Iron ore prices rose this week, despite the overall weakness in the steel industry. Analysts are puzzled by this contradiction, particularly as China’s steel production and local consumption are still not recovering at the rate they should be. According to sector experts, the recent surge hints at a gap between actual raw material demand and steel output. Analysts Look to Chinese Output Iron ore is one of the most important raw materials in steelmaking. As such, ore futures markets are sensitive to expectations and often react negatively…

OPEC+ supply hike chatter and Iraq’s Kirkuk-Ceyhan restart sparked the steepest daily oil price drop in nearly two months. China Triples ‘Indonesian’ Oil Imports as Iranian Tankers Shift Routes - China has posted a staggering increase in crude imports from Indonesia, a country that has supplied only one cargo of condensate to China last year, as Iranian sellers get increasingly innovative in their ship-to-ship operations.- According to customs data published by Beijing, Chinese imports of Indonesian crude amounted to 2.7 million…

The U.S. Administration’s pressure on the remaining buyers of Russian crude is not yielding the results desired by President Donald Trump. In fact, in the four weeks to September 28, Russia’s crude oil exports by sea hit their highest level since May 2024, tanker-tracking data monitored by Bloomberg showed on Tuesday.  Russia exported on average 3.62 million barrels per day (bpd) in the four weeks to September 28, according to the data reported by Bloomberg’s Julian Lee, in a sign that neither India nor any other major buyer…

The U.S. Administration’s pressure on the remaining buyers of Russian crude is not yielding the results desired by President Donald Trump. In fact, in the four weeks to September 28, Russia’s crude oil exports by sea hit their highest level since May 2024, tanker-tracking data monitored by Bloomberg showed on Tuesday.  Russia exported on average 3.62 million barrels per day (bpd) in the four weeks to September 28, according to the data reported by Bloomberg’s Julian Lee, in a sign that neither India nor any other major buyer…

Global oil demand growth remains strong, underpinning the OPEC+ group’s decisions of the past months to return more supply to the market, Shaikh Nawaf Al-Sabah, chief executive of Kuwait Petroleum Corporation, told Bloomberg in an interview published on Tuesday.  “It’s a market that’s been more resilient than initially expected by some traders,” the CEO of the state oil firm of one of OPEC’s biggest producers, told Bloomberg.  “Therefore you’re seeing a slow but methodical and planned increase…

Global oil demand growth remains strong, underpinning the OPEC+ group’s decisions of the past months to return more supply to the market, Shaikh Nawaf Al-Sabah, chief executive of Kuwait Petroleum Corporation, told Bloomberg in an interview published on Tuesday.  “It’s a market that’s been more resilient than initially expected by some traders,” the CEO of the state oil firm of one of OPEC’s biggest producers, told Bloomberg.  “Therefore you’re seeing a slow but methodical and planned increase…

With the United States indicating that it may not be willing to finance Ukraine’s defense needs for much longer, the European Union is looking into various ways of footing a larger part of the bill in 2026 and 2027, assuming -- as most people in Brussels do -- that the war will continue. The most obvious hint of this came during European Commission President Ursula von der Leyen’s annual policy address to the European Parliament earlier in September in which she floated the idea of a “reparations loan.” More information…

Imperial Oil, an Exxon oil sands subsidiary, is planning to reduce its workforce by 20% in anticipation of lower oil prices brought on by an expected supply overhang next year. According to a company statement, Imperial Oil will “consolidate activities to its operating sites” over the next two years, enhance “collaboration, operational focus and execution excellence. As a result of these changes, the company expects to record a one-time restructuring charge of approximately $330 million before-tax in the third quarter of 2025.”…

For most of the last decade, OPEC and Russia, collectively referred to as OPEC+, have aligned their interests in maintaining high oil prices and set production quotas that furthered this goal. Saudi Arabia, OPEC’s largest member, has, as part of its Vision 2030 Initiative, a multi-trillion-dollar goal of diversifying its economy away from dependence on hydrocarbons and uses oil revenues to fund this initiative. Russia relies upon oil revenues for about a third of its general revenue, and to fund the war in Ukraine.  Both countries in…

A year ago, BP predicted that oil demand growth could peak before 2030. In that, the company was in tune with the IEA and a host of other forecasters. This year, BP has changed its prediction. Now, the supermajor expects demand growth to continue until the mid-2030s—and then start declining slowly. In the latest edition of its Energy Outlook, BP wrote that “Oil demand declines over the outlook but continues to play a significant role in the global energy system over at least the next 10-15 years”. The decline, according to the…

Russia’s Arctic LNG 2 project is rapidly transforming from a sanctioned stalemate into a strategic lifeline for China’s energy security. Despite years of delays, Western sanctions, and logistical hurdles, the venture has begun delivering liquefied natural gas to Chinese terminals via the Northern Sea Route—marking a pivotal shift in global energy flows. Arctic LNG 2, Russia’s flagship liquefied natural gas development on the Gydan Peninsula (the West Siberian Coast in the Kara Sea), was designed to produce nearly 20 million…

Argentina’s federal government, for over a decade, has hungrily eyed the vast hydrocarbon potential of the Vaca Muerta (dead cow in Spanish) shale formation in Neuquén Province. It was in 2011 that the Peronist government of Cristina Fernández de Kirchner seized 51% of YPF from Spanish energy major Repsol, provoking a major backlash from financial markets and Big Oil. Despite the considerable negativity surrounding YPF’s nationalization, it was the catalyst that saw the driller emerge as a driving force for the successful…

American President Donald Trump recently demanded that Afghanistan’s ruling Taliban allow the U.S. to take back Bagram Airfield, the military airfield near the capital city, Kabul. He declared, "BAD THINGS ARE GOING TO HAPPEN" if Afghanistan does not return the base to the U.S.  The Taliban promptly rejected Trump’s demand, though it said it seeks political and economic ties with Washington. Why would Trump want U.S. forces to return to Bagram? Trump is concerned that China may move into the airfield, and he recognizes it has a…

Angola’s state oil company, Sonangol, is preparing to list up to 30% of its shares in an initial public offering (IPO) sometime in the next 24 months in what would be a milestone that could reshape not only the company itself but the country’s broader economic trajectory. For decades, Sonangol has been more than a petroleum producer, acting also as Angola’s financial engine and a political tool as well as a national symbol. The decision to partially privatize the company is, therefore, far more than a market exercise, it is a…

Secretary of State Marco Rubio, during his recent meeting with Russian Foreign Minister Sergei Lavrov, called on the Kremlin to “take meaningful steps toward a durable resolution of the Russia-Ukraine war.” Estonia’s Foreign Minister Margus Tsahkna, during a September 24 appearance at Columbia University’s Harriman Institute, said no one should be holding their breath waiting for Russia to make sincere moves to stop the bloodshed in Ukraine. The war, he suggested, acts as the glue that keeps Vladimir Putin’s regime…

Russia expects to sell natural gas to China at significantly lower prices than it charges in Europe and Turkey, according to a draft outlook from the Economy Ministry tied to the 2026 budget. The document, seen by Bloomberg, projects that Chinese deliveries will be priced at least 27 percent below European and Turkish levels over the next three years, with the gap widening to 38 percent in 2025. The numbers lay bare the price Moscow is paying for its eastward pivot. With Europe largely off the table, Russia has funneled volumes into the Power of…

Russia expects to sell natural gas to China at significantly lower prices than it charges in Europe and Turkey, according to a draft outlook from the Economy Ministry tied to the 2026 budget. The document, seen by Bloomberg, projects that Chinese deliveries will be priced at least 27 percent below European and Turkish levels over the next three years, with the gap widening to 38 percent in 2025. The numbers lay bare the price Moscow is paying for its eastward pivot. With Europe largely off the table, Russia has funneled volumes into the Power of…

The northern European countries are currently embroiled in a Russian hybrid warfare attempt, a situation that demands immediate and decisive attention. Denmark, a member of both the EU and NATO, is set to host a European Union Summit in Copenhagen this week, with the primary focus on Russian aggression in Ukraine and its hybrid warfare tactics. The Danish transportation ministry has already taken steps to ban all civilian drone flights in Danish airspace, underscoring the urgency of the security situation. Norwegian, Swedish, Finnish, and other…

Russia expects to sell natural gas to China at significantly lower prices than it charges in Europe and Turkey, according to a draft outlook from the Economy Ministry tied to the 2026 budget. The document, seen by Bloomberg, projects that Chinese deliveries will be priced at least 27 percent below European and Turkish levels over the next three years, with the gap widening to 38 percent in 2025. The numbers lay bare the price Moscow is paying for its eastward pivot. With Europe largely off the table, Russia has funneled volumes into the Power of…

Via Metal Miner The copper market recently experienced a significant development that could have big implications for global supply. Metals and mining multinational Anglo American has finalized an agreement with National Copper Corporation of Chile (Codelco) to merge operations at their respective Los Bronces and Andina copper mines, putting them among the top 5 largest sites in the world. According to a September 16 announcement, the agreement will unlock up to $5 billion in value from the adjacent sites. “The joint mine plan has been developed…