USDA maintains its US soybean export outlook after China resumes sales
In a report released on Tuesday, the U.S. Department of Agriculture kept its U.S. soyabean export forecast unchanged. Sales to China had resumed following a months-long boycott by Washington. USDA estimated soybean exports for the 2025/26 crop season, which ends on August 31, at 1.635 trillion bushels. The USDA also reported that ending stocks were unchanged from a month ago at 290,000,000 bushels. China, the world's largest soy -importer, has resumed purchasing U.S. soybeans after a meeting in late October between Presidents Xi Jinping & Donald Trump.
TotalEnergies consolidates its position in Namibia with the Galp asset exchange
TotalEnergies cemented its position in Namibia by agreeing on an asset exchange with Portugal's Galp, which makes the French company the operator for the Mopane exploration. Galp will receive a 10% stake in Total's PEL56 license, which holds the Venus discovery. It will also get a 9.4% share in the PEL91 license. The three licenses are all next to one another. Total will cover half of Galp’s exploration and appraisal costs on Mopane. However, Galp must pay back this amount from future cash flows from the field.
Congo tightens its grip on cobalt by imposing new export restrictions
According to a government document reviewed by, the Congo has introduced new conditions for exporters of cobalt. This could complicate a recently implemented quota system, as the country tries to maintain a tight hold on this key mineral. Circular shows that the new conditions include, among others, pre-paying a 10% royalty in 48 hours, and obtaining a certificate of compliance. In October, the Democratic Republic of Congo introduced a quota-based system to replace a long-standing export ban.
Serra Verde cancels China offtake deal after being approached by Western firms
Serra Verde, a Brazilian rare earths mining company, has reduced the contract durations of its Chinese processing agreements, allowing it to potentially supply Western companies once their separation capacity is available in the coming years. China is the largest supplier of rare earths in the world, and 90% of it is processed. This makes it vital to electronics, defence, electric vehicles, wind turbines and other industries. Serra Verde, when developing its mine, agreed to 10-year deals with Chinese companies for the purchase of its concentrate.
Cane-ethanol producers in Brazil do not see corn-ethanol as a threat
Plinio Nastari of the agribusiness consultancy Datagro said that the growing demand for ethanol should be used to ensure that corn is not used as a feedstock in the production of biofuels. Since the turn of the century, corn-based ethanol has tripled in Brazil while cane-based production has stagnated. Brazil's cane-mills are able to produce sugar or ethanol. Nastari said at a conference of the sugar industry that Brazil could absorb more corn-based and cane-based cane ethanol.
Romania adopts decree to control Lukoil local assets
The coalition government in Romania approved a decret on Tuesday that allows it to control the assets local of companies subject to international sanctions such as Russia's Lukoil. Lukoil operates 320 petrol stations across Romania. It is the third largest refinery in the country and has offshore exploration rights for a part of the Black Sea. For weeks, the refinery has been closed for maintenance. It accounts for about one-quarter of Romania's fuel supplies.
Signing a maritime demarcation agreement between Lebanon and Cyprus opens the door to possible energy exploration
On Wednesday, Lebanon and Cyprus signed the long-awaited maritime delimitation agreement. This will pave the way for the exploration of gas fields offshore and the energy cooperation in Mediterranean. The agreement was signed at Lebanon's Presidential Palace by the Lebanese president Joseph Aoun, and the Cypriot president Nikos Christodoulides. Both leaders told reporters that the signing would indicate a deeper level of cooperation between Lebanon and EU-member Cyprus. Christodoulides stated, "This agreement is historic.
Sources claim that Fedun, the co-founder of Lukoil, has sold his stake to the company.
Three sources and data show that Leonid Fedun sold his $7 billion stake in Lukoil. This marked the end of a 30-year journey which made Lukoil an international force, but saw it recently shrinking rapidly under sanctions. Lukoil, which had avoided Western sanctions for months over Russia's invasion in Ukraine, was severely hit by Western sanctions and now is selling its foreign assets. Analysts have long suggested that the company could be a target for Rosneft - a state-controlled competitor, which is now also subject to Western sanctions.
Syria signss gas cooperation agreement with ConocoPhillips & Novaterra
Syria's Energy Ministry announced on Tuesday that the Syrian Petroleum Company and U.S. ConocoPhillips have signed a Memorandum of Understanding to expand their cooperation in natural gas. Syria produces only a fraction (of the electricity needed) of what it requires today due to the destruction caused by its 14-year civil conflict. However, the power supply has significantly improved in recent months, thanks to gas imported from Azerbaijan, and Qatar.
Germany reduces plans for new gas-powered generation as part of the decarbonisation compromise
Germany has reduced the amount of gas fired power capacity that it plans to develop, to about 10 gigawatts. This is half of what was planned at the beginning of the year. The goal is to strike a balanced between decarbonisation, and supporting intermittent renewables. Friedrich Merz, the conservative Chancellor and his Social Democrat coalition partner reached a decision late Thursday night. It was a compromise that sought to satisfy both those…
Carlyle is exploring options to purchase Lukoil's foreign assets, according to sources
Three sources familiar with this situation have confirmed that the U.S. Carlyle private equity firm is looking at options to purchase foreign assets of Russian oil giant Lukoil. As part of their efforts to get the Kremlin into peace talks on Ukraine, the U.S. has imposed sanctions on Lukoil and blocked its attempt to sell assets ahead of the November 21, sanctions deadline. Lukoil produces 2% of the world's oil at home and abroad. It has announced that it is looking for buyers of its international assets.
Carlyle is exploring options to purchase Lukoil's foreign assets, according to sources
Three sources familiar with this situation have confirmed that the U.S. private-equity giant Carlyle is looking at options to purchase foreign assets of Russian oil major Lukoil. As part of its efforts to get the Kremlin into peace talks on Ukraine, the U.S. has imposed sanctions on Lukoil and blocked Lukoil from selling assets to Swiss-based Gunvor before the deadline of November 21, 2015. Lukoil produces about 2% of the global oil production at home and abroad. It has stated that it is looking for buyers for its global assets.
Lukoil attracts buyers for its foreign assets
The foreign assets of Russian oil giant Lukoil, which range from Egypt to Kazakhstan are attracting bidders. Time is running out for the deals to be completed before U.S. sanctions are enforced. As part of their efforts to get the Kremlin into peace talks on Ukraine, the U.S. has imposed sanctions against Lukoil. They have already blocked Lukoil’s attempts to sell foreign assets before the deadline of November 21, 2015. Sanctions have already affected Lukoil operations in Iraq and at pump stations in Finland, as well as a refinery located in Bulgaria.
The US wants Europe to continue using oil and gas instead of renewable energies
The world's investments in renewable energies aren't paying off and should be focused on securing a reliable supply of fossil fuels. This was the message from U.S. Energy and Interior Secretaries this week, as they tried to convince Europe to purchase more U.S. gas and oil. On the back of U.S. shale gas boom, the U.S. is now Europe's largest oil and natural gas supplier. Its companies are trying to increase their share at a time when the European Union is attempting to cut off all remaining Russian energy imports. The message of U.S.
ADNOC Drilling continues to expand in the Gulf with a new acquisition
ADNOC Drilling announced on Wednesday that it will buy 80% of regional drilling and oilfield service provider MB Petroleum Services, for a total enterprise value worth $204 million (749 millions dirhams). This marks a new expansion in the Gulf. ADNOC Drilling has acquired SLB's offshore rig business in Oman, Kuwait and Oman. This is its second major regional acquisition. Youssef Salm, ADNOC Drilling’s Chief Financial officer, said that such deals are a blueprint for future growth.
ADM shares fall after ADM lowers its profit forecast for 2025 due to biofuel and trade uncertainties
Grains trader Archer-Daniels-Midland cut its 2025 profit forecast for a third straight quarter on Tuesday as U.S. biofuel policy uncertainty and global trade disruptions pressured oilseed crush margins. The shares were down about 1 percent at midday after falling nearly 11 percent in premarket trading. ADM's earnings and those of its peers in the agribusiness sector have been eroded over recent quarters as a result of abundant global crop supplies, and a volatile commodities market that has weakened margins. The U.S.
J-Power shuts down two coal-fired plants and commits to offshore wind project
J-Power, Japan's Electric Power Development Company (J-Power), announced on Friday that it would decommission 2 coal-fired plants by March 2029 in order to achieve its 2030 goal of reducing carbon dioxide emissions by 46 percent from 2013. Hitoshi Kano also reiterated the company's intention to complete the Oga, Katagami, and Akita offshore project in the northern Akita Prefecture within the framework of Japan's public auction second round. J-Power…
Exxon exceeds Q3 profit expectations on higher Guyana and Permian production
Exxon Mobil surpassed Wall Street expectations for the third quarter earnings on Friday. This was due to higher oil and natural gas production in Guyana, and the Permian basin, which helped offset lower oil prices. LSEG data shows that adjusted earnings for the quarter July-September were $8.1 billion or $1.88 a share. This was higher than analysts' expectations of $1.82 a share. Brent crude prices were $68.17 on average in the third quarter of this year, down 13% over the same period a year ago. Exxon is the largest U.S. oil company.
BW Energy reports encouraging preliminary results for Kharas well offshore Namibia
BW Energy announced on Friday that the preliminary results of its Kharas-1 well, which was drilled offshore Namibia in the Kudu license, were encouraging and indicated the presence hydrocarbons. The results come after a series of discoveries made by oil companies including TotalEnergies and Shell, which have transformed the small Southern African nation into a hotspot for exploration. BW Energy said that the appraisal well had provided geological data for a wider petroleum system.
Exxon-related jitters cause Mozambique international bonds to tumble
Mozambique’s only international bond fell on Thursday, after ExxonMobil executives cancelled abruptly a media appearance the day before with the president of the country. Investors said that the cabinet's approval of Alvarez & Marsal as a firm to help with a "public-debt restructuring" also alarmed some on the market. The bond fell more than three cents, to 85.5 cents per dollar, before recovering to a loss of 2.2 cents. The press conference, which included Exxon executives as well as Mozambique President Daniel Chapo…