Asia / Pacific

Sources familiar with the situation said that Exxon Mobil, a U.S. oil giant, is considering buying parts of Lukoil’s international assets. Sources claim that Exxon is evaluating options to purchase Lukoil assets, in Kazakhstan. Both the U.S. firm and the Russian company have stakes in the Karachaganak field and Tengiz field. Chevron, a partner in these assets as well, is also examining options to purchase them, according to a report on Monday. Two sources claim that Exxon could also be considering a bid for the West Qurna 2 oil field in Iraq. This field is operated by Lukoil, and is...

German Foreign Minister Johann Wadephul on Monday urged Serbia to align its foreign policy and security towards Russia with that of the European Union, if it wanted to join the bloc. Serbia's populist President Aleksandar Vucic tries to balance his country's European Union candidacy with its traditional ties to Russia and China. Serbia depends on Russian gas and its only oil refiner NIS (Russian-owned) is subject to U.S. sanctions because of the conflict in Ukraine. Wadephul told his Serbian counterpart Marko Dridic that Ukraine is fighting for freedom not only for itself but also for the whole of Europe. "We...

The Kremlin announced on Tuesday that Russian representatives would not be taking part in the talks about Ukraine to be held in Turkey on 19 November. The Ukrainian president Volodymyr Zelenskiy announced earlier that he will travel to Turkey on Tuesday to try to restart negotiations with Russia to end the war. According to a Turkish source, Steve Witkoff, the U.S. Special Envoy for Syria and Iraq, will be attending these planned talks. Dmitry Peskov, Kremlin spokesperson, told reporters that "no, tomorrow there won't be any Russian representatives in Turkey." These contacts are currently taking place without Russian involvement. Peskov...

A refinery spokesperson confirmed that Nghi Son Refinery and Petrochemical, Vietnam's largest refiner, continues to run its 200,000 barrel per day refinery between 100% and 105% of capacity despite ongoing maintenance on derivative units. There will be no major impact on main refinery operations, the spokesperson said, adding the November partial shutdown will include some works at its hydrogen manufacturing unit and a catalyst change at its residue hydrodesulphurisation unit. Multiple sources familiar with the situation said that at least one unit producing gasoline is also scheduled to close during this time period. During high refining rates, the refiner is...

The oil prices fell on Tuesday, as traders assessed the impact of Western sanctions against Russian flows, and supply concerns eased after the loading of cargo at a Russian hub was resumed following a drone strike in Ukraine. Brent crude futures fell 46 cents or 0.72% to $63.74 per barrel as of 0420 GMT. U.S. West Texas Intermediate crude futures fell 45 cents or 0.75% to $59.46 per barrel. According to two industry sources, and LSEG data, the Russian port of Novorossiysk resumed oil loadings Sunday after a two-day interruption caused by a Ukrainian drone and missile attack. In a...

The U.S. Treasury announced on Monday that U.S. sanction against Russian oil giants Rosneft, and Lukoil have already reduced Russian oil revenues. They are also likely to reduce Russian oil sales in the future. In a press release, the Treasury's Office of Foreign Assets Control stated that their analysis of the first market impact of sanctions announced on the 22nd of October showed they were "having their intended effect of dampening Russian revenue by lowering Russian oil prices and therefore the ability of the country to fund its war against Ukraine." The Treasury's action was one of the strongest U.S....

A senior White House official stated on Monday that President Donald Trump would be willing to sign legislation imposing sanctions on Russia, as long as the ultimate decision-making power remained with him. Trump told reporters on Sunday night that he was "OK" with Republicans working on legislation to impose restrictions on countries that do business with Russia because Moscow failed to negotiate a deal with Ukraine. Trump suggested that lawmakers could add Iran to sanctions measures. Both Senator Lindsey Graham, and U.S. Rep. Brian Fitzpatrick are Republicans. They sponsored legislation to impose restrictions on countries that do business with Russia....

Five sources familiar with this process said on Monday that the U.S. oil giant Chevron was examining options to purchase global assets from sanctioned Russian oil company Lukoil. Last week, the U.S. Treasury cleared potential buyers to speak to Lukoil regarding foreign assets. Chevron will join Carlyle, and other firms to compete for Lukoil's portfolio of at least $20 billion. Last month, the United States imposed sanctions against Russia's two largest oil companies, Lukoil & Rosneft, in an effort by President Donald Trump’s administration to force Moscow to peace talks with Ukraine. Five sources confirmed that Chevron was looking at...

The office of the Iraqi prime minister said that Mohammed Shia al-Sudani, met with former CEO of Russia’s Lukoil on Monday to discuss how to resolve disruptions in the oil company’s operations following U.S. Sanctions. Sources told us last week that Lukoil declared force majeure on its West Qurna-2 oil field in southern Iraq. This is the largest fallout from the sanctions imposed last month against Russian oil companies as U.S. president Donald Trump pushed to end the conflict in Ukraine. Sudani told Vagit Aliekperov Iraq was committed to stable oil markets worldwide, according to a press release from his...

On Monday, the Russian rouble fell against the U.S. Dollar and the Chinese yuan as the corporate sales of foreign currencies, which had supported the rouble over the past few weeks, decreased. The rouble fell more than 0.4% against the dollar at 1050 GMT and was down 0.2% against the yuan at 1140 on the Moscow Stock Exchange. The traders believe that the currency sales of Russia's two major oil companies, Rosneft & Lukoil - both sanctioned in the U.S. - have supported the rouble. The traders did, however, note the recent irregularity of corporate forex sales. The U.S. has...

Australian shares closed Monday at near-four-month lows, as declines among major banks offset the strong performance of the energy sector. Investors also reassessed their positions in an uncertain environment for monetary policy. The benchmark S&P/ASX 200 index closed at 8,635.40, its lowest level since mid-July. Financials closed at a four-month low, down 0.2%. Commonwealth Bank of Australia shares fell by nearly 1% to a new low. CBA, Australia's largest lender, has lost more than 10% of its value since the beginning of last week, after its disappointing earnings and warnings about margin pressures affected market sentiment. Tim Waterer, KCM Trade's...

The United Arab Emirates' real estate developer Arada will, with the backing of Gulf royals and following its launch in the UK in September, acquire a majority share in London's Thameside West Mixed-Use Development, according to a Monday statement. The statement stated that Arada would take an 80% share in the Riverfront Development in London's East, which is estimated to have a gross development of 3,29 billion pounds (2,5 billion pounds). It also plans to build at least 5,000 houses. Arada stated that the first phase of this project will deliver 1,000 homes. Construction is scheduled to start in 2027....

Gold prices rose on Wednesday, as investors awaited the minutes of the Federal Reserve’s latest policy meeting. They also awaited the U.S. Jobs Report that may shed light on the Federal Reserve’s interest rate path. As of 0449 GMT, spot gold was up by 0.2%, at $4,074 an ounce. U.S. Gold Futures for December Delivery edged up 0.2% to $4,074.40 an ounce. Tim Waterer, Chief Market Analyst at KCM Trade, said that the strong USD and uncertainty about the timing of the next Fed rate reduction has slowed gold's momentum. Gold has been a safe play for investors due to...

Two officials familiar with this matter claim that the creditors of India's Jaiprakash Associates have unanimously supported Adani Enterprises 135 billion rupees ($1.53billion) bid to take over the bankrupt infrastructure company. They preferred it to Vedanta. The officials, who declined to be identified because the matter was private, said that Adani's bid, which included higher upfront payments, won out over Vedanta’s offer of 170-billion rupees. Other bidders were Dalmia Bharat and Vedanta as well as Jindal Power, PNC Infratech, and Dalmia Bharat. Manoj Gaur, the controlling shareholder, had also made a last-minute offer, which was later withdrawn. Jaiprakash Associates owes...

The price of copper edged up after a three day decline on Wednesday as investors awaited delayed U.S. jobs data. However, uncertainty over the Federal Reserve’s rate decision kept gains in check. As of 0300 GMT, the most active copper contract at the Shanghai Futures Exchange rose 0.15%, to 86.060 yuan (12,107.48 dollars) per ton. The benchmark copper for three months on the London Metal Exchange rose by 0.26%, to $10,747.5 per ton. Investors are cautious ahead of the official U.S. September job data, which was delayed due to the government shutdown. This is a crucial reference for the direction...

The dollar's strength pushed gold down on Wednesday, as investors awaited the minutes of the Federal Reserve's most recent policy meeting. They also awaited the U.S. employment report which could shed light on the Federal Reserve interest rate trajectory. As of 0201 GMT, spot gold was down by 0.2%, at $4,059 an ounce. U.S. Gold Futures for December Delivery edged down 0.1% to $4,061.60 an ounce. Tim Waterer, Chief Market Analyst at KCM Trade, said that the strong USD and uncertainty about the timing of the next Fed rate reduction has slowed gold's momentum. Gold has been a safe play...

The gold price rose on Tuesday from its one-week low, supported by weak U.S. job numbers. Investors also assessed the probability of a Federal Reserve rate cut in December, ahead of further delayed U.S. statistics this week. At 2 p.m. (EST) (1900 GMT), spot gold rose 0.4% to $4,072.37 an ounce after falling as low as it had been since November 10, earlier in the day. U.S. Gold futures for delivery in December settled at $4,066.50 an ounce with a 0.2% decrease. The number of Americans who received unemployment benefits reached a two-month peak in mid-October. In the week ending...

Bosch said that thousands of employees are facing production interruptions due to a global shortage of chips caused by a dispute with the manufacturer Nexperia. China and the Netherlands are locked in a fight for control of Nexperia. However, there is hope that the standoff will ease with the Dutch government sending an official delegation to Beijing to try to reach a compromise. Bosch reported that it was experiencing disruptions at three of its sites: Ansbach, Salzgitter and Braga (both in Germany) and Braga (Portugal). It said: "We continue to do everything possible to serve our clients and to avoid...

The gold price rose on Tuesday from its one-week low, boosted by a weaker US dollar and weaker U.S. job numbers. Investors viewed the possibility of a Federal Reserve rate cut in December, ahead of delayed U.S. economic data this week. As of 10:15 am, spot gold was up by 0.4% to $4,059.39 an ounce. ET (1515 GMT), having hit its lowest level since November 10, earlier in the session. U.S. Gold Futures for December Delivery fell 0.4% to $4,509.20 per ounce. Dollar-priced gold is now affordable to holders of other currencies, as the index has fallen by 0.2%. The...

Copper fell for the third consecutive session on Tuesday. It hit its lowest level in almost two months, as industrial metals slid along with a wide sell-off of risky investments sparked off by fears about an overvalued technology sector and faded hopes of a U.S. interest rate cut. As of 1026 GMT, the benchmark three-month copper price on the London Metal Exchange had fallen 0.7% to $10,702.50 a metric tonne. The metal, which is used for construction and power, and was expected to be a beneficiary of the AI boom, fell by as much as 1.1% earlier to $10,660.50. Its...

The dollar strengthened on Tuesday as the U.S. Federal Reserve was divided over a rate cut in December. In addition, the delayed September payrolls were the main focus. The Shanghai Futures Exchange's most traded copper contract closed the day trading at 85,650 metric tons down by 0.88%. By 0708 GMT, the benchmark three-month price of copper at the London Metal Exchange had fallen by 0.97%. It was now $10,674 per ton. Dollar benefited from a decline in expectations that the Fed will cut rates next month. The dollar's strength makes commodities traded in greenbacks more expensive for investors who use...

Dalian iron ore prices rose for the second session in a row on Tuesday, reaching a new two-week-high due to strong near-term demand from China's top consumer. However, profit-booking and a declining basis limited some gains. The contract for January iron ore on China's Dalian Commodity Exchange closed the daytime trading 1.41% higher, at 792 Yuan ($111.35), its highest price since November 3. On Monday, the contract also reached a new two-week high. As of 0758 GMT the benchmark December iron ore price on the Singapore Exchange had remained unchanged at $104.4 per ton. This follows a day-ago gain of...

Gold dropped for the fourth consecutive session on Tuesday. The dollar was strong and there were fewer prospects for an interest rate reduction in the United States next month. As of 0131 GMT, spot gold was down by 0.1%, at $4,039.19 an ounce. U.S. Gold Futures for December Delivery fell by 0.9%, to $4.038.60 an ounce. "The dollar has been a little stronger today, and some of the speculation lengths have also been reduced in this last week. "The gold market will consolidate for the time being," said Marex analyst Edward Meir. After a steep rise in the session before,...

Rio Tinto, Australia's largest alumina refinery company, announced on Tuesday that it would cut production at its Yarwun plant in Queensland by 40 percent starting October of next year. This will extend the life of the plant to 2035 while allowing time for modernization. Under current production rates, Yarwun’s tailings storage facility, which is used to store mining waste, will reach full capacity in 2031. The company said it had looked into options for a new tailings facility but that the required investment was "substantial" and "not currently economically viable." Rio Tinto stated that the reduction will affect around 180...