United States

Investors expressed concerns about the impact of tariffs on the global economy, which went into effect on Thursday, on the oil prices. Brent crude futures fell three cents at 0050 GMT to $66.40 per barrel, and are on course to fall more than 4% from week to week. U.S. West Texas Intermediate Crude Futures fell six cents or 0.1% to $63.82 per barrel. They are expected to drop more than 5% weekly. The U.S. increased tariffs on a number of its trading partners. In a note, ANZ Bank analysts expressed concern that the tariffs would lead to a weaker economy,...

The head of a Mexican association that represents global oilfield services firms said on Thursday, despite promises by the government to accelerate payments to suppliers, there are no concrete measures in a new business strategy for Pemex. Rafael Espino is the president of AMESPAC. He said that during a meeting on Tuesday with officials of the energy and finance ministries, as well as Pemex, it was not mentioned how the company will pay off debts from work performed already in 2024, and in the first half 2025. Espino stated that AMESPAC members owed approximately 65 billion pesos (3.49 billion dollars)...

Local emergency services reported on Thursday that a fire caused by drone debris at the Afipsky refinery, in Russia's Krasnodar Region, had been extinguished. The Russian Defence Ministry reported that air defence systems shot down nine Ukrainian drones overnight over the region. The extent of damage to the Afipsky Refinery was not immediately known. This refinery along with the Krasnodar Refinery processed 7.2 millions metric tons crude oil by 2024. According to market sources, the disruption at Afipsky may result in a lower use of crude oil and could potentially add extra barrels to Russia’s exports for August. Drone attacks...

Texas Pacific Land announced a higher core profit for the second quarter on Wednesday as higher royalties revenues offset lower oil prices. The results are coming as the energy sector braces itself for the impact of U.S. president Donald Trump's proposed tariff plans that have weakened oil prices and caused concern about global demand. The company earns money from land usage fees, construction materials sales, water treatment or sourcing services, and oil and natural gas royalty interests. The total revenue for the second quarterly increased from $172.3 to $187.5 millions, largely due to a 6% increase in oil and natural...

Western Midstream Partners announced on Wednesday that it would acquire Aris Water Solutions for $1.5 billion in cash and stock. The company wants to diversify its operations in the Permian basin. After the bell, shares of Aris Water Solutions rose by over 21%. Western Midstream, a natural-gas focused pipeline operator, has sought to build a leading platform for water infrastructure in the U.S.'s top oilfield and diversify their customer base throughout West Texas and southeast New Mexico. The company said that the acquisition would allow it to expand its footprint to the north, into Lea and Eddy Counties of New...

U.S. president Donald Trump issued an executive directive on Wednesday imposing an extra 25% tariff on Indian products citing New Delhi’s continued imports from Russia. This sharply escalated tensions between both countries after the collapse of trade talks. The new measure increases tariffs on certain Indian goods up to 50%, making it among the highest for any U.S. trade partner. The U.S. and India relations have been deteriorating since Trump took office in January. The announcement comes at the same time that Indian Prime Minister Narendra Modi is preparing for his first trip to China in more than seven years....

Suncor Energy, a Canadian oil company, exceeded analyst expectations for the second quarter profit on Tuesday as increased output offset the impact from weak commodity prices. Canada's oil-sands industry remains resilient, despite the fact that oil price volatility has pushed the energy sector into a slump. The expansion of the Trans Mountain Pipeline has provided Canadian producers with access to international markets and reduced their reliance on U.S. pipe networks. It now accounts for about 9% of Canada’s total crude oil exports. Canada exports almost 4 million barrels per day (bpd). Suncor's quarterly upstream production increased to 808100 bpd, from...

Three sources familiar with the preparations told reporters on Tuesday that Chevron Energy and Valero Energy were working to resume the supply of Venezuelan crude oil to Valero’s U.S. refining facilities under an agreement which was paused. This follows a newly granted license to the U.S. energy major. Washington issued a new limited authorization to Chevron in late July, allowing it to trade oil with Venezuela and export crude. This was a shift in policy following the prisoner exchange. Last week, the U.S. oil producer said that it expects to resume oil deliveries this month. While Chevron awaits the Venezuelan...

Marathon Petroleum Corp. beat Wall Street expectations for the second quarter profit on Tuesday. The company benefited from a rebound of refining margins, as fuel demand was firm. U.S. refiners have posted a positive quarterly profit, recovering from losses in the previous three months on the strength of diesel margins. All three of Marathon's competitors, Valero Energy and Phillips 66, exceeded Wall Street expectations. Diesel cracks, a measure for margins, averaged $17 a barrel in the second quarter. TPH & Co's Matthew Blair, an analyst, said earlier that they ended the period at $21 a barrel. Fuel manufacturers also experienced...

Lummus Technology, a provider of energy solutions, announced on Monday that it had filed confidentially for an initial public offer in the United States. This is part of President Donald Trump's strategy to increase domestic energy production. The U.S. IPO Market, which started the year sluggishly is now showing signs of a steady recovery after recent listings have attracted strong investor interest. Trump's promise to increase U.S. production of energy during his campaign for president, coupled with his signing of "Big Beautiful Bill", has further cemented the dominance of gas and oil in the energy mix of the United States....

It would have been a bold prediction a couple of months back to claim that OPEC+ could bring back 2,5 million barrels of crude oil production per day and keep the price of oil at $70 a barrel. This is what happened, as the eight producers of the group rolled back their voluntary reductions of 2.2 million bpd by September and allowed a separate rise for the United Arab Emirates. Eight OPEC+ member countries met virtually on Sunday and agreed to increase output by 547,000 bpd in September. This is an addition to the 548,000 bpd increases for August, the...

Malaysia's trade minister announced on Monday that the country will spend up to 150 billion dollars in the next five year to purchase equipment from U.S. multinationals to support its semiconductor, aerospace, and data center sectors. This is part of an agreement with Washington for tariff reductions. The United States announced that they would impose a tariff of 19% on Malaysia beginning August 8. This is lower than the 25% levied threatened last month. Petroliam Nasional Berhad is a state energy company Tengku Aziz, Minister of Trade and Industry, told the Parliament that Malaysia would invest $70 billion over five...

This week, physical gold demand in major Asian hubs declined as rising prices dampened interest in buying while higher rates encouraged others to sell their holdings. Gold isn't a popular purchase at the current prices. Some investors are selling the gold bars and coins they bought when prices were cheaper, said Ashok Jain of Mumbai's Chenaji Narsinghji. On Friday, gold prices in India were around 102.100 rupees (1,165.45 dollars) per 10 grams after reaching a record-high of 102.191 rupees. Indian dealers have this week offered a discount The discount last week was up to $7. A Mumbai-based dealer of bullion...

A Washington lobbying company has signed a $3 million-per-year agreement with Myanmar's Ministry of Information in order to help the country, which was ruled by the military for many years, rebuild its relations with the United States. Documents submitted under the U.S. Foreign Agents Registration Act, (FARA), show that the DCI Group and the Ministry signed an agreement on July 31. This was the day Myanmar's army nominally handed over power to a civilian interim government in advance of a planned elections. The military leadership of Myanmar, led by Min Aung Hlaing, seized power through a coup in 2021. That...

Gold reached a two-week-high on Thursday. The demand for safe havens was boosted by the tariffs imposed by U.S. president Donald Trump, and U.S. job data that added to expectations of rate cuts. As of 0956 am, spot gold rose 0.6% to $3388.09 an ounce. ET (13.56 GMT) after reaching its highest level in the earlier session. U.S. Gold futures increased by nearly 0.7%, to $3455.60. "Ongoing trade tensions and increased geopolitical pressures continue to support the market, with the safe-haven interest," said Peter Grant. Trump's increased tariffs on imports of a number of countries went into effect on Friday,...

Zambia denied that an acid spill six months ago in its copper mining region still poses a serious risk to health, just a day after U.S. Embassy restricted travel for U.S. government officials due to widespread contamination. In February, a tailings pond at a Chinese copper processing plant failed, releasing 50,000 cubic meters of acidic slurry in nearby rivers. The government of the Southern African country has said that there is no need to be alarmed and has taken steps to reduce acidity in affected areas by using lime. At a recent press conference, Cornelius Mweetwa, a government spokesperson, said...

The copper price rose on Thursday, after the July trade data for China's top metals consumer beat expectations. A cautious optimism about a possible U.S. China trade agreement also helped. In official open-outcry trade, the price of three-month copper at the London Metal Exchange increased by 0.3% to $9701 per metric ton. David Wilson, analyst at BNP Paribas, said that "China's strong data on exports has given positive sentiment to the industrial metals." China's exports increased 7.2% in July compared to the same month last year, exceeding a polled forecast of 5.4%. Imports increased by 4.1% in July, despite expectations...

Gold prices rose on Thursday as a result of renewed demand for safe-haven assets after U.S. president Donald Trump slapped a 25% additional tariff on Indian imports. This exacerbated trade tensions. As of 0247 GMT, spot gold was up 0.4% to $3,380.76 an ounce. U.S. Gold Futures rose 0.3% to $3443.30. Tim Waterer is the chief market analyst for KCM Trade. He said that Trump has issued new tariff threats, which keeps gold on the radar as a defensive move by investors. The constant tariff announcements by the U.S. President have thrown risk assets off balance. President." Trump slapped a...

The head of the U.S.'s largest building materials manufacturer, CRH, said that the market for supplementary cementeditious materials, a low carbon alternative to cement, will double by 2050. CRH's CEO Jim Mintern said this after the industrial giant announced a better-than-expected 9% increase in its second quarter core profits and forecasted full-year earnings between $7.5 billion and $7.7billion, compared to a previous range of $7.3billion to $7.7billion. Last month, the Irish-based U.S. listed firm agreed to purchase U.S. SCM Supplier Eco Material Technologies for $2.1 Billion to meet the growing demand for alternative ash-based materials. Mintern stated that "we were...

Gold prices dropped on Wednesday, as investors took profits after the prices reached a two-week high the previous session. Meanwhile, the market's attention shifted to the upcoming Federal Reserve nominees of U.S. president Donald Trump. Gold spot fell 0.3% to $3,371.31 an ounce at 0956 am. ET (1356 GMT). U.S. Gold futures dropped 0.2% to $3.427.10. David Meger said, Director of Metals Trading at High Ridge Futures, "We see this as a slight pullback... some profit-taking after the recent rise in prices, during a time of quieter economic conditions, and less need for safe-havens." Gold has gained for three sessions...

Glencore, a miner and trader, said that as part of its long-term plan it could sell its 16.4% stake at some point in the future in Bunge Global. Glencore acquired the 16.4% after Bunge completed a long-delayed merger with Glencore-backed grain-handler Viterra in July. This was two years after the announcement of the $34 billion mega deal. Gary Nagle, Glencore's CEO, told the media on Wednesday that "the agriculture business does not necessarily fit with our business model." This was after Glencore released its financial results for the first half. Glencore probably wouldn't want to hold a 16.4% stake in...

State Department announced on Tuesday that the U.S. and the Cook Islands have begun discussions on research regarding seabed mineral exploration and development. Cook Islands are a group of 15 islands, atolls and other small groups that lie between New Zealand (halfway) and Hawaii. In 2021, the country had a total population of 15,040. After Beijing signed deals in recent years with Pacific nations on trade, defense and finance, Western nations who traditionally dominated the Pacific Islands are becoming increasingly worried about China's plans for increasing its influence. A strategic partnership agreement was signed between China and Cook Islands earlier...

The National Football League and Walt Disney's ESPN have reached a historic agreement to buy NFL Network from the NFL in exchange for a 10% stake in the network. The deal, in which ESPN claims it will enhance the content of its upcoming ESPN streaming services, is subjected to regulatory approval. The financial terms of the deal were not disclosed. ESPN will also acquire NFL Fantasy, an online offering, as well as the rights to distribute NFL RedZone to its cable television and satellite television subscribers. Disney CEO Robert Iger made a statement saying that the announcement today "paves the...

Caterpillar and Marriott, among others, reported on Tuesday that the tariff war waged by Donald Trump has resulted in higher prices and a weaker demand. Global tariff tracker estimates that global companies who have reported earnings this quarter will see a loss of $15 billion in profits by 2025. The majority of the affected sectors are industrial, manufacturing, and automotive, while financial and technology sectors are less affected. Trump said that tariffs were necessary to correct the U.S.'s trade imbalances, and to restore manufacturing power. He also said that the import taxes would bring more jobs and investment into the...