China is considering easing its recently imposed export restrictions on rare earth elements for European semiconductor companies, Chinese media reported on Wednesday, signalling that Beijing may be attempting to stabilize global supply chains amid mounting tech industry panic. In April, China added seven rare earth elements and related products to its export control list, making it mandatory for exporters to obtain licenses regardless of the end customer's nationality. While some licenses have been granted, the complex and lengthy approval process…

China’s Geo-Jade Petroleum has signed a swathe of major contracts that give Beijing control over Iraq’s first fully integrated energy project. This comprises a development project to increase production at the Tuba oil field from 20,000 barrels per day (bpd) to 100,000 bpd, constructing a 200,000-bpd high-specification refinery, and building a 620,000 tonnes annual capacity petrochemical plant, according to Iraq’s Oil Ministry. It also includes the construction of a 520,000-tonne annual capacity fertilizer plant, developing a…

China is considering easing its recently imposed export restrictions on rare earth elements for European semiconductor companies, Chinese media reported on Wednesday, signalling that Beijing may be attempting to stabilize global supply chains amid mounting tech industry panic. In April, China added seven rare earth elements and related products to its export control list, making it mandatory for exporters to obtain licenses regardless of the end customer's nationality. While some licenses have been granted, the complex and lengthy approval process…

Germany plans to do all it takes to keep the Nord Stream 2 pipeline offline, German Chancellor Friedrich Merz said on Wednesday at a news conference with Ukrainian President Volodymyr Zelensky in Berlin. “We will do everything in this context to ensure that Nord Stream 2 cannot be put back into operation,” Merz said, as quoted by Agence France-Presse (AFP). Germany will continue to increase the pressure on Russia, the chancellor added. Nord Stream 2, an $11-billion project to carry Russian natural gas from Russia to Germany via the…

Russia could consider adjusting the oil price level in its so-called budget rule amid falling oil prices, Finance Minister Anton Siluanov said on Wednesday. Under the budget rule, Russia has a baseline price of $60 per barrel of oil, above which it funnels excess revenue to its National Wealth Fund, a rainy-day reserves fund. However, when the price is below $60 per barrel – as Russia’s crude grades have been for two months now – Russia taps into the fund to offset shortfalls in revenue from oil and gas exports. Changing the so-called…

Russia could consider adjusting the oil price level in its so-called budget rule amid falling oil prices, Finance Minister Anton Siluanov said on Wednesday. Under the budget rule, Russia has a baseline price of $60 per barrel of oil, above which it funnels excess revenue to its National Wealth Fund, a rainy-day reserves fund. However, when the price is below $60 per barrel – as Russia’s crude grades have been for two months now – Russia taps into the fund to offset shortfalls in revenue from oil and gas exports. Changing the so-called…

US President Donald Trump again lashed out at his Russian counterpart Vladimir Putin after Russia capped a three-day bombing spree with its biggest aerial attack of the more than three-year war, which the Kremlin responded to by saying its defending its "national interests." Trump said he has so far "protected" Russia from undisclosed painful measures but hinted he was losing patience as Putin continues to ignore his push for a cease-fire. "What Vladimir Putin doesn't realize is that if it weren't for me, lots of really bad things would have already…

The value of Russian crude oil exports have sunk in May to the lowest level in over two years, data on shipments and Russian crude prices compiled by Bloomberg showed on Wednesday. The volume of Russian crude oil exports in the four weeks to May 25 barely changed from the previous four weeks to May 18, but the value of the shipments dropped to the lowest level since April 2023, according to the data reported by Bloomberg’s Julian Lee. In the four weeks to May 25, Russia exported on average 3.39 million barrels per day (bpd) of crude oil,…

The value of Russian crude oil exports have sunk in May to the lowest level in over two years, data on shipments and Russian crude prices compiled by Bloomberg showed on Wednesday. The volume of Russian crude oil exports in the four weeks to May 25 barely changed from the previous four weeks to May 18, but the value of the shipments dropped to the lowest level since April 2023, according to the data reported by Bloomberg’s Julian Lee. In the four weeks to May 25, Russia exported on average 3.39 million barrels per day (bpd) of crude oil,…

The value of Russian crude oil exports have sunk in May to the lowest level in over two years, data on shipments and Russian crude prices compiled by Bloomberg showed on Wednesday. The volume of Russian crude oil exports in the four weeks to May 25 barely changed from the previous four weeks to May 18, but the value of the shipments dropped to the lowest level since April 2023, according to the data reported by Bloomberg’s Julian Lee. In the four weeks to May 25, Russia exported on average 3.39 million barrels per day (bpd) of crude oil,…

China has asked its coal-fired power plants to boost stockpiles with domestic supply as authorities aim to push up local demand and prices, anonymous sources familiar with the matter told Reuters on Wednesday. Coal prices in China have been depressed this year, weighing on the profits and profitability of the coal producers. China’s coal prices have dipped by about 20% so far in 2025. The National Development and Reform Commission (NDRC), the state planner of China, has asked coal power plants to boost stockpiles by 10%, according to Reuters’…

After six years of reviews and delays, Australia’s federal government has approved a proposal that would see the operating life of its biggest and oldest LNG plant extended to 2070. Murray Watt, Australia’s Minister for the Environment and Water, said on Wednesday that he has decided to approve the extension of the life of the North West Shelf gas processing plant in Karratha, Western Australia, subject to strict conditions, “particularly relating to the impact of air emissions levels from the operation of an expanded on-shore…

After six years of reviews and delays, Australia’s federal government has approved a proposal that would see the operating life of its biggest and oldest LNG plant extended to 2070. Murray Watt, Australia’s Minister for the Environment and Water, said on Wednesday that he has decided to approve the extension of the life of the North West Shelf gas processing plant in Karratha, Western Australia, subject to strict conditions, “particularly relating to the impact of air emissions levels from the operation of an expanded on-shore…

After six years of reviews and delays, Australia’s federal government has approved a proposal that would see the operating life of its biggest and oldest LNG plant extended to 2070. Murray Watt, Australia’s Minister for the Environment and Water, said on Wednesday that he has decided to approve the extension of the life of the North West Shelf gas processing plant in Karratha, Western Australia, subject to strict conditions, “particularly relating to the impact of air emissions levels from the operation of an expanded on-shore…

The OPEC+ group could start talks about establishing the baselines for individual members’ production quotas for 2027 as early as today, delegates from the alliance told Reuters on Wednesday. Some big OPEC producers, such as Iraq, the United Arab Emirates (UAE), and Kuwait, plan to raise their oil production capacity in the coming years. These countries have argued that they deserve higher baseline production levels as they expand capacity. The UAE, for example, has won a higher baseline for 2025 and 2026. The baselines are important in OPEC…