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Tajikistan has enough fuel to last 60 days, despite Russian shortages
The local RFE/RL branch reported that Tajikistan has 60 days worth of fuel reserves. It is also in discussions with nearby countries to secure future supplies. This comes amid acute fuel shortages in Russia, a major trading partner. Radio Ozodi quoted the minister Daler Juma as saying "The export of some types?of petroleum products is still continuing from Russia to Tajikistan." At the same time, some difficulties continue. The broadcaster quoted the minister as saying that Tajikistan worked with Kazakhstan, Turkmenistan and Iran to ensure it had the fuel it needed. Tajikistan is a small country with a population of 11 million people that borders China and Afghanistan. It is heavily reliant on Russia for its fuel supply, as it is allied to Russia. Moscow banned diesel exports this month, due to a significant decline in production as a result of a escalating Ukrainian campaign against its oil refining facilities, which threatens fuel shortages in countries that depend on Russian imports. Fuel prices have risen in Central Asia in the last few weeks, due to the strike that has caused an acute shortage of fuel in Russia. Kyrgyzstan is another former Soviet republic in Central Asia that borders Tajikistan on the north. It has announced it has made agreements with Belarus and China for fuel supply amid Russian shortages. Felix Light reports.
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Namibia seals deals with China on mining, infrastructure and energy during state visit
China said on Friday that it would increase cooperation with Namibia, particularly in the energy, agriculture, infrastructure and minerals sectors. This was during talks between Chinese President Xi Jinping and Namibian president Netumbo Nandi Ndaitwah, which took place?in Beijing. Nandi-Ndaitwah is on a 7-day trip to China, since Sunday. He's seeking investment from China, the second-largest country in the world and the top lender. The goal of the trip is to implement the election promises to create jobs and diversify Namibia's economy. "In Namibia we affirm an unwavering commitment (to) this longstanding friendship" between Namibia and China, said Nandi Ndaitwah. She noted that her entourage consisted of dozens business people. "Your decision to visit China as your 'first state visit outside Africa' after assuming the Presidency shows the importance that you attach to this important relationship for which I express my appreciation, Xi said. Nandi Ndaitwah assumed office in 2025. This extended the 34-year-rule of the South West Africa People's Organisation, which led to the country's?independence in 1990 from apartheid South Africa, despite doubts about its electoral prospects due to growing frustrations with high unemployment and inequality. COOPERATION IN MINERALS AND ENERGY China and Namibia have signed eight documents including an agreement on green minerals, and a framework for economic partnership. The Chinese state agency Xinhua published a summary of the meeting. It stated that China was willing to "deepen its cooperation with Namibia" in areas such as infrastructure construction, energy, minerals, agriculture and youth education. Xinhua quoted a joint statement between China and Namibia as saying, "Both sides acknowledge the strategic value critical minerals...and agreed to enhance cooperation in the development key minerals such uranium and lithium." The statement emphasized the importance of local processing - a topic raised by several African commodity producers recently - technological transfer and local skill development. Shell and TotalEnergies announced plans to begin production after discovering an estimated 2.6 million barrels of crude oil. Angola, a neighboring country, produces 1.1 million barrels of oil per day. It uses this wealth to finance an overhaul of the?economy backed by China and a shift away from fossil-fuels. CHINESE FIRM HEAVILY INVOLVED IN NAMIBIAN METAL SECTOR According to a report by the International Monetary Fund, China is Namibia's largest export market, accounting for around one-quarter of its total shipments. Uranium made up 85% of the $1.3 billion in Namibian goods that China purchased last year. Data from the American Enterprise Institute shows that Chinese companies have invested $4.2billion in Namibia. All but $100m of this was in the metals sector. Nandi-Ndaitwah, in her inaugural speech, called for a "green" revolution that would monetise the agricultural sector and water resource of the country. IMF said that structural reforms will help create jobs. It highlighted agriculture, fisheries, and the new oil, gas, and green hydrogen industries. (Reporting and writing by Mei Mei Chu, Shi Bu, Joe Cash; editing by Jan Harvey).
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Gold is under pressure due to Middle East tensions, which are driving up rate bets
Gold prices eased on Friday, and were 'on track for a weekly drop.' Higher oil prices related to the Middle East conflict fueled inflation fears and raised expectations of a tighter U.S.monetary policy. Spot gold fell 0.5%, to $4101.70 an ounce, by 9:11 am EDT (1311 GMT), and U.S. Gold Futures for August Delivery dropped 0.7%, to $4110.60. Bart Melek is the global head of commodity strategies at TD Securities. He said that the main factor is the resumption of tensions between Iran and the U.S., as well as the general unwillingness to hold onto gold?and?silver at this time. According to the International Energy Agency, the recent escalation of hostilities between Iran and the United States could change its forecast for a significant surplus on the oil market next year. The oil prices are expected to rise by a week, fueled by concerns about supply amid new U.S.-Iran strike. The rising cost of energy fuels inflation fears, which in turn increases expectations for interest rate hikes from central banks. Gold is often viewed as a hedge against inflation, but higher interest rates can make it less attractive. "Everything points to the market being concerned about inflation, especially since oil has recovered in the past few days. Melek said that this will make central banks, and in particular the Federal Reserve, more vigilant. According to the CME FedWatch Tool, traders are pricing in a 62% probability of a rate?hike this September. Minutes from the Fed's June meeting showed a split between hawks and doves as concerns about a high inflation rate grew. Investors will be watching the inflation data next week and Fed chair Kevin Warsh's testimonies for more insight on monetary policy. Gold prices in India were at a discount this week, while demand in China was steady after the Chinese central bank announced its biggest?monthly? increase in gold reserve in over 2-1/2 years. Silver fell by 0.4% per ounce to $59.7338, while platinum rose 0.4% to 1,617.45 and palladium jumped 2.2% to $1,000.94. (Reporting by Sukanya Mitra in Bengaluru; Editing by Vijay Kishore)
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German Parliament passes a heating law that eases renewable energy requirements
The German Parliament passed on Friday a controversial heating law that scraps the requirement for new building heating systems to derive at least 60% of their energy sources from renewable resources. From 2029, new gas and oil systems will be required to blend in climate-neutral fuels at a rate of 10% by 2040. According to the government's plan, heating fuels will be completely climate neutral?by 2045. This is in line with Germany’s larger climate goals. The Left Party had sought to delay the vote in the parliament by bringing a last-minute 'injunction'. However, the Constitutional Court on Thursday refused. Environmental groups and opposition legislators have criticized the new legislation for reducing climate protection and slowing the transition away from fossil fuels. The government claims that the changes will allow homeowners to choose heating systems more freely and simplify the rules implemented by the previous administration. The bill must still be presented to the Bundesrat, which is the representative body of Germany's 16 states. The 'Bundesrat' can request amendments via a conciliation committee, but it cannot block a bill. (Reporting and writing by Christian Kraemer, Holger Hansen; editing by Kirsti Knolle).
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IEA reduces Russian oil production forecasts due to Ukrainian attacks
The International Energy Agency (IEA) lowered its estimate on Friday to reflect the fact that Russian oil production will decline by 3% this year to 8.9m barrels per day due to Ukrainian drone attacks against 'energy infrastructure. Ukraine has intensified drone attacks on Russian energy installations, including oil refineries. The aim is to stop Moscow's war effort. The Paris-based agency stated in its monthly outlook that "continued strikes against refineries, storage and transport facilities have weakened the production outlook. We have therefore cut our Russian Supply Outlook for this year and next by 85,000 barrels a day and 150,000 bpd, respectively, to an average of 8.8 million barrels a day over 'the forecast period. In response to the attacks, Russia has also imposed a ban on diesel exports, as well as restrictions on gasoline and jet fuel sales abroad, in order to combat domestic fuel shortages. The IEA predicts that oil production from Russia, which is the third largest producer in the world, will reach 8.9 mbpd by this year, and 8.8 mbpd by 2027. This is down from 9.2 mmbpd produced in 2025. The agency reported that Russia's crude production in June increased by 120,000 bpd compared to May, reaching 8.86 million bpd. This is 900,000 bpd less than the quota established by the OPEC+, which includes the Organization of the Petroleum Exporting Countries (OPEC) and its allies. Last month, Alexander Novak, the Deputy Prime Minister of Russia, acknowledged that Russian oil production had fallen since the beginning of the year. He blamed the drop on unplanned maintenance at refineries. Russia stopped publishing oil production data in April '2023, just over a year since the beginning of the conflict?in Ukraine. In recent months, the attacks on Ukrainian refineries also contributed to a rise in Russian crude exports. According to industry sources, shipments from Russia's western port ports reached a record in June. They are expected to maintain this level in July. Sources' data revealed that exports from the Baltic port of Primorsk along with Ust-Luga and the Black Sea port?of Novorossiysk reached almost 3 million bpd in June. The IEA estimated that Russia's crude oil exports reached 5.8 million bpd in June, an increase of 620,000 bpd over May. Last month, oil products exports fell by 230,000 bpd compared to May.
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As tensions between the US and Iran fuel fears of rate hikes, gold is expected to lose value this week
Gold was down on Friday and set to lose a 'weekly loss' as concerns about the Federal Reserve tightening monetary policy were fueled by rising crude oil prices and tensions between Iran and the United States. By 1106 GMT, spot gold had fallen 0.4% to $4105.97 an ounce, a decline of about 1.6% over the past week. U.S. Gold Futures for August Delivery fell 0.6% to $4114.80 an ounce. Han Tan, Bybit's chief market analyst, said that spot prices "may again test $4,000 per ounce as a psychological support level should tensions escalate and oil prices extend their recovery." The oil market is set to see a weekly gain after Iranian forces attacked U.S. military installations in Gulf States on Thursday. This was a day after Washington had targeted Iran's eastern and southern coasts. Inflation can be boosted by higher energy prices, and this may lead central banks to increase interest rates. This tends to put pressure on gold, as the metal offers no return. According to CME’s FedWatch tool, the markets are pricing in 58% of a rate hike for September. Investors will be watching closely the U.S. inflation figures due next week, as well as Kevin Warsh's testimony. Tan added that it is unlikely to see a change in the Fed's hawkish position without a sustained moderate of U.S. inflation. The minutes of the Fed's meeting in June showed that inflation was a growing concern. Some policymakers were urging a rate increase before rates remained unchanged. Gold prices in India fell this week due to price volatility, but demand in China was steady. The central bank of China reported its biggest monthly increase in gold reserves for more than 2-1/2 years. Other metals include?spot-silver, which fell by 1.1% per ounce to $59.34, platinum, which gained 0.51%, and palladium, which climbed 1.6%, to $1.267.80. All three metals are on course for a loss this week. (Reporting and editing by Subhranshu sahu in Bengaluru, Leroy Leo, Subhranshu sahu)
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Weekend Reads: Drones and Messi
Are you looking for inspiration? Weekend Reads is a weekly roundup of what the Open Interest team was reading, watching, and listening to. This week's picks include the impact of war on?energy security and food, China's ability to leverage critical minerals, and World Cup drama. We'll be reading RON BOUSSO's ROI Energy Columnist's paper, which examines the global impacts of Ukraine's drone attack on Russia's oil refinery infrastructure. The analysis provides great detail about the extent of the damage. CLYDE RUSSELL is a columnist for ROI Asia 'Commodities and Energy. The Iran War threatened to cause a food shortage. The next Gulf conflict could have the same effect. It's a good read by our colleagues about the possible?fallout on the fertilizer markets. ANDY HOME is the ROI Metals columnist. This article? This article documents the increasing impact that China's export restriction on rare earths is having on Japanese industries. This article is a good reminder of China's power over the West, and their willingness to use that power. We are listening to... ANNA SZYMANSKI. ROI Editor-in Charge: The Japanese yen’s slide to multidecade lows, isn't only a'story' for currency traders. Carmel Crimmins, host of Econ World's latest episode, talks with Rocky Swift, chief correspondent for Japan's markets, about the reasons behind the currency's decline, how Tokyo is reacting, and what it means for us. We're watching... AL REED ROI Research Assistant.?With 2026 FIFA World Cup well into the knockout stage, a curated daily selection highlights some the most memorable moments of the tournament -- from 'triumph and 'heartbreak' to dramatic 'twists in fortune'. The opinions expressed here are solely those of the author. These views do not represent those of News. News is bound by the Trust Principles to maintain integrity, independence and neutrality. (By Anna Szymanski Editing by Marguerita Choy)
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Bloomberg reports that SoftBank and PayPay are in talks to invest Seven & i.
Bloomberg News reported that SoftBank 'Corp and mobile payment operator PayPay were?in discussions to invest in retail juggernaut Seven & i Holdings. Bloomberg reported that the investment is likely to 'total several hundred billion yen.' Sumitomo Mitsui Card - a division of Sumitomo Mitsui Financial Group - may also be a shareholder. Could not verify the report immediately. SoftBank, Seven & i PayPay, SMFG and SMFG declined comment. Seven & i operates 7-11 stores around the world, with Japan and America as its two largest markets. The investment would be a great boost to the embattled 'Seven & i', who have failed to revive their flagging business a full year after their prolonged tussle against Canadian convenience store competitor Alimentation Couche-Tard, which had 'tried to take them over in what would have?been Japan’s largest foreign buyout. Seven & i was under pressure for years from investors about its poor returns, and it faced calls to focus on the core convenience store business. Private equity firm Bain Capital has agreed to buy the supermarket business in March 2025. This includes stores that are larger than convenience stores, and operate under different brand names. Bloomberg reported that SoftBank aims to 'use its artificial intelligence in-house to improve store management, and to introduce autonomous robotics to reduce'manpower? in Seven & i shops. SoftBank Corp., the domestic telecommunications division of SoftBank Group has developed AI tools with OpenAI, the ChatGPT maker. OpenAI is the focus of a massive?investment drive, with SoftBank Group’s commitment investment to reach $60 billion by 2026.
Georgian opposition politician sentencesd to 13-years on terrorism charges
The Interpress news agency reported that a Georgian opposition politician sentenced on Friday to a total of '13 years in prison for his conviction on a terrorist charge. He was convicted after he attempted to set fire to an 'official courthouse in the capital last year.
The court said Aleko Elisashvili was a founder member of the Citizens Party who broke into the Tbilisi City Court chancellery in November 2025. He smashed a window with a heavy hammer and then poured gasoline on the inside before attempting to set the building ablaze.
Elisashvili was found guilty of attempted terrorism, despite his plead not guilty. He claimed he was protesting against the government's crackdown on opposition.
Georgia, once considered one of the most democratic and pro Western successor states to emerge from the Soviet Union, has grown increasingly authoritarian after the beginning of the conflict in Ukraine.
The ruling Georgian Dream Party has banned Elisashvili’s party from its political grouping, accusing the opposition of trying 'to incite violent coups.
The relationship between Georgia and the European Union has been strained by concerns about democratic backsliding.
It wasn't immediately clear if Elisashvili was going to appeal.
In his 'final address before the court,' he defended himself.
Radio Free Europe/Radio Liberty, Georgian service reported that he said: "I wanted spit on the face of this government to show they couldn't oppress us." (Reporting and writing by Lucy Papachristou, Editing by Helen Popper; Maxim Rodionov)
(source: Reuters)