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Energy Markets

Fossil Fuels

Fossil Fuels

Oil prices drop on fears of oversupply

Oil prices dropped on Tuesday due to concerns over excess supply, and the risks of demand arising from tensions between U.S.A. and China, two of the world's largest oil consumers. This was despite President Donald Trump saying he expects to reach a deal. Brent crude futures were down 14 cents or 0.2% at $60.87 per barrel at 0005 GMT. The U.S. West Texas Intermediate (WTI), which is due to expire Tuesday, fell 0.1% to $57.45. The December contract, which is more active, was down by 13 cents or 0.2% at $56.89. Donald Trump, the U.S. president, said Monday that he...

Fossil Fuels

Trump says he will keep imposing'massive tariffs' on India until Russian imports of oil cease

U.S. president Donald Trump said on Sunday that Indian prime minister Narendra Modi had told him India would stop buying Russian crude oil. He also warned that New Delhi will continue to pay "massive tariffs" if it does not. Trump told reporters on Air Force One: "I spoke to Prime Minister Modi from India and he said that he would not be doing anything about the Russian oil." When asked about India's claim that it wasn't aware of any conversations between Modi and Trump's response was: "But, if they say that, they'll continue to pay massive duties, and they don’t...

Oil & Gas

Egypt says that resolving the Palestine issue is crucial for progress on India-Europe transit route

Egypt's Foreign Minister said that the Palestinian issue was crucial to progressing in the U.S.-funded transport project connecting India to Europe by sea and rail via the Middle East. The India-Middle East Economic Corridor was announced in September 2023 on the sidelines of a meeting of leaders of the Group of 20 leading economies. It was seen as a U.S. rival to China's Belt and Road initiative on global infrastructure. A month after the announcement of the decision, war broke out in response to the attack by the Palestinian Islamist Hamas on Israel on October 7, 2023. "We must remember...

Oil & Gas

Italian appeals Court upholds conviction of Milan prosecutors in Eni Nigeria Case

Two Milan prosecutors were sentenced to eight months in prison by an Italian appeals court for not filing documents that would have backed up the position of energy group Eni in an international case of corruption. Eni, Shell and all defendants were acquitted by a jury in March 2021, in what was dubbed the biggest corruption case in the oil industry, which involved the $1.3 billion purchase of an oilfield in Nigeria a decade earlier. The judges in Brescia, a northern city in Italy, confirmed the verdict of last year that Fabio De Pasquale & Sergio Spadaro had failed to...

Fossil Fuels

QUOTES - Putin speaks about oil, gas and coal at the Russian Energy Week

The Russian Energy Week 2025 keynote speech was delivered by President Vladimir Putin in Moscow. Here are the main points of his speech. His words were translated into English by. On the Future of Oil Market: According to estimates, the global oil demand for this year is expected to be 104,5 million barrels per a day, which is more than one million more than it was last year. The growth of the petrochemical sector is driving the consumption increase, and the transportation sector has seen many plans to phase-out internal combustion engines being delayed. "People will continue to use gasoline-powered...

Fossil Fuels

Sources say bidders have radically different visions of Citgo's future.

Five sources said that an affiliate of Elliott Investment Management wanted to cut costs in Citgo Petroleum, a Venezuelan-owned refiner, while a unit from Gold Reserve was mainly focused on maintaining the statusquo. This is as the long auction which will determine the refiners' future approaches its end. The details of the competing visions of Citgo were revealed ahead of an auction to select the winner of PDV Holding, Citgo's parent. The Delaware court ordered the auction of shares to be held to pay for Venezuelan debt defaults, expropriations and other damages. The judge will decide next week who wins...

Oil & Gas

Bessent: US expects Japan not to buy Russian energy

U.S. Treasury secretary Scott Bessent told Japanese Finance Minister Katsunobu Kato on Wednesday that the Trump administration expected Japan to stop importing Russian oil. Bessent, who spoke on X after the meeting on Wednesday, said: "Minister Kato & I discussed important issues pertaining the U.S. - Japan economic relationship as well as the Administration's expectations that Japan cease importing Russian Energy." Bessent met with Kato on the sidelines this week of the G7, G20 and annual meeting of the International Monetary Fund. When asked if Japan had been urged to stop buying Russian energy from Bessent, Kato replied that Japan...

Fossil Fuels

Anglo American offers remedies to EU for MMG deal approval, source claims

Anglo American offered to purchase ferronickel for resale to Europe from MMG, for a period of up to 10 year to alleviate EU antitrust concerns over the sale of their nickel business to an unit of Hong Kong listed company. This was revealed by a source with direct knowledge on Wednesday. Anglo American, a London-listed company, announced in February the $500 million sale of its nickel business to a unit of MMG. The European Commission has now begun to examine the sale. Source: The remedy offered would alleviate any regulatory concerns about the deal cutting off some metal supply to...

Fossil Fuels

Horse Powertrain executive: We are working with Leapmotor Chery JAC and JAC to expand our global market.

An executive revealed on Wednesday that engine developer Horse Powertrain has been working with Chinese automakers Leapmotor and Chery to develop vehicle projects in order to access global markets outside of China. Horse is a joint-venture between Renault and Geely, who each own 45%. Saudi Aramco, the oil producer, owns the other 10%. "We are working with a number of different automakers around the world," Wang Ruiping told reporters in the office of Horse's Ningbo subsidiary. He named three Chinese automakers as partners, but didn't elaborate. Leapmotor makes electric vehicles, but Zhu Jiangming, the CEO of the company, said last...

Fossil Fuels

UK targets shadow fleet, sanctions Russia's Lukoil, Rosneft

The UK targeted Russia's largest oil companies Lukoil, Rosneft and 51 tankers of the shadow fleet on Wednesday in a new attempt to tighten sanctions against energy and cut off Kremlin revenue. While on a visit to the United States, Finance Minister Rachel Reeves informed reporters that "we are introducing targeted sanction against the two largest oil companies in Russia - Lukoil & Rosneft". "At the time, we increase pressure on companies located in a number of third-country countries, such as India and China, who continue to facilitate the flow of Russian oil onto international markets." She said that "there...

Oil & Gas

Orlen offers $278 million to purchase all shares of Grupa Azolty Polyolefins

Orlen, a Polish oil refiner, has offered to purchase all the shares in Grupa Azoty Polyolefins. GAP is a petrochemical division of Grupa Azoty - a state-controlled chemical company. Orlen owns 17.3% GAP and said that its offer valued at $1.02 billion (about $278.20m) includes financing for GAP to continue restructuring debts and claims, as well as purchasing shares from other shareholders. Orlen and Azoty have been discussing the future of polymers, which Azoty's core business is losing money in, since 2024. The country's largest oil refiner announced earlier this year that it would not purchase more shares of Azoty’s...

Oil & Gas

Ukrainian PM talks about attacks on energy during US talks

In Washington, Ukraine's Prime Minister said that she would focus on Russian attacks against her country's power grid during talks with President Volodymyr Zelenskiy later this week. "At each meeting in Washington, we raise the subject of defending Ukrainian Energy and supporting our resilience during the winter as well as ways to defend this," Prime Minister Yulia svyrydenko posted on Telegram. She said that the priority of her visit was "energy, sanctions, and new ways of cooperating with the USA to strengthen both of our countries". Zelenskiy met with Donald Trump, the U.S. president on Friday, to discuss Ukraine’s air...

Crude Oil

Crude Oil

MORNING BID EUROPE - Markets dismiss worries as risk rally continues

Ankur Banerjee gives us a look at what the future holds for European and global markets Worries about credit risk are now a distant memory. Investors feel optimistic, betting on the Fed cutting rates next week, and that earnings will be good. This - call it optimism - is what has driven stocks in Asia-Pacific to new highs, with Japan's Nikkei coming just short of a milestone 50,000 points. Apple-led gains in U.S. technology shares have led to strong gains overnight for tech stocks from Taiwan and South Korea. Sanae Takaichi, a conservative hardliner, is expected to be elected as...

Oil Refineries

Gold Reserve: Citgo auction is threatened by fees of $170 million

Gold Reserve, a Toronto-listed company, accused the firms that advised a U.S. Court on the auction for Citgo Petroleum parent's parent that they received $170 million from parties who would receive proceeds and a bidder recommended as the winning party. These accusations are just the latest twist to an auction which has been dragging on for almost two years. They could also threaten to slow down further. The Delaware court began to discuss the fees on Monday following Gold Reserve's Motions earlier this month. Gold Reserve wanted to disqualify a judge and court officer overseeing the auction, as well as...

Refined Products

Oil prices drop on worries about US-China trade tensions

Oil prices fell on Monday as worries about a global glut grew, while tensions between the U.S. and China over trade added to fears of an economic slowdown. Brent crude futures dropped 53 cents or 0.86% to $60.76 a barrel as of 0610 GMT. U.S. West Texas intermediate futures also fell 55 cents or 0.96% to $56.99 erasing Friday's gains. The International Energy Agency has forecast a growing glut of supply in 2026, which is partly responsible for the declines. Toshitaka Takawa, an economist at Fujitomi Securities, said that fears of a slowdown in the economy due to increased U.S....

Mining

Mineral Resources

Mineral Resources

IFC and Appian Launch $1 Billion Critical Minerals Fund in Africa and Latin America

The International Finance Corporation and Appian Capital Advisor, a private equity firm, have announced a $1 billion fund for critical mineral projects in Africa and Latin America. The fund will be anchored by a $100 million initial commitment from IFC (a member of World Bank Group), and focus on Nickel, Copper, Cobalt, and Rare Earths. These are all vital for energy transition and digital technology. IFC has launched its first joint fund with a mining investor. This is a reflection of the growing interest among development finance institutions in attracting private capital to mining projects. Appian CEO Michael Scherb said...

Mineral Resources

Gold's record run is paused as dollar firms and investors book profits

The dollar rose on Tuesday and investors took profits. Gold had reached a new high the previous day on the hope of more interest rate reductions from the U.S. Federal Reserve, and on strong demand for safe-haven assets. As of 0634 GMT spot gold was down by 0.7%, at $4,323.69 an ounce. It had reached a record high of $4.381.21 per ounce on Monday. U.S. Gold Futures for December Delivery fell by 0.4%, to $4340.10 an ounce. Gold is now more expensive to other currency holders due to the 0.2% rise in the dollar index. Tim Waterer, KCM Trade's Chief...

Mineral Resources

Andy Home shares five key takeaways for London Metal Exchange Week.

Metals are a hot topic these days. Silver is catching up to gold in terms of record-breaking prices. Rare earths are at the center of the U.S.-China trade dispute, and the industrial metal supply chain is bending under the new global order of tariffs. The London Metal Exchange Week (LME Week) seminars and parties this year were full of interesting topics. The annual metals conference in London last week was a great success. Here are five key takeaways. GREEN PREMIUMS Hong Kong Exchanges and Clearings (HKEx), the owner of LME, surprised LME Week by announcing a new Dubai-based subsidiary. Commodity...

Mineral Resources

Gold's record-breaking run is halted as investors book profits

The gold price fell on Tuesday as investors took profits following the bullion's recent high, which was fueled by the expectation of more interest rate reductions from the U.S. Federal Reserve. As of 0456 GMT spot gold was down by 0.3%, at $4340.99 an ounce. It had reached a record high of $4381.21 per ounce on Monday. U.S. Gold Futures for December Delivery were unchanged at $4,357.80 an ounce. Tim Waterer, KCM Trade's Chief Market Analyst, said that profit-taking and a decline in safe-haven flows have combined to take the edge of the gold price. Any pullbacks will be seen...

Mineral Resources

Investors are watching US-China trade talks as gold prices rise on bets of rate cuts and broader uncertainty.

Gold prices increased by more than 1% on the first day of this week, boosted by expectations for further U.S. rate cuts, and by sustained demand from investors who were awaiting upcoming U.S. China trade talks, and U.S. inflation data due out later in the week. As of 1330 GMT, spot gold rose 1.6% to $4,318.50 an ounce. U.S. Gold futures for delivery in December rose 2.8%, to $4333.10 an ounce. Gold prices reached a record-high of $4,378.69 per ounce on Friday but ended 1.8% lower, their biggest drop since mid-May, after Donald Trump's comments eased concerns about U.S. China...

Mineral Resources

Andy Home shares five key takeaways for London Metal Exchange Week.

Metals are a hot topic these days. Silver is catching up to gold in terms of record-breaking prices. Rare earths are at the center of the U.S.-China trade dispute, and the industrial metal supply chain is bending under the new global order of tariffs. The London Metal Exchange Week (LME Week) seminars and parties this year were full of interesting topics. The annual metals conference in London last week was a great success. Here are five key takeaways. GREEN PREMIUMS Hong Kong Exchanges and Clearings (HKEx), the owner of LME, surprised LME Week by announcing a new Dubai-based subsidiary. Commodity...

Mineral Resources

Sandvik's quarterly profit missed forecasts but orders rose on strong mining demand

Sandvik, a Swedish company, reported on Monday a lower-than-expected decline in its core profit for the third quarter. However orders increased due to strong demand for mining equipment. In a statement, CEO Stefan Widing stated that Sandvik successfully mitigated tariffs by implementing surcharges in the third quarter. This strategy was repeated from the previous three month. He added that currency headwinds had a negative impact on the company's earnings margin. The company's shares, which are often viewed as an indicator of industrial demand due to the wide customer base it has and its short lead time for orders, rose 3.3%...

Environment

Venezuela increases coal production in search of income, despite environmental concerns

Venezuela is scrambling to find income in the face of U.S. sanction. It has recently restarted its coal production with a Turkish firm and plans to export over 10 million tons this year. According to Indigenous leaders, members of local communities and a source from the company with knowledge of operations, the mining takes place without any environmental safeguards. Venezuela's government claims that the economy grew by 8.7% during the third quarter. However, many international companies left the country long ago. Inflation is expected to hit 200% in this year, and foreign oil companies are required to obtain U.S. operating...

Mineral Resources

European shares recover as US bank worries and trade tensions ease

European shares rose on Monday as concerns about the stability of U.S. banks eased. Meanwhile, fresh comments by U.S. president Donald Trump helped to calm down trade tensions and encouraged investors to move towards riskier assets. As of 0915 GMT, the STOXX 600 index for Europe was up 0.6% to 569.37. The benchmark index closed Friday nearly 1% lower. European banks gained 0.8% on Sunday, placing them among the top gainers of the STOXX 600. This was after U.S. bank stocks recovered in the previous session, following the quarterly results from regional lending institutions that helped ease concerns over credit...

Mineral Resources

Russian titanium manufacturer VSMPO-AVISMA reduces working hours for some employees

VSMPO - AVISMA, the largest titanium producer in the world, announced on Monday it would switch some employees who are not directly involved with production to a 4-day work week. The company stated in a press release that it planned to move some employees, who were not directly involved in production processes but were administrative staff, onto a four-day work week. The company said that the decision was made to "maintain operational stability and preserve the highly-qualified staff of the business." The company has not stated how long these measures will be in effect. This is not an easy choice,...

Mineral Resources

Gold consolidates following record rally, with focus on U.S. China talks

Gold prices edged higher on Monday, after a record-breaking rally. Expectations of further U.S. interest rate cuts, and the demand for safe-haven assets due to the government shutdown, supported sentiment. Investors awaited signals from upcoming U.S. China trade talks. As of 0801 GMT, spot gold rose 0.1% to $4,254.59 an ounce. U.S. Gold Futures for December Delivery climbed 1.3%, to $4.268.40 an ounce. Silver spot rose by 0.2%, to $51.97. This is a slight recovery after it fell 4.4% the previous day after reaching a record high at $54.47. Ole Hansen is the head of commodity strategy for Saxo Bank....

Mineral Resources

European shares rise by almost 1% as banks and defence rally

Investors digested corporate earnings, assessed sectoral momentum, and assessed macro signals as they digested the strong performance of banks and defense stocks. As of 0750 GMT, the continent-wide STOXX 600 Index was up 0.9% to 571.05 point. Other major regional indices were also trading higher. European banks rose by 1.6%. They were among the biggest gains in the STOXX 600. This was a rebound from Friday's 2.5% decline when investors became nervous about signs of credit pressure at regional U.S. lenders. The STOXX Aerospace & Defence index rose 2.1%. This was a rebound from Friday's sharp drop when the news...