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Senior Iranian official: European proposals at Geneva are unrealistic
On Saturday, a senior Iranian official claimed that the proposals made by European powers during talks in Geneva on his country's nucleo programme were "unrealistic", and that it would be hard to reach an agreement if they stuck with them. On Friday, there were few signs that progress had been made after the E3 (Britain, France, Germany and the EU) and their Iranian counterpart met to try and prevent the conflict between Israel, Iran and the EU from escalating. The Europeans' discussions and proposals in Geneva were unrealistic. "Insisting on this position will not bring Iran or Europe closer to an accord," said the senior official, speaking under condition of anonymity. The official stated that "in any event, Iran will review European proposals in Tehran" and then present its response at the next meeting. Both sides indicated on Friday that they are willing to continue talking, but no new date has been set. European diplomats claimed that Friday's discussions were meant to test Tehran's willingness for a new deal on nuclear energy, despite the fact that there was no immediate prospect of Israel ceasing its attacks. Two European diplomats, who did not reveal the details of the proposals made by either side, said that the E3 believed that Israel would not accept a ceasefire within the next few months and that Iran and the U.S. would find it difficult to resume talks. The idea is to start a parallel negotiation track without the U.S. on a new agreement that involves tougher inspections including possibly of Iran's missile programme. However, Tehran would be allowed some nominal uranium-enrichment capability. Emmanuel Macron, the French president, spoke on Saturday with his Iranian counterpart. He said that both sides agreed to speed up negotiations. However, he insisted that Iran must "provide every assurance" of its peaceful intentions. The senior official rejected the possibility of discussing Iran's defensive capabilities, such as its missile program, and reiterated that the idea that zero enrichment is a dead-end. The official stated that Iran welcomes diplomacy, but not in the shadow of war. John Irish contributed to the writing and reporting. Mark Potter and Hugh Lawson edited the article.
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Rosneft's head says OPEC+ can increase oil production by a year
Igor Sechin said that the OPEC+ group, which includes major oil producers around the world, could accelerate its production increases by a year compared to their initial plan. He said the decision of OPEC+ to increase output now looks far-sighted and justifiable in light of the conflict between Israel and Iran. In April, the Organization of the Petroleum Exporting Countries (OPEC) and its allies led by Russia shocked the oil markets by agreeing to a larger-than-expected increase in output for May, despite low prices and a slowing of demand. OPEC+ decided to increase prices by more than originally planned. "The increase in production announced since May this year is more than three times the initial plan of the alliance. He said that the entire increase in OPEC+ could also be shifted a full year ahead of schedule. He added that "the decision taken by OPEC to increase production forcefully looks very farsighted today and justified from the point of view of the market, taking into consideration the interests of consumers, in light of uncertainty regarding the size of the Iran-Israel war." OPEC+ crude oil output is approximately 41% of the global oil production. The main goal of the group is to regulate oil supply to the global market. After years of reducing production, eight OPEC+ nations increased their output modestly in April, before tripling the amount for May, then June, and now, July. OPEC+ also has two additional layers of cuts, which are expected to continue until 2026. The OPEC+ decision of increasing oil production initially caused the price of oil to fall, but an aerial conflict between Israel and Iran is the primary reason for the return of prices to $75 per barrel. This level has not been seen since the beginning of the year. Sechin, an ally of Russian president Vladimir Putin for many years, said that despite the increase in production, there would be no oil glut on the long term due to the low levels of stockpiles, although the rising use of electric vehicles by Chinese consumers could affect oil demand. Putin said that he agreed with OPEC on Friday, that the demand for oil would remain high. Putin also stated that the conflict between Iran & Israel had not caused oil prices to rise significantly, and that OPEC+ did not need to intervene on oil markets. Sechin said Rosneft has budgeted for the price of oil to be $45 per barrel this year. This is the price level that the European Union considers as the new cap on Russian oil imports. The price cap now stands at $60.
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Israeli military claims it has killed two Iranian Revolutionary Guard Commanders
Israel Katz, Israel's Minister of Defense, said that the Israeli military killed a veteran commander from the Iranian Revolutionary Guards overseas arm in an attack on an apartment in Iran’s Qom Province. Katz stated that Saeed Izadi led the Palestine Corps, the overseas arm or Quds force. Later, the Israeli military said it had killed a second leader of the Guards overseas arm. It identified him as Benham Shariyari. The strike was carried out overnight in western Tehran. The report said that the commander was "responsible for all weapon transfers from the Iranian government to its proxies in the Middle East". According to Israeli military, Shariyari provided missiles and rockets fired at Israel by Hezbollah and Hamas to Yemen's Houthis and Hezbollah. The IRGC has not confirmed the death of the two leaders. The Quds force built up an alliance of Arab allies, known as Axis of Resistance. It established Hezbollah Lebanon in 1982, and supported the Palestinian militant Islamist Hamas group in Gaza Strip. The Iranian-aligned network suffered major blows in the past two years as Israeli offensives have been launched since Hamas' attacks on Israel, October 7, 2023. This has weakened the Palestinian group, and Hezbollah. Katz claimed that Izadi had financed and armed Hamas in the first attacks. He described the commander's death as a major achievement for Israeli intelligence. Izadi has been sanctioned by both the U.S.A. and Britain for what they claim are his links to Hamas, and the Palestinian militant group Islamic Jihad which was also involved in the attacks of October 7.
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Israeli Defense Minister: Military killed the head of Palestine Corps in IRGC’s overseas arm
Israel Katz, Israel's Minister of Defense, said that the Israeli military killed a veteran commander from the Iranian Revolutionary Guards overseas arm in an attack on a Qom apartment. Katz released a statement about the veteran commander Saeed Izadi who led the Palestine Corps Quds Force. The IRGC has not confirmed this. The Quds force built up an alliance of Arab allies, known as Axis of Resistance. In 1982 it established Hezbollah and supported the militant Islamist Palestinian group Hamas. Hezbollah and the Palestinian group Hamas have both been weakened by Israeli offensives following Hamas attacks against Israel on October 7, 2023. Katz claimed that Izadi had financed and armed Hamas in the first attacks. He described the commander's death as "a major achievement for Israeli Intelligence and the Air Force". Izadi has been sanctioned by both the U.S.A. and Britain for what they claim are his links to Hamas, and the Palestinian militant group Islamic Jihad which was also involved in the attacks of October 7.
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First Steel Cut for HVAC Infrastructure for Belgian Offshore Energy Hub
A new milestone has been reached in the development of Belgium’s offshore energy hub, Princess Elisabeth, with the first steel cut for the construction of the high-voltage alternating current (HVAC) infrastructure.The steel cutting ceremony was held at the HSM Offshore Energy yard in Schiedam in the Netherlands.The HVAC modules, which include high-voltage substations and a facility module, will be directly installed onto the Princess Elisabeth offshore energy hub.Located 45 km off the Belgian coast, the artificial island will serve as a key connection point for transporting at least 2.1 GW of offshore wind energy generated in the Princess Elisabeth Zone to the mainland.The HVAC substations will house essential components such as power transformers and gas-insulated switchgear (GIS), so forming the backbone of the island’s AC transmission infrastructure.The modules are being built by HSI Pemac, a Belgian-Dutch consortium comprising HSM Offshore Energy, Smulders, and Iv-Offshore & Energy.The consortium was awarded the engineering, procurement, construction, installation and commissioning (EPCIC) contract by Elia, Belgium’s national transmission system operator, which is part of Elia Group.Engineering works, including the layout and a detailed 3D model, are being carried out at Iv’s offices in Papendrecht (NL). The prefabrication process is taking place at Smulders’ Belgian facilities and HSM’s Schiedam yard, with the final assembly occurring in Schiedam and Vlissingen.The broader HVAC infrastructure for the island will include 330 km of 220 kV HVAC subsea cables, divided into two 165 km packages. These cables will connect the island’s AC infrastructure to Belgium’s mainland grid. "The start of the construction of the island’s HVAC infrastructure shows that the project is progressing steadily, even as we adapt its next phase in line with new market realities. The Belgian government’s recent decision to develop an alternative approach for the HVDC components will ensure that we can maintain the strategic ambition of the project in a more cost-effective way,” said Frédéric Dunon, CEO of Elia Transmission Belgium.On June 6, 2025, the Belgian federal government announced that an alternative approach for the next phase of the Princess Elisabeth offshore energy hub would be developed.While aligned with the project’s original goals, the updated approach will be aimed at reducing the costs involved by responding to the sharp global increase in the price of high-voltage direct current (HVDC) technology and related offshore services.The ambitions for this phase remain unchanged - to expand the offshore wind capacity in Belgium’s second offshore wind zone and to realize a second interconnector with the United Kingdom. Elia will work closely with the government, the Commission for Electricity and Gas Regulation (CREG) and other stakeholders to assess all of the options and assess what the most efficient and cost-effective approach will be.Princess Elisabeth offshore energy hub will be the world’s first artificial energy island. As part of its first phase of operation, it will collect electricity from two new wind farms located in Belgium’s second offshore wind zone and so enable the integration of this energy into the country’s onshore grid.The island will strengthen Belgium’s long-term electricity supply and accelerate the integration of renewable energy into the European grid.
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Egypt Still on Hold as Israel Resumes Limited Gas Exports
Israel has resumed limited natural gas exports from surplus supplies, the country's Energy Ministry said on Thursday, nearly a week after shutting down two key offshore fields as Israel and Iran waged an air battle.A ministry spokesperson told Reuters that exports are now resuming "from surpluses, after domestic needs are met."An energy ministry source said most of the limited exported gas is currently flowing to Jordan, and only "tiny volumes" reached Egypt this week.Egyptian fertilizer producers, who were forced to halt operations due to the supply disruption, told Reuters they have yet to receive any gas but expect flows to resume next week.The Egyptian Petroleum Ministry did not immediately respond to a Reuters request for comment.Following military escalation in the region, Israel halted exports on June 13 after closing the Leviathan field, operated by Chevron and the Karish field operated by Energean. Only the Tamar field has remained operational, supplying mainly domestic demand.Israeli Energy Minister Eli Cohen said on Wednesday that exports would only resume once military authorities deemed it safe."I don't want to use our strategic storage, so therefore, I needed to cut exports," he told Reuters.Egypt, which has increasingly relied on Israeli gas since a domestic production decline in 2022, is scrambling to compensate for the supply gap. The country has ramped up fuel oil use in power plants and has signed deals to import over $8 billion worth of liquefied natural gas, while preparing additional floating regasification units.Israeli gas typically accounts for up to 60% of Egypt's total gas imports and around a fifth of its total consumption, according to data from the Joint Organisations Data Initiative (JODI).(Reuters - Reporting by Mohamed Ezz and Steven Scheer; Editing by David Gregorio)
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Ministry: Armed men on motorcycles killed 34 Niger soldiers
The Defence Ministry reported that several hundred armed men - many of them on motorbikes - attacked an army base in Niger near the Mali border, killing at least 34 soldiers and wounding 14 others. According to a statement read on state television, the attackers -- described by the ministry as "mercenaries," used eight vehicles and over 200 motorbikes during the raid at the Bani-bangou base on Thursday. In a Friday statement posted on its Telegram channel, the Islamic State claimed responsibility. Niger, along with other countries of West Africa's Sahel, are fighting islamist militants tied to al Qaeda or Islamic State. The ministry did not go into detail about the assault, but said that troops conducted aerial and ground searches to secure the area. (Reporting and additional reporting by Yomna ehab; Writing and editing by Ayen deng bior; Editing, Andrew Heavens, Rod Nickel; Reporting by Moussa aksar)
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LME introduces new restrictions for holders of large positions
London Metal Exchange announced on Friday that it has placed new restrictions on large position holders in nearby contracts due to low inventories. LME took action when premiums on nearby copper contracts rose to their highest level since October 2022. In recent months, the exchange, which is the oldest and largest industrial metals market in the world, has said that it has monitored large positions and had to take some action in certain cases. The LME stated that "at times, the Special Committee of the LME has directed market participants in order to take certain actions to reduce large positions on the exchange relative to the current stock levels." The Special Committee feels that it is now appropriate, given the low stock situation, to introduce... a transparent and widely applicable set of requirements." It was done to prevent the creation of a "corner" or "undesirable situations" on the market. It added that the new rule extends restrictions already in place by the LME on "tom next" positions, which are those nearer to delivery. Holders of long positions that are higher than the total stock levels must lend the money back to the market with no premium. Copper premium is the difference between the three-month cash contract and the copper cash contract. It is now trading at $180 per ton, up from $3 a month earlier. LME data shows that one company holds a dominant position with more than 90% of 0#LMEWHC> copper warrants or cash contracts, and two other companies hold 50%-79%. The title document that confers ownership on metal is a warrant. The 99,200 tons of copper in LME warehouses has dropped by more than 60% from the middle February to its lowest level since August 2023. . Hong Kong Exchanges and Clearing Ltd. owns the LME. (Reporting and editing by Chris Reese and Diane Craft; Reporting by Eric Onstad)
Baltimore port: What effect will bridge collapse have on shipping?
A significant bridge collapsed in the U.S. port of Baltimore in the early hours of Tuesday after being struck by a container ship, plunging vehicles into the river listed below.
Traffic was suspended at the port until additional notification, Maryland transportation authorities said.
PORT INCLUDES
It is the deepest harbor in Maryland's Chesapeake Bay, closer to the Midwest than other East Coast ports, with 5 public and 12 private terminals, according to Maryland federal government site.
It is among the tiniest container ports on the Northeastern seaboard, handling 265,000 containers in the fourth quarter of last year, according to container shipping expert Lars Jensen.
The Port of New York City and New Jersey dealt with around 2 million containers because very same duration, and Norfolk Port in Virginia managed 850,000, so the flow of containers to Baltimore can likely be redistributed to bigger ports, Jensen said.
PRESENT STATUS OF CARGO SHIPS INSIDE PORT
More than 40 ships remained inside Baltimore port, including little freight ships, yank boats and enjoyment craft, information from ship tracking and maritime analytics service provider MarineTraffic shows.
At least 30 other ships had indicated their destination was Baltimore, the data revealed.
IMPORTS
It is the busiest U.S. port for automobile shipments, dealing with more than 750,000 lorries in 2023, according to information from the Maryland Port Administration.
The port handles imports and exports for major car manufacturers including Nissan, Toyota, General Motors , Volvo Automobile, Jaguar Land Rover and Volkswagen, including high-end models for Audi, Lamborghini and Bentley.
It is likewise the biggest U.S. port by volume for handling farm and building machinery, along with agricultural products.
Imports of farming items amounted to 3 million tonnes in 2015, consisting of 1.2 million of sugar and salt, along with plaster, fertilisers and forest products, according to Ishan Bhanu, lead farming commodities analyst at Kpler.
U.S. sugar company ASR Group, which runs a refinery near the center of Baltimore, said it does not anticipate short-term impacts to its operations.
Other leading imports were paper/paperboard and plywood/veneer/particle board, the Maryland authority site programs.
EXPORTS
The Curtis Bay Piers coal terminal is around 3 miles from the highway which ran over the bridge.
During the very first 9 months of 2023, Baltimore was the second-biggest port for U.S. coal exports, behind Norfolk, Virginia, according to the most recent data from the U.S. Energy Info Administration (EIA).
Baltimore exported about 20.3 million short lots of coal, up from 14.3 million short lots during the exact same period in 2022.
About 13.3 million short lots of exports from Baltimore during the first nine months of 2023 were steam coal and 7.0 million short heaps were metallurgical coal
The Baltimore port also exports smaller quantities of other minerals and metals.
Other top export commodities by weight in 2022 were melted gas (LNG), waste-paper, ferrous scrap, and automobiles/light trucks, according to Maryland federal government information.
Cove Point, which is upstream from the bridge, is the closest LNG terminal. Operator BHE GT&S was not instantly available for remark.
ICIS ship tracking data reveals Cove Point normally exports about 500,000 tonnes of LNG each month.
CRUISE LINER
It is likewise a cruise terminal, with operators Norwegian , Carnival and Royal Caribbean, all utilizing the port for Caribbean, Canadian, and other Atlantic destinations.
In 2023, cruises carrying more than 444,000 guests left from the port, the Maryland federal government website says.
LONDON METAL EXCHANGE STORAGE FACILITIES
In Baltimore storage facilities registered with the London Metal Exchange, there are 756 metric lots of nickel, 150 tons of tin and 50 lots of copper, LME information shows.
BUNKER FUEL
Bunker fuel traders said deliveries to the port of Baltimore and Annapolis Anchorage are likely to be affected from the suspension of traffic and ports in Pennsylvania and Virginia might function as potential bunkering alternatives.
This might affect vessel schedules and may lead to an boost in bunker fuel prices at the alternative ports, depending on for how long the port of Baltimore stays unattainable.
(source: Reuters)