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Ecuador’s Oriente crude exports suspended, Napo flowing amid force majeure

Exports of Ecuador’s flagship Oriente crude remain suspended under a force majeure declaration as the spread of anti-government protests hurts oil output, state-run Petroecuador said on Wednesday. At least eight people have died and road blockades have led to food and medicine shortages. The crisis has halved oil output, the country’s main source of revenue, to some 234,500 barrels per day while forcing reductions in fuel prices, though protest leaders have called the price cuts insufficient. On Wednesday, the government of President Guillermo Lasso imposed a curfew and restricted transit ...

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South Korea unwinds crude import diversification strategy as Middle East dependence grows

South Korea is looking to unwind its crude import diversification strategy, at least in 2022, as refiners find taking incremental supplies from major Middle Eastern producers highly efficient in times of tight global supply and surging oil prices, while the country aims to completely phase out Russian crude shipments. The world’s fourth biggest crude importer has been striving to diversify its crude supply sources for more than a decade, with South Korea’s reliance on Middle Eastern crude falling from around 87% of its annual total refinery feedstock imports in 2011 ...

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Asian giant issues new oil import quotas for private refineries; Sinopec produces first biojet fuel

China has issued 52.66 million tons of crude oil import quotas to non-state refiners in a second batch of allotments for 2022, up 49 percent from the same slot last year, four people with knowledge of the matter said. The new allowances bring China’s total non-state import quotas to 161.69 million tons so far this year, compared to 157.83 million tons during the same period of 2021. Thirty-six refiners have been granted the quotas, with mega-refinery Zhengjiang Petroleum and Chemical Corp. and Hengli Petrochemical receiving the most, at 10 million ...

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Trinidad boosts LNG exports to Europe, rushes more gas output

Trinidad and Tobago’s sales of liquefied natural gas (LNG) to Europe have doubled so far this year to 40% of the total, Energy Minister Stuart Young said on Tuesday, as demand continues growing amid a reduction of Russian gas supplies. Trinidad’s LNG exports declined to 7.9 million tonnes last year after the country, the largest producer of the fuel in Latin America, had to shut one of its flagship project’s liquefaction trains due to lack of natural gas output. The government is pushing for gas producers, including Shell Plc, BP ...

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India’s top cement maker paying for Russian coal in Chinese yuan

India’s biggest cement producer, UltraTech Cement ULTC.NS, is importing a cargo of Russian coal and paying using Chinese yuan, according to an Indian customs document reviewed by Reuters, a rare payment method that traders say could become more common. UltraTech is bringing in 157,000 tonnes of coal from Russian producer SUEK that loaded on the bulk carrier MV Mangas from the Russian Far East port of Vanino, the document showed. It cites an invoice dated June 5 that values the cargo at 172,652,900 yuan ($25.81 million). Two trade sources familiar ...

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Global interest in Saudi Arabia’s mineral auctions surprises to upside

Interest in Saudi Arabia’s incipient mineral deposit auctions program has surprised to the upside as investors seek resources in varied jurisdictions for energy transition applications, the kingdom’s minister of industry and mineral resources, Bandar bin Ibrahim Al-Khorayef, said. Political considerations over Saudi Arabia have not impeded investor interest, the minister said in an interview after the London leg of a roadshow to highlight the kingdom’s mineral wealth to analysts and potential investors. With little historic mining culture, the nation needs the global community on board in strategic partnerships. “Without global ...

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Copper poised for worst quarter since March 2020 on growth fears

Copper prices slipped on Thursday and were set for their biggest quarterly percentage drop since March 2020, hit by worries about a potential recession following a series of interest rate hikes and a slowdown in demand due to lockdowns in top consumer China. Three-month copper on the London Metal Exchange fell 0.9% to $8,324 a tonne, as of 0721 GMT. The metal, which is seen as a gauge for the health of the global economy, dropped to its lowest since February 2021 last week and has fallen more than 19% ...

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MMi Daily Iron Ore Index Report June 30 2022

DCE iron ore was was shocked and continued downward all the day.The main contract closed at 791,increased of 2.22%. Traders aregenerally

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Sovecon ups forecast for Russia’s 2022/23 wheat exports to new record high

The Russia-focused Sovecon agriculture consultancy said it had raised its forecast for Russia’s July-June wheat exports by 300,000 tonnes to a new record high of 42.6 million tonnes. Russia is the world’s largest wheat exporter supplying mainly the Middle East and Africa. Exports will be supported by a record-sized crop, which Sovecon currently expects at 89.2 million tonnes, and relatively large carry-in stocks, the consultancy said. Lack of freight due to the Western sanctions imposed on Moscow since it sent troops to Ukraine on Feb. 24 could be the biggest ...

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Copper crushed as funds turn negative on recession fears

Copper prices collapsed to a 16-month low last week amid mounting concerns that inflationary pressures in western economies will morph into outright recession. Investors are repositioning themselves in copper, with the last few remaining bulls retreating and bears flexing their muscles on the short side. Copper is just one component of the broader reconfiguration of expectations playing out across the financial spectrum. All the industrial metals traded on the London Metal Exchange (LME) have been hammered in recent days, spectacularly so in the case of tin, which has halved in ...

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Palm Oil Prices to Decline Further

Fitch Ratings expects higher global vegetable oil output to drive a decline in crude palm oil (CPO) prices to below USD1,000/tonne (t) in 2H22, after averaging at around USD1,500/t in 1H22. CPO prices dropped by over USD300/t since early June following a policy shift in Indonesia to encourage exports by reducing export levies. We expect continued output growth in Indonesia to exert further pressure on prices. A reinstatement of export curbs by Indonesia to ensure adequate domestic supply and lower supply of substitute sunflower seed oil from Ukraine are key ...

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Chicago corn falls on improving weather prospects ahead of govt report

Chicago edged down on Thursday, weighed by increased chances of rain in growing areas in the United States. Wheat and soybeans both fell. Traders were also watching a government crop report on Thursday and adjusted their positions ahead of it. The most-active corn contract on the Chicago Board of Trade (CBOT) Cv1 fell 0.08% to $6.63-1/2 a bushel. Wheat Wv1 fell 0.08% to $9.29-1/4 a bushel and soybeans Sv1 edged down 0.32% to $14.73-1/2 a bushel. “I am expecting prices (of corn and soybean) to drop quite a bit tonight,” ...

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Britain’s Johnson: We’re working on getting Ukraine’s grain out

G7 leaders are working on finding a way of letting Ukraine export its grain, British Prime Minister Boris Johnson said on Tuesday. “We’re working on it, we’re all working on it,” he said at the start of a five-way meeting with France’s Emmanuel Macron, Italy’s Mario Draghi, Germany’s Olaf Scholz and the U.S.’s Joe Biden, when asked if they were going to get the grain out of Ukraine. Ukraine’s bulk grain exports are being hindered by a Russian blockade of its Black Sea ports, forcing exporters to use less efficient ...

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Shanxi Province raises annual coal output to 1.3 billion tons to ensure China’s energy supply

North China’s Shanxi Province, a major coal-producing region, recently announced a move to increase its annual coal production output by 107 million tons to 1.3 billion in 2022 to ensure domestic energy supply. Shanxi is also seeking to raise coal production by another 50 million tons next year, bringing its annual coal output to 1.35 billion tons, according to a circular issued by the provincial government. While giving detailed methods to increase output, the local government urged increased attention be paid to coal production safety, including increasing work safety expenditure ...

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Spot Australian thermal coal has surged, but contract price is key

The spot price of Australian thermal coal is higher than that of coking coal, an unprecedented situation that highlights just how the global market for the polluting fuel has been upended by Russia’s invasion of Ukraine. But while moves in the various spot prices tend to gather media headlines, it’s worth noting that they cover only a tiny volume of the whole seaborne market for thermal coal, a fuel for power stations. What are far more significant are annual contract prices agreed between Australian miners and Japanese utilities in an ...

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