United Kingdom

Trump's budget drastically reduces the planned expenditure on SPR Stocks of emergency supplies at 56% capacity Trump has pledged to fill the storage "right to top" Ron Bousso LONDON, 10 July - The signature budget bill of U.S. president Donald Trump slashed the funding for replenishing U.S. oil reserves in an emergency, breaking his earlier promise to "fill them right to the top". This sudden change of heart raises questions about whether the U.S. needs its Strategic Petroleum Reserve. When full, the American SPR can hold 714,000,000 barrels of oil, which is equivalent to 35 days' worth of U.S. consumption....

Trafigura, a global commodity trader, said that its UK-based Greenergy biofuel producer will consult with employees about closing the biodiesel factory in Immingham. A spokesperson said that the consultation process will affect 60 jobs. This would be the latest blow to Britain's fuel sector, just a week after Lindsey's oil refinery owner Prax declared insolvency and put 420 jobs on the line. Greenergy closed down the plant at the end May and placed it in strategic review, citing the "unsupportive market conditions" despite having "implemented significant cost-reduction measures". The plant was negatively affected by the company Trafigura acquired last year....

Hunting, a British energy services company, plans to buyback shares worth $40m and increase the annual dividend as it predicts a 16% rise in core profit for the first half. Shares of Hunting reached a five-month-high on Wednesday. Hunting, a company that manufactures high-tech systems, precision parts, and critical components for oil and gas, plans to increase its annual dividend from over 10%, by 13%. The company stated that the core profit for the first half 2025 will be between $68 and $70 millions. It also reaffirmed the forecast of $135 to $145 million in 2025. The British company expects...

Oil Majors BP & Shell have agreed to work with Libya's National Oil Corp. (NOC) on hydrocarbon exploration and production at three Libyan fields, NOC announced in a Monday statement. Libya, Africa's largest oil producer and a Member of the Organization of the Petroleum Exporting Countries(OPEC), has experienced disruptions to its oil production due to disagreements between armed factions about oil revenues. These disputes have led to the shutdown of oilfields. Foreign investors are wary about investing in Libya. The country has been in chaos since Muammar Gadaffi was overthrown in 2011. Oil giants such as Eni, OMV and BP...

Sky News reported Saturday that Britain's Octopus energy is nearing the hiring of bankers to oversee an $13.7 billion ($10 billion) separation from its technology arm Kraken Technologies and a stake sale. The report was based on sources who are familiar with this matter. The report stated that a minority stake of up to 20 percent in Kraken is expected to sold to external investors to validate the technology platform’s valuation. According to the report, Octopus Energy shareholders will receive shares in Kraken, the newly independent business, when the demerger is completed within the year. The report cited a source...

By America Hernandez PARIS, 2 July - TotalEnergies West Shetland Offshore assets, which it sold to Prax Group in the past year, remain under French oil major ownership. They will therefore not be affected by liquidation proceedings that affect the British company. TotalEnergies EP UK stated that the transaction to sell the West of Shetland Asset to Prax is not yet complete and we are still the operators of the Shetland Gas Plant as well as the related fields. TotalEnergies agreed to transfer employees from TotalEnergies to Prax in exchange for a portfolio mature offshore fields that produce about 7,500...

The Kazakhstani energy ministry announced on Wednesday that it had canceled plans to build a processing plant for gas at the Karachaganak Field with the project's major foreign investors. It stated, without going into detail, that they were looking to work with domestic companies. Central Asia has been in a dispute with oil companies for many years over cost. In 2023, the country will bring multi-billion dollar claims against these companies. Companies claim that the government simply wants to increase its share in major oil and gas projects, which amounts to "resource nationalism". Kazakhstan's authorities rejected this criticism and said...

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 dropped 30 cents or 0.5% to $66.44 per barrel at 0430 GMT. U.S. West Texas intermediate crude also fell 33 cents or 0.5% to $64.78 per barrel. Daniel Hynes, senior commodity strategist at ANZ, said in a recent note that "the market is concerned the OPEC+ will continue its accelerated pace of output increases". Four OPEC+ source told us last week that they plan to increase output by...

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...

Chevron, the U.S. oil company, announced on Monday that it will close its Aberdeen office in Scotland. This move is part of the ongoing restructuring. Chevron's spokesperson stated in a press release that the closure of Aberdeen will occur between December 2025-2026. Chevron announced last year that it would sell the remaining UK North Sea oil assets, and leave the basin after 55 years to focus on assets with higher profits. The company has announced plans to cut up to $3 billion of costs by the end next year. This includes the layoff of up to 20% employees. Chevron's presence...

A U.S. court judge ordered Argentina on Monday to give up 51% of its stake in the oil and gas company YPF to satisfy a $16.1-billion judgment against it. U.S. District Court Judge Loretta Preska, in Manhattan, said Argentina had to transfer its YPF share within 14 days into a BNY Mellon account and instruct this bank to transfer those shares to the plaintiffs within one business day. Argentina appealed Preska's decision of September 2023 to award $16.1 billion to Petersen Energia Inversora, Eton Park Capital Management and litigation funder Burford Capital. Preska's ruling came the same day Argentina requested...

The Argentinian Government has requested that the High Court of London halt the enforcement of a United States court judgement of more than $16 billion over the expropriation by the oil and gas firm YPF pending the outcome of an appeal filed in the U.S. In 2023, the South American nation was ordered to pay minorities shareholders $16 billion as a result of its seizure in 2012 of a 51 percent stake in YPF owned by Spain's Repsol. This occurred without any tendering by minority investors. Petersen Energia Inversora, Eton Park Capital Management and Burford Capital were able to win...

The London Metal Exchange (LME) and Shanghai Futures Exchange (SFE) saw copper prices range-bound on Friday. After an initial shock from the U.S. announcement that a 50% tariff on imports would be effective on August 1, the market was waiting for more details. As of 0101 GMT, the LME's three-month copper was down by 0.18%, at $9,683.5 a metric ton. The contract is down 1.73% this week and could be heading for a second consecutive weekly decline. The Shanghai Futures Exchange's most traded copper contract edged up 0.18% to 78.530 yuan (10,943.12) but is still on course to finish the...

The price of U.S. Copper rose on Thursday, after U.S. president Donald Trump announced a 50% tariff that would begin on August 1. However, the prices remained below their previous record high due to an oversupply of metal in the country as well as uncertainty about details. Trump announced on Tuesday that new tariffs would be imposed on copper. He announced Wednesday the date and confirmed it. The COMEX copper contract that was most active at 0945 GMT rose 2.1% to $5.60 per lb, down from the record high of $5.90 reached on Tuesday. Ole Hansen is the head of...

The Shanghai Futures Exchange saw copper prices fall more than in London, as analysts say that China is likely to bear the brunt from the United States' decision imposing a 50% tariff on imported copper. By 0708 GMT, the most traded copper contract on the SHFE had fallen for the fifth consecutive day, down 0.39% to 78,600 Yuan ($10,952.87 per metric tonne). On Thursday, it touched 78.190 yuan ($10,952.87), the lowest level since June 23. On the other hand, copper for three months on the LME recovered on Thursday, after five consecutive days of losses. It was up 0.36% to...

The London Metal Exchange (LME) and Shanghai Futures Exchange (SFE) saw copper prices drop on Thursday. They were near their lowest level in three weeks, due to President Donald Trump’s plan to impose a 50% tariff on imported copper starting August 1. Trump announced a 50% tariff for copper on Wednesday, stating on social media the tariff would take effect on August 1, and that it was a decision made following a national assessment. The LME's three-month copper rose 0.19%, to $9,649 a metric ton, by 0111 GMT. Meanwhile, the SHFE's most traded copper contract fell 0.75%, to 78.320 yuan....

The London Metal Exchange (LME) and Shanghai Futures Exchange (SFE) saw a decline in copper prices on Wednesday, as the potential U.S. tariff on copper signaled the end of a long-running arbitrage trade which had pulled the metal off global markets. The COMEX Copper Futures rose more than 12% on Tuesday to a new record high. The U.S. Secretary of Commerce, Howard Lutnick, said that tariffs would be likely in place before the end July or August. The LME's three-month contract for copper fell by 1.35% at $9,658 a metric ton as of 0700 GMT. On the SHFE, the most...

Viceroy Research, a U.S. firm, has taken a short-position against Vedanta Resource, the UK-based parent company of Indian miner Vedanta. Viceroy Research claims that Vedanta is "systematically draining its Indian unit". Vedanta is planning to split up into separate listed entities. Anil Agarwal, Group Chairman of Vedanta, launched the plan to revamp the business in 2023 after an unsuccessful attempt to take Vedanta Private in 2020. Vedanta Resources announced in June 2024 it would seek to reduce its debt by $3 billion over the next three years. Viceroy Research, a short seller, said that the entire group structure was financially...

The London Metal Exchange (LME) and Shanghai Futures Exchange (SFE) saw a drop in copper prices on Wednesday. Traders may have not had enough time to send much to the United States after Trump's announcement on Tuesday of a 50% tariff on imported copper. The LME's three-month copper fell by 0.57%, to $9,735 a metric ton, at 0109 GMT. On the SHFE, the most traded copper contract dropped by 0.49%, to 79.090 yuan per ton. U.S. President Donald Trump announced he would announce a 50% duty on copper on February 2, hoping to boost U.S. manufacturing of a critical metal...

Copper prices held steady on Tuesday. Supported by a lower US dollar, gains were limited by concerns about an economic slowdown, demand growth, and the tariffs imposed by U.S. president Donald Trump, as well as rising inventories. The benchmark copper price on the London Metal Exchange was up by 0.1% to $9,835 per metric ton, at 1030 GMT, towards the recent three-month high reached last week of $10,020.50 per ton. Dollar-priced materials have become cheaper due to the falling dollar. This could boost demand for industrial metals, such as copper. On Monday, the United States announced new tariffs of 25%...

Rio Tinto's next CEO, who may be named as early as this month by the company, should be open for mergers and acquisitions that are transformative, as well as for cost-cutting and productivity improvements. After announcing in May that Jakob Stausholm was stepping down after four and a half years, the world's largest iron ore mining company is now in the final stages of selecting a new CEO through an internal search and an external search. Two other sources familiarized with the search process said that the finalist for the top position will present their case to the board this...

Prices of copper and other base materials fell on Monday, as President Donald Trump announced that the United States is close to finalising a number of trade agreements in the next few days. Trump announced that the U.S. would notify other countries by July 9 of increased tariff rates, which will take effect August 1. Trump has also threatened to impose an additional 10% tariff against nations that align with the "anti American" policies of the BRICS Group of developing nations. By 0947 GMT, the LME's three-month contract for copper had slipped 0.7% to $9 798 per metric tonne. The...

The Shanghai Futures Exchange (SFE) and London Metal Exchange (LME) saw copper prices fall on Monday due to concerns about U.S.-China trade negotiations, and the uncertainty around potential tariffs before President Trump's deadline of July 9. The LME's three-month contract for copper fell by 0.31% at $9,834 a metric ton as of 0103 GMT, and the SHFE's most traded contract lost 0.91%, to 79440 yuan (about $11,088.00). Donald Trump, the President of the United States, said that the U.S. was close to finalising a number of trade agreements. He will inform about a dozen other countries on Monday that they...

Copper prices fell on Friday, as attention shifted to President Donald Trump’s July 9 deadline for imposing tariffs on countries who have not yet signed trade agreements. The benchmark copper price on the London Metal Exchange was $9,875 per metric ton as of 1017 GMT. It had earlier reached a three-month peak at $10,020.5 per ton. Traders said volumes are low and will likely remain that way due to the Independence Day holiday on July 4 in the United States. Trump announced that his administration would begin sending letters to 10-12 countries later on Friday informing them about the tariff...