Asia

Saudi Aramco has cut its crude oil price for Asia, for August-loading shipments. This move appeared to signal an intention to regain market shares and recover volumes following the Iran War. Even the record-breaking 'August official selling price' (OSP), may not be sufficient, since crude oil from other Middle East producers and exporters from Africa and the Americas are likely to remain more competitive. Aramco, 'the world's largest oil exporter', has set its OSP at a $1.50 discount to the regional benchmark of Oman/Dubai for August. It was the largest drop in record since 2003, with a $11 reduction from...

The Syrian state news agency said that French President Emmanuel Macron landed in Syria Monday. This was the 'first visit by a European Union Head of State to Damascus'since rebels led President Ahmed al-Sharaa overthrew Bashar al-Assad 2024. The visit highlights Syria's geopolitical change under Sharaa. A former al Qaeda leader, Sharaa has built close ties to Western and Middle Eastern countries that shunned Assad as he tries to rebuild a nation shattered after 13 years of war. "I'm here to affirm France’s commitment to the Syrian People. "I am here to affirm France's commitment to the Syrian people. Let's...

Donald Trump, President of the United States, said that the United States will either "finish the job" or reach an agreement with Iran. He renewed his threat to take military action in response to the defiance shown by Tehran following the funeral for Supreme Leader Ayatollah Ali Khamenei. The indirect U.S.-Iran negotiations ended last week with no public signs of progress toward a lasting peace. This was despite the 60-day ceasefire that was intended to create "space for diplomacy" following U.S. We'll either make a deal, or we'll?finish the task. It won't be difficult to finish the job. Trump told...

Two Pakistani sources claim that Pakistan is quietly mediating between Libya’s rival eastern-western?power centers. This effort, which was previously unknown, will raise Pakistan's diplomatic profile, if successful. The Pakistani involvement comes after months of monitoring a U.S. led push to find diplomatic solutions in Libya. The Trump administration has repeatedly credited Pakistan's role in separate mediation between Iran and the U.S. This year. One of the Pakistani source said that the U.S. had been "fully aware and engaged" with Islamabad’s Libya role. Both sources confirmed that Saudi Arabia was also supporting the effort. Islamabad and Saudi Arabia signed a mutual...

Yonhap News Agency, citing the prosecution, reported that South Korean prosecutors indicted four oil refiners for alleged collusion over fuel prices, which was estimated to have caused anti-competitive damage worth $17 billion. Yonhap reported that the companies are HD Hyundai Oilbank GS Caltex S-Oil and SK Energy. The 'Seoul Central District Prosecutors' Office spokesperson did not reply to my phone call and text message seeking confirmation of the report. A phone call or text message asking for confirmation of the report was not answered. Yonhap reported that the prosecutors alleged pricing managers from HD Hyundai Oilbank, SK Energy and other...

OPEC+ will 'agree' on Sunday to increase output targets from the August levels, a source with knowledge of this matter said. This would add to the global?supply? amid falling oil prices as a result of a gradual reopening of Strait of Hormuz to oil exports. OPEC+ sources said that the oil producing group had agreed to increase quotas in principle by 188,000 barrels a day starting August. This is on top of increases similar to those for June and 'July. According to two other?sources, an increase in this amount is the most likely result of the online discussion. Seven members...

St Petersburg, Russia's second largest city and the surrounding Leningrad area were hit by a major Ukrainian drone attack over night. A Baltic Sea port which handles oil exports was also reported to have been affected. Alexander Beglov, the governor of St Petersburg, said that the city's?6-million population had been subjected to a "large scale" drone attack. He did not give any details about specific targets but the local media outlet Bumaga reported that there was a fire in the oil terminal of St Petersburg. Alexander Drozdenko, Governor of the Leningrad region, said that drones struck the port of Vysotsk...

Prices of oil climbed on Friday, just before the long holiday weekend here in 'the U.S. Brent futures rose 46 cents or 0.64% to $72.26 per barrel at 0407 GMT. West Texas Intermediate rose 32 cents or 0.47% to $69.01 per barrel. The U.S. market will be closed Friday in advance of Independence Day. Independence Day is celebrated on Saturday. The two benchmarks had their lowest level since the U.S./Israeli War on Iran, which began in late February. Brent was up by 0.35% for the week and WTI rose by 0.43%. These were the lowest weekly movements in the past?months....

Two sources who have direct knowledge of this matter confirmed on Thursday that traders had sold Nayara Energy gasoline to Russia. The country is currently experiencing fuel shortages due to Ukrainian attacks on the energy infrastructure. On Wednesday, it was reported that Russia began seaborne imports from India of gasoline without naming the supplier. Nayara has not responded to an email sent by? Nayara did not respond to an email from?Einen seeking comment. Rosneft, the Russian oil giant, owns a 49 percent stake in Nayara. Hardeep Singh Puri, Indian Oil minister, said at a media briefing on Thursday that Indian...

The Danish brewer, Carlsberg, has filed a confidential application for an IPO of its Indian operations, the company announced on Thursday. It joins a growing number of multinationals seeking to tap India's booming equity markets. The 'confidential - route allows companies to keep the IPO filings they make with the country’s markets regulator secret until the launch. Two sources familiar with the matter said that Carlsberg India's planned listing would not raise new capital, but it would allow its parent company to sell a portion of its stake. The brewery is a fully owned subsidiary of Carlsberg Group. This move...

India and Japan signed pacts to enhance their cooperation in metals, energy and artificial intelligence on Thursday, Indian Prime Minister Narendra Modi announced after his talks with Japanese counterpart Sanae Takaichi. Takaichi has been in New Delhi for a three-day trip as the two Asian partners celebrate their 16th annual summit. Modi told reporters that the convergence of Japan’s precision technology with India’s software capabilities would give global AI development a new vigor and strength. According to Indian government statistics, bilateral trade between India and Japan reached $27.5 billion during the fiscal year 2025/26. Japanese investment in India was $3.2...

Kyrgyzstan, which was concerned about possible fuel shortages due to Ukraine's drone strikes against Russian refineries, asked Kazakhstan, Belarus and Azerbaijan to help ensure stable fuel supplies on Wednesday evening. The 7-million-strong Central Asian nation imports 90% of its fuel from Russia. Russia is also experiencing acute fuel shortages due to the Ukrainian strikes on energy infrastructure. Last week, Russian President Vladimir Putin stated that Moscow may ban diesel exports due to the growing domestic shortages. The Kyrgyzstan energy ministry released a statement saying that "to ensure sustainable fuel supply, official requests were sent to the government authorities of?Russian Federation?,...

These are the most popular?stories from the New York Times business pages. The New York Times has not?verified?these?stories and cannot?guarantee?their accuracy. U.S. president Donald Trump will likely restore the rights of Turkey to buy F-35 stealth jets at the NATO summit, which would reverse a 7-year-old ban imposed by Trump himself. Canada announced on Monday that it has selected ThyssenKrupp to build a fleet of submarines in collaboration with the Norwegian, German and Canadian governments. This is a move towards reducing Canada's military and economic dependence on the United States. Walmart announced on Monday that it would be slashing the...

Lynas?Earths 'announced on Tuesday that it had signed a deal with South Korea JS Link for the development of a magnet plant in Malaysia. JS Link, a magnet manufacturer in?South Korea, and the Malaysian factory planned by JS Link will receive rare-earth material from the Australian producer until January 2038. This partnership comes after a magnet manufacturing agreement between the two companies in last year. Under the new?deal, JS Link is going to establish a permanent magnet factory in Kuantan (Malaysia) with 3,000 tonnes of neodymium, iron, and boron (NdFeB). Lynas stated that it will invest a total of?about A$50m...

Prices of aluminium rose on Monday, as attention shifted back to forecasts about shortages caused by disruptions in Middle East supplies and shrinking stocks. Benchmark Aluminium on the London Metal Exchange was up by 0.8% at $3,115 per metric ton?at 1603 GMT. It fell to $3,040 - the lowest level since February 19 - as optimism grew over a possible resumption in Middle East supplies. The Middle East is home to 9% of the world's aluminium smelting capacities. Even if the Strait of Hormuz is reopened, this market will still see a deficit in 2018. Macquarie analysts expect Middle East...

According to Regional Governor Oleh Hryhorov, the massive Russian glide bomb strike in the middle of Sumy, northern Ukraine, killed at least four people on Friday, including a child. Six people were killed in other areas of the Sumy region, and southeastern Ukraine. Hryhorov, who was at the epicenter of the strike in Sumy, wrote on Telegram: "A high-rise apartment block, a store and a road." There were many people. Children." Hryhorov confirmed that the dead included both a five-year-old girl and her mother. He said that the injured, including a child aged 13 in a'serious condition, were being treated...

According to a presentation made to investors on Friday, Russian steelmaker Severstal could 'cut back' its investment program by a further 24% in 2027 to approximately 85 billion roubles (about $1.10 billion), due to the?falling demand for steel. The company stated that the measures would help to ensure a positive cash flow. According to the presentation, this forecast is only preliminary and will be reviewed until?the?end of 2026. Steel demand has dropped by 30% since 2023. This is due to Western sanctions, high interest rate and weak steel demand. The demand for steel in Russia's key sectors of?construction and energy,...

Gold rose on Friday, and was expected to gain a weekly profit after four weeks of losses. Weak U.S. job data dampened expectations that the Federal Reserve will raise rates in the near future. Gold spot was up 1.3% to $4,176.29 an ounce at 1006 GMT after reaching its highest level since June 23. Bullion is above its 21-day moving average and up over 2% this week. U.S. Gold Futures for August Delivery gained 1.53% to $4188.80/oz. Data released on Thursday revealed that nonfarm payrolls increased by 57,000 in the U.S. last month. This was below the 110,000 economists had...

Gold gained 1% on Friday, and investors were set to?make their?first weekly gains in five as they dialed back expectations for U.S. interest rate hikes after softer than expected jobs data. As of 0612 GMT spot gold was up by 1% to $4,165.29 an ounce. It had earlier reached its highest level since the 23rd of June. U.S. Gold Futures for August Delivery gained 1.3% to $4,178.50. Bullion is on track to gain 1.8% in a week, its first weekly gain since?May 29. Weaker-than-expected data from nonfarm payrolls as well as private payrolls have tempered inflation concerns and interest rates...

As investors lowered their expectations for Federal Reserve rate hikes after softer than expected U.S. job data, gold rose by more than 1%. As of 0235 GMT spot gold rose 1.4% to $4179.94 an ounce. This was its highest price since June 23. U.S. Gold futures for delivery in August gained?1.6%, to $4193.20. Bullion is on track to gain 2.3% in a week, its first weekly gain since the week of May 25. Weaker-than-expected data from nonfarm payrolls as well as private payrolls helped ease concerns about inflation and longer-term interest rates. The dollar was heading for a weekly decline,...

A report released by the Australian government on Friday stated that efforts made by China's iron ore buyer, which is backed by its state, to reduce?costs of Chinese steel mills could push prices down in the medium-term. This was a rare admission that such activities may affect earnings. Iron ore is Australia's largest export. It contributes significantly to the government's revenue. China purchases roughly three quarters of all seaborne trade. In its Resources and Energy Quarterly Report, the Department of Industry, Science and Resources said that state-backed China Mineral Resources Group has increased activity 'in the iron ore markets this...

Aluminum prices dropped on Thursday, as improved supply expectations overshadowed the support of resilient manufacturing data. Benchmark -three-month aluminum on the London Metal Exchange fell 0.46% to $3,062 per metric tonne by 0700 GMT. It fell to $3,040 a metric tonne earlier in the day, its lowest level since February 19. The Shanghai Futures Exchange's most traded aluminium contract fell 0.38%, to 22,400 Yuan ($3,300.09). Emirates Global Aluminium announced that it would be able to restore production at its Al Taweelah Complex - one the largest aluminium production facilities in the world - sooner than expected, signaling an "improving outlook"...

?Abu Dhabi’s?International Holding Company? plans to invest $11.5billion in an integrated aluminum project in eastern Indian state Odisha via a joint venture India’s Adani Group?, a State official announced on Thursday. This would be the largest foreign investment?in metals in the country. India is investing in aluminium to meet the growing demand for infrastructure, power, transportation and renewable energy. It also wants to reduce its reliance on imports of metal products with added value. The federal government announced steps last year to increase aluminium production and stated that 'domestic demand will reach 8.5 millions metric tons in fiscal 2030. According...

* It could take up to a year for hot metal production to return to its previous levels Since the first EGA reduction cell on May 26th, EGA has restarted 89 cells. * Cast metal production at the recycling plant resumed in early May (Adds statements, quotes; paragraphs 1-12). By Hadeel Al Sayegh DUBAI, July?2 -- Emirates Global Aluminium announced on Thursday that it had restored production earlier than expected at the Al Taweelah facility, which was hit by Iranian attacks in March. However, hot metal output would take up to one year to reach previous levels. The complex, which...