South Korea has secured 273 million barrels of Middle Eastern and Kazakh crude that will not need to transit the Strait of Hormuz—volumes that would sustain its economy for more than three months. “The 273 million barrels of crude oil, based on last year’s consumption levels, are sufficient to sustain the economy for more than […]
Brent crude prices will remain above $90 per barrel through the end of this year as the war continues to cut off supply from the Middle East, analysts at Australia-based bank ANZ said on Tuesday. The bank raised its 2026 estimate from previous expectations of Brent averaging closer to $80 per barrel, amid mounting supply […]
TotalEnergies has found oil and gas on a license which it has been developing offshore the Republic of Congo, the French supermajor said on Monday. TotalEnergies EP Congo, which operates the Moho license with a 63.5% stake, has made the hydrocarbon discovery after drilling the MHNM-6 NFW exploration well targeting the Moho G structure. The drilling campaign […]
Oil prices have fallen back after briefly rising to above $100 a barrel as Donald Trump claimed Iran had made contact and wanted “very badly” to strike a deal in the face of his blockade of the strait of Hormuz. The Brent crude international benchmark rose above the key psychological threshold earlier in the day, […]
The UAE and China have signed 24 agreements to expand trade, investment and sector collaboration, marking a further step in strengthening economic ties between the two countries. The agreements were announced during the UAE-China Business Promotion Conference held in Beijing, alongside the official visit of Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince […]
The uptick marks a rebound from January’s slowdown and reflects a sustained push toward reserve diversification. Global gold demand from central banks remains highly concentrated among a small group of consistent buyers rather than being evenly spread across the global financial system. Although more than 60 central banks have added gold in recent years, the bulk […]
China’s independent refiners are looking for prompt Iranian crude cargos after Beijing issued the latest batch of quotas for oil imports and after international prices took a plunge following the latest news about the war in the Middle East. Brent crude and WTI are both down, below $100 per barrel, after President Trump announced a […]
The company first touted the deal back in September 2024, following a meeting in New York between some of its executives and Nigeria’s vice president, Kashim Shettima. After the meeting, the company revealed that it would be sinking $10 billion into deep-water oil projects in Nigeria with the intent to increase its oil production in the […]
The Minerva Gloria is docked at a wharf in the Mississippi Sound, not far from the US’s vast oil reserves in the Gulf of Mexico. The ship, 820ft (250m) long, painted navy and burgundy, is carrying precious cargo from Venezuela that, just six months ago, would have been impossible to bring to the US – […]
Copper is vulnerable to further declines if the Strait of Hormuz remains blocked, Goldman Sachs Group Inc warned, as metals markets brace for President Donald Trump’s deadline for Iran to agree a deal or face sweeping attacks on civilian infrastructure. “We see the near-term risks as skewed to the downside if strait flows remain disrupted […]