Europe

Eni said on Monday that it would resume lifting Venezuelan crude in April as payment-in kind for gas produced?in Venezuela. The Italian energy group added?that?the move?would?allow?it to?recover?old receivables?from Caracas. Payments stem from an agreement between Venezuelan oil firm PDVSA, and Cardon IV - a joint venture owned equally by?Eni and Spain’s Repsol - that produces gas in the Perla field. The deal was signed in March. Eni stated that payments for gas are made in kind, and the first shipment from Venezuelan crude oil was lifted in April. Eni announced that the lifting of oil cargoes has resumed as U.S....

India's palm oils imports dropped 27% in April to a "one-year low" as refiners slowed purchases due to the sluggishness of demand from institutional buyers, and recent price increases that reduced its discount to competing oils. India's palm oil imports fell 27% to a?one-year low in April, as sluggish demand?from institutional buyers and a recent price rally that eroded?its discount to rival oils prompted refiners to curb purchases, five dealers said. Dealer estimates show that palm oil imports dropped to 505,000 tons in April from 689.462 tons in march. Imports of soyoil rose by 24% in April, compared to March,...

?Oil Prices eased on 'Monday, after U.S. president Donald Trump'said he would start an effort to release ships stranded at the Strait of Hormuz. However, the absence of a U.S. Iran peace deal kept the prices above $100. Brent crude futures dropped 64 cents or 0.59% to $107.53 per barrel at 2308 GMT, after falling $2.23 on Friday. U.S. West Texas Intermediate is now at $101,10 per barrel, down by 84 cents or 0.82% after a loss of $3.13 on Friday. Trump said in a Sunday post on the Truth Social website that "for the good of Iran and the...

Josu Imaz, the chief executive of Repsol, said that the company is not in a hurry to list the oil and gas production unit it has in the United States. This will temper expectations for a 'initial public offering' or reverse merger. Imaz said in late 2018 that its upstream unit is preparing for a liquidity event by 2026. This could be an IPO, or a reverse merge with a listed company?in the U.S. He said that while the unit is technically "ready to go to the American market", it would be better if the fundamentals of the upstream sector...

After initial reports of failure, last-minute discussions between Austria's three ruling parties continued on Thursday. The government must set the amount of the two elements. Austrian media reported that the parties were discussing a lower level but one potential sticking point was that the smallest of three, liberal and fiscally conservative Neos, had been?seeking a guarantee that this mechanism would not be extended beyond May. Austrian media reported that parties were discussing a lowered level. However, one sticking point could be that the smallest party, the liberal fiscally conservative Neos had asked for a guarantee the mechanism wouldn't be extended...

Ukraine's Security Service (SBU) said that its drones struck an oil refinery near the Russian city of Perm on Thursday. This was the second attack in a row on oil facilities around the region as Kyiv tries to reduce the energy revenues Moscow uses to fund war. SBU: The Lukoil-owned refining plant, located over 1,500 km from Ukraine, is one of the largest refineries in Russia, with a capacity of 13 million metric tonnes per year. Lukoil did not respond immediately to a request for comment. The SBU reported that preliminary information indicated that the strike had hit a critical...

By America Hernandez PARIS, 30 April - French oil major TotalEnergies, and Philippine renewables developer Nextnorth, have announced that they have started construction on a 440 Megawatt-peak Solar Park in the Asian nation. The $300 million project is scheduled to be 'online' by the end of 2027 and will produce 1.2 Terawatt-hours over a period of?20 Years. The remaining half will go to the national grid in the fourth renewable tender round. Total, unlike other oil companies that have walked back on their renewable commitments has expanded its green portfolio. Most recently, it formed a joint venture, with Emirati company...

Austria's OMV raised its forecasts on Thursday for energy prices in 2026 and said that it expected higher prices as a result of lower production due to the Iran War and the closing of the Strait of Hormuz. Oil and Gas Company raised their estimate of the average Brent price in 2026 to between $85-$95 per barrel, up from $65. This is based on the assumption the Strait of Hormuz would be reopened before the end of June. The company expects to see a gas price realized of between 35 and 40 euros per megawatt-hour (MWh) in the coming year....

Repsol, the Spanish oil refiner, posted a 57% increase of its first-quarter adjusted profit on Thursday as oil refining margins soared. It also announced that it would increase kerosene output by 15 to 20% in response to global jet fuel shortages due to the Iran War. The main Spanish refiner and oil company booked an adjusted net profit of 873 millions euros ($1.02billion), which is still below the average forecast provided by the company of 897million euros. The company's refining margin in Spain has more than doubled since a year earlier, reaching $10.9 per barrel. The company said that the...

BASF reported on Thursday that its quarterly adjusted operating profits had declined 5.6%. It cited 'negative currency effects and 'competitive pressures.?It also added that the impact of the Iran War was uncertain. BASF reported that its first-quarter earnings were 2.36 billion euros ($2.75 billion), after adjusting for special items. This was a decline from the 2.19 billion euro average analyst estimate. The German chemical company reaffirmed that the adjusted EBITDA is likely to reach?6.2-7.0 billion this year compared with 6.6?billion in 2025. The company also projected a Brent crude oil average price of $65 per barrel in 2026. This was...

Analysts and traders said that spot premiums on physical crude had fallen from the record highs set during the Iran War as refiners were drawing down their inventories and reducing processing to make up for lost Middle East supply. Citi analysts say that since the U.S. and Israel's war?on Iran began on February 28, the global market lost access to 500,000,000 barrels of crude oil and refined products. This sparked a price spike on panic purchases, but has destroyed demand for consumers and refiners. Refiners searched the world for alternatives and paid premiums. Some grades reached record highs earlier this...

A UAE official said on Wednesday that the United Arab Emirates was reevaluating its role and contribution?across multilateral organizations but it is not considering further withdrawals 'at this time. The Emirati official who spoke on condition of anonymity said that the country was reviewing its membership in all multilateral organizations. After its unexpected decision to leave the Organization of Petroleum Exporting Countries (OPEC+) and OPEC+?effective May 1, Abu Dhabi's statement has fueled speculation that it could also exit other regional organizations, such as the Arab League or the Gulf Cooperation Council. The UAE's exit from OPEC, as one of its...

The shares of German automakers fell on Monday after President Donald Trump decided to increase U.S. tariffs on imported European vehicles to a 25% levy from the previously agreed 15% levy, dealing 'a 'fresh blow to an already battered industry. As of 1046 GMT the pan-European auto and parts index had fallen 2.3%, while shares for Porsche, BMW Mercedes-Benz, and Volkswagen all fell between 2% and 3%. Trump claimed on Friday that Brussels had failed to comply with an agreement reached between Washington DC and Brussels in 2017 that reduced U.S. tariffs on automobile imports by 15%. The implementation by...

Thyssenkrupp announced on Saturday that it had 'paused' talks with India's Jindal Steel International about a potential'sale' of the 'German industrial group's' steel unit. This is a setback to CEO Miguel Lopez’s restructuring efforts. Reports in March indicated that discussions may be canceled due to disagreements over pension liabilities, investments, and energy costs. Four people who are familiar with the issue were cited. Jindal Steel International made a bid indicative?for Thyssenkrupp Steel Europe in the past year. This led to months of due diligence, and negotiations on a possible purchase of Europe's?second-largest steelmaker. Thyssenkrupp stated that "the?original assumptions, and prerequisites...

Aluminum?prices rose on Friday as a result of fears that supply would be limited due to the ongoing standoff between Iran and the U.S., which has impacted shipments from the Gulf, where there are large smelters. Iran warned on Thursday that it would respond to any new attacks by the United States with "long, painful strikes". In official open-outcry trade, benchmark three-month aluminum on the London Metal Exchange increased 1.4% to $3.522 per metric ton, ending five sessions of losses. Metal used for construction, transportation and packaging reached $3,672 per?ton, its highest level in four years on April 16. This...

Gold prices dropped more than 1% on Friday, and are expected to drop a similar amount each week as high oil prices continue to fuel inflation fears that could discourage central banks from reducing interest rates. At 1149 GMT spot gold was down by 1.1%, at $4,573.33 an ounce, and is on course for a loss of 2.8% per week. U.S. Gold Futures for June delivery dropped 1% to $4585.20. UBS analyst Giovanni Staunovo said that gold remains negatively correlated with oil in the short-term, because it impacts interest rate expectations. Iran warned on Thursday that it would respond to...

The copper price rose on Thursday, and was poised to 'crack a five-day decline after positive factory data from China. Nickel prices were 'heading towards their biggest monthly jump in two years due to tighter supply coming out of Indonesia. In official open outcry, the benchmark three-month copper price on London Metal Exchange rose 0.6% to $13,085 per metric tonne. Metal used in construction, manufacturing and power was expected to rise by 6% in April. This would be the best month in?2026, based on the hope that the Middle East conflict will be contained. A private survey revealed that China's...

Gold prices jumped Thursday as the dollar eased, and oil prices fell. Some analysts also cited an increase in demand for safe-haven assets due to growing fears that the U.S. - Iran war could escalate. As of 1158 GMT spot gold rose 1.9%, to $4,629.83 an ounce, after dropping to its lowest level since March 31, in the previous session. Bullion has fallen by about 0.9% this month. U.S. Gold Futures for June Delivery rose by 1.8% to $4642.90. Dollar fell sharply against yen after Bank of Japan officials gave firm signals about possible intervention to help the Japanese currency....

Molson Coors beat analyst's expectations for the first quarter sales and profit on Thursday, thanks to price increases and increased demand, particularly in Americas. The brewer's shares rose by 2% just before the bell despite a global macroeconomic climate that is uncertain and a rising inflation rate. Coors Light, Miller Lite and other beers have raised their prices in order to cushion the effect of rising raw materials costs, such as aluminum, and?to buffer against softer demand. The brewer is pushing premium products such as Blue Moon Belgian White, Peroni Nastro Azzurro and expanding into categories that are growing faster...

ArcelorMittal, the world's second-largest steelmaker, reported stronger-than-expected core earnings ?on Thursday, helped by ?higher steel prices and ?improved performance ?in its North America business. According to LSEG data, the Luxembourg-based firm posted core earnings in the first quarter of 1,68 billion dollars, exceeding analysts' estimates of $1.65billion. Aditya Mittal, CEO of Aditya Mittal Group, said in the earnings report that "the fundamentals of our business have improved in the last three months." He said that the performance in the first three months was resilient, despite "unsettled background" in the Middle East. EU STEELMAKERS SEEK RECOVERY Despite the fact that demand...

Gold was largely unchanged on Wednesday as investors awaited the comments of U.S. Federal Reserve Chair Jerome Powell to assess the economic impact of the Iran War as peace negotiations stall. As of 0611 GMT spot gold was down 0.1%, at $4,590.80 an ounce. It had fallen to its lowest level in April 2 the previous session. U.S. Gold futures for delivery in June?fell by 0.1% to $4604 Investors are expecting the Fed to maintain interest rates at the end its two-day meeting, later that day. War-driven energy shocks have reignited already-high inflation. "Much market resilience since last April's panic-driven...

Investors waited for a U.S. report on gold. Federal Reserve Chair Jerome Powell's comments will be used to assess the economic impact of the Iran War as the peace talks stagnate. As of 0439 GMT spot gold rose 0.2% to $4,602.82 an ounce after dropping to its lowest level in April 2 the previous session. U.S. gold futures for June delivery rose 0.2% ?to $4,616.40. Investors anticipate that the Fed will hold interest rates at a steady level after its two-day session later in the day. The market's resilience has been built on the assumption that the Fed will step...

Gold prices were largely stable despite choppy trading on Wednesday, as investors awaited the comments of U.S. Federal Reserve chair?Jerome Powell to assess the economic impact of the Iran War in the face stalled talks. As of 0243 GMT spot gold rose 0.1% to $4,597.07 an ounce after dropping to its lowest level in April 2 the previous session. U.S. Gold Futures for June Delivery were stable?at $4610.20. As markets anticipate the FOMC meeting, gold remained stable. Much of the market's resilience following last April's tariff panic was built on the assumption the Fed would be ready to intervene if...

Pernod Ricard & Brown-Forman announced that they had ended their merger talks after failing to reach mutually satisfactory terms. Last month, the companies announced that they had been in talks about a possible merger. This would have combined the second largest spirits producer in the world with the largest American whiskey producer. Sazerac American spirits group, which has brands such as Corazon Tequila and Svedka Vodka, emerged this month as a potential new bidder for Brown-Forman. Pernod Ricard said Tuesday that it remains confident and focused on its operating model and strategy, backed by a strong team of committed employees...