Ukrainian president and German chancellor praise US efforts after Trump claims Putin agreed to pause, as six killed in latest Russian strikes. What we know on day 1,437
Firefighters work at an industrial facility hit in an overnight Russian drone strike in Odesa, southern Ukraine, on Thursday. Photograph: State Emergency Service Of Ukraine/Reuters
Fri 30 Jan 2026 01.50 GMT
India's Reliance Industries Ltd, operator of the world's largest refining complex, will buy up to 150,000 barrels per day of Russian oil from February for its domestic market-focused refinery, a company executive said on Thursday. Reuters earlier this month reported that Reliance was set to receive sanctions-compliant Russian oil in February and March after a one-month pause. Reliance last received Russian crude in December after securing a one-month U.S. concession that allowed it to wind down dealings with the Russian oil producer Rosneft beyond a November 21 deadline.
The U.S. imposed sanctions on Rosneft and fellow Russian oil giant Lukoil in October but non-sanctioned Russian companies and trading intermediaries have continued sales.
Reliance would buy up to 150,000 barrels per day of Russian oil from February from sellers that are not under sanctions, the executive said on the sidelines of India Energy Week, declining to be named in line with his company's policy. He did not name the sellers and Reliance did not immediately respond to a Reuters request seeking comment.Reliance was previously importing Russian crude under a long-term agreement with Rosneft for 500,000 barrels per day (bpd) for its 1.4 million-bpd Jamnagar refinery complex in Gujarat state.
The conglomerate also buys oil from Saudi Arabia and Iraq, among others, under term deals to meet its requirements at the Jamnagar refinery complex in Gujarat, and also purchases Canadian oil. Reliance is also seeking U.S. approval to resume purchases of Venezuelan crude, Reuters reported earlier this month, as the private refiner looks to secure supplies with the move away from the biggest Russian oil companies.
India intensifies its energy diversification strategy amid geopolitical pressures.
India’s oil imports recorded their highest point since March in December, driven by an increase in domestic demand and a strategic shift to new suppliers.
The figures of the upturn
According to data from the Petroleum Planning and Analysis Cell (PPAC), the country imported 21.59 million metric tons of crude oil, an increase of 1.6% over November and 6.9% more than in December 2024. India, as the world’s third largest importer and consumer of crude oil, thus marks a clear sign of revival in its energy demand.
At the same time, imports of petroleum products fell by nearly 5.9% year-on-year to 4 million tons, while exports declined by around 6% to 5.41 million tons.
Changes in the Indian energy map
This rebound in imports coincides with a tense geopolitical context. The United States has suggested the elimination of 25% tariffs on India, conditional on a reduction in Russian oil purchases; pressure that has led New Delhi to seek alternative sources of supply.
Among the new partnerships highlighted, state-owned Bharat Petroleum Corp Ltd. Bharat Petroleum Corp Ltd (BPCL) announced the purchase of 12 million barrels of oil from Petrobras (Brazil) for a total of US$780 million by fiscal year 2027. Mangalore Refinery and Petrochemicals Ltd (MRPL) is exploring import options with Venezuela, while Reliance Industries Ltd, operator of the world’s largest refining complex, will resume purchases of Russian crude that comply with international sanctions.
Turning to other suppliers
As India gradually limits its dependence on oil from Russia, it has strengthened ties with other regions. According to recent reports, the country has finalized the purchase of 7 million barrels from Angola, Brazil and the United Arab Emirates, with deliveries scheduled for March.
This expansion of the supplier portfolio reinforces India’s intention to secure its energy supply in a volatile international environment and maintain its position as a resource-hungry developing power.
Energy projections
Although current data are preliminary due to the fact that some private refineries do not publish their figures on a regular basis, the pattern observed points to a structural reconfiguration trend in the country’ s oil imports.
India appears to be building a long term strategy that prioritizes energy securitydiversification and diplomatic response to global changes in the oil industry.
Source: Reuters
https://inspenet.com/en/noticias/indias-oil-imports-reach-highest-level-in-9-months/
Jan. 29 (oilnow.gy) ExxonMobil Guyana averaged 892,000 barrels per day (b/d) of crude oil production in December 2025 across its four producing developments in the Stabroek Block, according to newly released government data.
Production by project was 130,000 b/d at Liza 1, 244,000 b/d at Liza 2, 256,000 b/d at Payara, and 262,000 b/d at Yellowtail.
Yellowtail, the newest development, began producing oil in August and reached its initial production capacity of 250,000 b/d in November. The project’s ramp-up was the primary driver of higher overall output in the final months of the year.
December’s average compares with 894,000 b/d in November and 841,000 b/d in October, reflecting the step change in output after Yellowtail stabilized.
For the full year, crude oil production from the Stabroek Block averaged 716,000 b/d.
Liza 1 showed signs of natural decline during the year, falling from highs of around 160,000 b/d in some months of 2024 to 130,000 b/d in December 2025, consistent with the typical production profile of offshore oil projects that move from ramp-up to plateau and then gradual decline.
A new Stabroek Block project, Uaru, is due to start production this year, adding 250,000 b/d to capacity.
All offshore production in Guyana is operated by ExxonMobil, which holds a 45% stake in the Stabroek Block. Co-venturers include Hess, now part of Chevron, with 30%, and CNOOC with 25%.
https://brazilenergyinsight.com/2026/01/29/exxonmobil-guyana-produced-892000-b-d-in-december/
North America is now the leading global exporter of LNG. As the continent exports more gas, it imports increasing price volatility as prices become more enmeshed in global market fluctuations. While this is good news for oil and gas companies and energy traders, it is bad news for consumers who will face higher and less predictable energy bills. The newly-launched North American LNG Export Tracker from the Institute for Energy Economics and Financial Analysis (IEEFA) visually tells the story of the LNG boom across the continent, export destinations, and the impact on consumers.
The US currently exports more LNG than any other country, and North American LNG export capacity is expected to roughly double by 2030. As the globe faces an already saturated LNG market, projects in Canada and Mexico have struggled to come online even as proponents taught their benefits.
“The US’ prolific exporting of LNG has led to higher and more volatile gas prices for consumers,” said Clark Williams-Derry, IEEFA Energy Finance Expert and main author of the page. “This is a global story, and the North America LNG Export Tracker tells one part of the story in a new way. Taken with our previous work in Europe, Asia, and Australia, the North America tracker visually brings a new piece of the globe into focus.”
The tracker shows the bulk of the continent’s LNG output in 2025 was shipped to Europe. Since Russia’s invasion of Ukraine in 2022, European nations have turned to US LNG to offset the loss of Russian gas shipments. Even though Asia is widely expected to be the source of most new global LNG demand, shipping LNG from the US Gulf Coast to Asia faces rising challenges due to a lack of demand in the Asian market.
While the US has increased exports, Canada and Mexico’s LNG industries have floundered. As displayed on the tracker’s maps, many proposed projects have been cancelled, stalled, or delayed due to rising prices and a lack of buyers. By the time these projects get online, the global LNG markets could be saturated as the global mark gets closer to a glut.
WASHINGTON, DC (January 29, 2026) – The winter storm that wreaked havoc on most of the nation has led to supply disruptions and pushed up the national average for a gallon of regular gasoline to $2.87. Below-freezing temperatures and lingering snow have disrupted some crude production and refinery operations, while gasoline demand increased pre-storm as drivers filled up their tanks ahead of the severe winter weather. Those factors have led to a rise at the pump over the last week but not enough to match last year’s national average at this time of $3.12.
Today’s National Average: $ 2.874
One Week Ago: $2.850
One Month Ago: $2.825
One Year Ago: $3.120
According to new data from the Energy Information Administration (EIA), gasoline demand increased last week from 7.83 million b/d to 8.75 million. Total domestic gasoline supply increased from 257 million barrels to 257.2 million. Gasoline production increased last week, averaging 9.6 million barrels per day.
Oil Market Dynamics
At the close of Wednesday’s formal trading session, WTI rose 82 cents to settle at $63.21 a barrel. The EIA reports crude oil inventories decreased by 2.3 million barrels from the previous week. At 423.8 million barrels, U.S. crude oil inventories are about 3% below the five-year average for this time of year.
EV Charging
The national average per kilowatt hour of electricity at a public EV charging station remains at 38 cents.
State Stats
Gas
The nation’s top 10 most expensive gasoline markets are Hawaii ($4.41), California ($4.26), Washington ($3.88), Alaska ($3.44), Nevada ($3.40), Oregon ($3.40), Washington, DC ($3.10), Pennsylvania ($3.01), Maryland ($2.99), and Vermont ($2.98).
The nation’s top 10 least expensive gasoline markets are Oklahoma ($2.40), Arkansas ($2.43), Mississippi ($2.44), Louisiana ($2.46), Kansas ($2.47), Missouri ($2.49), Texas ($2.49), Tennessee ($2.52), Alabama ($2.52), and North Dakota ($2.52).
Electric
The nation’s top 10 most expensive states for public charging per kilowatt hour are West Virginia (51 cents), Alaska (48 cents), Louisiana (45 cents), Hawaii (44 cents), New Hampshire (42 cents), California (42 cents), New Jersey (42 cents), South Carolina (42 cents), Alabama (41 cents), and Tennessee (41 cents).
The nation’s top 10 least expensive states for public charging per kilowatt hour are Kansas (25 cents), Wyoming (26 cents), Missouri (27 cents), Nebraska (29 cents), Delaware (31 cents), Utah (31 cents), Maryland (31 cents), Iowa (32 cents), Vermont (32 cents), and New Mexico (33 cents).
https://gasprices.aaa.com/wobbly-gas-prices-following-major-winter-storm/
Michelle F. Davis, Ryan Gould, Mitchell Ferman and Dinesh Nair January 29, 2026
(Bloomberg) – Coterra Energy Inc. and Devon Energy Corp. are in advanced talks about a combination, according to people familiar with the matter, in what would be one of the largest oil and gas deals in years.
The companies could announce a deal in the coming days, said the people, who asked to not be identified because the talks are private. No final decision has been made, and the timing could change or talks could fall through, the people added.
Coterra rose 2.9% to $28.60 at 1:12 p.m. in New York trading Thursday, giving the company a market value of about $21.8 billion. Devon rose 1.6% to $40.47, for a market value of about $25.4 billion.
Representatives for Coterra and Devon didn’t immediately respond to requests for comment.
The talks illustrate how big oil and gas players are eager to ramp up consolidation after a relatively slow 2025. The deal would strengthen their positions in Permian basin of West Texas and New Mexico, the country’s largest and most productive oil field, giving them more scale to better compete with rivals such as Exxon Mobil Corp. and Diamondback Energy Inc.
Devon has about 400,000 net acres in a fast-growing swathe of the Permian known as the Delaware basin, where Coterra also has a 346,000-acre position. Coterra also has a large position in a gassy patch of Pennsylvania in the Marcellus shale.
Kimmeridge Energy Management Co., an outspoken oil and gas investor with stakes in both companies, has voiced support for the potential tie-up.
Goldman Sachs has released a report raising its 2026-27 gold price forecasts by 10-16%, with average prices of USD4,978/ USD5,585 per ounce for 2026/ 1H27, respectively. It also lifted its 2026 copper price forecast by 7% to USD12,200 per ton.
Accordingly, Goldman Sachs has increased its 2026-27 earnings forecasts for Chinese copper and gold miners under its coverage by 9-33%.
Goldman Sachs' top picks are ZIJIN MINING (02899.HK) and CMOC (03993.HK), as they benefit not only from rising commodity prices but also from simultaneous growth in copper and gold production.
The 2026-27 recurring earnings forecasts for ZIJIN MINING have been elevated by 14-18%. Its target price has risen from HKD39.5 to HKD52, with a Buy rating remaining in place.
Likewise, Goldman Sachs has added 20-24% to its 2026-27 recurring earnings forecasts for CMOC. CMOC's target price has ascended from HKD21.5 to HKD27, with an unchanged Buy rating.
http://aastock.com/en/mobile/news.aspx?newsid=NOW.1499582&newssource=AAFN
SEBASTIEN de Montessus has been appointed CEO of Mansa Resources months after his ousting from Endeavour Mining over alleged irregular payments, said Bloomberg News citing people familiar with the matter.
The 51-year-old French executive will lead efforts to revive the Kouroussa gold mine in Guinea, which Mansa acquired from Hummingbird Resources alongside the Dugbe development project in Liberia. A company database in the United Arab Emirates shows De Montessus serves on the board of the Dubai-registered company, established 10 months ago. He also holds shares in the venture, said the newswire.
De Montessus re-entered gold mining during bullion’s record rally, advising Burkinabe businessman Idrissa Nassa on refinancing Hummingbird. Nassa’s entities, which were the London-listed miner’s largest shareholder and creditor, took Hummingbird private last March.
Endeavour’s board removed de Montessus in January 2024 for alleged serious misconduct linked to payments exceeding $20m to a UAE-registered entity. The company said it could not identify the final recipient. De Montessus maintained the funds went to an established contractor and that he gained no personal benefit. The parties settled in July 2024.
Nassa’s Nioko Resources Corp holds Mansa’s largest stake, one person said. New York-based Orion Resource Partners, which partnered with Washington to establish a $5bn critical minerals fund, owns shares and a board seat.
Nassa founded Coris Bank International SA, operating across 10 African countries.
https://www.miningmx.com/trending/63807-former-endeavour-chief-returns-at-africa-miner/
French steel transaction prices are edging up by an average of €5-10/tonne ($6-12/t), as long product mills attempt to implement increases linked to higher production costs, rising scrap prices and the impact of CBAM on imports, Kallanish notes.
According to market sources, mills have announced hikes of up to €20/t, but buyers have generally accepted increases of no more than €10/t, depending on their December purchase levels.
Consumption remains weak, however, with several buyers telling Kallanish that price rises are proving difficult to pass downstream. Sources agree that CBAM is having only a limited impact on the longs market, where competition among European producers remains intense. While some restocking was reported in December, demand has been weak in January.
By contrast, sheet and tube prices are increasing gradually, supported by stronger protection measures on coil. Price increases for long products, however, remain uncertain.
One buyer notes that mills with a rigid attitude on price hikes are losing orders. Another large buyer adds he has purchased around three times less rebar than usual in France, instead sourcing material from other cheaper European suppliers.
French longs increases are mild as competition with other European producers results in cheaper material available to French buyers.
Sections mill prices are increasing by €20/t officially in France but not all European producers are implementing the hikes, while producers from Spain only increased values by €10/t for sales in France.
First-category sections in France have increased slightly from €730/t delivered last month to €735-740/t this month on average.
Domestic merchant bar prices are increasing in January contracts by some €10-15/t to €220-230/t base delivered, excluding €420/t in size extras. Rebar prices also ticked up by €10/t to about €600-610/t delivered on average.
Meanwhile, France’s construction sector continues to underperform. Market sources report cautious ordering from construction companies and do not anticipate any improvement before the second half of the year.
One source notes that infrastructure projects funded by the EU’s post-pandemic recovery programme are expected to fade in the second half of 2026 and eventually disappear, as EU rules require the funds to be fully allocated by year-end. Sources add that a substantial share of construction steel produced in France last year was absorbed by EU financed infrastructure projects, leaving the sector exposed as this support comes to an end.
https://eurometal.net/french-longs-prices-edge-higher-despite-weak-demand/
MUSCAT: In a significant boost to Oman’s ambition to localise heavy industry around its emerging green hydrogen ecosystem, a leading international investor has secured full offtake coverage for its proposed green iron project at the Duqm Special Economic Zone.
Singapore-headquartered Meranti Green Steel announced that it has concluded binding offtake agreements covering the entire output of Module 1 of its planned 2.5 million tonnes per annum (tpa) hydrogen-ready Hot Briquetted Iron (HBI) facility. The agreements materially strengthen the project’s commercial viability and bankability as the company advances toward a targeted Final Investment Decision (FID) by mid-2026.
Under the agreements, 1.0 million tpa of HBI will be supplied to German-based global industrial materials trader Thyssenkrupp Materials Trading, while 0.25 million tpa has been committed to INTERFER Edelstahl and INTERFER Austria. The remaining volumes will be allocated to Swiss-based commodity trading and mining major Glencore, as well as to Meranti’s upcoming steel plant in Rayong, Thailand, supporting the ramp-up of green hot-rolled coil production.
Importantly, the offtake arrangements also provide for the allocation of additional volumes to the same partners for a potential second HBI module in Oman.
“These long-term offtake agreements underpin the commercial viability of Meranti’s green HBI project in Oman and support continued progress toward FID,” the company said, adding that the contracts include key commercial terms such as pricing frameworks, product specifications, delivery start dates, and contract duration.
Meranti noted that the Duqm project is differentiated from conventional HBI plants through its planned use of a blend of natural gas and green hydrogen, enabling the production of transportable low-CO₂ iron feedstock tailored for Electric Arc Furnace (EAF) steelmaking in Europe and the Far East. The project will leverage Oman’s competitive energy costs, access to renewable power, local raw material processing capabilities, and supportive regulatory environment to deliver cost-competitive low-carbon iron at scale.
Under a memorandum of understanding signed late last year, Meranti intends to source its future green hydrogen requirements from Amnah, a consortium awarded a concession to develop an integrated green hydrogen project in Duqm. The consortium—comprising Copenhagen Infrastructure Partners (CIP), Blue Power Partners, and Al Khadra (Hind Bahwan Group)—plans to produce 200,000 tonnes of green hydrogen annually, powered by approximately 4.5 GW of renewable energy capacity.
KfW IPEX-Bank is advising Meranti as Lead Arranger, while Jebsen & Jessen Industrial Solutions (JJIS) has been appointed Key Partner for the project’s export credit agency (ECA)-backed debt financing.
With FID targeted for mid-2026, full commissioning of the Duqm HBI project is planned for mid-2029.
Iron ore futures rose on Thursday after two straight sessions of falls, buoyed by expectations of a pickup in China's hot metal output as more steel mills resume production after maintenance.
The most-traded May iron ore contract on China's Dalian Commodity Exchange (DCE) climbed 0.96% to 792 yuan ($113.99) a metric ton by 0308 GMT.
The benchmark March iron ore on the Singapore Exchange was 0.89% higher at $104 a ton.
China's hot metal output declined 7,000 tons week-on-week as several blast furnaces underwent maintenance, postponing their planned production resumption to next week, the Shanghai Metals Market (SMM) said in a note.
Hot metal production is expected to pick up, with low temperatures in China requiring mills to keep producing to avoid frozen drainage systems if ore supply is sufficient, SMM said in a separate note.
However, traders are also wary of the Chinese government implementing environmental protection restrictions and conducting safety inspections in the run-up to the Lunar New Year holiday, which would impede steel production and temper demand for feedstocks, SMM said.
Hangda Steel and Chengshi Steel have announced their maintenance plans and will suspend production for the month of February.
Other steelmaking ingredients on the DCE gained, with coking coal and coke up 2.1% and 2.43%, respectively.
Steel benchmarks on the Shanghai Futures Exchange rose.
Rebar strengthened 0.77%, hot-rolled coil firmed 0.46%, wire rod advanced 0.46% and stainless steel climbed 2.43%.
($1 = 6.9478 yuan)
India on Thursday notified coking coal as a “Critical and Strategic Mineral” under the Mines and Minerals (Development and Regulation) Act, 1957, a move aimed at cutting import dependence and strengthening the domestic steel supply chain.
The decision, announced by the government, gives coking coal a special status under the law, allowing faster approvals, easier mining clearances and stronger policy support.
It comes as India continues to rely heavily on imports for a key raw material used in Steelmaking.
The government said the step was taken on the recommendations of the High-Level Committee on Implementation of Viksit Bharat Goals and policy inputs from NITI Aayog, recognising the strategic role of coking coal in mineral security and the steel sector.
India has an estimated 37.37 billion tonnes of coking coal resources, mainly in Jharkhand, with additional reserves in Madhya Pradesh, West Bengal and Chhattisgarh. Despite this, imports have risen from 51.20 million tonnes in 2020–21 to 57.58 million tonnes in 2024–25. At present, about 95% of the steel sector’s coking coal requirement is met through imports, leading to a large foreign exchange outgo.
To address this, the government amended the First Schedule of the MMDR Act. In Part A, the term “Coal” now reads as “Coal, including Coking Coal”, and “Coking Coal” has been added to Part D, which lists Critical and Strategic Minerals.
The notification is expected to speed up exploration and mining, including of deep-seated deposits. Mining of critical minerals is exempt from public consultation requirements and allows the use of degraded forest land for compensatory afforestation, steps that are aimed at encouraging private sector participation.
The government said the reform will help reduce import dependence, strengthen supply-chain resilience for the steel sector and support the objectives of the National Steel Policy . It is also expected to boost private investment in exploration, beneficiation and advanced mining technologies, while creating jobs across mining, logistics and steel.
It clarified that under Section 11D(3) of the MMDR Act, royalty, auction premium and other statutory payments will continue to go to state governments, even if mineral auctions are conducted by the Centre.
