Indian state fuel retailers’ borrowings are hitting limits as they incur losses from selling gasoline, gasoil, and liquefied petroleum gas at below market rates, India’s oil secretary Neeraj Mittal said on Thursday.
State-fuel retailers’ revenue losses in the first quarter of this year have risen to 1 trillion rupees ($10.60 billion), Mittal said at an industry event.
Borrowing by Indian Oil Corp, Bharat Petroleum Corp and Hindustan Petroleum Corp has risen as the companies absorb those losses, he said.
While many countries have raised retail prices of gasoline and gasoil by about 40%-50% after the Iran war drove up crude prices, India has raised prices of the two fuels by less than 10%.($1 = 94.3500 Indian rupees)
Earlier, the centre imposed a temporary cap on retail sales of High-Speed Diesel (HSD), restricting fuel stations from dispensing more than 200 litres per day to a single vehicle or customer, as part of efforts to prevent bulk purchases, diversion and possible supply disruptions amid ongoing geopolitical uncertainties.
According to an official order, retail outlet dealers will be allowed to dispense diesel only into vehicle fuel tanks or Petroleum and Explosives Safety Organisation (PESO)-approved containers. The total sale will be limited to 200 litres per customer or vehicle per day, and the fuel purchased under this provision cannot be resold.
https://www.cnbctv18.com/economy/indian-state-fuel-retailers-hitting-borrowing-limits-19928026.htm
ONGC Videsh Considers Restarting Operations in Venezuela Amid Eased Sanctions
India's state-run Oil and Natural Gas Corporation (ONGC) is evaluating a return to its two onshore Venezuelan oil fields through its overseas arm, ONGC Videsh Ltd (OVL). This move aligns with the South American nation, the globe's largest holder of crude reserves, reopening its energy sector to international participation.
According to a Tuesday report from Indian media outlet Economic Times, which cited industry insiders, OVL intends to restart operations in Venezuela even as it continues to anticipate roughly $900 million in unpaid dividends from state-owned PDVSA. These dividends are tied to OVL's ownership in the two concession assets.
OVL possesses minority interests in two onshore Venezuelan concessions: the San Cristobal field located in the Orinoco belt and the Petrocarabobo field in Eastern Orinoco. PDVSA retains majority control over both assets, with OVL holding a 40% share in San Cristobal and an 11% stake in Petrocarabobo.
One executive familiar with the situation informed the Economic Times that Venezuela's current economic climate is favorable for operations, leading all field operators to return, and OVL is likewise reassessing the prospects. While the San Cristobal asset has progressed further in planning, the Indian company is anticipated to formulate a recovery and restart strategy for both fields over the next several months.
The United States, which assumed control of Venezuela's oil sales in January, has relaxed certain sanctions and encouraged foreign firms to invest in the country. Last week, India's senior energy official, Hardeep Singh Puri, noted during a meeting in India with Venezuelan interim president Delcy Rodriguez that Indian energy firms are keen to broaden their presence in Venezuelan oil.
As a further measure to boost oil output from Venezuela, the U.S. last week relaxed several key general licenses for operations there, permitting expanded activity without completely lifting sanctions. The updated U.S. Treasury guidelines reduce specific commercial restrictions in vital industries such as oil, gas, and mineral extraction.
Venezuela has re-entered global markets with its oil sales now under U.S. oversight and marketed by leading commodity trading firms Vitol and Trafigura. The country's oil exports climbed to a seven-year high in May, driven by a surge in shipments to both the United States and India.
The Government has been accused by the Tories of “destroying” well paid jobs in Scotland with its policies on the oil and gas industry.
Shadow energy secretary Claire Coutinho claimed Deputy Prime Minister David Lammy is more willing to take oil from Russia or Qatar than Aberdeen.
It comes as voters head to the polls in Aberdeen South on Thursday, where the UK’s energy future has been at the heart of local debate.
By-elections are also taking place in Arbroath and Broughty Ferry in eastern Scotland and in Makerfield, Greater Manchester, where Andy Burnham hopes to begin his leadership assent.
At Prime Minister’s Questions, Mr Lammy said the Government is “delivering clean energy security”, as he stood in for Sir Keir Starmer while he is at the G7 summit in France.
Opening the exchange, Ms Coutinho said she was privileged to be standing with “one of the few survivors of Labour’s original Cabinet”.
She added: “Why is the Labour Government happy for Britain to get its oil and gas from Russia or Qatar, but not from Aberdeen?”
Mr Lammy hit back, saying: “She was the energy secretary who left our country exposed to global fossil fuel markets, we’re delivering clean energy security.”
Shadow energy secretary Claire Coutinho (Maja Smiejkowska/PA) · Maja Smiejkowska
Ms Coutinho claimed the Tories had brought down bills by £500, whereas they had risen £300 under Labour.
She added: “His party are banning new oil and gas licences in the North Sea and… this is the same policy that the SNP championed for years.
“This is pointless virtue signalling and is destroying well paid jobs.”
Mr Lammy said the Tories changed their policy on net zero because they are “desperately chasing Reform”.
He added: “Over 700 jobs were lost during the last 10 years when they were in power. Production fell 75% over the last 25 years.
“We have secured over £900 billion worth of investment to support more jobs by taking control with renewables, and there are over 100,000 jobs in Scotland supported by clean power.”
David Lammy said there are ‘over 100,000 jobs in Scotland supported by clean power’ (PA) · Ian West
He later told her to “stop reading the papers”, as she claimed Energy Secretary Ed Miliband “ghosted” the Prime Minister by refusing to meet with him to discuss funding defence.
The Deputy Prime Minister added the defence investment plan “will set out how every Government department is contributing to defence, including the energy department, we will always put national security first”.
Ms Coutinho then said: “If everything is so hunky-dory, why did half his defence team quit last week?”
Mr Lammy replied: “More spending on defence is our number one priority in this spending review, in the next spending review,” as he pointed to previous Tory resignations.
https://uk.finance.yahoo.com/news/labour-accused-destroying-north-sea-115856029.html
A woman fills up her vehicle's tank at a gas station in Manhattan, New York, on March 31, 2026. - Charly Triballeau/AFP/Getty Images
American gas stations are now charging less than $4 for a gallon of regular gas, dropping below that benchmark for the first time since March 30.
The US national average dropped to $3.999 per gallon on Thursday, according to AAA, down nearly 3 cents from the day before. Indiana has the cheapest average price at $3.40, one of 28 states where the average price is below $4. GasBuddy, another tracking service, puts the price early Thursday at about $3.98, after falling below the $4 on Sunday.
The milestone comes just as the Strait of Hormuz is set to reopen, part of an official memorandum of understanding between Iran and the United States to end the war. The strait’s closure in late February choked off about 20% of the world’s oil supply, causing gas and oil prices to soar.
The national average price at the pump has fallen every day since hitting a high of $4.56 on May 21 on hopes that ongoing negotiations would lead to a reopening of the strait. But even if prices continue to fall, experts don’t expect them to hit the pre-war average of $3 per gallon any time soon.
First, it will take time for the flow of oil to return to normal levels.
Matt Smith, lead oil analyst at Kpler, told CNN it will likely take three or four months to fully get tankers sailing through the strait again. To replenish supplies lost during the months of fighting will take even longer, he added.
But ships stuck in the Persian Gulf aren’t the only issue. Much of the oil production and refining in the region essentially shut down when tankers were cut off. Some oil facilities were also damaged by the fighting, so it will take some time to get them back online, according to experts.
And crude is a global market. Even if relatively little oil from the Middle East is bound for the United States, the world’s largest oil producer, its flow still determines what American consumers and businesses pay. And long-term oil prices, which is the biggest influence on the price of gas, don’t show signs of falling back below the pre-war $70 a barrel level any time before the next decade.
Gas station owners will also lower prices at a slower pace than they raised them. That’s because many cut into their own profit to stay competitive as wholesale gas prices rose. Many may now try to make up for that loss.
“There’s an old expression – gas prices go up like a rocket and come down like a feather,” said Tom Kloza, an independent oil analyst and advisor to major oil company Gulf Oil.
That is part of the reason that the average retail price has fallen by an average of only 2 cents a day since its peak. Compare that to the more than $1 price hike during the first month of the war, the largest one-month jump this century.
https://nz.finance.yahoo.com/news/average-us-gas-price-drops-085113432.html
EIA says associated gas output is expanding faster than oil production as basin matures
Natural gas production in the Permian Basin is growing significantly faster than crude oil output as rising gas-oil ratios (GOR) increase the volume of associated gas produced from the region’s wells, according to new analysis from the U.S. Energy Information Administration (EIA).
The EIA reported that marketed natural gas production in the Permian increased from 17.2 Bcf/d in 2021 to 27.6 Bcf/d in 2025, a 60% increase. During the same period, crude oil production rose from 4.7 million b/d to 6.6 million b/d, an increase of 39%.
The widening gap between oil and gas production growth reflects changing reservoir conditions across the basin. As oil and gas are produced, reservoir pressure declines, allowing natural gas to flow more readily and increasing the amount of gas produced with each barrel of oil.
According to the EIA, the Permian’s average gas-oil ratio increased from 3,628 cubic feet per barrel in 2021 to nearly 4,200 cubic feet per barrel in 2025, a 16% increase.
The agency expects the trend to continue as the basin matures, resulting in natural gas production growth rates that outpace crude oil growth.
The increase in GOR is already having a measurable impact on supply volumes. The EIA estimates that if the Permian’s GOR had remained at its 2021 level, natural gas production in 2025 would have been approximately 23.8 Bcf/d rather than the actual 27.6 Bcf/d reported. The difference—roughly 3.8 Bcf/d—represents additional associated gas production generated by the higher gas-oil ratio.
The continued growth in associated gas production has significant implications for midstream infrastructure development. Pipeline operators, gas processors and compression providers have invested heavily in recent years to keep pace with rising gas volumes from the basin, even as oil production remains the primary economic driver for many producers.
The Permian remains the largest source of associated natural gas production in the United States and has become a critical supply basin for Gulf Coast LNG export facilities, industrial consumers and power generation markets.
As gas production continues to rise, the basin will require additional gathering, processing, compression and transportation capacity to move increasing volumes of associated gas to downstream markets.
The EIA’s analysis suggests that future growth in Permian gas production may be driven not only by additional drilling activity but also by changing reservoir characteristics that increase gas output from existing oil-producing areas.
Staff Writer | June 18, 2026 | 8:36 am Energy Markets Top Companies Australia Canada Potash
BHP’s first production at Jansen is expected in 2027. (Image courtesy of BHP.)
BHP Group (ASX: BHP) plans to book a $2.3 billion impairment on its giant Jansen potash mine in Saskatchewan, Canada, citing cost and timing overruns for its planned expansion.
In an announcement Thursday, the world’s biggest miner said it decided to take the write-down after a “comprehensive review” of the mine’s Stage 2 expansion, which is now expected to cost $6.9 billion — about $2 billion more than its previous estimate.
Jansen, currently in the construction phase, represents a key pillar in BHP’s decades-long strategy to diversify from copper and iron ore.
After years of debate surrounding the project’s huge price tag, the Melbourne-based group approved the Stage 1 mine build, with an original cost of $5.7 billion. Since then, the cost estimate has swelled, but first production has also been pushed forward to 2027.
Before that cost surge, BHP had already greenlit the Stage 2 expansion in October 2023, as rising fertilizer prices after Russia’s invasion of Ukraine provided a favourable market environment for the company to accelerate its potash plans.
First production of Stage 2 was initially set for 2029. However, due to the cost overruns for Stage 1, management has since decided to delay the project by two years.
Cost increase ‘exceeded expecations’
The majority of the cost increase for Jansen Stage 2, says BHP, is from “additional construction hours and quantities of materials.” Given the increased costs, the company is now targeting first production late in the 2031 fiscal year.
Analysts at Jeffries, in a note to Reuters, said the cost increase of nearly 30% “exceeded expectations” and called the update “unhelpful” due to a poor foreseeable outlook for potash.
“We reiterate our hold rating on BHP as we see better value elsewhere in mining for now,” they added.
This represents the third time that BHP has blown past its cost and time estimates for both stages of the project. The cost of Stage 1, according to the company, is now estimated to be $8.4 billion, almost 50% higher than what was approved in 2021. Combined with Stage 2, the mine’s expected cost would reach $15.3 billion.
10% of global output
In its update on Thursday, BHP said the construction of Stage 2 is approximately 16% complete. Once ramped up, it is expected to deliver approximately 4.36 million tonnes per annum of production, similar to that of the first stage, which the company said is on track for production in mid-2027.
At full capacity, the operation is expected to deliver approximately 10% of total global potash production, it added.
“Once Jansen Stage 2 ramps up, we continue to expect that the combined Jansen mine will be the lowest unit cost Canadian potash mine at $114-130/t, in line with unit cost estimates at sanction, reinforcing Jansen’s durable competitive advantage in the potash market,” BHP said in a statement.
After taking the $2.3 billion charge, the company has maintained its capital expenditure guidance at approximately $11 billion.
https://www.mining.com/bhp-takes-2-3b-hit-on-jansen-as-cost-of-potash-mine-swells-again/
In the latest trading session, First Quantum Minerals Ltd (FM.TO) saw its stock price drop by 1.64%, closing at CA$44.38. This decline comes amid fluctuating copper prices and a concerning trend in earnings estimate revisions, raising questions about the company's short-term outlook.
However, the stock's recent performance is overshadowed by a significant 67.2% downward revision in earnings estimates. This indicates a shift in investor sentiment, which could hinder future price appreciation.
Despite the current downturn, First Quantum has demonstrated strong long-term performance, boasting a 1-year total shareholder return of 86.74%. The company is well-positioned to benefit from rising copper demand linked to global energy transitions.
Market Performance Overview
First Quantum Minerals Ltd's stock has faced a downturn, closing at CA$44.38 after a 1.64% drop. This performance is part of a larger trend, with the stock down 12.3% over the past week. Investors are reacting to a negative shift in earnings estimates, which have been revised significantly lower, raising concerns about the company's near-term performance.
Earnings Estimate Revisions
The consensus EPS estimate for First Quantum has been revised down by 67.2% over the last 30 days. Such a substantial downward revision typically signals potential challenges ahead, as it often correlates with stock price declines. Investors should monitor these changes closely, as they can provide insights into the company's financial health and future performance.
Looking Ahead
While First Quantum has shown robust long-term performance, the recent stock decline highlights the importance of vigilance for investors. The company's ability to navigate current market challenges, particularly around copper prices and earnings expectations, will be critical in determining its future trajectory. For more insights, check out our detailed analysis on First Quantum Minerals Ltd.
https://wealthawesome.com/why-first-quantum-minerals-ltd-stock-is-tanking-today-06172026
Almonty Korea Tungsten Corp. (AKTC) employees drill for molybdenum ore inside the Sangdong mine in Yeongwol County, Gangwon Province, May 27. Courtesy of AKTC
By Ko Dong-hwan Production at Sangdong mine to begin earlier than planned
Almonty Korea Tungsten Corp. (AKTC) is on a fast track to producing molybdenum — an important earth mineral — in Gangwon Province at a scale the company says could be sustained for more than 60 years.
AKTC said on Thursday it has confirmed the volume and quality of a molybdenum reserve at the Sangdong mine in Yeongwol County that it now operates. The discovery, according to the company, was “similar to what we had seen through a past sampling process.”
The latest update comes as AKTC has accomplished 37 percent of drilling inside the mine for the estimation of scale and quality of molybdenum ores. The company has so far drilled 26 locations and the bored tunnels now altogether extend to 12 kilometers in length.
AKTC said it will begin producing the mineral as soon as the estimation process is complete. The company added that it plans to accelerate its molybdenum production schedule beyond earlier timelines.
“The early results from this campaign are highly encouraging. With approximately 37 percent of the program complete, the grades we are encountering are consistent with our historical data, reinforcing our confidence in the scale and quality of the molybdenum resource at Sangdong," AKTC Chairman and CEO Lewis Black said.
“We are advancing this work with urgency, as Korea confronts a critical shortage of molybdenum, and we believe the Sangdong Molybdenum Project can become a stable, allied source of supply for a metal that is vital to defense, energy and advanced manufacturing.”
Molybdenum, alongside tungsten, which AKTC began producing at the mine in March, is considered an important mineral for key national businesses in Korea across aerospace, defense, nuclear power, petrochemical, semiconductor and renewable energy industries.
Korea has so far been relying on China for more than 80 percent of its tungsten imports and more than 90 percent of molybdenum imports. The Sangdong mine, once it starts producing molybdenum, will make the country less dependent on China by diversifying supply chains for the two strategic minerals.
AKTC last year signed a memorandum of understanding with SeAH M&S, the world’s largest molybdenum oxide smelter, according to the company. Under the deal, AKTC agreed to supply entire molybdenum ores from the mine to SeAH M&S.
“Molybdenum is a natural extension of infrastructures and expertise we have already established at Sangdong mine for tungsten,” Black said.
“Advancing both metals together allows us to build long-term value for shareholders while supporting national resource security, strengthening Yeongwol’s regional economy and reducing Korea’s dependence on imports. Once the full extent of the ore body is confirmed, we intend to move into production without delay.”
BEIJING/SHANGHAI/SINGAPORE/LONDON - China's top copper producers are seeking to add new members to an industry price-setting group, four sources with knowledge of the matter said, in a bid to strengthen their position in negotiations with miners over raw material supply.
The China Smelters Purchase Team (CSPT), a group of 16 major producers that traditionally sets floor prices for spot copper concentrate processing deals, invited at least six prospective new members to attend its quarterly meeting in Yantai in Shandong province on Wednesday, a fifth source said.
Expanding the CSPT to include most of the country's smelters could help producers leverage China's position as the world's largest copper consumer to win better deals from miners. A similar logic is driving China's increasingly confrontational negotiating tactics in the iron-ore market.
The companies invited to the CSPT gathering include Guangxi Nanguo, Chizhou Guanhua, Xinjiang Wuxin, Bayannur Feishang, Chifeng Fubang and Yanggu Xiangguang, two of the sources said.
Their admission to the group is not yet set in stone, as they need to be incorporated via a formal process, the fifth source said.
SPOT TREATMENT AND REFINING CHARGES IN NEGATIVE TERRITORY
Chinese copper smelters are in the middle of negotiations with Chilean miner Antofagasta over concentrate supply deals. Miners usually pay treatment and refining charges (TC/RCs) to smelters to process their ore into refined metal.
However, owing to a shortage of concentrate supply, spot TC/RCs have been deep in negative territory for months, leaving smelters effectively having to pay to process material, relying on sales of byproduct sulphuric acid to make money.
TC/RCs typically fall when concentrate supply is tight and rise when ore availability improves.
During the meeting, the CSPT declined for the sixth straight quarter to issue quarterly guidance for TC/RCs, the sources
added.
CHINA'S REFINED COPPER OUTPUT STILL GROWING
Whether an expanded CSPT can help win better terms remains to be seen given the group's mixed track record corralling the industry. Last year it committed to cut 2026 copper output by 10%, but so far the opposite has happened.
China's refined copper output grew 7.4% between January and April from the same period of last year, according to the
latest data from the National Bureau of Statistics.
Reuters sent emailed requests for comment to C&D Inc, which controls Yanggu Xiangguang, a 400 000 ton-a-year smelter, and to Xinjiang Nonferrous Metal Group, which owns Xinjiang Wuxin. They did not immediately respond.
Calls to Guangxi Nanguo and Chifeng Fubang went unanswered. Reuters could not immediately find contact details for Bayannur Feishang or Chizhou Guanhua.
Potroom Lista smelter
Potroom at Alcoa's Lista smelter · GlobeNewswire Inc.
Lista smelter
Aerial photo of Alcoa's Lista smelter · GlobeNewswire Inc.
(Oslo/Lista, Norway 18 June 2026) Statkraft and Alcoa have signed two new power agreements securing electricity supply to support continued operation of Alcoa’s aluminium plant at Lista, Norway. The agreements provide a solid and predictable energy foundation for the smelter and help maintain both production and further development at the site.
Production Line 2 at Lista recently completed a successful restart of 31,000 metric tonnes per annum to reach its nameplate capacity of 95,000 metric tonnes for the plant. This marked an important milestone for Alcoa in Norway, with restored capacity and a strengthened industrial presence. Building on this, access to reliable and competitively priced power is essential for continued operations.
The power agreements cover deliveries of approximately 4.8 TWh of electricity during the period 2028–2031.
“Restarting operations at Lista was an important milestone for us, and access to stable power is absolutely essential for taking the next step,” says Tor Arne Berg, Operations Manager at Alcoa Lista.
The agreement also highlights the importance of predictable regulatory frameworks and long-term access to power for Norwegian industry - particularly for power-intensive sectors such as aluminium production.
“We are pleased to contribute with predictable and competitive power prices for Alcoa at Lista and to continue our strong cooperation. For Statkraft, it is important to support continued activity and value creation in the region, both through this agreement and through other supply contracts and development plans in Southwest Norway (NO2),” says Hallvard Granheim, Executive Vice President Markets at Statkraft.
“Alcoa is the latest of several large industrial companies to enter into new long-term power agreements with Statkraft this year. The demand confirms that the power market is functioning well and that we deliver competitive terms and power supply in line with industry needs,” he adds.
The agreements form part of Alcoa’s long-term work to secure stable power prices on commercial terms for its operations in Norway.
For further information, please contact:
Lars Magnus Günther, media spokesperson Statkraft AS
Tel: +47 912 41 636
E-mail: lars.gunther@statkraft.com
Arooj Iftekhar, Communications Manager Alcoa Norway
Tel: +47 46 69 02 34
E-mail: Arooj.Iftekhar@alcoa.com
About Statkraft
Statkraft is a leading company in hydropower internationally and Europe's largest generator of renewable energy. The Group produces hydropower, wind power, solar power, and gas-fired power. Statkraft is a global company in energy market operations. Statkraft has around 6,200 employees in 20 countries.
https://uk.finance.yahoo.com/news/statkraft-alcoa-sign-power-agreements-063000200.html
The free trade agreement between the UK and India is set to come into force on 15 July this year – the Indian side has stated that its concerns regarding future UK protective measures on steel have been addressed. This was reported by Reuters.
The countries agreed on this move following talks between UK Prime Minister Keir Starmer and his Indian counterpart Narendra Modi at the G7 leaders’ summit in France.
India had previously raised the possibility of revising or postponing the implementation of the agreement due to concerns over the impact of new UK protective measures on steel trade, which are due to come into force on 1 July.
On 17 June, the Indian government stated that 85 per cent of Indian exports would not be affected by these UK steel measures, and that goods covered by them would have market access through quotas and other mechanisms.
A UK official had previously stated that negotiations on the implementation of the free trade agreement were being conducted separately from steel-related issues. The UK government’s latest statement made no reference to any separate agreement on steel products.
The Comprehensive Economic and Trade Agreement (CETA) between the parties was signed in July 2025 and was due to come into force in April or early May of this year; however, the UK’s new steel import regulations have proved to be an obstacle.
The statement from the Indian Ministry of Commerce and Industry also provides no details on what exactly the resolution of the issue of UK steel tariffs will entail. It states that both sides have mutually agreed to protect commercial interests, minimise market disruptions and ensure an overall balanced and stable trading environment for exporters.
It is also noted that such protection will be achieved through a combination of country-specific quotas, residual quotas and access under the Authorised Use Scheme (AUS).
As reported by SteelOrbis, India had insisted on a steel quota worth $900 million per year. As government sources noted, the Indian government approached London with a request to ensure that the country’s quota was at least equivalent to the three-year average of steel product exports to the UK.
It should be recalled that British businesses are calling on the government to ease protective measures on steel. Leading business associations argue that the new measures will significantly undermine the competitiveness of the country’s manufacturers.
