Asia / Pacific








Energy Markets

Russian attacks knockout power to thousands of Ukraine's north

Two?energy?facilities in Ukraine's Chernihiv Region were damaged by Russian attacks, leaving?212,000 customers without?power. A?regional?electricity distribution company? said on Wednesday. Chernihivoblenergo reported that nearly 150,000 customers in the city and surrounding districts of Chernihiv were without electricity after a Russian airstrike damaged an energy plant in?the Chernihiv District. After the attack on the Nizhynskyi District energy facility, it was later revealed that another 62,000 consumers were left without electricity in three other districts of the?region. Ukraine's air force said that Russia launched 147 drones against the country overnight. Of these, 121 were neutralised or downed. Russia has targeted Ukrainian energy installations...

Oil & Gas

Oil & Gas

Official: drones from Ukraine damaged area near one of Russia's largest oil refineries, according to an official

A Russian official said on Thursday that a drone attack from Ukraine damaged an industrial area near one of Russia's largest?oil refineries. According to reports on Wednesday, at least 40% of Russia's capacity for oil exports has been halted following Ukrainian drone strikes, a disputed assault on a major pipe and the seizure or tankers. According to Alexander Drozdenko, more than 20 drones have been shot down in the northern Leningrad area. "The attack has been repelled in the Kirishi district." Drozdenko told Telegram that there was damage to the industrial area. Drozdenko ?did not specify what part of the...

Oil & Gas

ROI-Inflation-spooked rates markets have overshot: McGeever

The markets overshoot and the recent dramatic increase in bets placed on higher interest rates due to the Middle East energy crisis is the latest example: although the move was logical, its magnitude remains questionable. The Iran War shows no signs of stopping and the?markets are still in flux. Rates traders may need to take a break and re-evaluate. The abrupt change in global 'rate outlook' reflects concerns about the short-term impact on inflation of the soaring prices for oil and gas. Federal Reserve now has a higher probability of raising U.S. interest rates in this year rather than cutting...

Oil & Gas

Business lobby: Iran conflict has a negative impact on Italy's economic growth prospects

Confindustria, Italy's leading business lobby, forecast that the economy would grow by 0.5% in this year. This is a reduction from the 0.7% it had predicted in October. It also warned of'strong' 'downside risks' if the Iran conflict continues. The third largest economy in the Eurozone saw its gross domestic product rise by 0.5%, marking the third consecutive year of growth below 1%. Confindustria stated in its bi-annual report that the 0.5% growth scenario for 2026 was based on an "optimistic hypothesis" that?the conflict in Iran would be over by March's end. The business group warned that if the hostilities...

Oil & Gas

Sources say that Reliance Jio is in talks with investors about selling 8% of the individual stakes at the IPO.

Sources familiar with the situation said that Indian billionaire MukeshAmbani's?Reliance Jio Platforms? has been in talks with?13?marquee investors to sell 8% of their individual stakes at the upcoming Mumbai listing for the company which will be transforming its telecoms into AI. Ambani’s Jio Platforms is expected to file for approval in Mumbai of its IPO as early as this coming week. The list includes Meta with a stake worth 9.99% and Google?with 7.73%. Vista Equity Partners, KKR and KKR are also big investors. Investors include three sovereign Gulf funds: the Public Investment Fund (PIF), Mubadala, and Abu Dhabi Investment Authority....

Oil & Gas

Philippines: Working with Washington for oil from sanctioned U.S. countries

The Philippines' ambassador to the United States stated that it is working closely with Washington in order to securing waivers and exceptions to allow oil to be purchased from sanctioned U.S. countries. This will 'ensure supply. The Philippines, which is heavily dependent on imported fuels, declared on Tuesday a national energy emergency in order to deal with Middle East War fallout, including oil procurement. In a series of phone messages, Jose Manuel Romualdez said: "We're working with the State Department on getting waivers or exemptions for oil purchases from sanctioned U.S. countries." Romualdez responded that "all options" are being considered...

Oil & Gas

McGeever: It's time to reconsider the safe-haven investment.

The Iran War and the global energy crisis it unleashed could have "killed" the idea of an asset that fits all. It is not a novel concept given the poor performance of the U.S. Treasuries did well after the Russian invasion of Ukraine four years earlier. The extraordinary fall in gold prices since the U.S. and Israeli strike on Iran, February 28, has brought it into the spotlight. In times of increased economic, geopolitical or financial uncertainty, investors tend to flock to gold, Swiss franc, Treasuries and the dollar. These are the assets that will most likely serve as a...

Refined Products

Australian petrol stations run out of fuel despite well-supplied market

Local media reported that despite assurances from Australian ministers, the market was well-supplied. The Sydney Morning Herald reported on Tuesday that New 'South Wales, Australia’s most populous state, had 165 petrol stations without diesel and 298 with no gasoline at all. This is as consumers stockpile fuel in anticipation of the U.S./Israeli war against Iran. Chris Bowen, the Energy Minister, confirmed in Parliament that there were shortages at petrol stations across multiple states. Bowen announced on Tuesday that fuel standards would be relaxed again, allowing more diesel to enter the market. This comes after Bowen had already lowered sulphur limits....

Oil & Gas

Sources say that BPCL has appointed Manoj Heda as the head of its Singapore business unit.

Sources from Bharat Oil Corp. said that Manoj Heda, the international trade head of Bharat, had been appointed to lead its Singapore-based trading division. Bharat Oil Global Energy Services (Singapore), Pte, is expected to begin operations in April, with a staff size of four, according to the company. Manish Parikh, who will be "the chief financial officer," was also named. Amit Bilolikar, Vaibhav gandhi and others will also join as crude traders. BPCL didn't immediately respond to a'request for comments. Sources declined to be identified because the appointments had not yet been made public. Heda joined BPCL as a senior...

Power Markets

Trump claims that there are major points of agreement in the talks with Iran

Donald Trump, the U.S. president, said on Monday that the United States had held talks with Iran in the last day and the two sides "had major points of agreement." He added that a deal to end the war could be reached soon. Trump said that his Middle East envoy Steve Witkoff, and Jared Kushner, his close adviser and son-in law had met with the Iranians Sunday. Discussions would continue Monday. We have had very intense discussions. We'll have to see how they go. We have major points of consensus, or almost all of them, as I'd say. Mr. Witkoff,...

Oil & Gas

UK summons Iranian Ambassador over allegations against men accused as spies

The British government announced on Monday that the Iranian ambassador in the UK was summoned. Last week, an Iranian national and a British-Iranian dual citizen were arrested on suspicion of aiding Iran's spy services. Two men were accused in a London Court last week of 'being involved in gathering information from Iranian spy services and conducting reconnaissance of Jewish targets within?Britain over a five-week period in the summer of last year. The British Foreign Office said that "national security is our number one priority and we take the threats posed by Iran and those who follow its orders 'extremely serious."...

Oil & Gas

US Energy Secretary: Oil prices are not high enough to destroy demand.

Despite the fact that the markets were bouncing and oil prices were near $100 a barrel due to the U.S./Israeli war against Iran, U.S. Energy Sec. Chris Wright said on Monday, at the CERAWeek conference in Houston, Texas. After the attacks in the Middle East on energy infrastructure and the closure of an important shipping channel, the world is experiencing one of its worst energy crises. The oil prices are at multi-year highs, and fuel prices in the U.S. have surged. This could cause problems for the Republican Party of President Donald Trump ahead of the midterm elections. The Trump...

Oil & Gas

Putin calls for "balanced decisions" on the use of Russia's oil revenues

The Russian President Vladimir Putin on Monday told the government to take "balanced" decisions on how to use newly increased'state revenue' from?energy exports in light of a surge in global prices. He also stressed that the economy and the public accounts must be protected from external risks. He asked Russia's energy companies to use their additional revenues to pay back the massive debts they owe to banks. Prior to this month's dramatic rise in energy and?oil prices, due to the conflict in the Middle East, Russia had been experiencing falling budget revenues due to a greater discount on its oil...

Fossil Fuels

Fossil Fuels

ADNOC, OMV name new leaders for Borouge Group International

ADNOC, the state oil company of Abu Dhabi and OMV from Austria announced a merger that would create a new global polyolefins firm. BGI will be formed by combining ADNOC and OMV’s shares in Borouge and Borealis and acquiring NOVA Chemicals. The transaction is expected to be completed before the end of March 2026. ADNOC, OMV and Kearns have said in a joint statement that Kearns has more than 40 years' experience in the chemical sector. Al Jaber is ADNOC’s managing director, group CEO, and executive chairman. He also chairs XRG (ADNOC’s international investment arm). He is also minister of...

Oil & Gas Refining

Indian private refiner Nayara raises gasoline, gasoil prices

Petrol pump dealers reported that Nayara Energy, a private Indian refiner with Russian backing, has raised the price of gasoline and 'gasoil to offset some of its revenue losses from retail sales. Indian refiners are suffering revenue losses as retail sales for gasoline crack. Gasoil prices have soared to record highs. The dealers reported that Nayara, India’s largest private fuel retailer, raised the price of gasoline by 5 rupees a litre, to 100.71 rupees. Gasoil was also increased by 3 rupees a litre, to 91.31. Nayara plans to close its Vadinar refinery, which produces 400,000 barrels of gasoline per day,...

Fossil Fuels

China calls for peace talks on Iran war

China on Thursday called for parties to the conflict in the Middle East to "create conditions" to begin "truly meaningful and sincere peace talks". Lin Jian said, "The pressing issue is to actively promote peace talks, seize this opportunity for peace, and promote the cessation the war," at a regular press briefing, when asked whether China knew of any ongoing discussions between Iran and the United States. His remarks come after China's Foreign Minister Wang Yi stated on Wednesday that "a glimmer hope for peace" was evident in the wake signals regarding negotiations between the U.S. Iran. Iran denied earlier...

Crude Oil

Mining

Mining

Sources say that Guinea and Emirates Global Aluminium are close to a deal to resolve an asset dispute.

Three people familiar with the matter said that Guinea and Emirates Global Aluminium (EGA), have reached an agreement which 'will prevent a looming arbitral hearing' over last year's seizure by 'the miner's' local unit. According to traders and government officials, as part of a broader resolution, traders have explored bauxite deals that are linked to the assets seized, including structures whereby upfront prepayments for future shipments would help settle EGA claims. The deal is still being finalised. It follows the government taking over Guinea Alumina Corporation,?EGA's subsidiary for bauxite, in October, following a dispute about alumina refineries. The company then...

Mining

Aluminium gains, copper falls as Iran rejects talks to end the conflict

Aluminium rose to its highest level in nearly a week after Iran denied talks to 'end the Middle East conflict. The benchmark three-month price of copper at the London Metal Exchange fell as much as 1.7% in the previous session. The metal, widely used in construction and power, closed up 1.8% Wednesday, thanks to dip-buying by Chinese consumers who were looking to replenish their stock. Copper, which is considered to be a bellwether of global economic health, has been under pressure because there are fears that the U.S. and Israeli war against Iran will hurt the growth. Copper?stocks are also...

Mining

Sources say that the Thyssenkrupp and Jindal Steel sale talks have failed due to pension and energy costs.

Four people with knowledge of the matter have said that discussions of a possible Thyssenkrupp steel unit sale to Jindal Steel International may be called off because of differences regarding pension liabilities, investments, and 'energy costs. Despite the fact that talks are still ongoing over a possible sale of?Thyssenkrupp Europe (TKSE), and an agreement could still be reached, a deal now seems less likely to happen after almost six months' worth of due diligence and discussion, according to these people. One person said that the companies could decide to stop official negotiations as early as next month. Following the report,...

Mining

Japan Q2 aluminium prices hit an 11-year high due to Mideast supply concerns

Four sources said that the Middle East conflict had tightened the supply of aluminium. As a result, Japanese aluminium buyers paid a premium between $350 and $353 per metric ton, the highest in 11 years. Japan is the largest Asian importer and the premiums it pays for metals shipped each quarter above the London Metal Exchange cash price (LME) serve as a regional benchmark. The new rate is 79%-81% higher than the $195 premium paid during the January-March period. This marks the second consecutive quarterly increase, and the highest level since April-June 2015. Global producers offered Japanese buyers a premium...

Mining

Copper prices ease as increasing inventories overshadow Mideast ceasefire hope

Prices of copper fell 'on Thursday due to rising stocks, and the waning appetite for the metal by top consumer China after a short dip in purchasing. Investors were waiting on clarity regarding the possibility of a 'ceasefire' in the Middle East. Benchmark three-month Copper on the London Metal Exchange fell by 1.21% at $12,173 a metric ton as of 0711 GMT. The previous day's support came from a weaker dollar. The Shanghai Futures Exchange's most traded copper contract, which had reached its highest level since March 19, at 96.590 yuan per ton ($13,991.05), ended the daytime trading session up...

Mining

BHP's Jimblebar Iron Ore Stocks in China Hit Near Two-Month Low After Ban Reprieve, Traders Say

According to traders, inventories of BHP's Jimblebar Fines, a kind of?iron ore?, in some Chinese ports?slid down to a two-month-low after steelmakers?rushed to get delivery?during an one-week?ban?reprieve. Four traders familiar with the matter stated that Jimblebar stocks in 15 major Chinese ports dropped 6% from one week to another, reaching 8.9 million tonnes on March 24. This is the lowest level seen since late January. One of the traders stated that this is the steepest weekly drop since March 2025. Sources requested anonymity because they were not authorized to speak with the media. China Mineral Resources Group, the state-run buyer...

Environment

Iron ore is a major concern for supply disruption in Australia

Iron ore futures were higher on Thursday due to a concern over the supply of iron ore from Australia, following the closure of key ports in the Pilbara region because of a cyclone. The most-traded May iron ore contract at China's Dalian Commodity Exchange rose 0.18%, to 817 Yuan ($118.40), per metric ton. As of 0711 GMT, the benchmark April iron ore traded on Singapore Exchange was trading at $107.35 per ton. The operator of the iron ore port said that the key ports were closed on Thursday due to a tropical storm which struck the resource-rich Pilbara region. Pilbara...

Mineral Resources

Indonesia's Agincourt claims it can resume its operations at Martabe Gold Mine after the government lifts sanctions

Agincourt Resources, an Indonesian gold miner, announced 'on Thursday' that the 'environmental?ministry has given it permission to resume operations at their Martabe mine. The mine was closed after allegations of environmental violations. Agincourt is one of 28 companies whose permits have been revoked after the government claimed that the firm was responsible for the environmental damage which worsened the floods last year in Sumatra. At least 1,200 people were killed. Astra International is the parent company of Agincourt. Astra's largest shareholder is Jardine Matheson. Agincourt spokesperson Katarina Sibirian said, "The company welcomes the decision of the Environment Ministry relating to...

Mineral Resources

France is among the nations that are interested in Australia's critical minerals, says Australian Minister

France is one of the countries that will invest in critical Australian minerals projects, according to Australia's Resources Minister on Thursday. Canberra's framework agreement with the U.S. encourages nations with advanced manufacturing industries to secure access to supply. Australia is on a mission for the past four years to create an industry that will produce?minerals? like rare earths, which are essential to technologies in future such as electronics and defense. Countries want to diversify away from China as their dominant supplier. Australia signed agreements with Japan, South Korea and India as well as France, Germany, Britain, France and Germany for...

Mineral Resources

Rising inventories of copper outweigh Mideast ceasefire hope

After a brief dip in prices, copper prices fell on Thursday. This was due to rising'stocks' and weakening consumer demand, particularly in China, the world's largest consumer. Investors were also waiting for clarity about the possibility of ceasefire?in the Middle East. Benchmark 'three-month' copper on the London Metal Exchange dropped 1.17% to $13,177 per metric tonne by 0341 GMT, after finding some help from a weaker dollar the previous day. The Shanghai Futures Exchange's most traded copper contract was down by 0.03% to?95.160 yuan per ton ($13.789.31), after reaching its highest price since March 19, at 96.590?yuan. The red metal,...

Mineral Resources

Iron ore is a major concern for supply disruption in Australia

Iron ore futures rose Thursday on concerns about disruptions in Australian'supply due to ports being closed in the Pilbara area following a cyclone. As of 0226 GMT, the most-traded contract for?May?iron ore on China's Dalian Commodity Exchange was trading 0.31% higher. It cost 818 yuan (US$118.45) per metric ton. The benchmark April Iron Ore on the Singapore Exchange rose by 2.15% to $107.45 per tonne. Pilbara Ports announced on Thursday that the ports at Ashburton and Cape Preston West were closed due to Tropical Cyclone Narelle. This has led to concerns about iron ore supplies from Australia, which is the...

Mineral Resources

Sources say that the sale of Jindal Steel to Thyssenkrupp has been stalled over pension and energy costs.

Four?people with knowledge of the matter have said that discussions about a possible sale of Thyssenkrupp Steel Europe to Jindal Steel International may be called off because of differences regarding pension liabilities, energy costs and investments. Despite the fact that?talks are still ongoing over a possible sale of 'Thyssenkrupp - Steel Europe (TKSE), and an agreement could still be reached, a deal now seems less likely. One person said that the companies may decide to stop official negotiations as early as next month. Thyssenkrupp tried to sell TKSE'several times over the last decades. If TKSE is not sold, it would...