Latest News
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Britain strengthens diplomatic relations with Venezuela
Britain announced on Tuesday that it would be upgrading its diplomatic relations with Venezuela by appointing an ambassador in the country. This move, it claimed, would enhance Britain's ability to support a democratic transition. In a written statement to the parliament, the government stated that "this decision is part a broader international reengagement." Britain stated that the move was not an endorsement of Venezuela's disputed election of 2024 or any political party, but rather reflected its longstanding policy to maintain?relations? with the Venezuelan state. After the U.S. ousted Nicolas Maduro from power in January, the government of acting President Delcy Rodriguez is now in charge. Venezuela welcomed the decision. Oliver Blanco said that Caracas appreciated Britain's'move' to improve diplomatic relations. Blanco stated that "we reaffirm our willingness to further a respectful dialogue and promote cooperation on areas of common interest to both countries, and to help'recover resources which?rightfully belongs to the Venezuelan people."
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Israeli strikes in Gaza killed two people including a child.
Health officials in Gaza said that Israeli airstrikes on a vehicle Tuesday killed at least two Palestinians including a child and injured seven others. The strikes occurred in Sheikh Radwan, a neighbourhood located north of the Gaza Strip. The Israeli military claimed it had?struck a?militant? in the area without providing any further details. Witnesses said that some of the casualties were caused by a second strike which hit near people who had rushed to assist in the rescue. The video was not immediately verified, but it showed that a missile had exploded near at least five people. Palestinians held funerals for two Palestinians who were killed in Israeli airstrikes a day earlier, Ahmed Al-Batsh Rafat Zummar. According to Hamas and Israeli military sources, Batsh was the local Hamas commander. Medical personnel said that Batsh was killed in an attack against his vehicle in the northern Gaza Strip. In separate statements, the Israeli military claimed that both men were killed and described Zummar as a Hamas leader. Hamas did not immediately comment on Zummar’s affiliation. In Gaza City, Al Shifa Hospital, relatives and friends bid farewell to Batsh’s body. It was draped in a Hamas flag and a white shroud. On top of the corpse, an M16 assault weapon was placed. Khalil al-Batsh said that Israel believed it would eliminate the spirit of jihad and resistance within us. At the funeral, he said: "I tell them this cowardly operation strengthens our people’s determination to keep on going down this path." A U.S.-backed ceasefire in October 2025 halted the large-scale fighting?in Gaza. However, it did not end Israeli strikes, and little progress has been made on the?steps toward permanent peace. Hamas claims that Israel violated the ceasefire, and undermined efforts to implement U.S. president Donald Trump's plan?to resolve the Gaza conflict. This includes the Israeli removal from the Gaza Strip and the disarmament by Hamas. Israel claims that Hamas violated the agreement. According to Gaza's health officials, more than 1,300 Palestinians (mostly civilians) have died since the ceasefire came into effect. The Israeli military, however, claims that four Israeli soldiers were killed. Hamas doesn't usually reveal information about the deaths of its fighters.
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Investors' appetite for IPO tests is tested by Dangote's profits in Europe
Nigeria's Dangote Oil Refinery has emerged as one of the key suppliers of fuels to Europe, following disruptions in Middle East exports. This highlights its growing influence on global fuel markets. It also generated a record profit before its debut at the stock exchange. According to the prospectus of the Lagos refinery, by increasing?fuel?exports during this crisis, the company has been able to achieve a profit of 1.82 billion dollars in the first six months of 2026, on revenues of over $13 billion. This is a significant improvement from the $476 million loss it suffered in 2025 due to conflict-related disruptions that increased the demand for the refinery's exports. Dangote’s refinery, built to end Nigeria’s dependence on imported oil, is influencing global fuel flow at a time when the market is under stress. The trend will continue, as Middle East disruptions persist and refinery capacity is expanded. Janiv Shah, Rystad Energy, said that "Dangote will likely increase its role in the upcoming years". The gasoline industry will have the largest structural impact. "Jet fuel and diesel are also growing in importance". In response to U.S. and Israeli attacks, Iran closed the Strait of Hormuz at the end February. Europe lost a quarter its diesel and jet fuel supply. Fuel inventories at the oil trading hub in Northwest Europe have plummeted to their lowest levels in 12 years as a result of the Middle East's drop in exports. According to Kpler, Europe imported around 80,000 barrels of jet fuel per day from Dangote in the second quarter. This is equivalent to 13% of the supply shortage and makes the refinery Africa's biggest supplier of fuel. The data shows that only the U.S. accounted for more imports from Europe than Nigeria during this time period. "Without Dangote Europe would have still sourced fuel, but at a much higher clearing price. Shah of Rystad said that there could have been deeper stock draws. REFINERY HELPS TO SATISFY TIGHT MARKET Dangote has also increased exports of gasoil and diesel, which are both?part of a group known as middle distillates of fuels. Kpler reports that Dangote's exports of diesel and gasoil have increased by 23%, to 488,000 bpd as of 2026. Sumit Ritolia, Kpler analyst, said that "these barrels have been increasingly supplying West Africa and Europe where they helped ease an otherwise tight middle distillate market". Dangote's influence on the gasoline flow has been significant since Dangote started operating in 2024. Kpler reports that Dangote has produced between 270,000 and 300,000 barrels per day of gasoline since 2026. Nigerian imports have fallen from around 400,000 bpd to 83,000 bpd. Europe has traditionally provided the majority of this volume in a trade worth $17 billion per year. Dangote wants to double its capacity to 1.4m bpd in 2029. This would make the refinery the second-largest in the world, alongside Reliance’s Jamnagar facility. When asked about refinery expansion plans, Chief Executive David Bird said that a?diesel hydratreater will allow Dangote a greater range of diesel specifications to be exported. He said, "We must ensure that we can sell our product anywhere in the globe, any time of the year."
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Germany's Merz promises relief plan 'soon' as pump prices hit record
The embattled German Chancellor Friedrich Merz, who is under pressure to respond to citizens' concerns ahead of an upcoming state election, promised that he would be bringing "very soon" proposals to protect consumers from record fuel prices. Merz's Christian Democrats (CDU), which are largely rural, face the prospect of their worst ever state election results in Mecklenburg/Western Pomerania. Merz said at a business conference that the price of a litre E10 gasoline in the United States had reached a record of EUR2.286 per gallon. Prices have increased since the conflict in the Middle East began late February. Merz did not give details on how an intervention would work, but he said that he was consulting the 16 federal states in Berlin and his coalition partners. Lars Klingbeil of the Finance Ministry, who will be 'pressing for a windfall-tax on European energy companies at an informal meeting of EU finance ministers said that he didn't know Merz’s proposals, but it was important to make a decision quickly. The CDU-led Economy Ministry has resisted the idea of a price ceiling, which is supported by Klingbeil’s Social Democrats. They claim it would be hard to implement. In May and June of this year, the government reduced energy taxes by 17 cents a litre. STATE PREMIER CALLS FOR A PRICE CAP Merz has promised to better connect with voters following his party's?trouncement in a state election held this month, which handed an historic victory to the far-right Alternative for Germany. According to a source within the party, the chancellor has said repeatedly that he intends to serve his entire four-year term. His conservatives will meet on Sunday in order to rally around him. Manuela Schwesig is the SPD state premier for Mecklenburg/Western Pomerania, hoping to win a second term. She has accused Merz of standing aside while fuel prices rise, and she wants a national fuel price cap, based on Luxembourg's model. ($1 = 0.8665 euros)
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ADNOC Trading sources claim that it buys millions barrels of Iraqi crude.
Three people with knowledge of the matter said that Abu Dhabi National Oil Co. (ADNOC), a trading company, has purchased millions of barrels at a discount from Iraq's?state?oil firm. This is an expansion of its role in the market amid the disruptions caused by the Iran War. Two Iraqi energy sources reported that the state-owned company of the United Arab Emirates, through its trading division, was the largest lifter of Iraqi oil in August and in September. This helped boost Iraqi exports, which had been severely curtailed during the early months of the conflict. ADNOC has agreed to purchase 32 million Iraqi barges in August, at discounts of $24.90 to 27% per barrel. A further 40 million barrels will be purchased in September. This includes 10 million?barrels for $18 a barrel and 30 million barrels with a discount of $25, according to one Iraqi source. According to the second Iraqi source, while Iraq's state oil marketing organisation SOMO allocated ADNOC 32 millions barrels in august, the UAE giant lifted only 20 million barrels because of export restrictions and Basra Oil Company’s inability to secure enough crude. ADNOC has so far lifted 14 millions Iraqi barrels in September, a person told me. A third source claimed that ADNOC bought 20 million barrels from the state-owned SOMO of?Iraq in tenders for a discount between $25 and $27 per barrel. Other companies also buy Iraqi crude. Trade sources said that SOMO had offered August-loading shipments at steep discounts. This attracted other buyers, including Chinese state giants PetroChina and Zhenhua oil, TotalEnergies and Vitol as well as Trafigura Mercuria, and Cathay Petroleum. Iran's official news agency IRNA said that Iran had granted permission to a number of oil tankers transporting Iraqi crude oil through the Strait of Hormuz last month after Baghdad repeatedly requested it through different channels. Iraq's exports were severely curtailed during the early months of the war, in part due to its location on the top of Gulf and the absence of its own shipping fleet. ADNOC, the state-owned oil company, has become more agile since the start of the war. It uses an expanding fleet of tankers as well as a pipe to Fujairah in order to move oil out of the Gulf of Aden and across the Strait of Hormuz. Put the past behind them Despite the attacks on ADNOC tanks, 'Iranian president Masoud Pezeshkian met with UAE crown prince Sheikh Khaled Bin Mohamed bin Zayed Al Nahyan at the BRICS Summit in New Delhi on Sunday, stating that the two sides agreed to 'put the past behind them. According to Kpler, Iraq exported about 2 million barrels per day in this month. This is down from the 2.354 millions bpd of August but higher than the 1.374million bpd of July. According to Kpler, UAE crude exports rose to 3.236 millions bpd last month. This is up from 2.886million bpd during August and 2.871million bpd during July. One of three sources stated that ADNOC intends to process the majority of crude oil purchased from other Gulf producers and sell it more on the international market.
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Sources say that ADNOC, the UAE's oil company, buys millions barrels of Iraqi crude.
Abu Dhabi National Oil Co. (ADNOC), a trading company, has purchased millions of barrels at a discount from Iraq's oil company, according to three people who are familiar with the situation. This is a result of the Iran War, which has caused supply disruptions. Two Iraqi energy sources reported that the state company's trading arm was the largest lifter of Iraqi oil in August and in September. This helped boost Iraqi exports, which had been severely curtailed during the early months of the conflict. ADNOC has agreed to purchase 32 million Iraqi barges in August, at discounts of $24.90 to 27% per barrel. A further 40 million barrels will be purchased in September. This includes?10,000,000 barrels for $18 a barrel and 30,000,000 barrels for $25, according to one Iraqi source. According to the second Iraqi source, 'while Iraq's State Oil Marketing Organisation SOMO allocated ADNOC 32 millions barrels in August due to export restrictions and Basra Oil Company's inability secure enough crude', the UAE giant lifted only 20 million barrels. ADNOC has so far lifted 14 millions Iraqi barrels in September, a person told me. A third source stated that ADNOC purchased about 20 million barrels?crude' from Iraqi state-owned SOMO through tenders, at a discount between $25 and $27 per barrel for the lifting of September to October. Other companies are also buying Iraqi oil. SOMO offered August loading?cargoes for steep discounts to attract other buyers, including Chinese state-majors PetroChina and Zhenhua oil, TotalEnergies and Vitol as well as Trafigura Mercuria and Cathay Petroleum. Iran's official news agency IRNA said that Iran had granted permission to a number of oil tankers transporting Iraqi crude to pass through Strait of Hormuz last month after Baghdad repeatedly requested it through different channels. Iraq's exports were severely restricted in the early months of the war, in part due to its location on the Gulf and its lack of a shipping fleet. ADNOC, the state-owned oil company, has become more agile since the start of the war. It uses an expanding fleet of tankers as well as a pipe to Fujairah in order to transport?oil across the Strait of Hormuz and out of the Gulf. Put the past behind them Despite the attacks on ADNOC 'tankers', Iranian President Masoud Pezeshkian on Sunday met with UAE crown prince Sheikh Khaled Bin Mohamed bin Zayed Al Nahyan at the BRICS Summit in New Delhi. He said that the two sides agreed to?put the past behind them. According to Kpler, Iraq exported about 2 million barrels per day in this month. This is down from the 2.354 millions bpd of August but higher than the 1.374million bpd of July. According to Kpler, UAE crude exports rose to 3.236 millions bpd this month from 2.886million bpd last August and 2.871million bpd during July. One of three sources stated that ADNOC intends to process the majority of crude oil purchased from other Gulf producers and sell it more on the international market.
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Copper falls to a 3-week low as inventories increase, with a focus on oil
The copper price fell to its lowest level in over three weeks on Tuesday as the London Metal Exchange increased their inventories, and oil prices rose. The benchmark copper price on the London Metal Exchange was 0.5% higher, at $14.075 per metric ton of official rings. This is the lowest level since August 20, and it's been trading there for a year. Copper recovered thanks to bargain hunters, traders said. Due to higher premiums on nearby contracts against longer-dated forwards, copper stocks in LME warehouses rose nearly 20% to 242,900 tonnes since the middle of August. The traders expect that more copper sold previously at high prices will be delivered to LME warehouses in the coming days. The premiums that were paid last week have now been reduced, and deliveries will likely dry up pretty quickly. After a report by?U.S. sources, copper prices for all maturities began to drop last week. The President Donald Trump has not made a final decision about whether or not to impose tariffs against copper imports. Comex copper prices rose above LME copper prices due to the possibility of tariffs on U.S. imports. Since 18 months traders have been shipping copper to the United States. Comex stocks are at record highs. Tom Price, Panmure Liberum's analyst, said: "There is no benefit to confusing the markets with government policy." "I have a gut feeling that he'll impose this at some point, otherwise we will see the largest trade reversal ever in copper history." Analysts believe that concerns over oil prices and supplies - at around $107 per barrel compared to $87 at the end of August - will impact growth, manufacturing and metal demand. The dollar's strength has made commodities priced in dollars more expensive to holders of other currencies. Lead was unchanged at $1,874 and tin at $51,900. Nickel was down 0.6% at $16,230.
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Sources say that ADNOC, the UAE's oil company, buys millions barrels of Iraqi crude.
Three people with knowledge of the matter said that Abu Dhabi National Oil Co (ADNOC), a trading firm in the face of supply disruptions caused by the Iran War, has purchased millions of barrels of discounted crude oil from Iraq's State Oil Firm. Two Iraqi energy sources reported that the state company through its trading arm was the largest lifter of Iraqi oil in August and September, helping to boost Iraqi exports, which had been severely cut in the early months of the war. One of the Iraqi sources said that ADNOC had agreed to purchase 32 million Iraqi barrels for $24.90-$27 per barrel in August, and another 40 million barrels for $27 in September. This included 10 million barrels with a $18 discount, and 30 million barrels with a $25 discount. According to the second Iraqi source, despite Iraq's state oil marketing organization SOMO having allocated ADNOC a total of 32 million barrels for August, ADNOC lifted 20 millions barrels because of export restrictions and Basra Oil Company not being able to secure enough?crude. ADNOC has so far lifted 14 millions Iraqi barrels in September, a person told me. Third source claimed that ADNOC had purchased about 20 million barrels from Iraqi?state owned SOMO? in tenders for a discount between $25 and $27 per barrel. Other companies are also buying Iraqi crude. SOMO offered August loading cargoes?at steep discount, attracting other buyers, including Chinese state-majors PetroChina and Zhenhua Oil as well as TotalEnergies and?Vitol. Trafigura Mercuria, and Cathay?Petroleum.
Mexico president's 'dream' Pemex refinery strikes another delay, internal information shows
Mexican state energy business Pemex began sending out 16,300 barrels per day (bpd) of crude oil to its brand-new Olmeca refinery this week, less than 5% of its total capacity, internal data seen revealed, indicating another delay.
President Andres Manuel Lopez Obrador had developed hugely enthusiastic infrastructure project in his home state Tabasco, describing it as a dream come true, with the promise of weaning the country off gasoline and diesel imports, most of which originate from the U.S.
With 2 weeks away from the governmental election, Pemex authorities have been keen to show development with the refinery in Dos Bocas, and that Lopez Obrador's promises had been kept.
However, the formerly unreported data likewise showed that in August, the refinery is set up to receive 170,000 bpd, still half of the feedstock required for the 340,000-bpd plant.
The volumes, which 2 sources acquainted with the operations verified, raise fresh questions over the progress of the roughly $16 billion job, which has been running behind schedule and over budget plan.
Inaugurated in
July 2022
, the refinery was then projected to perform at half capacity the following July and reach
full capacity in 2023
. But numerous deadlines have not been fulfilled.
Earlier this month, nevertheless, Pemex backtracked once again and said it would process only 177,000 bpd this year before ramping up to complete capability in 2025.
The sluggish start at the new refinery in the southeastern part of the country suggests Mexico will still need to count on improved fuel imports.
Mexico will also continue to export its heavy petroleum against earlier expectations that the new refinery would result in a sharp decline, easing tight products worldwide as major Middle East manufacturers have lowered exports to meet their OPEC+ promises.
During Pemex's last quarterly profits call at the end of April, officials stated the refinery would start producing diesel later this month which gasoline would follow.
Diesel is widely considered easier to produce than fuel. They did not discuss petroleum processing rates or targets.
Pemex also has actually not openly divulged how much petroleum the new refinery has received up until now.
The data seen was consisted of in a document the refining arm of Pemex sent to the exploration and production arm to enable preparing up until August.
The preliminary quantity sent out to the refinery this week was less than 1% of the 1.8 million bpd Pemex currently produces.
EXAGGERATED PROGRESS
It is common for new refineries to start up slowly however the federal government has actually been promoting its success.
Two sources familiar with the internal information informed that the remarkably small volume of crude oil the refinery is getting were for one processing line just, and that it was unclear when the 2nd one would start.
Among the sources included that the government had exaggerated progress ahead of the June 2 election.
Claudia Sheinbaum, the prospect for Lopez Obrador's. National Regeneration Motion (MORENA) celebration, keeps a
strong lead
over her primary rival in polls.
Pemex and the president's office did not respond to demands. for remark.
formerly exposed that Pemex asked its trading. unit in March to cancel up to 436,000 bpd of exports for April. since it stated it required these volumes for the domestic. refining system. A few of this was indicated for the new refinery.
A couple of days later, sources stated Pemex prepared to cut another. 330,000 bpd for May - although it later on reversed the second. round of cuts, triggering turmoil and confusion among international. purchasers that had actually been banking on materials from Mexico.
One buyer of Maya crude oil said the market was surprised. when Pemex backtracked on cancellations thinking about there was. such a big cut a month previously.
Another source at a refinery said buyers needed to take term. cargoes for May although they had bought other grades, like. Iraqi Basra crude, to replace supply they anticipated to be cut.
Mexico's energy ministry has not yet published monthly. updates on how many barrels of petroleum Pemex's 6 regional. refineries have processed in April or May up until now.
Up until completion of March, the current for which official. numbers are offered, the data base reveals no allotments at all. for the Olmeca refinery.
(source: Reuters)