North America

Donald Trump's decision imposing a partial Venezuelan blockade marks a dramatic increase in U.S. political pressure on Venezuelan President Nicolas Maduro. But it could also undermine a key U.S. goal: deterring an eventual Chinese naval encirclement. The U.S. President on Tuesday ordered a "total and complete blockade" against all sanctioned oil tanks entering or leaving Venezuela. This was a move to choke off the main source of revenue for the Maduro regime. The action immediately raised questions about its legal status under international law. Military planners in the Indo-Pacific have feared for years that China could use a blockade of...

The Russian Foreign Ministry said Thursday that they hoped the U.S. President Donald Trump administration didn't make a fatal mistake over Venezuela. They also said that Moscow was concerned about U.S. actions that threaten international navigation. Trump ordered on Tuesday a "blockade", of all oil tankers sanctioned by Washington, that enter and leave Venezuela. Washington was trying to increase pressure against Nicolas Maduro’s government. After the U.S. seize a sanctioned oil tanker off the coasts of Venezuela, last week. Loaded vessels with?millions barrels of crude oil chose to stay in Venezuelan waters than risk being seized. In a press release,...

The Mexican president Claudia Sheinbaum urged the United Nations on Wednesday to?act? in order to prevent bloodshed in Venezuela as tensions between the South American nation and the United States escalate. Sheinbaum stated during her "morning" press conference that Mexico was against foreign interference and intervention in Venezuela. "I call upon the United Nations to fulfill their role. It was not present. She said, 'It must take its role to prevent any bloodshed. The U.S. president Donald Trump ordered on Tuesday a "blockade," of all sanctioned tankers that enter and leave Venezuela. The government of Nicolas Maduro called this a...

U.S. president Donald Trump on?Tuesday?ordered the blockade of sanctioned oil tankers that enter and leave Venezuela. He also?added?that he now regards the nation's leaders as a terrorist foreign organization. Trump said on Truth Social that the Venezuelan regime has been designated a FOREIGN TERRORIST?ORGANIZATION for terrorism, drug smuggling and human?trafficking. "Therefore today, I am ordering a TOTAL AND COMPLETE BLOCKING OF ALL SANCTIONED OIL TANNKS going into and out of Venezuela." Trump's remarks came just a week after the U.S. The United States seized an oil tanker sanctioned by the U.N. off the coasts of Venezuela. This was the latest...

Three people with knowledge of the matter claim that Saudi Arabia's?Midad Energy?is one of the top contenders for the international assets of Russian?oil giant?Lukoil, taking advantage deep political ties between Moscow and Washington. Sources have confirmed that the assets, which are valued at around $22 billion, include oilfields, refineries, and thousands of fuel station worldwide. About a dozen investors have made bids for these assets, including U.S. major oil companies Exxon Mobil, Chevron, and private equity firm Carlyle. Lukoil wants to sell off its foreign operations, which were crippled by the U.S. sanctions that were imposed on October to pressure...

Shell, the oil major, has made a final investment decision for a 'waterflooding project' at its Kaikias Field in the U.S. Gulf of Mexico. The project aims to increase oil recovery and prolong the life of Ursa Platform. The project will add an additional 60 million barrels of oil to the recoverable resources. Shell, the top deep-water operator in the U.S. Gulf, is making a new investment to maintain liquids production of?nearly 1.4 million barrels per day?until the year 2030. The first injection is scheduled for 2028, and will extend Ursa’s production cycle by several years. Waterflooding is a secondary...

Secretaries of State Marco Rubio, and Defense Pete Hegseth are holding closed briefings on Tuesday for all U.S. Senators and Representatives about the Trump Administration's Venezuela strategy. Many lawmakers are still unsure of President Donald Trump's goals, even three-and-a half months after more than 20 deadly U.S. attacks on boats near Venezuela and a massive military buildup in the Caribbean. Below, we'll take a look at a variety of issues that seem to be contributing to this pressure campaign. In October, the Trump administration told Congress that it was in an "armed conflict" against drug cartels. Maduro, who denies this,...

Imperial Oil Canada announced on Monday that it will increase its capital expenditure and upstream production by?2026. The company is doubling down on high-return oil sands projects in order to reduce costs?and create a stronger cash flow. Oil companies are focusing more on efficiency and high-return projects, and less on large new developments. In September, the oil producer said it would 'cut about 20% of its staff by end-2027. This is part of a restructuring which will reduce its Calgary presence amid lower 'crude prices due to higher OPEC+ production and trade policy uncertainties. "Our 2026 Plan builds on Imperial's...

Four people familiar with the matter said that the U.S. Treasury rejected an 'offer' from a group headed by U.S. Bank Xtellus Partners to buy foreign assets of Russian Oil Company Lukoil. Xtellus was in a race with Exxon Mobil, Chevron and Abu Dhabi Group International Holding Company. MOL from Hungary and the U.S. Private Equity firm Carlyle are also still involved. The U.S. Treasury declined comment. Lukoil was willing to sell its assets in October after the U.S. sanctioned it and Kremlin controlled rival Rosneft to encourage Russia to reach a peace deal with Ukraine. Over a dozen companies...

Three people familiar with the matter said that the U.S. Treasury 'has rejected the offer of a group led U.S. -based Xtellus Partners to purchase the foreign assets owned by Russian oil.company Lukoil. Xtellus was competing with U.S. oil giants Exxon Mobil, Chevron and Abu Dhabi Group International Holding Company. Hungary's MOL, and U.S. Private Equity firm Carlyle are also still in the race. The U.S. Treasury declined comment. Lukoil was willing to sell its assets after the U.S. sanctioned it in October, along with the Kremlin controlled rival Rosneft to try to?push Russia towards a peaceful deal with Ukraine....

Holders of Pirelli's 500 million euro (582 million dollar)?bond? will decide on Monday if they want to convert the bond into shares. This could dilute the stakes that the existing investors hold in the group, who are fighting over the Italian tiremaker's governance. Sinochem, the Chinese state-owned company, and Marco Tronchetti Provera, an Italian businessman, both owning Camfin, have been at odds with each other in recent years. Camfin has complained that Sinochem's share is preventing the group from expanding into America. The tiremaker issued a five-year, no-coupon convertible bond at the end 2020. The bond is due to expire...

Prices of oil rose on Monday, as disruptions in supply linked to escalating tensions between the U.S. and Venezuela outweighed concerns about oversupply and the potential impact of a Russia-Ukraine "peace" deal. Brent crude futures rose 33 cents or 0.54% to $61.45 per barrel as of 0429 GMT. U.S. West Texas Intermediate Crude was up 31 cents or 0.54% at $57.75 per barrel. The expectation of a surplus for 2026 weighed on both contracts, which fell more than 4% the previous week. Tsuyoshi Ueno is a senior economist with the NLI Research Institute. He said that tensions between Venezuela and...

According to a?memo from the company,?Barrick Mining of Canada has retaken operational control over its?Mali mine. Sebastiaan Bok, Director of Operations in Africa and the Middle East, sent a memo stating that Barrick would resume production gradually, and focus on mandatory training to employees and contractors. After two years of negotiation, the two sides reached an agreement to settle their dispute regarding Barrick's operations in West Africa. Barrick's disagreement with the military-led government over a new mining code led to a suspension of operations at its gold mine complex in January. A provisional administrator appointed by a Mali court took...

The U.S. government body that oversees the fund announced on Thursday that the Ukraine-U.S. Reconstruction Fund, created as part of a minerals 'deal' signed by the two countries in April, has approved its asset policies and is ready to review its first investment opportunities starting in 2026. In a press release, the Development Finance Corporation (DFC), said that the fund's 2nd meeting "reached the final consensus needed to bring the fund into full operational status". The DFC stated that potential deals could focus on energy and minerals development, as well as maritime infrastructure. Kyiv, under pressure from Donald Trump for...

A report released by the U.N. Human Rights Office Thursday revealed that over 1,000 civilians died when a paramilitary group from Sudan took control of a famine stricken displacement camp in Sudan's Darfur. About a third were executed summarily. According to a U.N. Report, for months before the April 11-13 attack, the Rapid Support Forces had blocked the entry of food and other supplies into the Zamzam Camp in Sudan's western Darfur region, which houses nearly half a milllion people who have been displaced by the civil war. The U.N. reported that the RSF had attacked civilians during the takeover....

South Korea's Industry Minister said on Wednesday that Korea Zinc’s plan to build a U.S. Smelter will help develop supply chains for essential minerals. Seoul may also discuss the possibility of receiving support from an U.S. Investment Fund. Korea Zinc announced on Monday a plan for a critical minerals refinery worth $7,4 billion in Tennessee. The project will be financed primarily by Washington. Kim Jung-kwan, Industry Minister, said at a 'press conference that he viewed the decision as a positive one for Korea Zinc despite its financial burden. Kim stated that "we concluded that those plans from Korea Zinc?will help...

Dealmakers said that Canada's approval of the merger between British miner Anglo American, and Canada's Teck Resources for $53 billion signals an effort to 'attract investment' to offset the impact on U.S. Tariffs. Melanie Joly, Canada’s Innovation, Science, and Economic Development minister, announced late Monday night that Canada had approved the buyout of Teck Resources, in its entirety, by Anglo American, under the Investment Canada Act. This cleared a regulatory obstacle to create a global heavyweight for copper. Joly stated in a press release that the deal is beneficial to Canada. Her office has not responded to any further comments....

Three industry sources have confirmed that gold mining companies in the Ivory Coast are now paying an 8% royalty backdated to January after months of disputing its legality. The world's largest cocoa producer has replaced the previously linked 3%-6% contract rate with a flat 8%?rate. The miners refused to pay at first, claiming that it was illegal because their contracts protected them from fiscal changes. They then entered into negotiations with the government in order to get the new royalties scrapped. The three people who are familiar with the issue, but declined to be identified because they weren't authorised to...

Holcim announced on Tuesday that it had paid $550 million to acquire a majority stake in Cementos Pacasmayo in Peru, in order to expand the Swiss cement manufacturer's presence in South America. Holcim will take a 50.01 % stake in Cementos Pacasmayo in the deal, which values the Peruvian firm at $1.5 billion, including debt or $1.1 billion in equity value. According to the Peruvian law on takeovers, Holcim is required to offer more shares of the 'company and will likely increase its stake in the company, Holcim said. Cementos Pacasmayo expects sales of $630 millions for 2025, with a...

Fortuna Mining's West Africa Operations Chief said that the company is looking for mid-tier gold assets and accelerating new projects as it works to achieve its 500,000 ounces annual production target, after selling mines located in Burkina Faso, Mexico, and?Burkina?Faso. Canadian miner sells Yaramoko mines in Burkina Faso, and San Jose operations in Mexico, cutting short-term, high-cost assets but also reducing production. It has made new deals including a joint-venture with DeSoto to explore in Guinea, and a larger stake in Awale Resources a West Africa focused?gold-explorer with operations on the Ivory Coast. This is in line with a global...

Copper fell more than 3% Friday after reaching a record-high earlier in the session. Fears of the AI bubble burst prompted a sell-off across a wide range of riskier assets. Benchmark three-month Copper?on the London Metal Exchange? fell by as much as 3.5%, to $11,451.50. It was trading at $11,537.50, down 2.8% as of 1700 GMT. Metal used in construction, manufacturing and power generation earlier hit a record of $11,952, just a few cents away from the psychologically important $12,000 mark. After two weeks of gains, copper is expected to end the week at a 0.7% loss after fading optimism...

The price of silver hit a new record on Friday, as gold prices rose more than 1% and hovered at a 7-week high. This was spurred by a weaker dollar and the Federal Reserve's interest rate reduction this week. By 1028 am, spot gold had risen 0.6% to $4.308,43 an ounce. ET (1528 GMT), and was on course for a weekly gain of 2.7% after previously rising by 1%. U.S. Gold Futures increased 1.5% to $4.376.60. Silver spot rose by 0.8%, to $63,03 per ounce. This is after it reached a new record high of $64.64/oz. The metal has gained...

Gold prices rose by?1% on Friday to a seven week high, helped by a weak dollar, expectations of interest rate reductions and a safe haven demand due to geopolitical turmoil. Silver also hit a new record high. Spot gold climbed 1% by 1248 GMT to $4,327.31 an ounce, its highest since October 21. It was also set for a weekly gain of 3.1%. U.S. Gold Futures rose 1.2% to $4363.20. Dollar hovered at a 2-month low and was on course for a third consecutive weekly decline, making gold more affordable for foreign buyers. Zain Vawda is an analyst at MarketPulse,...

Gold prices rose by?1% on Friday to a seven week high, helped by a weak dollar, expectations of interest rate reductions and safe haven demand due to geopolitical turmoil. Silver also hit a new record high. Gold spot rose by 1.2% at 1136 GMT to $4,332.25 an ounce, its highest since October 21. It was also set for a weekly gain of 3.2%. U.S. Gold Futures rose 1.3% to $4 368.60. Dollar hovered at a 2-month low and was on course for a third consecutive weekly decline, making gold more affordable for foreign buyers. Zain Vawda is an analyst at...