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Oil & Gas

Crude Oil

Sources say that OPEC+ is likely to go ahead with its planned increase in oil production for May.

Four sources said that OPEC+ would likely stick with its plan to increase oil production for a second month in a row in May. This is despite the steady price of oil and plans to make some members reduce their pumping to compensate past overproduction. OPEC+, a group consisting of OPEC producers and allies led by Russia and pumping over 40% of world oil. The group plans to increase its output by 135,000 barges per day in the month of May. This would be the second increase in a plan that aims to undo some of the millions barrels per...

Oil & Gas

Tunisian President sacks Prime Minister amid Economic and Migration Crisis

The Tunisian president Kais Saied fired Prime Minister Kamel Mddouri, less than one year after his appointment. He named Sara Zaafarani to replace him, amid a faltering economic situation and an increasing number of migrants coming from sub-Saharan Africa. Zaafarani is an engineer and has served as Minister of Equipment and Housing in 2021. He is the third Prime Minister to be elected in less than two and a half years. Saied has been harshly criticizing the performance of many ministers in recent months. He said that they had not met the standards required and that Tunisians have high expectations....

Oil & Gas

East African bloc calls on South Sudan to release arrested officials

As part of their efforts to prevent the recent escalating tensions between factions from turning into a new war, a group of East African countries called on South Sudan's Government to release officials detained and lift security measures. South Sudan is officially at peace after a 2018 deal that ended a five year civil war in which forces loyal to President Salvakiir fought against those loyal to First Vice President Riek Machar, and nearly 400,000 died. The relationship between the two rivals who have dominated the political scene of the oil producer for decades remains strained. Many people believe that...

Oil & Gas

Aramco's weight on Saudi Arabia and the Gulf countries is a major factor in the red coloration of most Gulf markets due to global trade war concerns.

The Gulf's stock markets fell on Tuesday morning as U.S. trade tariffs threatened an increase in global trade tensions. Saudi Aramco also disappointed investors with its disappointing earnings. The new tariffs of 25% on imports to the United States from Mexico and Canada, as well as a 20% increase on Chinese goods, went into effect on Tuesday. This sparked new trade disputes with three of the U.S.'s top trading partners. Saudi Arabia's benchmark stock index fell 1.1%. Saudi Aramco fell 2.2% after a decline in profit. The oil giant reported Tuesday a net loss of $106.2 billion for 2024. This...

Oil Refineries

Support margins as Russia naphtha imports to Asia drop to a 1-year-low

The flow of Russian naphtha to Asia fell to an all-time low in February after new drone attacks on Russian refinery infrastructure. This led to higher prices in the East for the raw plastic material. Naphtha can be used as a feedstock to produce petrochemicals, which are then used in the production of plastic bottles, electric vehicle components and consumer products. Since Washington announced tougher sanctions against entities in the Russian oil business, Asian refiners have seen their profits from making naphtha increase by around 40%. Industry sources have said that the risk of Russian supplies could complicate a global...

Oil & Gas

Shares rise as oil is found in Mopane's Galp new well

The Portuguese oil company Galp announced on Tuesday that it had discovered significant amounts of light oil and condensate gas in a well at Namibia's Mopane Field, creating new exploration opportunities. This has sent its shares sharply up. Initial estimates of the Mopane oil and gas discovery by Galp were at least 10 billion equivalent barrels. The company has drilled four wells in 2024 in order to explore and appraise the first hub of the Mopane Complex in the northwest region. A fifth well was drilled last month in the southeast region. In a press release, it said that the...

Fuel Oil

Malaysia's Petronas reports a profit decline in 2024 due to global volatility and lower oil prices

Malaysia's Petroliam Nasional Bhd, the state-owned energy company, reported a decline in profits in 2024, compared with a year earlier, due to global volatility, lower oil prices, and geopolitical tensions and economic uncertainty. The firm also warned of future market challenges. Petroliam Nasional (or Petronas) reported a profit of $55.1 billion after taxes in 2024, compared to $80.7 billion in 2023. In 2024, revenue fell from 343.6 billion to 320 billion Ringgit. Capital investments in 2024 were 54.2 billion Ringgit compared to 52.80 billion Ringgit in the year 2023. Tengku Muhammad Taufik Tengku Aziz, Petronas' Chief Executive Officer, said that...

Oil & Gas

Sudan's army gains key advancements after signing the political charter

Sudan's Army said Sunday that it had retaken control of el-Gitaina from the Rapid Support Forces, located just south of capital. It also broke the siege of the paramilitary groups on the strategic western city of el-Obeid. Last week, activists reported that three days of RSF attack near Gitaina in White Nile State, which is emerging as a major battleground in central Sudan as the army gains territory, had resulted in more than 200 deaths. The conflict that broke out in April 2023 as a result of a power struggle between RSF and army has caused the death of tens...

Oil & Gas Refining

Swiss court convicts ex-Gunvor employee of corruption

On Thursday, a top Swiss court found that a former Gunvor employee had corrupted officials in the Republic of Congo for oil contracts. This is the first time that a corruption case in Switzerland's commodities trading industry, worth $80 billion, has been brought to court. This follows the conviction of Trafigura, a rival trading firm, and a former executive in a corruption case involving Angolan Oil Deals last month. The Swiss Federal Criminal Court released a statement on Thursday that the ruling concerned bribes worth over $35 million, intended at least in part for Congolese officials, over an 18-month period...

Oil & Gas Equipment

TotalEnergies Namibia's project is smaller and later than expected

FID is expected to end in 2026, not by the end of 2025 Production capacity has dropped to 150,000 barrels a day from 160,000 The country has been discovered by fellow majors PARIS, February 5 - CEO Patrick Pouyanne stated on Wednesday that the French oil major TotalEnergies will make a final decision on investment in its Namibian oil discovery by 2026. The project would produce 150,000 barrels a day. This is down from the initial 160,000 barrels a day that was discussed during its Investor Day in October. Pouyanne's previous target for the decision date on FID was 2025....

Crude Oil

Swiss court finds former Trafigura executive guilty of corruption

S witzerland’s top criminal court found Trafigura, a former executive and a company guilty of corruption on Friday in a case involving the payment made to an Angolan government official in exchange for oil contract. The court ordered that the trading house pay $148 million as fines and compensation, and sentenced Mike Wainwright, a former employee of itss to 32 months imprisonment. Of this time 12 months must be served. You can appeal the decision to the same court. This is the first case in Switzerland where a company was charged with corruption of an official from abroad. It's also...

Oil & Gas

Russia extends the gasoline export license for large companies to end-Feb

The government has granted permission to Russia's biggest oil companies to continue gasoline sales until the end February. This extends a waiver that was due to expire this Friday. The Russian government lifted the temporary ban at the end of November on gasoline exported by the majority of producers. However, the restrictions were extended to other exporters, such as independent traders or re-sellers until January 31. These restrictions will continue to be in effect in February. The first ban on gasoline imports was implemented in March of last year in response to a steep rise in wholesale fuel costs and...

Fossil Fuels

Fossil Fuels

Germany temporarily closes its embassy in South Sudan amid civil war fears

The German Foreign Ministry announced on Saturday that the embassy had temporarily been closed in Juba, the capital of South Sudan. This was due to rising tensions which have brought this East African nation to the brink of civil war. Salva Kiir, the president of South Sudan, sacked this week the governor of Upper Nile State, where escalating clashes between government troops, and an ethnic militia he claims is allied with his rival First Vice President Riek Makar, have taken place. The standoff has raised concerns that the world’s newest nation, which emerged from a civil conflict that claimed hundreds...

Environment

Shares of Australia's Paladin Energy fall after heavy rains stop uranium mine in Namibia

Paladin Energy, an Australian uranium company, announced on Friday that it temporarily suspended operations at its Langer Heinrich Mine due to heavy rains in Namibia. This sent its shares to a record low of over a week. Paladin stated that the severe weather has caused access to the mine to be severely restricted and all activities suspended. The Langer Heinrich Mine, which is owned by 75% of the company, is an important contributor to its production. As of 2339 GMT the shares of Australia's largest pure-play uranium mining company fell by as much as 8,9%, reaching their lowest level since...

Fossil Fuels

The Gulf markets are mixed due to geopolitical concerns and Fed outlook

The Gulf stock markets were mixed on Thursday morning as tensions in the region escalated. However, there were signs that the Federal Reserve might still be able to deliver two rate reductions this year. The Fed kept interest rates steady on Wednesday, as was anticipated, and reiterated its forecast for two quarter-percentage-point rate cuts before the end of the year. The Fed's decisions affect monetary policy across the Gulf, where the majority of currencies, such as the Saudi Riyal, are pegged against the U.S. Dollar. Saudi Arabia's benchmark stock index rose 0.2% thanks to a 1.4% increase in ACWA Power...

Mining

Mineral Resources

Mineral Resources

East Congo ceasefire is troubled as rebels remain in strategic town

The de facto ceasefire that had been agreed between Congolese and Rwandan rebels in Walikale, a town located in eastern Congo, appeared to have collapsed on Monday. The rebels reneged on their promise to withdraw from the area and accused the army of breaking its own promises. The M23 rebels are hopeful about a possible ceasefire in Walikale. Captured last week The hope that diplomatic efforts would be revived to end the largest conflict in eastern Democratic Republic of Congo for decades was briefly sparked. This conflict is rooted in the long-lasting fallout of the 1994 Rwandan genocide and the...

Mineral Resources

Angola will end its mediation role in the east Congo conflict, says the presidency

Angola is stepping down as the mediator for parties in an intensifying Rwanda-backed rebel offensive against eastern Congo. A different African country will now take over to help bring peace talks back to track, announced the presidency on Monday. M23, led by ethnic Tutsi, has escalated its long-running rebellion in this year. They have taken control of east Congo's largest cities since January. Angola President Joao Lurenco, who is currently rotating African Union (AU), has tried to mediate a ceasefire lasting and reduce tensions between Congo, and Rwanda, the neighbouring country, which was accused of supporting M23. Rwanda denies that....

Mineral Resources

Gold Fields' $2 billion offer to buy Gold Road Resources is rejected by Australia's Gold Road Resources

Gold Road Resources, a South African company that competes with Gold Fields in the mining industry, has refused a buyout offer of A$3.3 billion (2.07 billion dollars) from its larger competitor. Gold Road's shareholders would have received A$3.05 for each share under Gold Fields offer made earlier in the month. This represents a premium of 24.5% over Monday's closing prices. Gold Fields' offer was to consolidate ownership of the Gruyere Gold Mine in Western Australia. This joint venture between Gold Road and Gold Fields. Gold Fields, a South African gold miner, said that despite subsequent discussions it was disappointed by...

Mineral Resources

Andy Home: Congo conflict double trouble for the global tin industry

Alphamin Resources' decision suspending operations at the Bisie Tin Mine in the Democratic Republic of Congo highlights the fragility of the global tin supply chain. As the M23 rebels advance deeper into Congo's mineral-rich Kivu Provinces, one of the largest tin mining operations in the world is returning to Myanmar after a long absence. Tin's supply volatility is once again generating price volatility. On the news, London Metal Exchange's three-month tin soared 11.5% and reached a three-year high price of $37100 per metric tonne. The Congo conflict is a serious problem for the global market. Not only are units being...

Mineral Resources

Andy Home: Congo conflict double trouble for the global tin industry

Alphamin Resources' decision suspending operations at the Bisie Tin Mine in the Democratic Republic of Congo highlights the fragility of the global tin supply chain. As the M23 rebels advance deeper into Congo's mineral-rich Kivu Provinces, one of the largest tin mining operations in the world is returning to Myanmar after a long absence. Tin's supply volatility is once again generating price volatility. On the news, London Metal Exchange's three-month tin soared 11.5% and reached a three-year high price of $37100 per metric tonne. The Congo conflict is a serious problem for the global market. Not only are units being...

Mineral Resources

Copper falls from its fresh peak following downbeat Chinese data

Copper prices fell from their five-month high on Friday as concerns about U.S. Tariffs and disappointing data from China, the world's largest metals consumer, dampened purchasing activity. The benchmark three-month copper price on the London Metals Exchange rose 0.1% to $9,797 per metric tonne by 1030 GMT. It had previously reached $9,850 a metric tonne, its highest level since October 9. Prices fell after the new lending by banks in China in February was lower than expected from its record high of the previous month. Nitesh Sha, a commodity strategist with WisdomTree, said that the price of copper would be...

Mineral Resources

AVZ Minerals, Australia's lithium mining company, wins legal victory in Congo against Congo

AVZ Minerals, an Australian company, announced on Friday that it had won a court case against the Democratic Republic of Congo and China's Zijin Mining for the rights to the Manono Lithium Mine. It is now in negotiations with U.S. parties about raising funds for the project. The International Court of Arbitration of the International Chamber of Commerce ordered DRC state-owned Cominiere, to pay a fine of 39.1 millions euros ($42.46million) for failing to comply with orders earlier to cease any action terminating its joint enterprise with AVZ. AVZ originally held the permit for the development of the Manono Project,...

Mineral Resources

Shanghai tin price jumps after Alphamin stops mining in Congo

Alphamin Resources, which has halted its mining operations in the Democratic Republic of Congo, has halted the production of tin. Alphamin Resources announced on Thursday the halting of activity at the Bisie Tin Mine in Congo's North Kivu "after insurgent militants groups recently advanced westward toward the mine's position in DRC, occupying Nyabiondo". Shanghai's most actively traded tin contract rose 8.8% on Friday to 288,450 Yuan ($40212.16) per metric ton at 0346 GMT after reaching the upper limit by 10% in the morning Asian trade session. The benchmark three-month tin price on the London Metals Exchange increased 0.6% to $35,110...

Mineral Resources

Anglo American consults about job cuts amid business revamp

Anglo American began a consultation in South Africa and the United Kingdom to reduce jobs. This is part of a wider restructuring that aims to refocus its operations on iron ore and copper mining. The company will spin off Anglo American Platinum by the middle of this year as part of its strategic overhaul. The company also sold its nickel and coal assets, and intends to divest the De Beers diamond division. Bloomberg News reported earlier that Anglo planned to cut even more jobs from its corporate office. According to the report, people who have knowledge of the situation said...

Mineral Resources

Alphamin shares fall as the company temporarily stops tin-mining in Congo's East

Alphamin Resources' shares fell further in Toronto on Friday after the miner announced that it had temporarily stopped its tin mining operations in the volatile eastern region of the Democratic Republic of Congo as rebels advanced toward the operations. Early trading in Toronto saw a drop of up to 36%. Alphamin shares have fallen 52% this year according to LSEG. The company announced that activities at the Bisie tin mining site in Congo's North Kivu were halted after "insurgent militants groups recently advanced westward toward the mine's position in DRC, occupying Nyabiondo," according to a statement. Alphamin stated that "all...

Mineral Resources

LME Tin Jumps After Alphamin Temporarily Stops Operations at Bisie Mine in Congo

Alphamin Resources announced that it will temporarily stop operations at its Bisie Tin Mine in the Democratic Republic of the Congo because of unrest in North Kivu Province. The London Metal Exchange's (LME) soldering metal prices were up 3.3% to $34,530 per metric ton by 1401 GMT, after reaching $34,815 per ton - the highest price since July. Alphamin produced over 17,000 tons last year of the metal that is used in semiconductors. This represents more than 4% global total supplies, estimated to be around 380,000 tonnes. Alphamin stated in a press release that "this decision was taken after insurgent...

Mineral Resources

Tigray officials warn that Ethiopia and Eritrea are on the path to war

Officials in an Ethiopian region at a centre of tensions warned that Ethiopia and Eritrea, long-time enemies, could be heading towards war. This would risk another humanitarian catastrophe in the Horn of Africa. Analysts said that direct clashes between the two largest African armies could be the death blow to a historic rapprochement, for which Ethiopian Prime Minister Abiy Abiy Ahmed was awarded the Nobel Peace Prize for in 2019. It may also attract other regional powers. This would likely cause another crisis in the region, where cuts in aid have made it difficult to help millions of people affected...