Asia / Pacific

Chevron's first-quarter earnings exceeded Wall Street expectations on Friday as higher oil prices related to the U.S./Israeli war against Iran helped boost its upstream business. According to LSEG data, the company reported adjusted 'earnings' of $1.41 per a share, which is well above the consensus 'estimate' of 95 cents. Despite the impressive beat, total profit was at its lowest in five years due partly to timing effects related to financial derivatives. Chevron’s largest business unit, the upstream segment, has generated $3.9 billion, an increase of 4% on a year-over-year basis as higher oil prices have led to increased revenues. Mike...

Residents of the Russian city of Tuapse were ordered to not drink the tap water on Thursday as the authorities dealt with the aftermath following the third Ukrainian drone strike on the oil refinery in the port. Since Tuesday, the area has been under a state-of-emergency after the attack caused a massive fire to break out at the oil refinery, which cut off production and released slicks into the Black Sea. The fire was out by Thursday morning. However, oil-stained beaches, polluted waterways and air in Tuapse show how the escalating Ukrainian attacks on Russian energy installations can have a...

Residents of Tuapse, a Russian port city, were told not to drink the tap water on Thursday. Schools remained closed as officials dealt with the aftermath following the third Ukrainian drone strike against its oil refinery in the last month. Since Tuesday, the area has been under a state of?emergency? after an attack caused a massive fire to break out at the facility. This cut off production, and released slicks o oil into the water off the Black Sea Coast. The fire was out by Thursday morning. However, oil-stained beaches, polluted waterways and air in Tuapse show just how painful...

Baoshan Iron & Steel Co, 'China's largest listed steelmaker said it would reevaluate a?investment into a steel joint venture? in Saudi Arabia. Baosteel and Saudi Aramco signed agreements to create a joint venture for the production of steel plates in Saudi Arabia in 2024. Baosteel will hold 50% of the joint venture, while Saudi Aramco (25%) and PIF (25%) each take 25%. At a recent earnings briefing, Baosteel chairman Zou Jixin said: "Given the current situation, we have become more cautious about our investment...we have already recalled 13 of the employees who were sent to Saudi Arabia earlier." Conflict began...

Krishna Srinivasan, IMF director for Asia Pacific, said that Asian countries need to prepare for future shocks while they deal with the energy crisis brought on by 'the Iran War'. Southeast Asian economies budgeted large sums of money to offset the price hikes and introduced energy-saving measures, such as work from home plans. Srinivasan warned against a massive increase in energy subsidies at a roundtable of media. He said that it is difficult to reverse generalised subsidies. Instead, countries should provide budget neutral fiscal support and maintain fiscal discipline. He said, "In other words, cut somewhere else to support those...

By America Hernandez PARIS, 30 April - French oil major TotalEnergies, and Philippine renewables developer Nextnorth, have announced that they have started construction on a 440 Megawatt-peak Solar Park in the Asian nation. The $300 million project is scheduled to be 'online' by the end of 2027 and will produce 1.2 Terawatt-hours over a period of?20 Years. The remaining half will go to the national grid in the fourth renewable tender round. Total, unlike other oil companies that have walked back on their renewable commitments has expanded its green portfolio. Most recently, it formed a joint venture, with Emirati company...

ABU DHABI 30 April - Saudi Arabian real gross domestic products grew by 2.8% year-on year in the first quarter of this year, according to preliminary government estimates. This is a slowdown from the 3.7% growth a year earlier, as the 'economic impact' of the U.S. and Israeli 'war on Iran' on 'the 'world's largest oil exporter' becomes apparent. In response to U.S. and Israeli strikes that began late February, Tehran has launched attacks against Gulf states. These have caused major damage to energy facilities, and disrupted shipping in the Strait of Hormuz which normally handles about 20% of 'global...

Why are global equity markets so resilient to the Iran Oil shock? Oil at $100 per barrel 'doesn’t mean the same thing it used to. Brent crude is up around 70% in price since the Iran War began on February 28, to $120 per barrel as of Thursday morning. Despite their volatility, global equity markets are still significantly above pre-war levels. There are a number of explanations but the most important one is rooted in mathematics. Fatih Birol is the head of the International Energy Agency. He has called the current oil crisis the worst ever - worse than the...

Austria's OMV raised its forecasts on Thursday for energy prices in 2026 and said that it expected higher prices as a result of lower production due to the Iran War and the closing of the Strait of Hormuz. Oil and Gas Company raised their estimate of the average Brent price in 2026 to between $85-$95 per barrel, up from $65. This is based on the assumption the Strait of Hormuz would be reopened before the end of June. The company expects to see a gas price realized of between 35 and 40 euros per megawatt-hour (MWh) in the coming year....

Brad Cooper, the head of the U.S. Central Command (Axios) reported Wednesday that U.S. president Donald Trump will receive a briefing on new 'plans' for a?potential armed action against Iran. According to a report citing unidentified sources, the briefing will be held on 'Thursday. The 'White House didn't immediately respond to an inquiry for comment. Axios cited sources to report that CENTCOM had prepared a plan of a "short, powerful" strike on Iran. This would likely include infrastructure targets. The report said that Washington would hope to see Iran be more flexible at the table when it comes to nuclear...

Three sources with knowledge of the situation said that India's state-run oil refineries are using a special FX credit line provided by the largest bank in the country to help ease the pressure on the rupee. This is a sign that the rupee may fall even further. Three sources familiar with the matter said that India's?state-run oil refiners are making limited use of a special FX?credit line offered by the country's largest bank to ease pressure on?the rupee. This is indicating concerns about a further fall in the rupee. Forex traders claim that the currency has been affected by dollar...

Treasury Department imposed sanctions against China's Hengli Petrochemical Refinery (Dalian), accusing it of "buying billions in Iranian oil", in a significant increase in Washington's effort to curb Tehran's oil revenues. Hengli Petrochemical, the parent company listed on Shanghai's Stock Exchange, denied doing business in Iran and said that sanctions lacked legal and factual basis. It also stated it would work to lift them. The following are?key facts: Why is this an escalation? Hengli operates in Dalian in the north-east a refining facility that can process 400,000 barrels per day. This makes it the biggest Chinese refiner sanctioned by the United...

The copper price rose on Thursday, and was poised to 'crack a five-day decline after positive factory data from China. Nickel prices were 'heading towards their biggest monthly jump in two years due to tighter supply coming out of Indonesia. In official open outcry, the benchmark three-month copper price on London Metal Exchange rose 0.6% to $13,085 per metric tonne. Metal used in construction, manufacturing and power was expected to rise by 6% in April. This would be the best month in?2026, based on the hope that the Middle East conflict will be contained. A private survey revealed that China's...

Gold prices jumped Thursday as the dollar eased, and oil prices fell. Some analysts also cited an increase in demand for safe-haven assets due to growing fears that the U.S. - Iran war could escalate. As of 1158 GMT spot gold rose 1.9%, to $4,629.83 an ounce, after dropping to its lowest level since March 31, in the previous session. Bullion has fallen by about 0.9% this month. U.S. Gold Futures for June Delivery rose by 1.8% to $4642.90. Dollar fell sharply against yen after Bank of Japan officials gave firm signals about possible intervention to help the Japanese currency....

China has exported large quantities of a rare earth used in chip-making and aerospace to the United States. Customs data showed that in March, tight controls, which caused shortages and record-high prices, could be loosening. The 60-ton shipment is 50 percent larger than the total yttrium shipped to the U.S. from China since April, when China implemented export controls on several rare earths at the height of the trade war. While rare earth exports were mostly resumed following a 'trade truce' late last year, the yttrium shipment was largely stuck. This caused shortages and production stops for aerospace and semiconductor...

The demand for gold in India slowed this week due to volatile global prices and the weaker rupee. Meanwhile, premiums from China rose as they stocked up ahead of May Day. Indian dealers quoted discounts This week, premiums up to $9 per ounce, including 6% import duties and 3% sales taxes, are down to as low as $5, compared to the $15 premium last week. Chanda Venkatesh is the managing director of CapsGold, a bullion dealer based in Hyderabad. She said that after Akshaya Tritiya, jewellers have seen a drop in footfall and retail demand. On Thursday, domestic gold prices...

The London Metal Exchange's Asia Week conference, which takes place next week in Hong Kong, will be dominated by geopolitics. The U.S. and Israeli war against Iran has caused a shock to the energy market, which is affecting the outlook for demand of most metals. The blockade of the Strait of Hormuz?has?trapped?large quantities of aluminium, sulphur and sulphuric acids that are used to produce copper and nickel. In the meantime, governments in Indonesia and Guinea tighten their grip on production through export quotas as well as tax changes. This is a new type of resource nationalism. Here is a summary...

Dalian iron-ore futures rose on Thursday for the second session in a row, as positive factory activity data from China boosted demand prospects. As of 0222 GMT, the most-traded contract for?September Iron Ore? on China's Dalian Commodity Exchange was?0.51% higher. It stood at 787.5 Yuan ($115.15), per metric ton. The contract is up 0.19% this week. From May 1 to 5, the markets in China will be closed for holiday. The benchmark June Iron Ore at the Singapore Exchange is?0.06% less expensive, $106.35 per ton. The contract is up 0.37% this week. An official survey revealed that China's factory activity...

Prices rose for the first day in five on Wednesday, as Chinese demand and worries about disruptions to sulphuric and diesel supplies boosted prices. In official open outcry, the benchmark three-month copper price on London Metal Exchange rose 0.3% to $13,072 per metric tonne. SP Angel analyst John Meyer stated that prices are being supported by the concerns about the shortages of sulphuric acids, which is used in the production of around 20% of the world's copper due to the ongoing conflict. Meyer stated that "China banned exports of acid?and copper miner in Chile gets a certain quantity of their...

?Baoshan Iron & Steel Co, China's largest?listed steelmaker reported a 8.6% annual drop in its first-quarter net profit? on Wednesday.?Hit by higher costs relating to?feedstocks and sluggish domestic demand. In a filing with the Shanghai Stock Exchange, the company known as Baosteel said that it had earned approximately 2.23 billion Yuan ($326.33 millions) in the first three months of 2026. This is down from 2.43 million Yuan in the same period last year. Steel prices fell 4.4% while iron ore rose 3.2% in the first three months of this year, reducing margins, according to Baosteel. Baosteel is a state-owned subsidiary...

Baoshan Iron & Steel Co, China's largest?listed steelmaker reported a?annual?fall of 8.6% in its first-quarter?net profit. This was due to?higher costs for?feedstocks, and sluggish domestic?demand. In a filing with the Shanghai Stock Exchange, the company known as Baosteel said that it had earned approximately 2.23 billion Yuan ($326.33 millions) in the first three months of 2026. This is down from 2.43 billion Yuan in the same period of 2025. Steel prices fell 4.4% during the first quarter of this year, while iron ore rose 3.2%. This has squeezed margins according to Baosteel. It is a subsidiary owned by the China...

Vedanta, an Indian conglomerate that converts metals into oil, reported a 92.3% increase in quarterly profit on Tuesday. This was attributed to strong base metal prices which boosted the margins. The Iran War caused a disruption in supply, which led to a spike in prices for 'base metals' during the March quarter. Vedanta is India's largest aluminium producer and its business accounts for nearly 40% of revenue. The conglomerate announced earlier this month that it had approved the demerger of its four listed companies. This will take place on May 1. Its?businesses such as steel and ferrous, oil and aluminum,...

Gold was largely unchanged on Wednesday as investors awaited the comments of U.S. Federal Reserve Chair Jerome Powell to assess the economic impact of the Iran War as peace negotiations stall. As of 0611 GMT spot gold was down 0.1%, at $4,590.80 an ounce. It had fallen to its lowest level in April 2 the previous session. U.S. Gold futures for delivery in June?fell by 0.1% to $4604 Investors are expecting the Fed to maintain interest rates at the end its two-day meeting, later that day. War-driven energy shocks have reignited already-high inflation. "Much market resilience since last April's panic-driven...

India's gold investment demand surpassed jewellery consumption for the first quarter in history, according to the World Gold Council. Investors turned to the precious metal due to a subdued equity market. The WGC reported that a rise in gold prices had led to a drop in jewellery sales in the second largest consumer of the metal. This helped keep the overall demand steady. Sachin Jain is the chief executive officer of WGC's Indian operations. He said that for the first time, investment demand has surpassed jewellery. Investors will be more interested in gold, both retail and financial. The World Gold...