Ukrainian President Volodymyr Zelensky said he spoke to Slovakian Prime Minister Robert Fico on Friday, discussing the path to a peaceful settlement of the war in Ukraine and post-war security guarantees, as well as Europe’s energy independence. “Russian oil, just as Russian gas, has no future,” Zelensky insisted.However, Fico met with Russian President Vladimir Putin earlier this week, stating that his government is “extremely interested” in developing relations with Moscow and continuing to buy Russian oil and gas. Additionally, while Zelensky claimed Slovakia “will not stand aside” while other European countries pledge post-war support, it is unclear what role Fico’s government might play.
Trump is ‘pessimistic’ about ending Ukraine war
United States President Donald Trump is said to have lost hope of ending the conflict in Ukraine, NBC News reported on Friday, citing Washington administration officials. As per the report, the American leader “has grown increasingly pessimistic about the chance of brokering an end to the Russia-Ukraine conflict anytime soon or seeing the leaders of the two warring countries meet in person.” The report comes after Kremlin spokesperson Dmitry Peskov hinted this morning that the interests of Moscow and the US “can coincide” if Trump helps reach a settlement of the war in Ukraine.
Putin: Western troops in Ukraine are ‘legitimate targets’
Russian President Vladimir Putin on Friday warned:
that any foreign military presence in Ukraine would be treated as legitimate targets for Russian s
trikes.
Speaking at the Eastern Economic Forum in Vladivostok, he stated, “We assume that the forces will be legal targets for strikes,” adding there is no sense in deploying troops if a peace agreement exists. Putin reiterated that Moscow remains open to talks but expressed skepticism about Kiev’s intentions. He labeled Ukraine’s leadership as a “regime” and said no progress can be made without agreement on key issues. Any negotiated settlement, he insisted, must be confirmed through a referendum in affected areas, even if that challenges the Ukrainian constitution’s authority.
NN: Audio File
Trump asked Europe to halt buying Russian oil
US President Donald Trump urged Europe to cease its purchases of Russian oil in a call with European leaders at the Coalition of the Willing, Fox News reported on Thursday, citing a White House official. He specifically mentioned Hungary and Slovakia. Additionally, Trump stressed that European leaders should increase economic pressure on China “for funding Russia’s war efforts,” while stressing the importance of curbing financial aid to Russia.
Trump said he was:
“strongly considering large-scale sanctions” on Russia, noting that Washington last week imposed secondary sanctions on India over its purchases of Russian oil.
IAEA: Iran’s uranium stockpile ‘matter of serious concern’
The International Atomic Energy Agency (IAEA) said in its report on Wednesday that Iran’s highly enriched uranium is a “matter of serious concern which must be addressed.” The nuclear watchdog warned that it cannot provide any conclusion on Iran’s nuclear program without the full resumption of safeguards in Iran. “Following the commencement of the military attacks on several of Iran’s nuclear facilities, the Agency stopped all in-field verification and monitoring activities in Iran for safety reasons,” the report read. In late August, IAEA Director General Rafael Grossi said that the agency’s inspectors resumed inspections at Iran’s Bushehr nuclear facility after Tehran suspended its cooperation with the agency in July.
NN: Pod Cast:
your damn straight you should be worried
Trump: I’ll know what to do with Russia in few days
United States President Donald Trump said he would address the Ukraine issue in the coming days, after a reporter asked about the deadline given to Russian President Vladimir Putin to stop the hostilities. “I will talk to him in a few days,” Trump replied, but did not specify whether he meant Putin or Ukrainian President Volodymyr Zelensky. When asked to clarify, the American leader continued, “I’ll know what to do with Russia” after these talks. Previously, Trump threatened “things will happen” if he is not happy with the Russian president’s decisions regarding Ukraine. He is expected to talk with Zelensky and European leaders over the phone tomorrow.
NN: Trump has to man up and face the reality that Putin is making a asshole out of him
Russia rejects idea of foreign troops in…. As they use N.Korea troops
Russian Foreign Ministry spokesperson Maria Zakharova said Ukraine’s proposed security guarantees would pose a threat to Europe. Speaking at the Eastern Economic Forum, Zakharova argued the plans are designed to keep Ukraine as a base for actions against Russia. She rejected any discussion of foreign troop deployments to Ukraine, calling such moves “fundamentally unacceptable.” Zakharova said Russia will not consider “foreign interference in Ukraine” in any form or format. “They are not guarantees of Ukraine’s security, they are guarantees of danger to the European continent,” the spokeswoman said.
NN: Their is no peace deal on the Table. And their will be no peace deal in the future. Trump has no choice but to impose severe sanctions on Russia cash flow. And the only way to do that is impose severe sanctions on Russian oil exports.
US military kills 11 people in strike on alleged drug boat from Venezuela, Trump says
United States President Donald Trump said on Truth Social that US forces killed 11 “terrorist” members of the Tren de Aragua in a “kinetic strike” at sea. He said they were in international waters transporting illegal narcotics toward the United States and that no US forces were injured. “Please let this serve as notice to anybody even thinking about bringing drugs into the United States of America. BEWARE,” Trump warned.Trump first revealed the strike during a White House event earlier in the day and later posted video of the attack. Secretary of State Marco Rubio said the drug vessel operated by the group, which the US designates as a foreign terrorist organization, had left Venezuela before being targeted in the southern Caribbean.
Putin: Russia advancing on all fronts in Ukraine
Russian President Vladimir Putin noted that Russian forces were advancing on all fronts in Ukraine, while saying that the latter lacked the military reserves necessary to launch a large-scale offensive. The Russian leader added that he was confident that it was possible to agree on a solution to end the conflict in Ukraine that is “acceptable to everyone.” He went on to say that although he sees “light at the end of the tunnel” for the conflict, Russia was also prepared to use armed force to accomplish its objectives. “If common sense prevails, a peaceful settlement is possible given the current US administration’s calls for solutions. Otherwise, the conflict will have to be resolved militarily,” he added during a press conference in Beijing.
OPEC announced cuts of 547,000 barrels per day in September
Oil dips 2% as OPEC+ eyes another output hike.
Commodities Analyst at Skandinaviska Enskilda Banken Ole R. Hvalbye, AB (SEB), and Bjarne Schieldrop, Chief Commodities Analyst at SEB, said in an oil report published on Tuesday. “Oil prices are likely to fall for a fourth straight year as OPEC+ unwinds cuts and retakes market share,” the analysts said in the report. “We expect Brent crude to average $55 per barrel in Q4/25 before OPEC+ steps in to stabilize the market into 2026,” they added. “Surplus, stock building, oil prices are under pressure with OPEC+ calling the shots as to how rough it wants to play it,” they went on to state. The SEB analysts noted in the report that OPEC+ is in a process of unwinding voluntary cuts by a sub-group of the members and taking back market share but added that the process looks set to be different from 2014-16, “as the group doesn’t look likely to blindly lift production to take back market share”. “The group has stated very explicitly that it can just as well cut production as increase it ahead,” Hvalbye and Schieldrop pointed out in the report. “While the oil price is unlikely to drop as violently and lasting as in 2014-16, it will likely fall further before the group steps in with fresh cuts to stabilize the price,” they warned. “We expect Brent to fall to $55 per barrel in Q4/25 before the group steps in with fresh cuts at the end of the year,” they continued.
Financial Markets Strategist at Exness, Van Ha Trinh, said, “the increase in OPEC output during September has reinforced concerns about oversupply”. “While a potential pause in production hikes after that could provide some short-term relief, traders are likely to remain cautious until there is clearer guidance from the next OPEC meeting,” Trinh added. “The market’s direction could depend on whether the group signals restraint in the coming months or prioritizes market share, as either direction could set the tone for Q4 pricing,” Trinh went on to state.
Kudotrade’s Head of Customer Relationship Management Chrysikos, on Thursday, “OPEC+ output continues to rise, with further increases expected in September” and highlighted that “traders could monitor OPEC’s next meeting for an update on the organization’s production targets and their impact on supply”. “A pause could provide the market with some support,” Chrysikos noted in the analysis.
SEB team last week, Schieldrop said there is an increasing risk that OPEC+ will unwind the last 1.65 million barrels per day of cuts when they meet on September 7. In the report, Schieldrop outlined that the oil market “shows pockets of strength blinking here and there” and warned that “this clearly increases the chance that OPEC+ decides to unwind the remaining 1.65 million barrels per day of voluntary cuts when they meet on 7 September to discuss production in October”. Schieldrop added in the report, however, that the group may split the unwind over two or three months. “After that the group can start again with a clean slate and discuss OPEC+ wide cuts rather than voluntary cuts by a sub-group,” Shieldrop said in the report. “That paves the way for OPEC+ wide cuts into Q1-26 where a large surplus is projected unless the group kicks in with cuts,” he added.
A statement posted on OPEC’s website on August 3
Announced that Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman “will implement a production adjustment of 547,000 barrels per day in September”. “In view of a steady global economic outlook and current healthy market fundamentals, as reflected in the low oil inventories, and in accordance with the decision agreed upon on 5 December 2024 to start a gradual and flexible return of the 2.2 million barrels per day voluntary adjustments starting from 1 April 2025, the eight participating countries will implement a production adjustment of 547,000 barrels per day in September 2025 from August 2025 required production level,” the statement added.
“This is equivalent to four monthly increments … The phase-out of the additional voluntary production adjustments may be paused or reversed subject to evolving market conditions. This flexibility will allow the group to continue to support oil market stability,” it continued. The eight countries are next scheduled to meet on September 7, the statement revealed.
Table accompanying that statement
September “required production” is 9.978 million barrels per day for Saudi Arabia, 9.449 million barrels per day for Russia, 4.220 million barrels per day for Iraq, 3.375 million barrels per day for the United Arab Emirates, 2.548 million barrels per day for Kuwait, 1.550 million barrels per day for Kazakhstan, 959,000 barrels per day for Algeria, and 801,000 barrels per day for Oman.
NN: Welcome to the game of giant steps. $65 August 13th.Then $68 August 20th. Then $69,40 yesterday. Now down $1.40 at $67.60. Still up almost $3.00 from the 13th of August.
As far as the surprise OPEC production cuts. They were announced a month ago…. Already the news was in the market. The games they play!