Asia / Pacific

Iraq's Prime Minister will visit Washington, D.C. on Monday to strengthen strategic ties. Oil and gas deals are expected to be signed as part of an broader push towards economic, trade, and investment cooperation. Iraq is trying to maintain a balance between its relations with Iran, its neighbour, and the U.S. Haider al Aboudi, a government spokesperson, said that the agreements will include memorandums?of understanding in the oil and natural gas sector. Iraq is preparing to bring in various U.S. firms to provide a boost to oil production. Al-Aboudi of Iraq's State News Agency said that the planned oil and...

Sheikh Hamad Bin Khalifa al-Thani died aged 74. He was a moderniser and a powerful leader who took power in 1995, but broke tradition by handing it over to his son, 18 years later. The Amiri Diwan in Qatar, Qatar's top government body, announced on Sunday that Sheikh Hamad died. The cause of death was not mentioned. It did not mention?the cause of his death. Sheikh Hamad presided in one of the most significant periods of history of the country, driving a fast transformation of the small desert state, which reshaped the economy, global status and political ambition. He was...

The nation's Amiri Diwan (its top government body) announced on Sunday that Qatar's former emir had died at the age of 74. Sheikh Hamad bin Khalifa Al Thani, Qatar's former ruler from 1995 until 2013, abdicated to his son Sheikh Tamim. Sheikh Tamim is now the current leader of this gas-rich Gulf nation. The Amiri Diwan has announced the death of HH Father Amir Sheikh Hamad Bin Khalifa Al-Thani. The Diwan stated that Allah would have mercy on him and give him the best reward possible for his achievements for 'his homeland and nation. Sheikh Hamad has raised Qatar's profile...

The semi-official YJC Iranian news agency, citing a local source, reported that a fire which broke out on Friday?at 'the Oxin Palayesh'mini-refinery' in Iran's western Lorestan Province has been put out. YJC quoted the safety manager at Lorestan Industrial Estates Company as saying that the fire was contained to a 'barrel of waste oil' and 'didn’t spread to refinery facilities or storing tanks. Iranian state media reported earlier that a fire had broken out just after 5 pm local time, sending a thick smoke column over Poldokhtar. Firefighters initially struggled to contain the blaze due to its 'intensity' and presence...

The local RFE/RL branch reported that Tajikistan has 60 days worth of fuel reserves. It is also in discussions with nearby countries to secure future supplies. This comes amid acute fuel shortages in Russia, a major trading partner. Radio Ozodi quoted the minister Daler Juma as saying "The export of some types?of petroleum products is still continuing from Russia to Tajikistan." At the same time, some difficulties continue. The broadcaster quoted the minister as saying that Tajikistan worked with Kazakhstan, Turkmenistan and Iran to ensure it had the fuel it needed. Tajikistan is a small country with a population of...

China said on Friday that it would increase cooperation with Namibia, particularly in the energy, agriculture, infrastructure and minerals sectors. This was during talks between Chinese President Xi Jinping and Namibian president Netumbo Nandi Ndaitwah, which took place?in Beijing. Nandi-Ndaitwah is on a 7-day trip to China, since Sunday. He's seeking investment from China, the second-largest country in the world and the top lender. The goal of the trip is to implement the election promises to create jobs and diversify Namibia's economy. "In Namibia we affirm an unwavering commitment (to) this longstanding friendship" between Namibia and China, said Nandi Ndaitwah....

The International Energy Agency (IEA) lowered its estimate on Friday to reflect the fact that Russian oil production will decline by 3% this year to 8.9m barrels per day due to Ukrainian drone attacks against 'energy infrastructure. Ukraine has intensified drone attacks on Russian energy installations, including oil refineries. The aim is to stop Moscow's war effort. The Paris-based agency stated in its monthly outlook that "continued strikes against refineries, storage and transport facilities have weakened the production outlook. We have therefore cut our Russian Supply Outlook for this year and next by 85,000 barrels a day and 150,000 bpd,...

Bloomberg News reported that SoftBank 'Corp and mobile payment operator PayPay were?in discussions to invest in retail juggernaut Seven & i Holdings. Bloomberg reported that the investment is likely to 'total several hundred billion yen.' Sumitomo Mitsui Card - a division of Sumitomo Mitsui Financial Group - may also be a shareholder. Could not verify the report immediately. SoftBank, Seven & i PayPay, SMFG and SMFG declined comment. Seven & i operates 7-11 stores around the world, with Japan and America as its two largest markets. The investment would be a great boost to the embattled 'Seven & i', who...

India's Oil?and?Natural?Gas Corp. will build a 1,75 million metric tons (about 13,000,000 barrels) strategic petroleum reserve at Mangalore, in southern India. The company announced this in a late-night stock exchange filing on Thursday. India, which is the third largest oil consumer and importer in the world, was severely affected by the blockade imposed on the Strait of Hormuz - during the Iran War. Around a fifth (25%) of all energy in the world passes through this?waterway. India has increased its energy cooperation, with countries such as the United Arab Emirates, Japan and others, in order to strengthen its emergency stockpile....

The oil price fell on 'Friday, but remained on course for a weekly gain as renewed U.S. - Iran fighting disrupted shipping through the Strait of Hormuz. This stoked concerns about supply disruptions. Brent futures fell 68 cents or 0.9% to $75.62 per barrel at 0817 GMT. U.S. West Texas Intermediate crude (WTI), which is a blend of U.S. and Canadian crudes, fell 64 cents or 0.9% to $71.44. Brent was expected to gain about 5% this week and WTI would increase by about 4%. Vandana Hari, an analyst at Vanda Insights who provides oil market analyses, said that although...

The International Energy Agency said that the recent escalation of hostilities between the U.S., and 'Iran, could change its 'forecast of an 'important oi l market surplus next year. The global oil market received some relief last'month, as a peace deal between the U.S.A. and the 'Iran opened the Strait. Its closure had effectively cut off 'as much as 14 million barrels of crude oil per day during the height of the biggest oil supply crisis ever. The agency reported that global oil production rose by 4.1 mbpd in June but was still 9.4 mbpd lower than pre-war levels. The...

Local officials said that a drone strike caused the fire at the Ilsky oil refinery in southern Krasnodar, and authorities in Taganrog evacuated residents after another strike. The authorities reported that preliminary information indicated no injuries. In recent months, Ukraine has intensified its attacks on 'Russia's energy infrastructure and other infrastructure to undermine Moscow’s war effort. The Ilsky refinery with its capacity of?around 138,000 barrels per day has been attacked before. Fuel shortages and price increases across Russia are a result of the attacks on oil refineries. Yury Slyusar, the Governor of Rostov, said on Telegram that fires are being...

The price of copper fell on Monday as the fighting between the U.S., Iran and other countries intensified.?Tehran announced that it had once again closed the Strait of Hormuz, a vital energy corridor. Benchmark three-month Copper on the?London Metal Exchange fell 0.72% to $13,387 per metric tonne by 0300 GMT. Shanghai Futures Exchange's most traded copper contract lost 0.75% to 103,030 Yuan per metric ton. The U.S. forces and Iranian forces traded heavy drone and missile assaults at the weekend. This 'diminished risk appetite' and reignited fears that higher inflation and energy prices could prompt policymakers to raise interest rates...

Gold prices eased Friday, and were on track for a weekly decline. Higher oil prices linked to the Middle East conflict fueled inflation fears and raised expectations of tighter U.S. policy. By 2:10 pm EDT (1810 GMT), spot gold was down 0.4% at $4,103.23 an ounce. It had fallen 1.7% in the past week. U.S. Gold Futures for August were around 0.7% lower, at $4.113.70 an ounce. Bart Melek is global head of commodity strategies at TD Securities. He said that the major 'factor' here was the resumption of tensions between Iran and the U.S. Investors are not keen to...

Gold was down on Friday and set to lose a 'weekly loss' as concerns about the Federal Reserve tightening monetary policy were fueled by rising crude oil prices and tensions between Iran and the United States. By 1106 GMT, spot gold had fallen 0.4% to $4105.97 an ounce, a decline of about 1.6% over the past week. U.S. Gold Futures for August Delivery fell 0.6% to $4114.80 an ounce. Han Tan, Bybit's chief market analyst, said that spot prices "may again test $4,000 per ounce as a psychological support level should tensions escalate and oil prices extend their recovery." The...

Emirates Global Aluminium announced on Friday that its Al Taweelah refinery in Abu Dhabi had restarted the production of feedstock for aluminum smelting. The restart has raised expectations of a faster than expected recovery in aluminium production, after disruptions caused by war with Iran. It also added pressure on benchmark prices for aluminum at the London Metal Exchange. The contract was last down 1.5%, at $3.152 per metric ton. In early July, EGA announced that it would restore production at the Al Taweelah Complex earlier than expected, although hot metal production could take up to one year to return to...

Gold?edged down on Friday - and was on course for a 'weekly drop, on fears that escalating U.S. - Iran tensions would fuel inflation. This could keep the Federal Reserve hawkish in its monetary policy. Gold spot fell by 0.2%, to $4.113.02 an ounce at 0735 GMT. It was on track for a weekly drop of 1.5%. U.S. Gold Futures for August?delivery fell 0.4% to $4121.90. Tim Waterer is the chief analyst at KCM Trade. He said that gold was in consolidation mode after yesterday's gains. Traders were hesitant to commit to further upward movement due to the uncertainty surrounding...

Copper prices were flat on Friday as fears faded of an economic hit and a drop in metal demand due to a spate of tit for tat attacks between the U.S.?and Iran. The benchmark three-month copper price on the London Metal Exchange was?largely steady, with a drop of only 0.01% at $13,487.5 per metric ton as of 0700 GMT. The red metal prices are now close to the levels they were at the beginning of the week. This is the culmination of a few volatile days, during which fears about a new round in the conflict between the U.S. Prices...

Gold prices rose on Friday as the dollar weakened, but were on course for a weekly decline on fears that the escalating tensions between the U.S. and Iran could fuel inflation. This would keep the U.S. Federal Reserve in a hawkish policy direction. As of 0303 GMT spot gold was up by 0.2%, at $4,128,92 per ounce. It is heading for a weekly decline of over 1%. U.S. Gold Futures for August Delivery were unchanged at $4,139.50. Dollars were at their lowest level in a week, which made greenbacks priced bullion more accessible to holders of other currencies. Tim Waterer...

The Iran War has caused a supply shock that is reviving the old Western aluminum smelters. Magnitude 7 Metals in the U.S. is reactivating its New Madrid smelter located in Missouri. Over the Atlantic, Norwegian producer Hydro announced the partial restart of the Slovalco joint-venture smelter. The two plants were idled due to low aluminum prices and a spike in energy prices that followed the Russian invasion of Ukraine. Washington and Brussels are both desperate to reduce their reliance on an import of a metal used in a wide range of industries. The return of these zombies smelters will not...

The dollar, which had recently surged, was stabled and copper rebounded on Thursday as the market looked beyond the escalation of Gulf hostilities. Benchmark three-month copper on the London Metal Exchange was up 1.62% to $13,379 per metric ton at 0700 GMT. The Shanghai Futures Exchange's most traded copper contract rose 0.16%, to 103.160 yuan (15,182.65) per ton. This was a slight improvement from the earlier drop of 1.32%. Although the copper market is still watching Middle East conflict developments closely, investors have "tended to price in an expectation that any escalated tensions will be brief and a solution?will be...

Iron ore prices were range bound on Thursday as investors weighed the potential supply risks arising from a strike threat by some BHP iron ore employees against a seasonally weakened demand in China, the world's largest consumer. As of 0304 GMT, the most-traded contract for?iron?ore on China's Dalian Commodity Exchange increased 0.27% from 745.5 Yuan ($109.66), a metric tonne. As of 0254 GMT, the benchmark August iron ore contract on Singapore Exchange fell 0.18% to $98.85 per ton. BHP's Port Hedland Iron?ore operation in Western Australia may see hundreds of workers walk off their jobs next week. This would be...

Gold prices fell more than 1% after the?U.S. Donald Trump declared that the interim peace agreement with Iran is "over", which sent oil prices soaring and revived fears of inflation. Gold spot fell by 1.4% at 1027 GMT to $4,049.92 an ounce, its lowest price since July 2. U.S. gold futures for August delivered fell 2.3% to $4.059.80/oz. Oil prices rose by more than 6% following a statement from?Trump that the Memorandum of Understanding signed with Iran in June to end their four month conflict was "over", and that he did not want to engage Tehran. UBS analyst Giovanni Staunovo...

India's import restrictions have caused shortages on the world's largest market for precious metals, driving premiums up to their highest levels in six months despite a weaker than usual demand. India's lower imports, which meet more than 80% its silver demand by purchasing it overseas, could have a negative impact on the global price of silver, as well as help narrow its trade deficit and reduce pressure on its currency, the rupee. Chirag Thakkar, the chief executive officer of Amrapali Group Gujarat - a major silver importer - said that "Silver Imports are almost at a standstill, creating a severe...