Europe

According to a document obtained by, the US Export-Import 'Bank will fund critical minerals?and _energy projects worth up to $7 bn in Argentina. This is part of a drive to strengthen economic cooperation between Washington DC and Buenos Aires. A person familiar with the issue said that the funding was part of a package which will be announced on Wednesday at the United Nations General Assembly in New York. The US is seeking greater access to Western Hemisphere minerals and energy. Washington and Buenos Aires' ties have been strengthened by a closer alignment in economic policy under Argentine president Javier...

On Tuesday, President Donald Trump?said that he supported the idea of a 'ban on diesel exports. Some US?politicians have called for a 'ban on the export of diesel as a way to tame the rising cost of energy. The price of diesel has risen to record levels in Europe and America as the wars in Iran, Ukraine and Russia have sharply reduced exports by some of the largest producers such as Russia and Saudi Arabia. "I said let's send the diesel out. We make a great deal of diesel... I've asked for it. I've asked for it among my people,"...

The French government will provide targeted energy relief to those who are most affected by rising fuel prices. Finance Minister Roland Lescure announced new measures on Tuesday that would help families cope with the spike in fuel costs caused by the Middle East conflict. Fuel prices have been rising and prompted protests from fishermen. There are now calls for larger demonstrations to increase pressure on the government about living costs in advance of the upcoming presidential election. Lescure said at a press conference that "we are aware of the difficult situation for our citizens,?especially those who drive every day to...

Data from trade sources revealed that the share of oil imported by India from Russia fell in August. Meanwhile, supplies from the Middle East increased, as Abu Dhabi National Oil Co sold oil from this region outside of the Strait of Hormuz. ADNOC, the state-owned oil company of the United Arab Emirates, has boosted its shipping operations. It now transports oil from its fields in the Strait of Hormuz to storage and export terminals in Fujairah (Fujairah) and Sohar (Sohar), where it is sold. ADNOC also buys oil from other producers, such as Iraq, to resell. The data showed that...

Emmanuel Macron, the French president, wrote to the European Commission to urge it to delay new rules on methane reporting for oil and 'gas importers. He argued that they could create legal risks if energy supplies are tightening. Les Echos, a French newspaper, first reported on Macron's September 18 letter to Commission president Ursula von der Leyen. The new regulations, which will come into force on 'January 1', will require monitoring and verifying methane emission for fuel deliveries in the?Block. They aim to reduce leaks of this powerful greenhouse gas, and to impose a?fine if companies violate the regulation. Macron...

Three industry sources reported that the 'primary crude distillation' units of Russia’s largest refinery in Moscow, owned by Gazprom Neft (Gazprom), had halted processing crude oil after fires broke-out at their?main crude distillation? units following an?Ukrainian? drone attack on September 20. On Sunday morning, Moscow Mayor Sergei Sobyanin announced on Telegram that a facility at the refinery had been damaged during a drone attack on the Russian capital. On Monday, sources said that drones had crashed on the site and caused fires in the primary crude distillation units of the refinery. They also stated that it would take weeks to...

Oil prices fell on Monday, as investors hoped for a recovery of shipments from Saudi Arabia. This was despite the ongoing attacks by the?Yemeni Houthis which have escalated the tensions in the Middle East. Brent crude futures fell 81 cents or 0.78% to $103.06 per barrel at 0031 GMT, after falling 0.91% Friday. US West Texas Intermediate crude traded at $99.41 per barrel, down by 89 cents or 0.89% after a 1.58% drop in the previous session. Yemen's Iran supported Houthis claimed they attacked "sensitive sites" in Saudi Arabia's capital, Riyadh, on Saturday using?missiles or drones. They also said that...

Two people familiar with the plan say that Russian President Vladimir Putin's top economic representative and Germany's AfD far-right leadership are preparing to meet in order to discuss restarting gas supply to Europe's largest economy. The talks for a March meeting highlight the close ties between Moscow and AfD. Although blocked from power by its rivals' coalition, AfD is Germany's most popular party among voters. One of the sources said that Kirill Dmitriev would attend, who is close to Putin and heads Russia's sovereign fund. He will also be joined by Alice Weidel, Tino Chrupalla and Alice Weidel, co-leaders of...

Fuel news agency Enkorr reported that retail prices of motor fuel have risen in Ukraine by 8-10% since the beginning of the month. This is in line with the rises in European prices. Diesel has also climbed close to the psychological threshold price of 100 hryvnias per litre ($2.24). The Russian missile attack on Ukraine has destroyed the country's entire oil refining capacity. Fuel prices have been affected by the U.S. and Israeli war against?Iran. Enkorr data showed that average petrol prices rose 10% in September to 88.3 Hryvnias a litre on September 17 while diesel prices? climbed 8% to...

Barclays anticipates that the Bank of England will increase rates by 25 basis points in November, after keeping them steady. They cite a "dramatically altered" medium-term outlook for energy and warn of a possible further tightening if the Middle East conflict continues. Barclays joins J.P. Morgan, which has also warned about the possibility of further rate hikes due to the Middle East Crisis. J.P. Morgan had previously predicted that the BoE would raise rates in November 2026, and then cut rates twice in 2027. BoE?kept rates at 3.75% as expected on Thursday, but also forecasted?that inflation would top 4% by...

Mihail Kogalniceanu Airport in Romania was designed to make Americans feel comfortable. The streets of the base are named Alabama (the state), Ohio (the state), Alaska (the territory) and George Washington. Since 1999, the base has been home to U.S. soldiers who have supported America's wars against Iraq and Afghanistan. About half of the roughly 2,000 American soldiers in Romania last year, the majority of whom lived at the base, left as the Trump administration began to realign the U.S. Military presence in Europe. The departures in Romania, a North Atlantic Treaty Organization bordering Ukraine country, caused alarm. MK, as...

On Thursday, the regional governor Mikhail Yevrayev posted on Telegram that a?Ukrainian?drone attack damaged an oil?refinery located in the Russian city Yaroslavl. The drone caused a fire, which was then extinguished. After Donald Trump announced on Monday that Russia and Ukraine had reached an agreement on energy, the Russians have acknowledged their strikes on refineries. However, neither side has confirmed this agreement. On Sunday, Trump urged Ukrainian president Volodymyr Zelenskiy to stop "targeting" Russian diesel infrastructure. He blamed the attacks for the diesel shortage which is "hurting the whole world". Authorities in Russia's southern region of Krasnodar reported that drone...

Indonesia has learned that gaining a dominant position on the nickel market is easy. It is much more difficult to use its influence on supply to control the prices. Southeast Asia now accounts for more than 60% of the global production of a metal that is used both by stainless steel manufacturers and battery makers of electric vehicles (EVs). Indonesia's dramatic rise to become a?nickel power? is due to a 2020 ban on exports, which forced operators into building domestic processing capacity. The country has become a'model for other developing nations, especially those in resource-rich Africa. It's also worth noting...

Indonesia has learned that establishing a dominant position on the nickel market was the easy part. It is much more difficult to use its influence on supply in order to control the prices. Southeast Asia now accounts for more than 60% of the global output of a metal that is used both by stainless steel manufacturers and electric vehicle battery manufacturers. The dramatic rise of Indonesia as a nickel superpower is the result?of a ban on ore exports in 2020, which forced?operators?to build up domestic processing capacity. This has become a model for other developing nations, particularly those in resource-rich...

Four sources have confirmed that the Democratic Republic of Congo has been preparing to create a "one-stop" agency for major mining investment as part of its reforms related to its partnership with US minerals. The aim is to reduce red tape and to attract more Western capital to a sector dominated largely by Chinese companies. Congo is the second largest copper and cobalt producer in the world. It is the center of the 'competition between global powers to supply critical minerals essential for the energy transition and advanced manufacture. China, the US and the European Union all signed mineral agreements...

The Kremlin said on Tuesday that it was pleased with the fact that Germany's AfD party wants to dialogue with Moscow. It contrasted this with what they called the confrontational attitude of Chancellor Friedrich Merz. On Sunday, the Alternative for Germany (AfD), a group that opposes immigration, won a state-level election in Mecklenburg/Western Pomerania. This builds on their victory a few weeks ago in Saxony/Anhalt and intensifies?political pression on Merz. Last week, it was reported that the AfD and Vladimir Putin's economic envoy had begun preparing to meet in order to discuss restarting Russian gas supplies to Germany. Dmitry Peskov,...

Gold prices rose to a new weekly high on Friday. They were also on track for their first 'gain' in four weeks, thanks to lower oil prices, which eased fears of inflationary pressures. However, a stronger dollar tempered gains. Gold spot was up 0.7% to $4,372.27 an ounce at 09:16 am EDT (1316 GMT) after reaching its highest level since the 11th of September earlier in session. Bullion is up 0.6% this week. US gold futures increased 0.3% to $4,411,20. Oil has been the primary driver of inflation, so a decrease in oil prices will reduce inflation pressures.?Precious Metal investors...

According to a proposal by the European Commission, India will be one of the countries that are 'banned from importing EU metal scrap, including aluminium scrap. The Commission published its proposal on Friday. It confirmed an earlier report and opened up a consultation with the public on the list of exemptions until October 16. This move follows a decision by the Commission to abandon a plan earlier this month that would have imposed a '15% export tax on scrap aluminium after being pressed by India, its largest buyer. Disagreements between EU officials have diluted the proposal for trade by excluding...

The copper price rose for the fourth straight session on Friday. It is now back to'record highs' as China, the top consumer, continues to support?the market. The price of three-month copper at the London Metal Exchange rose?0.2%? to $14,513 per metric ton, in open-outcry official trading. It had previously reached $14,572.5 - its highest level since 10 September, when it peaked at $14,875. The metal rose 2% in the past week. Data from high-frequency sources indicate that Chinese demand was 1% to 2% higher than the previous year in the first half September. Goldman Sachs stated in a research note...

According to the developer of the project, the US government approved $414 million in financing for an uranium?project?in Niger. This is a victory for Washington, two years after that nation's expulsion of all US forces. According to a statement released by Global Atomic on Wednesday, the US Development Finance Corp has approved the debt facility of the Dasa project in Africa. The company calls it the highest-grade deposit of uranium in Africa. The investment could boost US access to strategic uranium at a time when Niger, world's 7th largest uranium supplier, is in dispute with French-backed Orano which has long...

The copper price rose on Thursday, as Chinese buyers returned to market after a recent selloff. Demand prospects also improved and the market shrugged off the?US rate hike. Benchmark 'copper' on the London Metal Exchange traded 1.2% higher at $14,408 per metric ton. Prices for the metal used in construction and power industries have fallen 4% since September 10, when they reached a record high price of $14,875 per ton. The dollar increased after the US Federal Reserve raised interest rates and reaffirmed their commitment to curbing inflation. The demand for industrial metals has been impacted by the rising dollar,...

Emirates Global Aluminium's chief financial officer said that it was "very disappointed" at the EU's decision to abandon a proposed export tax on aluminum scrap. The move will affect the decision-making process for a planned expansion of recycling in Germany. Sources familiar with the talks said that the EU retracted its proposal earlier this month for a 15% duty on exports of aluminium scrap, which was intended to prevent so much material from leaving the EU. They were concerned it would complicate the signing of a final free trade agreement with India. The industry lobby European Aluminium has expressed "profound...

Prices of copper rose on Wednesday as a result of signs of demand from 'China, the world's largest consumer, although traders were wary of possible volatility in advance of the Federal Reserve of America's decision to raise interest rates. In open-outcry official trading, the price of a metric tonne of three-month 'copper' on the London Metal Exchange rose by 1.1% to $14,231 per metric ton. Metal used for power and construction is down by 4% after hitting a record-high of $14,875 in the past week. The premium of COMEX futures prices against the?London price fell dramatically. The Yangshan copper premium...

The copper price fell to its lowest level in over three weeks on Tuesday as the London Metal Exchange increased their inventories, and oil prices rose. The benchmark copper price on the London Metal Exchange was 0.5% higher, at $14.075 per metric ton of official rings. This is the lowest level since August 20, and it's been trading there for a year. Copper recovered thanks to bargain hunters, traders said. Due to higher premiums on nearby contracts against longer-dated forwards, copper stocks in LME warehouses rose nearly 20% to 242,900 tonnes since the middle of August. The traders expect that...