Europe

According to official sources, almost all of the major oil refineries in central Russia have been forced to reduce or halt their fuel production due to recent drone attacks by Ukraine. Moscow has already banned gasoline exports from April to the end of July. Refineries which have stopped operations or are partially stopped, together, produce more than 83 million tons of?product per year. This is approximately 238,000 tons a day. According to anonymous sources and data, this represents around a quarter of Russia's entire refining capacity. Over 30% of Russia's gasoline is produced by refineries, and around 25% by diesel....

Local officials reported that two people had been?killed? and 19 others injured overnight in Russia's attacks on Ukraine, while Ukraine sent drones into industrial areas of central Russia. Local authorities in Ukraine reported that two people died and six were injured when Russia attacked the city of Dnipro, located on the south-east coast, with artillery and missiles. Authorities?added that another 13 injuries were reported in the northern Sumy Region and the southern region of Zaporizhzhia. Three children included. We could not independently verify these reports. Russia and Ukraine deny targeting civilians. DRONES TARGET INDUSTRIAL AREA?IN RUSSIA According to Russian officials...

Sanjay Khanna, the chairman of India's Bharat Oil Corp. said that it is recalibrating its crude import strategy nearly daily and increasing?spot purchase after the U.S./Israeli conflict in Middle East disrupted Middle East supply. India, which is the third largest?oil?importer and?consumer in the world, has been affected by the rising crude prices as well as supply disruptions after the Strait of Hormuz was closed. South Asian nation raised retail petrol and diesel prices twice in one week. The refiner planned to purchase about 55% of its crude requirements for 2026/27 via annual contracts, mostly from Middle Eastern producers. Khanna stated...

A top government minister announced on Tuesday that Italy would extend a 'cut in fuel excise duty due to expire May 22 as part of efforts to curb the soaring energy prices caused by the Middle East conflict. Matteo Salvini, Deputy Prime minister and Transport & Infrastructure Minister, said during an interview with RTL 102.5 that "we will definitely have to extend the excise reduction." It has spent about?1 billion Euros ($1.16 billion), so far, to reduce?excise duty on?petrol or diesel pump prices. The measure was first introduced in March, and then extended for the first time in late April....

Santos, Australia’s No.2 oil &?gas producer said on Monday that it had?reached first oil in its Pikka project, located in Alaska, U.S.A. Shares of the Adelaide-headquartered company rose as much as 3.1% to A$8.12, their highest ?since April 13, while the broader S&P/ASX 200 benchmark index ?was down 1.4% by 0450 GMT. Stocks of the Adelaide-based company rose as much as 3.1% to A$8.12, their highest level?since April 13, while the broader S&P/ASX 200 benchmark index?was down 1.4% by 0450 GMT. Craig Sidney is a senior investment advisor at Shaw and Partners. He said, "This announcement is positive in light...

Two sources familiar with the investigation said that the Brazilian federal police had targeted the former governor of Rio de Janeiro, Claudio Castro, and the owner Refit Refinery Ricardo Magro as part of an investigation into alleged tax evasion. Castro and Magro did not immediately respond to a request for comment from. The police, without naming any suspects, said that they had launched an investigation into a conglomerate in the fuel industry suspected of concealing assets, faking assets and transferring money abroad. According to a statement, the Supreme Court ordered that assets worth approximately 52 billion Reis ($10.4 Billion) be...

Energy Minister said that Serbia will present its final offer to MOL, the Hungarian oil company, on Friday, in response to the Hungarian bid for NIS, the operator of the Balkan nation’s only refinery. Gazprom and Gazprom, two Russian companies, agreed in January to sell their 56% stake in NIS majority to MOL after the U.S. demanded that Russian shares be divested due to sanctions imposed by the U.S. over Moscow's involvement in the war in Ukraine. We had intensive discussions yesterday and the previous day with representatives of MOL. "We agreed on certain topics," Energy Minister Dubravka Handanovic, was...

Serbia's energy minister said that it will present its final proposal to MOL on Friday regarding the Hungarian company's bid for NIS to be acquired by MOL, the operator of the Balkan nation’s only refinery. Gazprom and?Neft, two Russian companies, agreed in January to sell their 56% stake in NIS majority to MOL after the U.S. demanded that Russian shares be divested due to sanctions imposed by the U.S. over Moscow's involvement in the war in Ukraine. Washington has given MOL and the Russian companies until May 22 for the sale to be completed. This will require the Serbian government's...

It may not be sufficient to wait out the oil crisis. Federal Reserve officials may have to show that they will take action to achieve their inflation targets, just as European counterparts seem to be determined to do. If that happens, it could be a big deal given what Wall Street forecasters are currently thinking. The crude oil futures for the end of year are at their highest levels since the Iran 'war began, with little evidence of a lasting peace agreement. The latest U.S. April inflation data showed that the damage to?already high prices was escalating. The Fed's target...

Brenntag, a German chemical distributor, posted a better-than-expected quarterly profit on Wednesday. Price increases and cost reductions helped, but the company warned of higher crude costs due to Middle East conflict in the months ahead. The U.S. and Israeli war against Iran has affected the global fuel and feedstock markets and driven up prices in the energy-intensive chemicals industry. Thomas Reisten, CFO of the company, said on a conference call with analysts and reporters that the higher costs for fuel and transportation due to the tensions in the Middle East were being passed onto customers via surcharges and increased prices....

Bola Tinubu, the President of Nigeria, said that Nigeria will spend $11.6 billion in 2026 servicing its debt, which is nearly half of the projected revenue for government. He called for a reform to a global financial structure he claimed penalized African borrowers. He said that debt-servicing costs were crowding out expenditures on infrastructure, health care and education despite the government's tax reform aimed at increasing revenues in Africa’s most populous nation. Data from the Debt Management Office shows that Nigeria will spend $5.15 billion servicing debt by?2025. Tinubu, speaking at the Africa Forward Summit, held in Nairobi on Tuesday,...

A senior Pentagon official stated on Tuesday that the United States war in Iran has cost $29 billion so far, which is an increase of $4 million from an estimate given late last month. The Democrats have been able to gain a lot of ground in the public opinion polls, as they try to tie the war to cost of living issues. The Pentagon announced on April 29 that the war had already cost $25 billion. Jules Hurst who performs the duties of comptroller told lawmakers that the new costs included updated repair and replacing equipment?and operational expenses. Hurst stated...

Copper prices eased on Thursday due to concerns over the'slow progress of the U.S. in negotiating a peace agreement with Iran and a possible 'weaker demand for metals from a prolonged war. The benchmark three-month copper price on the London Metal Exchange fell 1.3%, to $13,480 per metric ton during the official open-outcry trade after rising by 1.8% the previous session. LME copper is up 8% for the year, but it has fallen from its high of $14,196.50 last week. Ewa Mnthey, commodities strategist at ING, said: "For the moment, geopolitics are setting the tone. But without a clear catalyst...

Arafura Rare Earths announced on Thursday that it has approved the development of its $1.6 billion Nolans Project in the 'Australian Northern Territory', which will 'become 'the third-largest rare earths operations of the country by the end of this decade. The project is designed to deliver 4,440 metric tons of neodymium-praseodymium (NdPr) oxide annually, targeting markets outside China amid growing demand for rare earths used in electric vehicles and wind turbines. Arafura has secured financing commitments with the export credit agencies in the United States, Canada and Germany, as well as global trading houses and manufacturers. This is because Western...

Arafura Rare Earths announced on Thursday that it had made a final investment decision for the development of 'Nolans' project in Australia's Northern Territory. This would be 'the country's 'first 'fully integrated ore to oxide rare earths 'operation. The company's shares rose 13.6% intraday to A$0.335, their highest intraday gain since 11 March. As of 0046 GMT, the benchmark index was up by 1.7%. The Nolans project is designed ?to deliver 4,440 metric tons of neodymium-praseodymium (NdPr) oxide annually, targeting markets outside China ?amid growing demand for rare earths used in electric vehicles and wind ?turbines. Arafura announced that Hatch,...

The European Union reached a provisional agreement with Washington on Wednesday regarding legislation that would remove import duties from U.S. products. This is a crucial part of the trade deal signed in July. It will likely prevent higher U.S. Tariffs on EU Products. According to the agreement reached at?U.S. Under the deal struck at?U.S. After nearly 10 months, the European Parliament, which represents the EU government, and the Council, an EU-wide body, have agreed on a text that will allow EU duty reductions into effect. After five hours of negotiation, they agreed on strengthened provisions that would suspend concessions if...

Bernd Schaefer, an industry expert at the EIT, said on Wednesday that Europe needs to develop its own pricing system for "specialty metals" and "rare earths" in order to lessen reliance on China and increase investment in mining and manufacturing. China controls the critical mineral supply chains and sets prices on its own markets. This leaves Western developers with no benchmarks for their investment decisions, which can delay projects already costing more in Europe. The EU has set a goal to mine 10% of its strategic raw material requirements annually by 2030, and rely no more than 65% on one...

Copper prices rose on Wednesday,?as if to signal that the Iran War was about to end? and as Chile, the top producer of copper, cut its production forecast. Nickel's recent rally also paused while the market awaited more information?on the Indonesian supply outlook. The benchmark three-month copper price on the London Metal Exchange increased 0.6% in open-outcry official trading to $13,490 per metric ton after hitting its lowest level since May 8, at $13,350. LME copper is down from $14,196.50, its highest level in over three months, just a week earlier. Profit-taking, the strong dollar, and concerns about demand in...

Two people familiar with the matter said that Thyssenkrupp may hold an extraordinary general meeting in the summer, to allow investors to vote on a possible spin-off of its materials trading division MX. The discussions?underscore Miguel Lopez's attempts to continue with the company overhaul to a holding company, despite recent setbacks after talks to sell Thyssenkrupp Steel to Jindal Steel failed. Sources said that Thyssenkrupp's supervisory board, which is meeting on Wednesday, could decide to send official invitations to shareholders in the next month. This would mean an EGM might take place at the end of July or beginning of...

The Deputy Foreign Minister Mikhail Galuzin, told the 'Izvestia' newspaper that Russia is worried by U.S. efforts to secure access to rare earths and vital minerals in Central Asia. The?G7 nations including the U.S., EU and Canada have been exploring alternative markets to help reduce their reliance on Beijing. Russia is interested in the Central Asian countries - Kazakhstan Kyrgyzstan Tajikistan Turkmenistan, and 'Uzbekistan. This is at a time when China has been increasing its focus on the region. Galuzin, in an interview with?Izvestia published on Wednesday, said: "We are worried by the intensity of Washington's push for agreements on...

James Hardie Industries reported a lower-than expected annual 'profit' on Wednesday as bad weather disrupted?construction?activity in its key -markets, while affordability and inflationary pressures continue to hamper housing activity. The lower full-year profits underscore the pressure on building materials companies as a result of high mortgage rates, house price, and stretched affordability, which is weighing down?on new construction, repair and remodel activity. The U.S.-Israeli War with Iran has also increased energy costs, which are causing house owners to postpone large-ticket renovations. AZEK Exteriors contributed to the 25% increase in net sales, which drove a 3% rise in Siding & Trim....

A deputy finance minister said that Russia will introduce diamond export duties this year to help the struggling domestic industry. Alexei Moiseev, the Finance Minister, said that the ministry is discussing the proposed "lenient export tariff scheme" with Russian diamond exporter and miner Alrosa. Alrosa is the largest diamond producer in the world by carat. He said that tariffs will only be applied to stones that can be cut cost-effectively in Russia. Moiseev stated that the ministry did not see the need to purchase diamonds from Alrosa for the state owned repository Gokhran, even though the company is facing a...

Nickel prices increased on Tuesday as concerns about Indonesian supplies resurfaced. China's Tsingshan group asked its Weda Bay Industrial Park smelters to divert their power to aluminum production. Benchmark nickel prices were?up?1.8% at $18,900 per metric ton as of 0946 GMT. The price of nickel hit a two-year high earlier this month at around $20,000, with the buying being sparked by a sulphur scarcity caused by the war in Iran and lower ore quotas. Tsingshan asked producers of nickel-pig iron used to produce stainless steel to "curb" output, according to reports on Monday. The group is now focusing more on...

The Russian state did not auction the seized stake in Uzhuralzoloto, a gold producer, that it had taken last year. A state auction website showed this on Monday. It said no one had bid. Last July, a Russian court decided that the majority of UGC owned by Konstantin Strukov should be confiscated and transferred to state. This was part of an 'overall pattern of nationalisations for Russian companies. The Russian federal property management agency Rosimushchestvo auctioned off Strukov’s assets earlier this month. They valued them at $2.22 billion (?162.02 bn roubles). His former 67.2% share in UGC, one of Russia's...