Latest News
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Vallourec Bags ADNOC Order for Tubular Solutions
French tubular solutions supplier Vallourec has secured a significant order from Abu Dhabi National Oil Company (ADNOC) for the supply of more than 30,000 tons of carbon steel tubulars and associated accessories featuring VAM premium connections.This order is part of the ongoing Long-Term Agreement (LTA) for the supply of Oil Country Tubular Goods (OCTG) between Vallourec and ADNOC.This agreement also involves an integrated suite of services, such as VAM Field Service and value-added digital solutions designed to optimize installation and maintenance practices.These services will ensure that ADNOC’s oil and gas fields operate with maximum efficiency. To meet the project's supply and delivery requirements, production will be carried out across Vallourec’s industrial sites in Brazil, China, and Indonesia.This order fully aligns with ADNOC’s ambitious target of reaching 5 million barrels per day of production by 2027.“This contract reflects Vallourec’s unwavering commitment to supplying ADNOC with premium products and services, built on decades of operational excellence in the Middle East. Thanks to our track record and field-proven efficiencies, we continue to deliver state-of-the-art OCTG solutions and related services to major operators like ADNOC,” said Laurent Dubedout, Senior Vice President OCTG, Services and Accessories.
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Osbit Opens New Offshore Wind Facility in Port of Blyth
Osbit, an offshore wind engineering company operating as part of Venterra Group, has opened a new assembly and service facility at the Port of Blyth in the U.K, bolstering its offshore wind service offering. The development has created 33 skilled jobs for the region and represents a substantial investment in the North East's clean energy economy.The new 3350 square metre facility, located at the Port's Wimbourne Quay, boasts a build and test space four times larger than Osbit's previous site, provides access to multiple heavy lift quays, and can accommodate four times as many skilled workers in the adjoining office space.The expansion has already doubled the number of permanent positions at its assembly facility, enhancing Osbit's capabilities in delivering offshore equipment in line with industry demand.The construction of this new facility was made possible by a grant from the Business Growth Fund, which is funded by the Northeast Combined Authority, Gateshead Metropolitan Borough Council, and Sunderland City Council through the UK Shared Prosperity Fund (UKSPF).Osbit is part of Venterra Group, a UK-based, global provider of offshore wind services dedicated to the mission of 'helping wind power grow'. The new facility will enhance collaboration across Venterra's portfolio of offshore wind companies, with meeting rooms and dedicated client hosting facilities reinforcing Osbit and Venterra's role in supporting the UK supply chain and enabling the clean energy transition.The Port of Blyth has been instrumental in the development of Osbit's expanded facility. The project included the conversion of one of the Port's warehouses at their Bates Clean Energy Terminal into a n engineering workshop for Osbit.The transformation included the addition of new offices and overhead cranes, allowing for enhanced operational capabilities.Now fully operational, the facility has already contributed to the delivery of first-of-kind wind farm installation tools, a floating offshore wind cable testing rig, and multiple offshore access gangways.
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Australia's red-meat industry abandons 2030 carbon neutrality goal
A group representing the Australian livestock industry said Tuesday that it had given up its goal of making the sector, which is a major emitter and planet-warming methane by 2030, carbon neutral. However, reducing emissions will remain a top priority. Meat & Livestock Australia released its long-term strategy on Tuesday, but the carbon neutral pledge was not included. Michael Crowley said that the target was unachievable. He said, "We need to invest more time and money in order to achieve our goal." Last week, Australia's Red Meat Advisory Council removed the 2030 climate neutrality goal from its strategic plan. These decisions are similar to those taken by some companies and governments who have reduced their climate commitments over the past few years. The original 2030 goal of the livestock industry was to reduce emissions, and offset any remaining ones by sequestering carbon in soil or plant material. The industry has been working on innovative solutions to reduce methane emissions, including breeding animals that emit less, adding seaweed as a feed supplement that can inhibit the production of methane in the gut and improving soil carbon-capture techniques. According to Australia's science agency CSIRO this is due to less clearing of land and a smaller herd, not a reduction in the amount of methane per animal. Crowley stated that the research conducted over the past few years will mature into implementation, and the industry can still achieve 80-90% its carbon neutrality target by 2030. He said, "We must drive adoption." He said that the 2030 goal had spurred more than A$100,000,000 ($66,000,000) in sustainability investment and MLA (a livestock research and marketing organization), would continue to drive improvements in efficiency and reduce net emissions for each kilogram of meat produced. According to the MLA, Australia is one of world's largest exporters of meat. It has 30 million cattle as well as more than 70 millions sheep. These animals produce methane during digestion. It breaks down with time, but it is 80 times stronger than carbon dioxide in trapping heat for a period of 20 years.
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Gold prices rise on weaker dollar and tariff uncertainty ahead of deadline
Gold prices rose on Tuesday as a result of a weaker US dollar and increased uncertainty about President Donald Trump's proposed tariffs ahead of the deadline set for July 9. This drove investors to safe-haven assets. As of 0229 GMT spot gold rose 0.4% to $3,315.26 an ounce while U.S. Gold Futures rose 0.6%, reaching $3,326.50. Nicholas Frappell is the global head of institutional market at ABC Refinery. He said that the weaker dollar and the concern about the potential impact on the economy if Trump’s tariff deadline was not extended, are currently supporting gold. The U.S. Dollar Index fell by 0.1%, reaching a three-year low. This makes bullion more accessible to holders of other currencies. Trump expressed frustration on Monday with U.S. - Japan trade negotiations as U.S. Treasury Sec. Scott Bessent warned countries that they could be notified about sharply higher tariffs as a deadline of July 9 approaches despite good faith negotiations. Trump continued to pressure the Federal Reserve to ease monetary policies on Monday. He sent Fed Chair Jerome Powell annotated handwritten notes saying that U.S. interest rates should be somewhere between Japan's rate of 0.5% and Denmark’s rate of 1.75%. Frappell stated, "I believe (Trump's request to lower interest rates), is also having an effect on the market. Although I am a little surprised that the markets are so optimistic about rate reductions." Bessent stated that the administration will consider using the next Fed Board of Governors expected vacancy early in 2026 to nominate a successor for Powell. Investors closely monitor a series U.S. Labour Market Reports in this holiday-shortened Trading Week, culminating with Thursday's Government Payrolls Data, to gain insights into the Fed monetary policy direction. Market participants are currently expecting a rate cut of 67 basis points to begin in September. Silver spot fell by 0.8%, to $35.80 an ounce. Platinum was down by 0.7%, to $1.343.61, and palladium rose 0.9%, to $1.107.25. (Reporting and editing by Harikrishnan Nair, Rashmi aich, and Anmol Choubey from Bengaluru)
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Tiny Tuvalu wants assurances from the US that its citizens will not be barred
Tuvalu, the tiny Pacific nation scientists predict will be submerged in rising seas, has said that it wants written assurances from the United States to ensure that its citizens won't be barred entry. It was apparently included by mistake on a list of countries that face visa bans. Other media reported that Marco Rubio, the U.S. Secretary for State, had signed an internal diplomatic cable in which he indicated the United States was considering expanding its travel restrictions, including to three Pacific Island countries, to 36 countries. The cable stated that nations on the list had 60 days to correct their mistakes. The news caused concern in Tuvalu. Its population of 11,000 people is at risk of rising sea levels. A third of its residents applied for an Australian ballot to obtain a climate migration visa. Tapugao Falefou said that a U.S. government official had told him Tuvalu was included on the list due to "an administrative error and a systemic mistake on the U.S. Department of State's part". Tuvalu's Government said in a Tuesday statement that they had not been notified formally of their inclusion on the list. The United States Embassy in Fiji also assured them it was an "error within the system". The statement by Tuvalu's Ministry of Foreign Affairs, Labour and Trade stated that "the Embassy has verbally assured that there are currently no restrictions on Tuvaluan citizens entering the United States, and the matter is under review with the authorities in Washington." Tuvalu is seeking "a formal written confirmation of that effect" and has continued to engage with the U.S. government to ensure Tuvaluans do not suffer unfairly. The embassy didn't immediately respond to our request for a comment. The official who was not authorized to publicly speak about the visa policy in the United States said that "no decisions had been made and any speculation would be premature". The official said that "Tuvalu’s public statement mischaracterizes, and omits many of the valid concerns United States have with travelers from this country." Vanuatu, Tonga and Vanuatu are the other Pacific Islands mentioned in the cable. Tonga’s government received an official U.S. alert and was working to develop a response. Vanuatu government has not responded to a comment request. (Reporting and editing by Saad sayeed in Sydney, Kirsty needham from Sydney)
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Asian shares are rising, dollar weakens as US bill debate continues; gold is on the rise
The dollar remained near its multi-year lows as Asian shares rose and markets awaited the vote on President Donald Trump's tax and spending bill. On Monday, global shares rose to an intraday high on the back of trade optimism. However, a marathon Senate debate over a bill that would add up to $3.3 trillion in debt to the United States weighed down sentiment. The Nikkei index of Japanese shares fell as much as 1,1%, as the yen rose. Gold and oil both advanced for the second session in a row. The vote on Trump's tax-cutting and spending bill was expected to take place during Tuesday's Asian trading session, but the debate continued over a series of amendments from Republicans and minority Democrats. Trump wants to see the bill pass before the Independence Day holiday on July 4. Investors are also looking forward to Thursday's key U.S. employment data as global trade negotiators rush to reach agreements before Trump's deadlines. Ray Attrill is the head of FX Strategy at National Australia Bank. In a podcast, he said that the payroll data released later in the week would "have a significant impact, I believe, on the sentiment regarding the timing of Fed rate reductions." South Korea's Kospi index, which measures the performance of Asia-Pacific stocks outside Japan, rose 1.8%, leading MSCI's broadest Asia-Pacific share index. The dollar fell 0.3% to 143.62 Japanese yen. The dollar dropped 0.1% to $1.1794 versus the euro single currency. It had earlier fallen as low as $1.1798. U.S. crude fell 0.4% to $64.86 a barrel, weighed down by expectations that OPEC+ would increase its output in August. Gold spot rose 0.5%, to $3319.55 an ounce. The German DAX Futures rose 0.2%, while the Euro Stoxx 50 futures in Europe were up by 0.1%.
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Investors watch US trade talks as copper prices rise on a weaker dollar
The London Metal Exchange and Shanghai Futures Exchange saw copper prices rise on Tuesday, despite the weaker dollar. Meanwhile, uncertainty remained over U.S.-China trade. By 0103 GMT the LME's three-month contract for copper rose 0.15%, to $9,883.5 a metric ton, while the SHFE's most traded copper contract increased 0.1%, to 79840 yuan (11,145.23). The worries about the U.S. deficit have weakened the dollar (which) is supportive of commodities. My focus this week will be the U.S. Trade talks," said an analyst in Beijing from a futures firm. The dollar index fell by 0.35% on Monday to 96.86, putting it on course for a sixth consecutive month of losses and its worst half year since the 1970s. The greenback is less expensive to buyers of other currencies. Last week, U.S. Treasury Sec. Scott Bessent said that the U.S.-China had resolved the issues surrounding shipments of Chinese magnets and rare earth minerals to the U.S. This further modified a May agreement in Geneva. Bessent added that even if countries are negotiating with good faith on July 9, they could still be facing sharply higher tariffs. Any possible extensions would be at the discretion of Trump. LME nickel dropped 0.33% to $16,165 per ton. Zinc eased by 0.31% to $2.743 and lead fell by 0.12% to $2.042. SHFE Nickel fell by 0.65%, to 120,180 Yuan. Zinc fell 0.51%, to 22,320 Yuan. Tin dropped 0.27%, to 267410 Yuan. Lead fell by 0.15%, to 17,120 Yan. Click or to see the latest news in metals, and other related stories. Data/Events (GMT 0600 UK National House Price mm,yy June 0750 France S&P Global Manufacturing Final PMI. June 0800 EU Final HCOB Manufacturing Final PMI. June 0830 UK S&P Global Manufacturing Final PMI. June 0900 EU Flash HICP F, E A, T YY,MM. June 1345 US S&P Global Manufacturing Final PMI. June 1440 US ISM Manufacturing Final PMI.
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The price of oil drops on the back of OPEC+ and tariff fears
The oil prices fell on Tuesday due to expectations that OPEC+ will increase their output in August, and fears of a slowdown in the economy caused by higher U.S. Tariffs. Brent crude futures were down 16 cents or 0.24% to $66.58 per barrel at 0000 GMT. U.S. West Texas Intermediate crude fell 20 cents or 0.31% to $64.91 per barrel. Daniel Hynes, senior commodity strategist at ANZ, said in a recent note that "the market is concerned the OPEC+ will continue to increase its output at an accelerated pace." Four OPEC+ source told us last week that they plan to increase output by 411,000 barrels a day in August. This follows similar increases in May, July, and June. If approved, OPEC+ would increase its total oil supply for the year by 1.78 million bpd. This is equivalent to over 1.5% of the global demand. OPEC and allies, including Russia, collectively known as OPEC+ will meet on the 6th of July. Oil prices were also held back by uncertainty about U.S. Tariffs and their impact upon global growth. U.S. Treasury Sec. Scott Bessent warned countries that they could face a sharply increased tariff despite good faith negotiations, as the deadline of July 9 approaches. This is when tariff rates will revert to President Donald Trump’s temporarily suspended rates of 11 to 50 percent announced in April. Morgan Stanley believes Brent futures will retrace back to $60 around early next year. The market is well-supplied and the geopolitical risks have abated following the de-escalation between Israel and Iran. It anticipates a surplus of 1.3m bpd by 2026. Brent prices rose after a 12-day conflict that began on June 13, when Israel targeted Iran's nuclear installations. After the U.S. attacked Iran's nuclear sites, Brent prices soared over $80 per barrel. They then dropped to $67 a bar after Trump announced a ceasefire between Israel and Iran. (Reporting by Anjana Anil in Bengaluru; Editing by Himani Sarkar)
South American, EU negotiators race to close divisive trade offer
South America's. Mercosur trade bloc will satisfy in Uruguay on Thursday with the. outside possibility the group could utilize the occasion to reveal a. longdelayed trade deal with the European Union after. lastminute negotiations to get it over the line.
The trade offer, supported by most of the South American. nations and being pressed by Germany and Spain, has fulfilled strong. opposition from France due to fears about farming imports. to Europe that would strike the nation's effective farming sector.
Mediators from all sides came together in Brazil last. week, senior diplomatic and federal government sources told Reuters,. with strategies that delegations might travel to Montevideo if a deal. is clinched during virtual talks continuing today.
That could even possibly see European Commission. President Ursula von der Leyen travel to the Dec. 5-6 top in. Uruguay's capital, two European sources said, though the majority of. warned that absolutely nothing was likely to be signed. One source stated. the EU chief had scheduled an aircraft ticket just in case.
The last round of settlements ended with crucial. development, Mauricio Lyrio, secretary of financial affairs at the. Brazilian foreign ministry, said on Monday.
We're confident. Pending concerns are being submitted to the. leaders to be settled.
Bernd Lange, a German Social Democrat who chairs the. European Parliament's trade committee, on Tuesday said the. domestic scenario in the EU was the primary barrier to a deal and. the choice whether to travel today stayed uncertain.
They are talking about on the 13th floor (office of the. Commission president) taking the luggage and going to the. airport or not. It's a bit complicated, Lange stated. throughout an instruction.
In the works for over two decades, the trade offer has actually been. delayed by European concerns over farming competitors, while. Brazil, Argentina, Paraguay and Uruguay, all major producers of. soy, corn and beef, have actually criticized European protectionism.
Brazilian President Luiz Inacio Lula da Silva stated last. week, nevertheless, that the offer was being negotiated directly with. Von der Leyen as a brand-new round of in-person talks happened in. Brazil. He is positive a deal will be completed this year.
Others, nevertheless, voiced suspicion. If Ursula goes to. Montevideo it will be to reveal EU dedication to concluding the. offer, however it will not be signed, one European diplomat in. Brasilia stated.
Another diplomat in Uruguay said: I'm still 60-40 that it. fails to go anywhere.
OFFER OR NO DEAL?
Paris has actually attempted to persuade other EU members to form a. blocking minority. Poland just recently joined in opposition. However, France requires a minimum of three nations comprising. over 35% of the EU's population to jam up the deal.
Other EU countries such as Germany and Spain are leading a. coalition of 11 member states in favor. They want new trade. routes that would reduce reliance on China and insulate members. from U.S. President-elect Donald Trump's prepared trade tariffs.
An EU-Mercosur offer was at first struck in 2019, but never ever. ratified due to EU needs for dedications on deforestation and. environment modification. Some authorities feared the exact same could happen. once again now even if a final text is agreed.
While we will applaud if something is signed in Montevideo. this week, let's see when it in fact takes effect, stated. Ignacio Bartesaghi, from Uruguay's Catholic University.
A last and legally-binding version of the arrangement would. also require to be thoroughly reviewed and translated into some 2. dozen languages before it might be formally signed, Brazilian. mediator Lyrio said. That might take months still.
ARGENTINA'S MILEI MAY MAKE LAUNCHING
The Montevideo top is likewise expected to see Argentina's. libertarian President Javier Milei launching at a Mercosur occasion,. following very finely veiled threats to take out of the bloc unless. enabled to pursue bilateral trade deals outside it, consisting of. with the United States.
Like outgoing Uruguayan President Luis Lacalle Pou, Milei. wants the group to be more flexible. Uruguay under Lacalle Pou. had entered into formal negotiations on a free-trade arrangement. with China, a choice that his follower is not likely to pursue.
Some diplomats said the EU-Mercosur talks would affect. Milei's likely technique to the group.
If the EU-Mercosur deal goes ahead, Uruguayan diplomacy. advisor Bartesaghi stated it would pour cold water on any strategies. Milei has to break ties with the bloc because it would prove it. could attain something.
A deal reinforces the argument to keep the group together,. it buys time and calms Milei down, he stated, adding that if it. fell apart it could however enhance Milei's argument.
(source: Reuters)