Asia

Reliance Industries, owned by Indian billionaire MukeshAmbani, will begin production of solar photovoltaic panels this year. A company executive announced the news on Thursday. Partha P. Maitra, Reliance Industries' President of Strategy and Initiatives, said: "We are building three larger factories... to meet the clean energy needs." India is scrambling to reach its clean energy target after failing in 2022. Global Energy Monitor's report shows that the country has increased investments in this sector over the last year. However, it needs to double the capacity additions within the next five to reach its goal of 500 GW of non-fossil energy...

According to a petition from investors, Vietnam's state-owned power utility has reduced the subsidised prices that it pays for electricity generated by solar and wind farms. These farms now face defaulting on their bank debts. The document was sent to Vietnam's highest authorities on May 16, and follows a letter from the majority of signatories in which they warned that billions of dollars were at risk due to retroactive changes made by Vietnamese authorities to subsidies, even though they were targeting a massive expansion of solar energy capacity. Documents show that, starting with invoices for January, a subsidiary EVN's Vietnam...

Gas producers from western Indonesia signed a swap agreement with Singaporean buyers Sembcorp Gas and Gas Supply Pte and state-owned distributor Perusahaan Gas Negara to boost domestic gas supplies, according to PT Pertamina. Pertamina stated in a press release that the gas swap scheme is designed to meet demand for natural gas in Indonesia, especially in the power and industrial sectors. MedcoEnergi, an Indonesian gas producer whose units are part of the West Natuna Supply Group (WNSG) and Corridor Block (also parties to the agreement), will replace the flows from the Corridor Block to Singapore with those coming from WNSG....

Rosneft, Russia's biggest oil producer, has purchased Tomtor, which is the largest rare earth deposit in the country, according to a company registry published on Wednesday. This acquisition follows President Vladimir Putin’s request last year that the development of this field be accelerated. Tomtor is located in the northern part of Siberian Yakutia region. It's a major project for Russia to increase production of metals used in the defense industry, mobile phones, and electric cars. According to the official Russian state registry, Rosneft under Igor Sechin - a Putin ally for many years - gained complete control of Vostok engineering,...

A senior executive at Mubadala Energy said that the company would be happy to provide all of the natural gas produced in its South Andaman Block for Indonesian domestic consumption, and do so at the best possible price. Indonesia wants producers of gas to increase their supplies to domestic consumers as the demand is increasing. The producers have been focusing on exports of LNG and asked the government to revise price caps for domestic gas. They argue that it is not a good business decision when spot LNG prices are so high. Abdulla Bu Ali (President Director of Mubadala Energy...

India's infrastructure production grew by 0.5% in April, the slowest rate in eight months. The decline in crude oil prices and refinery products was to blame, according to government data released on Tuesday. The index which tracks eight sectors, and accounts for 40% of industrial production in the country, increased at a revised rate of 4.6% in march, compared with the initial estimate of just 3.8%. In April, crude oil production fell 2.8% compared to a drop of 1.9% in March. Natural gas production also declined by 0.4% compared to a drop of 12.7% in March. Cement production increased 6.7%...

ConocoPhillips CEO Ryan Lance stated on Tuesday that U.S. shale production will plateau if oil prices stay where they are and will begin to decline when oil prices reach $50 per barrel. "The breakeven has probably not moved much." "I think that long-term if oil prices are in a range where they're comfortable - perhaps in the 70s or 65-75 - we will still see modest growth from the U.S.," Lance said, speaking at Qatar Economic Forum. We see a plateauing of production in the U.S. by the end of this year, unless we have a technological breakthrough. Don't bet...

The company announced on Tuesday that Alfred Stern, Chief Executive Officer of Austrian oil-and-gas group OMV, has decided to not run for reelection when his current term expires on August 31, 2026. Stern is CEO of the Vienna-based firm since September 2021. He previously ran the Borealis division, and tried to steer it away from fossil fuels toward sustainable fuels and chemical. In March, he oversaw the merging of Abu Dhabi National Oil Company with OMV's Polyolefin business, creating Borouge International, a chemical powerhouse with a $60 Billion enterprise value. The merger should be completed in the first quarter 2026....

It was announced on Monday that the Indonesian Attorney General's Office had contacted a number trading firms in Singapore about a corruption probe involving Pertamina. In the first half of this year, a number of Pertamina subsidiaries executives were arrested for alleged corruption in relation to oil imports from 2018 through 2023. This allegedly caused state losses of $12 billion. Pertamina apologized publicly and promised to improve the transparency after the arrests. Harli Siregar, a spokeswoman for the Attorney General's Office said that investigators want to speak with some Singapore trading firms about the case. Siregar stated that earlier attempts...

Valdis Dombrovskis, European Economic Commission Commissioner, said that the EU will propose this week to the G7 Finance Ministers a reduction of the current $60 per barrel cap on Russian oil seaborne as part the new sanctions against Moscow. Dombrovskis didn't mention the level at which the European Union wants the price cap to be lowered. However, EU officials who were briefed about the discussions stated that the EU would suggest $50 per barrel. When asked by reporters if the G7 Finance Ministers meeting in Canada next week would include a proposal to lower this cap, he replied: "Yes." The...

As they struggle with thin margins and a global oversupply of petrochemicals, executives from several Asian companies said that they plan to reconfigure crackers in order to process more Ethane. This will reduce costs and allow them to take advantage of the rising U.S. supply. SP Chemicals, a Chinese company, and YNCC in South Korea are two of the largest cracker operators. Mitsui Chemicals in Japan is researching the use of ethanol to fuel existing crackers. This change will enable operators to maintain flexibility in their feedstocks, with U.S. exports of ethane expected to increase by about 7% by 2025....

Goldman Sachs stated on Sunday that it will maintain a cautious outlook for oil prices as the pressure of likely increased Iranian supply and higher OECD Commercial inventories will counteract support from stronger GDP growth globally. The bank stated that it would maintain its Brent/WTI oil forecasts at $60/56 ($4 less than the forwards), for the rest of 2025, and $56/52 dollars ($8 less than the forwards), in 2026. Goldman Sachs increased its Iran crude oil supply forecasts for the second half 2025-2026 from 3.6 million barrels to 3.6 millions barrels per day following media reports that progress was being...

The price of copper fell to a record low for a third week on Thursday, and the prices of other base metals were also lower as economic uncertainty and a slowing demand growth persist. The benchmark copper price on the London Metal Exchange was down 0.7% to $9,462 per metric tonne by 0938 GMT, after reaching its lowest level since May 1, at $9,223.20. Alastair M. Munro, broker at Marex, said that the metals market was in a state of paralysis following the expiration of LME benchmark contract last week. The sharp increase in Chinese inventories has put pressure on...

The world's third-largest producer of crude steel, Japan, saw its output fall 6.4% from April 2012 to April 2013, due in part to a weakening construction market and a drop in exports. Shipments that are robust From top Chinese producer. The Japan Iron and Steel Federation reported that the output, which was not adjusted for season, fell to 6.6 millions metric tons after a slight increase the month before. The production also fell 8.4% from the previous month. Steel demand was sluggish because of delays in construction due to labor shortages and material costs. Meanwhile, the slumping overseas market, driven...

India's steel imports in April fell by 11.3% on an annual basis to 0.5 millions metric tons, following a drop in shipments to India from China and Japan. India, which is the second largest crude steel producer in the world, imposed in April a temporary tariff of 12% on certain steel imports. This was locally known as "a safeguard duty" to stop a rush of cheap shipments, primarily from China. The shipments of finished steel from China in April fell by 26.5% to 0.1 metric tons. The data revealed that imports from Japan fell to 85,600 tons, a 60% drop...

The prices of Dalian Iron Ore Futures fluctuated within a narrow range on Thursday, as investors balanced the resilient demand in China for this steelmaking ingredient against increasing shipments by leading producers Australia and Brazil. The September contract for iron ore on China's Dalian Commodity Exchange ended the daytime trading 0.14% higher, at 727 Yuan ($100.93). As of 0704 GMT, the benchmark June iron ore traded on Singapore Exchange was down by 0.56% to $99.25 per ton. Galaxy Futures, a broker, said in a recent note that the end-user demand is resilient, especially in the manufacturing industry, which continues driving...

These are the most popular stories from the Wall Street Journal. These stories have not been verified and we cannot vouch their accuracy. Unknown man shouted, "Free Palestine!" Officials said that two Israeli Embassy employees were fatally shot late Wednesday night near a Jewish Museum in Washington. After years of being under the control of the government, U.S. president Donald Trump has said he will "very seriously consider" taking mortgage giants Fannie Mae & Freddie Mac private. Walmart will cut 1,500 corporate positions in the United States as part of a restructuring designed to reduce its costs and accelerate decision-making....

The CEO of Komatsu said that the U.S. trade truce with China last week should have a positive impact on the bottom line, reducing the impact by nearly 20 billion yen (140 million dollars) from the U.S. Tariffs. This suggests that the company's outlook for lower profits is not as bad as it was feared. The impact of the tariffs on profit would be disproportionately large, as more than a quarter of Komatsu’s sales come from North America. Takuya Imaoshi, head of the second largest construction and mining equipment maker in the world, didn't say that it was officially revising...

The copper price in London rose on Thursday due to a weaker dollar. However, gains were modest because of the uncertainty that remains over the economic growth caused by high U.S. Tariffs. As of 0317 GMT, the benchmark copper price on London Metal Exchange was up by 0.2% to $9,555 per metric tonne. Dollar fell against a wide range of currencies Wednesday due to concerns about the Trump administration's plans for tax cuts and spending. The dollar's weakness makes commodities priced in greenbacks less expensive for buyers of other currencies. Last week the U.S. agreed with China to reduce tit...

The copper price in London rose on Thursday due to a weaker dollar. However, gains were modest because of the uncertainty that remains over economic growth as a result of high U.S. Tariffs. As of 0224 GMT, the benchmark copper price on London Metal Exchange was up by 0.1% to $9,546 per metric tonne. Dollar fell against a wide range of currencies Wednesday due to concerns about the Trump administration's plans for tax cuts and spending. The dollar's weakness makes commodities priced in greenbacks less expensive for buyers of other currencies. Last week the U.S. agreed with China to reduce...

Unnamed sources familiar with the situation said that a powerful U.S. panel of national security experts made a recommendation on Wednesday to President Donald Trump regarding Nippon Steel’s tense $14.9 billion bid to acquire U.S. Steel. They declined to provide any further details. The submission is in accordance with a Trump executive order, signed last month. It instructed the Committee on Foreign Investment in the U.S. to outline whether the measures proposed by the firms mitigate the national security threats previously identified by the Committee. Could not understand the recommendation of the committee. Trump has 15 days from now to...

Copper prices rose on Wednesday, as investors, frightened by the growing U.S. government debt levels, sought out hard assets in a weaker dollar. The benchmark three-month price of copper at the London Metal Exchange was up by 0.1% to $9,528 per metric tonne as of 1615 GMT. Republicans in the U.S. House of Representatives try to overcome divisions within themselves about President Donald Trump’s tax cut bill and spending bill that would extend his tax cuts from 2017. Last week, credit-rating company Moody's stripped the U.S. Government of its top-tier ratings. The firm cited the nation's increasing debt. Ole Hansen...

Thomas Barrack, the long-time friend of President Donald Trump and current U.S. Ambassador to Turkey, will be appointed as a Special Envoy for Syria by the United States, according to a person in Turkey with direct knowledge and a diplomat. This decision comes after Trump's historic announcement last week of the lifting of U.S. sanctions against Syria. This decision also shows that the U.S. is acknowledging that Turkey has become a key regional player in Damascus after Bashar al-Assad was ousted by rebels last December, ending 14 long years of civil conflict. A spokesperson for the U.S. State Department said,...

Rosneft, the country's biggest rare earth metal deposit and largest oil company, acquired Tomtor on Wednesday after President Vladimir Putin urged the development of this field to be accelerated last year. Tomtor is located in the northern part of Siberian Yakutia region. It's a major project for Russia to increase production of metals used in the defense industry, mobile phones, and electric cars. Rosneft, according to the official Russian state registry, took control of Vostok engineering, the project operator, on May 20, 2018. Rosneft didn't immediately respond to a comment request. In November, Putin accused Tomtor's operator of delaying its...