A coalition of states sued the Trump administration Tuesday over three separate settlements with offshore wind companies to cancel their project leases in exchange for over $1.5 billion in taxpayer funds.
California, New York, New Jersey, and six other states alleged the Bureau of Ocean Energy Management unlawfully bought out leases with three Invenergy units and one lease with Bluepoint Wind LLC through “backroom deals” barred under the Judgment Fund Act. The settlements require the renewable developers to invest the amount recouped in fossil fuel or geothermal projects.
The agency doesn’t have the authority to reimburse offshore lease fees or direct the refunded money to be spent on fossil fuel projects that have nothing to do with federal waters, according to the complaints.
They are the latest in a string of litigation targeting the Trump administration’s cancellation of offshore lease developments through the Judgment Fund, a money pool managed by the Treasury Department that operates on a permanent appropriation from Congress.
The Interior Department, which houses BOEM, also inked similar deals with TotalEnergies SE and Golden State Wind LLC. All settlements allow companies to recover their offshore wind losses only if they invest the same amount of money in liquefied natural gas projects, energy infrastructure, or other domestic fossil fuel assets.
California challenged the nearly $112 million deal to scrap Invenergy’s Morro Bay Wind Energy Area development in the US District Court for the Northern District of California. New York and the state coalition sued over the $653 million deal with Invenergy in the US District Court for the District of Maine, while the complaint against the $765 million settlement with Bluepoint was filed in the US District Court for the Eastern District of New York.
The deals “sabotage states’ ability to meet growing energy demands,” according to a statement from New York Attorney General Letitia James (D).
California said it has already invested over $100 million to update its ports, transmission systems, and industries to support offshore wind development.
“California is not here to foot the bill — we have the receipts and we’re asking the court to strike down this blatantly unlawful deal,” California Attorney General Rob Bonta (D) said in a statement.
The cases are California v. Interior, N.D. Cal., No. 4:26-cv-10778, complaint filed 9/22/26, New York v. Interior, E.D.N.Y., No. 1:26-cv-05851, complaint filed 9/22/26, and New York v. Interior, D. Me., 9/22/26.
Trump is said to host Zelenskyy ahead of the UN General Assembly's High-Level Week
Photo: RBC
Russian stocks climbed above a closely watched threshold on Tuesday as investors turned their attention to diplomacy around the UN General Assembly meeting this week. The MOEX index moved above 2,300 points, and Gazprom shares crossed 100 roubles, according to Finam’s market update.
Presidents Donald Trump and Volodymyr Zelenskyy are due to meet in New York on the sidelines of the UN General Assembly, with de-escalation and energy infrastructure expected to feature prominently in their talks, according to Axios.
Even a small glimmer of diplomacy can matter for Moscow-listed stocks, as sanctions, the war and access to international markets continue to factor into valuations. Finam analysts had previously pointed to geopolitical news as one of the main possible triggers for Russian stocks this week, with investors awaiting events at the UN.
MOEX index as of Tuesday evening. Image: Finam
Markets see diplomacy in messy backdrop
The Trump-Zelensky meeting follows a weekend phone call in which the US president repeatedly brought up Ukrainian strikes on Russian oil refineries and their effect on global diesel prices, Axios reported.
Zelenskyy is expected to push for an energy truce, more air defence support and steps to reduce attacks on infrastructure. Trump used his UN address to call on Vladimir Putin to reach a settlement, while Russian Foreign Minister Sergei Lavrov is also in New York for separate talks with US Secretary of State Marco Rubio.
Meanwhile, Trump has approved legislation tightening pressure on Russia, while the European Union continues discussing further restrictions. Kursiv Uzbekistan previously examined how the new US sanctions framework could spill over into Central Asian banks, trade and Russian energy purchases.
https://uz.kursiv.media/en/2026-09-22/russian-stocks-trump-zelensky-un-talks/
By ZeroHedge - Sep 22, 2026, 12:00 PM CDT
Chinese President Xi Jinping and President Donald Trump are scheduled to meet in Washington on Thursday. UBS analysts quoted chief China economist Yu Song as saying the meeting between the leaders of the two global superpowers is largely about strategic stability and modest progress on tariffs, rare earths, and AI safety.
Political risk analyst Marcus Bischoff expects no major breakthrough but says the most realistic outcome is continuity in US-China relations as the most likely outcome. He sees cautious grounds for higher expectations following discussions between US Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng ahead of the Trump-Xi summit.
Over the weekend, a Reuters report said that Bessent and Chinese Vice Premier He Lifeng were set to discuss advanced AI bots and the global adoption of the technology, as well as rare earths.
As Christian Keller, Barclays' global head of economics research, recently described, China's near-total control of more than 95% of critical material refining has been used as leverage against the US. Whether magnets, tungsten, germanium, gallium, or other critical materials, China has restricted their flows over the last year and a half, forcing the US into a mad sprint to secure conflict-free supplies.
Bloomberg reported the latest details on China's resource nationalism and the weaponization of critical material supply chains overnight, citing customs data released Sunday that showed rare earth shipments from China to the US plunged sharply in August.
Shipments dropped 21% from July to 512 tons, according to the new trade data. The decline leaves US supplies of components used in cars, consumer goods, and weapons as a key talking point, whether in discussions between Bessent and his Chinese counterparts or between Trump and Xi.
Bloomberg Economics' Chris Kennedy said, "Washington needs stability with Beijing to keep these critical inputs moving," adding, "Yet periods of calm that restore access to lower-cost Chinese material weaken the urgency for the US to break its dependence on China."
The latest trade data shows China's quasi-monopolistic control of critical materials can be used as geopolitical leverage.
One major problem for the US is that Barclays' Keller shows Beijing will control mineral mining and global refining of these materials through at least 2030.
Breaking Beijing's quasi-monopolistic grip has been an emerging theme of ours that includes finding producing miners with conflict-free supply chains that can deliver to the West. Those miners will be the early winners because these critical materials are the building blocks of the West's pursuit of reindustrialization, the AI data center buildout, power grid upgrades, and, of course, the incoming rearmament cycle.
Saudi Arabia has significantly increased crude oil loadings from its Mideast Gulf terminals following a drone attack that disrupted shipments along its vital East-West Pipeline to the Red Sea.
Data from oil-tracking firm TankerTrackers.com showed that state-owned Saudi Aramco loaded approximately 14 million barrels of crude onto seven Very Large Crude Carriers inside the Mideast Gulf on Sunday.
Satellite imagery confirmed the presence of seven supertankers anchored near the kingdom's major Ras Tanura export facility.
The surge in eastern loadings signals a partial recovery in Saudi crude exports, which helped push Brent crude prices below $100 a barrel on Monday for the first time since Sept. 9.
The strategic shift follows the shutdown of the East-West Pipeline on Sept. 13 after a drone strike halted operations at the Yanbu export terminal on the Red Sea.
In response to the pipeline disruption, Aramco canceled several crude deliveries to European customers while redirecting volumes toward Asian markets by increasing shipments from ports east of the Strait of Hormuz.
Prior to the attack, Saudi crude loadings at Red Sea ports averaged 3.9 million barrels per day between Sept. 1 and Sept. 11, according to energy tracking company Vortexa.
Following the pipeline shutdown, Gulf loadings rose to an average of about 3.7 million bpd after Sept. 12, up from 2.9 million bpd earlier in the month.
An Aramco spokesperson declined to comment on the increased tanker activity.
However, analysts at J.P. Morgan noted in a Sept. 18 report that satellite tracking indicated Saudi oil moving through the Strait of Hormuz climbed to 2.9 million bpd over a six-day period, compared to 700,000 bpd in August.
Trade sources also reported that Saudi Arabia sold roughly 60 million barrels of crude from Ras Tanura for ship-to-ship transfers at the Omani port of Sohar scheduled for this month and next.
https://www.pipeline-journal.net/news/saudi-aramco-ramps-gulf-oil-loadings-response-pipeline-attack
(Sept 22): Several Asian refiners have been told informally by Saudi Aramco they will soon be able to pick up oil from the Red Sea port of Yanbu, according to traders familiar with the matter.
At least three fuel processors have been given informal assurances about the loadings from executives at the state-run company, rather than official notices, the traders said, asking not to be named as they are not authorised to speak to media. No timelines were given, they said.
Loadings from Yanbu have been all-but-halted since the East-West pipeline, which was carrying about four million barrels of oil a day to the port, was closed after being attacked by drones launched from Iraq on Sept 10. Saudi Arabia was seeking to return about half the capacity within days, a person familiar told Bloomberg late last week, although there have been no recent updates from Aramco.
Saudi Aramco declined to comment.
Some of the Asian refiners contacted by Aramco have already missed their scheduled loading dates at Yanbu due to the closure of the pipeline and have vessels in waters near the port or are heading there, the traders said.
Since the pipeline was attacked, the Saudis have increased exports to Asia from Ras Tanura in the Persian Gulf. This crude can be picked up via ship-to-ship transfers in the Gulf of Oman after it has traversed the contested Strait of Hormuz.
European, rather than Asian, customers have been most affected by the lack of activity at Yanbu. Aramco told at least two European refiners last week that they would be allocated no oil under long-term agreements in October due to the attacks on the pipeline and that the decision applied to all of the continent’s buyers.
According to figures released by Libya's National Oil Corporation, monthly crude output expanded by roughly 1.55 million barrels compared to July's total of 41.713 million barrels.
This sustained operational performance points at the central role of the energy sector, where petroleum exports fund the vast majority of public expenditure.
Libya increases monthly crude output as oil revenues surpass $2 billion
In August, the National Oil Corporation directed substantial volumes of crude oil to international buyers, including approximately 7 million barrels of crude oil and 77 billion cubic feet of natural gas.
Financial earnings from these deliveries provided a significant boost to state accounts.
The National Oil Corporation stated that official collections included "the transfer of more than 2 billion dollars in oil revenues for August to the sovereign account at the Libyan Foreign Bank" in addition to roughly 2 billion dinars in contractual taxes and royalties.
Libya leads African energy producers and discovers new oil reserve
The monthly earnings reveals the massive natural wealth located in the North African nation.
Business Insider Africa noted that "Libya holds Africa’s largest proven oil reserves, estimated at 48.4 billion barrels, ranking ninth globally".
These vast underground deposits keep the country ahead of other major continental oil producers, including Nigeria with 36.9 billion barrels and Algeria with 12.2 billion barrels.
As reported by Libya Observer hydrocarbons remain the central pillar of the domestic economy, where crude sales account "for more than 90% of government revenue" despite ongoing operational and security difficulties recorded since 2011.
In a related development, Austrian energy company OMV has discovered a commercially viable oil well at the Essar site in Libya's Sirte Basin, with estimated recoverable resources of up to 45 million barrels.
Biodiesel for marine use is becoming – at least in Europe – more cost-effective than fossil-based marine diesel, which is subject to the rise in crude oil prices caused by the Middle East crisis as well as the costs associated with CO₂ allowances. Indeed, according to a recent analysis published by the Financial Times, the consumption of this biofuel by ships is rising sharply.
In recent days, in the port of Rotterdam, the price of marine biodiesel hit an all-time low, falling to just $985 per tonne according to the Argus price index, before rising again to $1,240 per tonne. These figures are, in any case, lower (achieved partly because producers are seeking to boost sales to meet Dutch obligations under RED III) than those for fossil-based marine gas oil – one of the most widely used traditional marine fuels – which, from $714.50 per tonne recorded shortly before the start of the war in Iran, in February 2026, has soared to $1,528.50 per tonne, due to geopolitical tensions and the resulting logistical ‘disruptions’ that are driving up the prices of petroleum products.
The comparison already favours biodiesel, without even taking into account the fact that the cost associated with the ETS (Emissions Trading Scheme) must be added to the price of fossil diesel; when this is factored in, “biodiesel is more cost-effective than almost all conventional marine fuels”, according to Argus.
Speaking to the Financial Times, Madeleine Jenkins, a specialist in European biofuel prices at Argus, said that this price reversal should encourage shipowners “to rethink their fuel procurement strategies, as marine biofuels can often prove more cost-effective than marine diesel once the net savings from reduced emissions under EU schemes are taken into account”.
In fact, this advantage remains even when one considers that biodiesel – which is essentially a drop-in fuel and can therefore be used in ships with only minor modifications, or in some cases none at all – has a lower energy density than the fossil fuel alternative, and therefore results in 7–10% higher fuel consumption per voyage.
It is precisely for these reasons, according to the British financial newspaper, that in Rotterdam – Europe’s main hub for ship bunkering – sales of marine biodiesel blends more than doubled in the second quarter of 2026 compared with the previous three months.
Of course, there remain a number of issues that could hinder the uptake of marine biofuels, starting with a substantially limited supply of raw materials (mainly waste oils and other waste generated by the food industry) and competition from other modes of transport such as road transport and aviation (which uses the same feedstocks to produce Sustainable Aviation Fuel).
Deividas Matulionis | V. Raupelis / LRT
Any breach of European Union sanctions to facilitate a potential US deal to buy Belarusian potash fertiliser would amount to a “moral humiliation”, Lithuanian President Gitanas Nausėda’s national security adviser said Wednesday.
“Any violation of EU sanctions would have a moral aspect – as well as a legal and financial one. [...] It would be a kind of moral humiliation,” Deividas Matulionis told LRT RADIO.
US President Donald Trump said Monday that Washington was working on a major deal to buy Belarusian fertiliser, potentially allowing US companies to obtain it at lower prices. The proposed deal has raised questions about how the fertiliser could reach international markets while EU restrictions on Belarusian goods remain in place.
Matulionis stressed that any Belarusian fertiliser would not necessarily transit Lithuania or the port of Klaipėda, as it did before sanctions were imposed.
“This is an issue between the US and Belarus,” he said. “If there were transit, it would not necessarily have to be through Lithuanian territory, so why should we specifically be informed?”
He also rejected suggestions that Washington was pressuring Lithuania to facilitate the transit.
“We know that America is interested in cheap Belarusian fertiliser and this has been discussed,” Matulionis said. “It is not the case that someone is imposing conditions or putting pressure on us.”
Matulionis said the issue had been discussed both previously and last week with US special envoy for Belarus John Coale during his visit to Vilnius.
John Coale, Alexander Lukashenko | AP
“I want to assure you that it was not a form of pressure,” he said. “It was a statement that it would be useful for America, and a question about how we would react.”
The US is also discussing the issue with other countries in the region, Matulionis said, adding that Lithuania and its neighbours have so far maintained a common position.
“We would not want the Americans to transport potash through Russia, because that would provide additional revenue for Russia’s war machine,” he said. “The Americans are talking not only with us, but also with other countries in the region, but so far we are all holding together, and I see no concessions either from us or from other neighbouring countries.”
Belaruskali fertiliser shipment | D. Umbrasas / LRT
Lithuania has previously said it does not want to resume the transit of Belarusian potash through its territory while EU sanctions remain in force. Before sanctions, Belarusian fertiliser was transported through Lithuania to the port of Klaipėda. The United States has separately sought ways to obtain Belarusian potash after lifting its own sanctions on the sector, while EU restrictions remain in place.
Matulionis also pointed to comments by Belarusian President Alexander Lukashenko that Minsk currently does not have enough available potash to export large quantities to the United States.
“Lukashenko himself said that he does not have the capacity,” Matulionis said. He suggested that if serious negotiations were underway, they might not have become public, adding that Russia could have warned Belarus against pursuing closer ties with Washington.
Matulionis said Lithuania would welcome any US effort that could reduce Belarus’ dependence on Russia, although he cautioned that such a shift would be difficult after more than three decades of Lukashenko’s rule.
“If the Americans succeeded in pulling Belarus away from Russia, that would, of course, be a fundamental change, and we wish them success,” he said. “But we see that it is difficult.”
He noted that EU sanctions on Belarusian fertiliser are due to expire at the end of February unless renewed, potentially changing the situation in the coming months.
Matulionis also dismissed speculation that the return of US troops to Lithuania was linked to the possible resumption of Belarusian potash transit.
Instead, he said, Washington’s decision to send a new rotation of troops to Lithuania before completing a broader review of US forces in Europe reflected Lithuania’s commitment to developing transatlantic relations.
The United States announced this week that a new troop rotation was heading to Lithuania, with Nausėda saying it would likely involve about 1,000 soldiers.
The latest US-Belarus discussions have also focused on the release of political prisoners. Coale visited Belarus last week, after which 25 prisoners were released and the United States lifted sanctions on two Belarusian companies.
Lithuanian officials have stressed that Washington’s approach to Belarus differs from that of the EU, while maintaining that regional allies should coordinate their policies toward Minsk. Lithuania’s Foreign Ministry said Coale’s September visit to Vilnius focused on political prisoners and regional security.
Harmony CEO Beyers Nel.
JOHANNESBURG (miningweekly.com) – Harmony Gold Mining Company on Monday, 21 September, announced the launch of an offering of $500-million guaranteed senior unsecured convertible bonds due in 2031, and the following day reported the offering's pricing.
The intended use of the net proceeds from the bond offering would be for general corporate purposes, the Johannesburg Stock Exchange-listed gold and copper mining company stated in a stock exchange news service (SENS) announcement on Tuesday, 22 September.
"The offering reflects a proactive and disciplined approach to balance sheet management from a position of strength,” Harmony CEO Beyers Nel stated on SENS.
“It enhances funding efficiency, diversifies our capital sources and optimises our funding profile. Our capital programme remains fully funded, and we remain confident in Harmony's ability to continue creating long-term value for shareholders," Nel added.
Mining Weekly can report that Nel will be presenting at Mining Forum Americas on 28 September, where the company's strategy and progress on its gold and copper portfolio will be discussed.
Payments in respect of the bonds will be guaranteed by Harmony Gold (Australia), African Rainbow Minerals Gold, Avgold, Chemwes, Golden Core Trade and Invest, Freegold, Randfontein Estates, Harmony Copper, Harmony Moab Khotsong Operations, MAC Copper, Cobar Management, Metals Acquisition (Australia) and Eva Copper Mine.
The bonds will be issued at 100% of their principal amount, which is $200 000 per bond, and unless previously redeemed, converted or purchased and cancelled, the bonds will be redeemed at their principal amount on or around September 29, 2031.
The bonds will pay a coupon of 1.500% a year, semi-annually in arrear, in equal instalments on 29 March and 29 September of each year and for the first time on March 29, 2027.
The initial conversion price is R418.60, representing a premium of 40% above the reference share price, being the placement price per share determined in the concurrent offering of existing shares.
The conversion price will be subject to customary market-standard adjustments, including certain dividend protection provisions.
The bonds will be convertible into 19.4-million ordinary shares of the issuer, which represents 3% of issuer's current issued ordinary share capital.
Citigroup and JP Morgan acted as joint global coordinators and joint bookrunners while Absa, FirstRand and Nedbank acted as co-lead managers.
Indonesian nickel hub PT Indonesia Morowali Industrial Park (IMIP) on the island of Sulawesi said on Tuesday that a water shortage linked to this year’s El Niño weather pattern has forced some smelters to reduce their nickel pig iron production.
IMIP informed companies at the weekend that they would need to reduce production of nickel pig iron due to water shortages, Bloomberg reported on Tuesday, citing sources.
In response, IMIP spokesperson Dedy Kurniawan confirmed to Reuters that the shortage has led to the reduction of nickel pig iron production at some smelters.
IMIP has not received exact figures from tenants on the extent of the production cuts, Dedy said.
“However, the effect has not caused smelter operations to stop or even led to workforce reductions so far,” Dedy said, adding that the hub and some tenants are adjusting production targets and seeking alternative water supplies.
PT IMIP is the largest nickel-processing hub in resource-rich Indonesia and has over 50 tenants, mainly makers of nickel products used in stainless steel and EV battery materials, according to the company’s website.
Nickel pig iron, a low purity nickel metal and a key input for stainless steel, makes up the majority of Indonesia’s nickel exports.
(Reporting by Fransiska Nangoy; Writing by Stanley Widianto; Editing by David Stanway)
Compared with July, the figure fell by 3.2%
German steelworks increased steel production by 1.7% y/y in August 2026, reaching 2.59 million tonnes. Compared with the previous month, the figure fell by 3.2%. This is according to data from the German Steel Industry Association (WV Stahl).
The industry association attributes the slowdown in steel production in the country to persistently weak demand. The sharp decline, which began in July, continued into August.
Oxygen converters produced 1.87 million tonnes of steel over the month, which is 2% down year-on-year but 2.2% up compared with July. Steel production in electric arc furnaces for the period totalled 720,000 tonnes, up 13% year-on-year but down 15.1% month-on-month.
Pig iron production in August reached 1.65 million tonnes, down 5.5% year-on-year and 0.6% m/m Hot-rolled steel production for the period rose by 4.1% year-on-year, but fell by 7.2% month-on-month to 2.36 million tonnes.
Over the first eight months, steel production in the country reached 23.9 million tonnes, an increase of 6.3% compared with the same period last year. 16.5 million tonnes were produced in basic oxygen furnaces (+7.2% year-on-year), and 7.4 million tonnes in electric arc furnaces (+4.3% year-on-year). In January–August, 14.9 million tonnes of pig iron were produced, a 5.7% increase year-on-year, and 21 million tonnes of rolled steel products (+4.2% year-on-year).
It should be noted that, by the end of 2025, Germany had reduced its steel production by 8.6% compared with 2024 — to 34.09 million tonnes. Last year, 23.64 million tonnes of steel were produced in basic oxygen furnaces (-10.7% year-on-year), and 10.44 million tonnes in electric arc furnaces (-3.5% year-on-year). Pig iron production over the 12-month period fell by 10.1% year-on-year, to 21.87 million tonnes. Rolled steel production decreased by 5.5% year-on-year, to 29.76 million tonnes.
https://gmk.center/en/news/germany-increased-steel-production-by-1-7-y-y-in-august/
Nucor has lifted its spot price for hot-rolled coils by $10 per short tonne week on week, according to a company letter to customers dated 21 September. The American steel producer, as reported by GMK Center, set the new offer price at $1,210 per tonne, while the consumer spot price for the California Steel Industries joint venture also moved up by $10 per short tonne to $1,270 per tonne.
Order fulfilment times were unchanged at three to five weeks, the company indicated. Nucor separately expects significant earnings growth in the third quarter of this year in its steel mills segment, citing higher selling prices and stable sales volumes in an earnings forecast published on 17 September.
Market benchmarks
Steel Market Update put the average price of hot-rolled coils in the United States at $1,240 per short tonne as at 15 September. Kallanish estimated the range at $1,200 to $1,210 per short tonne as at 18 September. In the corresponding week of 2025, US spot prices for hot-rolled coils ranged from $825 to $865 per tonne.
European price move
ArcelorMittal has raised prices for hot-rolled coil in Europe by EUR20 per tonne, equivalent to $23 per tonne, for deliveries in November 2026. The company attributed the increase to rising raw material and energy costs, supported by stable order books at European steelworks and reduced competition from importers.
https://www.indexbox.io/blog/nucor-raises-hot-rolled-coil-spot-price-by-10-per-short-tonne-1/