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Exxon Signs Deal for Natural Gas Exploration Offshore Greece
Exxon Mobil has signed a deal to explore for natural gas offshore Greece, increasing the U.S. presence in the eastern Mediterranean just as the Trump administration seeks to replace Russian energy flows into Europe.The United States, which holds vast reserves of domestic natural gas, wants to provide a larger share of Europe's energy mix via liquefied natural gas as the European Union seeks to phase out Russian gas imports in the coming years."We have a tremendous opportunity right now to displace all of the Russian gas - every last molecule - out of western Europe," U.S. Energy Secretary Chris Wright told a conference in Athens on Thursday."Every molecule that Russia does not sell into Europe…stays in the ground, it does not go into the pocket of Russia’s war machine."Under Thursday's deal, Exxon will partner with Energean, whose flagship gas fields are located offshore Israel, and Helleniq to explore for natural gas in Block 2 offshore Western Greece, the companies said on Thursday."This significant exploration agreement paves the way for potential future exploratory drilling investments in the 2027 timeframe," said John Ardill, Exxon's vice president of global exploration.GAS COULD FEED INTO TAP PIPELINEThe first exploratory drilling is expected in late 2026 or early 2027. Exxon Mobil expects the first gas from the project in the early 2030s if all goes well, Ardill told Reuters on the sidelines of a conference in Athens.The project will require an investment of between $50 million and $100 million, he said.Greece, which produces small volumes of oil and relies on hefty gas imports for power generation and domestic consumption, has been keen to explore for gas and bolster its role as a transit route for Europe.Last month it named a consortium of Chevron and Helleniq as the preferred bidder for exploration in other offshore blocks.Gas could be fed into the Greek domestic market but, given the project's proximity to southern Italy, it could also join the TAP pipeline system that carries gas from central Asia to Italy, Energean Chief Executive Mathios Rigas told Reuters in call.U.S. OFFICIALS LAUD NEW DEALExxon will take a 60% stake in the concession, while Energean will have 30% and Helleniq Energy 10%. Energean will run the project during exploration and Exxon will take over if exploration drilling proves successful, the companies said.In July, Europe pledged to buy $250 billion a year in U.S. energy, from oil and liquefied natural gas to nuclear technology, for the next three years.U.S. officials who attended the signing ceremony at the Athens conference lauded Thursday's deal."America is back and drilling in the Ionian Sea," said the United States' new ambassador to Greece, Kimberly Guilfoyle.(Reuters)
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Oil to suffer second consecutive weekly loss due to lingering supply concerns
After three days of declining prices, oil prices rose on Friday on concerns about an excess of supply and a slowing in demand in the U.S. Prices are still set to fall for a second consecutive week. Brent crude futures increased 28 cents or 0.44% to $63.66 per barrel at 0421 GMT. U.S. West Texas Intermediate Crude was up 29 cents or 0.49% at $59.72 per barrel. Brent and WTI will fall by about 2% in the coming week. This is the second consecutive week that Brent and WTI have fallen, due to major global producers increasing their output. Tony Sycamore, IG Markets' analyst, said that the price drop was triggered by a sudden 5.2 million barrel U.S. stock buildup which reignited fears of oversupply. He added that "risk-aversion flows have boosted the dollar, and the U.S. Government Shutdown continues to cloud the economic activity." The Energy Information Administration reported on Wednesday that U.S. crude stock levels rose more than anticipated due to higher imports, reduced refining, and a decline in gasoline and distillate stocks. The oil prices were also influenced by the concerns over the economic impact of the longest shutdown of government in US history. Private reports indicate a weaker U.S. labour market in October, according to the Trump administration. The Organisation of the Petroleum Exporting Countries (OPEC+) and its allies decided Sunday to slightly increase production in December. The group has also decided to halt further increases in the first quarter next year due to concerns about a glut of supply. Saudi Arabia, the world's largest oil exporter, responded to the oversupplied market by reducing prices on its crude in December. The sanctions imposed by the EU and US on Russia and Iran also affect supplies to China and India - the two largest importers in terms of volume. This provides some support for international markets. Gunvor, a Swiss commodity trader, announced on Thursday that it had withdrawn its offer to purchase the foreign assets owned by the Russian energy company Lukoil. The U.S. Treasury had called Gunvor "Russia's puppet" and indicated Washington was against the deal. Vandana Hari is the founder of Vanda Insights, a provider of oil market analyses. She said that Gunvor's decision to cancel its purchase of Lukoil assets suggests that the US will continue its maximum pressure campaign on Russia and could enforce strict sanctions against Rosneft or Lukoil. She added, "The support for the bill is fragile...the oversupply narrative may creep back to influence sentiment." China's crude oil imports in October, the largest oil importer in the world Then, there was up Data from the General Administration of Customs revealed that crude oil production was up 2.3% in September, and 8.2% compared to a year ago, at 48.36 millions tons. This is due to high refinery utilisation rates. Mohi Naira in New Delhi, Florence Tan in Singapore and Thomas Derpinghaus in Berlin; editing by Christian Schmollinger and Thomas Derpinghaus)
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China's imports of iron ore have surpassed 100 million tonnes for the fifth consecutive month
China's imports of iron ore in October were above 100 million tonnes for the fifth consecutive month. This was due to robust shipments, boosted by rising prices and a resilient demand by the world's biggest consumer. The General Administration of Customs reported on Friday that China imported 111.3 millions metric tons of this key ingredient for steelmaking last month. The volume in October was higher than the 103.84 millions tons recorded in the same month of 2024. It was also the second highest total for the year so far, despite the fall of 4.32% since the record high monthly in September. Analyst Xinli Chen of broker China Futures said that major suppliers increased shipments in order to meet their annual targets. Higher ore prices last year also encouraged high-cost mines to increase production. Prices of seaborne iron ore Bets on the outcome of a deal between China and America helped to boost gains in October by nearly 4%. Analysts said that high-cost miner's were encouraged to increase production when prices remained above the psychologically important level of $100. This was especially true if the outlook for next year's price was negative. Data from the consultancy Mysteel revealed that the demand for hot metals in China remained strong, with an average daily output of 2.4 million tonnes, which is 3% more than in the same period of 2024. China's imports of iron ore in the first 10 month of 2025 increased by 0.7% compared to the same period the year before, reaching 1,028.9 millions tons. The persistently high imports of ore led to an accumulation in portside inventories that has weighed down on prices in November. According to Mysteel, stocks at major Chinese port cities have increased by 4% on a month-to-month basis to 145.42 millions tons. Chu predicted that the inventory would reach 150 million tonnes by 2025. Steel Trade Last month, China's exports of steel fell by 6.6% compared to the previous month. They were also down 12.5% compared to a year ago. With the October shipments, the total year-to date exports reached 97.74 millions tons. This is a record for the period and represents an increase of 6.6%. Guiqiu Zhao, an analyst with broker Jinrui Futures, said that "China's export prices were competitive, which contributed to the resilience of outbound shipments." Reporting by Sam Li and Amy Lv; Editing by Lincoln Feast.
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China's October coal imports are down 10% from the same month last year
Customs data released on Friday showed that China's imports of coal in October were down 10% from the previous year, due to a holiday which reduced the number working days during the month. Imports will be supported in 2025 by the winter restocking of products during the last two months. Imports in October fell from 46.25 to 41.74 millions metric tons, a drop of almost ten percent. Imports in September reached 46 million metric tonnes, a record high for nine months. Feng Dongbin is vice-general manager of Fenwei Digital Information Technology. He said that imports decreased sequentially, and also from the previous year, due to domestic holidays. However, they remained relatively high. This year's Mid-Autumn Festival in China coincided with National Day, which resulted in a longer holiday than usual - from 1-8 October - as opposed to seven days last time. Feng stated that domestic coal prices have risen more quickly and sharply than those of seaborne coal due to the strong buying enthusiasm among domestic buyers and traders. The continued price difference between imported and domestic coal has created import opportunities, and the import volume is expected to continue high in the final two months of this year. Buyers stock up on coal before winter, when the demand for heating fuels a spike in prices. The data showed that China's imports of coal fell by 11% in the first 10 month of the year compared to a year ago, reaching 387.62 millions tons. (Reporting and editing by Thomas Derpinghaus; Colleen howe)
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China's copper imports fall in October due to high prices
China's imports of copper dropped in October according to official data released on Friday. Consumers were hesitant to restock due high prices for this metal, which is used in construction and power. According to the General Administration of Customs, copper imports fell to 438,000 tons from 485,000 tons one month earlier. This represents a 9.7% decline. Imports of unwrought copper, as well as copper products, into China, which is the world's biggest consumer, include anodes and refined metals, alloys, and semi-finished products. The London Metal Exchange benchmark copper for three months rose by 6.03% in the last month. Late October, it reached a record-high of $11,200 a ton. The gains in copper came amid fears of a supply shortage due to mine disruptions worldwide, including Freeport McMoRan’s force majeure situation at its Grasberg mining site in Indonesia. Miners Glencore Anglo American and Codelco both reported lower copper production during the first nine months 2025. High prices in China slowed down the buying appetite. Yangshan copper premium The price of copper in China, which is reflected by the amount of copper imported, fell to $36 per ton at the end October from $58 at the end September. China imported 4,46 million tonnes of copper in the period from January to October. This is down from 4,60 million tons for the same period last year. Imports of copper concentrate, which is used in smelters to produce metal, fell from 2.59 million metric tonnes a month ago to 2.45 millions metric tons. China imported 25,09 million tons (up from 23,33 million tons) of copper concentrate in the period January-October, compared to the same period last year. (Reporting and editing by Lewis Jackson and Dylan Duan.
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Investors pare back over-extended gains as copper prices fall this week
The market was expected to post a weekly decline on Friday as it pared gains that had been over-extended in the last few weeks, which were backed by concerns about supply. During the morning of trading, investors were searching for direction in the absence of macroeconomic and fundamental data. As of 0301 GMT the most traded copper contract at the Shanghai Futures Exchange rose 0.01% to 85,980 Yuan ($12,070.76) a metric ton, and was set for a weekly decline of 1.41%. The benchmark three-month price of copper at the London Metal Exchange rose 0.34% to $10,719 per ton. It is expected to finish the week with a 1.54% decline. Analysts at Sucden Financial wrote in a report that markets are struggling to establish a clear trend because there have been few fundamental updates. They said that this was particularly true for the copper market, which after falling from record highs faces contradictory signals: a tight supply on the basis but a weak fundamental demand. The October PMI manufacturing reading for China's top consumer missed expectations on Friday. Investors rolled back their overbought bets on Thursday, ending a four-day loss streak. Investors are looking for clues to the Federal Reserve's interest rate decision in December. Some Fed officials advocated for support of another rate cut. However, investors were unsure due to the lack of reliable data during the shutdown. Aluminium gained 0.60% among other SHFE base materials, while zinc increased by 0.53% and tin added by 0.31%. Lead and nickel did not change much. Aluminium, zinc, and lead all rose in price, but nickel and tin remained unchanged. Friday, November 7, DATA/EVENTS - (GMT) 0700 UK Halifax House Price MM,YY Oct 0745 France Total Reserve Assets Oct 1330 US Non Farm Payrolls Oct 1300 US Unemployment Rate October 1330 US Average Earnings Year Oct 1500 US U Mich sentiment Prelim Nov (1 = 7.1230 Chinese Yuan Renminbi). (Reporting and Editing by Harikrishnan Nair; Reporting by Dylan Duan, Lewis Jackson)
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China's production cuts and soft steel demand will cause a weekly decline in iron ore.
The price of iron ore futures fell on Friday, and was set to fall for the week as a result of a weakening steel market and production cuts in China. By 0202 GMT, the most traded January iron ore contract at China's Dalian Commodity Exchange fell 1.16%. It was 766 Yuan ($107.54) per metric ton. The contract was expected to finish the week at a loss of 3.95%. On Friday, the benchmark December iron ore at the Singapore Exchange fell 1.79% to $102,05 per ton. The contract has fallen 3.9% this week. Analysts from ANZ said that in order to control deflation in China, the country has been focusing on eliminating overcapacity. The steel industry is a particular focus, as rapid capacity growth in this sector has impacted profitability. SteelHome data showed that blast furnace production was cut in North China, the region with the largest steelmaking industry. This led to a drop in steel production. Galaxy Futures, a Chinese broker, says that ore prices will remain low, as steel demand is expected to continue declining, due to the decline in consumption of real estate, infrastructure and manufacturing in the third quarter. The fourth quarter should not show any significant improvement, because the consumption of these sectors has declined on an annual basis. After the European Commission proposed last month that tariff-free import quotas for steel be cut by almost half, while the duty on steel imported outside of the quota be doubled to 50%, German Chancellor Friedrich Merz called on European patriotism in order to protect the EU’s steel industry. ArcelorMittal is the second largest steelmaker in the world. It beat earnings estimates for the third quarter, and provided a positive outlook to 2026. However, it noted that the overall demand was weak during the quarter, and there were few signs of restocking. Coking coal and coke, which are used to make steel, have gained 0.16% and 0.1% respectively. The Shanghai Futures Exchange saw a rise in most steel benchmarks. Rebar rose 0.43%; wire rod grew 0.06%; stainless steel grew 0.08%. Hot-rolled coils fell 0.06%. ($1 = 7.1230 Chinese yuan) (Reporting by Lucas Liew; Editing by Subhranshu Sahu)
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Supply concerns weigh on oil heads as they suffer a second consecutive loss of production.
After three days of declining prices, oil prices rose on Friday on concerns about an excess of supply and a slowing of demand in the U.S. Prices appeared headed for another week of losses. Brent crude futures were up 21 cents or 0.33% to $63.59 per barrel at 0149 GMT. U.S. West Texas Intermediate Crude was up 22 cents or 0.37% at $59.65 per barrel. Brent and WTI will fall by about 2% in the coming week. This is a second consecutive week of declines as major producers around the world increase their output. Tony Sycamore, IG Markets' analyst, said that the price drop was primarily due to a sudden 5.2 million barrel U.S. stock buildup which reignited fears of oversupply. He added that "risk-aversion flows have boosted the dollar, and the U.S. Government Shutdown continues to cloud the economic activity." The Energy Information Administration reported on Wednesday that U.S. crude stock levels rose more than anticipated due to higher imports, reduced refining, and a decline in gasoline and distillate stocks. The oil prices were also influenced by the concerns over the economic impact of the longest shutdown of government in US history. Private reports indicate a weaker U.S. labour market in October, according to the Trump administration. Sycamore stated that WTI prices will be settled between $58 and $62 per barrel in the short term. The U.S. Government reopening in a week is a potential catalyst for the rally, but persistent buildups and weak demand will limit it. The Organisation of the Petroleum Exporting Countries (OPEC+) and its allies decided Sunday to slightly increase production in December. The group has also decided to pause further increases in the first quarter next year due to concerns about a glut of supply. Saudi Arabia, the world's largest exporter, has responded to OPEC+ by announcing its decision. Sharply reduced In December, the company set lower prices for crude oil for Asian buyers due to an oversupplied market. The sanctions imposed by the European Union and the United States on Russia and Iran also affect supplies to China and India, which are amongst the largest global importers. This provides some support for international markets. Gunvor, a Swiss commodity trader, announced on Thursday that it had withdrawn a proposal to purchase foreign assets from Russian energy company Lukoil. The U.S. Treasury had called Gunvor "Russia's puppet" and indicated Washington was opposed to the deal.
Wildfire rages outside Athens fanned by strong winds
Greek firefighters and aircraft fought a blaze in the town of Koropi 30 kilometres south of Athens on Wednesday as strong winds fanned the flames and required citizens to flee their homes and organizations.
Traffic was suspended along a main highway linking Koropi to Athens suburban areas. One storage center was on fire and flames crept into a boat dry dock and throughout fields of dry yard and olive trees, images on local television revealed.
There were no reports of deaths or injuries, a fire service official told . Civil security and authorities evacuated 2 nearby villages.
It was not right away clear what caused the blaze. 4 fire combating planes, six helicopters, dozens of fire engines and more than 50 firefighters were dispatched to the scene, the fire service official said.
Much of the Athens location has actually had no rain for weeks, leaving big locations bone dry.
I saved my home at the last minute. All of it happened so fast, a resident whose face was blackened by smoke told regional Skai television channel.
Wildfires are common in the Mediterranean nation however they have actually ended up being more devastating in the last few years in the middle of hotter and drier summertimes that researchers relate to the environment change.
After forest fires in 2015 required 19,000 people to flee the island of Rhodes and eliminated 20 in the northern mainland, Greece has scaled up its preparations this year by employing more personnel and stepping up training.
(source: Reuters)