Asia

Several sources familiar with the situation said that Saudi Arabia will export to China at least 36,000,000 barrels of crude, a slight decrease from the previous month. As some Chinese refineries prepare for maintenance, and independent refiners wait for Beijing's 2026 import quotas, the expected drop in oil supply for the second consecutive month from the top oil exporter to world's biggest importer comes at a time when many refineries in China are preparing for maintenance. Sources said that one of the Chinese buyers has reduced their December volume because they have already lifted the majority of their full-year contract...

The Energy Minister Bogdan Bogdan Ivan stated on Tuesday that Romania must control the Romanian subsidiary of Russian Lukoil in order to protect jobs, enforce international sanctions, and ensure a stable national energy system. Lukoil operates 320 petrol stations across Romania, is the third-largest refinery in the country and has offshore exploration rights for a part of the Black Sea. Ivan didn't elaborate on which assets or how the state should take control. The U.S. imposed sanctions on Lukoil and Rosneft in connection with the war that has raged for more than three-and-a-half years in Ukraine. These sanctions will take...

The chairman of Bulgaria's state reserves agency announced on Tuesday that the country has only one month's worth of gasoline left, as it prepares for the impending U.S. sanction against Russia's Lukoil. Lukoil owns Bulgaria's biggest oil refinery, and the majority of its storage and pipeline infrastructure. Last month, the U.S., Britain, and France imposed sanctions against Lukoil, and Rosneft - Russia's largest oil companies - over Moscow's conflict in Ukraine. This threatened their operations, which still stretch across Europe. The U.S. sanction, scheduled to start on November 21, has raised concerns over fuel supplies in Bulgaria ahead of winter,...

Early Asian trade on Monday saw oil prices drop, erasing gains made in the previous session. Oversupply worries outweighed optimism about a possible resolution to the U.S. Government Shutdown. Brent crude futures dropped 13 cents or 0.2% to $63.93 per barrel at 0100 GMT. U.S. West Texas Intermediate Crude was also at $60 per barrel, down 13 cents or 0.2%. Both benchmarks rose by around 40 cents during the last session. The longest government shut down in U.S. History could end this coming week. A compromise to restore federal funding passed the initial Senate hurdle on Sunday night, but it...

The United Arab Emirates' trade minister stated on Monday that the Gulf state could complete negotiations for a bi-lateral trade agreement with central African state, Tchad, by the end the year. The Comprehensive Economic Partnership Agreements (CEPA) are trade, investment, and cooperation agreements that form a crucial part of the UAE's long-term strategy to boost growth and reduce its dependency on fossil fuels. Thani Al Zeyoudi, speaking on the sidelines at the UAE-Chad Trade and Investment Forum in Abu Dhabi's capital, said: "We are building a strong bilateral relation between the UAE and Chad." Zeyoudi added that the negotiations have...

Premier Rosen Zhelyazkov announced on Monday that Bulgarian authorities were conducting inspections at the Russian oil giant Lukoil’s Burgas refinery and taking security measures to protect critical infrastructure. The government is preparing to take control of the site. Last week, Bulgaria made legal changes that allowed it to buy the refinery from the U.S. and sell it on to a new buyer to protect the plant against sanctions. Zhelyazkov stated on Monday that these measures include inspections, and the preparation of military police. They are preventive, and aim to preserve critical infrastructure including oil refinery, and other facilities. The Council...

Sources in the trade said that two Indian state refiners purchased 5,000,000 barrels of crude from spot markets through tenders, as they continue their search for alternatives to Russian supplies. Hindustan Petroleum Corp. has purchased 2 million barrels of each U.S. West Texas Intermediate and Abu Dhabi Murban crudes for arrival in January, according to reports. Mangalore Refinery and Petrochemicals Ltd purchased one million barrels Basra Medium Crude for delivery between January 1-7, according to the company. It was not immediately clear who the sellers were or what their prices were. Indian refiners have been looking for alternatives since U.S....

The top official of the U.S. Treasury Department said that the United States is looking to seize a "moment in Lebanon" to cut off Iranian funding for Hezbollah, and to press the group into disarming. John Hurley said in a late-Friday interview that Iran managed to send about $1 billion this year to Hezbollah despite the Western sanctions which have ravaged its economy. The U.S. is waging a campaign of "maximum pressuring" on Tehran to reduce its uranium-enrichment program and regional influence. This includes in Lebanon, where the Iran-backed Hezbollah has also been weakened since Israel destroyed its military strength...

A U.S. official familiar with the matter said on Friday that the United States supports the European Union in using frozen Russian assets to help Ukraine and bring an end to the war with Russia. The European Commission, as the West seeks a way to increase pressure on Moscow has proposed a plan that would allow EU governments to use up 185 billion euro ($217 billion), which is the majority of the 210 million euros of Russian sovereign assets frozen in Europe. Washington "absolutely support (the EU)" and the measures they are taking to be able to use those assets...

Bloomberg News, citing the CEO of ADNOC, reported that the trading division at the Abu Dhabi state oil company plans to double its volume in the next few year as part its international expansion. ADNOC has increased its global expansion over the last few years in order to find new revenue sources for the Gulf State, including by building trading operations. Ahmed Bin Thalith is the chief executive officer of ADNOC Global Trading. He told Bloomberg that the state-owned Abu Dhabi National Oil Company views trading as a means to maximize the value of fuels sold in the emirate or...

Helsingin Sanomat, citing Teboil's spokesperson, reported Friday that the Finnish petrol station chain Teboil is out of fuel due to U.S. sanctions imposed on its parent company. Donald Trump, the U.S. president, announced on October 22 that Rosneft (Russia's oil company) and Lukoil would be subject to sanctions as a result of a policy shift regarding Moscow's conflict in Ukraine. He also said that companies who do business with these two groups may face sanctions. The U.S. Treasury referred to Gunvor as Russia's "puppet", and indicated that Washington was against the deal. On November 6, a deal between Gunvor, a...

The Japan Industry Ministry announced on Friday that it would temporarily increase gasoline and diesel subsides from next week to try and smooth out the impact of planned tax reductions on fuels. To ease the burden of households, the ruling and opposition parties in the country agreed to abolish the gasoline tax by December 31, and the diesel tax by April 1, next year. The government is hoping that by temporarily increasing subsidies on gasoline, diesel and other fuels, consumers won't be tempted into delaying purchases until the tax reductions are implemented. This move will also help Japan avoid long...

Copper prices rose on Wednesday, as investors looked forward to progress in resolving the long-running U.S. shutdown. The Shanghai Futures Exchange's most active copper contract closed the daytime trade up 0.16% to 86,840 Yuan ($12,191.49) per metric tonne. As of 0705 GMT, the benchmark three-month price for copper showed minimal movement as well, with a 0.06% increase to $10,833.5 per ton. ADP, a payroll processor, reported on Tuesday that companies in the United States lost more than 11,00 jobs during the week ending in late October. However, it had previously stated that the month of October saw a total gain...

The price of copper was not much changed on Wednesday, as U.S. data on private sector employment added to the expectations for a Federal Reserve rate reduction. Meanwhile, markets were looking to see if there had been any progress in ending the long-running U.S. Government shutdown. As of 0311 GMT, the most active copper contract at the Shanghai Futures Exchange had risen 0.02% to 86,720 Yuan ($12174.65) per ton. Copper for the benchmark three-month contract also showed minimal movement. It eased 0.03%, to $10,824 per ton. ADP, a payroll processor, reported on Tuesday that US firms lost more than 11,00...

Wednesday saw gold rise for the fourth consecutive session, with a lower dollar and the expectation that the reopening U.S. Government and the flow of economic data would strengthen bets on a Federal Reserve rate cut in the next month. Gold spot rose 0.2%, to $4,133.99 an ounce, at 0155 GMT. It had reached its highest level since October 23, Tuesday. U.S. Gold Futures for December Delivery rose 0.6%, to $4140.10 an ounce. Tim Waterer, KCM Trade's Chief Market Analyst, said that the dollar's decline has helped gold and silver. Both metals have seen gains in this week. Gold is...

Mitsubishi Materials, JX Advanced Metals and its partners announced on Tuesday their intention to integrate Mitsubishi Material’s copper concentrates procurement into Pan Pacific Copper. PPC, Japan's largest supplier of refined metals, is owned by JX to the tune of 47.8%. Mitsui Mining and Smelting holds 32.2% and Marubeni 20%. In a joint announcement, the companies stated that they proposed an integration to create a framework for boosting profitability through consolidation of copper concentrate procurement and cost reductions, as well as streamlining their sales operations. The conditions for buying copper concentrates from mines have significantly worsened as the competition with overseas...

Gold prices continued to rise on Tuesday, reaching their highest level for nearly three weeks. This was due to growing expectations that the U.S. Federal Reserve will cut interest rates again in December. There were also signs that the U.S. Government shutdown would be ending. As of 0458 GMT spot gold rose 0.7% to $4,142.72 an ounce. This is the highest it has been since October 23. U.S. Gold Futures for December Delivery rose by 0.7%, to $4148.80 an ounce. The U.S. Senate approved a deal Monday to restore federal funding, ending the longest government shut down. The shutdown has...

Gold reached a three-week high Tuesday. This was helped by the growing expectation of another interest rate reduction in December from the U.S. Federal Reserve and signs that the U.S. Government shutdown will be over. Gold spot was up 0.7% to $4,142.83 an ounce at 0314 GMT. This is its highest level since October 24. U.S. Gold Futures for December Delivery rose by 0.7% to $4148.50 an ounce. Late on Monday, the U.S. Senate approved a deal to restore federal funding in the United States and end this longest-running shutdown. The federal government shutdown has delayed the release of key...

The copper price rose on Tuesday as the market grew more optimistic about a possible resolution of the U.S. government shutdown. Meanwhile, new production data confirmed expectations for a tighter supply in 2013. As of 0240 GMT, the most traded copper contract at the Shanghai Futures Exchange had risen 0.42% to 86,690 Yuan ($12,170.43) a metric tonne. The benchmark copper for the three-month period was up by 0.24% to $10,822 per tonne. The U.S. Senate passed a bill to end the longest government shutdown on Monday, pending approval from the Republican-controlled House of Representatives. Speaker Mike Johnson said that he...

Guinea's mines minister has told reporters that the country will accelerate the development of iron ore pellet and alumina refineries to stop decades of raw ore shipments. The first shipments of iron ore from the huge Simandou mine are expected this week. The World Bank stated in July that alumina and ore processing within Guinea could be a game changer for the country's economy, creating industrial jobs while reducing Guinea's exposure to swings in commodity prices. Guinea exports about 60% of its bauxite to China as a feedstock, and a third is iron ore from the Simandou Mine, which is...

Copper prices rose on Monday as a result of the optimism that the U.S. Government shutdown will end soon, and data indicating a reduction in deflation in China's top metal consumer. By 1015 GMT, the benchmark three-month price of copper at the London Metal Exchange was up 1% to $10.822 per ton. LME copper is up 23% this year. It reached a record high of $11,200 in October. The U.S. Senate moved on Sunday to pass a bill aimed at reopening federal government. "The prospect of U.S. government opening again, that sends a bit of a cheery sign and a...

The price of copper rose on Monday, after data released by China's top consumer in October showed a easing of deflation. This boosted confidence that the economy is recovering. Consumer prices also turned positive while factory gate prices declined. The Shanghai Futures Exchange's most traded copper contract closed the day trading at 86480 yuan (12,140.95 USD) per ton, up by 0.62%. As of 0720 GMT, the benchmark three-month price for copper increased by 0.78%, to $10,800 per ton. According to the National Bureau of Statistics' (NBS) data published on Sunday the producer price index fell by 2.1% in October compared...

Marubeni Corp, a Japanese company, announced on Monday that it would invest in an Australian mineral sands development project run by RZ Resources. This follows in the footsteps JX Advanced Metals of Japan who struck a similar agreement with RZ Resources earlier this year. Marubeni has agreed to pay A$15m ($9.75m) towards options that will grant it up 5% of the equity in RZ's Copi Mineral Sands Mine Project in New South Wales, as well as certain marketing rights if the feasibility of the project is confirmed. RZ, the owner of the Copi project, as well as a mineral separation...

The price of copper rose on Monday, after data released by China's top consumer in October showed a easing of deflation. This boosted confidence that the economy is recovering. Consumer prices also turned positive while factory gate prices declined. As of 0255 GMT, the most traded copper contract at Shanghai Futures Exchange had risen 0.7% to 86,550 Yuan ($12150.78) per tonne. The benchmark copper for three months also rose 0.7%, to $10,798.5 per ton. According to the National Bureau of Statistics' (NBS) published data on Sunday, the producer price index fell by 2.1% in October compared with the previous year....