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Fossil Fuels

Fossil Fuels

India's highest court-appointed panel clears Ambani's son's Wildlife Centre of wrongdoing

The Supreme Court of India announced on Monday that a wildlife rescue center run by a philanthropic branch of Mukesh Ambani’s group was cleared of accusations of animal mistreatment and illegal acquisition. It cited findings of a committee appointed by the court. In August, India’s top court appointed an investigation team to investigate complaints by non-profits and wildlife groups alleging mistreatment of animals at Vantara. Questions were raised about how the animals had been brought to the centre. The court ruled that the evidence does not support the claims of abuse or illegal acquisition. Vantara, a project led by Anant...

Environment

India's highest court-appointed panel clears Ambani's son's Wildlife Centre of wrongdoing

The Supreme Court of India announced on Monday that a wildlife rescue center run by the philanthropic branch of Mukesh Ambani’s group was cleared of accusations of animal mistreatment and illegal acquisition. This conclusion was based on findings of a committee appointed by the court. In August, India’s top court appointed an investigation team to investigate complaints by non-profit groups and wildlife organizations alleging animal abuse at Vantara. Questions were raised about how the animals had been brought to the centre. The court has ruled that the evidence does not support the claims of abuse or illegal acquisition. Vantara, a...

Oil & Gas

China accuses the US of bullying in pushing for tariffs on Russian oil purchases

China accuses the United States "unilaterally bullying" for calling on allies imposing tariffs on China because of its purchase of Russian crude oil. This is fueling tensions at a meeting between Chinese and U.S. officials in Spain, where they are trying to resolve their trade disputes. China has rejected Washington's demand that the Group of Seven countries and NATO countries impose a secondary tariff on Chinese imports due to its purchase of Russian crude oil, China’s commerce ministry announced on Monday. It called it "a textbook example of unilateral bullying, economic coercion, and economic intimidation". On Monday, officials from China...

Oil & Gas Refining

Analyst: Ukraine will curb Indian diesel imports due to Russian oil relations

Enkorr, a Ukrainian energy consultancy, announced on Monday that Ukraine would restrict the importation of diesel fuel from India, a country which buys a large portion of its crude oils from Russia. A-95 said in a report earlier this month, that traders were forced to import diesel fuel from India due to the loss of an important Ukrainian oil refinery during this summer. Even the Ukrainian Defence Ministry has purchased some Indian fuel because it meets post-Soviet standard. Drones and missiles have been used by Russia to attack Ukrainian refineries of oil and fuel and their storage facilities. Enkorr reports...

Fossil Fuels

Iraq signs joint operating agreement with France TotalEnergies and QatarEnergy LNG

The Iraqi Prime Minister's Office announced on Sunday that the Iraqi oil ministry had signed a joint operating agreement with France TotalEnergies and QatarEnergy LNG, as well as Iraq's Basra Oil Company. This deal relates to the operation of Artawi Oilfield as part of Gas Growth Integrated Project. The GGIP is an initiative by QatarEnergy and TotalEnergies in collaboration with Basra Oil Company. It aims to improve Iraq’s electricity supply. The GGIP also includes renewable energy project. QatarEnergy released a statement shortly afterwards, stating that the CEO of the company and State Minister for Energy Saad al-Kaabi had met with...

Oil & Gas Refining

Ukraine is considering limiting mobile services to counter Russian drones

Andriy Hanotov, the chief of the general staff of Ukraine, was quoted on Sunday as saying that Ukraine could intentionally reduce the quality mobile communications when Russian drones attack to prevent the networks from being used to coordinate attacks. In the last few months, Russia, three and a half year into the conflict, has intensified drone attacks against Ukraine, improving its technology and increasing drone deployments to maximize damage to strategic targets. Hnatov said to Ukrainian online video channel Novyny Live that the issue is not one of a disruption in mobile communications but a limitation on communication quality, such...

Oil & Gas

Governor of Bashkortostan, Russia says oil company will continue production after drone attack

Radiy Khabirov, the regional governor of Bashkortostan in Russia, said that a company producing oil will continue to produce despite an attack by drone on Saturday. Ukraine intensified its attacks on Russian energy infrastructure to weaken Moscow's military capability, while peace negotiations are still stuck. The attack caused a fire to break out at an oil refinery operated by Bashneft. Rosneft is Russia's biggest oil producer. Bashneft operates four major oil and petrochemical refineries in the area. Khabirov didn't specify the facility that was targeted. Both drones that were downed fell onto the property of the company. In the first...

Oil & Gas

NATO launches "Eastern Sentry" to strengthen eastern flank following Russian drone incursion

NATO Secretary General Mark Rutte announced that NATO launched on Friday an operation called Eastern Sentry in response to Russian drones entering Polish airspace this week. Rutte said at a NATO press conference in Brussels that "we must make it clear to the world our determination and our capability to defend our territories." He said this while standing next to NATO's top commander U.S. Air Force general Alexus Grynkewich. Rutte stated that NATO was still assessing possible intentions behind the incursion. This led to Polish and NATO allies shooting down drones, the first such action NATO has taken since Russia's...

Fossil Fuels

After the Doha attack, an adviser said that the UAE president's Gulf trip seeks coordination.

His diplomatic advisor said that the tour by Sheikh Mohammed bin Zayed Al Nahyan of the United Arab Emirates to Gulf countries was meant to coordinate positions following Tuesday's Israeli assault on Hamas leaders at Doha. Anwar Gargash wrote in a blog post that "the President's Gulf Tour reflects a profound conviction in strengthening cooperation and coordination, and reinforcing a concept of a shared destiny." Israel tried to kill Hamas leaders on Tuesday in an airstrike in Qatar's capital. This escalating military campaign in the Middle East prompted a wave of international condemnation. Sheikh Mohammed is the first head-of-state to...

Fossil Fuels

After talks with the US energy chief, EU has decided to stick to its 2028 Russian gas withdrawal.

After a meeting on Thursday with U.S. Secretary of Energy Chris Wright, EU Energy commissioner Dan Jorgensen stated that the EU will stick to its deadline for phasing out Russian oil imports by 2028. The EU is currently negotiating legal proposals that will completely phase out the imports of Russian gas and oil by January 1, 2028. A ban on short-term contracting will be implemented next year. However, it faces pressure from both the United States and Russia to stop Russian energy imports earlier. As part of the new sanctions against Moscow, EU Commission President Ursula von der Leyen stated...

Oil & Gas

Slovak leader Fico sets out conditions to support more Russia sanctions

Robert Fico, the Prime Minister of Slovakia, said that Slovakia will not support any more European Union sanctions towards Russia until it receives EU proposals aligning climate targets to carmakers' and heavy industries' needs. Fico demanded also that measures be taken to reduce electricity prices across the EU. The EU is currently debating the 19th package in its sanctions against Russia for its invasion of Ukraine. EU diplomats said that a new package would likely include additional listings of Chinese companies and Russian banks, as well as vessels from Moscow's "shadow fleet" which evades sanctions. They also predicted a ban...

Fossil Fuels

Trade sources predict that the supply of Saudi crude oil to China will surge in October.

Saudi Arabian crude oil exports will surge to China in October following a steep drop in prices, according to several sources. A tally of the allocations made to Chinese refiners revealed that Saudi Aramco, the state oil company, will ship 51 million barrels in October. This is about 1.65 millions barrels per day. The October plan is comparable to the 1,43 million bpd allotted in September, and the volume in August was the highest in April 2023. Sources said that the top Asian refiner Sinopec and Hengli Petrochemical were planning to increase Saudi crude exports next month. Aramco didn't immediately...

Crude Oil

Crude Oil

Dollar falls as traders bet on Fed rate cuts

Investors bought U.S. stocks futures, assuming that the Federal Reserve will likely lower rates this week. They sold equities, however, in Europe where it is less likely that borrowing costs will fall further. The MSCI all-country index rose 0.15% and reached new record highs. Meanwhile, the pan-European STOXX 600 fell 0.15%. This was mainly due to the decline of rate-sensitive insurers and banks, who will lose if the European Central Bank doesn't cut euro zone interest rates any further. James Rossiter is the head of global macro-strategy at TD Securities, London. He said that markets are realizing there won't be...

Oil & Gas Refining

Sources: Russian Kirishi oil refinery shuts down a key unit following a drone attack by Ukraine

Two industry sources reported on Monday that one of Russia's biggest oil refineries in the town of Kirishi (northwest) had halted an important processing unit after a Ukrainian drone attacked over the weekend. Ukraine intensified its attacks on Russia's infrastructure to damage Moscow's war effort, as the talks to end the conflict have stagnated. Russian officials have said Surgutneftegaz's Kirishinefteorgsintez plant, one of Russia's top two refineries, was among the targets attacked by Ukrainian drones last Sunday. Alexander Drozdenko is the Governor of Leningrad Region. He said that three drones had been destroyed in the Kirishi region and that a...

Crude Oil

China continues to build crude oil stocks despite processing gains: Russell

In August, China's excess crude grew to just under 1 million barrels a day (bpd), as imports and domestic production outpaced an increase in refinery processes. According to the National Bureau of Statistics, data released on Monday shows that China's refiners produced 14.94 million barrels per day in August, an increase of 7.6% compared to the same period last year. This is the second highest month of the past 17. The crude oil imports in August were 11,65 million bpd, and the domestic production rose by 2.4% compared to the same month of 2024. It now stands at 4.3 million....

Mining

ENAMI, a Chilean company that produces smelters, attracts the interest of traders and miners

ENAMI, the Chilean state-run mining company, said that 15 entities including major miner and traders expressed interest in financing a $1.7billion smelter project. WHY IT IS IMPORTANT ENAMI stated that interested parties include mining companies such as Rio Tinto, commodities traders like Hartree Partners and Vitol (Javelin Global Commodities), funds of investment (Orion Resource Partners), and banks, including SumitomoMitsui Bank Limited Macquarie Bank Societe Generale. ENAMI reported that the Japanese conglomerate Mitsui as well as Indo Asia Copper, a copper producer in India, and Foreign Engineering and Construction, a subsidiary of China Nonferrous Metal Industry, also expressed an interest. KEY...

Mineral Resources

Mineral Resources

Iron ore is a robust alternative to China's soft steel: Russell

In August, the gap between China's steel industry and its appetite for iron ore imports widened. This highlights the difference between hope and reality. China, which produces just over half the world's steel, saw its output fall for a third consecutive month in August, to 77.37 millions metric tons. The month was the weakest since December and was down by 0.7% compared to August and 2.9% compared to the 79.66 millions tons recorded in July. The steel output in the first eight-month period was 671.81 millions tons, which is a decrease of 2.8% compared to the same period last year....

Mineral Resources

Strong investment demand is driving India's silver imports.

Industry officials said that India's imports of silver are expected to grow in the next few months. This is due to increased investment and industrial demand, which has already consumed the excess from last year's high shipments. The world's largest silver consumer, China, could boost global prices to the highest level since 14 years. Chirag Thakkar of Amrapali Group Gujarat (a silver importer) said at the India Gold Conference, New Delhi, that "with prices going up, the investment demand has also shot up -- nearly twice what it was before." Thakkar predicted that silver imports would increase in the next...

Mineral Resources

Gold's uptrend is intact but it will need to correct before reaching $4,000 by 2026

Gold's spectacular rally to successive records highs is expected to continue for the remainder of the year. However, a healthy correction will be needed before it reaches the $4,000 an ounce milestone, which is set for 2026. Investors have been prompted to buy gold by strong tailwinds including expectations of monetary easing from the U.S. Federal Reserve. The long-term bull run in gold looks intact as demand, especially from central banks, and ETFs continues to increase at a faster rate," Renisha chainani, head research at Mumbai refiner Augmont, said on the sidelines at the India Gold Conference, held in New...

Mineral Resources

Gold reaches new highs as Fed hopes for rate cuts dent the dollar

The gold price reached a new record on Tuesday. This was largely due to the weakening dollar, which is expected to be a factor in the Federal Reserve meeting scheduled for this week. Gold spot rose by 0.1%, to $3.681.18 an ounce, as of 0326 GMT. It had earlier reached a session high of $3.689.27. U.S. Gold Futures for December Delivery were unchanged at $3,718.50. "The mood is bullish... the markets are buying rate cuts going into this FOMC Decision." "The outlook for gold remains positive in the short-to-medium term," said Kyle Rodda of Capital.com. If the Fed does not...

Mineral Resources

Iron ore production in China is recovering.

The iron ore futures price rebounded Tuesday due to a rebound in Chinese concentrate production following weeks of declines. Meanwhile, gains in steel benchmarks were a reflection of improving sentiment, despite weak housing statistics. As of 0244 GMT, the most-traded contract for January iron ore on China's Dalian Commodity Exchange was trading 0.82% higher. It was 803.5 yuan (about $112.88) per metric ton. The benchmark iron ore for September on the Singapore Exchange rose 0.24% to $105.75 per ton. Chinese consulting firm Mysteel said that after weeks of decline, the production of iron ore by Chinese mining companies recovered last...

Mineral Resources

Japan's Nikkei reaches record highs as tech stocks follow Wall Street gains

The Nikkei 225 index in Japan reached a new record on Tuesday as the technology stocks followed Wall Street's strong overnight performance ahead of this week's important policy meeting by the U.S. Federal Reserve. The Nikkei reached a high of 45,055.38, surpassing the important 45,000 mark for the first. By the end of morning trading, the index had risen 0.3% to 44,904.13. Monday was a holiday and the market was closed. The Topix index as a whole rose by 0.41% on Tuesday to 3,173.57. The Nikkei closed 4% higher on the week ending last Friday, reaching a record high for...

Mineral Resources

Shanghai copper reaches a five-month high as Sino-US trade talks progress

The price of copper futures in Shanghai reached a five-month high Tuesday. This was largely due to the progress made in trade negotiations between the United States, China and the bets on a rate cut in the United States. U.S. officials and Chinese officials came to an agreement Monday on a framework for the short-video application TikTok. This has sparked hopes of a close trade deal. Analysts at Everbright Futures stated in a report that the progress made by trade talks between the two world's largest economies has boosted market sentiment. The U.S. president Donald Trump will call the Chinese...

Mineral Resources

Kazakh miner Solidcore expects a gold rally to offset production decline

Solidcore Resources, a Kazakh gold miner, expects that high gold prices will offset a large part of the production decline due to sanctions related disruptions in concentrate shipments into Russia. The gold price has risen by about 40% in the past year. It reached a record-high of $3,673.95 per ounce, last week, on expectations that the U.S. will soon cut interest rates. Solidcore, previously Polymetal International sold its Russian assets after the U.S. imposed sanctions on its business in Russia. However, it continues to send gold concentrator to Russia to be processed with U.S. approval. The company's profit nearly doubled...

Mineral Resources

Gold reaches record highs as yields and dollar ease. Focus on Fed meeting

The price of gold rose to a record high on Monday. This was largely due to a weaker dollar and lower Treasury yields. Investors were positioning themselves ahead of an important Federal Reserve meeting that will take place this week, which could set the tone of the rest of the calendar year. As of 1151 am EDT (1551 GMT), spot gold was up by 0.9%, at $3,674.09 an ounce, after reaching a session high of $3674.63 in the earlier part of the session. Bullion rose about 1.6% in the past week. U.S. Gold Futures for December Delivery were up 0.7%...

Mineral Resources

Copper trapped between weak Chinese data and hopes for stimulus

On Monday, copper prices remained above $10,000 per metric ton as the market weighed downbeat metals consumption data from China against hopes of stimulus measures and interest rate reductions in the United States. The benchmark three-month copper price on the London Metal Exchange rose 0.1% by 1000 GMT to $10,073 per ton, after reaching an intraday high of $10,000, which was close to a five-month high reached on Friday of $101,126. The data showed that China's factory production and retail sales fell to their lowest levels since last year in August, putting pressure on Beijing to provide more stimulus. "This...

Mineral Resources

Copper firms bet on US rate cuts, but supply concerns

Prices of copper rose on Monday as a result of the expectation that U.S. Federal Reserve will cut interest rates this week, and persistent supply concerns. However, caution about the resumption of trade talks between China and the United States tempered gains. The Shanghai Futures Exchange's most traded copper contract closed the daytime trading 0.36% higher, at 81,000 Yuan ($11371.77) per ton. The benchmark three-month copper price on the London Metal Exchange rose 0.07% to 10,075 tons after reaching its intraday high of $10,101 in the morning session. This was close to the five-month high of $10,126, which was reached...

Mineral Resources

Alamos divests Turkish unit in $470 million deal, ending $1 billion legal dispute

Alamos Gold, a Canadian mining company, announced late Sunday it would sell its Turkish subsidiary to a Middle East based mining firm for $470m. This will end a $1billion legal dispute that lasted years. Alamos is selling the Turkish unit of its mining conglomerate Nurol Holding to Tumad Madencilik Sanayi. Alamos has agreed to suspend any arbitration proceedings its Netherlands unit filed against Turkey in 2021, until certain milestones have been reached. Alamos' website states that the company has been active in Turkey since 2010. The miner halted the construction of its Kirazli Project in western Turkey, after mining concessions...