ICA India states India needs 500,000 tonnes refined copper capacity every 5 years to meet rising demand from infrastructure, clean energy, and construction sectors.
New Delhi, Jul 5 (PTI) India will require roughly 500,000 tonnes of additional refined copper capacity every five years to keep pace with rising demand of the metal, International Copper Association India (ICA India) Managing Director Mayur Karmarkar said on Sunday.
Speaking on the outlook for the ongoing financial year, Karmarkar said copper demand is likely to track overall GDP growth and the association is anticipating at least around 9 per cent growth over 2026.
On the supply side, restarting secondary smelter of Hindustan Copper and new secondary smelter of Hindalco will add capacity of 100,000 tonnes but that is small against the total demand of about 1.8 million tonnes, Karmarkar said.
"It will help a bit, but the scale is relatively small," he added.
Karmarkar said domestic cathode availability will further improve as smelter-refinery capacities expand. "Hindalco is putting up an expansion plant, and Kutch Copper's capacity is also coming on stream. These projects will make more cathode available in the country for domestic conversion," he noted.
Despite these investments, he warned that domestic refined copper production will remain insufficient.
"If you really see the demand trajectory versus supply in the long term, will require almost like another 500,000 tonnes capacity every five years to meet the growing demand," he said.
He added that under the current growth scenario, supply will need to chase demand, underscoring the urgency for further capacity additions and investment in refining and smelting facilities.
India's copper demand grew 9.3 per cent to 1,878 kilo tonnes (KT) in FY25 as compared to 1,718 kilo tonnes in FY24 due to robust economic progress and increasing adoption of the metal across critical sectors, annual demand data of International Copper Association India had earlier said.
India's continued emphasis on large-scale infrastructure projects, building construction, clean energy transition and emerging technologies has accelerated demand for key industrial materials, with copper emerging as a critical enabler across these sectors, the annual data anaylsis said.
The building construction and infrastructure segments remained primary growth drivers registering 11 per cent and 17 per cent year-on-year growth, respectively.
The renewable energy sector achieved one of the highest annual capacity additions in FY25, while the consumer durables sector saw a double-digit per cent increase, driven by strong sales of air conditioners, fans, refrigerators and washing machines.
The annual Joint Sea-2026 exercises will run for nearly a week, the Defense Ministry in Moscow has said
Russian Pacific Fleet warships have arrived in the Chinese port of Qingdao for annual joint naval drills, the Defense Ministry in Moscow said on Sunday.
The two navies, supported by aviation, will conduct search-and-rescue operations, anti-submarine and air defense drills, and live-fire artillery exercises, the ministry said.
Video released by the ministry shows a detachment of Russian Pacific Fleet vessels arriving at the port. It also captures the official welcoming ceremony, where sailors from both countries exchange handshakes as children present flowers to the visiting crews.
China's Ministry of National Defense said Sunday that the exercise is part of the annual cooperation plan between the two militaries and is aimed at jointly addressing security challenges and maintaining regional peace and stability. It added that some forces from both sides would conduct a joint maritime patrol in parts of the Pacific Ocean following the drills.
The drills come as Russia and China continue to expand military cooperation alongside closer political and economic ties.
The Russian Pacific Fleet's rescue ship Igor Belousov moored at the naval base in Qingdao, Shandong Province, China, July 5, 2026. Sputnik / Anna Ratkoglo
Earlier this year, Chinese President Xi Jinping hosted Russian President Vladimir Putin in Beijing. During the visit, the parties signed over 40 cooperation agreements in areas including trade, technology, and media exchanges.
Chinese navy officers and cabin boys attend a welcoming ceremony for ships of the Russian Pacific Fleet at the naval base in Qingdao, Shandong Province, China, July 5, 2026. Sputnik / Anna Ratkoglo
Putin said Russia-China relations had reached an unprecedented level, describing them as a model of a genuine comprehensive partnership and strategic cooperation. Xi said that the ties had reached "the highest level in history." The two sides also agreed to extend a friendship treaty first signed in 2001.
http://www.shanghaisun.com/news/279168365/watch-russian-warships-arrive-in-china
July 2, 2026
Hormuz Strait Monitor
Point 5 of the Islamabad MOU is unambiguous: "The traffic of commercial vessels will immediately start, and considering the need for removing the tactical and military obstacles and demining by the Islamic Republic of Iran will be instated within 30 days."
Iran signed that commitment on June 17. The 30-day clock expires around July 17.
Fifteen of those thirty days have now passed. And the New York Times, citing US officials, has reported something that should alarm everyone tracking this crisis: Iran is finding it increasingly difficult to fulfil its demining commitment because it cannot locate all the mines it planted. The small boats that conducted Iran's mining operations — decentralised, fast-moving, without a clear command chain — did not maintain a reliable record of where every mine was placed. Some may have drifted from their original positions on sea currents. Neither Iran nor the United States currently has a complete picture of how many mines remain or where they are.
Iran's response to this problem has been to insist that no other country may help. "According to the Islamabad Memorandum of Understanding, demining is carried out solely by Iran and by no other country, and we fundamentally do not permit any such thing," Deputy Foreign Minister Gharibabadi said on Monday. He was addressing France directly — warning Paris not to "complicate" a "sensitive and complex" situation with what Tehran described as "provocations."
This is the crisis within the crisis. And it is the story that will determine whether the 60-day window produces a genuine peace or another collapse.
How Iran Laid Mines Without a Map
To understand the problem, you need to understand how Iran's mining campaign was conducted.
Iran did not deploy its naval mines from large, trackable warships operating under central command authority. It used small boats — fast, difficult to detect, and operating with a degree of autonomy that made them effective in the early stages of the conflict but catastrophic for any subsequent clearance operation.
The New York Times described the process: mines were laid by small craft without a clear record of where they were placed. When IRGC naval commanders ordered the operations, the boats dispersed across the strait — some laying mines in the traffic separation scheme, some near Larak Island, some along approach corridors — and returned without filing the kind of precise positional records that a systematic clearance operation would require.
The result is a minefield without a map.
Mines are also not static. The Strait of Hormuz is subject to strong tidal flows — currents that can move a moored mine from its original position or, if its anchor line is cut or corrodes, allow it to drift entirely. Maritime officials have warned repeatedly throughout this crisis about the danger of drifting mines. A mine that was laid in Iranian-controlled waters can drift into the southern Omani corridor. A mine that was placed in a known shipping lane can drift to an unknown location. Mines that cannot be found cannot be cleared.
US strikes during the conflict destroyed a significant portion of Iran's naval infrastructure — including vessels and facilities that would have been used for systematic mine-laying and tracking. Those same strikes destroyed whatever institutional knowledge existed about the mining campaign's scope and locations.
The result, as the NYT reported, is that neither Iran nor the US currently has a clear picture of how many mines remain in the strait or where they are all deployed.
The 30-Day Deadline and Why It Is Already in Trouble
The optimistic estimate for clearing the strait's mines — even under ideal conditions with full international cooperation — is 40 to 50 days, according to analysis by TechTimes citing naval experts. That estimate assumes coordinated multinational operations using the full suite of modern mine-clearing tools: sonar-equipped underwater drones, remotely operated vehicles, mine-hunting helicopters, and dedicated minesweeping vessels.
The 30-day MOU deadline assumes Iran alone, with its own assets, under its own authority.
Iran's mine-clearing capability has been significantly degraded by US strikes during the conflict. The country does not possess a surplus of mine countermeasure vessels. And crucially — as Chatham House's analysis puts it — "clearing mines is a slow, deliberate and resource-intensive process that requires specialised vessels operating predictably in confined waters. These forces cannot work effectively unless all parties have confidence that they will not become targets."
The weekend's attacks — IRGC drones hitting the Ever Lovely and the Kiku, US retaliatory strikes on Iranian military sites, Iranian missiles on US bases in Bahrain and Kuwait — are precisely the kind of environment in which mine-clearing operations cannot safely proceed. Every day of active hostilities is a day the 30-day clock runs without meaningful demining progress.
The MOU window expires around August 17. The optimistic 40-to-50-day mine-clearance estimate — measured from when operations could realistically begin — would put clearance completion somewhere between late July and early August. That leaves virtually no buffer. The pessimistic estimate of six months would put the strait's mine hazard extending well into December 2026, long after the diplomatic window has either produced or failed to produce a comprehensive deal.
The France-Macron Dispute: Why Iran's Refusal Matters
France's offer to join Oman and other partners in clearing the strait's mines was not, as Iran characterised it, a provocation. It was a practical response to a genuine operational problem.
France has mine-clearing capability. It has the Charles de Gaulle carrier strike group in the region, which includes assets that can support mine countermeasure operations. It has been planning for exactly this mission since the Northwood conference in April. Germany has dispatched a minesweeper — the Fulda — from Kiel, and UK, Italian, Japanese and Canadian assets have been identified for the coalition mine-clearing force.
Macron's proposal was simple: the strait needs to be cleared, Iran has demonstrated it cannot do it alone within the timeframe the MOU requires, and international assets are available and ready. France and Oman would lead, with partners coordinating.
Iran's rejection was equally simple: no. The MOU gives Iran sole demining authority. No foreign vessel may conduct operations in Iran's waters. Any attempt to do so will be treated as a hostile act.
The practical consequence of Iran's position is stark. If Iran refuses international assistance and cannot clear the mines itself within 30 days — which is now looking highly probable — the traffic separation scheme remains hazardous, insurance premiums remain at 10 to 40 times their pre-war levels, and the strait remains operationally dangerous regardless of what the diplomatic track produces.
As Chatham House put it: "Mine clearance is often considered a technical challenge, but in the Strait of Hormuz the greater obstacle may be political."
What the MOU Actually Says — and the Loophole Iran Is Using
Iran's legal position on sole demining authority rests on Point 5 of the MOU — which does, on a straightforward reading, assign the responsibility to Iran.
But there is a tension within Point 5 that Iran has chosen to resolve in its own favour. The MOU states that commercial vessel traffic "will immediately start" — implying the strait is being opened now, not after mines are cleared. The demining commitment is framed as a parallel obligation that runs alongside the reopening, not a precondition for it. In other words, the MOU was designed to open the strait immediately while demining proceeds — with Iran responsible for that process within 30 days.
Iran's interpretation has been to use the demining authority as a lever: you can transit only via Iranian-approved routes, because only Iran knows which areas are safe, and only Iran may certify any route as mine-free. The southern Omani corridor — the route that the US Navy, IMO, and Oman have been using to move ships without going through Iranian-controlled waters — falls outside Iran's approved routes and therefore, in Tehran's view, cannot be guaranteed safe.
This is not an unreasonable legal position. It is, however, a geopolitically maximalist one — one that uses the demining responsibility as a tool to reassert control over the waterway rather than as an obligation to be fulfilled.
The Collision Course: Diplomacy and Physics
The 60-day MOU window and the mine-clearing timeline are on a collision course, as TechTimes' analysis identified. The diplomatic deadline — August 17 — arrives before a comprehensive mine sweep can realistically be completed even under optimistic projections.
That creates a scenario that nobody in the current negotiations has fully addressed publicly: what happens if, on August 17, the nuclear talks have failed to produce a comprehensive agreement but mine-clearing operations are still ongoing? Does the MOU framework extend? Does Iran use the incomplete demining as leverage to demand extension on its own terms? Does the US resume the blockade?
The mine problem is not a technical annex to the main story. It is the main story. A deal that reopens the strait on paper but leaves 80-plus mines on the seafloor — in unknown positions, clearing at the pace of a degraded Iranian naval force operating without international assistance — has not actually opened the strait. It has created the conditions for the next incident.
Every ship that transits the southern corridor does so in water that has not been comprehensively swept. Every insurer who writes war risk cover for that transit is pricing a hazard that cannot be fully quantified because the minefield has no complete map.
What Needs to Happen
Chatham House's analysis offers the clearest roadmap: mine clearance should be treated as a confidence-building measure within the negotiations, not a separate technical problem. Iran's participation in the process — even if it leads the operation — should be structured to allow international verification and transparency. The 30-day deadline should be acknowledged as unrealistic and replaced with a monitored, verifiable timeline that both sides can accept.
Most importantly, the ceasefire needs to actually hold for mine-clearing operations to proceed safely. The weekend's exchange of strikes — IRGC drones, US retaliatory strikes, Iranian missiles on Bahrain and Kuwait — is precisely the environment in which minesweeping vessels cannot safely operate. Every escalation costs days from a timeline that is already impossibly tight.
Iran holds most of the leverage here. It has sole demining authority under the MOU. It controls the northern route. It has rejected international assistance. For that leverage to produce a safe, genuinely open strait rather than a permanently contested one, Tehran's leadership needs to make a decision that the IRGC hardliner faction has consistently resisted: treat the demining commitment as a genuine obligation rather than a tool of geopolitical control.
Whether they will is, like so much in this crisis, still unclear.
The Bottom Line
Fifteen days into a 30-day demining deadline, Iran cannot locate all its own mines, will not accept international help, and has spent the past week attacking ships in the waterway it is supposed to be clearing.
The diplomatic timeline and the physical safety timeline are colliding. The 60-day window expires before a comprehensive mine sweep can realistically be completed. And the question of who controls the Strait of Hormuz — which has been the unanswered question at the heart of this crisis since February 28 — is nowhere more literally at stake than in the question of who clears the mines.
A minefield without a map, in a waterway that carries 20% of the world's oil, under the management of a country that says no one else may help.
That is where the Strait of Hormuz stands today.
July 06, 2026 04:19 ET | Source: Capital Market Authority
Riyadh, July 06, 2026 (GLOBE NEWSWIRE) -- The Capital Market Authority (CMA) announces the commencement of receiving applications for authorization to carry out commodity exchange activities in the Saudi Market for a period of (123) days, starting from 1448/01/16, corresponding to 2026/07/01, until 1448/05/20, corresponding to 2026/10/31.
Through the opening of the application submission period, the CMA aims to strengthen the capital market infrastructure, increase the range of financial instruments in the Saudi Capital Market, and diversify its products. The CMA intends to grant one license to operate as a Commodity Exchange in the Kingdom during the current application period, in line with the structure of the capital market and with consideration for investor confidence and the stability of licensed markets. During this period, the focus will be on the activity for trading in a secondary market for commodity and metals derivatives contracts, in a manner that enhances its attractiveness, benefits market participants, and strengthens its position in global capital markets.
The announcement of the commencement of the application submission period follows the revised Capital Market Law dated 1441/1/19, corresponding to 2019/09/18. and CMA's earlier announcement regarding the approval of the Securities Exchanges and Depository Centers Regulations, published on 19/12/1443, corresponding to 18/07/2022, which indicated that the CMA would subsequently determine the periods for submitting authorization applications for securities exchanges and depository centers, as well as the mechanism for submitting them.
The CMA calls on all parties interested in carrying out Commodity Exchange activities in the Kingdom, to submit an application for authorization, and that the application specifically pertains to carrying out Commodity Exchange activities in accordance with the authorization requirements set forth in the Securities Exchanges and Depository Centers Regulations, using the designated application form.
For further details regarding the authorization during the current period, including the mechanism for submitting applications, as well as the requirements and procedures, please refer to the document titled “Authorization to Carry Out Commodity Exchange Activities in the Kingdom" available through the following link: (link).
In addition, inquiries from interested parties will be received by the CMA's Market Infrastructure Institutions Supervision Department through the following email: MarketInfrastructure@cma.gov.sa
Iranians come out to see Ali Khamenei’s flag-draped coffin, and those of his family killed in a February 28 air strike
Agence France-Presse
Published: 2:41pm, 6 Jul 2026 | Updated: 5:10pm, 6 Jul 2026
At Khamenei’s funeral, poet says ‘world is no longer a good place’ for Trump.
Vast crowds gathered for the funeral procession of Iran’s slain supreme leader Ali Khamenei in Tehran on Monday, with authorities estimating millions were on the streets in numbers that could rival those of his predecessor’s farewell nearly four decades ago.
Authorities have yet to give an official turnout figure but huge numbers stretched along major boulevards in the Iranian capital.
The ceremonies offer Iran an opportunity to project resilience after war with the United States and Israel, although attention remains focused on Khamenei’s successor, his son Mojtaba Khamenei, who has not appeared in public since taking power.
After lying in state for two days at Tehran’s Grand Mosalla religious complex, the body of Khamenei – who was killed on the first day of the Middle East war on February 28 – began its journey through the capital accompanied by massive crowds.
Flower petals covered the coffin as it made its way along the streets.
Authorities are hoping to avoid a repeat of the chaos that marred the 1989 funeral of Khamenei’s predecessor Ayatollah Ruhollah Khomeini, which drew an estimated 10 million people, according to state news agency IRNA.
Mourners gathering in Tehran. Photo: Reuters
Crowd surges during Khomeini’s farewell killed more than 10 people and injured over 10,000.
“If I am to compare this ceremony to that one, I can say they are not different at all. But the crowd this time seems more enthusiastic,” said Gholamreza Khanbabaei, 58, attending the procession.
Tehran’s airspace was closed on Monday as the country stood still to remember the former leader.
Mourners marched through the streets waving the flags of Iran and the Tehran-backed Lebanese militant group Hezbollah, as well as red flags symbolising revenge.
Others gathered in Imam Hussein Square in eastern Tehran and hanged an effigy of US President Donald Trump, according to state media.
Former president Mahmoud Ahmedinejad was seen attending the procession, according to local media.
Crowds in Tehran on Monday. Photo: Office of the Iranian Supreme Leader via Reuters
In sweltering heat, trucks sprayed mourners with water to cool them, while organisers handed out Iranian flags and pictures of Ali and Mojtaba.
The procession route covers around 20km (12 miles).
A day earlier thousands had filled the Grand Mosalla to pay their respects to Khamenei and four family members killed in the Israeli air strikes, which were based on US intelligence.
Massive concrete walls at the complex separated the public from the coffin to prevent stampedes.
It is unclear what level of access and proximity the public will eventually have during Monday’s procession, but authorities are mindful that in 1989 they were forced to use a helicopter to transport Khomeini for burial after mourners stormed his vehicle, causing his burial shroud to tear and his body to fall to the ground.
Monday’s procession will be followed by similar events in the clerical hub of Qom on Tuesday and in Iraq’s holy cities of Najaf and Karbala on Wednesday, culminating in Khamenei’s burial in his hometown of Mashhad in northeastern Iran on Thursday.
Three of Ali Khamenei’s sons made a rare public appearance at the funeral on Sunday, further highlighting the absence of Mojtaba, who was named supreme leader shortly after his father’s killing but has yet to appear in public.
Officials have said he was wounded in the air strikes but the severity of his injuries remains unclear.
The new commander of Iran’s powerful Revolutionary Guards, Ahmad Vahidi, whose predecessor was killed on February 28, also appeared at the funerals for a second time on Sunday, on this occasion in the open air, after he went unseen throughout the war.
Esmail Qaani, the shadowy head of the Guards’ Quds Force – responsible for its foreign operations – also made a rare appearance.
The government is eager to tout the mass mobilisation in support of the authorities after mass protests took place in January that rights groups say were quelled by a crackdown that killed thousands of people.
The Middle East war is on hold following a ceasefire and an initial accord struck with the US. But both Washington and Tehran have warned they are ready to resume military action, and vengeance has been a major theme at the funeral.
Khamenei long pursued a course of confrontation with the West, and Tehran for years has provided support to anti-US and anti-Israel armed groups around the Middle East, including Palestinian Hamas and Lebanon’s Hezbollah, who both sent delegations to the ceremonies.
Some of Khamenei’s supporters at Monday’s procession echoed that message of confrontation.
“We want revenge. It must be done. Because later, if it’s not done, it will get worse,” said Khanbabaei.
The government has updated eligibility rules for the next ONGC chairman, raising the maximum age to 59 and allowing for a five-year tenure. This change aims to expand the talent pool for India’s largest oil and gas explorer before the current chairman’s term ends in December 2026.
The government has officially revised the eligibility criteria for the next chairman and managing director of Oil and Natural Gas Corporation (ONGC). According to the recent notification, the maximum entry age for applicants has been increased to 59 years. Furthermore, the selection framework now provides for a base term of three years, which can be extended by two additional years depending on performance metrics.
Expanding Leadership Options
By relaxing these age and tenure constraints, the government is attempting to attract a wider range of experienced candidates for the top position at India's primary state-owned oil and gas producer. The current chairman, Arun Kumar Singh, is scheduled to step down on December 7, 2026, following an extended period at the helm. Interested candidates must ensure their applications reach the authorities by the July 21 deadline, with official forwarding processes concluding by July 30.
Strategic Changes to Selection
This appointment process represents a departure from the standard procedures typically followed by the Public Enterprises Selection Board for state-run firms. Instead of relying on the conventional retirement age cutoff of 60, the oil ministry has established a dedicated search-cum-selection committee to oversee the recruitment. This approach mirrors the flexibility previously exercised during the appointment of the current chairman, who took office shortly before reaching the age of 60. This precedent was notable because it allowed the company to leverage the experience of an executive who had previously led Bharat Petroleum Corporation Ltd.
Historical Context and Stability
Investors may note that finding a full-time leader for the company has been a challenge in recent years. Following a period between April 2021 and December 2022 where the firm was led by a series of interim chairmen, the government is looking to ensure a smoother transition this time around. A previous search initiated in April 2025 did not result in a final appointment, leaving the position without a clear successor for some time. The stability of leadership at ONGC is a significant monitorable for shareholders, as the chair is responsible for critical strategic decisions including oil exploration projects, capital spending on energy infrastructure, and the company's long-term profitability amidst volatile global energy prices.
Looking ahead, the market will focus on the successful completion of this search process to ensure the company maintains consistent direction in its core exploration and production activities, as well as its expansion into alternative energy segments.
Prime Minister Narendra Modi inaugurated India’s first greenfield integrated refinery-cum-petrochemical complex at Pachpadra in Balotra district, Rajasthan, on 4 July 2026. The project is a joint venture between Hindustan Petroleum Corporation Limited and the Government of Rajasthan, with equity shares of 74% and 26% respectively.
Project Profile
The Pachpadra complex has been developed with an investment of more than ₹79,450 crore. The refinery has a refining capacity of 9 Million Metric Tonnes Per Annum and a petrochemical production capacity of 2.4 Million Metric Tonnes Per Annum. A greenfield project is a new industrial facility built on undeveloped land.
Refinery and Petrochemical Capacity
The complex includes a crude oil refinery and petrochemical units in one integrated industrial site. The petrochemical output is linked to downstream industries such as plastics, polymers, and chemical processing. The project is planned as an anchor for a Petrochemical and Plastic Park in the region.
Operational Features
The inauguration was earlier planned for 21 April 2026 and was postponed after a fire in the Crude Distillation Unit on 20 April 2026. The Crude Distillation Unit has since been made operational again. Hindustan Petroleum Corporation Limited has planned the start of petrochemical units in the fourth quarter of 2026, with some capacity expected to become operational by November or December 2026.
Related Development Projects
During the same visit, development projects worth about ₹1.06 lakh crore were inaugurated or launched in Rajasthan. These included a new terminal building at Jodhpur Airport and Jaipur Metro Phase 2.
https://www.gktoday.in/india-launches-first-greenfield-refinery-cum-petrochemical-complex/
Financial Support for Russia's Oil Refining Sector
According to UATV: In an effort to curb a gasoline deficit, Russia has funneled a record 210 billion rubles to its oil refineries. This marks the largest monthly payout since December 2023. The funding is designed to stabilize the country's fuel market, which has come under severe strain.
Key Factors Behind the Gasoline Deficit
A major trigger for this crisis was the suspension of Russia's fourth-largest refinery, NORSI, operated by Lukoil-Nizhegorodneftegazsintez. Located in Kstovo, the plant halted production after a Ukrainian drone strike, placing additional pressure on the domestic gasoline market.
By injecting substantial capital into the refining industry, Moscow is attempting to resolve fuel supply disruptions. This increase in financial aid underscores the severity of the situation, driven by external factors like military actions. The shutdown of a major facility has created a supply gap, which the government hopes to bridge through these investments. The stability of the fuel market is critical for Russia's transport and industrial infrastructure, and these payouts could have lasting economic repercussions.
https://112.ua/en/rosia-viplatila-npz-rekordni-210-mlrd-rubliv-cerez-deficit-palnogo-173685
Oil prices inched lower on Monday after OPEC+ agreed to further increase its output targets from August while exports from key producers via the Strait of Hormuz are recovering, potentially adding to global supplies. Zhang Fengguo | Xinhua News Agency | Getty Images
Oil prices fell by more than 1% on Monday after OPEC+ agreed to further increase its output targets from August while exports from key producers via the Strait of Hormuz are recovering, potentially adding to global supplies.
Brent crude futures fell $1.02, or 1.41%, to $71.10 a barrel at 0756 GMT after settling 0.45% higher on Friday. U.S. West Texas Intermediate crudewas at $67.89 a barrel, down 80 cents, or 1.16%. There was no settlement for WTI on Friday as U.S. markets were closed ahead of the Independence Day holiday on Saturday.
Both contracts were little changed last week after mostly falling over the past few weeks, as investors kept a close eye on talks between the U.S. and Iran over the fate of shipping through the Strait of Hormuz while keeping tabs on the recovery in Gulf oil exports.
The Organization of the Petroleum Exporting Countries and their allies including Russia agreed on Sunday to further increase output targets by 188,000 barrels per day from August, on top of similar increases for June and July.
However, the increase has remained largely on paper because of the U.S.-Israeli war on Iran, which closed the Strait of Hormuz to tanker traffic for key OPEC producers, including Saudi Arabia, Kuwait and Iraq, capping their output.
“They are selling into a falling market, offering little hope of an imminent price recovery,” PVM analysts said in a note. “However, lower oil prices will undoubtedly stimulate demand further down the line.” Gulf oil exports in June jumped more than 3 million barrels from May to exceed 10 million barrels per day, although volume remained 40% below pre-war levels, data showed.
“We now expect global oil demand to contract by 1.5 million barrels per day in 2026, reflecting a sharper-than-expected downturn in Q2, when year-on-year declines could reach 4 million bpd based on preliminary data,” ANZ said.
“However, we expect demand losses to moderate in the second half of the year as supply improves and some deferred consumption returns,” the bank added.
Abu Dhabi National Oil Company has sold about 16 million barrels of Emirati crude at wider discounts in a fifth spot tender issued since June, trade sources said, underscoring a surge in spot supply.
In addition, oil shipments from Russia’s western ports hit a record high in June and are expected to maintain that level in July as its refineries have been damaged in drone attacks by Ukraine that have forced Moscow to boost crude exports, industry sources said.
https://www.cnbc.com/2026/07/06/oil-slips-after-opec-agrees-to-raise-output-targets.html
Courts and Congress Are Undoing Trump’s War on Wind Power. Trump’s administration paid TotalEnergies nearly $1 billion and Duke Energy $129 million to abandon offshore wind projects, redirecting the savings toward oil and gas. A Pentagon freeze on wind farm reviews has stalled 106 projects worth an estimated $47 billion across 21 states, prompting a lawsuit from renewable energy groups. Federal judges have repeatedly ruled against the administration, including restoring a tax credit rule for wind and solar projects this June. There has been significant back-and-forth on offshore wind power in the United States. As part of ambitious plans for a green transition, the former Biden administration strongly supported offshore wind with both policy and federal funding. However, the Trump administration has since backtracked on U.S. wind energy goals, with President Trump openly opposing offshore wind. However, with greater political pushback from Congress and federal judges, it appears that progress on wind energy is hard to halt.
Oil Price 4th July 2026
US clean power prices set to soar as AI demand coincides with subsidy cuts. Clean power purchase agreements, favoured by companies like Google and Meta, expected to rise sharply as Biden-era support ends.
FT 5th July 2026
Electricity prices soared and many thousands were left without power, as a “heat dome” was followed by severe storms in some states, and east coast temperatures towards 40C were forecast on the July 4 weekend.
FT 4th July 2026 read more
By Editorial Dept - Jul 03, 2026, 1:48 PM CDT
Chile's two biggest lithium players, SQM and state-owned Codelco, are laying the groundwork for a major expansion that could lift production from their joint venture by more than 70%.
In an environmental impact study tied to a planned $3 billion overhaul of operations in the Atacama Desert, the Novandino venture said it is targeting annual lithium production of up to 470,000 metric tons, compared with guidance of roughly 270,000 tons for 2026.
The project is designed to capitalize on expected long-term growth in lithium demand as electric vehicles and grid-scale battery storage continue expanding globally. If achieved, the higher output would further cement Chile's position as one of the world's most important suppliers of battery materials and could add pressure on higher-cost producers elsewhere.
However, the increase will take years to materialize. Under the current development plan, production is expected to rise gradually to around 300,000 tons before the venture begins a seven-year transition to an integrated production system that includes direct lithium extraction (DLE) technologies.
Analysts said the 470,000-ton target was larger than many in the industry had expected because the project had previously been presented primarily as an environmental modernization effort rather than a major capacity expansion.
Benchmark Mineral Intelligence analyst Federico Gay said reaching that level would require additional engineering work, further studies, potential changes to production quotas, and successful deployment of DLE technologies aimed at reducing water consumption in the Atacama salt flats.
"It will take several years, certainly not this decade, to achieve that capacity," Gay said.
The SQM-Codelco partnership is a cornerstone of Chile's strategy to increase state participation in lithium production while expanding output from the country's world-class brine resources.
https://oilprice.com/Company-News/SQM-Codelco-Venture-Targets-70-Lithium-Output-Surge-in-Chile.html
Pan African Resources plc continues to build its position as a South African gold producer, with investors watching how its long-term strategy and cost profile compare to global peers in a changing commodities landscape.
Pan African Resources plc (ISIN GB0004052071) is a South Africa based gold producer listed in London, drawing investor attention through its focus on underground and surface operations around historic gold fields in the country.
The company has developed a portfolio of assets that aims to combine established underground mining with tailings retreatment projects, giving it exposure to different cost structures and ore profiles in the gold value chain.
Gold focused production base
Pan African Resources plc operates gold mines and related processing plants centered on well known gold regions in South Africa, using both conventional underground mining and surface operations that reprocess historic tailings material.
The business model is built on producing refined gold bars for sale into the global market, with revenue tied primarily to the prevailing US dollar gold price and the company’s ability to maintain consistent output from its mines and plants.
Strategy and long term positioning
The company’s strategy emphasizes extending mine lives, optimizing grades and recovery rates, and investing in projects that can add production from ore bodies or tailings resources near its existing infrastructure.
Management has signaled a continued focus on operational efficiency, energy use, and cost control, recognizing that margins in gold mining depend heavily on input costs, production stability, and realized gold prices over time.
Representative product and operations
A key output of Pan African Resources plc is refined gold, produced from ore mined at depth and from surface deposits that are processed through milling, leaching, and recovery circuits to yield doré and final bullion.
Stock trading context
Shares of Pan African Resources plc trade on the London market, giving international investors listed exposure to South African gold production and to the company’s mix of underground and surface mining projects.
Market participants compare the stock with other gold producers globally, taking into account production volumes, reserve life, operating costs, and the sensitivity of earnings to changes in the gold price.
Pan African Resources plc positions itself as a specialist gold producer, aiming to extract value from both traditional underground deposits and tailings retreatment, while investors monitor how that mix translates into cash flow and returns over the long term.
ADEQ Receives New Permit Application for Rosemont Copper Company's (Rosemont's) Copper World Project in Pima County, Arizona
ADEQ Asserts Jurisdiction on Copper World Project
On August 1, 2022 the Arizona Department of Environmental Quality (ADEQ) Asserted Complete Air Quality Jurisdiction (PDF) over the Copper World Project, consisting of copper mining and ore processing operations on privately-owned land located on the eastern and western sides of the northern Santa Rita Mountains. The Copper World Project is also adjacent to, and is owned by the same company as the Rosemont Copper Project.
For any questions, comments,or concerns regarding the Copper World Project please use the publicly available ADEQ Staff Directory to contact Balaji Vaidyanathan and/or Daniel Czecholinski.
ADEQ Asserts Jurisdiction on Rosemont Activities
On August 3, 2012 the Arizona Department of Environmental Quality (ADEQ) Asserted Complete Air Quality Jurisdiction (PDF) over the Rosemont Copper Project, an open pit copper mine approximately 30 miles southeast of Tucson on State Highway 83. For any questions, comments,or concerns regarding the Rosemont Copper Project please use the publicly available ADEQ Staff Directory to contact Balaji Vaidyanathan and/or David Kim.
https://www.pima.gov/592/Rosemont-Copper-Permitting?contentId=50e88ac2-b693-4d78-a7ee-1b18f71da228
The supply of natural gas and renewable energy across the European Union grew during 2025, while the use of coal and petroleum products saw a continued decline, according to preliminary data released by Eurostat this week.
The supply of natural gas increased by 2.3 per cent compared with 2024, amounting to approximately 13.1 million terajoules, marking the second consecutive year of growth following a sharp decline in 2023.
Meanwhile, the supply of renewable energy totalled 11.5 million terajoules, reflecting a growth of 1.4 per cent despite a substantial reduction in hydropower output.
The supply of nuclear energy rose by a modest 0.2 per cent to reach 650,648 gigawatt-hours.
In contrast, the supply of coal reached its lowest point since records began in 1990, with brown coal supply dropping by 7.7 per cent to 184,741 thousand tonnes and hard coal falling by 3.2 per cent to 107,072 thousand tonnes.
Petroleum products also experienced a downward trend, with supply totalling 448,656 thousand tonnes, which represents a 2.8 per cent decrease compared with 2023.
Regarding electricity generation, renewable energy maintained its status as the leading source of electricity in the European Union, accounting for 47.2 per cent of all production, although this represented a slight decrease of 0.5 per cent compared with 2024.
Electricity generated from fossil fuels increased by 3.2 per cent, contributing 29.6 per cent of total electricity production, while nuclear plants provided 23.2 per cent.
When examining renewable trends in detail, wind energy remained the primary source for the European Union, accounting for 37.5 per cent of the total, followed by solar energy at 27.5 per cent and hydropower at 25.9 per cent.
Solar energy experienced the fastest growth among renewables, increasing by 24.6 per cent throughout 2025, whereas hydropower saw a decline of 11.8 per cent.
At the national level, Denmark recorded the highest share of renewable electricity at 92.4 per cent, followed by Austria at 83.1 per cent and Portugal at 82.9 per cent.
Conversely, Cyprus was recently identified as having the fifth lowest share of electricity generated from renewable sources in the European Union in 2025.
This underscores the persistent challenges Cyprus faces in expanding its green energy capacity, particularly when compared to the European Union average of 47.3 per cent.
Other nations at the lower end of the scale included Malta at 16.2 per cent, the Czech Republic at 16.6 per cent, and Slovakia at 17.8 per cent.
https://cyprus-mail.com/2026/07/05/eu-energy-mix-shifts-as-natural-gas-and-renewables-show-growth