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Trump wants to control Greenland, warns Greenland's PM Nielsen
Greenland's Prime Minister Jens Frederik Nielsen warned Monday that despite the fact that Donald Trump, U.S. president has disclaimed military force, Washington is still attempting to gain control of the Arctic island. Trump increased his calls for U.S. sovereignty over Greenland in the beginning of the year. He cited national security concerns relating to Russia and China. Some European NATO allies defended Denmark's sovereignty over Greenland, and said Trump’s pressure threatened the NATO alliance. Since then, the U.S. President has backed away from threats of violence and claimed that he secured U.S. total access to Greenland through a NATO deal. Details are still unclear. "US CONTINUES TO SEEK PATHS TO OWNSHIP" Nielsen, via a translator, said: "The view on Greenland has not changed. Greenland is to be tied to America and governed there." Nielsen stated that the U.S. is still seeking "paths of ownership and control over Greenland". Last week, the island's Government announced that it had begun a survey to assess the mental health of its population during a period of extreme pressure. Nielsen stated that "some of our citizens have severe sleep disorders, children feel anxiety and worry like adults, and all of us live in constant uncertainty as to what tomorrow will bring." "We are saying it loud and clear: this is unacceptable". CRISIS?DIPLOMATISM HAS BEGUN Senior officials from the U.S.A., Denmark, and Greenland met last week to discuss "how we can address American security concerns in the Arctic without violating the red lines of the Kingdom," according to the Danish foreign ministry. Nielsen also praised Denmark for being a close partner during the crisis. He has previously said that Greenlanders would choose Denmark if they were forced to pick between the U.S.A. and Denmark. The speech made no mention of Greenland's independence. The ownership debate is a sensitive issue for Greenland's Inuit population. Clashes With cultural values. Greenlandic law allows people to own their houses, but not the land underneath them. This reflects the Inuit concept that collective land management is a shared responsibility.
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Sources say that Kazakhstan increased daily Tengiz oil production to 183,000 bpd in February as it recovered after the outage.
Two sources with knowledge of operational data reported that oil production at Kazakhstan's Tengiz giant field has continued to recover over the last few days following a mid-January power outage. Tengiz, the oil refinery that accounts for almost 40% of Kazakhstan's production, was closed on January 18 due to a fire. This cut down on the nation's overall oil supply, at a time where exports had already been constrained because of disruptions along its main pipeline route. Sources said that oil production at Tengiz increased to 23,000 metric tonnes (183,000 barrels), up from 14,900 tons (118,900?barrels), on Saturday. The sources expect production to increase and reach 54,000 metric tons (430,000 barrels) by mid-week. Tengiz’s production in January fell by three times from December to 234,000 barrels per day, according data from the Situational Analytical Center of the Fuel and energy Complex (SAC FEC). According to calculations, the?field produced 691,700 barrels per day in December. Data from the SAC FEC show that output at Tengiz reached a record of 3.7 million tonnes in August 2025. Tengizchevroil, the Chevron-led company, has said that it will gradually increase production in line with conditions but refuses to comment on any specific commercial or operational details. MAINTENANCE CURBS EXPOUT A source citing data from the?SAC FEC said that Kazakhstan's total production of oil and condensate fell to 1,27 million?bpd during January. This is down from 1.86million bpd and 1.87million bpd respectively in December. The ministry of energy did not respond immediately to a comment request. In January, two?other major oil fields also experienced declines. Kashagan's oil production was down by 33%, to 260,000 barrels per day. Karachaganak's oil output fell 13%, to 198.300 barrels per day. One of the sources claimed that Kashagan's decline is due to maintenance. NCOC, Kashagan's operator, didn't respond to a comment request. The decrease in Kazakhstan's total output in January is attributed to the restrictions placed on the Caspian Pipeline Consortium export route, after the infrastructure was damaged by a drone strike. It also has something to do with the Tengiz outage.
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Sources say that the Union has not accepted or rejected Marathon's latest offer regarding US refinery deal.
People familiar with the discussions said that the United Steelworkers union, or USW, has neither accepted nor rejected Marathon Petroleum's last offer for a four-year labor contract for U.S. chemical and refineries plants. Sources said that the offer made on Sunday would provide 30,000 USW workers with a 15% increase in pay over the duration of the contract. Marathon is the lead negotiator of 26 companies, including Exxon Mobil and Valero Energy. Marathon is the biggest refiner in the U.S. Marathon is the largest refiner in the U.S. USW-represented employees operate sites that represent nearly two thirds of the U.S. refinery capacity of?18.3 millions barrels per day. The contract between Marathon and the USW will also determine the "contracts" that other unions are required to negotiate. On Monday, neither Marathon nor USW spokespeople responded to comments immediately. Marathon's latest proposal included a 4% hourly wage increase in the first year. Then, in the second and third year, the pay would be increased by 3.5% each. Finally, 4% more in the fourth. An inside operator in a refinery earns an average of $50 per hour. USW members who agree to the terms would also receive a $2,500 sign-up bonus. The remaining terms of the contract remain the same. The National Oil Bargaining Program Policy Committee, which has the authority to approve any agreement reached, will meet with?union members in the U.S.A. to discuss the Marathon offer. The Steelworkers accepted the last proposal hours after the current contract expired at 12:01 am on Sunday. (Reporting and editing by Louise Heavens, Paul Simao, and Erwin Seba)
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Wall St to open weak as commodities rout rattles the markets
Wall Street's major indexes were set to open lower on Monday as investors became uneasy due to a violent drop in precious metals at the beginning of a week that will be filled with earnings reports and important economic data. As a result of the CME Group increasing margin requirements, gold and silver fell as much as 10%. This was after a historic drop on Friday. Leveraged investors were forced to unwind their positions in order to meet margin requirements. Jim Baird is the chief investment officer of Plante Moran Financial Advisors. Premarket trading saw a drop in the U.S. listings of gold and silver mining companies. Harmony Gold, Sibanye Stillwater and other gold and silver miners fell 2.2% and 0.4% respectively. Hecla Mining?and Endeavour Silver fell by 2% and 1,6% respectively. Last week, the metals market plunged after U.S. president Donald Trump named Kevin Warsh to be the next Federal Reserve Chair?to succeed Jerome Powell. This was a decision that investors saw as hawkish. Energy companies' shares fell as oil prices dropped 5% after Trump stated that Iran was "seriously speaking" with Washington. This signaled a?de-escalation, and eased supply disruption concerns. Exxon Mobil, Chevron and other energy companies fell between 1.2% to 2%. At 8:25 a.m. At 8:25 a.m. ET, Dow Eminis had fallen?46, or 0.09 percent, S&P Eminis by?30.75, or 0.43 percent, and Nasdaq Eminis by 182 points or 0.72%. After a choppy week last week, the volatility VIX index rose to 18.75. This is near a 2-week high, and was triggered by mixed megacap earnings, as well as increased policy uncertainty resulting from Trump's selection of Warsh. In premarket trading, tech mega-caps fell. Nvidia, Tesla, and Alphabet each lost 1%. Microsoft and Amazon each lost 0.7%. Microsoft shares had their worst week in March 2020 after cloud revenue disappointed. This highlights the growing investor sensitivity towards lofty capital spending plans and the pressure that Big Tech faces to justify massive outlays of money with meaningful returns. Baird said, "You can see investors becoming more selective..and you're starting to see companies warning a little bit on earnings. Alphabet and Amazon, as well as AMD, are among the S&P 500 companies that will be reporting results this week. Disney's stock fell by 2.3%, despite exceeding Wall Street's expectations for the first quarter. Despite some selloffs in January, due to geopolitical tensions and the S&P reaching 7,000 for the first, all three indices ended higher. Investors cheered on some strong earnings and the steady demand for AI growth stories. The index had also reached record levels earlier in the month. After Congress failed to pass a bill to fund a large number of government operations, the U.S. experienced a shutdown that is expected to last only a few hours. The markets are becoming more reactive to labor data. This week, JOLTS, ADP's hiring figures, and non-farm payrolls will be the focus of attention along with PMI numbers. Bloomberg News reported that the Trump administration had launched a $12 Billion minerals stockpile against china. Shares in rare earth miners, and other critical minerals, rose. (Reporting and editing by Shinjini Ganuli in Bengaluru, Twesha Dhikshit from Bengaluru)
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Ukraine's electricity exports record a 40% jump to 894 gigawatt-hours in January
Analyst ExPro reported on Monday that Ukraine's imports of electricity jumped by 40% between December 2025 and January 2026, to a new record?894 Gigawatt Hours. This was due to the constant Russian attacks against Ukraine's energy system. This is the highest amount of imports during the full-scale war. Hungary still accounts for the biggest share, 45%. The consultancy reported that overall, the supply increased in all directions except Moldova. Russia's attacks on Ukraine’s energy sector have intensified in recent months. Power stations, energy distribution systems, and gas sector installations are all being targeted. consecutive attacks On the generating and thermo power facilities in the capital Kyiv, 6,000 apartment blocks were left without heat. The power grid operator had to cut electricity to entire districts for several hours. It took workers a few weeks to heat up?most of the buildings. But more than 200 are still cold, despite the unusually severe frosts which have swept through Ukraine. Following peace talks in Abu Dhabi?and a demand from US President Donald Trump last week, Moscow announced It was agreed Stopping the strikes on Ukraine's targets in energy until Sunday. (Reporting and editing by Louise Heavens, with Pavel Polityuk)
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Two things OPEC+ cannot control. Russell: Trump and China imports
Two factors are largely outside the control of OPEC+, and are likely to influence the price of crude in the next few weeks. First, we need to know if U.S. President Donald Trump decides to launch a shooting conflict with Iran. If he does, will both sides be able keep oil cargoes flowing and production infrastructure intact? Second, China, as the world's largest crude importer, will decide whether to reduce its recent strong imports, in light of January's 16% increase in Brent benchmark futures. It was only logical that the eight members with production quotas of OPEC+, given the uncertainty on the crude oil market today, would not make any changes to their policy of production at the meeting they held on Sunday. Eight OPEC+ member countries, who pump around half of the world's crude oil, increased production quotas from April to December 2025 by approximately 2.9 million barrels a day, or roughly 3% global demand. Then, they froze planned increases from January to March 2026 due to seasonal lower consumption. The exporter group is gaining ground in some respects. Prices are rising, but not to the point that they will cause concern about inflation or a slowdown in economic growth for importing countries. Brent crude oil ended the day at $70.69 per barrel, just shy of the six-month high reached the day before. Media and analyst commentary has also been dominated by the narrative of an oversupply of oil, as the focus is now on the reshaping the Venezuelan oil flow after the intervention of the United States. The intervention that led the President Nicolas Maduro to be taken away, as well the current tensions between Iran and the United States. OPEC+'s biggest challenge is the Iranian situation, since it would be against their interest to see a military conflict continue in the?Middle East even though they are enjoying the $7-$8 premium on the current oil prices. Trump will likely make his own calculations about whether he is able to?attack Iran, achieve the goals he wants, and keep oil prices low to avoid inflation and public outrage at home. The risk premium on crude oil will likely remain for the time being until the United States has decided what they are going to do and the possible consequences. CHINA IMPORTS China could reduce its crude imports as a result of the price increase in January. China's arrivals in December reached a record 13,18 million barrels per daily (bpd). They are expected to remain robust in January. According to commodity analysts Kpler, seaborne arrivals were 10.4 million, which would need to be increased by about 1 million bpd for pipeline imports, bringing the total to around 11.4 millions bpd. Brent oil fell to a low of $58,72 per barrel on December 16, a drop of seven months. China is likely to reduce imports in order to meet its consumption and will not add crude oil to its strategic reserves. China does not disclose the flows in or out of its commercial and strategic stocks, but it imports far more crude oil than it processes. Add imports and domestic production and subtract refinery processing to calculate China's excess crude. This means that China was able to absorb a large part of the anticipated supply surplus by taking advantage of the low oil price. In the past, sharp rises in crude oil prices led to lower imports from China. If this trend continues, it is likely that less tankers will arrive in Chinese ports by the end of March and into April. If China reduces imports by 1 million bpd or more, this would lead to a return of the supply glut talk points. This is especially true if the outcome between the United States, Iran, and other countries does not affect crude shipments, infrastructure, and so on. You like this column? Open Interest (ROI) is your new essential source of global financial commentary. ROI provides data-driven, thought-provoking analysis on everything from soybeans to swap rates. The markets are changing faster than ever. ROI can help you keep up. Follow ROI on LinkedIn, X. These are the views of the columnist, an author for.
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Eldorado Gold buys Foran Mining for $2.8 billion to increase copper exposure
Eldorado Gold is acquiring Canada's Foran Mining, valuing it at about C$3.8billion ($2.79billion). This deal will add a second project for near-term growth and increase its exposure to the copper market. The companies announced the deal on Monday. It will increase Eldorado’s production during a period of high gold prices and a growing demand for copper. Copper is a critical material in clean energy and electrification. The combined asset base of the company will have an exposure to gold of approximately 77% and copper of 15%, with projects and operations in Canada, Greece and Turkey. Eldorado plans to increase exploration in all areas of the company, including Foran's Tesla Zone in Saskatchewan. The expanded miner is expected to generate $2.1 billion in core profit and $1.5? The enlarged miner expects to generate around $2.1? Free cash flow of $1.5?million in 2027. Foran shareholders who agree to the deal (expected to be completed in the second quarter of 2026) will receive 0.1128 Eldorado Shares plus $0.01 each share, which gives them approximately 24% of combined company. Both projects are expected to reach commercial production by mid-2026. Eldorado stated that the combined group would be able to produce about 900,000.00 gold-equivalent. ounces by 2027. Foran CEO Dan Myerson said, "This transaction gives McIlvenna Bay a financial and scale advantage to realize its full potential. This includes the ability to expand in phases over time." Both companies have announced that the merger agreement has been approved by both boards unanimously and is supported by senior executives. Shareholder votes are scheduled for April 14th. The combined company?will continue to be headquartered in Vancouver, under the Eldorado Gold brand name. McIlvenna would then become a key Canadian asset along with its Lamaque Mine in Quebec.
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Study finds that 15% of Ivory Coast cocoa supplies are at risk from the disease.
According to a report by the non-profit Enveritas, the swollen shoots disease has worsened in Ivory Coast. This puts 15% of the country’s supply?of chocolate ingredient at risk. The advocacy group, who surveyed more than?11600 cocoa -farms in Ivory Coast in 2024/25, found that 41% were infected by the virus, compared to 33% in two seasons. Swollen shoots are spread by mealybugs, small insects that eat flowers, leaves and buds. They allow trees to grow at first, but only in a limited way. It kills the trees after five to ten years. Enveritas claims that the disease reduces cocoa yields by 35%. This means that 15% of Ivory Coast’s cocoa supply is at risk, considering the number of farms infected in the country. Enveritas said that this trend could indicate a 'heightened supply risk', a 'potential shift in sourcing strategy, and an urgent requirement to target interventions more accurately. The Coffee and Cocoa Council of Ivory Coast (CCC) declined to comment. In 2024, the price of cocoa nearly tripled as adverse weather conditions and an outbreak of swollen-shoot disease decimated the crop in Ivory Coast. Ghana is also a neighbouring country that produces about half the cocoa in the world. Prices have fallen by?half in the past year, and they are expected to continue falling this year due to a global surplus. However, long-term supplies in West Africa remain at risk if the disease does not get under control. Ivory Coast, Ghana and other countries are prone to swollen shoot. However, its spread has increased in the last few years due to a lack of financial resources to combat it. To combat the disease, trees need to be removed and burned before cocoa can replanted. Ghana's 2023 survey showed that 31% of the total cocoa-growing area was infected by swollen stems, compared to 17% in 2017. In the 1960s and 70s, the disease decimated Ghana’s cacao crop. Production dropped by half at a time that Ghana was the largest producer of this ingredient in the world. (Reporting and editing by Jan Harvey; May Angel, Reporting)
Rusal wins $1.32 billion in lawsuit against Rio Tinto in Russian court
A Russian court has ?ruled in favour of Rusal in the aluminium giant's 104.75-billion-rouble ($1.32 ?billion) ?lawsuit against global mining and metals company Rio Tinto , according to court documents.
The ruling intensifies the legal battle over an alumina joint refinery in Queensland (Australia) that Rio has sole control over after Australia imposed sanctions against Russia for its war in Ukraine.
Details of the lawsuit have not been revealed. Rusal refused to comment. Rio Tinto wasn't immediately available.
RUSAL SEEKS SUPPLIES ELSEWHERE
Rusal has filed a lawsuit in Australia after losing its case to restore a 20% stake at the alumina factory Queensland Alumina Ltd. (QAL) in 2024.
Australia responded with sweeping sanctions to the 2022 launch by Russia of its military campaign in Ukraine, including a ban on the export of 'the raw material aluminium to Russia.
Rio assumed sole control over QAL in March 2022. Rusal was then pushed out of the picture and denied access to QAL's production. Rio owns 80 percent of the refinery.
Rio does not have any assets in Russia. However, among those named in Rusal’s lawsuit are?Rio subsidiary companies that own 66% the Oyu Tolgoi deposit of copper and gold in Mongolia. This is a country Moscow considers "friendly", which hasn't imposed sanctions on Russia.
Rusal's Siberian aluminum smelters will need additional supplies in 2022 due to the ban on alumina from Australia and the suspension of a Ukrainian refinery.
Rusal announced that it would acquire a stake of up to 50% in an alumina factory in India in?2025. Rusal also announced plans for a new 4.8 million-ton alumina plant in Russia's Leningrad Region in 2028.
Rusal purchased a 30% stake of a Chinese Alumina Refinery in 2023 to provide feedstock for its assets in Russia.
(source: Reuters)