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Fossil Fuels

Fossil Fuels

The ethics committee of the Norway Fund reviews Israeli bank stakes in West Bank settlement loans

The ethics watchdog of Norway's $1.9 trillion fund is reviewing the practice by Israeli banks to underwrite Israeli settlers' commitments to build houses in the occupied West Bank. This review could lead up $500 million in divestments. The Council on Ethics (a public body established by the Ministry of Finance) has decided to not object to the Fund’s investments in platforms like Airbnb, which offer rentals in Jewish settlements. The Norwegian parliament has set ethical guidelines for the companies in the portfolios of the largest wealth fund in the world. Svein Brandtzaeg, the Council's head in an interview on May...

Oil & Gas Refining

BP invests in Azerbaijan Caspian projects

BP announced on Tuesday that the owners of the Shah Deniz field in the Azeri-Caspian Sea, led by BP, have made a decision to invest $2.9billion on increasing the output from the project. Shah Deniz produced more than 4,000,000 tonnes of condensate last year. This is equivalent to around 35,000,000 barrels of gas, according to BP. Other owners include Russia's LUKOIL and Turkey's TPAO. Azerbaijan SGC, NICO, and Hungary MVM are also involved. Shah Deniz's expansion project aims to increase production by approximately 25 million barrels and 50 billion cubic meters (bcm). BP, after a failed foray in renewables that...

Fossil Fuels

Vietnam firms sign MoUs for the purchase of $2 billion worth of US farm products

The Agriculture Ministry announced on Tuesday that Vietnamese firms would sign memorandums with U.S. counterparts to purchase $2 billion of American farm products. This is part of the efforts to seal a trade agreement between the two nations. The Trump administration has imposed "reciprocal tariffs" of 46% on Vietnam. The tariffs have been suspended until July but if they are implemented, they could severely undermine a model of growth that relies on the exports to its largest market, the United States. The agriculture ministry announced that the new deals were signed by 50 Vietnamese companies, led by Agriculture Minister Do...

Oil & Gas

PMI data shows that growth in Saudi Arabia's private non-oil sector accelerated in May.

A survey released on Tuesday showed that the expansion of Saudi Arabia's private non-oil sector activity accelerated in May. This was due to an increase in new orders and a boost in business confidence. The seasonally-adjusted Riyad Bank Saudi Arabia Purchasing Managers' Index rose from 55.6 to 55.8 by May, firmly in the growth zone even though it is still below the peak level of 60.5 at the start of the year. In May, new order volumes recovered strongly from an eight-month low reached in April. This was due to a combination of increased demand, a strong sales performance and...

Oil & Gas

Financial Times - 6th June

These are the most popular stories from the Financial Times. These stories have not been verified and we cannot vouch their accuracy. Headlines Defence Review: UK Must Spend 68 Billion Pounds to Modernise Military EU limits Chinese medical devices in a new trade dispute Saudi Aramco sells bonds worth $5 billion to combat lower oil prices Merck has held talks with Swiss biotech MoonLake to purchase it for more than $3bn Uber re-appoints Khosrowshahi as chief operating officer, easing his grip View the full article A long-awaited review of Britain's strategic defence suggests that the country will have to spend...

Fossil Fuels

Russian seaborne diesel exports rise in May, data shows

According to LSEG and market sources, the increase in fuel production led to a rise in Russia's seaborne gasoil and diesel exports during May. Calculations based on data from the industry suggest that Russia's idled diesel production capacity is expected to be down 8.1% in May compared to April, to 1.6 millions metric tons, or 52,700 tonnes per day (around 392 088 barrels per day). The increase in fuel production and exports is a result of the lower idle production. Calculations based on data from LSEG, and other market sources, showed that diesel and gasoil exported from Russian ports in...

Fossil Fuels

OPEC+'s crude production hike comes amid tepid Asian demand for oil: Russell

The crude oil markets pay attention to what OPEC+ has to say, but less so to what they actually do when it comes down to supplying the world's biggest commodity. Eight members of a wider group who had implemented voluntary production reductions met over the weekend to decide on a rise in output of 411,000 barrels per daily (bpd) for July, which would be the third consecutive month of this increase. Saudi Arabia, Russia, and the United Arab Emirates will each receive more than half the increase in production. There are still two questions to be answered. Will the eight...

Fossil Fuels

Rosneft, a Russian oil company, says its Q1 net income was $2.2 billion less than a half-year ago.

Rosneft, Russia's biggest oil producer, reported a net profit Friday of 170 billion Russian roubles (2.19 billion dollars). This is less than half the level from a year ago due to higher interest rates, sanctions, and a stronger ruble. Igor Sechin has been a staunch ally of Vladimir Putin and Rosneft CEO Igor Sechin. He has often criticised the Russian central bank's tight monetary policies. Since October, the central bank has maintained its key rate at 21% as it has fought against persistently high inflation. The rate has increased since the early 2000s when Russia was still recovering after the...

Fossil Fuels

Attorney General: Three suspects arrested for raiding Libya's oil company

The Attorney General of Libya said that three suspects were detained after allegedly storming Tripoli's state oil company's headquarters. This comes a day before the rival government to the east had threatened to declare force majeure for oil fields and ports due to the assaults. The National Oil Corporation is based in Tripoli under the control of the internationally-recognized Government of National Unity. Although the parallel government in Benghazi, in the east, is not recognised internationally by the international community the majority of oilfields are controlled by Khalifa haftar. The NOC denied that its corporate headquarters were stormed. It called...

Electric Utilities

NextDecade: JERA signs 20-year LNG Supply Deal

NextDecade, a U.S. producer of liquefied gas, announced on Thursday that it had signed a deal for supplying Japan's largest power generator JERA 2 million tonnes of LNG per year from the fifth liquefaction plant in its Rio Grande Project. Early trading saw NextDecade shares up 5.5% to $8.11. The United States will be the largest LNG exporter in the world in 2024. It is expected to ship 11.9 billion cubic foot per day. This has been boosted by President Donald Trump lifting a moratorium in January on new export licenses. NextDecade’s deal with JERA - Japan's largest LNG buyer...

Fossil Fuels

Sources say that China, facing a declining coal demand, has asked power plants to simply buy more coal.

Sources with knowledge on the matter say that China is urging its coal-fired plants to stockpile the fuel more and import less to try to stabilize domestic prices. However, traders are skeptical the measures will stop the slide. After a massive increase in production following shortages and blackouts, the coal industry in China is facing rising stocks of the fuel. Sources said that to support the miners who are facing a decline in profits, the state planner asked power plants prioritise the domestic coal, and increase thermal stockpiles of coal by 10%. The overall target was 215 million metric tonnes...

Oil & Gas

U.S. criticizes Russia for inflaming WW3 fears following Trump's "playing with Fire" remark

Keith Kellogg - the envoy of U.S. president Donald Trump - scolded on Wednesday, a Russian official, for inciting fears of a third world war after Trump warned that President Vladimir Putin "played with fire" regarding Ukraine. Trump warned that Russia would have suffered "REALLY BAD things" if not for Trump's post on Truth Social. What Vladimir Putin does not realize is that without me, a lot of bad things, and I do mean BAD, would have happened in Russia. Trump stated in a Truth Social posting on Tuesday that "He's playing with flames." Former president Dmitry Medvedev dismissed Trump's...

Crude Oil

Crude Oil

Dollar slips, shares cautious as trade concerns persist

Asia shares were slightly higher in Asia on Tuesday, while the dollar dropped to a six week low. Investors turned defensive as the erratic U.S. policies clouded the market sentiment. White House Press Secretary Karoline Laavitt announced on Monday that U.S. president Donald Trump and Chinese President Xi Jinping would likely speak this week. This comes after Trump had accused Beijing of breaking an agreement to reduce tariffs and trade barriers. Markets will closely monitor the call between the leaders, as tensions in trade between the world's largest economies continue to simmer due to tariffs. Monday's data showed that U.S....

Crude Oil

OPEC+'s crude production hike comes amid tepid Asian demand for oil: Russell

The crude oil markets pay attention to what OPEC+ has to say, but less so to what they actually do when it comes down to the supply of this world-famous commodity. Eight members of a wider group who had implemented voluntary production reductions met over the weekend to decide on a rise in output of 411,000 barrels per daily (bpd) for July, which would be the third consecutive month of this increase. Saudi Arabia, Russia, and the United Arab Emirates will each receive more than half the increase in production. There are still two questions to be answered. Will the...

Crude Oil

ADNOC reduces Murban export forecast from August 2025 through May 2026

The company stated that Abu Dhabi National Oil Co. (ADNOC), has reduced its monthly forecast for Murban oil from August until next May in order to increase the processing at its refinery. ADNOC's August export forecast for the light Murban grade is 1.705 millions barrels per day, according to a report published by the company on Saturday. This is 65,000 bpd less than the previous forecast of 1.77 million. ADNOC has also reduced the forecast from September 2025 through May 2026, by between 100,000 and 177,000 bpd. However, forecast volumes for July and June 2025 remain unchanged. In the report,...

Mining

Mineral Resources

Mineral Resources

Dollar gains drive gold prices down as investors remain cautious

The gold price fell on Tuesday, after reaching a high of four weeks earlier in the day. A slight rise in the dollar, and investors' profit-taking, added to the pressure. Gold spot fell 0.5% at 0842 GMT to $3,361.26 per ounce, after reaching its highest level since May 8 earlier in session. U.S. Gold Futures fell 0.3% to $3386.20. Gold costs more for foreign buyers as the dollar rose slightly from its over-a-month-low earlier in session. Ole Hansen is the head of commodity strategy for Saxo Bank. He said, "This move in gold (is boosted by a lower dollar) and...

Mineral Resources

RBA minutes and Australian main index lead to rate-cut bets

Banks helped to boost Australian shares on Tuesday as investors' expectations of further rate reductions were boosted after minutes of the May central bank meeting revealed that it considered a large cut. S&P/ASX 200 rose 0.6% at the close of trading to 8,466.70. The benchmark index is still a few points short of the 8,500-point psychologically significant level last seen in mid February. The minutes of the Reserve Bank of Australia (RBA), May meeting revealed that policymakers considered a 50-basis-point cut as "insurance" against trade risks. The RBA Watch tool says that this marks a change in tone for the...

Mineral Resources

China's data weakens and iron ore falls to a 2-month low in response to Trump's tariff increase plan

Tuesday, iron ore futures dropped to their lowest level in almost two months due to fears about demand sparked by President Donald Trump’s plan to double the tariffs on imports of steel and weak factory data from China, the top consumer. The September contract for iron ore on China's Dalian Commodity Exchange ended the daytime trading 1.14% lower, at 695.5 Yuan ($96.69). Early in the session, the contract reached its lowest level since April 10, at 690.5 Yuan per ton. As of 0700 GMT the benchmark July iron ore traded on the Singapore Exchange was down 1.13% at $94.15 per...

Mineral Resources

London copper prices remain unchanged; concerns about tariffs resurface

Investors weighed the impact of a weaker dollar and resurgent concerns about possible tariffs against the support provided by declining inventories. The London Metal Exchange's three-month copper fell 0.29%, to $9.589 per metric tonne at 0105 GMT. The dollar index, which measures six major currencies against the U.S. dollar, has fallen to its lowest level since late April. A softer dollar makes greenback-denominated assets more affordable to holders of other currencies. On Friday, U.S. president Donald Trump announced that he would double import tariffs for aluminum and steel, increasing them to 50%, effective on Wednesday. This renewed concerns over potential...

Mineral Resources

Trump's tariffs on steel and aluminum are a reality

U.S. president Donald Trump intends to double tariffs for steel and aluminum imports from Wednesday to 50%, increasing pressure on global producers of steel and intensifying his trade war. Why is Trump doubling tariffs? Trump wants to encourage and support investment in the domestic production of aluminum and steel, two essential materials for construction. Aluminium is used in transport and packaging. These tariffs are already causing higher prices for consumers of steel and aluminum, as well as a decline in manufacturing. Meanwhile, the hurdles, such higher electricity prices, are very high. About a quarter (25%) of the steel used in...

Mineral Resources

Goldman Sachs raises its second-half 2025 aluminum forecast to $2.280/t

Goldman Sachs raised its forecast of aluminium prices for the second half 2025 from $140 per metric tonne to $2,280, citing smaller than expected surpluses on the market. However, they expect prices to fall in early 2026. The bank stated that the impact of trade wars on global activity was less than expected. This led it to increase its global aluminium growth forecast for 2025 from 1.1% to 1.8%. Donald Trump, the U.S. president, announced on Friday that he would increase import tariffs from 25% to 50%. Around half of the aluminium used for packaging, construction and transport in the...

Mineral Resources

US copper futures rise as tariff fears loom

U.S. Copper Futures soared by nearly 6% Monday, increasing their premium over London Prices amid growing speculation about new import tariffs after President Donald Trump’s latest aluminum trade measures. Trump announced on Friday that he would increase the tariffs on steel and aluminum imports to 50%, up from 25%. U.S. Comex Copper Futures rose 5.7% to $4.9175 a pound. This is the highest price since April 3. The benchmark three-month copper price on the London Metal Exchange rose by 1.1% at $9,597.50 a metric ton as of 0944 GMT. The COMEX premium over the LME, a global benchmark price, has...

Mineral Resources

Source: India's largest miner changes from global index to local pricing for iron ore

A source with first-hand knowledge of the situation said that India's largest iron ore producer NMDC was testing a new formula to price its products in order to protect its profits from global benchmarks. NMDC (the state-run company that sells its iron ore locally) releases monthly prices of iron ore based on inventories, international price and domestic market dynamics. Source refusing to identify themselves as the plan has not been made public, said that the company intends to launch its new formula following initial trials. The source continued, "We are making baby steps." Source: The new formula won't link prices...

Mineral Resources

Wall Street Journal, June 2,

These are the most popular stories from the Wall Street Journal. These stories have not been verified and we cannot vouch for the accuracy of these stories. Six people were injured in Boulder, Colorado on Sunday afternoon. The FBI is investigating the incident as an act against a group that advocates the release of Gaza hostages. Australian investment manager Washington H. Soul Pattinson, and building products maker Brickworks have agreed to merge their companies into one worth $9 billion. This will cement a formal partnership that dates back almost 60 years. Palestinian health officials said that more than 20 Gazans...

Mineral Resources

Gold prices rise as tariff worries boost demand for safe-havens

Gold prices rose on Monday, as investors sought refuge in gold bullion due to the escalation of the Russian conflict in Ukraine and President Donald Trump’s threat to double tariffs against imported steel and aluminium. As of 0204 GMT, spot gold rose 0.5% to $3,305.85 per ounce. U.S. Gold Futures increased 0.4% to $3329.80. Tim Waterer is the chief market analyst for KCM Trade. Gold is being supported by a drop in the dollar and a decline in risk assets. Trump announced on Friday his intention to increase tariffs on steel and aluminum imports to 50%, up from 25%. The...

Mineral Resources

Treasury's Bessent: Trump and Xi are likely to discuss the minerals dispute soon

U.S. Treasury Sec. Bessent believes that President Donald Trump will be speaking with Chinese President Xi Jinping soon about trade issues, including a dispute regarding critical minerals. Donald Trump accused China on Friday of violating a bilateral agreement to reduce tariffs and trade barriers for vital minerals. "What China does is that they hold back products which are essential to the industrial supply chain of India and Europe." Bessent told CBS' "Face the Nation" on Sunday that this is not the behavior of a reliable partner. "I'm confident that President Trump and Party Chairperson Xi will have a conversation, which...

Mineral Resources

The death toll from the Indonesia quarry collapse is now 17.

The search and rescue agency Basarnas announced that Indonesian authorities would continue their search on Sunday for the eight people who are trapped in the rock collapse of a West Java quarry, where 17 have died, with six others injured. In a late-night statement, the agency stated that the toll reported by victims' families is only provisional. West Java Governor Dedi Mullyadi wrote on Instagram that the site of the Friday's collapse is dangerous, and "doesn't meet safety standards for employees". In a press release, the Energy and Mineral Resources Ministry stated that it would investigate the cause and assess...