Ladbrokes owner Entain projects annual profit above market view
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Texas sues Eli Lilly for allegedly bribing providers to prescribe its medications
WASHINGTON, Aug 12 (Reuters) - Texas Attorney General Ken Paxton on Tuesday sued U.S. drugmaker Eli Lilly (LLY.N), opens new tab for allegedly "bribing" providers to prescribe its medications. The attorney general's office said in a statement the company bribed and illegally induced medical providers to prescribe its most profitable drugs, including the GLP-1 medications Mounjaro and Zepbound that are used for weight loss and diabetes treatment.
Reuters
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- Reuters
US crude production to hit record 13.41 million bpd in 2025 before falling, EIA says
NEW YORK, Aug 12 (Reuters) - U.S. crude production will hit a record 13.41 million barrels per day in 2025 due to increases in well productivity, though lower oil prices will prompt a fall in output in 2026, the Energy Information Administration forecasted on Tuesday in a monthly report. The decline in 2026 production to 13.28 million bpd would be the first drop in output since 2021 for the world's largest producer, the EIA data showed. Prices for the international benchmark Brent will average $51 per barrel next year, down from the EIA's previous forecast of $58 per barrel, after the Organization of the Petroleum Exporting Countries and its members decided to accelerate the pace of production increases. "Low oil prices in early 2026 will lead to a reduction in supply by both OPEC+ and some non-OPEC producers, which we expect will help moderate inventory builds later in 2026," the EIA said. In last month's report, the EIA had projected U.S. crude output at 13.37 million bpd in both 2025 and 2026. The United States produced 13.21 million bpd in 2024. U.S. producers this year have had to navigate President Donald Trump's on-again, off-again tariffs that have sparked economic uncertainty, rising supply quotas from OPEC+, and ongoing conflicts in the Middle East and in Ukraine. Lower crude prices are expected to push down retail prices for petroleum products, the EIA said, adding it expects retail gasoline prices in the U.S. to average less than $2.90 per gallon next year, about 20 cents per gallon less than this year. U.S. distillate fuel inventories will end 2025 at the lowest end-of-year level since 2000, after decreasing 14% over the course of the year due to increased exports and demand, the EIA said. Lower U.S. refinery capacity and continued strong export demand will keep inventory levels lower, with distillate inventories remaining relatively flat in 2026, the agency added. U.S. oil demand will increase to 20.4 million bpd in 2025, in line with previous forecasts, the EIA said. In 2026, oil demand will rise to 20.5 million bpd, versus a previous estimate of 20.4 million bpd.
Reuters
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US to retaliate against IMO members that back net zero emissions plan
Aug 12 (Reuters) - The U.S. on Tuesday rejected the "Net-Zero Framework" proposal by the International Maritime Organization, which is aimed at reducing global greenhouse gas emissions from the international shipping sector, and threatened measures against countries that support it. The announcement was made in a joint statement by Secretary of State Marco Rubio, Commerce Secretary Howard Lutnick, Energy Secretary Chris Wright and Transportation Secretary Sean Duffy, comes ahead of a vote at the United Nations' shipping agency to adopt the net-zero proposal, opens new tab in October. "The Trump Administration unequivocally rejects this proposal before the IMO and will not tolerate any action that increases costs for our citizens, energy providers, shipping companies and their customers, or tourists," the statement said. "Our fellow IMO members should be on notice that we will look for their support against this action and not hesitate to retaliate or explore remedies for our citizens should this endeavor fail," it continued. The U.S. already exited IMO talks on the net-zero framework in April and urged other IMO members in a memo seen by Reuters to reconsider their support for it. The World Shipping Council, which represents major shipping firms like container carrier Maersk ( opens new tab and car carrier Major global container shipping companies, including Maersk and car carrier Wallenius Wilhelmsen ( opens new tab, declined comment. Many WSC members already have committed to net zero operations by 2050. President Donald Trump has also said he is withdrawing the United States from the Paris climate agreement, which set a goal for countries to achieve net-zero emissions by 2050. The U.S. is currently engaging in UN negotiations to secure a global treaty to reduce plastic pollution and has warned countries in a memo that it will not support a pact that sets caps on plastic pollution and bans the use of certain chemicals. Shipping, which transports around 90% of world trade and accounts for nearly 3% of the world's carbon dioxide emissions, has faced calls from environmentalists and investors to deliver more concrete action, including a carbon levy. The United States is one of 176 IMO member states.
