Connect with us

Business

Crude oil: Opec+ to raise production by 137,000 bpd from November; group stays cautious amid supply glut fears – The Times of India

Published

on

Crude oil: Opec+ to raise production by 137,000 bpd from November; group stays cautious amid supply glut fears – The Times of India


Saudi Arabia, Russia and six other members of Opec+ on Sunday decided to raise their oil production quotas by 137,000 barrels per day (bpd) for November, continuing efforts to reclaim market share amid cautious demand projections, AFP reported.“In view of a steady global economic outlook and current healthy market fundamentals, as reflected in the low oil inventories, the eight participating countries decided to implement a production adjustment of 137 thousand barrels per day from October’s levels,” Opec+ said in a statement after an online meeting.The increase was lower than many analysts had anticipated, with the group seeking to avoid exerting downward pressure on prices amid weak global demand. “Opec+8 stepped carefully after witnessing how nervous the market had become in light of rumours that production could be hiked by 500,000 barrels a day,” said Jorge Leon, analyst at Rystad Energy. “The group is walking a tightrope between maintaining stability and clawing back market share in a surplus environment.Since April, the eight members — Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Oman, and Algeria — have already raised their quotas by more than 2.5 million bpd. The initial focus of Opec+ this year was to support high prices by limiting supply, but the strategy shifted in April to prioritise regaining market share from competitors including the US, Brazil, Canada, Guyana and Argentina.Global oil demand projections are modest. The International Energy Agency expects consumption to rise by only 700,000 bpd between 2025 and 2026, while Opec forecasts higher growth of 1.3 million bpd in 2025 and 1.4 million bpd in 2026.Brent crude, the global benchmark, traded below $65 per barrel on Friday, down about 8% in a week amid concerns over a potential surge in Opec+ production.Russia, the cartel’s second-largest producer after Saudi Arabia, relies on high oil prices to fund its war effort in Ukraine but has limited capacity to increase output due to US and European sanctions. “The increase decided Sunday is manageable for Russia,” said Leon. The country currently produces around 9.25 million bpd, close to its maximum capacity of 9.45 million bpd, down from roughly 10 million before the conflict, analysts said.Ukrainian strikes on Russian refineries since August have intensified exports, as domestic utilisation of crude has declined, making Russia even more dependent on foreign markets, said Arne Lohmann Rasmussen, analyst at Global Risk Management





Source link

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

Finance ministers and top bankers raise serious concerns about Mythos AI model

Published

on

Finance ministers and top bankers raise serious concerns about Mythos AI model



Experts say Mythos potentially has an unprecedented ability to identify and exploit cybersecurity weaknesses.



Source link

Continue Reading

Business

Anthropic’s new AI model exposes fresh risks, flaws for cybersecurity, IT services – The Times of India

Published

on

Anthropic’s new AI model exposes fresh risks, flaws for cybersecurity, IT services – The Times of India


New Delhi: A powerful new AI model is forcing govts, banks, and technology firms to rethink the rules of cybersecurity – and in India, the stakes may be even higher.Claude Mythos, developed by Anthropic, has demonstrated the ability to autonomously detect and exploit software vulnerabilities, including flaws that have persisted for decades. Early tests revealed that the model could identify long-standing weaknesses and simulate complex, multi-step cyberattacks, prompting the company to restrict its wider release. Anthropic CEO Dario Amodei highlighted the shift, noting that AI systems are now capable of finding vulnerabilities “that humans have missed”, a signal of how quickly the cybersecurity landscape is changing.US Treasury Secretary Scott Bessent reportedly convened a meeting with top bank executives – including leaders from JPMorgan Chase, Goldman Sachs, Citigroup, BoA, and Morgan Stanley – to assess the risks posed by such advanced AI systems.That concern is not theoretical. According to Jaydeep Singh, GM for India at Kaspersky, the emergence of such systems represents a turning point not just for security professionals, but for everyday users. “We have been closely monitoring how AI is reshaping the threat landscape, and Claude Mythos represents a moment that every user, not just the cybersecurity industry, needs to understand,” Singh said.The dual-use nature of AI is at the heart of the concern. The same capability that strengthens defences can just as easily be weaponised. “The same capability that finds a 27-year-old vulnerability in hardened infrastructure is the capability that, in the wrong hands, turns every unpatched system into an open door,” Singh added.Cybersecurity firm Check Point Software Technologies echoed the warning. Sundar Balasubramanian, MD, India and South Asia, for Check Point, says, AI is “dramatically lowering the barrier to entry for cyber attackers,” enabling even less-skilled actors to identify and exploit vulnerabilities. He added that defensive tools can be repurposed offensively, compressing the traditional gap between attackers and defenders. Jayant Saran, partner, Deloitte India, described this as a “changed reality,” where organisations must prepare for risks that were previously invisible. He called AI a “double-edged sword…that cannot be reversed,” highlighting an accelerating race between those securing systems and those attempting to break them.In India, the risks are amplified by scale. From UPI to banking and govt platforms, millions depend on digital infrastructure – much of it built on legacy systems. These systems are often slower to patch, harder to monitor, and lack continuous threat intelligence, creating what Saran called an “asymmetric risk exposure.” Singh pointed out that this gap is especially critical in India, where legacy infrastructure serves hundreds of millions.Beyond cybersecurity, ripple effects could reach financial markets. Analysts say models like Mythos could automate parts of software development, testing, and security – core functions of IT services industry. While disruption may be gradual, labour-intensive outsourcing models could face pressure, while firms embracing AI may benefit.



Source link

Continue Reading

Business

Could a digital twin make you into a ‘superworker’?

Published

on

Could a digital twin make you into a ‘superworker’?



Firms say digital twins make staff more productive, but are they a potential legal minefield?



Source link

Continue Reading

Trending