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Fossil Fuels

Oil & Gas

France and Saudi Arabia agree to EUR6 billion Dragon Ball Z Theme Park Project near Paris

The Elysee Palace announced on Monday that Saudi Crown Prince Mohammed bin Salman had visited Paris and agreed to build a manga-themed amusement?park near Paris?. The Elysee said that the project, which is based on the popular Japanese manga and anime series Dragon Ball Z, would be built in Cergy-Pontoise to the northwest of Paris, and was expected to create 22,000 jobs. Macron advisers claim that the idea came about after French President Emmanuel Macron discovered a common interest in Dragon Ball Z with Saudi Crown Prince during Macron's trip to Saudi Arabia 2025. The project will be funded by...

Oil & Gas

Sources say that Pakistan's Munir talked to Trump before the Tehran visit

According to three pakistani sources, U.S. president Donald Trump met with Pakistani army chief Asim Munir in the last week, a few days before Munir was scheduled to visit 'Tehran' on Monday. One of these sources said that the U.S. wanted to use Pakistan to influence Iran to return to negotiations. Trump warned last week that any country providing "any kind of lifeline" to Iran would face economic consequences as he sought to isolate the Islamic Republic. Iran, in turn, has promised to stop all oil exports out of the Gulf. According to two Pakistani source, Trump initiated the call...

Oil & Gas

Sources say that QatarEnergy and Iraq's SOMO offer to load crude oil inside Hormuz through tenders.

Multiple trade sources reported on Monday that 'Iraqi state oil marketer SOMO and QatarEnergy are offering crude in rare tenders which require buyers to load their cargoes within the Strait of Hormuz. Sources said that SOMO offered September-loading Basrah Medium or Basrah Heavy Crude from Iraq's Basrah Oil Terminal or Single Point Mooring?and its related facilities. Iran's official news agency IRNA said that Baghdad had repeatedly requested permission to allow a number of Iraqi tankers to cross the Strait of Hormuz. The bids for Iraqi oil will close on the 26th of August. QatarEnergy, in addition to SOMO, has also...

Oil & Gas

Exxon and Lyondell are among the bidders for Shell's US chemicals assets. The deal could be worth $8 billion according to FT.

The Financial Times reported that Shell has attracted interest from bidders such as ExxonMobil, LyondellBasell and others for its U.S. chemical assets, which could fetch up to $8 billion. The report cited people who were familiar with the matter as saying that the private equity firm Apollo Global Management, and the chemicals division of the state-owned Kuwait Petroleum Corporation, had also expressed an interest in the?assets. Shell is looking to sell off underperforming chemical?plants. Shell, ExxonMobil and Kuwait Petroleum have not responded to requests for comment outside of regular business hours. Shell, ExxonMobil, LyondellBasell Apollo and Kuwait Petroleum did not...

Fossil Fuels

Oil prices fall ahead of US announcements on new Iran sanctions

Prices of oil fell by more than $1 per barrel on Monday, as investors took a profit ahead of an announcement that Washington is expected to make about additional sanctions against Iran. This could further disrupt Middle East supplies. Brent crude futures dropped $1.22 or 1.29% to $93.17 at 0035 GMT. U.S. West Texas Intermediate was $85.86 per barrel, down by $1.20 or 1.38%. The two contracts both posted their second weekly gains, up over 5% last week as the peace talks between Iran and the U.S. hit a deadlock, limiting oil shipments across the Strait of Hormuz, where a...

Fossil Fuels

Ampol reports near five-fold increase in profits as Iran War boosts refining margin

Ampol, Australia's largest fuel retailer, posted a nearly five-fold increase in?interim profits to a record high on Monday. This was largely due to the sharp rise in refinery margins as a result of supply disruptions in Middle East. Ampol operates one of Australia's?refineries. Profit margins have more than tripled since the beginning of the U.S. War with Iran. The company reported a nine-fold increase in its earnings from the fuel and infrastructure (F&I), while its earnings from convenience retail rose by 12%. The underlying net profit after taxes reached a record A$857.2?million ($614.44?million) for the six-month period ended June 30....

Oil & Gas

Kazakhs vote in elections that will tighten President's powers

Kazakhs began voting 'Sunday in a snap election for a new parliament that appeared to be strengthening the power of President Kassym Jomart Tokayev over this 'Central asia country. The election was triggered after the adoption of a revised constitution in early this year. This new constitution consolidated parliament into a single chamber, reducing it from two. Kazakhstan's Supreme Court said last month that Tokayev who took office in 2019 was allowed to run for another seven-year term under the new constitution. Opinion polls show a majority of people support 'Adilet', a pro Tokayev party that was founded only a...

Fossil Fuels

US and Iran continue to use hostile rhetoric in advance of new sanctions

The United States, Iran and China exchanged defiant e-mails ahead of the scheduled announcement on Monday of new U.S. sanctions that may?impact Iran and its most important trading partners such as China. The war was approaching six months and the two sides were not only not exchanging shots but they also weren't pursuing any peace talks. Oil shipments have been virtually stopped through the Strait of Hormuz as Tehran holds on to its leverage, threatening to hit any unauthorised oil tankers who attempt to cross the narrow waterway. Scott Bessent, U.S. Treasury secretary, will hold a news conference on Monday...

Fossil Fuels

US and Iran continue to use hostile rhetoric in advance of new sanctions

Iran and the United States exchanged defiant messages before Monday's announcement of new U.S. sanctions that could affect Iran and its most important trading partners, including China. The war was approaching its'six-month mark when the sides stopped exchanging fire and also halted peace talks. Oil shipments have been virtually stopped through the Strait of Hormuz as Tehran holds on to its leverage, threatening to hit any unauthorised oil tankers who attempt to cross the narrow waterway. Scott Bessent, U.S. Treasury secretary, will hold a news conference on Monday at 2 pm EDT (1800 GMT), promising to unveil "the most severe...

Fossil Fuels

US sanctions Hezbollah, highlighting its ties with the Iranian government

According to a?statement viewed by the, the United States issued new sanctions on Thursday against Lebanon's Hezbollah. This included re-designating them?over their actions in support of Iran. According to the statement, the Treasury Department renamed the group for "service to 'the?Iranian government under the command of Iran’s Islamic Revolutionary Guard Corps - Quds Force." According to an anonymous U.S. official who spoke under condition of anonymity about the redesignation, it was meant to demonstrate that Hezbollah acts on behalf of Iran's government, and specifically the Islamic Revolutionary Guard Corps Quds Force. Hezbollah has been designated as a Foreign Terrorist Organization...

Oil & Gas

U.S. sanctions Hezbollah, highlighting ties with Iranian government

According to a statement seen by, the United States is planning to issue fresh sanctions on Hezbollah in Lebanon, including reclassifying it under a terrorist authority. This'move' is intended to highlight its links with the Iranian government. The statement said that while Hezbollah was not designated under a new authority, it is now a Specially Defined Global Terrorist for its "service?to Iran's regime under the command?of Iran's Islamic Revolutionary Guard Corps-Qods Force." An official from the United States said, "the re-designation is intended to show Hezbollah acting on behalf the 'Iranian Government and update the public records to 'link the...

Refined Products

Tajikistan has requested 2.5 million tonnes of fuel and oil from Iran

The Central Asian country's Transport Ministry said that Tajikistan had asked for 2.5 million metric tonnes of?oil from Iran, while its traditional supplier, Russia, is also experiencing fuel shortages. The ministry posted a statement on its website last week stating that Tadjikistan had requested 2,55 million tons, which included?2 millions tons of crude oil, 150,000 tonnes of gasoline, 300,000 metric tons of diesel, and 100,000 metric tons of jet fuel. Tajikistan has traditionally imported up to 80% of its petroleum products from Russia. However, the Persian-speaking nation also shares close cultural and linguistic links with Iran. The timeframe was not...

Crude Oil

Oil & Gas Refining

Japan does not plan to release crude oil from its national reserve during September and October

Ryosei Akazawa, Minister of Economy, Trade, and Industry, said that Japan will not release any more crude oil in September or October. He said that the amount of crude oil purchased in September will be about 80% less than the average monthly volume last year. This is because tankers which would normally travel through the Bab el-Mandeb Strait, are now being rerouted to the 'longer Suez route. Akazawa, a Japanese?press officer, said that Japan expects the August purchase to be the same as last year, but the September?volumes are expected to decline. This is because shipments via Suez take 55...

Crude Oil

Oil prices stable as investors assess impact of US sanctions on Iran

Investors weighed the impact of the new U.S. sanctions against Iran, which are more severe, on the oil prices. Brent 'crude 'futures were down by 9 cents or 0.1% at $92.16 at 0104 GMT. Meanwhile, U.S. West Texas Intermediate crude oil was up one cent at $85.02 a barrel. Both contracts dropped more than 2% Monday, with U.S. Crude Oil falling to an all-time low after the price had risen over the past two weeks. U.S. Treasury secretary Scott Bessent announced on Monday an expansion of sanctions in order to cut off Iran’s economic lifeline and force a ceasefire between...

Crude Oil

Russell: Iran's response to D-Day sanctions is crucial.

Scott Bessent, U.S. Treasury secretary, invoked the 1944 D-Day landings of Allied forces in?France when announcing sanctions against Iran. The measures taken are superior to the much less successful Anzio Beachhead landing in Italy, which was another amphibious landing during World War II. Anzio was a battle that began with a successful landing of the Allies, but a lack of leadership led to the campaign stalling and turning into a long campaign of attrition. Bessent’s new measures are designed to choke Iran economically. They target companies and countries that do business with Iran in five different sectors: digital assets, technology...

Mining

Mineral Resources

Mineral Resources

Trump threatens to impose 50% tariffs on cars and trucks imported from Canada amid a trade dispute

After trade talks broke down over the weekend, President Donald 'Trump' sought to increase pressure on Canada. He warned that U.S. Tariffs on all?trucks? and automotive parts coming from Canada would increase to 50% on January 1. The deal would have reduced the top line tariff rate for Canadian cars and light duty trucks from 25% down to 15%, and the tariffs of aluminum and steel would have been cut from 50% down to 25%. However, the deal fell apart on Friday due to disagreements over whether or not the U.S. relief on tariffs would apply to medium and heavy-duty...

Mineral Resources

Copper firms buy metals earmarked for exit from LME

The price of copper rose on Monday as a rise in the number of cancelled warrants and metals marked for delivery at the London Metal Exchange stimulated buying. Meanwhile, the lower U.S. dollar boosted the positive sentiment towards industrial metals priced in dollars. Benchmark 'copper' on the LME was 0.2% higher, at $14240 per metric ton. Last week, prices of metals used in construction and power industries reached $14,396. This is the highest price since January's $14,527.50 high. Industry sources say that the cancellations 0#MCUSTXLOC> are mostly stored in LME warehouses in Asia and the U.S., in free-trade zones. They...

Mineral Resources

Xpeng Robotics Unit valued at more than $6.3 billion following record funding round

Xpeng, a Chinese automaker, announced 'on Monday that its robotics unit raised more than $900m in its initial 'funding round. This is a record in China for a single private financing. Xpeng, in a press release, said that the funding round led by IDG Capital, and backed up by strategic investors Tencent, and Alibaba, valued the robotics business more than $6 billion. The company stated that the proceeds would be used to develop robotics hardware and software, refine AI physical models, collect data of high quality, build end-to-end production facilities, and support international expansion. Xpeng will begin mass production of...

Environment

British company offers to restart Australian manganese smelter

Natrium Redox Technologies is a British green technology startup that has made a 'firm proposal to the Tasmanian Government to purchase and restart Australia’s only manganese smelter to supply global battery and electric car markets. EY?Parthenon announced last month that the Liberty Bell Bay Smelter (LBB) would be closing after a failed sale. The former GFG Alliance owned by British industrialist Sanjeev Gupta entered voluntary administration and liquidation in March after suspending its operations at the end of last year. We have been working with EY Parthenon, the Tasmanian government and other stakeholders on this project for over six months....

Mineral Resources

Gold reaches a 3-month high before US inflation data and Fed chair speech

On Monday, gold prices reached their highest level in more than three month's time as a'subdued' dollar lent support. Meanwhile, attention shifted towards key U.S. data on inflation and Kevin Warsh speaking later this week. As of 0427 GMT spot gold was up 0.8% to $4,641.27 an ounce after reaching its highest level since 15 May earlier in the session. Prices rose by more than 5% in the last week. U.S. Gold Futures edged up 0.4% to $4,697.70. The dollar was teetering near multi-month lows as the market remained unsettled after the U.S. Treasury promised to?buy back more long bonds....

Mineral Resources

China and Indonesia ministers will meet Friday to discuss economic, security, and other issues.

China's and Indonesian's defence and foreign ministers will meet on Friday. Security, politics, and economic issues are expected to dominate the talks. Jakarta is trying to maintain a balance between its ties with both Beijing and Washington, amid tensions and trade disputes in the South China Sea. China's Foreign Minister Wang Yi will visit Jakarta for the first two years and meet with his Indonesian counterpart Sugiono. He will also participate in the "2+2 meeting" between the defence ministers of the two countries. Arifianto Sofiyanto (an Indonesian official in the East Asia division of the foreign ministry) told a Thursday...

Mineral Resources

Mariana and 18 other Brazilian cities join Vale BHP dam collapse compensation agreement

A Brazilian court announced on Thursday that 19 additional cities have joined the compensation agreement reached with the miners BHP Vale Samarco over the 'collapse of the Mariana dam in 2015', including the city which was at the epicenter of the disaster. The deal signed in October 2024 and ratified by 45 out of 49 municipalities that are eligible for funds now has the backing of these 45 municipalities. The 2015 dam failure in an iron ore mining owned by Samarco (a joint venture between Vale, BHP and BHP) near the city of?Mariana, in southeastern Brazil killed 19 people and...

Mineral Resources

Gold falls after a two-month high due to oil and hawkish Fed outlook

Gold prices fell on Thursday, after rising more than 4% the previous session. A surprise U.S. Treasury "liquidity" move pushed down bond yields as well as the dollar. Meanwhile, rising oil prices and hawkish Fed signaling prompted profit taking. By 1140 GMT, spot gold had fallen 0.9% per ounce to $4479.12. Bullion was earlier at $4,525.79, after prices rose to a two-month high on Wednesday. U.S. Gold Futures slipped?0.2% to $4,535.70. Treasury Department announced on Wednesday that it will double its liquidity-support buyback operation for longer-dated bonds and notes, helping to ease the pressure in the bond markets. The U.S....

Mineral Resources

Investors take profit after gold's recent rally.

Gold prices fell on Thursday after a?4?% gain in the previous session. A surprise U.S. Treasury move to increase liquidity pushed bond yields down and the dollar, while higher oil prices and hawkish U.S. Fed signaling prompted profit taking. By 0946 GMT, spot gold had fallen 0.7% per ounce to $4487.93. Bullion prices were at $4,525.79 earlier, after they reached a two-month high on Wednesday. U.S. Gold Futures were little altered at $4,544.50. Treasury Department announced on Wednesday that it would double its liquidity-support purchase operations for longer-dated bonds and notes, helping to ease the pressure in the bond market....

Mineral Resources

Gold falls after a 2-month high on US Treasury move

Gold prices fell Thursday, as investors took profits after the price of gold climbed to its highest level in more than two months. This was due to a U.S. Treasury announcement that it would provide liquidity support for long-term bonds. The unexpected announcement weakened dollar values and reduced Treasury yields. By 0750 GMT, spot gold had fallen 0.7% per ounce to $4488.19. Bullion was earlier at $4,525.79 - its highest price since June 2 - after a more 4% increase on Wednesday. U.S. Gold futures were little changed at $4,462.30. Treasury Department announced it would double its liquidity support 'buyback...

Mineral Resources

Gold falls after a 2-month high on US Treasury move

Gold prices fell Thursday, as investors took profits after the price of gold climbed to an 'over two-month high on a surprise U.S. Treasury's announcement of liquidity support for long-duration bond, which weakened the dollar and sent Treasury rates lower. By 0604 GMT, spot gold was down by 0.7% to $4,487.63 an ounce. Bullion was earlier at $4,525.79. This is its highest price since June 2 after a more-than-4% gain on Wednesday. U.S. Gold Futures was?little different at $4,545.60. Treasury Department announced that it would double its liquidity support 'buyback operations' for bonds and notes with longer maturities. This came...

Mineral Resources

The LME copper inventory has increased to $14,000 due to the weakening dollar

Copper prices fell on Thursday but remained?above $14,000 per metric ton, as increased inventories at the London Metal Exchange (LME), eased supply concerns, and countered the?support of sharp drops in the dollar. The benchmark three-month copper price on the LME fell 0.04% to $14,043.5 per ton at 0300 GMT. The Shanghai Futures Exchange's most traded copper contract edged up 0.15% to 107140 yuan (15,934.20 USD) per ton. The LME copper stocks rose another 12,425 tons on Wednesday. This alleviated concerns about supply caused by outflows into the?U.S. Warehouses are being prepared in anticipation of a possible tariff on refined copper....