India plans 1.5 mln ton sugar export quota on higher domestic surplus
India will allow 1.5 million metric ton sugar exports in the upcoming season as the government and trading sources said on Monday. This is because a decrease in sugar diversion for ethanol production should leave a greater domestic surplus. Sugar futures in New York and London could be impacted by higher exports from the second largest sugar producer in the world. These futures are currently at five-year lows.
Russell: China's imports of major commodities, other than iron ore, are decreasing.
Iron ore, a commodity that has been resilient in spite of the pressure on the steel industry, was the exception to the trend. The General Administration of Customs released data on Friday showing that crude oil, natural gases, copper, and coal have all declined since September. In October, China, the largest crude oil importer in the world, had arrivals of 11,39 million barrels a day (bpd).
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Trump proposes Alaska oil sale by 2026, finalizes sale of US Gulf oil leases
It was announced on Friday that the Trump administration would hold an auction to drill oil and gas in the U.S. Gulf of Mexico next month. They have also proposed another one in a waterway located in southern Alaska. About 80 million acres will be available for lease in the U.S. Gulf of Mexico. President Donald Trump calls it the Gulf of America. The sale on December 10 will be the beginning of 30 sales that will occur in the Gulf region until 2040.
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Global finance leaders discuss the new era of energy investment defined by pragmatism, diversification and strategic capital allocation Industry leaders urge fundamentals-based planning amid global volatility, with stable, sound and clear policy frameworks identified as key investment landscape criteria Liquefied natural gas, methane and carbon reduction innovations…
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UK stock prices set to drop by a week's end as earnings-driven losses weigh
UK stocks fell on Friday with IAG as the main drag. They were also set to record losses for a week that was packed with earnings, as well as a Bank of England rate decision. As of 1125 GMT the blue-chip FTSE 100 fell 0.8%, while midcaps lost 0.5%. IAG, the British Airways-owned company that owns travel and leisure stocks, fell 8.4%. Rightmove, Britain's largest property portal, warned that profit growth would be slower next year.
Palm oil prices fall for the fourth consecutive week due to a combination of rising stocks and softer crude
Malaysian palm futures recorded a fourth successive weekly decline on the Friday amid expectations that stocks will be higher at the end of October and a recent drop in crude oil prices. The benchmark contract for palm oil delivery in January on the Bursa Derivatives exchange lost 39 ringgit or 0.94% to finish at 4,110 Ringgit ($973.01 a metric tonne). The contract dropped 2.31% in the last week.
METI: Sakhalin-1 vital for Japan's energy security as US sanctions Russian shareholders
Japan's Industry Ministry said on Friday that the country's energy safety is dependent on foreign projects including Russia's Sakhalin-1. This comes after new U.S. Sanctions against Rosneft, a major shareholder along with Japanese partners. Washington sanctioned Rosneft, a Russian oil company, and Lukoil last month as the latest step to get the Kremlin's attention to the Ukraine war. The U.S.
Sources from the Industry Ministry say that Japan will increase its LNG purchases as an emergency reserve in January.
Two sources from the industry ministry said that Japan, which is the second largest LNG importer in terms of volume, will begin buying liquefied gas on a regular monthly basis, rather than only at peak demand times, starting January. This will help to protect against supply shocks. By strengthening the Strategic Buffer LNG program, which is run by the Ministry of Economy…
German Lower House passes law allowing underground carbon storage
The lower house of the German Bundestag parliament has cleared the way for underground carbon storage. It passed a law on Thursday that identifies CO2 storage and pipelines to be of "overriding interest" in order to accelerate planning and approval. This measure aims to assist Germany in achieving climate neutrality by the year 2045. It does this by enabling capture and storage for emissions that are difficult to reduce…
Lukoil Diverts Oil From Azerbaijan to Russia to Combat Sanctions
Russia's second-largest oil producer, Lukoil, has started diverting Caspian oil flows from the Azeri capital of Baku to the Russian port of Makhachkala to tackle Western sanctions, two industry sources said on Thursday.One of the sources said the tanker, Lady Leila, under the Russian flag is due to arrive later on Thursday to Makhachkala with a cargo of 5,000 metric tons of crude oil from Lukoil's Korchagin oilfield in the Caspian Sea.The United States and
Trump adds copper and metallurgical coke to the US list of critical minerals
The Trump administration released a list of essential minerals on Thursday, including copper, which plays a vital role in electric vehicles, power grids and data centers. It also includes metallurgical coke, which can be used to produce coke. The list of minerals maintained by the Interior Department guides federal investment and permits decisions, and shapes government's overall mineral strategy.
Merz, Germany's finance minister, calls for European patriotism in order to protect the steel industry
After a meeting of domestic producers, German States and Trade Unions on Thursday, German Chancellor Friedrich Merz (left) and Finance Minister Lars Klingbeil (right) signaled a new European patriotism for the protection of the steel industry. Klingbeil, who was at the press conference with the chancellor, said: "If we invest heavily into our defence industry then we can...
Sources say that Russia's Orenburg plant has increased its gas imports from Kazakhstan
Two industry sources reported on Thursday that the Russian Orenburg gas plant had increased its gas intake from the Karachaganak gas field in Kazakhstan at the beginning of November, in an effort to recover gradually after it was attacked by drones last month. The first disruption of Western oil majors in Russia was caused by the strike at the Orenburg plant, located 1,056 miles (1 700 km) east of Ukraine.
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Canadian Natural Resources barely beats estimates for quarterly profits on record production
Canadian Natural Resources posted earnings for the quarter that were just a hair above analysts' expectations. Record oil and gas production offset the decline in crude price. Canadian Natural Resources and other oil sands producers in Canada have shown resilience in the face of the downturn in the global oil industry. They have been buoyed by their years of investment, which has made them one of the lowest-cost operators across North America.
India must double its sugar exports due to a surplus that is growing as a result of lower ethanol production
Industry officials stated on Thursday that India should double its sugar allocation for export to 2 million metric tonnes in the new season. This is because a lower sugar diversion rate to ethanol production will result in a greater domestic surplus. Sugar futures in New York and London could be impacted by higher exports from the second largest sugar producer in the world. These futures are currently at five-year lows.
PetroChina will phase out 19 old chemical and refining units to reduce sector glut
Analysts say that PetroChina, a state-owned company, plans to permanently close 19 aging refining and chemicals units in order to reduce overcapacity. This is part of Beijing’s campaign to boost profitability and curb the country’s overcapacity. Due to the rapid electrification, fuel demand in this country's transportation fleet is expected to increase faster than anticipated. Its petrochemical industry is also plagued with excess capacity and low margins.
Palm oil prices rise in Dalian rival oils
The price of Malaysian palm oils futures increased on Thursday, after the previous session ended at a low for 17 weeks. This was due to the strength of rival edible oil on the Dalian Exchange. By midday, the benchmark palm oil contract on Bursa Derivatives Exchange for January delivery had gained 21 ringgit or 0.51% to 4,129 Ringgit ($977.51) per metric ton. Dalian's palm oil contract, which is the most active contract, gained 1.16%.