Dutch court maintains freeze on Gazprom pipeline assets
Tom Jones 17 November 2025
The frozen assets are in Dutch bank ABN Amro (Credit: shutterstock.com/Dutchmen Photography)
A Dutch court has upheld the provisional attachment of assets of a gas pipeline operator owned by Russia’s Gazprom, which were frozen by a Ukrainian energy company seeking to enforce a US$300 million investment treaty award.
https://globalarbitrationreview.com/article/dutch-court-maintains-freeze-gazprom-pipeline-assets
This paper extends the New Industrial Policy Observatory (NIPO) dataset from 2009 to 2023 by employing large language model techniques to identify policy motivations. We document widespread industrial policy adoption across advanced and emerging market economies since the Great Financial Crisis, which was implemented primarily through subsidies and trade restrictions. We identify a structural break around 2020, characterized by accelerated policy activity and the emergence of “new industrial policies” motivated by supply chain resilience, national security, and geopolitical concerns, in addition to policies focused on competitiveness and climate objectives, which were already prevalent in previous years. Policies have targeted dual-use and various advanced technology sectors, as well as their upstream inputs, such as critical raw materials and minerals. We find that geopolitical risk and tit-for-tat retaliation have played a greater role in driving industrial policy after 2020, and that this support extends beyond existing sectors of comparative advantage.
https://globaltradealert.org/reports/Industrial-Policy-Since-the-Great-Financial-Crisis
Donald Tusk (brown jacket, hands in pocket) visits the site of the damage in a photo he posted on XPhotograph: Twitter/X
Here is a summary of what we know so far:
Event
In the end of October, contrarily to polling predictions, Javier Milei achieved a landslide victory in the midterm elections, with his party La Libertad Avanza (LLA) winning 41% of the vote over 32% for the opposition alliance. This result marks a strong public endorsement of his macroeconomic reform agenda.
Impact
This clear election victory comes as a relief to panicking financial markets. In the run-up to the midterms, the Argentine peso experienced multiple runs, weekly breaching the upper limit of its managed exchange rate band (see graph 1), triggering a quick decrease in foreign exchange reserves. In September, Milei’s poor performance at the local elections in Buenos Aires had casted doubt about his political momentum amid multiple domestic shocks. To contain market panic, the US took the unusual step to directly purchase Argentine pesos (for around USD 2 billion) and offered an extraordinary bailout programme with a USD 20 billion swap line upon the condition that President Milei secures a (large) electoral win.
Today, President Milei’s strong electoral win appears to have secured the USD 20 billion US swap line, although the specific conditions linked to it remain undisclosed. Moreover, LLA now holds sufficient legislative power to advance fiscal reforms without the opposition being able to overturn key legislation (which it did in the run-up to the midterm elections), safeguarding Argentina’s fiscal surplus and vital IMF programme. However, to implement deeper structural reforms with a long-term impact, Milei will need to build alliances with other political parties, an area where he has historically struggled.
In the short term, pressures on the Argentine currency should ease and foreign exchange reserves remain at an acceptable level (see graph 2). Nonetheless, risks remain elevated. First, Argentina’s government will need to quickly accumulate foreign currency reserves, given more than USD 25 billion of external debt service is due in 2026. Second, the currently managed currency band is overvalued and impedes foreign exchange reserves build-up, yet the Argentine authorities are committed to maintaining it. Furthermore, continuous US backing may hinge on Argentina distancing itself from China – Argentine’s main trade partner and provider of a USD 13 billion swap line, included in the foreign exchange reserves data – amid intensifying geopolitical rivalry, Milei’s political stability (while unrest is likely to increase) and reform credibility. Finally, another run on the peso and a quick decrease in foreign exchange reserves cannot be ruled out in the medium term given the overvalued exchange rate, and particularly in the run-up to the presidential elections of 2027. Argentina’s history of balance of payment crises and the implementation of foreign exchange controls underscore these vulnerabilities.
In this context, the outlook for the short-term political risk (6/7) – which represents the country’s liquidity – and for the medium- to long-term political risk (7/7) is stable.
The price of Russia’s flagship Urals crude at the Black Sea plunged to as low as $36.61 per barrel at the end of last week, the lowest in nearly three years, as the U.S. sanctions on the two biggest Russian producers and exporters, Rosneft and Lukoil, are slated to take effect from Friday.
On Thursday last week, the price of Urals loaded at the Novorossiysk port in the Black Sea slumped to $36.61 per barrel, before recovering slightly on Friday, according to data from Argus Media and Bloomberg. That’s the lowest Urals has traded since March 2023, when Russian crude prices plunged with the EU embargo on Russian crude oil imports.
The price of Urals loading from the Baltic Sea ports has also plummeted since the United States announced at the end of October sanctions on Rosneft and Lukoil. The sanctions sent Russia’s key buyers, China and India, scrambling for alternatives for fear of running afoul of the U.S. restrictions and being slapped secondary sanctions.
The discount of Urals at the Baltic Sea and Black Sea export terminals relative to the international Brent benchmark widened to an average of $23.52 a barrel at the end of last week, according to Argus data cited by Bloomberg.
The recent surge in the discount is the second time this year Urals has exceeded a $15 per barrel discount to Brent, after the Biden Administration’s last sanctions on Russia imposed in early January.
The widest discount was hit in 2022 and early 2023 – at over $30 per barrel below Brent, immediately after the Russian invasion of Ukraine and the introduction of a Russian oil embargo in the EU from 2023.
The widening discount of Urals will now weigh further on Russia’s oil revenues, the biggest budget income for the Kremlin to finance the war in Ukraine. October revenues for the Russian budget collapsed by 27% from a year earlier, as international oil prices dropped, sanctions on Russia intensified, and the Russian ruble strengthened.
By Michael Kern for Oilprice.com
https://oilprice.com/Energy/Crude-Oil/Russias-Oil-Price-Plummets-to-36-Per-Barrel.html
Middle East crude benchmark spot premiums of Oman, Dubai and Murban slid on Monday, having touched more than one-week lows in previous week, as the market continue to face ample supply pressures.
News of loadings resumed at the key Russian export hub of Novorossiysk after a two-day suspension due to a Ukrainian attack also eased some supply concerns and pushed down global oil benchmark prices on Monday.
SINGAPORE CASH DEALS
Cash Dubai's premium to swaps fell 13 cents to 78 cents a barrel.
Unipec and PTT will each deliver a January-loading Upper Zakum crude to Trafigura following the deals.
NEWS
Indonesian state energy firm PT Pertamina's 2025 oil and gas production is estimated at 1.03 million barrels of oil equivalent per day, chief executive Simon Mantiri said on Monday.
Indonesia's Chandra Asri Pacific TPIA said on Monday it has secured a bespoke $750 million financing package from investment firm to support its purchase of ExxonMobil's XOM Esso-branded retail fuel station network in Singapore.
Serbia secured a three-month licence from the U.S. to try to find a buyer for its Russian-owned oil company, NIS, which is under sanctions that threaten fuel supplies ahead of winter, energy minister Dubravka Djedovic-Handanovic said on Saturday.
The Trump administration on Friday gave clearance to potential buyers to talk to Russia's Lukoil about buying its foreign assets and allowed business dealings with Lukoil's Burgas refinery after Bulgaria moved to seize the plant.
In this post:
India has agreed to import almost 10% of Liquefied Petroleum Gas (LPG) from the U.S. in a historic first for organized U.S. energy sales to New Delhi. Indian Union Minister of Petroleum and Natural Gas Hardeep Singh Puri said on the X platform that the India-U.S. agreement aims to diversify India’s energy supplies.
He added that India seeks to address its trade surplus with the U.S. in the context of altering bilateral relations.
According to Singh Puri, the acquisition of LPG would use Mount Belvieu as the standard for LPG. Singh Puri revealed that over the previous few months, representatives from IndianOil, BPCL, and HPCL had traveled to the United States to discuss the deal with major producers.
India secures Historic U.S. LPG supply deal
Singh Puri stated that the discussions about the agreement ended today. He confirmed that Indian state-owned oil corporations have inked a one-year contract with the U.S. Gulf Coast to import around 2.2 million tonnes of LPG annually. Notably, he described the U.S Gulf Coast deal as “a historic first.”
According to Puri, the purchase of LPG would be the first structured contract of U.S. LPG for the Indian market.
Puri mentioned on the X platform that Prime Minister Narendra Modi, the head of the public sector oil companies in India, has made LPG available to consumers at a lower price. He revealed that Modi made sure that beneficiaries of the Ujjwala system continued to pay only ₹500–550 (US$6) per cylinder, despite the fact that global prices increased by more than 60% last year.
Puri further stated that the true cost of LPG was more than ₹1,100 (US$12.41). According to Puri, last year, the Indian government paid nearly ₹40,000 crore or approximately US$4.9 billion to protect consumers from soaring LPG costs abroad.
“We believe that this move is for diversifying our LPG sourcing, which is currently concentrated in the Middle East, and also to reduce trade surplus with the U.S.”
-Bineet Banka, Research Analyst at Nomura Financial Advisory & Securities.
According to Banka, India imports between 20 and 21 million tons of LPG yearly. Banka argued that if 10% of that supply comes from the U.S. at present prices, that means an additional $1 billion in imports from the U.S. However, Banka further claimed that the extra imports are “not much” in comparison to India’s $40 billion trade surplus with the U.S.
U.S.-India trade tensions escalate under Trump’s tariff actions
Relations between the U.S. and India have been tense since Washington levied a 50% tariff on Indian exports in August. According to a White House report, the U.S imposed a reciprocal duty of 25% on indian goods as part of a larger plan to improve domestic industries and correct trade imbalances. The remaining 25% was attributable to India’s imports of Russian oil.
President Trump stepped up his criticism of India in September, referring to trade ties with the country as “a totally one-sided disaster!”
Trump reiterated on his social media platform, Truth Social, that India was purchasing weapons and oil from Russia. According to data provided by tanker tracker Kpler, as of November 17, India’s imports of Russian crude oil remain at 1.85 million barrels per day, up from 1.6 million barrels in October.
However, Trump further accused New Delhi of selling the U.S. “massive amounts of goods” while placing high tariffs on American exports to India.
“The reason is that India has charged us, until now, such high Tariffs, the most of any country, that our businesses are unable to sell into India. It has been a totally one sided disaster!”
–Donald Trump, U.S. President.
In 2024, the World Trade Organization (WTO) Trade-weighted data reveal that India imposed a mean tax of 6.2% on U.S. imports. The data also reveal that the U.S. imposed a duty of 2.4% on Indian goods.
https://www.cryptopolitan.com/india-boosts-u-s-lpg-energy-imports/
Source: Xinhua| 2025-11-18 04:42:15| Editor: huaxia
CAIRO, Nov. 17 (Xinhua) -- Egypt's Petroleum Ministry said on Monday it has made a new natural gas discovery in the Western Desert, with initial tests showing a promising daily output of about 36 million standard cubic feet.
The discovery was made by Khalda Petroleum Company, a major operator in Egypt's energy sector, the ministry said in a statement.
The exploratory well, Gomana-1, was drilled after electric logs indicated substantial gas-bearing zones, it said. Testing and a preliminary assessment of the well's reserves are under way, and Khalda is working to bring the well into production within two days, according to the ministry.
The find is the latest in a series of discoveries by Khalda Petroleum and its international partner, Apache Corporation, as they continue to develop gas and oil resources in the Western Desert.
The ministry said the additional output will support Egypt's strategy to maximize domestic production and reinforce its role as a regional energy hub.
Egypt has been trying to boost its oil and gas production amid a decline in natural gas output in recent years. In August, Prime Minister Mostafa Madbouly said Egypt's current natural gas production stands at 4.1 billion cubic feet per day and is expected to rise to 6.6 billion cubic feet per day by 2027.
https://english.news.cn/africa/20251118/08361b1b792048c09a786cb08107fab3/c.html
China purchased at least 14 cargoes of U.S. soybeans on Monday, marking the largest single buying spree since January and the most significant since the October summit between President Donald Trump and President Xi Jinping in Busan, South Korea.
Sana Khan - November 18, 2025
U.S. President Donald Trump (L) and China's President Xi Jinping shake hands while walking at Mar-a-Lago estate after a bilateral meeting in Palm Beach, Florida, U.S., April 7, 2017. REUTERS/Carlos Barria/File Photo
China purchased at least 14 cargoes of U.S. soybeans on Monday, marking the largest single buying spree since January and the most significant since the October summit between President Donald Trump and President Xi Jinping in Busan, South Korea. The move comes as China seeks to fulfill pledges made to the U.S. at the summit, despite paying significantly higher prices than rival Brazilian offers. The deals, arranged by China’s state-owned grain trader COFCO, cover shipments from both the U.S. Gulf Coast and Pacific Northwest ports for December and January deliveries, totaling at least 840,000 metric tons.
Why It Matters
The purchases signal China’s commitment to honoring its trade promises to the U.S., despite a history of sourcing soybeans from cheaper suppliers like Brazil and Argentina during the trade war. For American farmers, this represents a vital boost, pushing U.S. soybean futures to a 17-month high and easing pressure on an agricultural sector battered by low prices and high input costs. Strategically, the deals demonstrate that trade commitments made at high-level summits can translate into concrete market shifts, influencing global commodity flows and pricing.
Key stakeholders include U.S. soybean farmers and exporters, who stand to benefit from renewed Chinese demand; COFCO and other Chinese buyers, which are paying premium prices to meet political commitments; and rival exporters, particularly in Brazil and Argentina, whose competitive pricing is currently undercut by geopolitical considerations. U.S. trade negotiators also have a stake, as the sales are a tangible outcome of diplomatic efforts to ease trade tensions.
What’s Next
Further purchases are likely as China continues to meet its commitment of 12 million metric tons for the year. The premium pricing may influence U.S. soybean markets in the near term, sustaining higher futures and cash premiums. Exporters will monitor whether the political imperative behind these purchases continues to outweigh cost considerations, and whether this renewed demand will stabilize U.S. farm incomes or encourage long-term shifts in global soybean trade patterns.
Nov 17, 2025 7:32 PM EST
Key Points
Gold prices have retreated recently, raising questions about whether we are nearing the end of the yellow metal’s impressive rally this year.
After surging to all-time highs near $4,400 per ounce in October, the precious metal retreated below $4,000 per ounce in late October. Since then, it has bounced around, trading between $3,900 and $4,205, before closing at $4,054 on November 17.
The recent action has left gold bugs wondering if they should “buy the dip” in gold or sell to lock in profits.
Annual gold returns since 2020:
Dip buyers appear to be holding the line below $4,000, but gold remains down 7.4% over the past month. That’s hardly reassuring, but Goldman Sachs has recently revisited its gold price outlook for 2026, highlighting one major catalyst that is likely to determine the next move in prices.
Gold surges in 2025 as yields fall, Dollar dips
The U.S. economy is performing well, based on GDP growth; however, considerable cracks, in the form of unemployment and inflation, have emerged that have boxed in the Federal Reserve.
The jobs market is creating fewer new jobs than it was in 2024, according to payroll processor ADP. Layoffs are surging, and unemployment has risen to its highest level since 2021. Meanwhile, President Donald Trump’s tariff strategy has increased import costs, leading to a rise in inflation.
In August, the Bureau of Labor Statistics reported that the unemployment rate was 4.3%, up from 3.4% in July. Challenger, Gray, & Christmas data show U.S. employers have announced 1.1 million layoffs this year through October, up 44% from the same period in 2024.
According to a study by Resume.org, four out of 10% companies laid off workers in 2025, and 60% expect to cut workers in 2026.
Meanwhile, the Consumer Price Index, or CPI, showed inflation was 3% in September, up from 2.3% in April, before most tariffs went into effect.
The jobs and inflation data put the Fed in a precarious position because its dual mandate is low unemployment and inflation, and these two goals often run contrary to one another.
Still, the Fed reduced interest rates by a quarter percentage point at its FOMC meetings in September and October, and many expect it to continue supporting the jobs market into 2026.
In addition to concerns over jobs and inflation, the U.S. economy also faces a significant headwind from its debt, as well as worries that foreign central banks’ appetite for financing our spending might wane.
The backdrop has caused Treasury yields to fall and the U.S. Dollar to decline. The 10-year Treasury yield is 4.14%, down from 4.77% in early January. The U.S. Dollar Index has dropped to 99.5 from 109 over the period.
That’s been good for gold because, historically, gold prices tend to move in the opposite direction of yields and the dollar. Lower Treasury yields make them less attractive as a safe-haven alternative to gold, and because gold is priced in U.S. Dollars, Dollar weakness makes gold more affordable to foreign buyers, including central banks.
Goldman Sachs revisits 2026 gold forecast
The recent volatility in gold prices has occurred as Treasury yields have risen from below 4% to their current levels. The Dollar has also contributed to gold’s recent drop, rising about 1% in the past month.
Still, Goldman Sachs thinks that the catalysts underpinning gold will continue to offer support, making the pullback relatively short-lived, particularly given that central banks remain buyers.
“The gold price broke higher last week, jumping about $25 in a vertical move during last Monday’s Asia hours and rising nearly 6% before correcting on Friday to just under $4,100. The timing, size and speed of last Monday’s price increase are consistent with Asian central bank buying,” wrote Goldman Sachs analysts in a research report provided to clients and shared with TheStreet.
The top investment bank, which was founded 156 years ago, has seen its share of gold booms and busts. It says central bank buying has accelerated and will continue strong into next year.
“Our GS nowcast estimates central bank purchases at 64 tonnes for September (vs. 21 tonnes in August), and central bank buying likely continued in November. We continue to see elevated central bank gold accumulation as a multi-year trend, as central banks diversify their reserves to hedge geopolitical and financial risks,” wrote the analysts.
Goldman Sachs estimates central banks will buy a monthly average of “80 tonnes in 2025Q4-2026.” The bank estimates that Qatar bought 20 tonnes of gold in September, Oman acquired 7 tonnes, and nd China bought 15 tonnes.
Overall, the pace of buying by central banks led Goldman Sachs to stick to its forecast that gold prices will climb to $4,900 by end-2026. It also says that prices could wind up even higher if trends by retail investors to include gold in portfolios continue.
“The pickup in central bank buying, together with the largest monthly gold Western ETF inflow (112 tonnes) since mid-2022, marks the first time in this cycle that strong post-2022 central bank demand and such a sizable increase in ETF holdings have occurred simultaneously,” wrote the analysts.
https://www.thestreet.com/investing/goldman-sachs-revisits-gold-price-forecast-for-2026
Posted on 17 Nov 2025
Industrial technology major Emerson has announced that global mining company South32 has chosen its advanced automation solutions and engineering expertise to support the zinc deposit of the Hermosa mine project in Arizona.
The multi-million-dollar automation project will deploy integrated remote operations systems for South32’s first ‘next generation mine,’ enabling the production of critical minerals while minimising environmental impact.
Global demand for zinc, silver and lead is forecast to rise roughly 10-25% by 2035, driven by industrial growth, electrification and renewable energy expansion. The Hermosa project will produce those critical metals and others to support transportation infrastructure, battery production, construction, defence technologies, solar energy and corrosion-resistant steel manufacturing for a low-carbon future.
Emerson’s advanced software enables key efficiencies to be designed into South32’s Centro, its remote operations centre, currently under construction about 30 miles from the mine site. Centralised control software, asset management systems, smart field devices and remote operations technologies will be integrated to improve safety, efficiency and environmental performance. Centro is a commercial, office-style facility that will host approximately 200 full-time staff to remotely monitor and operate underground and surface equipment.
“The Hermosa project represents the kind of forward-looking investment that drives both economic growth and energy security,” said Ram Krishnan, Chief Operating Officer of Emerson. “By combining advanced automation with a commitment to environmental responsibility, South32 is setting a new standard for sustainability and innovation in mining.”
Emerson says its DeltaV™ automation platform will help make this possible by gathering real-time data from across the mine into a single secure control system. Operators will remotely monitor and optimise key systems – from ore handling to power and water usage – while running a fully digital, low-emission mining operation.
Caltrol, Emerson’s Impact Partner in the region, will support the project with expert service and maintenance, ensuring rapid response, consistent engineering standards and emergency support.
South32 is a Perth-based, globally diversified mining and metals company with operations in Australia, India, China, Japan, the Middle East, Mozambique, the Netherlands, Brazil, South Africa, South Korea and the United States.
https://im-mining.com/2025/11/17/emerson-selected-to-automate-south32s-hermosa-project/
Base Metals
Copper: Copper prices fell as a slightly firmer dollar and broader macro concerns weighed on prices. Benchmark three-month copper on the LME was down 0.5% at $10,802. There is little change regarding narrative on copper, with markets eyeing upcoming data out of the US for clues on Fed direction and for signs of economic activity. Sentiment has recently been weighed down by disappointing data out of China, where recent industrial data has been uninspiring even as major infrastructure and green energy investments support long-term demand. Speculation has been growing that Beijing will target the copper refining industry in its drive to reduce overcapacity, following calls from China’s nonferrous metals association for tighter oversight of new smelting projects. The cash LME copper contract last traded at an $18-a-ton discount to the three-month forward, indicating no pressing need for short-term metal.
Zinc: Zinc was up 0.1% to $3,023. The zinc cash contract is seeing a $208 premium, underscoring supply tightness amid low LME stocks of less than 40,000 tons.
Aluminum: Aluminum fell 0.9% to $2,833.
Tin: Tin slipped 0.1% to $36,750.
Lead: Lead dropped 0.7% to $2,050.
Nickel: Nickel shed 1% to $14,740.
Precious Metals
Gold: Gold prices moved lower in muted activity as investors await clues on Fed policy ahead of a delayed September jobs report due on Thursday, while PMI data due Friday will also shine some light on current economic conditions. Fed Funds futures are showing less than a 50% chance of a September rate cut from the Fed, down significantly from just over a month ago, as several Fed officials have voiced concerns for cutting rates in December. September’s report will likely stir volatility, although it will come up short of being reflective of the state of the labor market given that the report is two months old. Accurate and reflective figures likely will not come until early January, when December’s report is due, and those figures could also be distorted due to the shutdown as well.
The Fed will also publish its meeting minutes from October on Wednesday, which could offer clues regarding how many members would support a rate cut in December. Markets will continue to look to private figures for clues to the state of the US economy. S&P PMI data out Friday is likely to gain attention, especially in regard to its employment and prices indexes, after ISM’s PMI data had suggested that labor market conditions remain weak and price pressures, specifically in the services sector, remain elevated.
The long-term outlook for gold will remain supported by continued central bank purchasing.
Silver: Silver futures fell 0.6% to $50.38.
Platinum: Platinum is 1% lower at $1,549.
https://www.admis.com/the-narrative-around-copper-has-not-changed/
Iron ore futures prices climbed on Monday to their highest in two weeks, driven by firm near-term demand and revived hopes of stimulus from top consumer China after a raft of weak data.
The most-traded January iron ore contract on China's Dalian Commodity Exchange (DCE) TIO1! closed daytime trade 1.81% higher at 788.5 yuan ($110.97) a metric ton, its highest level since November 3.
The benchmark December iron ore (SZZFZ5) on the Singapore Exchange rose 1.57% to $104.2 a ton, as of 0715 GMT, its highest level since November 4.
China will strengthen fiscal policy over the next five years, the country's finance minister said on Saturday in an interview with Xinhua News Agency.
The world's second-largest economy is on track to achieve its annual growth target of around 5%, but a batch of weak data has underlined challenges ahead and reignited hopes of stimulus from a politburo meeting in December.
Meanwhile, an unexpected improvement in demand has supported a rebound in ore prices, analysts at broker Zhenxin Futures said in a note.
The average daily hot metal output, a gauge of iron ore demand, snapped six straight weeks of decline and climbed 1.1% on-week to a three-week high of 2.37 million tons, as of November 13, data from consultancy Mysteel showed.
Price gains were still limited though, due to pressure from swelling portside inventories and rising shipments.
Other steelmaking ingredients coking coal NYMEX:ACT1! and coke (DCJcv1) climbed 0.75% and 1.76%, respectively.
Steel benchmarks on the Shanghai Futures Exchange gained ground. Rebar RBF1! rose 1.64%, hot-rolled coil EHR1! jumped 1.57%, wire rod (SWRcv1) ticked 0.52% higher and stainless steel HRC1! nudged up 0.04%.
($1 = 7.1054 Chinese yuan)
