North Africa








Energy Markets

Oil & Gas

Oil & Gas

Two rival governments could divide Sudan

Political analysts claim that Sudanese Paramilitaries have formed a parallel government with the army of the country, further pushing Sudan towards de facto splintering. Sudan's army, along with the paramilitary Rapid Support Forces(RSF), are fighting to control al-Fashir, the last foothold of the army in western Darfur, and an RSF stronghold. Last week, a coalition led by RSF announced members of a new parallel government. Analysts say that while it hasn't yet established institutions, or been recognized, a possible breakaway from its territory would precipitate a new split in Sudan after the 2011 secession by South Sudan. How did this...

Oil & Gas

Trade talks and US data have helped most Gulf markets to gain an advantage over the US.

The major Gulf stock markets rose early on Tuesday, ahead of U.S. data on inflation due later that day. This indicates investors' positive outlook for talks between Washington and major trading partner countries. After threatening to impose 30% tariffs on imports from Mexico and the European Union from August 1, U.S. president Donald Trump indicated he would be open to discussion on tariffs. The Yomiuri reported that the Japanese Prime Minister Shigeru Shiba is planning to meet with U.S. Treasury Sec. Scott Bessent this Friday. Investors will also be watching for U.S. consumer prices for June due Tuesday. They are...

Oil & Gas

Sources say that OPEC will complete the voluntary reduction in oil production cut in September.

Five sources claim that OPEC+ producers will approve a big increase in output for September, as they finish unwinding the voluntary output cuts of eight members. They will also allow the United Arab Emirates (UAE) to pump more oil to meet a higher quota. In April, plans to undo cuts of 2,17 million barrels of oil per day (bpd), began with an increase of 138,000 bpd. In May, June, and July, the increase was 411,000 barrels per day (bpd), despite lower oil prices. The group voted on Saturday to approve a 548,000-bpd increase for August. On Monday, five sources familiar...

Oil & Gas

Egypt wants more fuel oil in August to power its electricity generation

Five trading sources said that Egypt wants to buy more fuel oil in order to meet its electricity generation needs. Fuel oil has been purchased in greater quantities by the country this year to ease a gas shortage that resulted from the loss of gas pipelines connecting Israel and Egypt. According to trading sources, the Egyptian General Petroleum Corporation is looking for about 900,000.0 metric tons (tonnage) of fuel oil in its latest tender. One source said that the tender will be closed on July 2, and valid until July 10. The Egyptian Petroleum Ministry didn't immediately respond to an...

Oil & Gas

Libya objects to Greek tenders for hydrocarbon exploration offshore Crete

Libya's internationally recognized government of national unification has objected Greece's approval for an international tender to explore hydrocarbons off the island Crete. It said that some of the blocks violated its maritime zone. Both countries are trying to repair their strained relations after an agreement signed in 2019 by the Libyan government with Greece's regional competitor Turkey. The accord mapped out a large sea area that they share near the Greek island. Greece opposed the agreement. It said it had no legal foundation, as it was seeking to create an economic zone exclusive from Turkey's southern Mediterranean coast to Libya's...

Oil & Gas

The US-China trade negotiations have made progress with major Gulf markets.

The major stock markets in the Gulf rose early on Wednesday, in line with Asian stocks. This was due to signs of progress between the U.S. Both countries' top officials said that they had reached an agreement on a framework for resuming their trade truce and removing China's export restriction on rare earths. The broadest MSCI index of Asia-Pacific stocks outside Japan increased by 0.5%. Saudi Arabia's benchmark stock index, which was traded after a break of four sessions, advanced by 1.2%. This was led by an increase of 1.7% in Al Rajhi Bank as well as a rise of...

Oil & Gas

Major Gulf markets react to Trump's tariff uncertainty

Gulf stock markets mixed on Tuesday. Saudi Arabia's Tadawul main index fell 0.78%, as investor sentiment was fragile due to the unpredictable nature of U.S. president Donald Trump's policies. Trump's announcement on Sunday that he would delay his threat to impose 50% tariffs on the European Union gave a boost on futures markets. The deadline of July 9 was set for Washington to reach a deal with the 27-nation EU. Nasdaq Futures rose by 1.67%, while S&P 500 Futures increased by 1.49%. Brent crude futures were up 11 cents or 0.2% by 0640 GMT as the markets awaited clarity from...

Oil & Gas

Libyan protesters call for the resignation of three ministers as they demand that the Prime Minister resign

On Friday, hundreds of Libyan demonstrators called for the removal of Abdulhamid Dbeibah as the internationally recognized prime minister. At least three ministers also resigned to show their support. Demonstrators gathered on Martyrs' Square, Tripoli. They chanted slogans like "The nation wants the topple of the government" or "We want elections." The protesters then marched on to the main building of the government in the center of the city. One protester declared, "We will not leave until he leaves." The marchers carried photos of Dbeibah, National Security Advisor Ibrahim Dbeibah and interior minister Emad Tarbulsi in which their faces were...

Oil & Gas

Residents of Libya's capital are trapped in the most intense fighting they have seen for years

Witnesses in Tripoli said that the most intense clashes since years continued through Wednesday morning after Monday's death of a key militia leader sparked fighting between rival groups. The United Nations Libya Mission UNSMIL expressed its "deep alarm" at the violence escalating in Tripoli's densely populated areas and called for an immediate ceasefire. The latest unrests in Libya's capital follow battles that seemed to consolidate Abdulhamid al-Dbeibah's power as prime minister of the divided government of National Unity (GNU), and an ally of Turkey. Any prolonged fighting in Tripoli could attract factions outside of the capital. This could lead to...

Oil & Gas

Libyan capital is rocked by the most intense fighting in years

Witnesses in Tripoli said that the most intense clashes since years continued through Wednesday morning after Monday's death of a key militia leader sparked fighting between rival groups. The United Nations Libya Mission UNSMIL expressed its "deep alarm" at the violence escalating in Tripoli's densely populated areas and called for an immediate ceasefire. The latest unrests in Libya's capital may consolidate Abdulhamid al-Dbeibah's power. He is the prime minister of the divided Government of National Unity of Libya (GNU), and an ally of Turkey. Libya has seen little stability since an uprising in 2011 backed by NATO ousted Muammar Gadaffi,...

Oil & Gas

Gulf Stock Markets extend gains following US-China Trade Agreement

The Gulf stock markets were up early Monday morning, buoyed both by the rising oil price and progress in U.S. China trade negotiations. This was a positive sign as U.S. president Donald Trump prepared to visit this region. On Monday, the United States and China announced that they had reached an agreement to reduce reciprocal tariffs in order to end their trade war which has caused global economic disruption and shaken financial markets. A fragile ceasefire between India and Pakistan also seemed to ease geopolitical tensions. In the meantime, Ukrainian President Volodymyr Zelenskiy declared his willingness to meet Russian president...

Oil & Gas

Port Sudan shook by explosions, army claims to have intercepted drones

Sudan's army claimed that its anti-aircraft system intercepted drones on Wednesday, which were targeting the largest naval base of the country in Port Sudan, the country's wartime capital. There were explosions heard in the city. It was not immediately known if they were near Flamingo's base. Port Sudan was the target of days of attacks, including drone strikes reported by Sudan's paramilitary Rapid Support Forces. These assaults have destroyed the country's largest fuel depots as well as its main humanitarian aid gateway. Port Sudan has enjoyed relative peace since the outbreak of the civil war in April 2023 between the...

Fossil Fuels

Fossil Fuels

India's IOC and BPCL have said they will buy 22 million barrels non-Russian oil for delivery in September-October

Trade sources reported that Indian Oil Corp. and Bharat Petrol Corp., two of the largest state refineries in India, had bought at least 22,000,000 barrels non-Russian oil for delivery between September and October. This was after U.S. pressed India to stop buying from Russia. After the Russian invasion of Ukraine, Indian state refiners began to purchase cheaper Russian crude. After pressure from U.S. president Donald Trump, they halted their Russian purchases at the end of July. Sources said that in its latest tender IOC purchased 2 million barrels on a delivered-basis of U.S. Mars Crude, 2,000,000 barrels Brazilian grades, and...

Fossil Fuels

Earnings in the Gulf are below expectations.

Investors were watching global trade developments and the looming U.S. deadline for tariffs as they watched major Gulf stock markets in early trading on Wednesday. Investors have become more cautious since trade talks between China and the U.S. ended without a substantive agreement. The tariff policies of U.S. president Donald Trump continue to cause concern about global growth. Potential slowdowns in consumption and trade could threaten energy demand, and the fiscal security of Gulf economies that are dependent on oil. Saudi Arabia's benchmark stock index fell 0.1% due to a series of unbalanced earnings in key sectors. Halwani Brothers dropped...

Fossil Fuels

Sources say that Russia is set to tighten up its gasoline export restrictions in the near future.

Three industry sources who are familiar with the plans said on Thursday that Russia will introduce a stricter gasoline export prohibition, including for fuel manufacturers, in the next few days to combat rising prices. At the moment, only a small percentage of gasoline exported by resellers is restricted, but oil companies can still sell fuel overseas. "The ban has been decided." "For now, the ban is only for August and September," said one source. According to another source, the ban may be announced as early as Monday. Sources said that the restrictions would not apply to supplies to the Moscow...

Mining

Mineral Resources

Mineral Resources

Sources say that RPT-Trump is considering using $2 billion of CHIPS Act funding to purchase critical minerals.

Two sources with knowledge of the situation have confirmed that the Trump administration is mulling over a plan in which at least $2 billion will be reallocated from the CHIPS Act for the purpose of funding critical minerals projects, and to increase Commerce Secretary Howard Lutnick’s influence on the strategic sector. The move proposed would use funds already allocated to Congress for semiconductor manufacturing and research, thus avoiding the need for a new spending request. It also aims to reduce U.S. dependency on China in terms of critical minerals that are widely used by electronics and defense industries. Sources said...

Mineral Resources

Sources say that Trump is considering using $2 billion of CHIPS Act funding to purchase critical minerals.

Two sources with knowledge of the situation have confirmed that the Trump administration is looking at a plan for reallocating at least $2 billion to the CHIPS Act in order to fund crucial minerals projects, and to increase Commerce Secretary Howard Lutnick’s influence on the strategic sector. The move proposed would use funds already allocated to Congress for semiconductor manufacturing and research, thus avoiding the need for a new spending request. It also aims to reduce U.S. dependency on China in terms of critical minerals that are widely used by electronics and defense industries. Sources said that boosting Lutnick's position...

Mineral Resources

Steel imports to be subjected to tougher restrictions than anticipated

The British government will impose trade limits on steel that are more restrictive than anticipated, restricting imports from Vietnam and South Korea, as well as Algeria, to protect its domestic supply against the effects of a trade war. Britain is trying to protect its domestic steel industry from an oversupply in the global market. It has taken a number of measures to help it. These include negotiating the removal U.S. Tariffs, which are yet to take full effect, and taking control of British Steel, to stop it from closing down. The global trade upheaval caused by Trump's tariffs, and the...

Mineral Resources

Gulf stock markets continue to grow despite regional conflict

Investors were anxiously waiting to see if Iran would respond to U.S. strikes on its nuclear sites. The price of oil has risen to its highest level since January, as supply fears were stoked by the United States joining Israel to attack Iran's nuclear sites. The market participants are expecting further price increases amid growing fears that a retaliatory move by Iran could include the closing of the Strait of Hormuz through which approximately a fifth of world crude oil supply passes. Saudi Arabia's benchmark stock index rose 0.7%. Al Rajhi Bank gained 0.6%, and Saudi Arabian Mining Company added...

Mineral Resources

The Gulf countries are recovering from the conflict between Iran and Israel.

The major stock markets in the Gulf recovered some of the losses they suffered in previous sessions, when the conflict between Israel and Iran escalated. Saudi Arabia's benchmark Index gained 1.2%. This was mainly due to a 1.9% increase at Al Rajhi Bank, and a 3.2% rise at Saudi Arabian Mining Company. Sunday, the index fell 1%. After a 7% increase on Friday, oil prices were volatile. Israel and Iran renewed their strikes over the weekend, raising fears that the conflict could spread across the Middle East and disrupt oil exports. The Qatari Index rose 1.7%, a day after it...

Mineral Resources

Gulf stocks mix as new tariffs come into effect and oil prices fall

The Gulf stock markets were mixed on Wednesday morning, as U.S. President Donald Trump imposed duties on steel, aluminium, and other metals. This is the latest chapter of a trade conflict that has shaken global markets. Investors continue to focus on the pace of the trade negotiations. A possible phone call between President Trump, and Chinese leader Xi Jinping this week is in the spotlight. Trump had accused China of violating a bilateral agreement to reduce tariffs and trade barriers on Friday. Brent crude futures fell 0.3%, to $65.46 per barrel at 0644 GMT. The prices were weighed down due...

Mineral Resources

Heidelberg Materials' Q1 results beat expectations due to strong Africa business

Heidelberg Materials, the second largest cement manufacturer in the world, reported sales and profits that exceeded expectations for its first quarter. The company also confirmed its outlook citing strong growth across Africa. The first-quarter results from current operations of the company rose 1.3%, to 235 millions euros ($266million), exceeding the average polled forecast by the group. Dominik Von Achten, CEO of the company, said that despite the political and economic uncertainty as well as the difficult weather conditions in certain regions, the 2025 financial period started off very positively. Holcim, a larger competitor, cited a strong North African business as...

Mineral Resources

Tariffs weigh on major Gulf markets, causing them to decline

Investors were concerned about the uncertainty surrounding U.S. trade policies and a possible economic slowdown. Traders await signs of progress in negotiations between the administration of U.S. president Donald Trump and its trading partners. This includes ongoing trade discussions with Japan. The biggest concern is the direction of any possible discussions with China. Saudi Arabia's benchmark Index fell 0.5%. This was due to a fall of 1.5% in ACWA Power Company, and a drop of 1.3% in Saudi Arabian Mining Company. Investors also absorbed comments made by Federal Reserve chair Jerome Powell who warned about the risks of slowing down...

Mineral Resources

The Gulf's major markets are on track to extend their gains

The major stock markets of the Gulf gained ground in the early trading on Wednesday. This was after recent losses caused by global trade wars and economic concerns. Trump increased duties on Chinese imports by 104%, accusing Beijing of manipulating yuan in order to offset the levies. But caution won out. China did not bow down to this blackmail and vowed to "fight until the end". Trump's tariffs on specific countries and products have been in effect since 0401 GMT. Saudi Arabia's benchmark Index gained 0.4%. Saudi Arabian Mining Company Ma'aden rose 2.2%. Ma'aden may choose at least one foreign...

Mineral Resources

Slow trading in major Gulf markets due to US tariff concerns

The Gulf stock markets were characterized by low volume on Tuesday, with prices falling as investors awaited clarification of the U.S. threat to impose reciprocal tariffs early next month. On Monday, Donald Trump announced that automobile tariffs will be implemented soon. He also said, however, that some of the levies he had threatened would not be imposed until April 2, indicating a degree of flexibility in this matter. Trump's tariff policy is expected to have a negative impact on global economic growth. It could also trigger more trade tensions and increase inflation. Saudi Arabian Mining Company lost 1.7%. Al Rajhi...

Mineral Resources

Most Gulf markets increase ahead of US financial data

Most major stock exchange in the Gulf increased in early trade on Tuesday as financiers sought assistance on the Federal Reserve's future rates of interest decisions, expecting the release of minutes from its most current conference and upcoming payrolls data. The week is filled with information releases particularly from the United States, which will be headlined by the December non-farm payrolls report on Friday. Minutes of the Fed's newest conference due on Wednesday will offer colour on their dot-plot predictions, while there will be plenty of live comment with numerous leading policymakers. Fed decisions have a substantial impact on the...

Mineral Resources

The majority of Gulf markets fall as OPEC+ hold-ups oil output walking

Many significant stock markets in the Gulf fell in early trade on Monday, following a decision by OPEC+ to delay a planned December oil output boost by one month. Eight members of OPEC+, which groups the Company of the Petroleum Exporting Countries plus Russia and other allies, were due to raise output in December as part of a plan to slowly loosen up the group's newest layer of output curbs - a cut of 2.2 million barrels each day (bpd). OPEC and Saudi Arabia have consistently stated they do not target a particular cost and make choices based on market...