Europe

Venture Global's shares fell 17% on Friday in premarket trade after BP won an arbitration case against it over its failure in delivering liquefied gas as part of a long-term contract that was supposed to begin in late 2022. Venture Global reported on Thursday that the International Chamber of Commerce International Court of Arbitration had found it in breach of its obligations to declare that commercial operations at the Calcasieu Pass Plant had started promptly and to act as "a reasonable and prudent operator." BP, Shell Edison and Galp filed arbitration claims accusing U.S. firm of profiteering, by selling LNG...

A letter obtained by shows that TotalEnergies, Siemens and 46 other European companies have written to European governments urging them to repeal one of the EU’s most prominent corporate sustainability laws to increase the continent’s competitiveness. TotalEnergies CEO Patrick Pouyanne, and his Siemens AG counterpart Roland Busch, wrote the letter on behalf of 46 European firms to French President Emmanuel Macron as well as German Chancellor Friedrich Merz. The letter from October 6 stated that removing the rules would "send a clear and symbolic message to European and International companies that governments and the Commission really are committed to restoring...

The President of Russia, Volodymyr Zelenskiy, said that Ukrainian long-range attacks on Russian energy installations may have cut gasoline supplies by as much as a fifth in Russia. Both sides are intensifying their attacks on the other's energy infrastructure. As diplomatic efforts to end this war have largely stagnated and there has been little movement on the front lines, Russian forces are focusing their efforts on crippling Ukrainian oil refinery capacity while Ukraine is targeting Russia's gas production. Calculations in August indicated that Ukrainian attacks reduced Russian oil refinery by nearly a fifth at certain times. Zelenskiy implied in his...

Austrian oil and gas group OMV announced on Thursday that it had recorded higher sales volumes in its energy division in the third-quarter, which helped to balance out some of the headwinds in this sector. In a trading update, the Vienna-based company said that the higher sales volumes had been offset by a negative currency exchange, lower realized gas price and a write-off of a Norwegian well. The company said that although its chemicals business had lower sales of polyolefin, the segment would benefit from a positive effect on inventory. OMV's chemical division is viewed as the growth engine of...

Duncan Wanblad, a South African mining veteran, lamented Wednesday the country's missed investment in mining as gold prices surged above $4,000 per ounce - a record high fueled by expectations of reduced interest rates and demand for safe haven assets. Anglo American Plc's CEO Duncan Wanblad said that the mining potential of South Africa was not fully explored "due to the unsupportive exploration policy in the past 20 years". "That is a critical part of the mining life cycle." Wanblad explained that the data shows that it takes 17 years to get a deposit permitted, ramped up and in full...

After several days of fuel station closures, and amid fears of a fuel shortage following an al-Qaeda-linked blockade of fuel imports in Mali’s capital Bamako last month, motorists waited in long lines outside the stations on Wednesday. Since last week, many stations have been forced to shut down or only supply diesel. Analysts say this is a tactic used by militant groups to put pressure on the military-led Mali government. They want to cut of its economic oxygen. In a video announcing a blockade, a militant from Jama'at Nusrat al-Islam wal-Muslimin announced that "we are telling all traders" who import...

Investors brushed aside oversupply concerns on Wednesday, after digesting OPEC+'s decision to limit production next month. Brent crude futures were up 63 cents or 0.96% to $66.08 per barrel at 0715 GMT. U.S. West Texas Intermediate Crude climbed 66 Cents, or 1.07 %, to $62.39. The benchmarks settled broadly flat in the previous session as investors weighed signs of a supply glut against a smaller-than-expected increase to November output from the Organization of the Petroleum Exporting Countries and affiliates. The market is stuck in a price limbo. One side believes there will be a glut of supply, while the other...

Taiwan's Economy Minister said on Wednesday, that private refiners would be willing to stop purchasing Russian naphtha if the EU asked them. This comes after a group non-governmental organizations criticized the island's continuing business with Russia. Taiwan, along with the United States, major Western allies, and other countries, put broad sanctions against Russia in 2022 after its invasion of Ukraine, but it did not ban explicitly imports, which are a major source of hard currency for Russia. A group of NGOs, including the Centre for Research on Energy and Clean Air(CREA), criticised Taiwan for its continued imports Russian naphtha last...

Early Wednesday, oil prices rose as the markets began to dismiss oversupply fears for now. This was after digesting a decision made by OPEC+ in November to limit production increases. Brent crude futures were up 40 cents or 0.6% to $65.85 per barrel at 0045 GMT. U.S. West Texas Intermediate Crude climbed 44 cents or 0.7% to $62.17. The benchmarks settled broadly flat in the previous session as investors weighed signs of a supply glut against a smaller-than-expected increase to November output from the Organization of the Petroleum Exporting Countries and affiliates. OPEC+ chose to increase production by 137,000 barrels...

Sources in the trade said that traders offering Russian oil are now asking Indian refiners to make payments in Chinese Yuan. They see recent signs of improved relations between New Delhi, China and Beijing as an opportunity to simplify transactions with Indian buyers. Indian Oil Corp, India's largest refiner and state-controlled company, paid in Chinese currency recently for two or three cargoes worth of Russian oil. Indian Oil has not responded to the request for comment immediately. Western sanctions against Russia following its invasion of Ukraine in 2022 have led to a greater use of alternative currencies such as the...

Two people familiar with the matter have confirmed that a group of Swiss firms, including energy traders Mercuria and Partners Group, has pledged more than $6 billion to invest in U.S. Energy as part of efforts aimed at lowering U.S. Tariffs on Switzerland. Donald Trump, the U.S. president, shocked Switzerland in August by imposing import tariffs of 39% on Swiss companies. He justified them by citing the U.S. deficit in trade with the Alpine nation, which had eliminated industrial tariffs last year. Since the tariff shock in the U.S., the Swiss government and private sector have been working together to...

Sources in the trade said that traders offering Russian oil are now asking Indian refiners to make payments in Chinese Yuan. They see recent signs of improved relations between New Delhi, China and Beijing as an opportunity to simplify transactions with Indian buyers. Indian Oil Corp, India's largest refiner and state-controlled company, paid in Chinese currency recently for two or three cargoes worth of Russian oil. Indian Oil has not responded to the request for comment immediately. Western sanctions against Russia following its invasion of Ukraine in 2022 have led to a greater use of alternative currencies such as the...

The Tata Group charity arm's trustee has called the decision to remove him from the board of its $180 billion business empire "unprecedented". He said it signals a new era in the largest boardroom rift that India Inc. has seen in years. A year after Ratan Tata's death, the discontent at Tata Trusts has fueled fears that a public spat in 2016 between Tata Sons and the charity could repeat itself, damaging the reputation of India’s most respected conglomerate. Tata Trusts owns a 66% stake in Tata Sons. Tata Sons oversees 30 companies in various industries, from consumer goods and...

Gold prices held firm below the critical $4,000 per ounce level on Friday. This was set to be an eighth weekly gain. The gains were boosted by geopolitical tensions, economic uncertainty, and expectations for further U.S. interest rate cuts. As of 0637 GMT spot gold was unchanged at $3,974.99 an ounce. However, it has gained 2.2% this week. U.S. Gold Futures for December Delivery rose 0.3% to $3985.8. Silver increased 1.6%, to $49.89 an ounce. It had previously reached a record of $51.22 per ounce. The options markets showed a rise of volatility and downside protection for the gold price...

Gold was stable below $4,000 per ounce and set to make an eighth consecutive weekly gain on Friday, boosted by geopolitical tensions and economic uncertainty and expectations for further U.S. interest rate cuts. Gold spot fell 0.1% at $3,971.43 an ounce as of 0514 GMT but rose 2.2% on the week. U.S. Gold Futures for December Delivery rose 0.3% to $3985.8. Silver fell 0.9%, to $49.55 an ounce. This is a slight decline from the record-high of $51.22 per ounce that was reached on Thursday. The options markets showed a rise in gold volatility and downside protection during the last...

Gold was stable below $4,000 per ounce and set to make an eighth consecutive weekly gain on Friday, boosted by geopolitical tensions and economic uncertainty and expectations for further U.S. interest rate cuts. Gold spot fell 0.2% at $3,968.69 an ounce as of 0340 GMT but rose 2.2% on the week. U.S. Gold Futures for December Delivery rose 0.3% to $ 3,982.6. Silver fell 0.3%, to $49.25 an ounce. This is a slight decline from the record-high of $51.22 per ounce that was reached on Thursday. The options markets showed a rise in gold volatility and downside protection during the...

Gold prices fell on Thursday, as investors took profits. However, they remained above $4000 per ounce as the demand for safe-haven assets was driven by expectations of U.S. rate cuts and global uncertainty. Silver has broken through the psychological barrier at $50 an ounce, thanks to the momentum of the gold market and strong investment demand. By 1207 pm ET (1607 GMT), spot gold had fallen 0.5% to $4.019.30 an ounce. U.S. Gold Futures for December Delivery fell 0.9% to $ 4,035.30. Tai Wong is an independent metals dealer. "Speculators take some gold chips off of the table when the...

The Mali government announced that New York's Flagship Gold Corp. has signed an agreement with the state-owned Mali miner for the restart of production at the Morila Gold Mine. This is the first U.S. Investment under the new mining code in the nation led by the military. Mali's Mines Ministry said that the agreement signed on Wednesday in Bamako allows Flagship to purchase equity in Morila SA. The company has estimated reserves of 2,5 million ounces. The partnership details were not disclosed. The state took over the mine in the southern city Sanso, in Mali's Sikasso Region, in June, after...

Gold prices fell on Thursday, as investors took profits, but they remained above $4,000 an ounce, as the demand for safe-haven assets was driven by expectations of U.S. rate cuts and global uncertainty. Silver has broken through the psychological barrier of $50 an ounce, thanks to the momentum on the gold market and the strong demand for investment. As of 1022 ET (1422 GMT), spot gold dropped 0.5% to $4.018.40 an ounce. U.S. Gold Futures for December Delivery fell by 0.9% to $4032.30. As the Gaza ceasefire comes into effect, speculators will be taking gold chips off of the table....

Gold prices were above $4,000 per ounce as investors analyzed the Israel-Hamas truce deal. Meanwhile, broader geopolitical uncertainty and expectations of U.S. interest rate cuts fueled bullish sentiment. Silver reached a new record, thanks to gold's record-breaking rally. Investor demand, as well as a deficit in supply, also helped. At 1132 GMT, spot gold remained unchanged at $4.038.49 an ounce. U.S. Gold Futures for December Delivery fell 0.3% to $4,577.80. On Wednesday, gold prices rose to a record $4,059.05. Silver rose 1.5% to $49.63 an ounce. This metal has gained more than 70% in this year. It is benefiting from...

Gold prices rose above $4,000 per ounce as investors analyzed the Israel-Hamas truce deal. Meanwhile, broader geopolitical uncertainty and expectations of U.S. interest rate cuts fueled bullish sentiment. Silver reached a new record, thanks to gold's record-breaking rally. Investor demand, as well as a deficit in supply, also helped. At 0956 GMT, spot gold remained unchanged at $4.035.07 an ounce. U.S. Gold Futures for December Delivery fell 0.4% to $4,546. On Wednesday, gold prices surpassed $4,000 an ounce for a first time, reaching a record of $4,059.05. Silver rose 1.6% to $49.65 an ounce. Metals have gained more than 70%...

The Democratic Republic of Congo (DRC)'s February ban on cobalt exports has pushed the price of battery metal to a new low. The world's biggest producer wants to take it a step further by leveraging its unique geology to control a market that is notoriously volatile. Export quotas were set for this year, 2026, and 2027. The volume is less than half that of last year and the intention is to reduce global stocks which have accumulated after consecutive years of surplus. The Congo's state mineral regulator ARECOMS is entitled to adjust these quotas quarterly and to purchase any surplus...

On Thursday, gold took a break from its record-breaking run as investors booked profits. This was a day after the bullion broke the $4,000 per ounce barrier for the first ever time on the back of economic and geopolitical uncertainty and the hope that the U.S. will continue to cut interest rates this year. Gold spot fell by 0.4%, to $4,020.99 an ounce, as of 0302 GMT. It had hit a record-high of $4,059.05 per ounce on Wednesday. U.S. Gold Futures for December Delivery fell by 0.7% to $4 040.70. Israel and Hamas reached an agreement on Wednesday to implement...

Swiss industry expressed concern on Wednesday over the European Union plans to reduce tariff-free import quotas of steel by almost half, and to impose a 50% tax for excess shipments. They urged the bloc to make an exception for Switzerland. Swissmem, an industry association, said that curbs on the free trade would harm Swiss manufacturers. They are already subject to much higher U.S. tariffs as part of the Trump administration’s effort to reorder global trade. EU steel is protected at the moment by safeguards which cap imports for 26 steel grades. Any steel imported above these limits will be subject...