United States

On Thursday, UN Secretary-General Antonio Guterres called for an agreement from the Climate summit COP30 Some have called for clarification on the controversial subject of weaning off the world. fossil fuels The Belem summit, in Brazil's Amazonian city, missed the self-imposed deadline of Wednesday to reach agreement between the 200+ countries that were present. This included issues such as how to increase climate financing and move away from fossil fuels. Guterres said at a summit press conference: "I welcome the calls for a just and fair transition mechanism, as well as the growing coalition that is calling for clarity in...

Reliance Industries, India's largest refiner of crude oil, has ceased importing Russian crude into its Jamnagar complex in western Gujarat from November 20, a spokesperson for the company said. The Indian conglomerate has said that it will abide by the sanctions against Moscow, while maintaining its ties with existing oil suppliers. The United States, Britain and the European Union have all imposed sanctions against Russia for its involvement in the war in Ukraine. New sanctions by the U.S. target its two largest oil producers, Rosneft, and Lukoil. Reliance's spokesperson stated in a press release that all products exported from the...

Saudi Arabian crude oil exports reached a record high of seven months in September, according to data released by the Joint Organizations Data Initiative on Wednesday. The world's biggest oil exporter has increased its crude exports to 6,460 million barrels of oil per day (bpd), a slight increase over August's 6.407 millions bpd and the highest level since February. Saudi Arabian crude production, on the other hand, reached a peak of nearly 2.5 years, 9.966 millions bpd, in September. This was its highest level since April 2023. In August, the output was 9.722 millions bpd. JODI publishes the monthly export...

Sources familiar with the situation said that Exxon Mobil, a U.S. oil giant, is considering buying parts of Lukoil’s international assets. Sources claim that Exxon is evaluating options to purchase Lukoil assets, in Kazakhstan. Both the U.S. firm and the Russian company have stakes in the Karachaganak field and Tengiz field. Chevron, a partner in these assets as well, is also examining options to purchase them, according to a report on Monday. Two sources claim that Exxon could also be considering a bid for the West Qurna 2 oil field in Iraq. This field is operated by Lukoil, and is...

Exxon Mobil announced Tuesday that it will close its Fife Ethylene Plant (FEP) located in Scotland by February 2026. The company said the plant is no longer viable due to high supply costs, weak markets and the UK's economic and policy climate. The European Union's fourth largest exporting sector, after machinery, automobiles and pharmaceuticals has been under pressure due to soaring energy prices following Russia's invasion in Ukraine, and an aging infrastructure. This has led them to become more dependent on imports for key feedstocks like ethylene and propylene. Exxon has said that it has assessed different options for continuing...

The Kremlin announced on Tuesday that Russian representatives would not be taking part in the talks about Ukraine to be held in Turkey on 19 November. The Ukrainian president Volodymyr Zelenskiy announced earlier that he will travel to Turkey on Tuesday to try to restart negotiations with Russia to end the war. According to a Turkish source, Steve Witkoff, the U.S. Special Envoy for Syria and Iraq, will be attending these planned talks. Dmitry Peskov, Kremlin spokesperson, told reporters that "no, tomorrow there won't be any Russian representatives in Turkey." These contacts are currently taking place without Russian involvement. Peskov...

The oil prices fell on Tuesday, as traders assessed the impact of Western sanctions against Russian flows, and supply concerns eased after the loading of cargo at a Russian hub was resumed following a drone strike in Ukraine. Brent crude futures fell 46 cents or 0.72% to $63.74 per barrel as of 0420 GMT. U.S. West Texas Intermediate crude futures fell 45 cents or 0.75% to $59.46 per barrel. According to two industry sources, and LSEG data, the Russian port of Novorossiysk resumed oil loadings Sunday after a two-day interruption caused by a Ukrainian drone and missile attack. In a...

The Information reported Monday that Databricks, a data analytics company, is in discussions to raise money at a valuation exceeding $130 billion. This is about 30% more than the last round of financing two months ago. The company refused to comment on the article. The report stated that Databricks had not signed any term sheets with investment firms. Could not confirm immediately the report. In September, the San Francisco company closed a $1 billion funding round, which valued it at 100 billion dollars, making it the most valuable private company in the world. Databricks announced at the time that it...

The oil prices fell on Tuesday, as traders assessed the impact of Western sanctions against Russian flows, and supply concerns waned after the loading of cargo at a Russian hub was resumed following a drone strike in Ukraine. Brent crude futures fell 28 cents or 0.4% to $63.92 per barrel as of 1100 GMT. U.S. West Texas Intermediate crude futures (WTI) were down 26 cents or 0.4% at $59.65 per barrel. According to two industry sources, and LSEG data, the Russian port of Novorossiysk resumed oil loadings Sunday following a two-day suspension triggered a Ukrainian drone and missile attack. In...

A senior White House official stated on Monday that President Donald Trump would be willing to sign legislation imposing sanctions on Russia, as long as the ultimate decision-making power remained with him. Trump told reporters on Sunday night that he was "OK" with Republicans working on legislation to impose restrictions on countries that do business with Russia because Moscow failed to negotiate a deal with Ukraine. Trump suggested that lawmakers could add Iran to sanctions measures. Both Senator Lindsey Graham, and U.S. Rep. Brian Fitzpatrick are Republicans. They sponsored legislation to impose restrictions on countries that do business with Russia....

Five sources familiar with this process said on Monday that the U.S. oil giant Chevron was examining options to purchase global assets from sanctioned Russian oil company Lukoil. Last week, the U.S. Treasury cleared potential buyers to speak to Lukoil regarding foreign assets. Chevron will join Carlyle, and other firms to compete for Lukoil's portfolio of at least $20 billion. Last month, the United States imposed sanctions against Russia's two largest oil companies, Lukoil & Rosneft, in an effort by President Donald Trump’s administration to force Moscow to peace talks with Ukraine. Five sources confirmed that Chevron was looking at...

Tyson Foods agreed to cease claiming it would reach zero greenhouse gas emissions by the year 2050, and to stop marketing beef as climate-friendly in order to settle a suit that accused the U.S. Meat Company of misleading consumers. The nonprofit Environmental Working Group announced this on Monday. The Environmental Working Group reported on Monday that companies have been accused of "greenwashing," where they present an image of environmental responsibility to the public. In the lawsuit filed by Environmental Working Group, Tyson's Brazen Beef brand was cited as an example of misleading advertising. The company claimed that this was the...

A union official announced on Friday that American Industrial Partners, an investment firm based in the United States, plans to sell or list Aluminium Dunkerque on the stock exchange, France's biggest aluminium plant. Johan Vlietinck told CGT that the local management had informed the workers of AIP’s plan. Bloomberg News reported earlier that AIP considered a sale or listing of Aluminium Dunkerque. The company acquired the property four years ago after GFG Alliance defaulted on its debts. GFG Alliance is owned by commodities tycoon Sanjeev Gupta. A spokesperson from AIP France stated that the fund did not deny the reports...

Bitcoin and ether fell to multi-month-lows on Friday. cryptocurrencies were swept up as part of a wider flight from riskier investments, as investors became worried about high tech valuations. They also lost bets that the U.S. would soon cut interest rates. Bitcoin, the largest cryptocurrency in the world, dropped 5.5% to $81,668, its lowest level in seven months. Ether fell more than 6%, to $2,661.37. This is its lowest level in four months. Both tokens have fallen by about 12% this week. Cryptocurrencies can be a good indicator of the risk appetite in the market. Their recent slide shows how...

Gold prices dropped more than 1% Friday, and are set to fall for the week after a strong U.S. employment report dampened expectations that a Federal Reserve rate reduction will be made next month. This weighed on non-yielding gold. As of 1056 GMT, spot gold dropped 1% to $4.036.21 an ounce. Bullion prices have fallen 1% in the last week. U.S. Gold Futures for December Delivery fell by 0.7% to $4.033.30 an ounce. The prospect of more rate cuts is somewhat weakened by the good labour market data released yesterday. Nitesh Sha, commodities strategist at WisdomTree, believes that this is...

The competition for essential minerals has now reached the lowest part of the metal supply chain. Maros SEFCIOVIC, EU Trade chief, says that aluminium scrap is a strategic commodity. Over a million tons of aluminium scrap is exported from the EU every year. Sefcovic, the European Commission's Director of Communications and Public Affairs, described this as "a measure that is balanced" in order to keep more recyclable materials in Europe. The industry association European Aluminium blames the United States for the price differential created by the country's import duties, which is causing more European scraps to be exported to the...

The crypto currencies were caught up in the broad flight away from risk assets, which sent bitcoin and ether down to their lowest levels for several months as concerns about high tech valuations persisted and bets made on Federal Reserve policy easing near-term faded. Bitcoin, the largest cryptocurrency in the world, dropped 2.1% and broke below $86,000, hitting a seven-month low of $85,350.75 during Asian trading. Ether fell more than 2%, to $2,777.39 its lowest level in four months. Both tokens faced weekly losses of approximately 8%. Investors often use cryptocurrency as a barometer to gauge their risk appetite. The...

Gold inched down on Friday as a stronger-than-expected U.S. jobs report reinforced expectations that the Federal Reserve will refrain from cutting interest rates at its December meeting. As of 0242 GMT, spot gold was down by 0.1%, at $4,072.87 an ounce. U.S. Gold Futures for December Delivery edged up 0.3% to $4,071.90 an ounce. GoldSilver Central MD Brian Lan stated that "gold prices are currently consolidating and we can see the dollar has gained quite a bit. Behind it, there's a lot speculation about whether or not the Fed will cut interest rates further." "I think the market is uncertain...

Gold prices fell on Thursday as investors digested the September U.S. jobs report, which showed stronger-than-expected employment figures and dampened prospects for a December rate cut. By 12:15 pm, spot gold had fallen 0.7%, to $4,051.89 an ounce. ET (1715 GMT). U.S. Gold Futures for December Delivery fell by 0.8%, to $4.051.90 an ounce. Gold priced in greenbacks became more expensive to overseas buyers as the U.S. Dollar strengthened against major currencies. Labor Department's closely watched report was delayed by the government shutdown. It showed that nonfarm payrolls rose 119,000 in September, which is more than twice the expected 50,000...

Paul Weibel, CEO of 5E Advanced Materials, said that the company is in discussions with Los Alamos National Laboratory about securing $20 million of federal funding for the Fort Cady Boron Project in California. The project will help the company become one of few domestic suppliers of this newly-designated critical mineral. Weibel stated that the New Mexico laboratory had made an offer to finance the company's operations. Los Alamos didn't immediately respond to our request for comment. The U.S. Department of Energy operates the lab, which conducts research on national security, space exploration and nuclear fusion. It also conducts research...

A second fire broke out at Novelis' Oswego aluminum plant, which supplies Ford's profitable F-150 truck range, on Thursday, two months after another fire shut down much of the production. Ford cut its profit projection in October, citing an incident that could have cost up to $2 billion. Ford, based in Dearborn, Michigan expects to offset approximately $1 billion by increasing production next year at certain truck factories, the automaker said in October. Ford, which uses a lot of aluminum in its trucks, is the largest consumer. After the fire in Michigan in September, Ford halted production indefinitely of its...

The copper market edged upwards on Thursday, following strong results by AI giant Nvidia. However, a strong dollar as well as concerns over the demand from China's top metals consumer weighed heavily on the market. The benchmark three-month copper price on the London Metal Exchange increased 0.3%, to $10,784 per metric ton, by 1525 GMT. This modest gain was extended from the previous session. LME copper is up 22% for the year, but it has fallen from its record high of $11,200 reached on October 29, 2009. Nvidia shocked Wall Street on Wednesday after the markets closed by reporting an...

The gold price remained stable on Thursday as investors digested the delayed U.S. employment report, which showed better than expected September employment figures. They were looking for more clues about the Federal Reserve policy outlook. As of 9:25 am, spot gold was up by 0.1%, at $4,083.95 an ounce. ET (1425 GMT). U.S. gold for delivery in December rose by 0.1%, to $4.083.30 an ounce. Labor Department data, which was delayed by the government shutdown, revealed that nonfarm payrolls rose 119,000 in September, more than twice the expected 50,000 increase. Peter Grant, senior metals analyst at Zaner Metals, said that...

The U.S. government has increased its U.S. investment plans to $1 trillion following the lavish welcome that Donald Trump gave to Saudi Arabia's Crown Prince Mohammed Bin Salman in Washington, which was hailed by many as a rehabilitation of his human rights record. This is a significant increase over the $600 billion announced by the world's biggest exporter during Trump's Riyadh visit six months ago. Bin Salman will meet with top U.S. business leaders on Wednesday. Here are some of deals and frameworks that the U.S. announced with Saudi Arabia in this week. Energy Sector The U.S. signed a nuclear...