Australia / New Zealand

According to local fire authorities, firefighters have responded to a "significant", "serious"?fire that has occurred at the Viva Energy Group's Geelong Refinery in southern Australia. It was not clear how much damage had been done. The fire was reported around 11 pm local time on the night of Wednesday. Fire?Rescue Vic said that it wasn't yet under control, but that all staff were present. It said that multiple calls reported?explosions or flames?. According to the website of the company, the refinery is capable of processing 'up to 120,000 barrels?of oil each day. The website said that it is one of...

The Australian Prime Minister Anthony Albanese met with his counterpart Lawrence Wong in Singapore on Friday. They vowed to work together more closely in order to maintain energy security in the face disruptions brought about by the Middle East conflict. Singapore, the oil trading hub in Asia, is the world's largest petrol supplier and also a major diesel and jet fuel supplier to Australia. In Australia, the shortage of diesel has impacted the mining and farming sectors. The leaders agreed to "maximize efforts" to increase their energy security, including ensuring the flow of diesel and LNG. In a joint press...

Britain said on Thursday that around 40 countries were discussing a joint action to reopen Strait of Hormuz after U.S. president Donald 'Trump' stated that securing this waterway is a problem other nations must solve. The virtual meeting was chaired by British Foreign Minister Yvette Cooper and included France, Germany Canada, United Arab Emirates, India, and started around noon in London. Cooper stated at the beginning of the meeting that "we are focusing our efforts on diplomatic and international planning, including the collective mobilisation and use of all of our diplomatic and economic pressures and tools." One official confirmed that...

On Thursday, Britain will host a meeting to discuss the formation of a 'coalition of nations' that would explore how to reopen Strait of Hormuz after 'U.S. Donald Trump has said that other countries should be responsible for securing this vital waterway. Around midday, British Foreign Minister Yvette Cooper, will preside over the virtual meeting in London of 35 countries, including France, Germany Italy, Canada, and the United Arab Emirates, to explore ways of restoring freedom of navigation. The United States is not expected to attend. The meeting comes after Trump stated in an address to the nation on Wednesday...

Australian farmers will likely choose less nitrogen-intensive crops like barley and canola over wheat and other grains in the coming season as the rising costs of fuel and fertilisers due to the Iran War weighs on their planting decisions. In Australia, planting of wheat, canola, and other crops will be accelerating this month. Farmers need to have ample crop nutrients available to support the early growth. Analysts said that the price of urea was around A$1,350 per ton in Australia this week. This is up 60% since the start of the U.S. - Israel war against Iran. Australian diesel prices...

Local media reported that despite assurances from Australian ministers, the market was well-supplied. The Sydney Morning Herald reported on Tuesday that New 'South Wales, Australia’s most populous state, had 165 petrol stations without diesel and 298 with no gasoline at all. This is as consumers stockpile fuel in anticipation of the U.S./Israeli war against Iran. Chris Bowen, the Energy Minister, confirmed in Parliament that there were shortages at petrol stations across multiple states. Bowen announced on Tuesday that fuel standards would be relaxed again, allowing more diesel to enter the market. This comes after Bowen had already lowered sulphur limits....

These are the most popular?stories from the Wall Street Journal. ? The accuracy of these stories has not been verified by the site. Rio Tinto has said that it is currently in negotiations with Mongolia regarding the Oyu Tolgoi mine, which is one of the largest deposits of?metal required to build data centers and electric vehicles. Shell agreed to sell Jiffy Lube?to Monomoy Capital Partners in a $1.3billion deal. Shell announced that the sale included Jiffy Lube, the?franchisee Premium Velocity Auto, and a network of stores operated by independent franchisees. Eric Trump and Donald Trump Jr. are supporting a new...

The current conflict in Iran could turn into a global crisis if major countries like the United States and China continue to make miscalculations, and retreat to narrow interests. The price of crude is a major focus of media attention. Brent crude futures, the benchmark, jumped as high as 20%, to $111.04 per barrel, the highest level since July 2022. The price of refined fuels like gasoline, diesel and jet fuel has risen even more than crude oil, but this is still not as alarming to consumers. Jet fuel was the main driver of the explosive increase in refined products...

The United States, China and other major countries are making miscalculations, and retreating to their narrow interests, which threaten to turn the conflict in Iran into an international crisis for the supply of refined oil products. The media focuses a lot on the price for crude oil. Brent crude futures, which are the benchmark, jumped up to 20% in the early Asian trading on Monday, reaching $111.04 per barrel. This is the highest level since July 2022. The price of refined fuels, such as gasoline, jet fuel and diesel, has risen even more than crude oil. These are the fuels...

Wesfarmers, the chemical and fertiliser division within the 'Australian conglomerate Wesfarmers, said on Thursday that it was possible some shipments of ammonium-phosphate cropping compound and urea could be delayed primarily due to?the Iran war. CSBP stated that it was "urgently assessing" its inventory levels and other supply options. The escalating conflict in the Middle East is causing shipping routes to be severely disrupted, which could limit supplies for 'key Asian importers as they prepare their cereal planting season. The company, based in Perth, is one of Australia's largest fertiliser suppliers. Western Australia has a strong agricultural sector and exports wheat....

Australian Energy Minister Chris Bowen stated on 'Tuesday' that there was no need for consumers to be concerned about fuel shortages, despite the growing U.S./Israeli conflict against 'Iran. Bowen, a reporter, told reporters that Australia had 36 days' worth of petrol in reserve, 34 days' worth of diesel and 32 days' worth of jet fuel. This is the highest level of reserves in over a decade. He said that there was no rush to fill up at the service station. "I understand people's concerns, but it's vital that they know we have a good stock of petrol in Australia. There's...

Ampol, Australia's largest?fuel retailer, reported a better-than expected annual profit? on Monday. This was driven by robust refiner margins at its lytton refinery in Queensland and a strong performance of its convenience retail operations. The refinery returned to profitability in fiscal year 2025 as a result of the Lytton refinery's margins, which rose by 46%, to $10.34 a barrel. This was due to global refinery failures and additional sanctions against?Russia. Fuel & Infrastructure, including its Lytton refinery business, reported full year operating earnings of A$405.6 (287.04 millions), which is more than double what it earned last year. Despite lower tobacco...

Sources told?Tuesday that China, as the world's biggest consumer of iron ore, had lifted its bans on purchasing?the key ingredient for steelmaking from mining giant BHP Group. This ended a months-long dispute. Two sources familiar with the situation who requested anonymity because the subject is sensitive, reported that on Tuesday, the state iron ore 'buyer' China Mineral Resources Group (CMRG), notified domestic steel mills that they could buy BHP seaborne cargoes. CMRG didn't immediately respond to a comment request. BHP declined comment. By 0547 GMT, the benchmark May?iron ores on the Singapore Exchange had lost 1.48% and stood at $103.1....

Chile will break from 'precedent' and host a panel on lithium at its annual global gathering of copper next week, in an effort to radically diversify its economy beyond the red metal which has been?powering it for decades. On Monday, the World Lithium Conference, organized by the International Lithium Association and the consultancy 'CRU', will launch what the copper industry calls CESCO Week. After months of stagnation, lithium prices have risen to levels not seen in two years as renewed interest in the metal is sparked by concerns about oil supplies in the Middle East. The lithium supply is tightening...

Fortescue, an Australian mining company, announced on Friday that it was accelerating the rollout of its 'off-grid green energy system' to 'eliminate fossil fuels from Pilbara mines, especially diesel. The world's largest mining companies rely on diesel as their primary energy source, but it is expensive, volatile and carbon-intensive. Therefore, they are increasingly looking to replace this with renewable power. By the end of 2028 it is expected that the world's fourth largest iron ore mining company will have completed its Pilbara Green Grid, including a 1.2 gigawatt solar power, more than 600 megawatts of wind energy and 4-5 GW...

Environmental groups appealed on Wednesday a 'federal judge ruling' in favor of ioneer Rhyolite Ridge's lithium and boron project, claiming that the proposed Nevada mine would cause a rare 'wildflower' to go extinct. Below are some details. The Biden administration has approved the mine for 2024. Its decision is "science-based." Last month, a?federal court judge rejected environmentalists' claims that the U.S. government approved the project in an improper manner. The 9th U.S. Circuit Court of Appeals in San Francisco heard the appeal on Wednesday. Circuit Court of Appeals in San Francisco, stating that the mine's approval had been "flawed since...

The Australian'miner' Energy Transition Minerals said that Greenland has informed it of a potential rejection of the exploration licence renewal request for its 'Kvanefjeld Rare Earths Project. Energy Transition Minerals shares fell 5.6%, to A$0.051, by 0152 GMT after trading resumed following a stoppage on Thursday. The benchmark S&P/ASX 200 index rose 1.5%. Kvanefjeld, a large-scale project to produce?rare Earths in the west, has the potential of becoming a major producer of minerals critical for consumer electronics. Energy Transition Minerals said it received a draft of a decision from the Greenland Government indicating the intention of the mineral resources ministry...

Iron ore prices continued to fall on Friday for the second consecutive?session. They were also on course for a second weekly drop, due to elevated portside stock levels?in China, their largest consumer. However, signs of improving?demand?helped limit the decline. The most traded iron ore contract at China's Dalian Commodity Exchange has fallen 0.81%, to 797 Yuan ($115.85), a metric tonne, and lost 1.8% this week. As of 0107 GMT the benchmark May iron ore price on the Singapore Exchange was 1.16% lower, at $105.15 per ton. This represents a 2% decline so far this week. Analysts said that the trade...

KGL Resources, an Australian miner, announced on Thursday that it had entered into a $300-million precious metals streaming agreement with a unit of Canada’s Wheaton Precious Materials for a?part of the gold and silver produced at?its Jervois Copper project. KGL shares rose 61.9%, to A$0.340. This was their best day since the middle of 2014. Stocks also reached their highest levels since May 22, 2020. KGL announced that Wheaton Precious Metals will fund up to $275m in advance, with an option of $25m for cost overruns. The upfront funding includes two $16 million installments that are available before construction starts,...

Rio Tinto announced on Monday that operations had'resumed' at three of the four terminals in its 'Pilbara Iron Ore - Ports after Tropical Cyclone Narelle hit Western Australia. The storm disrupted shipments, but left its annual guidance unchanged. The miner was forced to?close two bauxite mining operations temporarily after Cyclone Narelle caused heavy rains and power outages on Australia's northeast coast earlier this month. South32 has also suspended operations at the?Gemco Manganese Mine, which is co-owned with Anglo American. Narelle slammed into Australia's northwest coastline?last weekend, forcing port closures in the iron-rich region of?Pilbara. Rio, the world's largest producer of...

France is one of the countries that will invest in critical Australian minerals projects, according to Australia's Resources Minister on Thursday. Canberra's framework agreement with the U.S. encourages nations with advanced manufacturing industries to secure access to supply. Australia is on a mission for the past four years to create an industry that will produce?minerals? like rare earths, which are essential to technologies in future such as electronics and defense. Countries want to diversify away from China as their dominant supplier. Australia signed agreements with Japan, South Korea and India as well as France, Germany, Britain, France and Germany for...

Australia and the European Union have signed a deal on Tuesday after eight years of negotiations. The agreement removes tariffs from almost all European goods, and nearly 'all' exports of critical minerals from Australia. Some Australian agricultural products, such as beef and lamb meat, will be subjected to export quotas. Australian farmers have sharply criticized the pact, claiming that it provides "subpar access" to the bloc. Both sides intensified their talks after the Trump administration increased U.S. Tariffs, and the West became more concerned about China's dominance in rare earths and critical minerals. Both sides signed an agreement to strengthen...

A World Gold Council executive said on Tuesday that central banks, who had been 'absent' from the market this year, are expected to purchase gold as a hedge to geopolitical and dedollarisation risks. Shaokai fan, the global head of the world banks at the WGC, said that in recent months, central banks from Guatemala and Indonesia, as well as Malaysia, have all purchased gold. This is either after a long break or for the very first time. He said, "We've seen a phenomenon in the past few months, where new central banks or central banks who have been inactive for...

Iron ore miner's fuel costs could rise by billions of dollars if diesel prices keep rising, said a senior executive at Australia's Fortescue on Monday. The 'U.S. and Israeli 'war on Iran' has almost stopped shipments across the Strait of Hormuz. This has sent oil and gas prices up and reduced the supply of diesel fuel, a key transport fuel in the mining industry. Benchmark Singapore Diesel swaps traded at slightly over $180 a bar on Monday. This is up from $92.5 a bar before the outbreak of war, according to LSEG. Dino Otranto said in an interview with a...