading_6__u1KdJ">Home</span></a></li><li class="link-group-module__item__Za3t6"><a data-testid="Link" target="_self" referrerpolicy="no-referrer-when-downgrade" href="/sitemap/authors/" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__medium__2Rl30 text-module__default__R2Ckt link-module__link__INqxZ link-module__underline_on_hover__YTwYC link-group-module__link__BcHeN"><span data-testid="LinkGroupItem" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__medium__2Rl30 text-module__heading_6__u1KdJ">Authors</span></a></li><li class="link-group-module__item__Za3t6"><a data-testid="Link" target="_self" referrerpolicy="no-referrer-when-downgrade" href="/sitemap/topics/" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__medium__2Rl30 text-module__default__R2Ckt link-module__link__INqxZ link-module__underline_on_hover__YTwYC link-group-module__link__BcHeN"><span data-testid="LinkGroupItem" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__medium__2Rl30 text-module__heading_6__u1KdJ">Topic Sitemap</span></a></li><li class="link-group-module__item__Za3t6"><a data-testid="Link" target="_self" referrerpolicy="no-referrer-when-downgrade" href="/archive/" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__medium__2Rl30 text-module__default__R2Ckt link-module__link__INqxZ link-module__underline_on_hover__YTwYC link-group-module__link__BcHeN"><span data-testid="LinkGroupItem" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__medium__2Rl30 text-module__heading_6__u1KdJ">Archive</span></a></li><li class="link-group-module__item__Za3t6"><a data-testid="Link" target="_self" referrerpolicy="no-referrer-when-downgrade" href="/sitemap/" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__medium__2Rl30 text-module__default__R2Ckt link-module__link__INqxZ link-module__underline_on_hover__YTwYC link-group-module__link__BcHeN"><span data-testid="LinkGroupItem" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__medium__2Rl30 text-module__heading_6__u1KdJ">Article Sitemap</span></a></li></ul></section><section data-testid="LinkGroup" class="site-footer-module__link-group__Hxt4R"><h3 data-testid="Heading" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__light__ZYtNU text-module__heading_6__u1KdJ heading-module__base__p-zaD heading-module__heading_6_light__klgho link-group-module__label__mDGn2">Browse</h3><ul class="link-group-module__list__yrOzI link-group-module__vertical__vGvtx"><li class="link-group-module__item__Za3t6"><a data-testid="Link" target="_self" referrerpolicy="no-referrer-when-downgrade" href="/world/" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__medium__2Rl30 text-module__default__R2Ckt link-module__link__INqxZ link-module__underline_on_hover__YTwYC link-group-module__link__BcHeN"><span data-testid="LinkGroupItem" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__medium__2Rl30 text-module__heading_6__u1KdJ">World</span></a></li><li class="link-group-module__item__Za3t6"><a data-testid="Link" target="_self" referrerpolicy="no-referrer-when-downgrade" href="/business/" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__medium__2Rl30 text-module__default__R2Ckt link-module__link__INqxZ link-module__underline_on_hover__YTwYC link-group-module__link__BcHeN"><span data-testid="LinkGroupItem" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__medium__2Rl30 text-module__heading_6__u1KdJ">Business</span></a></li><li class="link-group-module__item__Za3t6"><a data-testid="Link" target="_self" referrerpolicy="no-referrer-when-downgrade" href="/markets/" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__medium__2Rl30 text-module__default__R2Ckt link-module__link__INqxZ link-module__underline_on_hover__YTwYC link-group-module__link__BcHeN"><span data-testid="LinkGroupItem" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__medium__2Rl30 text-module__heading_6__u1KdJ">Markets</span></a></li><li class="link-group-module__item__Za3t6"><a data-testid="Link" target="_self" referrerpolicy="no-referrer-when-downgrade" href="/sustainability/" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__medium__2Rl30 text-module__default__R2Ckt link-module__link__INqxZ link-module__underline_on_hover__YTwYC link-group-module__link__BcHeN"><span data-testid="LinkGroupItem" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__medium__2Rl30 text-module__heading_6__u1KdJ">Sustainability</span></a></li><li class="link-group-module__item__Za3t6"><a data-testid="Link" target="_self" referrerpolicy="no-referrer-when-downgrade" href="/legal/" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__medium__2Rl30 text-module__default__R2Ckt link-module__link__INqxZ link-module__underline_on_hover__YTwYC link-group-module__link__BcHeN"><span data-testid="LinkGroupItem" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__medium__2Rl30 text-module__heading_6__u1KdJ">Legal</span></a></li><li class="link-group-module__item__Za3t6"><a data-testid="Link" target="_self" referrerpolicy="no-referrer-when-downgrade" href="/breakingviews/" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__medium__2Rl30 text-module__default__R2Ckt link-module__link__INqxZ link-module__underline_on_hover__YTwYC link-group-module__link__BcHeN"><span data-testid="LinkGroupItem" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__medium__2Rl30 text-module__heading_6__u1KdJ">Breakingviews</span></a></li><li class="link-group-module__item__Za3t6"><a data-testid="Link" target="_self" referrerpolicy="no-referrer-when-downgrade" href="/technology/" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__medium__2Rl30 text-module__default__R2Ckt link-module__link__INqxZ link-module__underline_on_hover__YTwYC link-group-module__link__BcHeN"><span data-testid="LinkGroupItem" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__medium__2Rl30 text-module__heading_6__u1KdJ">Technology</span></a></li><li class="link-group-module__item__Za3t6"><a data-testid="Link" target="_self" referrerpolicy="no-referrer-when-downgrade" href="/investigations/" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__medium__2Rl30 text-module__default__R2Ckt link-module__link__INqxZ link-module__underline_on_hover__YTwYC link-group-module__link__BcHeN"><span data-testid="LinkGroupItem" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__medium__2Rl30 text-module__heading_6__u1KdJ">Investigations</span></a></li><li class="link-group-module__item__Za3t6"><a data-testid="Link" target="_self" referrerpolicy="no-referrer-when-downgrade" href="/sports/" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__medium__2Rl30 text-module__default__R2Ckt link-module__link__INqxZ link-module__underline_on_hover__YTwYC link-group-module__link__BcHeN"><span data-testid="LinkGroupItem" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__medium__2Rl30 text-module__heading_6__u1KdJ">Sports</span></a></li><li class="link-group-module__item__Za3t6"><a data-testid="Link" target="_self" referrerpolicy="no-referrer-when-downgrade" href="/science/" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__medium__2Rl30 text-module__default__R2Ckt link-module__link__INqxZ link-module__underline_on_hover__YTwYC link-group-module__link__BcHeN"><span data-testid="LinkGroupItem" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__medium__2Rl30 text-module__heading_6__u1KdJ">Science</span></a></li><li class="link-group-module__item__Za3t6"><a data-testid="Link" target="_self" referrerpolicy="no-referrer-when-downgrade" href="/lifestyle/" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__medium__2Rl30 text-module__default__R2Ckt link-module__link__INqxZ link-module__underline_on_hover__YTwYC link-group-module__link__BcHeN"><span data-testid="LinkGroupItem" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__medium__2Rl30 text-module__heading_6__u1KdJ">Lifestyle</span></a></li></ul></section><section data-testid="LinkGroup" class="site-footer-module__link-group__Hxt4R site-footer-module__hidden-mobile__5cjU9"><h3 data-testid="Heading" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__light__ZYtNU text-module__heading_6__u1KdJ heading-module__base__p-zaD heading-module__heading_6_light__klgho link-group-module__label__mDGn2">Media</h3><ul class="link-group-module__list__yrOzI link-group-module__vertical__vGvtx"><li class="link-group-module__item__Za3t6"><div data-testid="Media" class="link-group-module__symbol__vLvQd media-module__symbol__O-kyE media-module__none__3jUM3"><svg xmlns="http://www.w3.org/2000/svg" viewbox="0 0 16 11" aria-hidden="true" focusable="false" role="presentation" 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REUTERS/Brendan McDermid (UNITED STATES - Tags: BUSINESS) - GM1EA25038Q01","type":"image","resizer_url":"https://www.reuters.com/resizer/v2/ZCQ5SPBKNNGXDJUYVFRTM36JYM.jpg?auth=70f5c67e422e1b3e7dd056783e186704920996c0ee15c8f7bd92bb0e7d9acbca","id":"ZCQ5SPBKNNGXDJUYVFRTM36JYM","authors":"Brendan McDermid","alt_text":"TOPIC:DEFAULT_COMPANIES_THUMBNAIL","width":800,"height":533,"subtitle":"TOPIC:DEFAULT_COMPANIES_THUMBNAIL","slug":"MARKETS-STOCKS/","updated_at":"2021-05-28T13:35:56Z"}},{"code":"P:4295864455","name":"China Petroleum and Chemical Corporation","topic_url":"/company/china-petroleum-and-chemical-corporation/","topic_display_name":"Company","display":true,"thumbnail":{"url":"https://cloudfront-us-east-2.images.arcpublishing.com/reuters/ZCQ5SPBKNNGXDJUYVFRTM36JYM.jpg","caption":"The Wall St. sign is seen outside the door to the New York Stock Exchange in New York's financial district February 4, 2014. REUTERS/Brendan McDermid (UNITED STATES - Tags: BUSINESS) - GM1EA25038Q01","type":"image","resizer_url":"https://www.reuters.com/resizer/v2/ZCQ5SPBKNNGXDJUYVFRTM36JYM.jpg?auth=70f5c67e422e1b3e7dd056783e186704920996c0ee15c8f7bd92bb0e7d9acbca","id":"ZCQ5SPBKNNGXDJUYVFRTM36JYM","authors":"Brendan McDermid","alt_text":"TOPIC:DEFAULT_COMPANIES_THUMBNAIL","width":800,"height":533,"subtitle":"TOPIC:DEFAULT_COMPANIES_THUMBNAIL","slug":"MARKETS-STOCKS/","updated_at":"2021-05-28T13:35:56Z"}}],"newsletters":[{"name":"Reuters Power Up","promoBoxDescription":"The Reuters Power Up newsletter by columnist Ron Bousso provides everything you need to know about the global energy industry.","landingPageUrl":"/newsletters/reuters-power-up/","sailThruId":"reuters_power_up"},{"name":"Reuters Sustainable Finance","promoBoxDescription":"Stay up to date on the key companies, data, and decisions in the ESG world with the Reuters Sustainable Finance newsletter.","landingPageUrl":"/newsletters/reuters-sustainable-finance/","sailThruId":"sustainable_finance"},{"name":"Reuters Econ World","promoBoxDescription":"Get the latest news and expert analysis about the state of the global economy with the Reuters Econ World newsletter.","landingPageUrl":"/newsletters/reuters-econ-world/","sailThruId":"econ_world"},{"name":"Reuters Iran Briefing","promoBoxDescription":"The Reuters Iran Briefing newsletter keeps you informed with the latest developments and analysis of the Iran war.","landingPageUrl":"/newsletters/reuters-iran-briefing/","sailThruId":"reuters_iran_briefing"},{"name":"Reuters Daily Briefing","promoBoxDescription":"The Reuters Daily Briefing newsletter provides all the news you need to start your day.","landingPageUrl":"/newsletters/daily-briefing/","sailThruId":"newsletter_subscription"}],"notification_settings":{"title":"Energy","section":"/business/energy/","braze_custom_attribute":"application_energy_alert"},"engagement_eligible":true,"dart_zones":{"topic":"engy,pol"},"eleven_labs":{"project_id":"2VA6J8SEe5fuhbwAjmx8","html_snippet":"<div id=\"elevenlabs-audionative-widget\" data-height=\"90\" data-width=\"100%\" data-frameborder=\"no\" data-scrolling=\"no\" data-publicuserid=\"4755746b1f90e57c3c83176ebb4062380b8a9a1a2e7bf22c8d2d745486357d64\" data-playerurl=\"https://elevenlabs.io/player/index.html\" data-projectid=\"2VA6J8SEe5fuhbwAjmx8\" >Loading the <a href=\"https://elevenlabs.io/text-to-speech\" target=\"_blank\" rel=\"noopener\">Elevenlabs Text to Speech</a> AudioNative Player...</div><script src=\"https://elevenlabs.io/player/audioNativeHelper.js\" type=\"text/javascript\"><\/script>","audio_url":"https://eleven-public-cdn.elevenlabs.io/audio-native/4755746b1f90e57c3c83176ebb4062380b8a9a1a2e7bf22c8d2d745486357d64/2VA6J8SEe5fuhbwAjmx8/MElbtxpmdSW8rE7ATaAY.mp3"},"excerpt":{"content":"U.S. oil company North American Blue Energy Partners (NABEP) will take over some oilfields previously controlled by several Chinese companies and a Russian firm, two U.S. officials told Reuters on Monday.","type":"paragraph"},"content_elements":[{"content":"U.S. oil company North American Blue Energy Partners (NABEP) will take over some oilfields previously controlled by several Chinese companies and a Russian firm, two U.S. officials told Reuters on Monday.","type":"paragraph"},{"content":"The takeover will be part of a sweeping oil production agreement that President Donald Trump announced with Venezuela, they said.","type":"paragraph"},{"content":"The projects were among 14 contracts newly granted to U.S.-backed North American Blue Energy Partners, according to the officials. NABEP was previously owned by U.S. oil tycoon Harry Sargeant and is now controlled by Venezuelan businessman Alejandro Betancourt.","type":"paragraph"},{"content":"\"Venezuela is blessed with an abundance of natural resources, hardworking people and untapped potential,” Betancourt said in a statement, confirming the deal. “This transaction will unleash that potential to the great benefit of both Venezuelans and Americans.\"","type":"paragraph"},{"content":"NABEP said it will have operating control of the business and the U.S. government will have holding rights to a 35% stake in the company, alongside \"preferential access\" to 20% of the company’s production at cost.","type":"paragraph"},{"content":"The White House said NABEP has also granted the U.S. Department of State the right of first refusal to purchase the remaining 80% of its production.","type":"paragraph"},{"content":"Last week, <a href=\"https://www.reuters.com/business/energy/us-enters-into-oil-agreement-with-venezuela-trump-says-2026-08-28/\">Trump announced</a> that the U.S. had secured access to some 64 billion barrels of Venezuela's proven oil reserves through a partnership with private business.","type":"paragraph"},{"content":"The arrangement gives U.S. companies a foothold in some of Venezuela's strategically important oil assets while displacing Chinese and Russian interests that have long played a major role in the country's energy sector. It also gives Washington a direct role in determining who produces and sells Venezuela's oil, as the Trump administration seeks to reshape the country's oil industry and bring its vast reserves closer to U.S. economic and geopolitical interests.","type":"paragraph"},{"content":"The U.S. will also have veto power over NABEP's board and directors and has stipulated that a majority of the board must be American citizens, the White House added.","type":"paragraph"},{"content":"NABEP is expected to control a total of 17 projects in Venezuela that it plans to develop and ultimately use to supply oil to the U.S. Fourteen of those projects will be newly granted by the Venezuelan government, the officials said.","type":"paragraph"},{"content":"Five of the 14 fields have been operated by Chinese companies under a model promoted by then-President Nicolas Maduro, while one was previously operated by a Russian company, the officials said.","type":"paragraph"},{"content":"Two of the projects have been operated by China Concord Resources, which was sanctioned by the U.S. in 2019 for Iran-related activity. Another project was operated by Sinopec and another by China National Petroleum Corp, the officials said.","type":"paragraph"},{"content":"\"Not only are we opening up new opportunities for the U.S. government to benefit and for U.S. operators to benefit, we are opening up the United States as the market for this oil which was previously being sent to China,\" the official said.","type":"paragraph"},{"content":"Two other projects were operated by affiliates of Alex Saab, a former close associate of ousted Venezuelan President Nicolas Maduro who is currently being held in U.S. custody, the officials said.","type":"paragraph"},{"content":"Another oilfield was linked to a nephew of Maduro's wife, Cilia Flores, the officials said.","type":"paragraph"},{"content":"Trump told reporters earlier on Monday that the U.S. was taking out \"millions and millions of barrels of oil\" that is currently being shipped to refineries in Texas and Louisiana, among other locations. 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So, Joy, Nvidia has been the face of AI for years, but it's been a bit of a bad streak. So why has its stock badly lagged some of its chip pairs this year? What's driving the change in sentiment? Yeah, I think when you look at performance-wise, year-to-date performance has underperformed some of its broader semiconductor peers or even like the super sexy new startup companies that we're seeing, whether it's Marvell or other interest in some of the AI pre-IPO companies. But I think what people have to remember is that this is the largest company in the world. So, at $5 trillion, a 10% move is still $500 billion. And I think it's still core to the whole AI ecosystem. So, everybody from building out of the data centers or AI software still rely on AI chips. So I think, you know, we closely watch what Nvidia is doing what its guidance are, because it's critical to the AI ecosystem, but more broadly to the global AI ecosystem. And, at $5 trillion, it's in everybody's portfolio. It's the largest company in the world. So it's in our retirement account. You know, the largest shareholder is not Jensen Huang. It's the BlackRock and Vanguards of the world. So when it goes up or down, it's going to impact our global wealth and our investor sentiment. Well, that's talk globally, Joy, and Nvidia is being squeezed by US restrictions on sales to China while Chinese rivals are advancing rapidly. So is Nvidia losing ground in the global battle for AI chip dominance? You know, we have to think of the China factor as both, you know, a competitor, but also a market. And I think Nvidia still has a strong market globally. There is nothing like an Nvidia chip at the moment, you know, but China is a factor. You know, they are building good enough at a lower price. And that changes the economics of some of these business models that are building towards some of these high end AI infrastructure and build out. But again, you know, if there is more out there, we hope the market itself will grow and the pie itself will grow. So, I'm not clear that this is a negative competitive disadvantage for Nvidia, or it's just a demonstration of the power of where the AI opportunity can take us. Well, Nvidia's financing of some customers' chip purchases raised concerns about circular financing and an AI bubble. So where do those concerns stand today? Has Nvidia's financial profile been weakened? I think the circular financing is across all industry. It's just, you know, a little bit more opaque when some of these companies are not publicly listed. But it's also interesting to think about that Nvidia is investing in the whole AI ecosystem and startups. And that's a great opportunity. Nvidia has huge cash flow and it's investing in, you know, the companies that are making innovations in this ecosystem. So that's, again, a great opportunity and a demonstration of the growth that can happen in this space. Well, Joy, AI may be a powerful long-term theme but Nvidia's valuation is also heavily influenced by momentum and expectations. So, at current levels, should investors keep buying? Or is it time to take some money off the table? Nvidia is a very volatile stock. So is the whole AI ecosystem. And investors have to remember that markets are forward looking. So, this is an exceptional company. And we've seen it beat expectations quarter after quarter. And even when it comes out with these enormous revenue and growth, we've seen price pull back because investors are forward looking. And so they're not just pricing in, you know, what's been announced, but they're pricing in their expectations around some of the growing AI uncertainty because debt is so huge or some of the increasingly macro risks that we're seeing in the headlines that's not going away. So whether it's around war, inflation or tariffs, these are not going away. And traditionally, markets have overlooked them. But if they continue, they become more of an impact into how investors think about their future outlook. That was Joy Yang from MarketVector Indexes. Don't forget you can watch more videos on Reuters.com"},"published_time":"2026-08-26T14:14:29Z","updated_time":"2026-08-26T14:14:29Z","thumbnail":{"url":"https://ajo.prod.reuters.tv/api/v2/img/6a8ef3eae4b0f9a8fa39104f","caption":"Nvidia’s trillion-dollar chip empire remains dominant, but the challengers are closing in. 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Kristina Hooper from Man Group told Reuters that, as concerns grow over the U.S. as a safe-haven asset and the risk of a stagflationary environment increases, the outlook for gold remains firmly to the upside.","duration":355.76,"transcript_data":{"transcript":"Gold has been battered, bruised and bought on the dip. So are its worst days finally over? It's been a bruising year for the yellow metal. After soaring above $5,300 an ounce early on, gold has been knocked back by sharp sell-offs, a war-driven slump and a trip into bear market territory. And yet it just won't stay down. In recent weeks, gold has held above the key $4,000 an ounce level, with dip buyers stepping back in and betting that the next move could be higher. Well, Kristina Hooper is Chief Market Strategist at Man Group. So Kristina, gold just posted its biggest gain in six months after the U.S. Treasury made a surprise move to rein in long-term borrowing costs. So why has that breathed new life into golds? And crucially, can the rally last? I think historically it has been viewed as something of an inflation hedge, even though historically it hasn't always served that purpose well. But now I think increasingly because of the growing federal deficits in the United States, As well as the overall debt load, it is now being perceived as an alternative to U.S. Treasuries. In some cases, a better alternative than U.S. Treasuries as a safe haven asset class. But of course, the caveat is that it is a non-yielding asset. And so when investors are worried that rates are going to be on the rise, that is usually not a positive time for gold or gold mining. And so that's what we recently did, that I think is largely the catalyst for poorer performance, But we can see periods where concerns around adequacy of a safe haven come into question with treasuries, even if investors are still concerned about rising rates. But let's look at the World Gold Council. They say that central banks and sovereign wealth funds have bought a record 289 tonnes of gold in the second quarter. It's up 62% from a year earlier. So will that continue if prices rise again? Many countries are trying to diversify away from an over-dependence or what they believe is an overexposure to U.S. Treasuries and the U.S. in general. Now, keep in mind that we've seen a lot of firsts. Many things that may not have been on investors or countries' bingo cards for 2025 and 2026, including concerns around the invasion of Greenland, for example. And so I think that what we're seeing, particularly with foreign investors, is fear that perhaps the U.S. might do something it's never done before. Perhaps even within the realm of possibilities, just given the tariff environment, is the U.S. seeking out certain countries that hold Treasuries and saying, we're not going to pay interest on the treasuries you own. Now, that is sort of a crazy notion, one that no country would probably entertain up until the last few years. But we have to recognize that the Overton window has become an Overton garage door, right, in terms of what could be possible. And so I think there are a number of foreign investors, certainly central banks, That are probably adding that into a long list of potential risks or things they need to watch out for, Which, again, could very well be one of the drivers of greater diversification and less exposure to the U.S. Well, let's talk price now. Morgan Stanley says gold has hit its fourth quarter target ahead of schedule and sees it climbing above $5,000 announced next year. Is that realistic? What's your number? So I try to stay away from the false precision of exact price targets, But I think directionally what we're likely to see is gold go up because there are a number of drivers right now. As I said, I think there are greater concerns around the U.S. as a safe haven asset, Just because we are in a difficult situation fiscally and it looks like it's going to get worse, right? We're getting close to that $40 trillion mark if we haven't already. Hit it by now. And we're actually seeing the U.S. apply extraordinary measures, right, including defending the yen, As well as increasing long-dated treasury buybacks. In an effort to keep yields lower. So that all suggests that there are concerns around where yields could go, where treasury prices could go. And I think that will be one of the drivers, but not the only driver. We also have, of course, concerns around stagflation or at least elevated inflation for longer. What we've seen historically is that typically when inflation is on the rise, before we see Fed intervention, That tends to be a period when gold prices increase quite significantly. And of course, gold mining stocks, precious metal mining stocks also typically increase. So Kristina, let's look at those gold miners, suddenly looking like the forgotten corner of the market that investors have rediscovered overnight. Their rally is even outpacing the precious metal. So why are miners looking like the smarter trade right now? One distinction with gold mining stocks that you don't see, of course, with gold is that they are income producing. Now, they typically the large gold miners typically are have a variable dividend payout plan. Essentially, it really depends on on what their what their revenues, what their profits look like. But having some yield or the potential for some yield does, Or could at least make a difference in the minds of some investors and could make it again an attractive diversifying component of exposure to precious metals. That was Kristina Hooper from Man Group. Don't forget you can watch more videos on Reuters.com"},"published_time":"2026-08-20T14:59:32Z","updated_time":"2026-08-20T14:59:33Z","thumbnail":{"url":"https://ajo.prod.reuters.tv/api/v2/img/6a87152ae4b0fc71387352fd","caption":"Gold prices have lost some of their shine since hitting all-time highs at the start of the year, but some analysts still expect gold to surpass $5,000 an ounce in 2027. 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This is Sectors Up Close and we're talking about Europe.' 'For years, the region was the market investors loved to overlook. Now, everyone wants a seat at the table. Germany, France and Italy are all hitting record highs. Earnings are delivering their strongest performance in nearly four years. And the economy is picking up without giving the ECB too much to worry about. So, can this newfound love affair last. Well, let's ask Jitania Kandhari, Deputy CIO Solutions and Multi-Asset at Morgan Stanley Investment Management. So, Jitania, for a long time, one of the big attractions of European stocks were simply that they were cheap compared to the U.S. But what's the bigger story now? What's the long-term investment case for Europe?' 'So, there is this new-found focus on strategic autonomy, on investment, on infrastructure, on building that energy resilience, on diverting away from the Chinese competition, on learning to live with it, and also the defense side, the rearmament of Germany and I think all of this is creating a new cycle and Europe is like really embedded in this industrial capex cycle globally so though a lot of the countries may have structural issues, whether it's France with the political problems or Germany with the de-industrialization of its manufacturing base. The companies in Europe are looking extremely interesting in this environment, both in western Europe, northern Europe, southern Europe and eastern Europe.' 'Let's talk about the performance of these companies. They're on track for 22% year-on-year earnings growth in the second quarter. Their strongest growth since 2022, despite higher energy prices. So what's driving such the standout earnings season?' 'Financials have been a great story across Europe. We have to understand that banking sector is the key to the economic momentum in Europe, like capital markets are in the U.S. In Europe, the banking sector is more relevant and several pockets of Europe from southern Europe, even eastern Europe have actually de-levered. They were at the heart of the sovereign debt crisis in Europe in 2012-13. They've gone through de-leveraging recapitalized banks, reconstructed banks, a new credit cycle, fiscal austerity in the last decade, better current account balances and the EU funding cycle and the absorption of that. All of that are the key ingredients for a banking sector recovery across many of the eastern European, but also the southern European markets. So, I think the financial results have been great and I think will continue because we are at the start of a new cycle. And overall, if you look at sectors in the consumer, which is luxury and auto, spirits, those are some of the things that are lagging, and I think there are structural issues here, but overall the earnings momentum, the order backlogs, the picks and shovels in Europe, which play into the AI story and the domestic recovery that feeds into the credit cycle, both at the household and the corporate-level, is definitely something we are invested in.' 'Let's look at European defense stocks as well. They've had a huge run since 2022, but they cooled in the first half of this year as investors bulked at already stretched valuations. So has that pullback created a buying opportunity?' 'So, yes, they've had a little bit of a correction and consolidation, I think, partly to do with the war. When you have a war in the global environment with the Iran war, orders, et cetera, things slow down, traffic and transportation slows down, and also, of course, energy prices, which is one of the structural constraints for Europe, has been the reason why some of these stocks have probably simmered. But, I think we are looking for a second-half of better order intake translating into earnings with the overall structural defense story and NATO spending story intact.' 'Well, Jitania, this rally in Europe is really broadening out. Around 75% of STOXX 600 companies are now trading above their 200-day moving average. That's close to the top of the range over the past decades. But which sectors are being overlooked? Where should we look beyond AI in Europe?' 'You know, some of the great healthcare stories in Europe, be it in Switzerland or even in UK, with AI being used in drug discovery, there are opportunities, again, selectively in the healthcare space as well. I'd be cautious on the luxury, on autos, on spirits, where you have, you know, the Chinese consumer that's no longer there and the new generation of millennials and GenZ preferring second-hand, not really high luxury branded products. So, I think those are structural areas of decline and you really need a bottoming out process. But, I think across other indices, energy, utilities, financials, industrials, and of course, API, things look very interesting.' 'That was Jitania Kandhari for Morgan Stanley Investment Management. Don't forget you can watch more videos on Reuters.com'"},"published_time":"2026-08-12T15:26:11Z","updated_time":"2026-08-12T15:26:13Z","thumbnail":{"url":"https://ajo.prod.reuters.tv/api/v2/img/6a7c8f72e4b021862a49503f","caption":"European markets are charging ahead, as investors pile into the region's stocks on the back of the strongest earnings season in nearly four years. Jitania Kandhari from Morgan Stanley Investment Management told Reuters Europe’s push for strategic autonomy, investment and infrastructure is giving companies their edge - despite the region’s political and structural challenges.","type":"image","resizer_url":"https://ajo.prod.reuters.tv/api/v2/img/6a7c8f72e4b021862a49503f"},"source":{"hls":"https://ajo.prod.reuters.tv/v3/playlist/785475/master.m3u8"},"channels":[{"id":"6ffc0233e09c26943b265ef3abd575b2d872818b","name":"Business","regions":["US"]},{"id":"europe","name":"Europe","regions":["US"]},{"id":"HPUS","name":"RCOM Homepage US","regions":["US"]},{"id":"sectors-upclose","name":"Sectors UpClose","regions":["US"]}],"advert_info":{"advert_params":[{"key":"adfriendly","value":true}],"advert_zone":"/4735792/reuters.com"},"meta_data":[{"key":"link","value":"tag:reuters.com,2026:newsml_RW492912082026RP1:4"},{"key":"byline","value":"London, UK"},{"key":"hidden","value":"false"},{"key":"region","value":"Remote"},{"key":"dateline","value":"Reuters, Reuters, AUG 12"},{"key":"lmp-feed","value":"lp"},{"key":"copyright","value":"(c) 2026 Thomson Reuters, unless otherwise identified. Full statement available at https://www.thomsonreuters.com/en/policies/copyright.html"},{"key":"package-mood","value":"Neutral"},{"key":"package-notes","value":"STOXX, CAC, DAX, Earnings, ECB, Lagarde, AI, Defence"},{"key":"package-format","value":"Other"},{"key":"publisher-name","value":"reuters.com"},{"key":"upstream-title","value":"Sectors Up Close: Why are investors flocking to Europe?"},{"key":"external-asset-id","value":"285_RW492912082026RP1"},{"key":"package-no-social","value":"Yes"},{"key":"package-restrictions","value":"For Reuters platforms only. . For Reuters customers only."},{"key":"upstream-description","value":"European markets are charging ahead, as investors pile into the region's stocks on the back of the strongest earnings season in nearly four years. Jitania Kandhari from Morgan Stanley Investment Management told Reuters Europe’s push for strategic autonomy, investment and infrastructure is giving companies their edge - despite the region’s political and structural challenges."},{"key":"upstream-channel-code","value":"vty454"}],"usn":"RW492912082026RP1"},{"id":"RW437710082026RP1","type":"video","subtype":"application/x-mpegURL","external_id":"RW437710082026RP1","title":"Sectors Up Close: 'Chip shortages will persist until at least 2028'","description":"This earnings season was a tale of winners and losers in the AI sector - some big tech names convinced investors they are seeing returns and were rewarded, and others weren't so persuasive. Chris Maxey of Wealthspire told Reuters that the memory chip shortage means the cost of physically building out compute is going to be the main constraint on AI, and investors should stay focused on chipmakers. ","duration":377.73,"transcript_data":{"transcript":"This earnings season was a story of winners and losers in tech as the AI tide no longer lifts all boats. This is Sectors Up Close, and we're talking AI. Hyperscalers have promised more than $6 trillion of spending on building out AI through 2030, but investors no longer seem to believe that will pay off for all of them. When the big tech names reported for the last quarter, Microsoft and Amazon were rewarded for showing returns, while Alphabet and Meta were punished. Well, Chris Maxey is chief market strategist at Wealthspire. Chris, what differentiated the big tech winners and losers this earnings season? Part of what we're seeing is that as we move a little further into that AI CapEx cycle, investors are now demanding receipts. They're asking, OK, you've been spending so much money over the course of the last several quarters, going back the last several years. Well, where is the return? What are you delivering to me as an investor, as a shareholder? And to the point you made, we're beginning to see that differentiation. As you think about Amazon versus Meta, as you think about Microsoft versus Apple, depending on where you sit and your dependencies on things like chips on memory um it's really resulting in investors saying you know what i'm not so comfortable with the amount that you're spending and what you're able to deliver So how worried should investors be about those hyperscalers growing debt? Yeah, that's the key question, and particularly for the last two quarters, but especially in this last quarter. So we saw that free cash flow turned negative on a couple of balance sheets. Google was a pretty strong example of that, and Google was one of those companies that was hurt, or Alphabet, we should say. I don't know that investors should be particularly concerned just yet. There's just this reality that the cash flow generation by many of those hyperscalers is still quite strong And so to the extent they need to turn off that debt raise or they don't need to turn off that access to debt markets, I don't know that that would be too big of an issue for them. What we do have to keep an eye on, though, is when does that incremental company come out and say, you know what, we're not quite so comfortable spending additional money on AI at the moment. So right now, the top four names are going to spend about about $750 billion on AI, and that's about 50% of all CapEx for the S&P 500 this year. If you begin to see that that number dips down and companies are saying, you know what, I'm not going to spend more than the market was assuming, that's the point where I think investors are going to have a slight moment of panic. We're really just not there yet, because as you see with the supply chain shortages and the chip shortages, the memory shortages, they extend out for another couple of years. So perhaps we can have that conversation in 12 months i don't uh see that coming up uh but between now and year end though What about competition, though, Chris, from cheaper open source models coming from China? Yeah, that's a great question. And that is one of the existential risks that is out there at the moment. I do see that, you know, that's not being addressed. And as much as companies might be looking to incorporate open source models, there is still a question of how safe the data is, whether competition from companies like Microsoft will begin to pop up as well. We are hearing indications that Microsoft is going to bring a cheaper, lower-cost model to market over the course of about the next month to two months. And so, it might be just a situation where that competition is breeding additional need for computing power. So this is one of those challenges that we have right now. The cheaper you make it, the more individuals and companies are going to say, well, we want additional computing power. We want to incorporate more of that in our business. Are we getting the productivity growth out of it. Well, potentially, if it's going to be cheaper and lower cost. So I think that is an open question. But again, That's something that we'll have to consider next year not so much in the next three four five six months if anything it's going to create more demand as opposed to less especially in the next 12 months You've talked about the chip shortage, but what impact do you expect to see in the sector from higher memory costs, let's say over the next six months, as that supply gets tighter? Yeah, that's a great question and that's where investors are going to start to bifurcate and we saw that happen in just the last 45 days. Apple was a perfect example of this. Apple hit all-time high revenues, and we saw that the forecast is we're going to continue to sell more computers, we're going to sell more iPhones, and that trajectory is pretty remarkable for a company as large as Apple, yet the stock price was down. And the reason it was down is because they're saying our input costs are going up, and we don't have a huge amount of control over it. So with input costs going up, we're going to have to pass that price down to the consumer level, and we don't know what that's ultimately going to do to end-user demand. So right now, I would say that the shortages are going to persist through at least 2028, based on what we're hearing from companies like Samsung. And it's going to cause pricing pressure. It's going to cause margin pressure That market bifurcation, though, is the thing that investors are going to have to lean into. And who has pricing power versus Companies like Apple are indicating they do not have pricing power at the moment, and that's putting the stock under some pressure. If the chip makers themselves have the pricing power then, are semiconductors still the best exposure to AI going forward? Yeah, so in our opinion, that's going to be the two areas for people to focus on. It's the physical side, the hardware side, as opposed to software and the cloud computing or the model generation. So when you're thinking about semiconductors and you're thinking about the chips, that is going to be the path forward. Ultimately, there's going to be a supply-demand balance that's reached. However, it feels as though that is at least a couple of years away, as we mentioned, and that is where investors should be leaning for that AI trade. The demand is pretty voracious. The computing, you know, to the extent that open source models come online, it's going to create additional demand for semiconductors, for chips all the way down. So we would imagine that, yeah, that's the place investors should be focused on. That was Chris Maxey of Wealthspire. Don't forget you can watch more videos on Reuters.com."},"published_time":"2026-08-10T13:53:45Z","updated_time":"2026-08-10T13:53:46Z","thumbnail":{"url":"https://ajo.prod.reuters.tv/api/v2/img/6a79d704e4b021862a49486e","caption":"This earnings season was a tale of winners and losers in the AI sector - some big tech names convinced investors they are seeing returns and were rewarded, and others weren't so persuasive. Chris Maxey of Wealthspire told Reuters that the memory chip shortage means the cost of physically building out compute is going to be the main constraint on AI, and investors should stay focused on chipmakers. ","type":"image","resizer_url":"https://ajo.prod.reuters.tv/api/v2/img/6a79d704e4b021862a49486e"},"source":{"hls":"https://ajo.prod.reuters.tv/v3/playlist/785288/master.m3u8"},"channels":[{"id":"6ffc0233e09c26943b265ef3abd575b2d872818b","name":"Business","regions":["US"]},{"id":"HPUS","name":"RCOM Homepage US","regions":["US"]},{"id":"sectors-upclose","name":"Sectors UpClose","regions":["US"]}],"advert_info":{"advert_params":[{"key":"adfriendly","value":true}],"advert_zone":"/4735792/reuters.com"},"meta_data":[{"key":"link","value":"tag:reuters.com,2026:newsml_RW437710082026RP1:4"},{"key":"byline","value":"London, UK"},{"key":"hidden","value":"false"},{"key":"region","value":"Remote"},{"key":"dateline","value":"Reuters, Reuters, AUG 10"},{"key":"lmp-feed","value":"lp"},{"key":"copyright","value":"(c) 2026 Thomson Reuters, unless otherwise identified. Full statement available at https://www.thomsonreuters.com/en/policies/copyright.html"},{"key":"package-mood","value":"Neutral"},{"key":"package-notes","value":"chipmakers, memory shortage, AI"},{"key":"package-format","value":"Other"},{"key":"publisher-name","value":"reuters.com"},{"key":"upstream-title","value":"Sectors Up Close: 'Chip shortages will persist until at least 2028'"},{"key":"external-asset-id","value":"285_RW437710082026RP1"},{"key":"package-no-social","value":"Yes"},{"key":"package-restrictions","value":"For Reuters platforms only. . For Reuters customers only."},{"key":"upstream-description","value":"This earnings season was a tale of winners and losers in the AI sector - some big tech names convinced investors they are seeing returns and were rewarded, and others weren't so persuasive. Chris Maxey of Wealthspire told Reuters that the memory chip shortage means the cost of physically building out compute is going to be the main constraint on AI, and investors should stay focused on chipmakers. "},{"key":"upstream-channel-code","value":"vty454"}],"usn":"RW437710082026RP1"},{"id":"RW290003082026RP1","type":"video","subtype":"application/x-mpegURL","external_id":"RW290003082026RP1","title":"Sectors Up Close: Oil majors 'can leverage pricing power for a long time'","description":"The war in Iran has fuelled blowout profits for the oil majors - $5.5 billion in the last quarter for Exxon and $4.9 billion for Chevron. Clayton Allison of Prime Capital Financial told Reuters their ability to set prices is likely to stay high for a while as the world struggles to replenish reserves, but that doesn't mean they will be confident enough in future demand to invest in new drilling. ","duration":301.16,"transcript_data":{"transcript":"The Iran war has turbocharged big oil's earnings, but can it last? This is Sectors Up Close, and we're talking energy. The big oil majors reported blowout profits on Friday, $5.5 billion for Exxon and $4.9 billion for Chevron, After the war in Iran caused a shortage of refined products that has led their pricing power to soar. U.S. refineries were working at 97% capacity last week, that's well above their long-term average, as the companies try to fulfil demand. That demand has led the energy sector to stand out this year. It's up 32%, way ahead of the wider S&P. Well, Clayton Allison is a portfolio manager at Prime Capital Financial. Clayton, reserves of petroleum have been falling fast during this conflict. Does the need to replenish them mean that the oil majors are going to see this demand spike go on and on? I think with how much the strategic reserve has been drawn down, It's going to make it a little bit more structural for those oil majors and their pricing power, especially in the broader energy space. Not many, obviously, competition there that are as vertically integrated as the Exxons and the Chevrons of the world. Most are, you know, in one specific chink of that supply chain where the vertical integration of those two, Are going to probably help them buoy that kind of structural pricing power that they have for a longer term period of time. Should investors be betting that the world's oil production, especially its refining capacity, won't be brought back to normal soon? I think that's a really valid concern when you've had essentially one fifth of the world's oil production taken offline for months now, And then structural attacks on the infrastructure in the Middle East, especially from that refining capacity. These are massive construction projects that do not just be able to get spun up overnight, so to speak. These take multiple years to reconstruct, essentially heal those infrastructural assets. So, I would say even if we saw a massive de-escalation essentially overnight I couldn't exactly say that the production capacity, And the refining capacity is going to be back to what we were pre-war levels just immediately. Well, the oil majors had been retreating from refining and from investment in new production in recent years. They predicted lower demand with the switch to electric cars. But will they reverse that decision? Do we see signs of them investing in new refining, for example? I think that's a pretty tough question as to whether or not they're going to be shifting their longer term capital allocations back to refining capacity. Given how we're seeing EV vehicle demand, you know, we're seeing that surging in Asia and somewhat here domestically. Now, these CapEx spending allotments that these oil majors do produce are typically years out in duration. So, to make a wider spread, shift back to increasing refining capacity is kind of harder to say. We're investing in drilling capacities and new greenfield projects, but to whether or not they're going to be switching back to just increasing refining capacities, maybe a little bit too early to tell. Energy, though, looks much more like a national security question not just in the US and around the world than it did a year ago. What does that mean for the oil industry? I think it's completely correct in what you're saying. It is now becoming a national security issue, not just for, to your point, the United States, but Middle Eastern countries, Europe as well. And this entire conflict has kind of kicked off a broader theme of being able to protect your supply chains independently rather than relying on another nation to do that for you. So as a result, we're seeing a lot more increase in defense spending and rearmament outside of just the United States, And really putting that to be paramount to essentially securing your energy independence, Where you have neighboring nations like Iraq, Saudi Arabia, Oman as well, not being able to get barrels out of that strait. Now, domestically insulated producers like we have here stateside, with the United States being a net exporter of oil at this point in time, Which was very different for the past so many decades, that is just illustrating how important it is to be able to protect those energy infrastructure assets. For Europe, which is entirely dependent on importing that oil rather than being able to export any of it themselves. How should investors be picking and choosing then in this environment? Is it those U.S. producers who are the best bet in the energy sector, in your view? We own Exxon right now in many of our portfolios. We really do like those major integrated oil producers, the Exxons, the Chevrons of the world, because then at that point, You're not picking one chink in the supply chain, whether or not you're picking the upstream driller or the downstream refiner. Now, the refiners lately have been very much benefiting from this increase in oil and the refining margins have expanded rapidly over the last couple of months. But rather than trying to make sure you're timing that correctly, especially in such a dynamic market, having a broader, vertically integrated company, Like an Exxon or a Chevron, kind of essentially provides you ballast across the entire industry supply chain at that point. That was Clayton Allison of Prime Capital Financial. Don't forget you can watch more videos on Reuters.com."},"published_time":"2026-08-03T15:09:09Z","updated_time":"2026-08-03T15:09:11Z","thumbnail":{"url":"https://ajo.prod.reuters.tv/api/v2/img/6a70ae40e4b016e68daf65dc","caption":"The war in Iran has fuelled blowout profits for the oil majors - $5.5 billion in the last quarter for Exxon and $4.9 billion for Chevron. Clayton Allison of Prime Capital Financial told Reuters their ability to set prices is likely to stay high for a while as the world struggles to replenish reserves, but that doesn't mean they will be confident enough in future demand to invest in new drilling. ","type":"image","resizer_url":"https://ajo.prod.reuters.tv/api/v2/img/6a70ae40e4b016e68daf65dc"},"source":{"hls":"https://ajo.prod.reuters.tv/v3/playlist/784749/master.m3u8"},"channels":[{"id":"6ffc0233e09c26943b265ef3abd575b2d872818b","name":"Business","regions":["US"]},{"id":"Global_Energy","name":"Energy","regions":["US"]},{"id":"HPUS","name":"RCOM Homepage US","regions":["US"]},{"id":"sectors-upclose","name":"Sectors UpClose","regions":["US"]}],"advert_info":{"advert_params":[{"key":"adfriendly","value":true}],"advert_zone":"/4735792/reuters.com"},"meta_data":[{"key":"link","value":"tag:reuters.com,2026:newsml_RW290003082026RP1:4"},{"key":"byline","value":"London, England, UK"},{"key":"hidden","value":"false"},{"key":"region","value":"Remote"},{"key":"dateline","value":"Reuters, Reuters, AUG 03"},{"key":"lmp-feed","value":"lp"},{"key":"copyright","value":"(c) 2026 Thomson Reuters, unless otherwise identified. Full statement available at https://www.thomsonreuters.com/en/policies/copyright.html"},{"key":"package-mood","value":"Neutral"},{"key":"package-notes","value":"oil, Iran, Exxon, Chevron"},{"key":"package-format","value":"Other"},{"key":"publisher-name","value":"reuters.com"},{"key":"upstream-title","value":"Sectors Up Close: Oil majors 'can leverage pricing power for a long time'"},{"key":"external-asset-id","value":"285_RW290003082026RP1"},{"key":"package-no-social","value":"Yes"},{"key":"package-restrictions","value":"For Reuters platforms only. . For Reuters customers only."},{"key":"upstream-description","value":"The war in Iran has fuelled blowout profits for the oil majors - $5.5 billion in the last quarter for Exxon and $4.9 billion for Chevron. Clayton Allison of Prime Capital Financial told Reuters their ability to set prices is likely to stay high for a while as the world struggles to replenish reserves, but that doesn't mean they will be confident enough in future demand to invest in new drilling. "},{"key":"upstream-channel-code","value":"vty454"}],"usn":"RW290003082026RP1"},{"id":"RW115327072026RP1","type":"video","subtype":"application/x-mpegURL","external_id":"RW115327072026RP1","title":"Sectors Up Close: 'Fintech is a threat' to big banks","description":"The biggest U.S. banks reported blockbuster results in the last quarter, but their consumer business is coming under pressure from new fintech companies. Aoifinn Devitt of Moneta told Reuters that online bank Wise may recently have failed to get a U.S. banking licence, but other companies including Revolut and Klarna are breathing down the neck of the financial industry. ","duration":340.66,"transcript_data":{"transcript":"Big US banks are seeing loans grow and trading revenue from IPOs soar. But could fintech startups be muscling in? This is Sectors Up Close and we're talking financials. The S&P's financial sector is up 2.8% on the year, driven by stellar revenue on the trading and investment banking desks thanks to a boom in M&A deals and headline-grabbing IPOs like SpaceX. They may, though, come under pressure in the future from fintech startups and even AI-powered investment advice. Aoifinn Devitt is senior investment advisor of Moneta. Aoifinn, firstly, the major banks did report a very strong quarter. What drove that? Lots of different things, actually, on the banks. I mean, clearly they are lagging the technology companies when it comes to the current sector momentum. But let's look at following the money, essentially. We know that these companies need to raise bond issues. They need to raise capital. There's been a lot of action around the SpaceX IPO. So the large investment banks have all been involved in all of that. They've also been a beneficiary of an uptick in trading volume, not only by institutions, but also by retail investors. So we've seen huge participation by retail investors in this wave of momentum. And we're seeing that particularly in the US, much more so than Europe. They've been a beneficiary of that. We've seen interest rates more or less stable. So they've also seen that there is some loan growth based on that. And overall, they've just weathered the storm very well. There's been no crisis. There's been no private capital undermining of, say, bankruptcy or other concerns there. And they have generally been quite robust. So I'd say all of that has led to strong factors for banks and the fact that they're well capitalized at the moment. How much has softer touch regulation boosted US banks under Donald Trump? Well, there's certainly a suggestion that there has been a relative advantage given to them by the fact that they have lower capital ratios than, say, the UK banks. We know that there have been strong tailwinds around deregulation and, for example, their investment in software. And we know from Jamie Dimon's frequent commentaries that there is a massive investment in AI infrastructure by banks today. And for that reason, we then would suggest that where is this investment going and how will it be treated? In the US, it's treated differently. It's not going to be penalised, whereas in the UK, that will not be treated as part of the capital. So there is a relative disadvantage in the UK there. We also just know that this pro-business, pro-economic growth environment in the US is generally a tailwind. Could that environment then allow fintech startups enter the space? Well, it's interesting. We just saw this week that Wise was not granted its US license. There was a bit of an issue regarding Some suggested that they did not have the right corporate governance in effect, that they were not sufficiently savvy around, say, for example, the need for anti-money laundering laws. We never know just how political refusal of a license like that may get. We know that there are a number of other fintechs in line, such as Klarna, Revolut, to get their banking licenses. So I'd say what we've actually seen, though, is fintech really take off outside the U.S. Revolut, its valuation we know is now in excess of $117 billion in terms of a market cap valuation. We could say right now that that is based on a secondary share sale. That now puts it in the league of top 10 non-US banks based on that. So that's a very strong indicator of fintech coming up the rear. And there was just some speculation this week as to why we've had our first trillion dollar tech company. We've certainly seen companies well in excess of that. When will be the time to have our first trillion dollar fintech company? That really is there in the running. I'd say the fintech adoption in Europe has been more robust perhaps than in the US just simply because Of where the industry stands there. But definitely coming up the rear, and I would say consumers are voting with their feet in terms of where they like to bank. So how much of a threat could they be to traditional banking? Well, I think we all know… Based on the fact that the traditional banks are now seeking to buy and invest in fintech, that they are considered the threat. I'd say the fact that we're seeing, it's interesting, there are two trends, really. JP Morgan, for example, putting more bricks and mortar on the ground. We've seen a big thrust regarding that human touch. And then on the other hand, we have banks such as Monzo, which are online only with no bricks and mortar at all. And certainly we're seeing closures across the UK of bank branches. So, clearly, consumers are... Having very divergent preferences when it comes to how they use their financial services. And I'd suggest that at the lower end consumer that does not need private wealth services, it's much more convenient for them to be online. And perhaps the higher end consumer, the private wealth user, they may like that personal touch. But I would say from being within the private wealth industry myself, that increasingly we are now moving towards hybrid connections with customers and consumers and clients, not all in person. And at the higher end is AI a threat to the wealth management industry? Could it start to manage your money? Well, we've certainly seen that come about in the SaaSpocalypse. It did hit the private wealth industry as well. We've had a concern that there was going to be essentially a disintermediation of the wealth manager and that there would be a device where everything could be done through robo-advice. Everything could be enabled on an app. We've actually not seen that as a particularly strong threat recently. We do know that that has always been a threat ever since robo-advice has been an issue. We know that things have been moving along the spectrum, that the higher-end consumer prefers the customization. And I'd say customization and tailoring is really where the advice is trending. We will use AI. We will always enable AI as part of our consumer interactions, but it's unlikely that it will replace the advisor. That was Aoifinn Devitt of Moneta. Don't forget you can watch more videos on Reuters.com."},"published_time":"2026-07-27T14:41:06Z","updated_time":"2026-07-27T17:23:13Z","thumbnail":{"url":"https://ajo.prod.reuters.tv/api/v2/img/6a6760f7e4b03a63c8547939-1785172754034","caption":"The biggest U.S. banks reported blockbuster results in the last quarter, but their consumer business is coming under pressure from new fintech companies. Aoifinn Devitt of Moneta told Reuters that online bank Wise may recently have failed to get a U.S. banking licence, but other companies including Revolut and Klarna are breathing down the neck of the financial industry. ","type":"image","resizer_url":"https://ajo.prod.reuters.tv/api/v2/img/6a6760f7e4b03a63c8547939-1785172754034"},"source":{"hls":"https://ajo.prod.reuters.tv/v3/playlist/784180/master.m3u8"},"channels":[{"id":"6ffc0233e09c26943b265ef3abd575b2d872818b","name":"Business","regions":["US"]},{"id":"HPUS","name":"RCOM Homepage US","regions":["US"]},{"id":"sectors-upclose","name":"Sectors UpClose","regions":["US"]}],"advert_info":{"advert_params":[{"key":"adfriendly","value":true}],"advert_zone":"/4735792/reuters.com"},"meta_data":[{"key":"link","value":"tag:reuters.com,2026:newsml_RW115327072026RP1:14"},{"key":"byline","value":"London, UK"},{"key":"hidden","value":"false"},{"key":"region","value":"Remote"},{"key":"dateline","value":"Reuters, Reuters, JUL 27"},{"key":"lmp-feed","value":"lp"},{"key":"copyright","value":"(c) 2026 Thomson Reuters, unless otherwise identified. Full statement available at https://www.thomsonreuters.com/en/policies/copyright.html"},{"key":"package-mood","value":"Neutral"},{"key":"package-notes","value":"banks, fintech, AI"},{"key":"package-format","value":"Other"},{"key":"publisher-name","value":"reuters.com"},{"key":"upstream-title","value":"Sectors Up Close: 'Fintech is a threat' to big banks"},{"key":"external-asset-id","value":"285_RW115327072026RP1"},{"key":"package-no-social","value":"Yes"},{"key":"package-restrictions","value":"For Reuters platforms only. . For Reuters customers only."},{"key":"upstream-description","value":"The biggest U.S. banks reported blockbuster results in the last quarter, but their consumer business is coming under pressure from new fintech companies. Aoifinn Devitt of Moneta told Reuters that online bank Wise may recently have failed to get a U.S. banking licence, but other companies including Revolut and Klarna are breathing down the neck of the financial industry. "},{"key":"upstream-channel-code","value":"vty454"}],"usn":"RW115327072026RP1"},{"id":"RW942620072026RP1","type":"video","subtype":"application/x-mpegURL","external_id":"RW942620072026RP1","title":"Sectors Up Close: 'States are cracking down on data centers'","description":"Data centres are just 1% of the U.S. commercial real estate market, but they are attracting much more than 1% of funding as investors seek exposure to the AI boom. Greg Friedman of Peachtree Group told Reuters power and water needs, local opposition and the changing needs of the tech industry could all mean a lot of data centre projects attracting money now might not ever get off the ground, meaning possible losses for investors. ","duration":318.4,"transcript_data":{"transcript":"Tech giants keep piling money into data centres but can real estate investors get a slice of it? This is Sectors Up Close, and we're talking data centres. An estimate last week from UBS said the big tech hyperscalers are on track to plough $673 billion into building out data centres this year. At first, investors trying to get exposure to all that spending bought into chipmakers, but as that trade has got more crowded, there is another way, Buying into the real estate firms, building data centres and the power and water companies supplying them. Greg Friedman is CEO of Peachtree Group Greg, data centers Are only about 1% of the US commercial real estate market, but they're attracting a lot of capital. What's the appeal of this route into the AI boom? 'So data centers, like you said, only makes up 1% of the commercial real estate ecosystem is expected to grow between now and 2030 to be roughly 3%.' 'So it's gonna grow almost 3X over the next four years.' 'So there's a lot of new capital getting allocated into data centers.' 'And effectively about a third of the capital actually is 37% of the new capital that's going into commercial real estate today is going into data centers.' 'So there's an outsize allocation.' 'Of capital following data centers.' 'And a lot of it has to do, as you mentioned, AI.' 'There's a lot of' 'A lot of people want to find ways to invest into that segment.' 'And data centers is a good way to focus on it.' 'And it's an area that's growing very quickly within real estate, but it's also causing some challenges with other property types, given it's getting an outsized' 'Allocation of capital. Right, so can the actual building of data centers keep up with the amount of money that's being put in?' Since projects are held back, often by power availability, by the need for water? What if many projects being invested in now don't get off the drawing board? 'Yeah, so it seems, I mean, the biggest challenge with data centers right now, to your point, is it's not really a capital issue in most cases, because there's a' 'lot of large investors that want to invest into data centers.' 'As we mentioned, there's that outsize allocation.' 'It's more of an issue as it relates to just getting entitlements and zoning.' 'A lot of states and cities are pushing back on allowing data centers, given the energy sources.' 'That's a restriction.' 'And that's one of the concerns with investing into data centers because we are a big believer that data centers are needed today.' 'We do question the need for it long term because we're not, us as a farm being pastry group, we invest across all of commercial real estate.' 'We do a lot in the credit space.' 'But our concern is that over time, technology' 'Can move very quickly and will data centers will be needed at the scale that's needed today?' 'Who knows, but as these challenges exist, you would expect people will find ways to maybe be more efficient with their technology, maybe find other ways' around data centers.' So how can you diversify in real estate at the moment and avoid becoming dependent on this data center trade? 'Yeah, there's there's a lot of opportunities in real estate today.' 'You know, we're very focused on investing through credit across, you know, all of commercial real estate because in a lot of cases.' 'We can provide senior debt financing to groups that are acquiring multifamily properties, hotel properties, retail properties, and so forth.' 'And we can get equity-like returns without taking last dollar equity risk.' 'We think that's a better place to be in a risk-adjusted basis, just given the fact that we are in this higher for longer long-term interest rate environment.' 'Property values have come down.' 'Some would argue that, you know, values haven't necessarily reset to a level where it makes sense to go buy assets on a very aggressive basis.' 'But, you know, when we're lending, we're usually lending to 60 to 70% of the current value of these assets.' 'We find the credit side to be very compelling today.' As a real estate investor, Greg, what's going to happen to these data center sites if the boom turns to bust, if they either can't get regulatory permissions that They need, they're blocked by local officials, or perhaps big tech giants just don't need them? 'Yeah, so I mean, that's that's the issue, right?' 'Like if it doesn't work out, I mean, there's potentially there could be capital losses, you know, groups that are spending a lot of money to buy land with the' 'Expectations, because a lot of cases are paying a very high price to buy these land parcels with the expectations are going to be able to build' 'These data centers.' 'And if they're unable to develop them out or if the need the demand is not there, then they're going to unfortunately they're going to face situations where' 'the returns.' 'Are going to be very thin, or in a lot of cases, they may take total losses on their investments because they may have leverage or debt behind their investments.' 'So there's risk associated with' 'I think it's a situation where right now data centers, if you're investing in that segment, it's priced to perfection from our perspective.' 'So it's priced that that trade is going to be needed long term.' 'That's the reason we've, as a firm, we've avoided investing into data centers because' 'And we do have concerns.' 'We don't want to put ourselves in our capitalist situation where we get disrupted due to just a lack of demand for that product due to other issues that' 'We've talked about already.' That was Greg Friedman of Peachtree Group. Don't forget you can watch more videos on Reuters.com."},"published_time":"2026-07-20T14:07:28Z","updated_time":"2026-07-20T14:07:29Z","thumbnail":{"url":"https://ajo.prod.reuters.tv/api/v2/img/6a5e2adae4b00783ae7431e7","caption":"Data centres are just 1% of the U.S. commercial real estate market, but they are attracting much more than 1% of funding as investors seek exposure to the AI boom. Greg Friedman of Peachtree Group told Reuters power and water needs, local opposition and the changing needs of the tech industry could all mean a lot of data centre projects attracting money now might not ever get off the ground, meaning possible losses for investors. ","type":"image","resizer_url":"https://ajo.prod.reuters.tv/api/v2/img/6a5e2adae4b00783ae7431e7"},"source":{"hls":"https://ajo.prod.reuters.tv/v3/playlist/783606/master.m3u8"},"channels":[{"id":"6ffc0233e09c26943b265ef3abd575b2d872818b","name":"Business","regions":["US"]},{"id":"HPUS","name":"RCOM Homepage US","regions":["US"]},{"id":"sectors-upclose","name":"Sectors UpClose","regions":["US"]}],"advert_info":{"advert_params":[{"key":"adfriendly","value":true}],"advert_zone":"/4735792/reuters.com"},"meta_data":[{"key":"link","value":"tag:reuters.com,2026:newsml_RW942620072026RP1:5"},{"key":"byline","value":"London, UK"},{"key":"hidden","value":"false"},{"key":"region","value":"Remote"},{"key":"dateline","value":"Reuters, Reuters, JUL 20"},{"key":"lmp-feed","value":"lp"},{"key":"copyright","value":"(c) 2026 Thomson Reuters, unless otherwise identified. Full statement available at https://www.thomsonreuters.com/en/policies/copyright.html"},{"key":"package-mood","value":"Neutral"},{"key":"package-notes","value":"AI, data centres, real estate"},{"key":"package-format","value":"Other"},{"key":"publisher-name","value":"reuters.com"},{"key":"upstream-title","value":"Sectors Up Close: 'States are cracking down on data centers'"},{"key":"external-asset-id","value":"285_RW942620072026RP1"},{"key":"package-no-social","value":"Yes"},{"key":"package-restrictions","value":"For Reuters platforms only. . For Reuters customers only."},{"key":"upstream-description","value":"Data centres are just 1% of the U.S. commercial real estate market, but they are attracting much more than 1% of funding as investors seek exposure to the AI boom. Greg Friedman of Peachtree Group told Reuters power and water needs, local opposition and the changing needs of the tech industry could all mean a lot of data centre projects attracting money now might not ever get off the ground, meaning possible losses for investors. "},{"key":"upstream-channel-code","value":"vty454"}],"usn":"RW942620072026RP1"},{"id":"RW750513072026RP1","type":"video","subtype":"application/x-mpegURL","external_id":"RW750513072026RP1","title":"Sectors Up Close: AI chip expectations 'so high they're impossible to satisfy'","description":"Soaring demand for AI chips has sent semiconductor stocks up 83% so far this year - but they have seen a wobble in the last couple of weeks. Gina Martin Adams of HB Wealth told Reuters the market got a little ahead of itself - but that doesn't mean the demand cycle is over. ","duration":408.9,"transcript_data":{"transcript":"Nerves creep into the memory chip market, so is this the end of the cycle? This is Sectors Up Close and we're talking semiconductors. If one trade has defined 2026, it probably chips as investors have poured money into chipmakers from Nvidia to Samsung and SK Hynex to try and take advantage of the enormous amounts of money big tech is spending on semiconductors. But in the last week or so, doubts have crept in. A record profit at Samsung failed to rally the stock. DeepSeek announced it's developing its own inference chips. And this Monday, SK Hynix's Korean shares sank after its U.S. market debut on Friday. The Philadelphia Semiconductor Index might still be up 83% for the year, but it's down 9% this month. So what's going on? Gina Martin Adams is chief market strategist at HP Wealth. Gina, what do you make of these nerves? You know, I think it's the cost of success. Unfortunately, we had such an extraordinary surge in the semiconductor stocks in April and May. Remember, off of those April lows, this sector has just been on fire. So I think we got to a point where we were extremely overbought. Momentum just could not sustain that pace. And we've entered a bit of a consolidation phase. When stocks move that much, it does imply that expectations have become incredibly robust. And I think you're seeing that play out a little bit with the new issuance. As well as the earnings trends, where expectations are just so high that companies are almost unable to satisfy those expectations. It's almost impossible to do so, even though the fundamentals are still very strong. Earnings growth is still very steady, revenue growth is still very strong. Broadly, the trends are intact, but we just got a little ahead of ourselves. Chip stocks have famously always been cyclical, Companies invest in the capacity they need and then spending eases off. So are we coming to the end of a cycle? That's a great question I think to find that out, we have to ask the hyperscalers really, because they're the ones that are spending all the money. And what we found out in the first quarter earnings season is they're spending even more than we had anticipated. They continue to guide us that they're going to continue to spend a bit more. So I think that this is the big key as we go into this earnings season, the second quarter will tell us the same. Are they going to continue to guide for more? Just guiding for the same will not be Right? The market is already priced for what they've told us. We'll have to see these hyperscalers continue to say that the spending cycle is going to remain elevated. They're going to continue to spend even more. The whisper number for 2027 is already at a trillion dollars. So they'll have to say either at least confirm that trillion dollars or say that they're going to spend more I expect, in order to power that next leg higher for semiconductors, at least fundamentally. The hyperscalers though are increasingly investing in making their own chips. How much is that a serious threat to the chip makers? I think it is in fits and starts. And certainly that's been a little bit of the story of the broad market is questioning whether all of this really has to be concentrated in the semiconductor stocks that have powered the recovery to date. That said, even though they're investing, they're investing for a reason and they're investing because there's so much need for the semiconductor chips in order to power this AI revolution, if you will. So clearly they're investing because they can't get enough of what they want from elsewhere. We're at probably the early stages of just discovering how much their investment will pay off over the long term, whether or not that will be enough to satiate demand for the chips over the long term as well. We just don't know with a lot of clarity right now as to when the end of the cycle will be, but it does feel like because they're just getting started investing, there's still a bit of a runway to go. The story in recent months has been that a shortage of chips meant semiconductor companies could charge higher and higher prices, but a trader's looking beyond the end of the shortage now. Yeah, I think this is a really good point is we are also in the early stages of discovering pricing, not just for the chips, but for AI at large. And the pricing model has become a really big part of the discussions this year, where, you know, those of us who were starting to dabble in AI a year ago. Might have gotten a little accustomed to the idea that this was just gonna be free and that is certainly not the case the Hyperscalers themselves are also finding out that because of supply constraints The demand for chips is creating an escalation in pricing for chips at large So I think but pricing in general is a huge market theme this year not just for semiconductors But for the tech sector at large and frankly for the market at large as we're seeing pricing pressures sustain at a higher than comfortable pace, and that's creating some movement at the Fed, potentially. So, this is a big I think we have very little understanding right now as to where prices are likely to head. What we know is for now that it's gotten quite high. Will they be able to stay that high is a huge question for the marketplace. I don't know if we're going to get those answers entirely in the second quarter, but we will at least get more information so that we'll see the market continue to trade on this theme. You mentioned the Fed there Policymakers think that AI spending could drive up inflation. What does a more hawkish Fed and a higher cost of borrowing mean for AI investment? Yeah, this has been a really interesting point because the Fed, much like the equity markets at large, has looked at AI as a productivity enhancer. Over the long run, they continue to sort of lean on this thesis that we will get productivity and gains out of AI deployment, and as a result, that will limit inflation pressure. But instead, and this has been one of the shocks of 2026, this enormous demand from the hyperscalers is resulting in an elevation in prices and an elevation in inflation. If you look at electricity prices or copper prices, silver prices even across the board, all these input prices that go into the production of AI data centers and the like are actually ultimately feeding through to higher inflation. So the thesis that AI is a productivity Enhancer has yet to be really proven Instead, our real-time results are higher inflation that is creating some indigestion, if you will, for the Fed. We don't know for sure what the Fed's going to do, but the bond market thinks that we will see at least one hike this year, if not maybe even two in the Fed funds rate. And that is entirely opposite the bond market's impression on what the Fed would do in 2026 at the start of this year. Remember, they were thinking we were going to get some easing. So I do think the Fed is going to be increasingly a big part of the market language, where the Fed had kind of taken a back seat and been very quiet for the first half of this year. We're expecting a lot more from the Fed in the second half. That was Gina Martin Adams of HP Wealth. Don't forget you can watch more videos on Reuters.com."},"published_time":"2026-07-13T15:10:12Z","updated_time":"2026-07-13T15:10:14Z","thumbnail":{"url":"https://ajo.prod.reuters.tv/api/v2/img/6a54fea7e4b0039400d673cd","caption":"Soaring demand for AI chips has sent semiconductor stocks up 83% so far this year - but they have seen a wobble in the last couple of weeks. Gina Martin Adams of HB Wealth told Reuters the market got a little ahead of itself - but that doesn't mean the demand cycle is over. ","type":"image","resizer_url":"https://ajo.prod.reuters.tv/api/v2/img/6a54fea7e4b0039400d673cd"},"source":{"hls":"https://ajo.prod.reuters.tv/v3/playlist/782777/master.m3u8"},"channels":[{"id":"6ffc0233e09c26943b265ef3abd575b2d872818b","name":"Business","regions":["US"]},{"id":"d45538fb92ef02a065c15e16d3dd6a297c2ae7d7","name":"Technology","regions":["US"]},{"id":"HPUS","name":"RCOM Homepage US","regions":["US"]},{"id":"sectors-upclose","name":"Sectors UpClose","regions":["US"]}],"advert_info":{"advert_params":[{"key":"adfriendly","value":true}],"advert_zone":"/4735792/reuters.com"},"meta_data":[{"key":"link","value":"tag:reuters.com,2026:newsml_RW750513072026RP1:4"},{"key":"byline","value":"London, UK"},{"key":"hidden","value":"false"},{"key":"region","value":"Remote"},{"key":"dateline","value":"Reuters, Reuters, JUL 13"},{"key":"lmp-feed","value":"lp"},{"key":"copyright","value":"(c) 2026 Thomson Reuters, unless otherwise identified. Full statement available at https://www.thomsonreuters.com/en/policies/copyright.html"},{"key":"package-mood","value":"Neutral"},{"key":"package-notes","value":"AI, chips, semiconductors"},{"key":"package-format","value":"Other"},{"key":"publisher-name","value":"reuters.com"},{"key":"upstream-title","value":"Sectors Up Close: AI chip expectations 'so high they're impossible to satisfy'"},{"key":"external-asset-id","value":"285_RW750513072026RP1"},{"key":"package-no-social","value":"Yes"},{"key":"package-restrictions","value":"For Reuters platforms only. . For Reuters customers only."},{"key":"upstream-description","value":"Soaring demand for AI chips has sent semiconductor stocks up 83% so far this year - but they have seen a wobble in the last couple of weeks. Gina Martin Adams of HB Wealth told Reuters the market got a little ahead of itself - but that doesn't mean the demand cycle is over. "},{"key":"upstream-channel-code","value":"vty454"}],"usn":"RW750513072026RP1"},{"id":"RW551506072026RP1","type":"video","subtype":"application/x-mpegURL","external_id":"RW551506072026RP1","title":"Sectors Up Close: Could industrials steal the AI spotlight?","description":"After a wild ride for global chip stocks in recent weeks, investors are looking for fresh validation of the AI trade. Matt Miskin from Manulife John Hancock Investments told Reuters the next opportunity may lie in industrials, where relatively low earnings expectations could create room for upside as growth continues to build.","duration":331.63,"transcript_data":{"transcript":"Old school sectors are outperforming, but is this still the AI rally at work? This is Sectors Up Close and we're talking about industrials. After years of leading the market, tech stocks are facing a shift. The AI trade is moving beyond hyperscalers and chipmakers, with investors piling in traditional industrial companies, from plumbing to electrical infrastructure. The bet is that these businesses will power But as optimism drives the sector higher, are industrials turning to trade like the new chip stocks? Well, let's ask Matt Miskin, Co-Chief Investment Strategist at Manulife John Hancock Investments. So Mads, if AI is the main engine driving both markets and the economy, any slowdown could ripple across markets. So are industrials really the safe rotation away from the AI trade that investors are looking for? Well, the earnings estimates are relatively So, the street right now is looking for earnings growth across the whole market. And the earnings estimates are massive. So, across the S&P 500, the street's looking for like 25 percent earnings growth i. 2026. And every single quarter, it's supposed to be blowout earnings. Well, the one place where they didn't really have that higher earnings estimates is industrials. It's less than 10 percent. And, in our view, even though the value May be a bit high. And even though it does have some of this AI theme behind it, the earnings estimates haven't improved yet. And we think that the earnings are going to come in better than the estimates over the next couple of quarters. And that's how you unlock value in this market, because there's already expectations for massive growth nearly everywhere, except here in industrials. We think that can be an upside catalyst Let's look at the US manufacturing sector as a whole. It's now expanded for six straight months, but with order backlog slowing and supplier delivery time stretching, is a long-awaited US manufacturing renaissance still missing in action? It has slowed from being very strong over the last couple of months. But what we've seen more broadly is a cyclical uptick. It's mostly due to fiscal policy, like lower corporate taxes. But nonetheless, that cyclical rotation, in our view, is the best-positioned cyclical sector. Is industrials. So, it's not perfect Nothing in this economy is. It always keeps shifting from one place to the other. Semiconductors are the biggest beneficiary But number two, in our view, is industrials. And like I said, at least the earnings estimates are pretty reasonable relative to other spots. Let's look at those earnings estimates. And industrials may show strong order books while revenue lags due to project delays and execution timelines. So why should investors separate headline strength from real delivery? Again, it's not perfect, but it checks the most boxes. When I look around the world and look at economic activity and in terms of the selling or the order demand, still think it's relatively strong. And the competition there within the industry is, I think, one that you're seeing kind of this. Now, winter takes all, but you're seeing these high, well-run companies, high return on equity, meaning they have got these fixed assets. They can raise prices on the But that's called operating leverage And they're kind of monopolies in these spaces. They're usually the best-in-breed, well-run businesses. And they kind of hold that part of And that's actually a pretty good It's hard to come in with substitution effects in these kind of industries. Because you're going to build a whole new plant, a whole new equipment, whole new everything. And so that creates kind of a moat for these businesses. And that, we think, is actually relatively beneficial. Well let's look across the globe now and Europe may be behind the US and China in consumer AI but it does have a deep industrial expertise and decades of production data. So can European industrials emerge as AI winners and are they worth investor attention? Outside the United States, the growth markets. Are primarily industrials. So, in Europe, the biggest sector in a growth investor's market is industrials. Health care is also a piece of that, and tech is, but tech is much smaller. We just looked at earnings revision. So, this is basically the street or analysts all over the world looking at companies. And when they see a business start to improve, they will up the earnings estimates. And international or, sorry, non-U.S. earnings growth Has really accelerated relative to value On the value side in Europe, it is so much financials. So financials make up about 40% of non-US developed value markets. In the growth side, it is industrials. And we do think between aerospace and defense and the defense component and capex spending there is key. And even in Germany, you're seeing some of the fiscal stimulus start to kick in, in terms of infrastructure spending, defense spending, that's benefiting the industrials. And like you said, These are well-run businesses. They've been around for a long time and are actually the biggest competitive advantage in parts of non-US economies in terms of how well they're run, so that we think is of the best opportunities in non-US markets. That was Matt Miskin from Manulife, John Hancock Investments. Don't forget you can watch more videos on Reuters.com"},"published_time":"2026-07-06T14:25:42Z","updated_time":"2026-07-06T14:25:44Z","thumbnail":{"url":"https://ajo.prod.reuters.tv/api/v2/img/6a4bb9fae4b0299c78f134b5","caption":"After a wild ride for global chip stocks in recent weeks, investors are looking for fresh validation of the AI trade. Matt Miskin from Manulife John Hancock Investments told Reuters the next opportunity may lie in industrials, where relatively low earnings expectations could create room for upside as growth continues to build.","type":"image","resizer_url":"https://ajo.prod.reuters.tv/api/v2/img/6a4bb9fae4b0299c78f134b5"},"source":{"hls":"https://ajo.prod.reuters.tv/v3/playlist/781983/master.m3u8"},"channels":[{"id":"6ffc0233e09c26943b265ef3abd575b2d872818b","name":"Business","regions":["US"]},{"id":"d45538fb92ef02a065c15e16d3dd6a297c2ae7d7","name":"Technology","regions":["US"]},{"id":"HPUS","name":"RCOM Homepage US","regions":["US"]},{"id":"sectors-upclose","name":"Sectors UpClose","regions":["US"]}],"advert_info":{"advert_params":[{"key":"adfriendly","value":true}],"advert_zone":"/4735792/reuters.com"},"meta_data":[{"key":"link","value":"tag:reuters.com,2026:newsml_RW551506072026RP1:4"},{"key":"byline","value":"London, UK"},{"key":"hidden","value":"false"},{"key":"region","value":"Remote"},{"key":"dateline","value":"Reuters, Reuters, JUL 06"},{"key":"lmp-feed","value":"lp"},{"key":"copyright","value":"(c) 2026 Thomson Reuters, unless otherwise identified. Full statement available at https://www.thomsonreuters.com/en/policies/copyright.html"},{"key":"package-mood","value":"Neutral"},{"key":"package-notes","value":"Mining, Industrials, Hyperscalers, Data Centres, Utilities, Chipmakers, Earnings, Manufacturing, AI"},{"key":"package-format","value":"Other"},{"key":"publisher-name","value":"reuters.com"},{"key":"upstream-title","value":"Sectors Up Close: Could industrials steal the AI spotlight?"},{"key":"external-asset-id","value":"285_RW551506072026RP1"},{"key":"package-no-social","value":"Yes"},{"key":"package-restrictions","value":"For Reuters platforms only. . For Reuters customers only."},{"key":"upstream-description","value":"After a wild ride for global chip stocks in recent weeks, investors are looking for fresh validation of the AI trade. Matt Miskin from Manulife John Hancock Investments told Reuters the next opportunity may lie in industrials, where relatively low earnings expectations could create room for upside as growth continues to build."},{"key":"upstream-channel-code","value":"vty454"}],"usn":"RW551506072026RP1"},{"id":"RW352129062026RP1","type":"video","subtype":"application/x-mpegURL","external_id":"RW352129062026RP1","title":"Sectors Up Close: 'The world doesn't have enough copper' to meet AI demand","description":"An AI data center can require 50,000 tons of copper, meaning the price of the metal has hit all-time highs in recent weeks as investors see it as a new way to play the AI trade. Patrick Kennedy of AllSource Investments told Reuters global copper supply can't keep up with the demand from AI, and that makes it a good hedge against inflation. ","duration":325.6,"transcript_data":{"transcript":"As investor nerves about big tech spending grow, could the next IA trade be copper? This is Sectors Up Close and we're talking copper. The metal recently hit all-time highs at over $14,000 a metric tonne and it's still well above $13,000. It's long been seen as a way of taking the temperature of the global economy, but there's a new factor, AI. A large data centre can require up to 50,000 tonnes of copper, so is the metal a good way to play the AI trade? Patrick Kennedy is a founding partner of AllSource Investments. Patrick, why buy copper now? That's a great question. We think that copper has had a big run because of the demand, so we would dollar cost average in here or wait for a bit of a pullback, but it's pretty simple. There's a structural imbalance in play, so the world simply does not have enough copper for the AI demand that's being put out right now. To your point, it takes 50,000 tons to stand up one data center, okay? We're expecting that 500,000 tons of demand come online by 2030 and the global demand for copper go up by 50% by 2040. Now, most people just think, oh, well, it's just time to go mine more copper. Well, to stand up the average mine from discovery to production, it takes about 17 years to do so. So it's not like we're looking at a five-year backlog or a three-year backlog. Pretty quickly, once we run out of copper, if we hit these demand levels, we're going to see the price skyrocket in our opinion. Well, we've had the market excitement around the chipmakers. We've had it around the energy companies that power AI. But why would you pick materials? Is this going to be a less cyclical play? I think it plays two different roles in a portfolio. One, it's a secondary market for AI, which we like a lot. I think it's the next secondary market for AI. Again, copper has run a lot. People have picked up on this. But I think we're just starting in that bull run. And once people realize the true demand for copper globally and the amount that we actually have access to right now, It's going to be a moment where most institutional investors start to allocate. Secondly, we think it's a great hedge for inflation. So last time we were on the network, we talked about inflation as a risk. We still see it as a risk, right. Six months ago when everyone was saying the new Fed chair was going to come in and lower rates, we were very cautious on that. And here we are with inflation at 4.2% and worse coming in and saying, nope, we're not lowering rates. In fact, we're going to signal that we could raise rates. With oil pushing $100 a barrel and no end in sight in the Middle East, we think that inflation becomes a real problem again. Nothing like 8%, 9% the way we saw in 2022, but just sticky. We think it's going to be very sticky and in the background for a long time. And because of that, materials are a great hedge. When you have oil higher, it costs more to produce materials, plain and simple, and that price goes up. If global copper supply can't keep up then with the AI and electrification demand, how high could the price go? You know, we're not one to make a huge price call, right? We're going to stay long on the theme as long as it makes sense, in our opinion, and as long as there is a big imbalance in play within the market. And we still think we're in the early innings of that. I will give you a time projection. I think we're in the first or second innings as far as how far copper could go. But we've seen nerves in the AI market in recent weeks, Pat, we've seen sell-offs in big name chipmakers, for example. If copper becomes an AI trade, does that not make it just as vulnerable to a correction? If it becomes tied strictly to AI, it could be vulnerable to a correction. And at this point, again, we would look at that as an entry point. So coppers run a long way. We're not saying to, you know, go all in today, we would dollar cost average in or wait for a pullback. And if we do see a pullback because it's tied to AI demand, we think that we would buy that. We would definitely buy that. And the reason being is we think that the structural imbalance is just starting. Again, we're supposed to go to 28 million tons from today up to 42 million tons by 2040. So the global demand is going to double in that timeframe. 500,000 tons are needed by 2030 alone for AI. So I just don't think the market's appreciating the demand that is out there. And then the time that it takes for this material to come out of the ground, 12 to 17 years on average for the average mine. That's a tremendous amount of time. And with how quickly AI is going, it's nowhere near quick enough. And what if all this projected demand doesn't materialize? Tech hyperscalers can't generate a profit, investors are getting nervous about debt, they pull back on the amount of data centers that they currently say they're planning to build. Yeah, we like materials as a hedge for inflation, right? But we would absolutely have to factor that in. So I don't think they're going to pull back so much because I don't think they're going to pull back on the demand cycle so much that it impacts our thesis simply because the demand versus supply is such an imbalance right now. We're not talking about a small amount. We're talking light years ahead of where it needs to be. So I don't think that's going to be a big problem. If it became a big problem and it was just a hedge for inflation, at that point, we'd have to reconsider our thesis. That was Patrick Kennedy of AllSource Investments. 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