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Investors continue to monitor the impact of new sanctions against Russia on oil prices.
The oil price barely moved on Monday, as traders watched the impact of European sanctions on Russian supply and rising production from Middle East producers. They also worried about fuel prices as tariffs weigh on global economic growth. Brent crude futures were up 5 cents at $69.33 per barrel by 0040 GMT, after closing 0.35% higher Friday. U.S. West Texas Intermediate Crude was up 2 cents to $67.36 per barrel after a 0.30% increase in the previous session. The European Union approved Friday the 18th set of sanctions against Russia for the conflict in Ukraine. These included India's Nayara Energy as an exporter who refines oil from Russian crude. Dmitry Peskov, the Kremlin's spokesperson, said that Russia has developed a certain immunity against Western sanctions. Rosneft - Russia's largest oil producer and owner of Nayara - criticised Sunday the sanctions, calling them unjustified, illegal, and a direct threat to India's energy independence. A spokesperson for the Iranian Foreign Ministry said that Iran, another oil producer sanctioned, will hold nuclear talks with Britain, France, and Germany in Istanbul on Friday. The three European countries had warned that international sanctions would be reimposed if the negotiations were not resumed. Baker Hughes reported on Friday that the number of oil rigs operating in the U.S. fell by two last week to 422 - the lowest level since September 2021. Separately U.S. Tariffs on Imports from the European Union will kick in on 1 August, although U.S. Secretary of Commerce Howard Lutnick stated on Sunday that he is confident the United States can secure a deal with the bloc. (Reporting and editing by Jamie Freed; Florence Tan, Reporting)
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BHP exits $2.5 billion Tanzania nickel project, partner Lifezone says
BHP Group chose to sell to Lifezone Metals its stake in the $2.5 billion Kabanga Nickel Project in Tanzania for up to $83 million. Lifezone, a company listed on the NYSE, said that it would acquire BHP’s 17% equity stake in Kabanga Nickel Limited. KNL is the majority owner in the Kabanga Nickel Project located in the northwestern part of Tanzania. In a report released by the company on Friday, development costs were estimated at $2.49billion. The project is expected to produce around 50 000 metric tons per year once it has been fully ramped-up, which will take about six years. The project will be finalized by the end of next year. BHP agreed to invest up to $100 million by 2022 in the nickel mines and processing facilities, if certain conditions are met. BHP didn't respond to an immediate request for comment about why it sold its stake in this project. BHP's view of nickel has changed since the divestment, largely due to a surge in production from Indonesia over the past few years. The company put its Australian Nickel West operation on care and maintain last year because of a low outlook for nickel prices. A decision about the future of these operations is due in early 2027. Lifezone owns now 100% of KNL. KNL in turn holds 84% interest in Tembo Nickel Corporation Limited, the Tanzanian operating firm for the Kabanga Nickel Project. Tanzanian government owns the remaining 16%. Lifezone said that all existing agreements with BHP had been terminated, and it also took full control of 100% offtake of the Kabanga Nickel Project. (Reporting by Melanie Burton; Editing by Jamie Freed)
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Exports of rare-earth magnets from China to the US grew in June
China's rare earth magnet exports to the United States rose to more than seven-times their level in May, indicating a sharp increase in the flow. Data from the General Administration of Customs on Sunday showed that the number of shipments from China to the United States, the world's biggest producer of rare-earth magnets, increased by 660% in June compared to May. This followed pacts made in June to settle issues relating to shipments of magnets and rare earth minerals to the United States. As part of the agreement, Nvidia will resume sales of H20 AI chips in China. In retaliation to U.S. Tariffs, China, which supplies more than 90% global supply of rare-earth magnets, added several rare-earth items to its list of export restrictions in early April. Due to the long time it took to obtain export licenses, the sharp drop in shipments that followed in April and may had disrupted the global supply chain. Some automakers outside China were forced to stop partial production because of a rare earths scarcity. China exported 3,188 tonnes of rare earth permanent magnetic materials globally in June, an increase of 157.5% compared to 1,238 tons shipped in May. However, the volume in June was still 38.1% below the same month in 2024. Analysts said that the shipment of magnets is likely to increase in July, as more exporters have obtained licenses since June. Exports of rare-earth magnets dropped 18.9% year on year, to 22,319 tonnes in the first half 2025.
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Australia's South32 manganese production recovers after cyclone and beats expectations
South32, a diversified Australian miner, reported on Monday higher manganese ore output in the fourth quarter, exceeding analysts' expectations, after resuming exports from its Australia manganese operation following storm delays. Groote Eylandt mining Co (GEMCO), a project of the company in Australia's Northern Territory, was hit by severe storms early in 2025. It made it difficult to restart production after a tropical-cyclone had damaged vital infrastructure at the site a year earlier. The company released a statement saying that "Australia Manganese successfully recommenced export shipments in the third quarter, marking an important recovery from the effects caused by Tropical Cyclone Megan." The Perth-based company said that its Australia Manganese operations will post losses of between $100 million and $120 million operating earnings by fiscal 2025. This is after a restart following disruptions caused by Tropical Cyclone Megan. For the quarter ending June 30, the world's biggest producer of manganese (used to improve steel quality and strength) produced 1.1 million wet-metric tons of manganese. This is up from 534,000 wmt the year before. Barrenjoey reported that the result was better than the Visible Alpha consensus of 850,000 wmt. The company said it had invested $517 millions in growth capital expenditures at its Arizona-based Hermosa Project during fiscal 2025. The miner, which is diversified, also reported fourth-quarter production of copper at 21,900 tonnes from the Sierra Gorda Mine in which it has a 45% share. South32, in mid-July, had indicated an impairment at its Mozal aluminum smelter located in Mozambique. It said that its production is under review as it hasn't been able secure affordable electricity prices after March 2026. (Reporting and editing by Leslie Adler, Lincoln Feast and Adwitiya Shrivastava from Bengaluru.
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UK to hold an inquiry into the Battle of Orgreave, a 40-year-old miners' strike
Britain announced on Monday that it will hold an investigation into the "Battle of Orgreave", which was a violent confrontation in 1984 between police and striking miners at the height of the year-long dispute with Margaret Thatcher’s government. At the Orgreave Coking Plant near Sheffield, northern England, more than 5,000 strikers clashed against a similar amount of riot officers who were drafted from all over the country. The scene was violent and pivotal in the strike against Thatcher’s decision to close the money-losing mines. The miners lost their fight to save the industry. Police have been accused of excessive violence and brutality at Orgreave, on 18 June 1984. Television footage showed officers riding on horses and a miner repeatedly being hit on the head by a baton. Over 120 people were initially injured, and 95 miner arrests and charges of rioting and violent disorder. All charges were later dropped once the evidence was dismissed. For years, campaigners have demanded to know the identity of those responsible for the large deployment of police officers and their tactics as well as the fate of some official documents. Home Secretary Yvette cooper - Britain's Interior Minister whose Labour Party was in opposition during the strike – said that an investigation would be conducted by Pete Wilcox - the Bishop of Sheffield - to discover the truth. She said, "The violent scenes that followed and the subsequent prosecutions raised questions we haven't answered for decades. We must now determine what happened." Kate Flannery of the Orgreave Truth & Justice Campaign said that they had to make sure the inquiry was able to access all police and government documents. She said, "We've waited for this day for a very long time and it is a really good news." (Reporting and editing by Andrew Heavens; Michael Holden)
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RPT-China quietly announces 2025 rare Earth quotas sources say
Sources with knowledge of the issue said that China quietly announced its first 2025 quotas for rare earth mining and melting without the usual public announcement. This is another sign that Beijing is tightening control over this crucial sector. As a barometer of global supply, the quotas serve as a constant reminder of how much rare earths is available. Rare earths are a grouping of 17 elements that are used in electric cars, robots, and missiles. China is the largest producer in the world of these minerals. The government usually issues quotas twice a years to state-owned firms, but this year they were delayed. Sources said that the government only released the first set for the year last month without making the usual public announcement. One of the sources claimed the companies had been told to keep the numbers confidential for security purposes. This is the first time that these details have been reported. The sources did NOT give the quota volume. China has become more sensitive to rare earths, and is willing to assert its control of the supply in its trade talks with the U.S. Beijing added several elements and magnets related to them to its export restrictions list as a retaliation to the U.S. Tariff hikes. This cut off supply, forcing some automakers to temporarily shut down production. The Ministry of Industry and Information Technology of China issued its first set of quotas on its website in the first quarter of each year. The Ministry didn't immediately respond to a fax request for comment about why the information hadn't been made public. China released two mining quotas last year for 270 000 metric tons. The annual growth rate of the supply is expected to slow down to 5.9% in 2023 from 21.4%. In 2024, the smelting quota was divided into two lots, with a total of 254,000 tons. This is an increase of 4.2% over 2023. Beijing used the quotas, which were first introduced in 2006 and the consolidation of corporations to control the industry. Beijing has reduced the number of state-owned companies eligible for quotas. Last year, only China Rare Earth Group, and China Northern Rare Earth Group, High-Tech, were eligible, compared to six before. According to two sources with knowledge of the issue, the quotas have been delayed partly due to a proposal made in February that included imported ore as part of the quota system. This proposal sparked the opposition of companies who rely on imports, and were worried they might lose access to feedstock. Reporting by Staff; Editing by Lewis Jackson & Christian Schmollinger
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Pakistan arrests suspect following viral video of couple killed in name of "honor"
Authorities said that Pakistan arrested a suspect on Sunday after a video appeared on social media showing a woman and man being shot to death for marrying in defiance of their families. According to the provincial authorities who conducted an investigation after the viral video, the couple, which was not identified, had been shot dead last month on the orders from a local tribe council in Pakistan's southwest Balochistan Province. Sarfraz Bugti said that one of the suspects was arrested after the location, and the people, in the video, were identified. He said that a case had been filed against everyone involved. The video shows people driving pickup trucks and SUVs in the desert. A woman receives a copy the Quran (the holy book of Islam) and then says to a man, "Come take seven steps with me. After that, you can shoot at me." He then followed her for a couple of steps. According to a local police official, the woman didn't cry out for mercy or ask for help. You are only allowed to shoot at me. "Nothing more," says the woman in regional Brahavi, as translated by an official. She did not explain what she meant when she said "nothing else". A man who had been following her then pointed a pistol in her direction. As shots were fired, the woman in a shawl stood still. After two close-range shots, she remained upright, but fell to the ground following the third. Then, a series gunshots follow. A man is shown lying bloodied on the ground near the body of the woman. Men are then shown firing at both bodies. The video's authenticity could not be independently verified. The Human Rights Commission of Pakistan stated that by 2024 there would be at least 405 “honour murders”, criticizing the authorities for their failure to eradicate these crimes. Human rights groups claim that the majority of victims are women and that most killings are carried out by family members who are claiming to be defending their family's image. Families conservatives do not permit couples to get married against their will. These killings are illegal.
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Tasnim reports that Iran could hold nuclear negotiations with European powers next Week
Iran, Britain France and Germany may hold talks on Tehran's Nuclear Programme next week, according to the semi-official Iranian Tasnim News Agency. This follows warnings from three European countries, that if negotiations are not resumed, international sanctions will be reimposed against Iran. The principle of the talks is agreed, but the consultations continue on the date and location of the talks. Tasnim quoted a source as saying that the country where the talks may take place next week is not finalized. The report about possible talks comes just a few days following the first phone call between the E3 nations' foreign ministers and Abbas Araqchi, the Iranian foreign minister, since Israel and the U.S. launched their attack on Iranian nuclear facilities one month ago. Three European countries along with China, and Russia are the last remaining parties of a nuclear deal signed in 2015 with Iran, from which the United States resigned in 2018. The agreement lifted sanctions against the Middle Eastern nation in exchange for restrictions to its nuclear program. The E3 has said that they will restore U.N. Sanctions on Tehran by the end August via the "snapback" mechanism if the nuclear talks between Iran and the U.S., which were in progress before the Israel-Iran Air War, do not resume or produce any concrete results. Araqchi stated earlier this week that "if EU/E3 wants to play a role in the region, they must act responsibly and abandon the tired policies of pressure and threat, including'snap back', for which there is no moral or legal basis." snapback mechanism The U.N. Security Council Resolution enshrining this deal expires October 18th. Oman mediated five rounds of nuclear negotiations between Tehran and Washington prior to the Israel-Iran conflict. However, there were major obstacles, such as Iran's uranium enrichment, which Western powers wanted to reduce to zero in order to minimize any threat of weaponisation. Tehran insists that its nuclear program is only for civil purposes. (Reporting and editing by Dubai Newsroom)
Russia Rosneft criticizes EU sanctions against India's Nayara Refinery
Rosneft - Russia's largest oil producer - slammed Sunday the European Union's sanctions against India's Nayara Energy Refinery, calling them unjustified, illegal and a direct threat to India's energy independence.
The 18th package against Russia for the conflict in Ukraine was approved by the European Union on Friday. It is designed to deal further blows to Russia’s oil and energy industries. Nayara Eenrgy is one of the companies targeted.
The Nayara Energy Refinery is an important strategic asset for India's energy industry. It provides a steady supply of petroleum products on the domestic market. "The imposition of sanctions on the refinery will directly threaten India's energy and have a negative effect on its economy," Rosneft stated.
Rosneft has said that it does not own more than 50% of Nayara, and the company is run by an independent board. It called the EU's explanation for the sanctions "farfetched and false when taken in context."
Rosneft stated that "Nayara Energy" is a legal entity in India whose operations are designed to support the development and growth of its assets. The company has never paid dividends and invests all profits back into refinery, petrochemicals and retail operations.
The Russian oil giant has accused the EU for disregarding international law, as well as the sovereignty of third-country countries. It also said that the EU's actions were part of an effort to destabilize the global energy market and engage in unfair competitiveness.
(source: Reuters)