Asia / Pacific

The International Energy Agency announced on Friday that it had again revised its?outlook on Russia's oil output due to the ongoing Ukrainian drone attacks on energy infrastructure. The oil production in?Russia has declined due to the Ukraine's attacks on energy infrastructure and refineries. In its monthly review, the Paris-based IEA stated that Russia's crude production forecast?was reduced by 125,000 barrels a day to 8,7?million bpd by 2026. By 235,000 bpd by 2027 when?it was expected to average 8,6 million bpd. The draft government forecast, seen by?last weekend, showed that Russia has downgraded its oil?output for this year to the lowest...

The largest stock exchange in India, the National Stock Exchange (NSE), will open its initial public offer next week. The NSE IPO, which 'doesn't include any new capital being raised', would value the company at close to $46 billion. This would make it a third largest IPO in the country. Mukesh Ambani, the billionaire owner of Reliance Jio Platforms, is likely to launch his IPO later this year. It's expected to raise $3.8 billion and be the largest stock offering in India's history. The five biggest Indian IPOs so far: HYUNDAI MOTOR INDIANA Hyundai, India's 4th largest passenger vehicle manufacturer...

On Wednesday, President Donald Trump stated that the United States could strike Iran's Pickaxe Mountain and urged Tehran to be "cautious". "We've noticed that Pickaxe is a little busy." Trump told the Republican Convention that he would advise Iran to not be cute, because they will have to be hit very hard. Pickaxe Mountain is located near Iran's badly damaged Natanz uranium-enrichment facility. It has two deep-buried tunnel systems. Trump has been threatening strikes on Pickaxe Mountain at least since mid-July. Trump and the Republican Party are concerned about the rise in gas and oil prices as a result of...

The Wall Street Journal reported Wednesday that top 'White House' advisers, including Vice President JDVance and Secretary Marco Rubio have privately warned Donald Trump that the conflict could last 'throughout the rest of his presidency. The White House did not respond immediately to a comment request. Journal: The 'advisers' told Trump privately in the Situation Room and the Oval Office that Iran could continue to resist U.S. Pressure, possibly prolonging the conflict past Inauguration day in January 2029. The reported warning is in contrast to Trump's public statements about the war. The president stated on Wednesday that he expects 'the...

The price of oil topped $100 per barrel for the first time in six weeks on Wednesday as an increase in fighting between U.S. forces and Iranian forces heightened concerns about supply coming from 'the -region. This also raised fears over inflationary pressures, and increased energy costs for businesses and consumers. Brent, the global benchmark for oil, has increased by 25 percent since early last week as hope fades of a permanent solution to the six-month old U.S./Iran conflict. This week, the rally intensified after Iran-backed Houthi attacked Saudi energy installations and set them ablaze. The increased risk of disruptions...

Brent crude, the global benchmark for oil prices, hit $100 per barrel Wednesday. This was the first time this has happened since late July. However the price increase is relatively slow despite the escalating conflict in the Middle East that fuels fears of more disruptions to oil shipments. Russell Hardy, CEO Vitol - the world's largest independent oil trader - told the APPEC Conference in Singapore on Tuesday that the Middle East has exported approximately 9 million barrels of crude per day and another 1 million bpd in refined products in recent days. This compares to roughly 20,000,000 barrels of...

Five merchant bankers said that Mukesh Ambani’s Reliance Industries was'set' to return to India’s rupee bond markets 'after nearly three years'. This would be the 'largest single tranche fundraising' by a rated company since November 2023. According to bankers, the oil-to-telecom company plans to raise $1.22 billion through the sale of five year notes with an annual coupon rate of 7.47%. It will 'invite investors to bid in the week of September 18th, according to?bankers. This would be RIL’s first rupee-denominated bond issue since November 2023 when it raised 200 billion rupees, the largest local currency debt sale ever by...

Iran threatened the United States with "economic warfare" on Tuesday and said it had ?fired an advanced missile at U.S. warships,underscoring the risks of further escalation in the war only days after both sides traded blows again. The six-month war has been marked by periodic flare-ups and pauses. Last Saturday, U.S. forces attacked three Iranian oil tanks. Iranian state media reported on Sunday that Iran had fired the Qassem Basir rocket. Iran continues to block shipping in the Strait of Hormuz despite U.S. efforts to open it. There is also no progress toward a diplomatic breakthrough which could end the...

TotalEnergies announced on Monday that it had cleared a number of?commercial and contractual hurdles in its Papua LNG Project, bringing the project closer to a decision. The French energy giant said that it had completed the tendering process for the engineering, procurement, and construction work of liquefied gas facilities. Contracts are now awaiting approval from its joint-venture partners. TotalEnergies reported that by rebidding?contracts and optimising project design, they have been able to save close to $4 billion in costs since 2024. This has brought down the capital spending?to?around $14 billion. ExxonMobil already operates the nearby PNG LNG plant. The company...

OPEC+ said that it would not change its oil production policy for 'October' at a meeting held on Sunday. The group must first agree to new quotas in order to decide the next steps. The Iran War continues to disrupt oil exports via the Strait of Hormuz. This limits OPEC+’s influence on prices and market shares. In August, OPEC+ agreed ?its production boost for September, completing a phased rollback of a 1.65 million-barrel-per-day supply cut first agreed in ?2023. The Organization of the Petroleum Exporting Countries (OPEC) and its allies including Russia, despite the production increases agreed, are still far...

Weapons experts reviewed video and images verified by the Iranian authorities and concluded that it was likely a direct strike by an American munition, not a ricochet from another target. The incident in Kuhestak, a small town in Iran, has reignited concern about the civilian cost of the U.S.-Iran war. It is the most dramatic case to date since a missile hit an Iranian primary school and killed scores of students and teachers in February. U.S. Central Command announced that its forces had carried out multiple strikes in Iran's southern region on Sept. 1. These targeted air defense systems, radars,...

A senior Russian banker revealed on Wednesday that India, the world's second largest importer of Russian oil, has built a functional payments infrastructure using roubles. India increased its imports of Russian oil at a discount due to Western sanctions, resulting in a record-breaking $70 billion trade between Russia and India in 2024. The bilateral trade dropped in 2025 when the sanctions were tightened, but recovered in the first half 2026. "There are no problems in the settlements between Russia & India." Ivan Nosov is the head of Sberbank India. He said, "I am prepared to say that this is a...

A senior official revealed on Thursday that Ghana's mining regulator was developing minimum wage?and?tender benchmarks to be used by contract mining companies. The goal is to reduce aggressive underbidding, as the country encourages its miners to subcontract more work to local contractors. Ghana, Africa's largest gold producer, ordered in January 2025 that surface operations (blasting, loading and hauling) be transferred to Ghanaian owned contractors, and underground operations, to joint ventures with a minimum of 50% local ownership, by December 31, or face sanctions. This is part of a larger push by Africa's resource-rich countries to retain the value of their...

Gold prices dropped by over 1% on Thursday, after strong U.S. inflation data and higher oil prices increased the odds of a Federal Reserve rate increase next week. Spot gold fell 1%, to $4.358.09 an ounce, by 11:14 am EDT (1514 GMT), whereas U.S. Gold Futures dropped 1.4%, to $4.400.60. According to Kyle Rodda of Capital.com, a senior financial analyst, the Producer Price Index data "sort of shows that there's been a?bit? of a pick-up in underlying inflation" in the U.S. The Bureau of Labor Statistics of the Labor Department reported that PPI for final demands rose by 0.4% in...

Gold prices dropped by over 1% after?robust U.S. data on inflation and rising oil costs increased bets that the Federal Reserve will raise rates next week. Spot gold fell by 1.2%, to $4349.32 an ounce, at 9:24 am EDT (1324 GMT), whereas U.S. Gold Futures dropped 1.6%, to $4391.30. The data from the producer price index "sort of tells [us] that there has been an increase in inflation underlying in?the?U.S. The rising cost of energy is a major factor in the economy. U.S. Producer Prices increased in August in line with expectations, despite a rise in the cost of energy....

Data from the London Metal Exchange showed that, in August, 44% of all copper stocks were Chinese origin, up from 42% one month earlier. Overall inventories also increased. Total copper stocks in LME warehouses 0#MCUSTX-LOC> rose to 111.17 metric tons by the end August, up from 101.425 tons in July. Investors rushed to cover their bearish positions, pushing prompt copper prices sharply backwards, which attracted some inflows. The amount of 'Chinese Copper' available has increased from 49,400 to 66,350?tons. In August, 95% of the LME's aluminium was made up by aluminium from Russia, which is unchanged from last month, despite...

A mining union in Australia is funding a BHP class action that could affect up to 7,000 employees. This is the latest labour dispute involving the world's largest listed miner, which also faces its first major strike for a quarter-century. The Mining and Energy Union, (MEU), has announced a class action to compensate mineworkers who were illegally forced to work during the Christmas and Boxing Day holidays in 2019 at the Daunia Mine in central Queensland. In a press release, the union stated that if the suit is successful it could result in "millions of dollars in compensation". The case...

Gold lost ground on Thursday as it erased earlier gains. This was a result of a stronger dollar and higher bond yields. Investors were also awaiting key U.S. data on inflation to get clues about the Federal Reserve’s interest rate path. Gold futures in the U.S. fell 0.7%, to $4,427.80 per ounce, while spot gold dropped 0.4%, to $4385.40 an ounce, by 1125 GMT. I think that part of the decline in metals prices is due to the U.S. Dollar coming back ahead of inflation data. Fawad Rasaqzada is a Forex.com market analyst. He said that the bond yields are...

Gold rose on Thursday on a softer dollar, as investors waited for key U.S. data on inflation to get clues about the Federal Reserve's rate hike path. Gold futures in the U.S. fell 0.3%, to $4448.80 per ounce, and spot gold rose 0.1%, to $4405.09 an ounce, by 0824 GMT. Gold is benefiting from a slightly weaker dollar, because the yellow metal has a negative correlation with the greenback most of the time. This, combined with the global debt worries, continue to support the demand, said UBS analyst Giovanni Staunovo. As the U.S. Dollar index weakened, greenback priced bullion became...

A senior American official stated on Wednesday that the United States would help Kenya develop an important minerals processing industry. This was in response to the rivalry between China &?the US. Over access to essential minerals. Kenya is considering bids for the development of Mrima Hill, a coastal deposit that is estimated to contain rare earth minerals worth tens and billions of dollars, as well as niobium - a metal commonly used in aerospace manufacturing. Frank Garcia, Assistant Secretary of State for Africa, said at a meeting of a Kenyan business lobby group, the American Chamber of Commerce, that "critical...

A senior American official said on Wednesday that the United States would help Kenya develop an important minerals processing industry, in the context of a 'rivalry between China and America over access to vital minerals. Kenya is considering bids for the development of Mrima Hill, a coastal deposit that is estimated to contain rare earth minerals worth tens and billions of dollars, as well as niobium - a metal commonly used in aerospace manufacturing. Frank Garcia, assistant secretary of state for Africa at the American Chamber of Commerce in Kenya, said: "Critical Minerals are a priority for President (Donald Trump)...

The London Metal Exchange will launch a contract for steel on October 27 using prices from its Shanghai counterpart, the 'LME' announced -on Wednesday. This is part of China’s efforts to increase its influence on global commodity pricing. In June, the LME announced an agreement with the Shanghai Futures Exchange for the new contract. At the time, the LME stated that trading would start in October. However, it did not specify a date. The SHFE, one of the most liquid steel contracts in the world, will be mirrored on the LME to increase trading volume and attract new customers. The...

Copper prices reached record levels on Wednesday due to a shortage of supplies in the United States. As 'hostilities' in the Middle East flared, concerns were raised about global demand and growth. The price of three-month copper at the London Metal Exchange fell 0.5% by 1045 GMT to $14,641 per metric ton after reaching an all-time record high of $14 779 on Tuesday. After the escalation of attacks by Iran and the U.S., oil prices soared above $100 per barrel. This is a six-week high. Ewa Manthey is a commodities?strategist with ING. She said that copper?is easing off record highs,...

Indonesia aims to influence the price of its top commodities in the early stages of operation at its planned 'new commodity exchange. The newly appointed chief regulator of the country said this on Wednesday. Jakarta is looking to become a global 'price maker. Indonesia's new strategic commodities and minerals exchange, which is part of President Prabowo Subianto's ambition to increase state control over vast natural resources in the country, will launch on January 1, 2020. Prabowo, in a fiery address to the parliament last month said that the resource-rich nation would prefer to keep its commodities rather than sell them...