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Fossil Fuels

Oil & Gas

Sony and Warner Music sue Anthropic for songs used in AI training

The music publishing divisions of Sony Music 'and 'Warner Music sued Anthropic at the federal court in California for allegedly using their copyrighted compositions as a basis to train Claude AI models. Sony and Warner stated in their complaint filed on Friday that Anthropic had pirated hundreds song lyrics and sheet songs from The Beatles to Taylor Swift to Michael Jackson to train Claude to respond to human prompts. This lawsuit is part of a series of similar cases filed by copyright holders, including publishers, authors, music labels, and news outlets, against tech companies for using their work in AI...

Oil & Gas

South Korea's SK On signs deal with US company NeoVolt Power for energy storage batteries

SK On, a South Korean battery manufacturer, announced on 'Monday that it had signed a contract to supply U.S. -based NeoVolta Power 9 Gigawatt Hours (GWh), of lithium iron phosphate?battery cells. These will be used in energy storage systems over a five-year period starting 2027. In a press release, SK On said that the pouch-type cells would be manufactured at its factory in Georgia. SK On has not disclosed the value of the deal but industry estimates place it at approximately 1.5 trillion won ($1.09billion). SK On has entered into an agreement to expand its energy storage systems business in...

Fossil Fuels

Trump announces that the US Strategic Petroleum Reserve will be refilled with Venezuelan oil

U.S. President Donald Trump announced 'on Sunday' that oil from the recently negotiated deal with Venezuela will be used to replenish the Strategic Petroleum Reserve. This reserve has been depleted in recent years due to global supply disruptions, and high fuel prices. Trump stated in a post on social media that the "topping-out" process would begin soon, and described the Venezuelan oil as a gift from Venezuela to "the People of the United States." The speed at which the Venezuela deal could deliver oil to the reserves or provide any immediate benefit to U.S. drivers is not clear. The agreement...

Fossil Fuels

Source: Turkey, Saudi Arabia and Pakistan will hold the first meeting of their defence pact.

A Turkish Foreign Ministry source said that top officials from Turkey and Saudi Arabia, as well as Pakistan, will meet in Istanbul Monday to hold the first committee meeting of their joint defence agreement, which they signed this month. Signed on August 7, the "Mecca Joint Defence Agreement" brought together Sunni Muslim U.S. Allies who were concerned about the Iran war and regional conflicts that have led to Iranian missile attacks on Gulf oil exporters. The aim is to increase 'collective deterrence' against any aggression. It stipulates that any armed attack against one of the three countries would be considered...

Oil & Gas

WSJ reports that the US will take a 35% stake in Venezuelan oil mogul Betancourt’s venture.

The Wall Street Journal reported on Saturday that the U.S. Government plans to acquire a 35% passive stake in North American Blue Energy Partners of Venezuelan businessman Alejandro Betancourt, citing "people" involved in the negotiations. The WSJ reported that the U.S. plans to also secure preferential rights for the purchase of 20% of the production costs at the company. The Pentagon's Office of Strategic Capital intends to?structure the investment through penny-warrants that would give the U.S. a?equity ownership in the business? without significant capital investments, according to the WSJ. The report was released just a day after U.S. president Donald...

Fossil Fuels

Trump: U.S. oil deal with Venezuela.

On Friday, U.S. president Donald 'Trump' said that the U.S. entered into an oil agreement with Venezuela. Trump said on Truth Social that Secretary of State Marco Rubio and Secretary of war Pete Hegseth had secured the majority U.S. ownership of more than 65 BILLION BARRELS of proven oil reserves in Venezuela. This was done at no cost to American taxpayers. Trump claimed that the agreement would double American oil reserves. The U.S. has been promoting American investments in the deteriorated Venezuelan energy industry since January when it?captured? and removed? former President Nicolas Maduro. The Trump administration is under pressure...

Refined Products

Sources say that the US is close to a deal with Venezuela to gain long-term access its oil reserves.

Sources familiar with the negotiations confirmed on Thursday that officials in the Trump administration are working to reach a long-term agreement to give the United States, which oversees Venezuela's oil exports, access to a part of Venezuela's crude reserves. Sources?said that the agreement, which is expected to be signed and made public soon?, would allow the U.S. Government to lock in?a group Venezuelan oilfields that will be developed by American firms, and that the supply would be?guaranteed for? the U.S. One of the sources stated that "this is real and being discussed on the highest level of the U.S. government...

Fossil Fuels

Trump declares that the U.S. will not talk to Iran about economic war

Donald Trump announced on Thursday that the United States does not want to talk with Iran, as Washington is focused on punishing Tehran financially. He also said that Washington would penalize countries who do business with Iran. "We don't want to speak with them." Trump told reporters that he was not interested in meeting or doing anything. Karoline leavitt, White House Press secretary earlier in the day said that the U.S. Economic Campaign would continue until Iran decided to negotiate meaningfully. Leavitt said on "Fox & Friends," "Now 'we have Operation Economic Outcast" to destroy their economic system. "No negotiations?are...

Fossil Fuels

India's BPCL looks at buying Gulf oil FOB and lifts Iraqi crude oil

Bharat Oil Corp, India will receive its first Iraqi cargo of this fiscal year within the next few weeks. It is also 'willing' to take more oil on board from Gulf suppliers on a "free-on-board" basis if ships are readily available. "Fortunately, we?got?the vessel. "One vessel owner was willing to move the product to Fujairah to do the STS transfer (ship-to ship)," Vetsa Ramakrishna said at a press conference following the annual shareholders meeting. Iraq is one of the most affected countries by the Iran War and the closing of the Strait of Hormuz. This waterway, which supplies about a...

Fossil Fuels

OPEC+ loses influence in Iran War as China gains influence

Six months after the 'Iran War,' the world’s most powerful oil coalition, OPEC+ finds itself in a new position. It is unable to influence a marketplace it?once shaped. The war has eroded OPEC's share of the market and its ability to influence prices. The group's policy decisions and statements barely affect oil markets any more. Analysts describe the worst ever supply disruption as a major factor in balancing oil markets. OPEC+, the Organization of the Petroleum Exporting Countries (and its allies, including Russia), accounted for 40% of the global oil production in July. Calculations based on data from the International...

Oil & Gas

Kremlin: US spy chief met Russian counterparts on Moscow visit

The Kremlin reported on Wednesday that U.S. CIA Director John Ratcliffe met with Russian intelligence officials but did not meet Vladimir Putin during a trip to Moscow, which U.S. president Donald Trump referred to as "semi routine." Dmitry Peskov, Kremlin spokesperson, told reporters that Putin was briefed about the outcome of the visit on Tuesday. The visit came at a time when the war in Ukraine is dragging on and efforts to achieve a lasting peace with the United States and Iran are stalled. Peskov refused to reveal what was discussed or provide further details. "All I can say is...

Fossil Fuels

U.S. Secret Service is aware of Iranian video threats against Barron Trump

A spokesperson for the U.S. Secret Service said that they were aware of a video broadcast by Iranian state TV discussing a possible plot to assassinate U.S. President Donald Trump's son. The U.S. Secret Service has been made aware of this video, and it investigates any information that could be interpreted as a threat to our protected individuals. We do not discuss 'protective intelligence' due to concerns about operational security. Secret Service spokesperson Nate Herring explained this in an email. A?three minute video broadcast by Iranian State?TV discussed a possible?plot for assassinating Barron Trump, 20. The video claimed that he...

Crude Oil

Crude Oil

Oil prices rise as yields increase, oil stocks fall, and US and Iran resume their military strikes

On Monday, bond yields rose and stocks fell as oil prices surged with the return of military clashes in the United States. The resumption of military clashes between the?U.S. and Iran has added to concerns about 'inflation. Donald Trump, the U.S. president was quoted as saying on Monday that he would "hit them hard". This came after Iran fired missiles at two U.S. bases in Jordan overnight in response to an attack by the U.S. on Iran's Larak island. U.S. crude climbed 2.54% to $85.51 per barrel. Brent rose to $90.34 a barrel, up by 2.54% for the day. This...

Oil & Gas Refining

Japan's oil imports rose 17% in July, as US supplies jumped

Japan's crude oil imports increased by 17% from the previous year in July, as a result of a surge in U.S. Official data released on Monday showed that?shipments, a resurgence in Saudi Arabian purchases and lower supplies from Middle Eastern producers were offset by a rise in?supplies. The Ministry of Trade, Economy and Industry reported that imports increased to 2,38 million barrels a day (11.72 millions kilolitres) for the second consecutive month despite disruptions caused by the U.S./Israeli war against Iran. Imports to?the Middle East dropped 21.4% from July. The United Arab Emirates, Japan's two largest suppliers, and Saudi Arabia...

Crude Oil

MORNING BID EUROPE - Oil prices rise as missiles are fired in the Gulf

Wayne Cole gives us a look at what the future holds for European and global markets. This week began with a bang in Iran, as U.S. troops struck two missile launchers in the Strait of Hormuz on Larak Island. Meanwhile, Tehran attacked U.S. Forces in Jordan. The post by President Trump that Kharg Island was Iran's main oil port, "was being blown to smithereens" did not help, though the military had not confirmed this. It seems that Iran tried to use rockets for laying naval mines in strait. This is a challenge to U.S. Military who claimed last week they...

Mining

Mineral Resources

Mineral Resources

Radiant World's China ore head is leaving, according to sources

Two?sources who are familiar with the situation said that the head of China Iron Ore at Radiant World is leaving the company. The trading 'company' has been under scrutiny and many counterparties have stopped doing business with it. Sources said that Leon Jin was on his last day of work at the trading house, Monday. According to 'his LinkedIn profile', he joined Radiant World after spending more than 10 year with Trafigura. The sources requested anonymity because they were not authorized to speak with media. Some banks have frozen accounts of 'Radiant World,' and some trading houses have cut ties...

Mineral Resources

Executive says Congo's EGC is looking to battery makers after meeting cobalt quotas

EGC, the state-backed cobalt buyer in Congo, is looking to increase the market for traceable cobalt. This includes establishing closer ties with electric vehicle battery manufacturers. Congo is the largest producer of cobalt in the world, and small-scale suppliers are responsible for 15% to 25%. The government is stepping up its efforts to formalise this sector by introducing export quotas, and tightening oversight. Cobalt is a critical metal for the energy transition. Since Congo implemented the system in October last year, Entreprise Generale du Cobalt, established to channel artisanal supply chains into formal supply, has shipped 100 percent of its...

Mineral Resources

Gold prices remain stable as Fed chief Warsh prepares to deliver his Jackson Hole address

Market participants were waiting for the remarks of Federal Reserve chair Kevin Warsh at the Jackson Hole Symposium, hoping to gain insight into the central banks future interest rate policy. By 0652 GMT, spot gold had not changed much from $4,603,91 per ounce. The price of gold reached a three-month-high of $4,696.18 after the U.S. Treasury announced support measures for bonds with long-term maturities. U.S. gold futures fell 0.1% to $4 657.10. Matt Simpson, senior analyst at StoneX, stated that the case for Warsh leaning hawkish was greater than for him to not do so. This could lead to gold...

Mineral Resources

As Fed chief Warsh’s Jackson Hole address looms, gold prices fall

The price of gold fell on Friday, as investors waited for the remarks made by Federal Reserve chair Kevin Warsh at a Jackson Hole symposium. Gold spot fell 0.5%, to $4,580.19 an ounce at 0438 GMT. The price of gold reached a three-month-high of $4,696.18 after the U.S. Treasury announced support measures for bonds with long-term maturities. U.S. Gold Futures fell 0.7% to $4.632.40. Matt Simpson, senior analyst at StoneX, stated that the case for Warsh leaning hawkish was greater than "the case against him". This could lead to a further decline in gold from its cycle highs, Matt Simpson...

Mineral Resources

The gold rally takes a break ahead of US inflation figures

The gold?prices eased Wednesday as they were on track to end a three-session winning streak. However, the focus now shifts to the U.S. Inflation data that will be released later in the afternoon for any indications on the Federal Reserve’s interest rate policy. Spot gold dropped 0.8% by 1114 GMT to $4,618.03 an ounce, after prices rose to their highest level since May 14, on Tuesday, following the U.S. Treasury Department?s recent bond buyback announcement. U.S. Gold Futures fell 0.4% to $4673.90. Nikos Tzabouras is a senior market analyst at Jefferies owned Tradu.com. He said that gold prices were subdued...

Mineral Resources

Gold falls on profit-taking following rally to more than three-month high

Gold prices eased Tuesday, after reaching a high of more than three months earlier in the session. Profit-taking and an 'a?firmer dollar? curbed gains before U.S. Inflation data and comments from Federal Reserve chairman Kevin Warsh. After reaching its highest level since the 14th of May, spot gold fell 0.4% to $4,634.76 an ounce at 0937 GMT. U.S. Gold futures fell 0.2% to $4689.70. Gold's movement today is due to profit-taking, as the dollar has recovered some of the losses from last week that were caused by the buyback announcement," Saxo Bank's Ole Hansen explained. He was referring to U.S....

Mineral Resources

Investors await US inflation data as gold retreats from its three-month high

The gold price fell?on Tuesday, after reaching its highest?levels? in more than three month earlier that day. Investors' attention shifted towards upcoming U.S. data on inflation and Kevin Warsh's speech this week. As of 0334 GMT, spot gold was down by 0.2%, at $4,640.39 an ounce. U.S. Gold Futures remained steady at $4,696.00. Tony Sycamore, IG's market analyst, said: "We expect gold dips to be supported by buyers who are looking for gold. We also expect gold to move up towards the next resistance level at $4,900/$5,000." The U.S. Treasury Department announced that it would double its liquidity support buyback...

Mineral Resources

Trump threatens to impose 50% tariffs on cars and trucks imported from Canada amid a trade dispute

After trade talks broke down over the weekend, President Donald 'Trump' sought to increase pressure on Canada. He warned that U.S. Tariffs on all?trucks? and automotive parts coming from Canada would increase to 50% on January 1. The deal would have reduced the top line tariff rate for Canadian cars and light duty trucks from 25% down to 15%, and the tariffs of aluminum and steel would have been cut from 50% down to 25%. However, the deal fell apart on Friday due to disagreements over whether or not the U.S. relief on tariffs would apply to medium and heavy-duty...

Mineral Resources

Copper firms buy metals earmarked for exit from LME

The price of copper rose on Monday as a rise in the number of cancelled warrants and metals marked for delivery at the London Metal Exchange stimulated buying. Meanwhile, the lower U.S. dollar boosted the positive sentiment towards industrial metals priced in dollars. Benchmark 'copper' on the LME was 0.2% higher, at $14240 per metric ton. Last week, prices of metals used in construction and power industries reached $14,396. This is the highest price since January's $14,527.50 high. Industry sources say that the cancellations 0#MCUSTXLOC> are mostly stored in LME warehouses in Asia and the U.S., in free-trade zones. They...

Mineral Resources

Gold reaches a 3-month high before US inflation data and Fed chair speech

On Monday, gold prices reached their highest level in more than three month's time as a'subdued' dollar lent support. Meanwhile, attention shifted towards key U.S. data on inflation and Kevin Warsh speaking later this week. As of 0427 GMT spot gold was up 0.8% to $4,641.27 an ounce after reaching its highest level since 15 May earlier in the session. Prices rose by more than 5% in the last week. U.S. Gold Futures edged up 0.4% to $4,697.70. The dollar was teetering near multi-month lows as the market remained unsettled after the U.S. Treasury promised to?buy back more long bonds....

Climate Change

US finalizes deep Colorado River Water Cuts to California, Nevada, and Arizona

The U.S. Government finalized on Friday a plan that will cut water supplies in?California and Nevada to help manage the Colorado River, which is suffering from a severe drought. According to the plan, signed by Interior Secretary Doug Burgum, in 2027 and 2028, water will be reduced by around 21 percent in these three states. However, this reduction could double in subsequent years. Arizona and Nevada said that any plan to double cuts after 2028 will destroy their economies. Arizona has threatened the federal government with a lawsuit if they impose?these possible cuts as part the new 10-year-plan. Colorado, Utah...

Mineral Resources

Goldman: Options demand could push gold above $4,900 forecast

Goldman Sachs said in a Friday note that the price of gold could surpass its $4,900 forecast for the year. This is due to a surge in demand for bullish options on gold. The bank said that a further increase in Western investor demand combined with strong central bank purchases could push bullion towards key strike levels where dealer hedging can mechanically accelerate the price movements. Goldman stated that "gold call?options demand has increased sharply amid renewed global macro-policy hedges, creating an automatic price amplifier on both the upside as well as?downside." Options have a double-edged effect. Dealers who sold...