Iran, one of the largest oil exporting countries and a key player in the Organization of the Petroleum Exporting Countries (OPEC), has recently increased its oil storage capacity by adding 2 million barrels, after starting the operation of two tanks that have been upgraded at Iran’s Kharg oil terminal in the operational zone.
The reconstruction of the tanks, whose capacity is 1 million barrels of oil (mmbbl) each, was completed and announced on Saturday during a visit by Hamid Bovard, CEO of the National Iranian Oil Company (NIOC) and Deputy Minister of Petroleum.
Bovard stated that these tanks are expected to enhance Iran’s export flexibility, facilitate upstream production, and reduce ancillary costs such as tank leasing. He highlighted the significant value of the two tanks to the oil industry.
Iran holds the third largest proven oil reserves estimated at 209 billion barrels (bbl) and the second-largest natural gas reserves estimated at 1,203 trillion cubic feet (tcf) as of 2021.
https://egyptoil-gas.com/news/irans-boosts-oil-storage-capacity-with-2m-barrels/
After President Donald Trump on Saturday told Walmart it should "eat the tariffs" rather than raise prices, Treasury Secretary Scott Bessent made the rounds on the Sunday morning talk shows to downplay inflation risks from the administration's tariffs. Bessent said he spoke to Walmart CEO Doug McMillon on Saturday, the Associated Press reported, adding that the retailer's warning of looming price increases were just a "worst case scenario."
Bessent also downplayed the downgrade Friday of U.S. government debt by Moody's Ratings.
Trump, fresh off a trip to the Middle East, also renewed his criticism of Federal Reserve Chairman Jerome Powell on Saturday and called on Walmart to "eat the tariffs" after the retailer warned it would likely have to raise prices.
"Walmart should STOP trying to blame Tariffs as the reason for raising prices throughout the chain. Walmart made BILLIONS OF DOLLARS last year, far more than expected. Between Walmart and China they should, as is said, 'EAT THE TARIFFS,' and not charge valued customers ANYTHING. I’ll be watching, and so will your customers!!!," Trump said in a post on Truth Social.
Walmart (WMT) on Thursday said that rising costs from tariffs could soon lead to higher prices for shoppers. The company was the latest to skip giving second-quarter profit guidance due to Trump's tariffs disrupting global trade.
Also on Saturday, Trump said the Federal Reserve should cut rates "sooner, rather than later," and continued to express his frustration with Powell
"Too Late Powell, a man legendary for being Too Late, will probably blow it again - But who knows???" Trump added.
President Trump said Friday that the US will set tariff rates for its trading partners within the next few weeks. He said his administration cannot negotiate trade deals with all countries at once due to limited capacity.
“I think we’re going to be very fair. But it’s not possible to meet the number of people that want to see us,” the president said during a meeting with business executives in the United Arab Emirates.
Meanwhile, Trump's Middle East visit has opened the door for Saudi Arabia and the UAE to push ahead with their AI ambitions, with firms like Nvidia (NVDA) and Advanced Micro Devices (AMD) set to supply advanced chips.
That jumbo jet, dubbed “a palace in the sky,” that Qatari officials are offering to President Donald Trump? Well, it turns out it may be something of a white elephant.
The royal family has been trying to sell the fuel-guzzling, expensive-to-maintain 747 since at least 2020, according to Forbes.
The jet costs $23,000 an hour to operate, according to Corporate Jet Investor — which is probably why the Qataris’ gift to Trump flew only 1,069 hours in the five years before it was put on the market in 2020, according to Forbes’ report.
These days, Qatari officials want smaller, nimbler, more versatile planes that go unnoticed on the tarmac as they slip in and out of town.
Many people have speculated that the Qataris are trying to curry favor with Trump by offering the jumbo jet as a gift, which he intends to keep after he leaves the Oval Office.
“Qatar, which has given away another blinged-out 747 and may have mothballed two more, epitomizes the fading demand for these huge, gas-guzzling, highly personalized airplanes,” the Forbes article reads. “There aren’t many who want to buy them, and many of the governments and royal families who own them have been trying to ditch them over the past decade.”
Trump is apparently upset with Boeing, which is working on two jets for presidential travel, but is running years behind schedule — like five years behind schedule.
The jets are now due to be finished in 2029.
Trump envisions using the gifted Qatari jumbo jet during his presidency, then taking ownership of it via his presidential library when the new jets are delivered.
“Only a FOOL would not accept this gift on behalf of our Country,” Trump wrote on his Truth Social platform.
Putting aside the argument that it’s illegal for Trump to accept such a gift without Congressional approval — and that some GOP elected officials are using words like “espionage” and “unconstitutional” to describe the gift — experts disagree that it would be foolish to turn it down.
It would cost hundreds of millions of dollars to be modified to serve as an airborne command center, with encrypted communications systems, shielding that would protect the electronics from the effects of a nuclear blast and defenses against missiles, Forbes reported.
That would take at least five years starting again from scratch, one expert said.
And even if Congress appropriated the money to modify the jet — and that’s a long shot — making those changes won’t be simple.
Boeing is already struggling with problems with suppliers for interior components of the presidential jets, the wiring design, and finding workers with security clearances to work on such a sensitive project.
Good morning, and welcome to our rolling coverage of business, the financial markets and the world economy.
How did the US lose its triple-A credit rating? Gradually, then suddenly.
Moody’s dealt the death blow on Friday afternoon, announcing it was cutting its rating on US government debt to Aa1, one notch down from the gold-standard Aaa.
This is 14 years after S&P became the first major agency to downgrade the US, with Fitch following suit in 2023.
Moody’s cited the swelling US national debt – now $36trn – and growing interest costs, saying:
Over more than a decade, US federal debt has risen sharply due to continuous fiscal deficits. During that time, federal spending has increased while tax cuts have reduced government revenues. As deficits and debt have grown, and interest rates have risen, interest payments on government debt have increased markedly.
Treasury secretary Scott Bessent tried to brush aside the issue, telling CNN that he “does not put much credence in the Moody’s” downgrade.
The demand for oil in india is increasing continuously. According to a new report by OPEC, the Organization of Petroleum Exporting Countries, india is going to have the highest oil demand in the world in 2025 and 2026. This is more than double that of China. india is one of the fastest growing economies in the world. The demand for energy is also increasing day by day here. As a result, the demand for oil in india is estimated to increase from 5.55 million barrels per day (bpd) in 2024 to 5.74 million bpd in 2025, which shows an increase of 3.39 percent.
America imports the most oil
According to a report by news agency PTI, this growth is expected to continue in 2026 as well, reaching 5.99 million bpd, which shows an increase of 4.28 percent in a year. In contrast, oil demand from china is projected to grow by only 1.5 per cent in 2025 and 1.25 per cent in 2026. This shows that india is the largest consumer of oil in the world.
Despite this, the US is the largest importer of oil. Its projected demand in 2025 will be 20.5 million BPD, followed by china at 16.90 million BPD and 17.12 million BPD in 2026. Given the rapidly growing oil consumption, india is third on this list. oil demand from the US is expected to grow marginally by 0.09 and 0.6 per cent in 2025 and 2026, respectively.
India imports this much oil
According to previous estimates made by OPEC, the demand for oil in the whole world is expected to increase by a total of 1.3 million BPD in 2025 and 2026. OPEC said, India's economy is growing rapidly. The current pace of strong economic growth is expected to continue, driven by consumer spending, investment and government support for key sectors. india currently imports more than 85 percent of its crude oil requirement. After this, it is converted into fuels like petrol and diesel through refining. OPEC said that India's crude oil imports reached a record high of 5.4 million BPD in March, which shows an increase of more than 5 percent in a month.
Russia’s economy has taken a tumble in a fresh blow to Vladimir Putin, according to Moscow’s official statistics agency. Rosstat reports that growth in Russia’s GDP fell dramatically in the first quarter of this year as the country grapples with a growing economic crisis. Official estimates show Russia’s GDP grew by 1.4% year-on-year in the first quarter of 2025 — three times less than the final quarter of 2024 (4.5%), The Moscow Times reports. This represents a brutal hit of around £55 billion and is also nearly four times less than the same period last year (5.4%). Businesses and consumers across Russia — which has been slapped with heavy Western sanctions following the war in Ukraine — are reeling under the effects of spiralling inflation and high interest rates.
Egor Susin, managing director at Gazprombank Private Banking in Russia, said the new figures indicate a “sharp slowdown in the economy”. There are also signs this quarter could be worse news for the Russian economy. Compared to the previous quarter, the economy has already contracted by 0.4% — the first decline since 2022, according to Raiffeisenbank.
Russia’s oil and gas industry are important to the economy but are showing cause for concern for the Kremlin. Experts say decreasing oil prices are having an impact, while Russia’s cheap oil supply is also reportedly running out. Moscow’s oil and gas revenue has been seen falling by a third this month compared to a year earlier amid weaker oil prices and a stronger rouble, according to Reuters calculations. The news agency said the revenue has fallen to its lowest level in nearly two years.
The Kremlin’s treasury deficit for the first four months exceeded last year’s almost threshold, according to The Moscow Times. Rosstat said Russia had a GDP of 201.2 trillion roubles (£1.87 trillion) in 2024. It comes after a new report suggests Russia's claims of economic strength are "misleading", with the country in fact spiralling towards a banking crisis.
Moscow has doggedly insisted that its economy has only experienced a minor annual shortfall of 2% since the war in Ukraine began, despite pouring huge amounts of money into its military budget.
https://www.express.co.uk/news/world/2056877/russia-economy-meltdown-moscow-putin
Posted on 18 May 2025
Paus, a leading German manufacturer of mining and tunnelling equipment, is strengthening its presence in Türkiye, Kyrgyzstan, Georgia and Azerbaijan through a new dealership agreement with Borusan Cat, a distributor in the region.
This strategic partnership will enable Paus to bring its high-quality, specialised machinery to a broader customer base, offering custom-built solutions tailored to the unique demands of underground mining and tunnelling operations.
The agreement was officially announced at bauma 2025 in Munich, Germany. Under this collaboration, Borusan Cat will provide its customers with high-quality and specialised mining and tunnelling equipment, as well as spare parts and comprehensive services tailored for the mining and tunnelling sectors.
This dealership agreement enhances Paus’ ability to support underground mining professionals by providing vehicles for personnel transport, maintenance, material transport and emergency services – crucial for optimising mining and tunneling efficiency.
“With this collaboration, Paus reinforces its position as a trusted and innovative partner in the industry, ensuring its high-quality products and expert solutions reach even more businesses across the region,” the company says.
Italian Prime Minister Giorgia Meloni and German Chancellor Friedrich Merz shake hands at a press conference, at Chigi Palace in Rome, Italy, May 17, 2025. REUTERS/Remo Casilli
ROME (Reuters) -Italian Prime Minister Giorgia Meloni warned on Saturday that rigid green policies could devastate Europe's industrial base, and called for a more cautious approach to the ecological transition that protects economic and social stability.
Speaking after meeting German Chancellor Friedrich Merz, Meloni said the European Union's push towards electrification, particularly in the automotive sector, risked undermining the continent’s manufacturing strength.
"I have often said that in a desert there is nothing green," Meloni told reporters in Rome. "Before anything else, we must fight the desertification of European industry."
She said that alternative fuels such as biofuels and hydrogen must play a central role in Europe's green strategy.
Meloni criticised the EU's past regulatory approach as too inflexible, saying it had "crushed" sectors like the automotive industry. She also expressed concern that Europe was depending on electric vehicle supply chains dominated by non-European countries, calling this a strategic vulnerability.
"I continue to believe it is counterproductive to focus solely on the electric transition, where the supply chains are not controlled by Europe, but by other actors," she said.
Meloni urged the European Commission to go further in revising key aspects of the so-called Green Deal, including new emissions calculations that account for the entire production cycle of a vehicle, not just tailpipe emissions.
The European Parliament earlier this month voted to soften rules for European automakers, meaning they will not have to comply with EU CO2 emissions targets for cars and vans that could have led to fines of up to 15 billion euros ($17 billion).
Following heavy lobbying, the European Commission proposed allowing automakers to meet the targets based on their average emissions over the period 2025-2027, rather than just this year.
Italy and Germany — Europe's two largest manufacturing economies — should lead efforts to restore competitiveness, Meloni said, adding that the automotive sector was one area where bilateral cooperation could make a decisive impact.
By Haley Zaremba - May 18, 2025, 10:00 AM CDT
The United Kingdom’s green energy transition is facing a dangerous slowdown at a critical moment for the economy and the environment. The Labour Party has ambitiously planned for British energy output to be 95% clean by 2030, but many stalled renewable energy projects show that the sector may be contracting just when the government is pushing for expansion.
The United Kingdom has adopted numerous policy instruments to scale back the domestic fossil fuel industry while propping up clean energy generation. And the pressure on the oil and gas industry seems to be working – perhaps a little too well. Just last month, oil and gas firm Harbour Energy announced that it would axe hundreds of jobs in the North Sea, and thousands more positions are at risk, with little to no contingency plan for those workers. And while the government has agreed to issue a limited number of new oil and gas licenses in the North Sea, these licenses are currently being challenged in court. What’s more, oil and gas reserves in the North Sea are dwindling.
But while oil and gas are indeed on the decline, clean energy projects are not stepping in to take their place at nearly the desired rate. Projects that could offer jobs to laid-off fossil fuel workers are facing “repeated delays” and potentially untenable financial circumstances. “And the gap between one industry declining and the other rising is growing wider,” according to the BBC. This could spell major trouble not only for British laborers but also for the nation’s energy security.
The BBC notes that the slew of canceled and delayed clean energy projects could be driven by a number of causes, many of which have little to do with the invisible hand. “Because the UK government has set such an ambitious and high-profile target for clean, green power, it may be that [clean energy sector] developers are using the leverage of a halted project to get a more attractive set of price guarantees,” the BBC speculates. “It may also be that Harbour Energy is backing up the wider oil and gas industry in putting pressure on the UK government to give it a less hostile business environment,” the report goes on to note. “It took only a few minutes from the announcement of Harbour's job losses to Prime Minister's Questions, with both the Conservatives and SNP piling on the pressure.”
Clearly, creating a smooth and just clean energy transition is far from easy. Research from campaign group Oil Change International has estimated that transitioning to a renewable-powered grid without leaving oil and gas workers in the dust will cost the United Kingdom about £1.9 billion per year. “Of this, about £1.1bn would be needed to help develop the wind industry and create new green jobs; about £440m would be needed to invest in ports to make them capable of constructing and maintaining offshore wind turbines; and £355m would cover a training fund for oil and gas workers,” the Guardian reports.
Not only is the power struggle over the terms and conditions of the United Kingdom’s clean energy transition leaving many Brits in the lurch, it’s also creating a major threat to the nation’s energy security and climate goals. Without a strong renewables sector to take the place of the flagging fossil fuels industry, Great Britain will remain dangerously dependent on imported natural gas in an era of extreme political and geopolitical tensions, and all of the price volatility that comes with it.
This is bad news for British consumers, who have been battered by high energy prices over the past few years thanks to the energy crisis brought on by Russia’s illegal invasion of Ukraine and retaliatory tariffs placed on the Kremlin, one of the world’s key suppliers of oil and gas. Recent estimates suggest that approximately 11% of households in England are classed as fuel poor, 34% in Scotland, 14% in Wales, and 24% in Northern Ireland. This means that these households must spend a high proportion of their income to keep their home at a reasonable temperature.
By Haley Zaremba for Oilprice.com
With Eid al-Adha just weeks away, livestock traders in Nigeria are raising the alarm over a looming scarcity of animals and a possible spike in prices, following Niger Republic’s recent ban on the export of livestock to neighboring countries.
The Unified Association of Livestock and Foodstuff Dealers in Nigeria says the restriction, imposed by the Nigerien government, could lead to severe consequences for livestock markets across Nigeria, particularly during the upcoming Sallah celebrations.
In an interview with the BBC Hausa service, the president of the association, Dr. Muhammad Tahir, described the situation as worrisome and called on Nigerien authorities to consider the broader impact on the region’s economy and food supply.
“If the Nigerien government believes this move will ease their own internal market situation, it will instead create a serious setback both for Nigerian buyers and for Nigerien livestock traders who now have no market,” Dr. Tahir said.
He revealed that over 50,000 cattle and rams purchased from Chad are currently stranded at the Chad-Niger border, unable to enter Nigeria due to the ban.
“The truth is, there will be a problem. If this continues and we cannot get animals from Chad or Niger, we may see an alarming surge in livestock prices across our markets,” he warned.
Niger Republic, one of the major suppliers of livestock to Nigeria and other neighboring countries, announced the border restriction as part of measures to stabilize domestic meat prices during Eid al-Adha.
However, traders argue that the policy may be retrogressive, hurting both sides of the border economically.
Quick overview
- The demand for traditional safe-haven assets like gold is weakening due to optimism surrounding the US-China trade truce.
- Gold prices fell below the $3,200 mark, marking the biggest weekly decline since June 2021.
- Investors are reducing gold exposure following the announcement of upcoming US-China trade talks in Geneva.
- Stock markets have surged since the tariff truce, diminishing the safe-haven focus that previously drove gold prices to record highs.
The demand for traditional safe-haven assets continues to weaken due to the recent optimism surrounding the US-China trade truce. As a result, bullion failed to maintain the strong recovery it had shown the previous day from the $3,120 area, which had been a one-month low. The week ended with bullion falling below the $3,200 mark.
This represents the biggest weekly decline in the precious metal since June 2021.
Investors began to reduce gold exposure following last week’s announcement that the United States and China would meet in Geneva for trade talks, which resulted in an agreement.
The US Treasury bond yields continued to fall due to Thursday’s weaker US macro data, which confirmed expectations for additional interest rate cuts. Although this does not support the non-yielding price of gold, it keeps the US dollar on the defensive for the second consecutive day.
The intraday bearish sentiment surrounding the XAU/USD pair is not significantly affected by geopolitical event risk. Amid increased concerns about the trade war, the price of gold has now dropped 9% from its peak of $3,500 last month.
Stock markets have surged since the tariff truce was announced over the weekend, temporarily diminishing some of the safe-haven focus that pushed gold to record highs in recent months.
XAU/USD is still reversing course amid expectations of positive global growth following Monday’s much better-than-expected US-China news. These expectations are creating a more aggressive sentiment.
https://www.fxleaders.com/news/2025/05/18/gold-interest-falls-worst-week-since-june-2021/
EGA’s Jebel Ali smelter. Credit: Emirates Global Aluminium
Emirates Global Aluminium plans to start building a $4 billion plant in Oklahoma next year as Donald Trump pushes for massive investments from oil-rich Gulf states to avoid his tariffs.
The smelter will have the capacity to produce as much as 600,000 tons a year of primary aluminum, with construction slated to start by the end of 2026 and to be ready by 2030, the company said in a statement on Friday. EGA is also partnering with US defense company RTX Corp. and the UAE’s Tawazun Council on a gallium project.
The US president announced $200 billion in deals with the United Arab Emirates during the final stop of his Middle East tour, adding to investment commitments from Saudi Arabia and Qatar.
Dubai-based EGA completed its first US acquisition last year when it bought 80% of Spectro Alloys Corp. in Minnesota and said it would make further investments to counter the impact of US tariffs.
Trump suggested an UAE aluminum plant would be built in the US because the company would “have to pay a big tariff” if the facility were to be built in the Emirates. The smelter and the gallium project are part of the investments he announced.
The smelter’s construction is contingent on securing a competitive power deal, local investment incentives and tax credit arrangements, EGA said.
EGA said it has signed an exclusive land option agreement for a site near Tulsa and is in advanced negotiations with Public Service Company of Oklahoma and the Oklahoma government.
RTX and Tawazun Council signed a memorandum of understanding to establish EGA as a supplier of gallium, a critical mineral used in chips, the aluminum producer said in a separate statement. The gallium would be extracted and refined at EGA’s alumina refinery in Abu Dhabi. The value of the potential investment wasn’t disclosed.
(By Verity Ratcliffe)
https://www.mining.com/web/emirates-global-to-build-us-aluminum-plant-touted-by-trump-next-year/
Prices for rolled materials at factories in Northwestern Europe have remained virtually unchanged in recent weeks, despite the availability of competitive imports on the market.
According to one German manager, while prices for hot-rolled coils in domestic factories are around 650 euros per ton (US$729 per ton), prices for materials supplied from abroad are 50 euros per ton lower than in Antwerp, according to cif terms.
Given the additional transportation costs, this material does not make much sense to German buyers, but it may be useful to those who are located near the Belgian/Dutch coast with shorter transport routes, he suggests.
One French trader rejects this option by adding a duty that currently has to be taken into account, which means that imports of HRC typically exceed 600 euros per ton, he says.
"The difference with domestic prices in Europe is really big. minimal," he tells Kallanish. He says he still receives frequent inquiries from clients, "but they're just testing the waters," and there aren't many real deals.
He believes that 80% of all steel is purchased from domestic plants, and only 20% of imports is divided into sales from existing stocks and new orders.
He notes that the price difference for hot-dip galvanized coils is even smaller. The cost of importing this material ranges from 700 to 730 euros per ton per day, which means that, taking into account the duty, prices basically correspond to prices set at the manufacturing plant in the EU.
Within the EU, Italian offers are uncompetitive compared to prices in the north.
"We also buy there," says one customer from Southern Germany. "But the cost of transportation is high, and as a result, the difference with prices in the north will be insignificant."
BEIJING: Iron ore futures prices slid on Friday on signs of softening near-term demand and growing caution over the resolution of the Sino-US tariff war, although a trade truce between the two countries kept prices on track for a weekly gain.
The most-traded September iron ore contract on China’s Dalian Commodity Exchange (DCE) closed daytime trade 0.95% lower at 728 yuan ($101.11) a metric ton, registering a weekly rise of 4.5%.
The benchmark June iron ore on the Singapore Exchange was down 0.83% at $100.35 a ton, as of 0703 GMT, a gain of 3.5% so far this week. Both benchmarks have risen around 3% so far in May.
Average daily hot metal output, a gauge of iron ore demand, slid 0.4% from the prior week to around 2.45 million tons as of May 15, a survey from consultancy Mysteel showed, weighing on sentiment and prices.
But some analysts and traders expected limited downside for hot metal output in at least May and June as profit margins encouraged mills to maintain high operating rates, and the easing trade tensions will likely spur another wave of front-run shipments of steel products. Analysts at Benchmark Mineral Intelligence forecast an annual average ore price at $100, reflecting subdued demand outlook, potential China steel production curbs and renewed optimism over easing trade tensions.
Other steelmaking ingredients on the DCE slipped, with coking coal tumbling 3.84% to the lowest level in more than eight years while coke fell 1.93%. Steel benchmarks on the Shanghai Futures Exchange also retreated. Rebar shed 1.15%, hot-rolled coil lost 0.95%, wire rod languished 1.25% and stainless steel dipped 0.65%.