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India looks for better oil deals, as Russian imports are slowing down, says minister
Hardeep Singh Puri, the Oil Minister, said on Friday that India could leverage its increasing energy demand to secure better deals for oil and gas supplies, while its refiners are still looking for alternatives to 'Russian oil. India was the largest buyer of Russian crude oil after Moscow invaded Ukraine in February 2022. However, Western sanctions forced Indian refiners eventually to import more from other sources. Puri, a senior Indian official, said that Indian officials had avoided directly mentioning Russian oil imports. However, he added that the supply from "one source", which had surged following February 2022 is now decreasing. Data from trade sources revealed that India's Russian imports in December fell to the lowest level for two years, bringing OPEC imports up to a '11-month high. Puri says that India's increasing oil demand gives it a "little bit of a position inside the world" for better deals. Brazil, Guyana, Suriname, and the United States, which are among the world's largest oil producers and importers, should be able to meet their needs, given that global supplies are plentiful and production is on the rise. Indian refiners are buying more oil in Middle Eastern, African, and South American countries to compensate for the drop in Russian oil imports. This is expected to help India negotiate with Washington a tariff agreement. Puri stated that Bharat Oil Corp. Ltd. had doubled its annual contract with Brazil's Petrobras. Trade sources say that Indian Oil Corp., the country's largest refiner, purchased 7 million barrels of oil from Brazil's Petrobras for March loading in order to replace Russian oil. IOC bought its first Colombian crude oil last month and also for the first time, Ecuadorean Oriente.
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Data shows that Russian oil exports to China increased in January, as India and Turkey reduced their purchases.
China will increase its imports of Russian crude oil in January. This will absorb barrels that were previously going to?India or Turkey. As tougher Western sanctions forced Moscow to redirect the flow, LSEG data and traders reported. The United States, the European Union, and other countries imposed sanctions on Russian oil sellers, shippers and energy giants, Rosneft, and Lukoil in 2025. This impacted global buyers' purchases and increased scrutiny of Russian crude exports. According to preliminary LSEG figures, China will receive 1.5 million barrels of Russian oil per day by sea in January, compared to 1.1 million bpd last month. Beijing, a 'key consumer of Russian Far East ESPO Blend oil, increased imports of Russian Urals Oil to a record high in January of 405,000 bpd, the highest level since mid-2023. Data provided by energy consulting firm Kpler. LSEG data shows that India, which was formerly 'the largest buyer of Russian Urals oil by sea, since the EU embargo against?Moscow’s oil in 2022', slashed its purchases in December to less than 1 million bpd, down from a previous average of 1.3million bpd, LSEG said. Indian refiners will likely keep Russian oil imports at around 1 million bpd during January, as they seek to diversify their supply sources. Turkey, another major Russian oil purchaser, has reduced Urals imports to 250,000 bpd from 275,000 bpd on average in 2025. This is well below the 400,000 bpd record reached in June last year. A trader in Russian oil sales said that some Urals cargoes were destined for China as Indian and Turkish buyers reduced their purchases. He said that the excess of Urals barrels was weighing on prices. According to two traders in the Asian markets, discounts for Urals crude to be delivered to China by late '2025 have widened up to $12 per barrel. The traders said that the EU's ban on fuels made from Russian crude has caused a slump in demand for Urals, particularly in India and Turkey. Both are major diesel exporters to Europe.
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Ukraine's grid operator claims that the energy situation in Ukraine has'significantly worsened'
Kyiv's grid operators said that Ukraine's energy situation has "significantly worsened" since the recent Russian air attacks, which triggered emergency power outages across most regions. Denys Schmyhal, Ukraine's Energy Minister, said on Thursday that the country's power grid had experienced its worst day since November 2022 when Russia began attacking it. In recent weeks, Moscow has intensified its strikes. This has further damaged the already damaged?infrastructure. It also left a large swathe of the population with no power or heating during an icy cold snap. As a result, several power generation facilities have undergone emergency repairs. This was announced by?Ukrenergo on the Telegram messaging application. The equipment was operating at its 'limits,' it stated. It also said that the power?blocks carried a "tremendous overload" due to damage caused by?Russian attacks. Last week, President Volodymyr Zelenskiy declared a?energy crisis. Ukrenergo stated that it hoped to complete repairs in the "near future" so as to allow planned outages. (Reporting and writing by Yuliia Dyesa, Anna Pruchnicka and Dan Peleschuk; editing by Daniel Flynn).
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U.S. pressures Iraq for Iranian influence, as it controls the oil dollars
Sources say that the U.S. is pushing Iraqi politicians to avoid armed groups in the new government Iraqi MPs with Iran links are to be excluded from the cabinet The Federal Reserve Bank controls the dollars of Iraq's oil revenues Maha El Dahan and Humeyra Pauk DUBAI/WASHINGTON - Four sources have confirmed that Washington has threatened to impose sanctions on the Iraqi government if Iran-backed groups were included in the new government. This could include a potential cut-off of the vital oil revenue coming from the Federal Reserve Bank of New York. This warning is the most stark example of President Donald Trump’s campaign to curb Iran linked groups' influence in Iraq. The country has been walking a tightrope for years between Washington and Tehran, its closest allies. Joshua Harris, the U.S. Charge d'Affaires at Baghdad's Embassy, has repeatedly warned Iraqi officials, influential Shi'ite leadership, and even'some heads of Iran linked groups' via intermediaries in the last two months, according to three Iraqi official sources and one source who is familiar with this matter. This story was written by a source familiar with the matter and three Iraqi officials. Harris and the Embassy did not respond to comments. Sources?requested anonymity in order to discuss private conversations. Since taking office one year ago, Trump has taken steps to weaken Iran's government, including through its neighbor Iraq. U.S. officials and Iraqi officials claim that Iran has used Baghdad's bank system for years to avoid the sanctions. In an attempt to choke off this dollar flow, successive U.S. Administrations have placed sanctions on more than a dozen Iraqi Banks over the last years. The New York Fed has never stopped sending dollars to the Central Bank of Iraq. "The United States support the sovereignty of Iraq and every country in the area." This leaves no place for Iran-backed groups that spread sectarian rifts, pursue malign objectives, or cause terrorism in the region. The spokesperson refused to answer any questions regarding the sanctions threats. Trump, who bombed Iran’s nuclear program in June, threatened to intervene militarily again in the country when protests took place last week. The office of Iraqi Prime Minister Mohammed Shia al-Sudani, the Central Bank of Iraq, and the Iranian mission to the United Nations have not responded to requests for comments. (Reporting and editing by Frank Jack Daniel; Additional reporting and reporting by Ahmed Rasheed.
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Gold steadies after record run, silver hovers near $100/oz
Silver prices were just shy of $100, with momentum buying and solid fundamentals boosting silver prices. At 1332 GMT the spot gold price was unchanged at $4,931.28 per ounce, after reaching a record of $4,967.03 an ounce earlier in day. U.S. Gold Futures for February Delivery increased by 0.4% to $4934.20. Gold's role as an asset and diversifier during highly uncertain political and economic times makes it a necessity for portfolios. Tai Wong, a metals trader, said that it is more than just a perfect storm which will not last. It is a sign of fundamentally changing times. The?demand for safe haven assets has risen since the beginning of the year due to friction between the U.S., NATO, and Greenland over Greenland. Also, there are concerns over the independence of the Federal Reserve and the uncertainty surrounding tariffs. The rise of gold has also been attributed to central bank purchases and a general move away from the dollar. Analysts at SP Angel stated that "we also consider the White House’s increasing aggravation with Fed policy by pushing for lower interest rates and a dovish Fed chair as reducing trust in U.S. Government debt." Markets still expect two more rate cuts to occur in the second half of 2026. Gold is a popular asset during low-interest rate periods because it does not yield any income. After hitting a new record of $99.65, spot silver jumped by 3.1% and now stands at $99.19 per ounce. Silver prices rose by 147% in 2012, mainly due to a strong?demand for the metal. Wong said that "silver has been helped by anecdotal reports of long lines in Shenzhen, and the huge retail demand in Turkey and Dubai." After hitting a record of $2,718.40, spot platinum rose 2.6%, to $2,696.57 per ounce. The metal has risen by?31% in the first three months of this year. HSBC stated in a report that platinum "attracts investor demand as a more affordable alternative to gold." "We expect the production/consumption deficit to widen to over 1.2 moz in 2026," the note added. Palladium prices, on the other hand, rose by 2.3%, to $1,963.18. (Reporting and editing by Tasim Zaid in Bengaluru)
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Vittangi graphite mine in Sweden gets zoning plan approval
The government of Sweden approved a zoning for the Nunasvaara graphite mine in Kiruna, as it aims to accelerate the opening of more mines. The mine is operated by the 'Australian Talga Group. It will produce approximately 100,000 metric tonnes of graphite ore per year, which will then be processed to about 20,000 metric tons battery anode materials. In a recent statement, Deputy Prime Minister Ebba busch stated that Sweden is in a unique situation when it comes to supplying...Europe with an?independent supply of critical raw material. "Graphite plays a vital role in many industries, including the production of cars, steel and batteries. Swedish mining is also the most sustainable on the planet." Amid 'growing geopolitical tensions, the European Union is looking to increase?domestic mineral production and reduce its dependence on?China. Talga stated that its current focus was on the construction of its graphite-processing plant in Lulea, and it hoped to start mining at Vittangi around 2029. Talga's Cen Rolfsson, a Talga spokesperson, said that the last major hurdle had been removed. He added that minor permits were still required before production could begin. Rolfsson stated that the Nunasvaara Mine would produce around 2 percent of Europe's graphite demand by 2030. However, production could be increased. Sweden has a wealth of?minerals, which are used for everything from telephony to missiles. The biggest project in Sweden is the LKAB Per Geijer Iron Ore and Rare Earths Mine, which has been designated a Strategic Project by the EU for 2025. Busch stated that mining policy was no longer a question of economics. It has now become a matter of national security. We must strengthen our strategic autonomy, and make Sweden strong."
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Poland's Pepco won't raise prices because margins are driven by efficiency, says executive
The finance director of 'its main brand' said that Pepco, a European discount retailer, does not intend to increase prices in order to boost margins. Instead, it will rely on increased efficiency due to the lowered consumer sentiment. Pepco has a strategy centered around its name brand, after selling Poundland to Britain last year. This was done in order to simplify the group and focus on their higher-margin continental European operations. Hugo van Santen said in an interview that "our model is not to raise prices." "We want margins to improve while we are price leaders." Van Santen stated that the?Warsaw listed group will rely on its scale benefits, new stores, logistic improvements, and vertically integrated sourcing in Asia, to maintain its price leadership. Pepco's focus of low-cost essentials has helped it report a 4.3% increase in revenue in its first fiscal quarter that ended in December. Van Santen stated that the company is strengthening its position on the discount market, against competitors such as LPP's Sinsay. This is due to a dense network stores in smaller towns. The company plans to expand into North Macedonia this year. It currently 'opens five new stores per week. The company is also hoping to take advantage of its expansion into Western Europe, after its model was successful in Spain Portugal and Italy. (Reporting and editing by Milla Nissi-Prussak, Marta Maciag)
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Gold prices fall after record high near $5,000
Investors booked profits after gold prices reached another record high of near $5,000 per ounce due to a?uncertain geopolitical outlook. Silver and platinum have also reached record highs. Spot 'gold' was steady at $4.935.39 per ounce at 1228 GMT. It had touched a record of $4.967.03 earlier that day. U.S. Gold Futures for February Delivery increased by 0.5% to $4.935.60 per ounce. Prices have increased by 14% in the first quarter of this year. This is partly due to concerns about President Donald Trump's threats to impose tariffs against European allies over Greenland. The removal of Trump’s tariff threats and the emergence of an agreement framework should have, in theory? seen those gold hedges unwound. Instead, gold has pushed to new heights," said Chris Weston. "Perhaps the market has had enough and gold is looking more and more like a hedge to protect against Trump's presidency and the utter?unpredictability it brings." Trump announced on Thursday that the U.S. had gained permanent access to Greenland through a NATO deal. The central bank buying also drives the rally Gold prices have risen as central banks buy gold and investors flee global volatility and policy risks. The U.S. Federal Reserve will likely hold interest rates at the same level during its meeting on January 27-28, but markets expect two more rate cuts to occur in the second half 2026. Gold is a non-yielding asset that has historically been favored by low interest rates and economic insecurity. The gold premium in India rose this week, reaching its highest level in over a decade. This was due to a surge in investor buying, fueled by expectations of an increase in duty in the upcoming budget. Premiums in China, however, fell. After hitting a high of $99.37 on September 27, the price of spot silver jumped by 2.8%, to $98.90 per?ounce. This brings this year's gains to 38%. Silver has not been traditionally a safe-haven asset, but its role may be changing, said WisdomTree commodities strategist Nitesh. He added that the prices could fall if industrial demand shrinks due to the recent surge. After hitting a record of $2,718.40, spot platinum rose 3%, to $2,707.85 per ounce. Metal is up by 31% since January. Palladium, on the other hand, rose by 2.6%, to $1,969.70.
Andy Home: The nickel market in Indonesia plays the numbers game.
The nickel price has been rocketing as investors bet that Indonesia, which is the world's biggest producer of battery metals, will slow down its explosive output growth.
The London Metal Exchange's (LME) 3-month metal price has risen from a low in mid-December of $14,235 to a high of $18,905 on January 14, a level that was last traded in 2022.
Indonesia's Energy and Mineral Resources Minister Bahlil?Lahadalia, mid-December, sparked the nickel revival with a promise of reducing production.
An official from the Energy Ministry confirmed that this year's annual "mining" permits will be reduced to 250-260 millions wet tons ore, down from 379,000,000 tons in 2025.
This is a big deal, given that Indonesia supplies 65% of the global nickel and has been the cause of the glut in the past two years. This is why the market reacted.
There's much more to the headline figures than meets the eye.
NUMBER-CRUNCHING
First, Indonesian mining quotas refer to wet tons. Macquarie Bank analysts point out that the headline figures are "difficult" to convert to "actual recoverable units of nickel due to the wide range of moisture content in ores. The moisture content of ores can reach up to 40%.
The bank says that neither the operators nor the government report formally quotas and production levels. This makes it difficult to understand what's happening in Indonesia's nickel industry.
It is clear, however, that the quota set for last year was much higher than the actual production. According to the nickel smelter associations of Indonesia, FINI, last year's total ore demand was just 300 million wet tonnes.
According to the World Bureau of Metal Statistics, imports of ore from the Philippines reached 14 million tonnes in the first eleven months of 2025.
The'slashing' of the quotas this year will not mean the production reductions implied by "slashing".
FINI predicts that the demand for ore by smelters will rise to 340 to 350 million tons in this year. This gap is significant and can only be partially filled by imports.
Come back in June
The FINI ore demand forecast shows you the amount of processing capacity that is still ramping-up in Indonesia.
The government is faced with a difficult problem: How to limit ore production without harming existing smelters or those that are in the process or construction?
Indonesian resource policies is aimed at creating greater value through the processing of ore, intermediate products and finished nickel.
It won't help to deny new projects feed.
Jakarta's stated goal is to match the ore supply and smelter demands, but both are still increasing fast.
A mid-year review will provide a safety valve if tensions grow between ore production capped by quotas and the smelter's demand.
In other words, the headline annual mining permits number may change as the year progresses.
Take back control
It's clear that Jakarta wants to take more control over a sector?that is growing too large too fast.
The government has cracked down on illegal mining, as well as on operators who violate environmental rules.
In November, it stopped the approval of new smelters that produce intermediate products like nickel pig iron or matte. These are primarily used by the stainless steel sector and not the electric vehicle batteries.
Reduced annual quotas are?another aspect of the strategy, but don't expect Indonesian nickel to suddenly come to a halt.
It could take a while for this to happen and it is likely that the numbers will change again.
Andy Home is an author and columnist. Andy Home is a columnist.
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(source: Reuters)