Asia / Pacific








Energy Markets

Fossil Fuels

Oil Refineries

Sources say that Asia is increasing its imports of US WTI oil as Middle East prices increase.

Trade sources say that Asia will increase imports of U.S. West Texas intermediate crude in the fourth-quarter after Middle East oil price increased and opened arbitrage window. They said that the price gap between light-sweet U.S.WTI oil and Middle East crude benchmarks Dubai & Murban has narrowed this month due to strong demand in Asia for high-sulphur oils. WTI's Arbitrage to Asia has been open for the last week for cargoes that arrive in early November. This was stated by June Goh, senior analyst at Sparta Commodities. Sources said that U.S. oil producer Occidental sold WTI crude to Japanese refiner...

Oil & Gas

California imports Saudi Arabian gas for the first time since 2022

Data from oil analytics company Kpler revealed that fuel importers in California received gasoline from Saudi Arabia’s Jubail industrial port after maintenance at India's world's biggest refinery helped to open up the rare arbitrage. Kpler reports that three gasoline shipments, totaling 886,000 barrels, from Saudi Arabia's Jubail industrial port have been discharged at Southern California's Olympus terminals in the last few months. California hadn't imported fuel from Saudi Arabia since the year 2022. In 2025, about 40% of the gasoline imported by the terminal came from Jamnagar. This was because Jamnagar had a maintenance shutdown in April. Yui Torikata, Kpler's...

Oil & Gas

Pirelli reduces revenue forecast for 2025 due to currency impact

Pirelli, the Italian tire manufacturer, lowered its revenue forecast for 2025 on Thursday as a result of expected adverse currency movements. The company has lowered its target to an estimated range of 6.7-6.8 million euros ($7.66-7.78 million) compared to its previous target of 6.8-7.0 millions euros. Pirelli reported that currency fluctuations caused a 2.9% loss in revenue compared to the first half of last year due to the weakening of the U.S. Dollar and the volatility of currencies of emerging countries against the euro. The firm has confirmed that it aims to achieve a margin of adjusted EBIT around 16...

Fossil Fuels

Coal India's profit drops due to weak power demand

Coal India (which produces about 80% the coal in India) reported a decline in quarterly profits on Thursday, as shipment volumes and price fell amid weak demand for electricity. The company's net profit for the first quarter of 2018 fell 20% on an annual basis to 87.43 trillion rupees (998 million dollars). Revenue from operations fell 4.4% to 358,42 billion rupees. In the first half 2025, coal-fired electricity generation in India declined by almost 3%. Meanwhile, overall power output growth declined by 1.5% as a milder summer -- driven by earlier-than-expected monsoon showers -- reduced demand for coal. Coal India’s...

Oil & Gas

Covestro sticks with ADNOC timeline despite sales falling short of expectations

Covestro, a German chemicals manufacturer, missed its second-quarter sales targets on Thursday due to the impact of U.S. tariffs on prices. However, it expressed confidence that ADNOC's acquisition by Abu Dhabi would still be completed this year in spite of an EU investigation into competition. Covestro's products include foam chemicals that are used in mattresses, car seat and building insulation. The prospect of higher tariffs in the U.S. led to an oversupply in the U.S. market, especially from Asia-Pacific, which then caused a large drop in price. The company's revenue fell by 8.4% in April-June to $3.86 billion, falling short...

Renewable Energy

GCL reports that top Chinese polysilicon companies plan to close a third their production capacity and set OPEC style output quotas.

GCL Technology Holdings, which is a Chinese producer of polysilicon (a building block used in solar panels), said that they are in discussions to create a fund of 50 billion yuan (7 billion dollars) to buy and close down about a third production capacity, and to restructure a part of the sector that was losing money. On Thursday, the top polysilicon manufacturer announced that plans are being discussed for the acquisition and closure of at least 1,000,000 metric tons lower-quality polysilicon production capacity. Jun Zhu, GCL's director of investor relations, said: "It's like OPEC for the polysilicon industry. The central...

Fossil Fuels

Sources say that Asia is increasing its imports of US WTI oil as Middle East oil prices increase.

Trade sources say that Asia will increase imports of U.S. West Texas intermediate crude in the fourth-quarter after Middle East oil price increased and opened arbitrage window. They said that the price gap between light-sweet U.S.WTI oil and Middle East crude benchmarks Dubai & Murban has narrowed this month due to strong demand in Asia for high-sulfur oil. WTI's Arbitrage to Asia has been open for the last week for cargoes that arrive in early November. This was stated by June Goh, senior analyst at Sparta Commodities. Sources said that U.S. oil producer Occidental sold WTI crude to Japanese refiner...

Oil & Gas Equipment

ADNOC Drilling reports a 19% increase in profits on Services Strength

ADNOC Drilling, a division of Abu Dhabi’s state oil company, reported on Wednesday a 19% increase in the second quarter profit, supported by a strong performance in oilfield services and an expansion into unconventional drilling. According to the financial statement of the company, the net profit increased to $351 millions in the three-month period ending June 30 from $295million a year ago. Revenue increased by 28%, to $1.2 billion. ADNOC Drilling's CEO Abdulla Ateya Al Messabi said that the company had achieved "record financial results and operational results" as it continued to expand its fleet and provide oilfield services. Al...

Fossil Fuels

Earnings in the Gulf are below expectations.

Investors were watching global trade developments and the looming U.S. deadline for tariffs as they watched major Gulf stock markets in early trading on Wednesday. Investors have become more cautious since trade talks between China and the U.S. ended without a substantive agreement. The tariff policies of U.S. president Donald Trump continue to cause concern about global growth. Potential slowdowns in consumption and trade could threaten energy demand, and the fiscal security of Gulf economies that are dependent on oil. Saudi Arabia's benchmark stock index fell 0.1% due to a series of unbalanced earnings in key sectors. Halwani Brothers dropped...

Fossil Fuels

Australia's Viva Energy falls as new tobacco laws dent the first-half convenience sale

Shares of Viva Energy fell as much as 11 percent on Monday, after the Australian fuel retailer reported a decline in convenience sales in the first half due to new tobacco laws. The stock dropped up to 11.4%, to A$1.94, its lowest level since June 10 and set to suffer its largest single-day percentage decline since late February. The company stated that it expected its group-level earnings before interest taxes, depreciation and amortisation to be A$300 (A$195.4) million on a replacement costs basis. This is well below the A$452 reported a year earlier. Convenience sales fell 10% on an annual...

Refined Products

Panel of OPEC+ stresses the need to comply with all output limits

A panel of OPEC+ members on Monday emphasized the importance of full compliance with oil production agreements, in advance of Sunday's separate meeting of eight OPEC+ member countries to decide whether or not to increase oil output for September. Online, the Joint Ministerial Monitoring Committee (JMMC), which is composed of top energy ministers of the Organization of the Petroleum Exporting Countries, as well as their allies, led by Russia convened for a brief discussion. The JMMC is a two-monthly meeting that has the authority to call a full OPEC+ meeting to discuss market developments if necessary. In a press release...

LNG

Medvedev accuses the EU-US of being 'anti-Russian" over possible fallouts for Russian oil

Dmitry Medvedev, the former Russian president, said that the framework agreement between the European Union (EU) and the United States is "anti-Russian", comparing it to a ban de facto on the purchase of Russian oil and natural gas. On Sunday, the U.S. and the EU reached a deal that imposes a 15% tariff on the majority of EU goods. Ursula von der Leyen said, in a subsequent statement, that the agreement will help the EU phase out Russian fossils fuels and replace them with American alternatives. The purchase of U.S. Energy Products will help to diversify Europe's supply sources and...

Crude Oil

Oil & Gas

RPT-Indian state refiners pause Russian oil purchases, sources say

Industry sources claim that Indian state refiners stopped buying Russian crude oil last week, as the discounts have narrowed in this month. Donald Trump has also warned other countries against purchasing oil from Moscow. India, which is the third largest oil importer in the world, is the top buyer of Russian crude by sea. This revenue stream for Russia, as it continues to wage war against Ukraine, has been vital for the country. Four sources familiar with the refiners’ plans to purchase Russian crude have told us that the country's state-owned refiners, Indian Oil Corp., Hindustan Petroleum Corp., Bharat Petroleum...

Crude Oil

Saudi Arabia's budget deficit falls to $9.21 billion due to oil and other revenues rising

Saudi Arabia's second-quarter budget deficit shrank to 34.534 billion Saudi riyals (9.21 billion dollars), a 41.1% decrease from the first quarter as revenues, including oil, rose. The ministry reported that oil income increased by 1.28%, reaching 151.734 billion Riyals. In the quarter from April to June, Saudi Arabia, the world's largest oil exporter, saw its total revenue rise by 14.4%, to 301.595 riyals. Of this, 149.861 riyals were derived from non-oil sectors, while spending on public services rose 4.28%, or 336.129 riyals, to be a quarterly increase of 4.28%. Data from the Joint Organizations Data Initiative showed that the kingdom's...

Oil & Gas Refining

EXCLUSIVE-Indian state refiners pause Russian oil purchases, sources say

Industry sources claim that Indian state refiners stopped buying Russian crude oil last week, as the discounts have narrowed in this month. Donald Trump has also warned other countries against purchasing oil from Moscow. India, which is the third largest oil importer in the world, is the top buyer of Russian crude by sea. This revenue stream for Russia, as it continues to wage war against Ukraine, has been vital for the country. Four sources familiar with the refiners’ plans to purchase Russian crude have told us that the country's state-owned refiners, Indian Oil Corp., Hindustan Petroleum Corp., Bharat Petroleum...

Mining

Mineral Resources

Mineral Resources

President says that state-owned partnerships could take over the ports operated by CK Hutchison in Panama.

Panama's president Jose Raul Mulino stated on Thursday that public-private partnerships may take over two important ports near the Panama Canal if a court invalidates CK Hutchison's contract to operate them. CK Hutchison owns 90% of the local Panama Ports Company. This company had a 25 year concession to operate Balboa Port and Cristobal Port, which are located at the ends of the Canal. The concession was renewed in 2021. The contract is at the heart of a dispute after U.S. president Donald Trump threatened this year to take control of the waterway because China has influence over Panama's marine...

Mineral Resources

Judges ask if Trump tariffs authorized by emergency powers

On Thursday, U.S. appellate court judges questioned whether President Donald Trump’s tariffs could be justified by his emergency powers after a lower federal court ruled that he had exceeded his authority in imposing sweeping duties on imported goods. The U.S. Court of Appeals, Federal Circuit, in Washington, D.C., examines the legality of the "reciprocal tariffs" that Trump imposed against a wide range of U.S. trade partners in April, and tariffs imposed by Trump in February on China, Canada, and Mexico. Judges pressed Brett Shumate, the government's lawyer, to explain the International Emergency Economic Powers Act, a 1977 law that was...

Mineral Resources

What's the significance of Russia claiming to have captured the Ukrainian town Chasiv Yar?

After nearly 16 months, Russia claimed to have taken control of the devastated town of Chasiv Yar (in eastern Ukraine), an assertion that Kyiv branded "propaganda". Here are some key facts about Chasiv Yar (also known as Chasov Yar by Russians) and the long struggle for its control that began in March/April of 2024. What is chasive yar? Chasiv Yar, a quiet ravine with a population of over 12,000 before the war, is located in the industrial Donbas region in Ukraine's Donetsk Region, one of four areas that Moscow claims to have annexed by 2022. Kyiv has called this annexation...

Environment

BHP and Vale accused by UK law firm of 'cheating out' $1.7 billion in legal fees

BHP and Vale face a London suit from a law firm that represents hundreds of thousands people in relation to Brazil's worst environment disaster. The firm alleges the companies tried to cheat them out of legal fees through settlements. BHP stated that it would contest the allegations and reject them "in their entirety". Vale declined comment. Pogust Goodhead will demand 1.3 billion pounds ($1.7billion) in unpaid fees from BHP, the company that represents claimants in a case against BHP relating to the collapse of the Fundao Dam in Mariana in the southeast Brazil in 2015. In the case before London's...

Environment

Trump's scrap-copper quotas are too small to affect the market

Analysts say that proposed limits on U.S. copper scrap exports, which are intended to reduce the reliance on foreign production, will not have a significant impact as exports are already below the cap. Copper is an essential material for power generation, transmission and artificial intelligence industries. It can also be used in data centres and electric vehicles. The White House announced new tariffs on Wednesday. It said that it would require 25 percent of the high-quality scrap copper produced in the U.S.A., which is the largest scrap exporter in the world, to be sold domestically. This was done to increase...

Mineral Resources

India's TVS Motor beats its quarterly profit forecast and seeks alternative rare-earth materials

TVS Motors, India's largest electric two-wheeler manufacturer by sales, beat its quarterly profit expectations on Thursday due to strong local sales and exports. It also said that it would seek alternatives for rare-earth magnetic materials in light of China’s export ban. The company that also produces three-wheelers had previously flagged challenges with securing magnets which are crucial for electric motors. China, which is the largest producer of rare earth magnets in the world, implemented export restrictions in April. Some shipments have resumed to the U.S., Europe and other countries. However, Indian companies are still waiting for Beijing's approval. TVS will...

Coal

China's iron ore exports continue to rise as storm clouds gather, Russell

Iron ore is the best performing commodity this year, with a price of over $100 per metric ton. This is despite signs that China's steel industry has been slowing down. The Singapore Exchange's most traded iron ore contract ended Wednesday at $101.71 per ton, down from $102.74 at its previous close. The rolling front-month contracts have traded within a narrow range this year. A high of $107.81 per ton was reached on February 12, and a low $93.35 per ton was achieved on July 1. This stability is due to the fact that China imports 75% of all seaborne volumes....

Mineral Resources

U.S. Copper tumbles on news of tariffs, LME declines due to tepid Demand

The U.S. Copper prices fell the most in a single day on record, as investors scrambled for positions following a surprise decision by U.S. president Donald Trump to exempt widely traded refined metals from 50% import duties. Ed Meir, Marex analyst, said that the impact of Trump's announcement was "seismic". U.S. Comex September copper futures fell 22%, to $4.37 per lb or $9,681 per metric ton by 1130 GMT. They had reached a record high of $5.92 just a week earlier. After Trump announced in February that he was investigating copper tariffs, U.S. copper prices rose and large volumes of...

Mineral Resources

ArcelorMittal raises US tariff forecast to $150 mln

ArcelorMittal has increased its estimate of financial impact due to U.S. Tariffs. It now expects that they will reduce its core profits by $150 million in this year. This is more than the forecasted $100 million in February. Genuino Cristino, Genuino's finance chief, said that the world's second largest steelmaker will respond by increasing its manufacturing in America. Christino stated in an interview that the material we provide to the United States is of high value and cannot be replaced. "Our goal is to work closely with our customers to ensure that we can continue to provide, protect market shares...

Mineral Resources

Trump's Trade War: Major Developments

The tariffs imposed by Donald Trump since his inauguration on January 20, 2017 have sent shockwaves through financial markets, and uncertainty has spread throughout the global economy. This timeline shows the major events: Trump imposes tariffs of 25% on Mexican imports, 10% on Chinese goods and most Canadian imports. He demands that they reduce the flow of illegal immigrants and fentanyl into the U.S. Trump accepts a 30-day suspension of his threat to raise tariffs on Mexico and Canada, in exchange for concessions made on border security and criminal enforcement. The U.S. doesn't reach a similar deal with China. Trump...

Mineral Resources

Comex premium slashed by Trump's diluted copper tariffs

After President Donald Trump shocked the markets by reducing tariffs, the once-mighty premium that U.S. Copper enjoyed over global benchmarks swung into a discount. Trump announced on Wednesday that the United States will impose a tariff of 50% on copper pipes, wiring and other copper products. However, the measure fell short and excluded copper materials like ores, concentrates, and cathodes. The unexpected move brought down U.S. Copper prices by more than 20 percent on the Comex exchange, and slashed the premium that had been growing over the London benchmark in recent weeks. Shipments were diverted to the U.S. because they...

Mineral Resources

Iron ore falls to a two-week low due to weak China factory data

The iron ore futures price fell for the second consecutive session on Thursday, hitting their lowest level in two weeks as a result of weaker than expected July factory activity figures in China's top consumer. The September contract for iron ore on China's Dalian Commodity Exchange closed the daytime trading 2.38% lower, at 779 Yuan ($108.32), the lowest price since July 17. As of 0748 GMT on the Singapore Exchange, benchmark September iron ore fell by 1.83%, to $99.85 per ton. This is its lowest price since July 16. An official survey released on Thursday showed that China's manufacturing activity...