Cabinet-level talks between the U.S. and China are accelerating in the run-up to the leaders' summit. U.S. Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng met in Washington on the 23rd, exploring the possibility of a more comprehensive agreement in addition to extending the trade truce that expires on November 10. After the meeting, Bessent said the Chinese side had "put forward a proposal aimed at a larger deal," indicating that the U.S. would consider it favorably.
This was the second in-person meeting between the two officials this week, following their session in New York on the 20th. It is positioned as groundwork to iron out unresolved issues ahead of the U.S.-China summit scheduled for the 24th. Bessent told reporters, "We are open to simply continuing the Busan agreement as is, and we are also open to considering a more comprehensive agreement. We will make the best choice for the American people."
What the "Larger Deal" Floated in Cabinet-Level Talks Entails
According to Bessent, the Chinese side presented a larger-scale agreement proposal during the talks on the 20th. While he did not go into specifics, Hong Kong media reports suggest that a Chinese delegation could make additional announcements within the coming days, potentially including expanded purchases of U.S. agricultural products and transactions in the financial services sector.
Meanwhile, Bessent reported on X (formerly Twitter) that he had held "substantive discussions on U.S.-China economic relations." He emphasized that the focus was "on securing meaningful commitments that protect American workers, farmers, and businesses, and advance our economic and national security interests."
Ahead of the meeting, Bessent explained that the goal was to sort out "unresolved issues" before the summit. "We want strategic stability, but it needs to be based on reciprocity and fairness," he had said.
https://finance.biggo.com/news/80c643fa-f20b-4dfe-9349-45b6a83e46b3
New Delhi: India's state run fuel retailers are watching their margins evaporate in real time, and the math behind it comes down to one simple mismatch: crude oil keeps getting pricier, but the pump price hasn't moved.
Rating agency ICRA said Indian Oil Corporation, Bharat Petroleum Corporation and Hindustan Petroleum Corporation are currently losing around ₹8 a litre on petrol and ₹9 a litre on diesel, with domestic LPG cylinders adding a further under recovery of roughly ₹300 each. "At these levels, the daily loss to the OMCs is estimated at ₹530 crore," the agency said. The pressure traces directly to a sharp climb in the price of India's crude oil basket, which hit $117.4 a barrel as of September 21, a striking jump from the 2025-26 average of around $66 a barrel.
ICRA pinned the spike on three overlapping disruptions in West Asia: the renewed US-Iran conflict, the shutdown of Saudi Arabia's East-West pipeline, and heightened Houthi activity in the Red Sea. Prashant Vasisht, ICRA's senior vice president and co-group head of corporate sector ratings, said the escalation of the West Asian conflict and disruptions to key oil supply routes had driven the spike in crude prices in recent weeks, resulting in sizeable marketing losses and LPG under recoveries for the three companies.
LPG is proving to be an even deeper hole than petrol and diesel. ICRA said the cumulative negative LPG buffer, essentially the accumulated shortfall between what OMCs spend sourcing LPG and what they're allowed to charge consumers, had reached ₹61,940 crore as of June 30. The per cylinder under recovery has actually eased somewhat since its peak, ICRA estimated it at around ₹500 during the first quarter of 2026-27, moderating to roughly ₹300 by September, though that's still a meaningful daily bleed multiplied across the country's LPG customer base.
What happens next largely depends on decisions nobody has made yet. ICRA said the eventual hit to OMC earnings for 2026-27 will hinge on where crude prices head from here, product cracks, whether the government allows any retail price revisions, and how much support it extends to cover LPG under recoveries specifically. In the meantime, the agency flagged a more immediate operational consequence: sustained losses of this size are likely to push the OMCs toward heavier short term borrowing simply to fund working capital, a familiar pattern for India's fuel retailers whenever global crude spikes collide with a government reluctant to pass the increase on to consumers at the pump.
The EU created a risky precedent by lifting sanctions against prominent Russian businessmen Alisher Usmanov and Mikhail Fridman, but it can restore trust by imposing sanctions on two other billionaires who have not yet been listed. Presidential Commissioner for Sanctions Policy Vladyslav Vlasiuk made this comment, published on September 24, to Politico, reports UNN.
Details
"Vladimir Lisin and Vladimir Potanin control major companies in the steel and nickel industries that are beneficial to Russia’s war economy. Including them in the next round of individual sanctions would effectively cut off their enterprises—NLMK and Nornickel—from trade in the EU," the publication quotes Vlasiuk as saying.
"Everyone knows about these guys, but they avoid taking any action against them," Vlasiuk said. "But now, perhaps, there are levers to move this forward."
The size of the businesses owned by Lisin and Potanin, as well as their significant presence in Europe, have so far kept them off the sanctions list, the publication notes. "Lisin’s NLMK operates steel-processing facilities in Belgium’s Wallonia region, prompting the Belgian government to oppose his inclusion on the list. The company also has production sites in Strasbourg (France), Verona (Italy), and Frederiksværk (Denmark). As for Potanin, Europe’s continued dependence on Russian nickel and palladium, particularly in the automotive industry, has kept him off the list, allowing the billionaire to expand his empire during Russia’s war against Ukraine," the publication says.
Vlasiuk, it is stated, linked the cases of Lisin and Potanin to the ongoing debate over whether sanctions should be imposed on Aughinish Alumina, an Irish exporter that supplies products to Russia. "It is always the same story. You can have 20 countries for which [sanctions] are the obvious solution, and one that opposes them," he said. "This alumina export really should be banned. It is obvious to us, and we have many ideas about what to do next."
Lisin’s spokesperson wrote to Playbook: "This information campaign is unfair competition, in which the sanctions agenda is being used as a means of pressure to remove a competitor from the market and cause further significant harm to the European economy. It is common knowledge and has long been recognized that neither Mr. Lisin nor NLMK cooperate with enterprises of Russia’s military-industrial complex. NLMK produces exclusively civilian products". Representatives of Potanin did not immediately respond to a request for comment.
Aramco offering to manage logistics and transport the crude all the way to Asian customers
Problems with East-West pipeline have forced the Saudis to export more oil through Hormuz. PHOTO: REUTERS
SAUDI Arabia has sold almost 100 million barrels of oil to Asian buyers since the middle of last week, according to traders familiar with the matter, helping to avert a looming supply crunch in the region.
The crude for delivery in October and November will be sent via the Strait of Hormuz, said the traders, asking not to be named as they are not authorised to speak to media. Chinese state-run and independent refiners, as well as processors in India, Japan and South Korea are among the buyers, they said.
The unusual flurry of sales is equivalent to about one day of total global demand, and would represent a more-than-doubling of recent Saudi-to-Asia flows through Hormuz.
It comes as the kingdom’s East-West pipeline, which bypasses Hormuz by carrying oil to the Red Sea, is still not fully operational after being attacked on Sep 10. Saudi Aramco is in the early stages of restarting the conduit, and is aiming for a meaningful restoration by Saturday (Sep 26).
The problems with the pipeline have forced the Saudis to export more oil through Hormuz, with satellite data showing observed loadings from within the Persian Gulf jumping over the weekend. Critically, Aramco is offering to manage logistics and transport the crude all the way to Asian customers, the traders said.
Aramco declined to comment.
The oil will be welcomed in Asia, where Chinese and Indian refiners have been thinking about lowering run rates due to soaring prices. Iranian flows have dried up due to a US blockade, while buyers have been avoiding Russian crude because of rising political risks. That has intensified competition for grades from Africa to Latin America.
Over the course of the US-Iran war, the onus for transporting oil has gradually shifted from buyers to sellers. Persian Gulf producers used to typically offer crude on a so-called free-on-board basis, meaning customers had to send their own vessels to pick it up. However, since the start of the conflict, refiners had been reluctant to do so due to the threat of attacks. Now, gulf producers are offering to shoulder more of the shipping risks.
For sellers that do not have the capability to handle shipping on their own, like Iraq’s state oil marketer SOMO, traders and other intermediaries have stepped in to move the crude out. TotalEnergies, Vitol Group, Trafigura Group and Abu Dhabi National Oil have been among companies involved in the movement of the oil out of the Persian Gulf. BLOOMBERG
By Irina Slav - Sep 25, 2026, 2:30 AM CDT
Only nine commodity carriers passed through the Strait of Hormuz on Thursday, eight of them exiting the waterway, Reuters reported in its now regular update on tanker numbers in the strait.
The Thursday total is a further decline on already depressed numbers that have now gone from double to single digits, with the 10-day average at 18. The nine tankers that passed through Hormuz yesterday included one very large crude carrier, several Panamaxes and Supramaxes, short- and medium-range smaller carriers, and one ballast very large gas carrier, the report said.
Windward, meanwhile, reported five tankers entering the Strait of Hormuz on Wednesday, including a crude oil carrier, a couple of product tankers, and one liquefied natural gas carrier.
Owners and energy exporters are becoming increasingly careful navigating through the Strait of Hormuz amid re-escalation of hostilities this month, including strikes on tankers, the threat from the Iran-aligned Houthis in the Red Sea, and the temporary shutdown of the East-West onshore pipeline in Saudi Arabia.
The situation has deepened a shortage of tankers that emerged earlier this year due to shipowners’ unwillingness to risk the Strait of Hormuz. The shortage, in turn, has led to a surge in shipping costs for the Persian Gulf, with the rate for a very large crude carrier on the route from the Persian Gulf to China hitting an all-time high of $1.27 million this Monday before retreating modestly to $1.26 million, according to Lloyd’s List. “Crude tanker spot rates are still at astronomical levels that were unimaginable before the Hormuz crisis,” Greg Miller, author of the Lloyd’s report, noted.
In addition to this, Saudi Arabia’s ramp-up of oil exports via the Strait of Hormuz and Gulf of Oman has further deepened the tanker shortage, with Reuters reporting earlier today that the Gulf capacity for ship-to-ship transfers has reached its limits as a result of the surge in Saudi flows from the western port of Yanbu and its eastern ports on the Persian Gulf.
Phillips 66 say it will increase the flow of petrol and diesel going through the site which is being used as extra storage capacity
Lindsey Oil Refinery, near North Killingholme, pictured last summer (Image: Donna Clifford/GrimsbyLive)
Fuel has begun to flow from the Lindsey oil refinery site for the first time since it was shut down a year ago. Phillips 66 took over the former Prax Lindsey Oil Refinery after the loss of around 200 jobs from the site in Killingholme.
The Texas-based company vowed to build up transportation from the vast Lindsey site over the coming weeks. Lindsey oil refinery has been used for extra storage capacity from the neighbouring Phillips 66 refinery.
The company said the first rail shipments went out to the Warwickshire oil storage terminal this month and were quickly followed by petrol and diesel from the Killingholme Road Loading terminal.
Prax went into administration with the loss of around 200 jobs. It had at one time produced 10 per cent of the UK's domestic-produced fuel. Phillips 66 retained around 100 workers from Lindsey Oil Refinery. But production stopped and the site was integrated into Phillips 66. The firm said there were no plans to start refining operations.
The firm said: "Integrating the Lindsey infrastructure with the Humber Refinery is expected to create greater capacity, flexibility and inland optionality across the UK network, strengthening supply resilience and supporting the efficient storage, transport and delivery of products.
Neil Gerrard - Senior Editor, Construction Briefing
French energy company EDF is planning to build 10 small modular nuclear reactors (SMRs) in the European Union by 2035, in the latest of a flurry of announcements setting out ambitious timelines for the construction of smaller nuclear plants.
EDF’s senior vice president Vakisasai Ramany said at event histed by its Milan-based energy utility unit Edison that it would use SMR technology developed by its Nuward subsidiary, according to Reuters.
The first of the 10 SMRs is expected to be built in France, with another located in Italy with assistance from Edison and potentially contractors including Saipem and Webuild.
EDF is also in discussions with governments over the possibility of building plants in Poland, Belgium, and Finland.
According to Edison CEO Nicola Monti, the targeted cost from Nuward SMRs would be about €100 ($115) per megawatt hour. The plants are expected to require “tens of billions” of Euros worth of investment, according to Ramany.
The news comes as several different SMR developers look to construct plants across Europe and North America, partly as an answer to the insatiable energy demands of data centres.
Tungsten West (AIM: TUN), the owner and operator of the Hemerdon tungsten and tin mine in Devon, UK announced Wednesday it has entered into a binding eight-year supply and offtake agreement with Elmet Technologies, a member of The Elmet Group, a US-based vertically integrated producer of tungsten products and advanced materials.
The offtake agreement is for 1,000 tonnes per annum of contained WO₃ from Hemerdon is valued at over £1.4 billion ($1.8 billion) at prevailing market commodity prices and foreign exchange rates.
The deal establishes a substantial long-term route for Hemerdon tungsten into US and UK tungsten processing and manufacturing supply chains and complements the UK Government's strategic interest in Hemerdon following the National Wealth Fund's investment of up to £71 million in Tungsten West and the exclusive negotiation to procure up to 50% of Hemerdon's annual tungsten production, the company said.
The mine supplied crucial tungsten for military and defense efforts during both World War I and World War II. Mining continued on and off through the mid-20th century before shutting down in 1944.
“This announcement builds on our partnership with the United States, working together in areas like mining and processing, helping crucial sectors like defence and clean energy in both countries get the minerals they need,” Blair McDougall, Minister for Reindustrialisation for the United Kingdom, said in a news release.
"This is a landmark commercial agreement for Tungsten West and represents a major step in establishing Hemerdon as a strategically important source of tungsten for the Western world,” Tungsten West CEO Jeffery Court said.
"Hemerdon is uniquely positioned to provide substantial, long-term tungsten production from within the United Kingdom” Court said.
“With production now underway, the support of the UK Government through the National Wealth Fund and this long-term commercial agreement with Elmet, we are building a mine-to-market supply chain capable of supporting the critical mineral requirements of the UK, US and their allies."
The agreement, signed in New York on the sidelines of the 81st United Nations General Assembly, covers geological data and exploration, mineral development and processing, infrastructure, and technical capacity building.
Reuters reported that Nigeria estimates its mineral resources at about $700 billion.
Nigeria’s Minister of Solid Minerals Development, Dele Alake, and US Deputy Secretary of State Christopher Landau signed and exchanged the framework on Wednesday.
The deal comes amid growing competition between the United States and China for access to Africa’s critical minerals, as Washington seeks to diversify supply chains for minerals used in technologies including electric vehicles and renewable energy infrastructure.
Chinese companies have been among the most active foreign investors in Nigeria’s emerging lithium industry.
A new front in the mineral race
For Nigeria, the agreement is also part of a broader push to turn its largely underdeveloped mining industry into a source of investment, industrialisation and economic diversification beyond oil.
Nigeria’s lithium, tin, tantalum, niobium and other mineral resources are increasingly important to global supply chains for batteries, electronics, renewable energy and defence. For the US, Nigeria offers a potential new source of critical minerals as Washington seeks to diversify supply chains and reduce reliance on China.
Alake said Nigeria does not want to remain an exporter of raw minerals while other countries capture the higher-value stages of the supply chain.
“Our goal is to turn potential into lasting value at home through stronger local processing, new skills, quality jobs, and new opportunities for Nigerian businesses,” he said.
U.S. Deputy Secretary of State Landau described Nigeria as a regional power whose size and influence make it an important partner for the United States. He said the agreement would create greater prosperity for both countries, adding that Washington is pleased to support Nigeria’s economic growth.
Glencore (LSE: GLEN) expects to begin trading on the Australian Securities Exchange (ASX) on Oct. 14, tapping the country’s A$4.4-trillion (US$3.1-trillion) pension market to support its copper expansion and potential acquisitions.
The secondary listing, announced in August, has met all regulatory requirements and will trade under the ticker GLC, the Swiss miner and commodities trader said Thursday. It will not involve a capital raise or the issuance of new shares.
Each Australian-listed CHESS Depositary Interest (CDI), which allows investors to trade shares of a foreign company locally, will represent one Glencore ordinary share. The London-listed miner has appointed Computershare Investor Services to manage its Australian CDI register.
‘Strong interest’
CEO Gary Nagle said when the listing was announced that investors had shown strong interest in an Australian presence, particularly after Glencore’s failed merger discussions with Rio Tinto (LSE, NYSE, ASX: RIO) earlier this year.
Glencore has spent years weighing alternative listing venues, including New York, and previously considered spinning off its coal business before abandoning the plan.
Shareholders in the UK and South Africa can begin requesting conversions of their ordinary shares into Australian-listed CDIs from Sept. 24, ahead of the planned October trading debut, the company said.
London-listed shares in Glencore closed 0.4% weaker on Thursday at £5.50 apiece, valuing the global miner and commodities trader at £64.7 billion (US$85.5 billion).
https://www.northernminer.com/news/glencore-sets-oct-14-for-australian-market-debut/1003895111/
