Asia / Pacific








Energy Markets

QatarEnergy and ExxonMobil Sign Deal with Egypt to Study Cyprus Gas Development

QatarEnergy announced on Thursday that it had signed a preliminary agreement with 'ExxonMobil' and Egypt's Government to study 'development and commercialisation' of 'gas discoveries' in 'Cyprus, using Egypt's gas and LNG infrastructure. QatarEnergy stated that the memorandum "highlights Egypt as a possible hub for Eastern Mediterranean Gas, supporting deeper integration of Egypt and Cyprus in the field of natural gases while optimizing the utilisation of existing infrastructure". Egypt's liquefaction plants, which convert natural gas to liquefied gas for export, have been underused for a long time. Gas infrastructure in Egypt?serves domestic customers?and international markets. QatarEnergy was the largest LNG producer...

Oil & Gas

Oil & Gas

Indians switch to retail fuel pumps in search of cheaper diesel, causing a shortage

According to a government official, industrial customers are increasingly buying diesel at cheaper retail outlets run by'state-run' companies, rather than from the bulk supply points. This is causing shortages at the pump in some areas. Sujata Singh, joint secretary of the federal oil ministry, stated that diesel sales have increased by 20-30% in some areas. Industrial buyers are paying 40-42 rupees per litre more than retail prices. In New Delhi, the retail price for a litre is 91.58 rupees. Indian Oil Corp., Bharat Petroleum Corp. and Hindustan Petroleum Corp., all state-run companies, are now losing money because they're selling diesel...

Oil & Gas

Sources say that RPT-oil refining in central Russia has been halted after drone strikes by Ukraine.

According to official sources, almost all of the major oil refineries in central Russia have been forced to reduce or halt their fuel production due to recent drone attacks by Ukraine. Moscow has already banned gasoline exports from April to the end of July. Refineries which have stopped operations or are partially stopped, together, produce more than 83 million tons of?product per year. This is approximately 238,000 tons a day. According to anonymous sources and data, this represents around a quarter of Russia's entire refining capacity. Over 30% of Russia's gasoline is produced by refineries, and around 25% by diesel....

Oil & Gas

SpaceX IPO filing lays bare its losses and Musk's control as it stakes its future on AI

SpaceX released its IPO on Wednesday. It revealed to investors how much Elon Musk loses on?artificial Intelligence, while betting on the future of the company by transforming it into a rocket maker that is a powerhouse in AI. SpaceX's future depends on dominating markets and technologies that don't yet exist, from AI data centers to Mars missions. Musk's track record of turning Tesla into the world's most valuable automaker, developing the first reusable rocket and the largest satellite network and making it the most valuable company in the industry is enough for many to justify investing. Musk has tightened his...

Oil & Gas

Snapshot-Indian stocks, rupees, swaps, and call at close

STOCKS: The benchmark BSE Sensex rose 0.16% to 75 318.39 while the broader NSE Nifty index grew 0.17% to 23,659, aided by a boost?from heavyweight Reliance Industries. Meanwhile, the Iran war-driven upswing of global borrowing costs weighed down on broader sentiment, and drove the rupee -to another record low. The Indian rupee fell 0.3% against the U.S. dollar to 96.82. Stalled U.S.-Iran peace?talks kept oil prices high, driving global bond yields higher?and hurting equities amid fears of 'further central bank?"rate hikes. Dollar to 96.82 as oil prices remain high due to the stalled U.S.Iran peace talks. This has pushed global...

Oil & Gas

Two Ukrainians killed in Russian attacks; Kyiv drones attack central Russia

Local officials reported that two people had been?killed? and 19 others injured overnight in Russia's attacks on Ukraine, while Ukraine sent drones into industrial areas of central Russia. Local authorities in Ukraine reported that two people died and six were injured when Russia attacked the city of Dnipro, located on the south-east coast, with artillery and missiles. Authorities?added that another 13 injuries were reported in the northern Sumy Region and the southern region of Zaporizhzhia. Three children included. We could not independently verify these reports. Russia and Ukraine deny targeting civilians. DRONES TARGET INDUSTRIAL AREA?IN RUSSIA According to Russian officials...

Oil & Gas

Bessent will examine US sanctions list and urge more disruption of Iran's financial system

Treasury Secretary Scott Bessent called on allies on Tuesday to disrupt Iran's.financing network and said that the Treasury would clear its outdated sanctions list to.make it easier for the financial institutions to.root out the most sophisticated terrorist funding schemes. Bessent said that after the G7 finance leaders met at Paris, participants in an anti-terrorism funding conference should "stand in full measure with us" against Iran. Bessent stated that "this will require our European partners, for example to join the United States by taking action against Iran, including by designating its financiers and unmasking their shell and front company, closing its...

Oil & Gas

Chairman of Bharat Petroleum India says that Bharat Petroleum reviews oil imports every day and buys more on the spot amid Iran War.

Sanjay Khanna, the chairman of India's Bharat Oil Corp. said that it is recalibrating its crude import strategy nearly daily and increasing?spot purchase after the U.S./Israeli conflict in Middle East disrupted Middle East supply. India, which is the third largest?oil?importer and?consumer in the world, has been affected by the rising crude prices as well as supply disruptions after the Strait of Hormuz was closed. South Asian nation raised retail petrol and diesel prices twice in one week. The refiner planned to purchase about 55% of its crude requirements for 2026/27 via annual contracts, mostly from Middle Eastern producers. Khanna stated...

Oil & Gas

Dombrovskis, EU's Dombrovskis, says that the G7 has not agreed on everything.

Valdis Dombrovskis, EU Economy Commissioner, said that the extension of a waiver for Russian sanctions showed that 'G7 members are not always in agreement. Dombrovskis stated that the G7 was a forum to discuss and cooperate with like-minded allies. He said, "But, well... we're not always 100% in agreement on everything. This is unfortunately one of those topics." He praised, however, the joint statement after the G7 meeting. It was said to be a positive outcome of the meeting between the central bank governors and finance ministers. Dombrovskis stated that he was reassured by the United States, who said that...

Oil & Gas

India Oil reports revenue losses on LPG in May

Indian Oil Corp., the country's largest fuel retailer, has suffered a revenue loss on the sale of one cylinder of LPG of 617 rupees, compared to 171 rupees back in April after the Iran war pushed up the price, according to its finance chief. Anuj Jain, an analyst, said that the company lost 100 rupees on the sale of 14.2-kilogram LPG cylinders, which are mainly used for cooking. Indian state-run fuel retail outlets sell LPG to households at discounted prices. India, the second-largest LPG exporter in the world, is experiencing its worst gas shortages in decades. The government has cut...

Oil & Gas

Minister: Italy will extend the fuel excise tax cut that expires this week

A top government minister announced on Tuesday that Italy would extend a 'cut in fuel excise duty due to expire May 22 as part of efforts to curb the soaring energy prices caused by the Middle East conflict. Matteo Salvini, Deputy Prime minister and Transport & Infrastructure Minister, said during an interview with RTL 102.5 that "we will definitely have to extend the excise reduction." It has spent about?1 billion Euros ($1.16 billion), so far, to reduce?excise duty on?petrol or diesel pump prices. The measure was first introduced in March, and then extended for the first time in late April....

Oil & Gas

The slide in the Indian rupee will continue without any oil relief, and Asia's FX weakness compounds the pain

The Indian rupee will likely continue to weaken?on Tuesday and could even reach an all-time record low. This is due to high oil prices which have been a drag on the currency for several weeks. The currency is likely to be under pressure due to the weakness of Asian currencies amid low risk appetite and high U.S. rates. The rupee will open between 96.35 and 96.40, traders say, after it settled at 96.3450, where it reached a life-low?of 96.3875 on Monday. "Another Day, Another New High (on Dollar/Rupee). A currency trader from a bank said that for the moment it...

Oil & Gas

Total volumes drop to a two-year low after record oil withdrawal from US emergency reserves

The U.S. Department of Energy reported on Monday that a'record 9.9 millions barrels of oil were shipped from the Strategic Petroleum Reserve in the United States last week. This pushed the total volume of the U.S. Government's emergency stockpile to 374 million barils, the lowest level since July 2024. The Trump administration wants to?release 172 million barrels of oil from the reserve, as?part a global deal to calm down the oil markets after prices?spiked due to the U.S. and Israel's war with Iran which began almost three months ago. In April, the?Energy Department offered approximately?92.5 millions barrels of?sweet crudes and...

Fossil Fuels

Fossil Fuels

Hengli, China's silk-to-petrochemicals empire, faces the chill of US sanctions

Hengli Group has been thrust in the middle of a geopolitical struggle. The group, which was built over 30 years by a husband and wife team from a failed textile mill to a Fortune Global 500 company and one of China’s largest private oil refiners is now a Fortune Global 500 firm. The United States imposed sanctions on its Hengli Petrochemical unit, which operates a 400,000 barrel per day refinery in Dalian (northeast China), for allegedly buying Iranian oil. Hengli, along with about 40 other shipping?firms? and vessels? were blacklisted as Donald Trump and Xi Jinping met and Washington was...

Fossil Fuels

China's oil imports cut and US exports increase wrongfoot the market bulls

Analysts and traders alike predicted a market Armageddon if U.S. - Iran war continued and the Strait of Hormuz remained closed. Five weeks after the peace talks stalled and the strait remained largely closed, oil prices did not rise but instead fell to between $100-$110 per barrel. This fall was caused by several factors: Chinese refiners reduced refining and imports, and used crude oil from their tanks instead. The United States' refiners, traders and producers exported more fuel and oil to the global market to fill the supply gap from the Middle East. The Strait of Hormuz was the route...

Mining

Danantara Indonesia will honor commodity export contracts but will review prices

Danantara, the Indonesian sovereign fund, will honor existing export contracts while reviewing them to ensure that prices do not fall below market levels. This was announced by its chief executive on Thursday. The fund is preparing to take over the top commodity shipments of the country. The fund's chief executive said that a unit will be the sole exporter of ferroalloys, coal, and palm oil as soon as September 1. This is because the government wants to tighten control over the tax revenue and foreign exchange earned from commodities. Danantara CEO Rosan Roeslani stated that the sovereign wealth fund may...

Crude Oil

Mineral Resources

Mineral Resources

ASIA GOLD - Price volatility dampens India's demand, while China's premiums are easing

This week, gold prices in India continued to be at a steep discount, due to price volatility, which dampened demand, while premiums in China were reduced. Dealers in India quoted discounts This week, you can save up to $78 per ounce on official domestic prices, including 15% import duty and 3% sales tax. That's a significant drop from the previous week when you could save up to $207 per ounce. Retail buyers are confused by the recent price fluctuations after the government increased import duty earlier in the month. "Most of them are waiting for the prices to come down,"...

Mining

Iron ore to suffer second weekly loss due to higher supply and concerns about demand

The iron ore price started the week on a shaky footing, poised for a second consecutive weekly decline due to?prospects for rising supply and a seasonally weakening of demand. However, resilient near-term consumption by top buyer China, curbed large losses. By?0304?GMT the most traded iron ore contract at China's Dalian Commodity Exchange slipped 0.06% to 792.5 Yuan ($116.53), and was 2.4% lower so far this week. On the Singapore Exchange however, the benchmark June iron ore was 0.15% higher, at $105.95 per ton. This represents a 2.9% decline so far this week. The contract reached its lowest level since April...

Mining

Trump Administration pivots towards buying stakes of critical sectors

The Trump Administration is increasing efforts to secure U.S. Supply Chains for Critical Minerals and Semiconductors by converting federal grant?for companies in equity stakes. This will reduce reliance on China. The U.S. Department of Commerce announced on Thursday that it would be taking $2 billion as equity stakes in nine quantum computing companies. As part of the shift from traditional subsidies to direct ownership, the administration has acquired or discussed stakes with several companies. The following are the companies that have been linked to strategic investment: QUANTUM COMPUTING COMPANIES The 'Trump' administration will invest $1 billion in order to launch...

Mining

US is moving closer to imposing prohibitive tariffs for Russian palladium

After the Department of Commerce reached a final decision on a countervailing duty of 110.1%, the United States is moving closer to imposing prohibitive 'tariffs' on imports of Russian Palladium. It also issued a final ruling in April 2026 setting a 132.83% anti-dumping duty for Russian palladium. If an independent investigation by the International Trade Commission finds that the U.S. manufacturing industry has been harmed, the duties will be imposed. These decisions "support" a petition from Johannesburg-based Sibanye-Stillwater which, last summer, along with the United Steelworkers'?union asked Washington to consider imposing tariffs on imports Russian palladium in order to "ensure...

Mineral Resources

Copper retreats on the slow progress of U.S. - Iran peace efforts

Copper prices eased on Thursday due to concerns over the'slow progress of the U.S. in negotiating a peace agreement with Iran and a possible 'weaker demand for metals from a prolonged war. The benchmark three-month copper price on the London Metal Exchange fell 1.3%, to $13,480 per metric ton during the official open-outcry trade after rising by 1.8% the previous session. LME copper is up 8% for the year, but it has fallen from its high of $14,196.50 last week. Ewa Mnthey, commodities strategist at ING, said: "For the moment, geopolitics are setting the tone. But without a clear catalyst...

Mining

US official: US and Philippines will reach agreement on economic security zones'sooner than later'

A senior U.S. Official said that the United States will likely reach an agreement with the Philippines on a long-term framework for an economic zone "sooner than later". Washington is aggressively expanding?its supply chain alliance for technology?known by the name "Pax Silica". The official, Jacob Helberg, said both countries had a 2-year window in which to finalize the arrangements as per a pact signed last month. Helberg, U.S. Undersecretary of State for Economic Affairs, said in an interview that both parties would also set sectoral priorities for industrial activities in the area. He said that "there's a lot of momentum...

Mineral Resources

Japan's Nikkei rallies on fresh optimism over AI, Iran peace talks

Japan's Nikkei stock average rose by the most in two weeks Thursday, thanks to renewed interest?in technology stocks?and the easing of geopolitical tensions?related?to the Iran War. The Nikkei Index benchmark rose by 3.14%, closing at 61.684.14, the highest one-day gain since May 7. The Topix index, which is a broader measure of the Nikkei 225 Index, rose 1.64% to 3,5853.81. The Nikkei mirrors Wall Street gains ahead of earnings forecast by AI powerhouse Nvidia. The oil prices fell sharply overnight, after U.S. president Donald Trump said that negotiations to end war in Iran are in their final stages. This eased...

Mineral Resources

Arafura, Australia approves rare earths project worth $1.6 billion

Arafura Rare Earths announced on Thursday that it has approved the development of its $1.6 billion Nolans Project in the 'Australian Northern Territory', which will 'become 'the third-largest rare earths operations of the country by the end of this decade. The project is designed to deliver 4,440 metric tons of neodymium-praseodymium (NdPr) oxide annually, targeting markets outside China amid growing demand for rare earths used in electric vehicles and wind turbines. Arafura has secured financing commitments with the export credit agencies in the United States, Canada and Germany, as well as global trading houses and manufacturers. This is because Western...

Mineral Resources

Japan's Nikkei rallies on fresh optimism over AI, Iran peace talks

The Nikkei 225 index rose more than 3.5% Thursday, the biggest gain in two-weeks, thanks to renewed interest in 'technology stocks' and a easing of geopolitical tensions related to?the Iran War. If the current momentum continues, the benchmark Nikkei Index will be on track for its biggest daily gain since May 7 if it maintains this pace. The Topix index rose 2.21% to 3,875.34. The Nikkei was up ahead of Wall Street's gains before earnings from AI bellwether Nvidia. Nvidia forecasted sales that exceeded market expectations. Oil prices fell sharply overnight after U.S. president Donald Trump announced that negotiations to...

Mineral Resources

CORRECTED - China aluminium wire exports increase as war-driven rally and tax gap drive shipments

Customs data on Wednesday showed that China's exports for aluminium stranded wire increased in April. The rise in prices was largely due to the Iran War, and a tax loophole encouraged traders and producers to ship more metal in processed form, rather than ingots. Customs data released Wednesday show that in?April?China exported 15,565 tons of aluminium-stranded cable, wire and similar products excluding steel core material. This is up 166% compared to a year ago and almost 95% compared to March. Two sources familiar with the matter say that aluminium stranded cable is usually used for power transmission and distribution. However,...

Mineral Resources

China's aluminium wire exports increase as a war-driven rally and tax gap drive shipments

Customs data on Wednesday showed that China's exports for aluminium stranded wire increased in April. The rise in prices was largely due to the Iran War, and a tax loophole encouraged traders and producers to ship more metal in processed form, rather than ingots. Customs data released Wednesday show that in?April?China exported 15,565 tons of aluminium-stranded cable, wire and similar products excluding steel core material. This is up 166% compared to a year ago and almost 95% compared to March. Two sources familiar with the matter say that aluminium stranded cable is usually used for power transmission and distribution. However,...

Mining

Arafura opens the way for Australia's 1st ore-to -oxide rare Earths plant

Arafura Rare Earths announced on Thursday that it had made a final investment decision for the development of 'Nolans' project in Australia's Northern Territory. This would be 'the country's 'first 'fully integrated ore to oxide rare earths 'operation. The company's shares rose 13.6% intraday to A$0.335, their highest intraday gain since 11 March. As of 0046 GMT, the benchmark index was up by 1.7%. The Nolans project is designed ?to deliver 4,440 metric tons of neodymium-praseodymium (NdPr) oxide annually, targeting markets outside China ?amid growing demand for rare earths used in electric vehicles and wind ?turbines. Arafura announced that Hatch,...