East Asia

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...

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...

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...

The Finance Ministry said that Uganda's economy will grow at an average of 8% per year over the next five-year period, mainly due to investments in the petroleum sector and other sectors, such as transportation. The Ministry of Finance, citing Finance minister Matia Kasaija, said that the start-up of crude oil production is expected around mid-2026. This will push the growth to double digits for the fiscal year 2026/27. Last year, the International Monetary Fund predicted that Uganda's economic growth would reach double digits due to oil production. It is the first forecast of this kind by the government. Kasaija...

Ship-tracking data revealed that a third tanker carrying natural gas liquefied from Russia's Arctic LNG 2 project, sanctioned by the United Nations, arrived in a Chinese port Tuesday. According to Kpler, a provider of ship tracking data and LSEG, the sanctioned Russian gas tanker Zarya has arrived at Tieshan's LNG terminal in China's southwest province of Guangxi. LSEG data shows that the cargo is larger than 160,000 cubic metres and was loaded at Arctic LNG 2 in Gydan, northern Siberia, on July 30. The Arctic Mulan tanker delivered the first cargo of the project sanctioned in late August. Second cargo...

Customs data released on Monday showed that China's coal exports reached an eight-month peak in August. This was largely due to higher prices at home, but volumes were still below those seen a year ago. According to the General Administration of Customs, the country imported 42.74 millions metric tons of coke last month. This was the highest since December but down around 7% compared to August 2024. Toby Hassall is the lead analyst of LSEG's coal market. He said that "the rise in imports reflected a widened arbitrage as China’s domestic prices climbed following a reduction in coal production locally...

Donald Trump, U.S. president, said Sunday that he was ready to move into a second phase in sanctioning Russia. This is the closest he's come to implying he might be about to ramp up sanctions against Moscow and its oil purchasers over the war with Ukraine. Trump has repeatedly warned Moscow of further sanctions, but he withheld them while pursuing peace talks. Trump did not commit to a decision, nor did he specify what the second phase would entail. When asked by a White House reporter if he was ready to move on to the "second phase" of sanctions, Trump...

The Governor of Russia's Sakhalin region in the far east told reporters on Thursday that a possible return of U.S. Energy Major Exxon Mobil could be a boon for local oil and gas businesses. Last month, Russian President Vladimir Putin issued a decree that would allow foreign investors to recover their shares in the Sakhalin-1 project. This includes Exxon Mobil, a major U.S. oil company. The decree was signed on the same day that Donald Trump and Russian President Vladimir Putin met in Alaska at a summit, where the agenda included opportunities for business collaboration and investment as well as...

India announced on Wednesday that it would reduce taxes on hundreds of items, from soaps to cars, to boost domestic demand. It also simplified the complicated structure of its goods and services tax to just two rates, from four. There were some exceptions, however, for luxury goods and "sin goods". Early sessions saw the benchmark BSE Sensex (BSE index) and Nifty 50 rise by 0.8% each. Here's how the industry has responded so far: ANISH SHAH, GROUP COOPERATIVE & MD MAHINDRA GROUP "The next-generation GST Reforms... mark an important moment in India's quest to build a simpler and fairer tax...

SK On, a South Korean company, announced on Thursday that it had signed a contract with Flatiron Energy Development in the United States to supply lithium iron phosphate batteries (LFP) for energy storage systems. SK On will be supplying up to 7.2 gigawatt-hours (GWh) in ESS batteries from 2026 to 2030. This is its first order of LFP batteries for energy storage systems. The company didn't disclose the value. SK On announced in a press release that it would begin mass production of LFP batteries dedicated to ESS in the second half next year. It also plans to convert a...

Aleksandar Vucic, the president of Serbia, said that Serbia is hoping for a better cooperation with Russia. Vucic, along with Russian President Vladimir Putin, took part in the regional security summit held in Beijing. The Chinese hope to use this event as a counterweight to Western influence on global affairs. Vucic stated that "cooperation with Russia at the highest levels is very important for Serbia. This is especially true in the areas of energy and Russian supplies of gas," at the beginning of the meeting with Putin. Serbia is aspiring to be a member of the European Union. However, Russia,...

Robert Fico, the Slovak prime minister, told Vladimir Putin that Russia wants to normalise relations with Slovakia and will increase imports of Russian natural gas via TurkStream. These comments were in direct conflict with the European Union's position, which seeks to reduce its dependence on Russian energy to punish Moscow for its invasion of Ukraine 2022. They also come at a crucial time in the efforts to end this conflict. Both Slovakia and Hungary, both EU member states, are led by populists who have maintained political ties with Russia which supplies most of their oil requirements. Fico told Putin during...

China's crude output of steel in August fell for the third consecutive month, as steelmakers in northern China curtailed operations in order to clean up the air in preparation for an early September military parade in Beijing and due to a seasonal drop in demand. Data from the National Bureau of Statistics revealed on Monday that the world's biggest producer produced 77.37 millions metric tons of raw steel in August - the lowest level since December. The volume in August was 2.9% less than the previous month, when it had been 79.66 millions tons. Calculations based on data show that...

The price of base metals in Shanghai, London and New York was largely unchanged on Monday due to renewed concerns about trade tensions between two of the largest economies in the world. This offset optimism over a rate cut by the U.S. Federal Reserve. U.S. officials and Chinese officials are set to begin a second round of negotiations on Monday, after concluding their first day of discussions in Madrid on Sunday. The talks were aimed at repairing the strained ties between them. Washington has demanded that its allies impose tariffs on Chinese imports over their purchases of Russian crude oil....

Investors' expectations of U.S. rate cuts and concerns over possible shortages have fueled copper prices to their highest levels in five months. The price of three-month copper at the London Metal Exchange rose 0.2% in open-outcry official trading to $10,068 a metric ton. This is its highest level since march 26. The price of copper has increased by around 15% in the past year, but it has been unable to break through the $10,000 psychological barrier. Base metals rallied along with other markets after U.S. jobless claims surged on Thursday, confirming the belief that Federal Reserve would cut interest rates....

China's central bank announced on Friday that it is looking for public feedback on its proposal to streamline the licensing system to make it easier to export and import gold and gold-based products. The world's top gold consumer intends to expand the number of customs authorities that are eligible to manage the "Non-one-batch-one-licence" for gold products to 15 from 10 previously, People's Bank of China said in a statement. "Non-one-batch-one-licence" means that the same licence can be used for more than one customs clearance as long as this does not exceed the prescribed quantity, the central bank said. The document...

Rilke Jeffreyri Huwae, an official from the mining ministry, said that a task force in Indonesia seized a 148 hectare area (366 acres) of PT Weda Bay Nickel because it did not have the necessary forestry permits. The government is targeting illegal mining operations as part of an overall crackdown. Last month, President Prabowo said that the government had identified more than 1,000 illegal mining operations. Rilke stated that PT Weda Bay Nickel holds a mining permit but does not have the forestry licence required to exploit the region. The nickel-rich Halmahera island is home to the Weda Bay Nickel...

Iron ore futures fell on Friday due to higher inventories of ore and metals, but they remained on course for a third weekly gain. This was boosted by improved demand in the top consumer China, and concerns about supply from Guinea-based projects. As of 0320 GMT, the most traded January iron ore contract at China's Dalian Commodity Exchange was down 0.56% to 795.5 Yuan ($111.73), per metric tonne. The contract is up 1.1% this week. As of 0310 GMT the benchmark October iron ore price on the Singapore Exchange had fallen 0.17% to $105.3 per ton but has seen a...

The copper price fell on Thursday. It climbed above $10,000 per metric ton, but then retreated under the pressure of a stronger dollar and lingering uncertainty about how tariffs would affect demand. After touching $10,015, the price of three-month copper at the London Metal Exchange dropped 0.3% to $9.983 per ton during official open-outcry trades. This was the second consecutive session that it moved above $10,000. Nitesh Sha, a commodities strategist at WisdomTree, said: "I believe the news on copper markets is still quite positive, but the dollar has firmed up a little this morning and added some headwinds to...

Iron ore futures prices fell on Thursday as the sentiment was weighed down by China, a major steel consumer. The day-traded iron ore contract for January on China's Dalian Commodity Exchange closed 0.81% lower, at 795.5 Yuan ($111.69), per metric ton. As of 0835 GMT, the benchmark October iron ore traded on Singapore Exchange fell 1.24% to $100.55 per ton. Analysts in Shanghai said that "Steel inventories continue to accumulate while demand is still not showing clear signs of improvement." The stock of five major steel products rose for the seventh week in a row, reaching a four-month record of...

The copper price remained stable on Wednesday, as the market awaited data on loans from China's top consumer and U.S. Inflation numbers that may determine the direction in which U.S. Interest Rates will move. The benchmark copper price on the London Metal Exchange was 0.10% higher, at $9.929 per metric ton of official rings. Traders reported that volumes were low as consumers and producers were absent. The market was dominated by funds, which reacted to macro-factors. China's loan data is due on September 10-15. Analysts will focus on the total social finance numbers, which they use as a gauge for...

Two people who have direct knowledge of this matter said that Zijin Gold International is planning to begin bookbuilding next week for its Hong Kong IPO, with a target valuation of more than $30 billion. One source said that Zijin Gold plans to open its books September 19 and aims to raise over $3 billion. According to LSEG, if the listing were that large, it would rank as Hong Kong's second largest listing of this year after Chinese battery company CATL raised $4.6 Billion in its May offering. Sources who refused to name themselves because the information is confidential said...

The iron ore futures fell on Wednesday due to profit-taking, and lower-than-expected data for inflation in China, the top consumer. However, bets that demand would pick up, along with a resumption of production among mills, helped limit losses. As of 0320 GMT, the most-traded contract for January iron ore on China's Dalian Commodity Exchange slipped 0.06% down to 802.5 Yuan ($112.61) per metric ton. As of 0310 GMT, the benchmark October iron ore traded on Singapore Exchange was down by 0.56% to $106.75 per ton. Steven Yu, senior analyst at Mysteel, explained that traders have been liquidating some long positions...

The copper price fell on Tuesday, as cautionary trading in anticipation of an important revision to U.S. employment numbers was offset by support from a major incident at a mine in Indonesia. In open-outcry official trading, the price of three-month copper at the London Metal Exchange dropped by 0.1% to $9.905 per ton. Commodity Market Analytics' Dan Smith said, "There has been a lot focus on the U.S. Economy with revisions to the U.S. Job Growth through March due today. Last Friday's data revealed that the job growth had almost stopped in August." Investors braced themselves for revisions which could...