Asia


Oil Refineries

The European Commission has proposed a reprieve from Russia sanctions for dealings with Chinese chip firm

A spokesperson for the European Commission said that it had proposed a nine month derogation on dealings with a Chinese semiconductor company listed in its 20th set of sanctions against Russia. The spokesperson stated that the company, Yangzhou Yangjie Electronic will remain on?European Union sanctions list, but the temporary reprieve?will allow automakers?to find alternative chip suppliers and?avoid?a "severe interruption"?. The EU will need to agree 'unanimously' on the proposed measure for it to come into effect. European automakers have become more dependent on Yangzhou Yangjie Electronic in order to replace products that were previously listed as being made by Chinese...







Energy Markets

Oil & Gas

Oil & Gas

Source: Qatari team to negotiate in Tehran with Iran to end the war.

Sources with knowledge of this matter said that a Qatari team was in Tehran Friday to "try to secure a deal" to end the "war" with Iran and to resolve outstanding issues. Doha had previously acted as a mediator for the Gaza War and other international conflicts, but it has now backed away from a role of mediation in the Iran War after being attacked by Iranian drones and missiles in the most recent conflict. The source added that "a Qatari team of negotiators is in Tehran this Friday" and that they had traveled in coordination with the United States....

Natural Gas Utilities

Vucic, Serbian President, says he's not optimistic about a deal being reached in time over the NIS oil company

Aleksandar Vucic, Serbia's president, said that he was not optimistic about the possibility of reaching an agreement over the Hungarian oil firm 'MOL's bid for a majority stake in NIS, operator of the Balkan country's only refinery. The deadline is Friday. Gazprom and Gazprom, two Russian oil companies, agreed to sell their majority 56% stake in NIS in January to?MOL after the United States demanded that Russian shares be divested due to sanctions imposed by the United States over Moscow's conflict in Ukraine. Washington has given MOL and the Russian companies until May 22th to complete the sale. This requires...

Oil & Gas

Indians switch to retail fuel pumps in search of cheaper diesel, causing a shortage

According to a government official, industrial customers are increasingly buying diesel at cheaper retail outlets run by'state-run' companies, rather than from the bulk supply points. This is causing shortages at the pump in some areas. Sujata Singh, joint secretary of the federal oil ministry, stated that diesel sales have increased by 20-30% in some areas. Industrial buyers are paying 40-42 rupees per litre more than retail prices. In New Delhi, the retail price for a litre is 91.58 rupees. Indian Oil Corp., Bharat Petroleum Corp. and Hindustan Petroleum Corp., all state-run companies, are now losing money because they're selling diesel...

Oil & Gas

Sources say that RPT-oil refining in central Russia has been halted after drone strikes by Ukraine.

According to official sources, almost all of the major oil refineries in central Russia have been forced to reduce or halt their fuel production due to recent drone attacks by Ukraine. Moscow has already banned gasoline exports from April to the end of July. Refineries which have stopped operations or are partially stopped, together, produce more than 83 million tons of?product per year. This is approximately 238,000 tons a day. According to anonymous sources and data, this represents around a quarter of Russia's entire refining capacity. Over 30% of Russia's gasoline is produced by refineries, and around 25% by diesel....

Oil & Gas

SpaceX IPO filing lays bare its losses and Musk's control as it stakes its future on AI

SpaceX released its IPO on Wednesday. It revealed to investors how much Elon Musk loses on?artificial Intelligence, while betting on the future of the company by transforming it into a rocket maker that is a powerhouse in AI. SpaceX's future depends on dominating markets and technologies that don't yet exist, from AI data centers to Mars missions. Musk's track record of turning Tesla into the world's most valuable automaker, developing the first reusable rocket and the largest satellite network and making it the most valuable company in the industry is enough for many to justify investing. Musk has tightened his...

Oil & Gas

Snapshot-Indian stocks, rupees, swaps, and call at close

STOCKS: The benchmark BSE Sensex rose 0.16% to 75 318.39 while the broader NSE Nifty index grew 0.17% to 23,659, aided by a boost?from heavyweight Reliance Industries. Meanwhile, the Iran war-driven upswing of global borrowing costs weighed down on broader sentiment, and drove the rupee -to another record low. The Indian rupee fell 0.3% against the U.S. dollar to 96.82. Stalled U.S.-Iran peace?talks kept oil prices high, driving global bond yields higher?and hurting equities amid fears of 'further central bank?"rate hikes. Dollar to 96.82 as oil prices remain high due to the stalled U.S.Iran peace talks. This has pushed global...

Oil & Gas

Two Ukrainians killed in Russian attacks; Kyiv drones attack central Russia

Local officials reported that two people had been?killed? and 19 others injured overnight in Russia's attacks on Ukraine, while Ukraine sent drones into industrial areas of central Russia. Local authorities in Ukraine reported that two people died and six were injured when Russia attacked the city of Dnipro, located on the south-east coast, with artillery and missiles. Authorities?added that another 13 injuries were reported in the northern Sumy Region and the southern region of Zaporizhzhia. Three children included. We could not independently verify these reports. Russia and Ukraine deny targeting civilians. DRONES TARGET INDUSTRIAL AREA?IN RUSSIA According to Russian officials...

Oil & Gas

Bessent will examine US sanctions list and urge more disruption of Iran's financial system

Treasury Secretary Scott Bessent called on allies on Tuesday to disrupt Iran's.financing network and said that the Treasury would clear its outdated sanctions list to.make it easier for the financial institutions to.root out the most sophisticated terrorist funding schemes. Bessent said that after the G7 finance leaders met at Paris, participants in an anti-terrorism funding conference should "stand in full measure with us" against Iran. Bessent stated that "this will require our European partners, for example to join the United States by taking action against Iran, including by designating its financiers and unmasking their shell and front company, closing its...

Oil & Gas

Chairman of Bharat Petroleum India says that Bharat Petroleum reviews oil imports every day and buys more on the spot amid Iran War.

Sanjay Khanna, the chairman of India's Bharat Oil Corp. said that it is recalibrating its crude import strategy nearly daily and increasing?spot purchase after the U.S./Israeli conflict in Middle East disrupted Middle East supply. India, which is the third largest?oil?importer and?consumer in the world, has been affected by the rising crude prices as well as supply disruptions after the Strait of Hormuz was closed. South Asian nation raised retail petrol and diesel prices twice in one week. The refiner planned to purchase about 55% of its crude requirements for 2026/27 via annual contracts, mostly from Middle Eastern producers. Khanna stated...

Oil & Gas

Dombrovskis, EU's Dombrovskis, says that the G7 has not agreed on everything.

Valdis Dombrovskis, EU Economy Commissioner, said that the extension of a waiver for Russian sanctions showed that 'G7 members are not always in agreement. Dombrovskis stated that the G7 was a forum to discuss and cooperate with like-minded allies. He said, "But, well... we're not always 100% in agreement on everything. This is unfortunately one of those topics." He praised, however, the joint statement after the G7 meeting. It was said to be a positive outcome of the meeting between the central bank governors and finance ministers. Dombrovskis stated that he was reassured by the United States, who said that...

Oil & Gas

India Oil reports revenue losses on LPG in May

Indian Oil Corp., the country's largest fuel retailer, has suffered a revenue loss on the sale of one cylinder of LPG of 617 rupees, compared to 171 rupees back in April after the Iran war pushed up the price, according to its finance chief. Anuj Jain, an analyst, said that the company lost 100 rupees on the sale of 14.2-kilogram LPG cylinders, which are mainly used for cooking. Indian state-run fuel retail outlets sell LPG to households at discounted prices. India, the second-largest LPG exporter in the world, is experiencing its worst gas shortages in decades. The government has cut...

Oil & Gas

Minister: Italy will extend the fuel excise tax cut that expires this week

A top government minister announced on Tuesday that Italy would extend a 'cut in fuel excise duty due to expire May 22 as part of efforts to curb the soaring energy prices caused by the Middle East conflict. Matteo Salvini, Deputy Prime minister and Transport & Infrastructure Minister, said during an interview with RTL 102.5 that "we will definitely have to extend the excise reduction." It has spent about?1 billion Euros ($1.16 billion), so far, to reduce?excise duty on?petrol or diesel pump prices. The measure was first introduced in March, and then extended for the first time in late April....

Fossil Fuels

Fossil Fuels

France prepares UN resolution on Hormuz after vote on US text is delayed

France has written a U.N. Security Council Resolution on setting up a international mission to restore?movement?in Strait of Hormuz?and You could submit it, if The conditions are "right",?the Foreign Ministry said on Friday as Washington struggled to put to a vote an anti-Tehran text that Russia and China might claim is biased. The control of the narrow waterway is a major obstacle to ending the U.S.-Iran conflict, which has lasted for three months. It's a vital artery in the global energy trade, and its virtual closure caused oil prices to skyrocket. The U.S. and Bahraini resolutions on the strait have...

Crude Oil

Indonesia works to finalize scheme for ambitious Russian Oil Import Plan

An official revealed that Indonesia was working on a special scheme for imports and a regulatory framework in order to fulfill its 'plan' to import 150,000,000 barrels of oil from Russia this year. Data shows only one shipment had reached the country. The announcement last?month of the Russian 'import deal,' which is part of Indonesian attempts to offset shortages caused by the Iran War, came after President Prabowo met with President Vladimir Putin in Moscow. The market views the goal as ambitious even with the framework already in place. To deliver 150 million barrels by the end of January, it...

Fossil Fuels

UAE's Gargash warns against a renewed war, despite '50-50' odds for a US-Iran agreement

The advisor to the president of the United Arab Emirates said that there is a 50-50 chance of a U.S. - Iran peace agreement. However, he stressed that any settlement should address the causes of instabilities in the region, if it's to prevent future conflict. Pakistan is mediating a U.S. - Iran ceasefire in order to end a war that has shaken 'the global economy, and disrupted the trade through the Strait of Hormuz. This route is a major one for oil and liquefied gas shipments around the world. "There is a 50% chance that we'll reach an agreement." Anwar...

Refined Products

Mineral Resources

Mineral Resources

Copper prices rise as LME stock falls

Copper prices rose Friday, as falling inventories overshadowed expectations of seasonal muted demand from China's top metals consumer and uncertainty about progress in U.S. Iran peace talks. In open-outcry official trading, the price of a metric ton of three-month 'copper' on the London Metal Exchange rose 0.6% to $13,599 per tonne. Copper stocks available in LME registered warehouses LME data daily showed that the price of crude oil fell to its lowest level in 10 weeks after 53 325 tons had been earmarked for shipment. COMEX traded at a higher price than the LME benchmark, as the market waited to...

Mining

Hindalco, India's largest steel company, misses its profit forecasts on Novelis fire-related costs

Hindalco Industries, India, posted a surprise drop in profit for the'second consecutive quarter' on Friday. This was despite higher base metal prices. According to data compiled by LSEG, the Aditya Birla Group's firm reported a 50% drop in consolidated net profits for the?three-month period ended March 31. Analysts had expected a profit of 43.12 billion rupees. Hindalco is one of India’s largest?aluminium- and copper-producing companies. It benefited from higher base metal prices, and increased demand during the seasonally strong third quarter, when construction activity peaks and automotive companies are pushing to meet their production and sales targets by financial year...

Mining

Document shows that the Indian steel ministry is pushing to eliminate metallurgical coal tariffs

According to a document reviewed by the Indian government, India's Ministry of Steel allegedly asked its Finance Ministry to remove anti-dumping duties on imports of low-ash metallurgical "coke". The ministry cited inadequate domestic supplies as well as higher prices. India, the second largest crude steel producer in the world, imposed an anti-dumping provisional duty on imports for six months of low-ash metalurgical coke, also known as metcoke. India imports met-coke primarily from China, Indonesian, Poland, Japan, and Switzerland. Industry experts claim that import volumes have dropped sharply after the curbs. In a memo dated 18 May, the steel ministry referred...

Mineral Resources

China presses Japan on rare earths, a repeat of the 2010 showdown

China has blocked Japan from obtaining several rare earths, heavy materials, and other minerals for at least four months. This coincides with a dispute over Taiwan between the two nations, indicating that Beijing is using its control of critical minerals to gain diplomatic leverage. Japan is the second largest producer of rare-earth magnets outside of China, but, like the rest of the globe, it is largely dependent on Beijing to import certain heavy rare earths, which are used in magnets, aerospace, and defence as well as gallium. Chinese customs data show that since December, Chinese exports to Japan of rare...

Mining

Iron ore to suffer second weekly loss due to higher supply and concerns about demand

Iron ore prices began on a shaky footing?on Friday. They were poised to fall for a second consecutive week amid expectations?of rising supplies and a?seasonally weakened demand. However, resilient 'near-term' consumption in the top buyer China, curbed large losses. The Dalian Commodity Exchange's most traded iron ore contract closed the daytime trading down 0.13% to 792 yuan (116.51 dollars) per metric ton. This represents a 2.5% weekly drop. At 0700 GMT the benchmark June Iron Ore at the Singapore Exchange was 0.25% higher, $106.05 per ton. This represents a 2.8% decline so far this week. Earlier in the session, the?contract...

Mining

Document shows that the Indian steel ministry is pushing to eliminate metallurgical coal tariffs

According to a document reviewed by, India's Ministry of Steel asked the Ministry of Finance to remove?anti-dumping duties on low-ash coke imports. They cited inadequate domestic supplies and higher prices. India, the second largest crude steel producer in the world, imposed an anti-dumping provisional duty on imports of low-ash metallurgical coal - also known as metcoke – for a period of six months. India imports met-coke primarily from China, Indonesian, Poland, Japan and Switzerland. Industry?experts claim that import volumes have dropped sharply since curbs were implemented. In a memo dated May 18, the Steel Ministry referred to anti-dumping duty acronyms...

Mineral Resources

ASIA GOLD - Price volatility dampens India's demand, while China's premiums are easing

This week, gold prices in India continued to be at a steep discount, due to price volatility, which dampened demand, while premiums in China were reduced. Dealers in India quoted discounts This week, you can save up to $78 per ounce on official domestic prices, including 15% import duty and 3% sales tax. That's a significant drop from the previous week when you could save up to $207 per ounce. Retail buyers are confused by the recent price fluctuations after the government increased import duty earlier in the month. "Most of them are waiting for the prices to come down,"...

Mining

Iron ore to suffer second weekly loss due to higher supply and concerns about demand

The iron ore price started the week on a shaky footing, poised for a second consecutive weekly decline due to?prospects for rising supply and a seasonally weakening of demand. However, resilient near-term consumption by top buyer China, curbed large losses. By?0304?GMT the most traded iron ore contract at China's Dalian Commodity Exchange slipped 0.06% to 792.5 Yuan ($116.53), and was 2.4% lower so far this week. On the Singapore Exchange however, the benchmark June iron ore was 0.15% higher, at $105.95 per ton. This represents a 2.9% decline so far this week. The contract reached its lowest level since April...

Mining

Trump Administration pivots towards buying stakes of critical sectors

The Trump Administration is increasing efforts to secure U.S. Supply Chains for Critical Minerals and Semiconductors by converting federal grant?for companies in equity stakes. This will reduce reliance on China. The U.S. Department of Commerce announced on Thursday that it would be taking $2 billion as equity stakes in nine quantum computing companies. As part of the shift from traditional subsidies to direct ownership, the administration has acquired or discussed stakes with several companies. The following are the companies that have been linked to strategic investment: QUANTUM COMPUTING COMPANIES The 'Trump' administration will invest $1 billion in order to launch...

Mining

US is moving closer to imposing prohibitive tariffs for Russian palladium

After the Department of Commerce reached a final decision on a countervailing duty of 110.1%, the United States is moving closer to imposing prohibitive 'tariffs' on imports of Russian Palladium. It also issued a final ruling in April 2026 setting a 132.83% anti-dumping duty for Russian palladium. If an independent investigation by the International Trade Commission finds that the U.S. manufacturing industry has been harmed, the duties will be imposed. These decisions "support" a petition from Johannesburg-based Sibanye-Stillwater which, last summer, along with the United Steelworkers'?union asked Washington to consider imposing tariffs on imports Russian palladium in order to "ensure...

Mineral Resources

Copper retreats on the slow progress of U.S. - Iran peace efforts

Copper prices eased on Thursday due to concerns over the'slow progress of the U.S. in negotiating a peace agreement with Iran and a possible 'weaker demand for metals from a prolonged war. The benchmark three-month copper price on the London Metal Exchange fell 1.3%, to $13,480 per metric ton during the official open-outcry trade after rising by 1.8% the previous session. LME copper is up 8% for the year, but it has fallen from its high of $14,196.50 last week. Ewa Mnthey, commodities strategist at ING, said: "For the moment, geopolitics are setting the tone. But without a clear catalyst...

Mining

US official: US and Philippines will reach agreement on economic security zones'sooner than later'

A senior U.S. Official said that the United States will likely reach an agreement with the Philippines on a long-term framework for an economic zone "sooner than later". Washington is aggressively expanding?its supply chain alliance for technology?known by the name "Pax Silica". The official, Jacob Helberg, said both countries had a 2-year window in which to finalize the arrangements as per a pact signed last month. Helberg, U.S. Undersecretary of State for Economic Affairs, said in an interview that both parties would also set sectoral priorities for industrial activities in the area. He said that "there's a lot of momentum...