Glencore lowers coal production targets

Mining and commodities trading group Glencore on Friday lowered its production target for several commodities including coal, due to disruption from flooding and severe weather events.

The Switzerland-based firm said it had cut its coal production target to 110 million tonnes, down nine percent from its previous forecast in July.

The group’s production had been affected by “severe flooding” and higher than average rainfall in Australia, it said, as well as supply chain issues due to the war in Ukraine.

There is “a high probability of (extreme weather) causing further disruption in Q4”, the London-listed group said.

Glencore’s global coal production increased a seven percent in the third quarter year-on-year to 81.9 million tonnes, following the buyout of shares in the Cerrejob mine in Colombia, at a time when other major mining groups are retreating from coal.

In the first half of the year, Glencore’s profit soared to more than $12 billion due to the surge in oil and coal prices since Russia invaded Ukraine in February. — Agence France-Presse

Opec+ likely to maintain oil output levels

Major oil-producing countries led by Saudi Arabia and Russia look set to maintain their current output levels at a meeting Sunday, ahead of fresh sanctions against Moscow coming into force.