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Two years after the Sudan war, drone attacks have cut off power in Khartoum State
Authorities said that drone attacks had cut off power in Khartoum, and other surrounding states, on Thursday. This was as the Rapid Support Forces, a paramilitary group, continued their long-distance attack campaign, more than two years after they began fighting with Sudan's Army. RSF, who has been largely pushed out from central Sudan over the past few months, has changed tactics, switching from ground attacks to drone strikes on power stations and dams in territory held by the army. Sudanese Electrical Company released a statement saying that drones had struck Khartoum on Wednesday evening. The Sudanese Electrical Company said that staff were working to extinguish large fires, assess the damage and repair it. The war between two opposing forces has destroyed the country. It has forced more than 13,000,000 people from their homes, and caused famine and diseases to spread. In the fighting, tens of thousands have been killed. RSF drone attacks on the army’s wartime capital Port Sudan, and other areas, have plunged the majority of the country into prolonged blackouts. The water supply has also been affected, adding to the difficulties and increasing the risk of spreading cholera and diseases. Army sources confirmed that the army continued to fight in southern Omdurman (part of Khartoum), where it was attacking pockets of RSF militants. The clashes have also forced thousands of people to flee the most active frontline during the war in Western Kordofan. The army has been trying to seize key oil-producing zones and advance into RSF territory. In the Darfur region the army is also trying to break the siege of the city al-Fashir - its last foothold. According to the United Nations, the conflict over the transition from military to civil rule has led to acute hunger in half of the population. The conflict has seen the momentum swing back and forth, but neither side appears to be close to winning. (Reporting and editing by Andrew Heavens; Khalid Abdelaziz, Nafisa eltahir)
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US EPA sends a proposal for biofuel blend volume to White House for review
The U.S. Environmental Protection Agency sent a proposal rule to the White House, asking for its review. It outlines the amount of biofuels that oil refiners will have to blend into their fuel starting in 2026. Since President Donald Trump's inauguration in January, the politically powerful oil and fuel lobbies have been waiting for this proposed rule. This will be the first opportunity for the Republican President to demonstrate his support for the biofuels policies, which have historically pitted Big Oil against the Farm Belt. This dynamic changed in the run-up to the proposed rule. A coalition of oil and fuel groups has recommended The EPA, who administers the volumes of biomass-based diesel blends, has previously reported that federal mandates for the blends in 2026 are 5.25 billion gallons. This figure represents a significant rise from the previous mandates. The Chicago Board of Trade's soybean oil futures fell by over 5% Thursday, on rumors that the EPA proposed rule would set the biomass-based diesel blend for 2026 to 4,65 billion gallons. Could not confirm this figure. Previously, it was reported that the EPA would propose a regulation covering both 2026-2027. Previous EPA rulemakings on renewable volume obligations finalized total federal volumes The 20.94 billion gallon mark will be reached in 2023. 21.54 billion in 2024. 22.33 in 2025. The Renewable Fuel Standard requires oil refiners to blend biofuels in their fuels or purchase credits from others who do. (Reporting and editing by Tomaszjanowski and Mark Porter; Reporting and Editing by Stephanie Kelly and Jarrett Renshaw)
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China export restrictions propel tungsten at its highest level since 2013.
The price of tungsten in Europe has risen to its highest level in over a decade this month, as traders scrambled to find supplies after China reduced export quotas and imposed restrictions on the metal, which is used in aerospace and electronic applications, military and other. In February, China implemented export controls on tungsten and other metals such as tellurium, bismuth, molybdenum and indium in response to U.S. Tariffs. According to traders, prices of APT, which is used to produce tungsten metal, have risen to $400 per metric tonne unit (mtu), the highest level since late 2013. Prices have risen 18% since the beginning of February. A minor metal trader stated that "people are looking for alternatives, but it is not easy to find them because of the natural scarcity of metal." China's first batch mining quota of tungsten ore for this year has been set at 58,000 tonnes, a decrease of 6.5% on an annual basis. According to the U.S. Geological Survey, China will dominate global tungsten supply, with 67,000 tons of tungsten in 2024. Oliver Friesen is the CEO of Guardian Metal Resources. He said: "Since China's export ban was announced, there has been a growing panic about the inability to obtain new primary tungsten materials." Tungsten, an extremely hard metal, is only surpassed by diamonds in terms of strength. It is used to manufacture items like cutting tools, armor plating and military-grade artillery. Almonty Industries announced last week that it had entered into an agreement to supply tungsten dioxide exclusively for U.S. defense applications. Almonty is a specialist in tungsten exploration and mining, and has mines in Spain and Portugal. Lewis Black, President of Almonty Industries, said that Almonty could produce enough tungsten to meet the defense needs in the U.S., E.U., and Korea but not for all civilian and defense markets combined. Since 2015, the United States has not been engaged in commercial mining of tungsten and is still highly dependent on imports for its needs.
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Angola's economic and debt challenges
The International Monetary Fund cut its growth forecast for Angola in 2025 to 2.4%. This was primarily due to concerns over the impact that lower crude oil prices would have on government finances, and the higher interest rates seen on global markets. Angola's economic and debt challenges are explained here: Why are investors concerned about Angola? The dollar bonds of the small African economy were also hammered during the turmoil on the markets that followed the U.S. tariffs imposed at the beginning of April. Concerns grew in April, when JPMorgan requested an additional $200 million of security from the government to back its $1 billion loan backed by Angola’s dollar bonds. Angola was also heavily exposed to the oil price drop that came with the turmoil on the markets. This heightened the concerns. IMF data shows that Angola's crude oil exports are the second largest in sub-Saharan Africa. They account for 95% of its exports and 60% of government revenues. It is also estimated to be responsible for three quarters or all economic activity. In its budget for 2025, the government assumed that oil prices would be $70 per barrel. However, during the peak of the market sell-off the price fell as low as $65. Brent crude traded at $63.93 per barrel on Thursday. All of this is happening as the government must repay external debts totaling $9.1 billion in this year. This includes a Eurobond that matures in November. WHAT HAS GOVERNMENT SAYN ABOUT THE PROBLEMS? Vera Daves de Sousa, Finance Minister, said that the drop in oil prices has increased the likelihood that the government will turn to the IMF to get a new loan. The Ministry of Finance has also defended the borrowings up to this point by saying that loans were used for building hospitals and boosting water supply. The government said that it would review its budget if pressure continues. It will also carefully consider its future debt financing to ensure debt sustainability. Angola's analysis of debt sustainability shows that the total debt was close to 70% GDP last year, and is expected to continue to fall as a percentage of economic output. The IMF, however, classifies Angola as a country at high risk of financial distress due to its exposure to currency risks. Around 80% of Angola’s debt is held in foreign currencies, including oil-backed Chinese loans. The government claims it has increased repayments to China, and that the country can weather the storm of lower oil prices. Angola does not have a strong local debt market to which it can turn when external financing becomes tighter. The IMF stated that a push last year to remove fuel subsidy to relieve financial pressure did not achieve the desired savings. What is the social impact and what are the government's options? Angola’s social service spending has decreased by 55% in the last two years due to the increasing debt burden. Debt Justice is a campaign group based in London. Analysts said that the pressure had also hampered its ability to invest heavily in infrastructure projects. Angola plays a major role in a new U.S.-backed transportation corridor, Lobito. It links the Democratic Republic of the Congo, Zambia, and Angola’s Atlantic Coast, which exports minerals. This week, the government held talks with IMF officials. One of these meetings was between IMF Africa chief Abebe Aemro Selassie (and Angola President Joao Lurenco) in Luanda. Angola has not yet provided any information on a possible new lending program. Reporting by Duncan Miriri, Nairobi; and Miguel Gomes, Luanda. Editing by Karin Strohecker & Toby Chopra.
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Turkey expects Syrian Kurdish Militia to fulfill Damascus Deal
Hakan Fidan, Turkey's Foreign Minister, said that the YPG Syrian Kurdish militia must fulfill a deal it made with the Syrian Government. The group is expected to be integrated into Syria’s armed forces. The YPG is seen by Turkey as an affiliate group of the Kurdistan Workers Party, a militant group that has fought against the Turkish state since the 1970s and announced Monday its decision to disarm. We see that the YPG has not taken any action so far. Fidan said at a press briefing during an informal NATO meeting of foreign ministers in Antalya, southern Turkey. He added that "in order to achieve stability in Syria, it is essential that there be a comprehensive, legitimate government and armed forces." The YPG is the leader of the U.S. supported Syrian Democratic Forces, which controls much of Syria’s oil-rich north and signed a deal in March with Damascus to join Syria’s new state institutions. In the March agreement, SDF-controlled border posts, an airport, and oil and gasfields in eastern Syria were also to be included under Damascus' administration. The implementation is expected to be completed by the end the year. However, it's unclear how the SDF military operation will be integrated. Reporting by Tuvan Gümrukcu, Writing by Daren B Butler; Editing and proofreading by Alexandra Hudson
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South Africa's Public Investment Corporation names a new CEO
Patrick Dlamini, the new CEO of South Africa's Public Investment Corporation PIC, will take office on June 1st. This was announced by one of Africa's biggest fund managers. The PIC began its search for a new chief executive officer last year to replace Abel Sithole whose term of five years ends in July. PIC's significant assets include majority stakes in the pharmaceutical company Aspen Pharmacare, and the miner Gold Fields. The PIC announced in a press release that the appointment of Dlamini had been approved by government. David Masondo, chairman of the PIC board, said Dlamini was a "strategic leader with a strong ethical code" and that he would be expected by the PIC to deal with the immediate issues facing it in the unlisted portfolio. He did not provide any further details. Masondo stated that "his expertise in leading complex turn-arounds, fostering excellence in operations and driving sustainable growth positions him to further the PIC investment mandate." Dlamini was previously the CEO of Development Bank of Southern Africa. Reporting by Nqobile Dudla, Editing by RachnaUppal.
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Ferrexpo unit faces bankruptcy proceedings in Ukraine
Ferrexpo, a Ukrainian miner with a focus on Ukraine, said that the Commercial Court of Poltava accepted a request to open bankruptcy proceedings of Ferrexpo Poltava Mining. Ferrexpo shares dropped 6.6% to 65p after the announcement. The company stated that while the application was accepted, formal bankruptcy proceedings have not yet been initiated against the unit. The court has set a preliminary court hearing on May 27 to consider the bankruptcy petition. Ferrexpo has been involved in legal disputes with Ukraine since 2022 when its controlling shareholder Ukrainian billionaire Kostiantyn Zhevago was arrested for embezzlement charges and his involvement in the now bankrupt lender Finance & Credit Bank. In 2024, a Ukrainian court upheld a claim of 4.73 billion hryvnias (114.06 millions dollars) against FPM, asserting that the unit operated Ferrexpo's biggest mine had provided sureties to Bank F&C. The Ukrainian court of appeal suspended this claim and the decision is still pending.
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Russell: Asia's refined oil imports fall, but margins are still strong
In April, Asia's imports for key refined fuels like gasoline and diesel dropped to their lowest level in four years. This was due to refinery maintenance as well as a weaker demand from the region that is the largest importer. According to commodity analysts Kpler, the total imports of light distillates and middle distillates in April were 166.37 millions barrels, down from March's 195.54 and the lowest since April 2020. The sharp fall in imports for April was due to a decline in shipments by key exporters of refined goods. Kpler reports that India, which is the top fuel exporter in the region, saw its exports of middle and light distillates plummet to a 30 month low of 29,2 million barrels, down from 42,66 million barrels exported in March. China, with the largest refinery capacity in Asia, saw its exports for light and middle distillates fall to 17,4 million barrels per day in April. This is down from 21.5 millions in March, and it's the lowest amount on a daily basis since December. Singapore, the Asian trading hub and refining center for crude oil and products, saw its exports of light and middle distillates drop to a 7-month low in April, from 26,15 million barrels in March. In India, for example, refineries are undergoing maintenance. There are signs of weakness in other fuel exporters. China's refinery production was largely flat compared to the same period last year, which limits export volumes. Asia's imports for the first four-month period of 2025 totaled 746.73 millions barrels, a decline of 11.6% compared to the same period of 2024. The decline in sales would suggest that profit margins of refiners are under pressure, as they compete to gain market share. This hasn't yet happened. The margins for a typical Singapore refinery processing Dubai crude are still too high. On Wednesday, oil prices ended at $6.60 per barrel. This is not far below the recent high of $7.25 reached on May 5, a 15-month record. Fuel Margin The price of crude oil, which is the intermediate distillate used to make diesel and jet fuel, has fallen faster than gasoline and gasoil. Brent crude futures, the global benchmark, have fallen 20% since their peak on January 15, when they reached $82.63 per barrel. They closed at $66.09 on Wednesday. However Singapore gasoline Gasoil, on the other hand, has fallen by 17.5% on Wednesday to $16.24. This is an indication that the supply of refined fuel into Asia has been restricted, allowing refiners maintain margins despite falling crude oil prices. The trade war that Donald Trump has launched is likely to have a negative impact on the economic growth of Asia. The overall picture remains that U.S. tariffs on imports will likely end up significantly higher than before Trump took office. Even if successful trade agreements are negotiated, Asia’s exporters will still face higher costs and a more difficult market access in the United States. The trade war poses a further threat to the oil product market, as Indonesia, Asia's largest fuel importer, has indicated that it might buy more from the U.S. in exchange for a deal. Indonesian Energy Minister Bahlil Lahadalia stated on May 9th that Southeast Asian nation Indonesia may move as much as 60% of their fuel purchases from Singapore to the United States. The proposal to increase fuel imports to the U.S. from Indonesia is part of an overall proposal to Washington that addresses the tariffs. Jakarta has also indicated its desire to boost U.S. imports of energy by around $10 billion. Indonesia imports 14 million barrels per month of light and middle distillates, and switching to buy the bulk from America would disrupt regional flow of refined products. Alternative markets would be required in Europe, Africa, and Latin America. This would increase costs and reduce profits. These are the views of the columnist, an author for.
Gulf markets dull as global stock rally loses momentum
The majority of Gulf stocks were flat on Thursday morning, with oil prices falling and Asian stock markets declining after the initial excitement from eased trade tensions started to fade. Investors waited for more signals.
Brent crude futures fell more than 2% and U.S. Crude also dropped.
The global stock market had earlier in the week rejoiced over the truce between the U.S. and China trade war. However, the rally was lost as investors took a pause to assess the situation and its impact on the economy.
Dubai's main stock index was the sole market in the region to choose a clear direction. It rose 0.3%.
Saudi Arabia's benchmark index of stocks was flat at 0706 GMT.
Saudi Aramco announced on Wednesday that it had signed 34 preliminary agreements with major U.S. firms, which could be worth up to $90-billion.
In early trading on Thursday, shares of Aramco fell by 0.4%.
Donald Trump, the U.S. president, signed a number of agreements for economic and bilateral co-operation with Saudi Arabia this week. The agreement was part of a four day Middle East tour that focused on negotiating with a major Mideast ally.
The benchmark index in Abu Dhabi was down by 0.02% while the benchmark index for Qatar was down by 0.06%. (Reporting by Chandini Monnappa in Bengaluru; Editing by Mrigank Dhaniwala)
(source: Reuters)