United States

The United States imposed sanctions Friday on 'nine vessels from what is called 'the shadow fleet' and eight firms related to them, according to the United States. The Treasury Department issued a statement as Washington sought to increase pressure on Iran for the recent killings of protesters. Treasury stated that the vessels, their owners, or management companies, including?entities located in India, Oman, and the United Arab Emirates have collectively "transported hundreds millions of dollars worth of Iranian petroleum and oil products to foreign markets." The sanctions imposed today are aimed at a key component in how Iran raises funds to...

Hardeep Singh Puri, the Oil Minister, said on Friday that India could leverage its increasing energy demand to secure better deals for oil and gas supplies, while its refiners are still looking for alternatives to 'Russian oil. India was the largest buyer of Russian crude oil after Moscow invaded Ukraine in February 2022. However, Western sanctions forced Indian refiners eventually to import more from other sources. Puri, a senior Indian official, said that Indian officials had avoided directly mentioning Russian oil imports. However, he added that the supply from "one source", which had surged following February 2022 is now decreasing....

Indian Oil Corp, the top refiner in the country, has purchased 7 million barrels from Petrobras and other suppliers for loading in March to replace Russian oil. Indian refiners have re-calibrated their strategies in order to move away from Russia as the top supplier and increase imports from the Middle East. This could help New Delhi to clinch a deal with the United States for lower tariffs. Sources said that the refiner purchased 2 million barrels Upper Zakum and 1 million barrels Murban from Shell. IOC also purchased 1 million barrels of each Angola Hungo and Clove grade from Exxon....

The U.S. took over Venezuela's oil imports and redirected crude barrels which were used to pay off debts owed to China. What is the debt owed by Venezuela to China and why was it paid after Venezuela defaulted? HOW MUCH DO VENEZUELA OWES CHINA? The data on Venezuela's debt are sketchy, especially since 2017, when U.S. sanctioned triggered a default. AidData, a?research laboratory at the U.S. University William & Mary that tracks lending, estimated official sector Chinese lenders extended loan commitments of $106 billion to Venezuela from 2000 to 2018. Separately they calculated that $44 billion was outstanding in 2017....

The "Sell America' trade is back in the news, and even though it may quieten down after reports of U.S. president Donald Trump's possible Greenland deal it's safe to assume that it won't?go away. We've done this before. Last year, the term "de-dollarization", which was coined by Trump's tariffs-based trade war, became a buzzword. Investors were worried that they would reduce their exposure to U.S.-based assets. This?didn’t happen. U.S. Treasury official figures show that foreigners purchased a net of $1.27 trillion in U.S. Securities during the first eleven months of last year. This was primarily due to a flood of...

The oil price dropped by about 2% on Thursday, reaching a new low. This was after U.S. president Donald?Trump backed down on his threats against Greenland and Iran and on positive developments that could help end Russia's war in Ukraine. Brent futures dropped $1.18 or 1.8% to settle at $64.06 per barrel. U.S. West Texas Intermediate crude (WTI), however, fell $1.26 or 2.1% to settle at $59.36, which is a new one-week low. Trump claimed that he had secured permanent U.S. access in Greenland through a deal with NATO. The head of the alliance said allies must increase their commitment...

A U.S. official stated on Thursday that the Trump administration allows China to purchase Venezuelan crude oil, but not at the "unfair and undercutting" prices which Caracas had sold it at before the U.S. ousted President Nicolas Maduro. The official, who spoke on condition of anonymity, said that while the oil would be sold globally, the U.S. government has insisted that the majority is sold to them. The U.S. claims it will continue to control Venezuela's oil sales after seizing Maduro in January. The official stated that "thanks to President Donald Trump's successful and decisive law enforcement operation, Venezuelans will...

Trafigura, a trading house, has sold its first shipment of Venezuelan crude oil, as part of an agreement between Caracas, Venezuela, and Washington for the supply of 50 million barrels of oil. The Spanish refiner Repsol is expected to receive a shipment of this quantity. Two sources stated that the cargo should be delivered to Repsol by mid-February. Trafigura and Repsol have declined to comment. The agreement would be one of the first to sell Venezuelan oil in Europe since the United States captured Venezuela's leader at the beginning of this month, and struck an agreement with Caracas for the...

Trafigura, a trading house, sold a 'cargo' of Venezuelan oil, to a Spanish refiner. Vitol, a rival, was preparing to export Venezuelan fuel as shipments from the OPEC nation accelerated, according to oil industry sources. U.S. officials reported that Vitol, Trafigura and other companies obtained their first U.S. licensing to load and export Venezuelan crude oil earlier this month. Initial sales reached $500 million or approximately 11 million barrels last week, they said. U.S. officials said that other companies, such as U.S. giant Chevron, were waiting for Washington's exemptions from U.S. sanctions against Venezuela before expanding exports. According to industry...

Sources in the industry said that Trafigura sold its first cargo of Venezuelan crude oil as part of a 50 million barrel supply agreement between Caracas, Washington and Spain. The shipment was taken by Spanish refiner Repsol. Two sources confirmed that the cargo will be delivered in Spain to Repsol in February. Trafigura did not respond immediately to a comment request. Repsol refused to comment. This deal marks the first time that Venezuelan oil has been sold to Europe since the United States seized?the South American nation's leader earlier this month, and struck agreements with Caracas for the export of...

Four sources with knowledge of the matter have confirmed that India's Reliance industries Ltd, the operator of the largest refinery in the world, will'receive' sanctions-compliant Russian crude oil between February and March, after a one month pause. Reliance received its last shipment of Russian crude in December, after it secured a U.S. concession allowing it to extend the deadline for ending business with Rosneft (a Russian oil company sanctioned by the U.S. government) beyond November 21. Sources said that Reliance, like other Indian refiners will purchase Russian oil from non sanctioned sellers. They did not elaborate on how many cargoes...

Saudi Arabia's National Infrastructure Fund and Humain - the artificial intelligence company of the Kingdom - announced on Wednesday that they had reached a financing deal of up to $1.2 billion. The agreement is intended to'support the expansion' of AI and digital technology in the country. According to a press release, the agreement sets out non-binding terms of financing for the development up to 250 Megawatts of AI data centre capacity to support Humain’s customers. It was announced in Davos, Switzerland. As part of an 'overall effort' to diversify economic activity and income sources away from hydrocarbons, the world's largest...

On Monday, gold reached a new record of $5,000 per ounce as investors continued to pile into the asset that is considered a safe haven amid increasing geopolitical tensions. By 2321 GMT, spot gold had risen 0.94% to $5,029.62 an ounce, while U.S. futures for delivery in February rose 1.02%, reaching $5,029.70. Independent analyst Ross Norman stated that "our forecast for the coming year is gold will reach a maximum of $6,400 per ounce, with an average price of $5,375." Gold's recent gains have been fueled by the escalating tension between the United States, NATO and Greenland. This is due...

Gold reached a new record high of $5,000 per ounce on Monday as investors continued to pile into the safe haven asset amid increasing geopolitical tensions. Spot gold increased 0.75% at $5,019.85 an ounce as of 2304 GMT. U.S. gold futures for delivery in February gained 0.84%, to $5.020.60 per ounce. Gold's recent gains have been attributed to the escalating tension between the U.S., NATO and Greenland. This is due to expectations of increased financial and geopolitical uncertainties. Independent analyst Ross Norman stated, "Our forecast for the year is gold will reach a high price of $6,400 per ounce, with...

Financial Times, Saturday, reported that the United States plans to invest $1.6 billion in 'Oklahoma based miner USA Rare Earth, and receives a 10% stake. Reports said that the government's investment, as well as a separate private financing agreement of $1 billion, would be announced Monday. The White House, USA Rare Earth and the White House did not respond immediately to our request for comment. Report said that the government would receive 16.1 million shares and warrants worth $17.17 each in the company. Washington In December of last year, it planned more "historic deals" with the U.S. Mining Sector to...

Documents seen by former Barrick executives and Canadian mining company Barrick show that the joint venture partner Newmont will be key to Barrick's plans to spin off North American assets. This is a dramatic change in fortunes for both global mining companies. The Denver-based Newmont has a lot of influence over Barrick's strategies. This is a big change from just a few short years ago, when the Canadian company had hoped to purchase Newmont's?minority?stake?in the Nevada mines. Barrick had tried to buy Newmont a decade before. Documents show that Newmont would have the right to first refusal if Barrick tried...

Investors rushed into safe-haven assets amid the geopolitical turmoil, and also on expectations of U.S. rate cuts. Metal prices rose 147% in 2017 due to a combination of?strong demand for investment, challenges with scaling up the refining process, and a persistent shortage on the market. How does silver trade work? Over the Counter London is the largest marketplace for silver and gold, and it's where brokers and banks handle all of the buy and sell orders. The trading is done over the counter between financial institutions. An investor must be in a relationship to gain access to this market. Bars...

The price of silver rose to $100 an ounce on Friday for the first ever time, and gold reached a new record on its way to $5,000/oz. Investors are flocking into safe haven assets due geopolitical unrest and expectations that U.S. rates will be cut. Spot silver rose 4.05% at $100.1 per ounce as of 1547 GMT. Metal prices have risen by more than 200 percent in the last year. This is also due to ongoing challenges with scaling up the refining of the metal, and a persistent shortage on the market. Silver should benefit from the same forces that...

Investors booked profits after gold prices reached another record high of near $5,000 per ounce due to a?uncertain geopolitical outlook. Silver and platinum have also reached record highs. Spot 'gold' was steady at $4.935.39 per ounce at 1228 GMT. It had touched a record of $4.967.03 earlier that day. U.S. Gold Futures for February Delivery increased by 0.5% to $4.935.60 per ounce. Prices have increased by 14% in the first quarter of this year. This is partly due to concerns about President Donald Trump's threats to impose tariffs against European allies over Greenland. The removal of Trump’s tariff threats and...

Gold prices rose on Thursday, as geopolitical tensions boosted demand for a "safe haven" asset, the U.S. Dollar weakened and anticipation of Federal Reserve rate cuts this year aided. As of 11:32 am, spot gold rose 0.8%, to $4,874.94 an ounce. ET (16:32 GMT) after falling by nearly 1% in the earlier session. On Wednesday, the metal reached a new record high of $4,887.82. U.S. Gold Futures for February Delivery increased by 0.8% to $4.877.20 an ounce. The U.S. Dollar fell?0.4% versus rival currencies, making greenback priced bullion more appealing to overseas buyers. Peter Grant, senior metals analyst at Zaner...

Gold prices fell on Wednesday after President Donald Trump's remarks. Back down Some of his most stern threats against Greenland. By 3:10 pm, spot gold had risen 0.3% to $4,778.51 an ounce. ET (2010 GMT), having reached an all-time peak of $4,887.82 in the earlier session. U.S. Gold Futures for February Delivery settled 1.5% higher, at $4.837.50 an ounce. The equity markets recovered after Trump retracted?a threat of imposing tariffs on several nations because of their stance towards Greenland. He said he had reached an outline of a deal on the future of the island with NATO. Bob Haberkorn, senior...

Gold reached $4,800 per ounce for the very first time Wednesday due to geopolitical tensions including U.S. president Donald Trump's bid for control of Greenland. By 11:30 am, spot gold had risen 1.6% to $4,838.91 an ounce. ET (1630 GMT), having risen as high as $4,887.82 in earlier sessions. U.S. Gold Futures for February Delivery climbed 1.7%, to $4.844.20 an ounce. Bob Haberkorn, senior market strategist at RJO Futures, said: "There is a fear that people will miss out on this opportunity. I believe given the geopolitical climate in the world right now it's an ideal storm for higher gold...

Canada's major?stock index bounced back on Wednesday from the previous session's sharp drop, as investors digested new comments by U.S. president Donald Trump, who said in Davos that he wouldn't use force to take over Greenland. As of 10:25 a.m., the S&P/TSX composite index was up by 0.4% to 32,880.61. ET. The benchmark recorded its largest?decline on Tuesday since November 20, when global markets fell after Trump threatened to impose?tariffs?on?eight European countries if U.S. wasn't allowed to takeover Greenland. The comments revived the "Sell America," narrative that was last seen in April of last year after Trump's sweeping Liberation Day...

Gold reached $4,800 per ounce on Wednesday for the first time as geopolitical tensions, including U.S. president Donald 'Trump's bid to control Greenland, drove demand for safe havens. By 9:30 am, spot gold had risen 2.1% to $4,865 an ounce. ET (1430 GMT), the price of gold had risen to $4,887.82 in earlier sessions. U.S. Gold Futures for February Delivery climbed almost 2% to $4.856.3 per ounce. Bob Haberkorn, senior market strategist at RJO Futures, said that there is a 'fear' of missing out. Given the geopolitical climate in 'the world' it's an ideal storm for higher prices of gold...