Iraq eyes Europe as it seeks to diversify oil exports: PM
Iraq is looking to diversify its oil exports and is eyeing Europe as a target market, Prime Minister Ali al-Zaidi said.
Iraq is looking to diversify its oil exports and is eyeing Europe as a target market, Prime Minister Ali al-Zaidi said.
The U.S. energy secretary told CNBC that Saudi Arabia’s East-West pipeline was closed after being damaged in a drone attack launched from Iraq. The closure is expected to be a brief interruption lasting days.


Satellite imagery shows severe damage to a pumping station on Saudi Arabia’s East-West Pipeline after last week’s strike. Experts say repairs could take four to six weeks, potentially cutting oil supplies by up to 3.6 million barrels a day and pushing prices higher. Saudi Arabia blamed Iranian-backed Iraqi militias, while Houthi attacks have also intensified.

Analysts warn that oil prices could surge sharply if the pipeline stays offline longer than the estimated five-to-seven-day inventory cushion.
The war with Iran has pushed the world into an energy crisis. The closure of a Saudi oil pipeline after an attack could worsen the crisis and affect the movement of oil.
The war with Iran has plunged the world into an energy crisis. The crisis could worsen after an attack led to the closure of a Saudi Arabian oil pipeline, potentially disrupting the movement of oil.
Chancellor Friedrich Merz says the German government must help motorists facing record fuel costs, but the exact measures remain undecided. Prices in Berlin rose by about €0.20 per liter at noon on September 15. Officials cite the Middle East crisis, pipeline attacks and blocked shipping lanes, while fiscal pressures make another fuel subsidy difficult.

The US and China are considering lower tariffs on selected goods, including American energy and agricultural shipments. The talks may signal that next week’s leaders’ summit could extend their one-year trade truce.
European Union lawmakers voted on Tuesday to remove a provision allowing the bloc to suspend its carbon border levy if it raises the cost of imported goods. The move sets up a clash with member states that support keeping the emergency brake.
The Dangote Petroleum Refinery and Petrochemicals IPO has drawn intense demand in Nigeria, overwhelming traffic on some investment apps. The offering aims to raise about 2.15 trillion naira ($1.6 billion) through 4.1 billion shares and is billed as Africa’s largest IPO. Proceeds will support expansion, while Aliko Dangote will retain control.

Russian Energy Minister Sergey Tsivilyov said artificial, non-market and politically motivated restrictions on trade and technological cooperation worsen global energy imbalances. Speaking about Moscow’s proposals for the G20 energy meeting in Houston, he stressed the importance of open, predictable and affordable energy markets for security and economic stability.
CoinShares says a recovery in bitcoin’s price is unlikely to bring miners focused on artificial intelligence back to bitcoin mining. Publicly listed BTC miners produced bitcoin at an average pre-tax cash cost of about $75,500 in the second quarter.

Canadian farmers are having difficulty harvesting crops as recurring rain arrives at the wrong time. The disruption affects a country that is the world’s largest canola exporter and a major wheat producer, with crop quality also suffering.
According to a Tuesday announcement, GE Vernova and Thailand’s B.Grimm Power will use two signed agreements to collaborate across Southeast Asia on gas turbines, electricity generation and related infrastructure.
Political scientist Ilya Grashchenkov says Europe will not again become the main destination for Russian gas even if the conflict in Ukraine ends. He says the market will remain attractive, but renewed cooperation would require policy changes, new long-term contracts and rebuilt trust; persistently high energy costs could also hurt European industry.
Russian President Vladimir Putin has authorized transactions involving shares of the Udokan Copper holding company. The decree says no other legally required permits or approvals are needed. Established in 2008 to develop the Udokan deposit in Russia’s Trans-Baikal Region, the company has more than 26 million tons of copper resources.
Kazakhstan’s draft Tax Code amendments say the Eurasian Economic Union’s common market for oil and petroleum products has been delayed until 2030. The mineral extraction tax equalization coefficient, previously planned for 2027, would also be introduced in 2030 because the price-balancing mechanism is not currently needed.
Abu Dhabi National Oil Co (ADNOC) bought millions of barrels of discounted crude from Iraq’s state oil firm, according to three people familiar with the matter. The purchase expands ADNOC’s role as a trader amid supply disruptions caused by the Iran war.
Hungary’s purchases of Russian pipeline gas fell 12% in value terms in January-July 2026, but it remained the EU’s biggest buyer, according to Eurostat data and TASS calculations. The EU paid €3.4 billion for Russian pipeline gas during the period, while TurkStream remained the only active supply route to Europe.
EU purchases of Russian pipeline gas and liquefied natural gas totaled 8.6 billion euros in January-July 2026, down 2.6%, according to Eurostat data and TASS calculations. In July, EU countries paid 607 million euros for Russian LNG, led by France, Belgium and Spain.
Russia’s share of the European Union’s total gas import value fell from second place in June to fourth in July, at 14.1%, according to Eurostat data and TASS calculations. The EU bought €1.1 billion of Russian gas that month. Norway ranked first, followed by the United States and Algeria. From January to July, Russia accounted for 17% of EU gas imports, while purchases fell 2.6% to €8.6 billion.
Russia accounted for 18.6% of the value of the EU’s LNG supplies in July, ranking behind the United States, according to TASS calculations based on Eurostat data. EU purchases from Russia were worth about €607 million, down 12% year on year, while US supplies totaled €1.8 billion. Russia supplied €5.15 billion worth of LNG to Europe from January through July.
The Democratic Republic of Congo has approved a task force to accelerate implementation of its strategic minerals partnership with the United States, according to cabinet minutes seen by Reuters. Kinshasa is seeking more Western investment in its copper and cobalt sectors.
European gas prices are likely to stay high for at least several months and could rise well above $1,000 per 1,000 cubic meters, experts told TASS. The TTF October contract reached about $1,004 on September 14, while storage stood at 68%, its lowest seasonal level since records began in 2011. One expert said low inventories and the EU’s rejection of Russian gas were worsening the situation, making increased Russian purchases the only realistic solution.
Global thermal coal consumption is expected to fall over the next two years as a market surplus emerges, NEFT Research consulting partner Alexander Kotov told TASS. He said prices surged in 2026 amid Middle East-related transport costs and supply disruptions, but the factors supporting them are fading. European demand will keep declining as renewable capacity expands.
Poland’s integrated oil company Orlen is urgently seeking crude cargoes from the North Sea and farther afield to replace Saudi imports that have been disrupted, five industry sources told Reuters.
A House committee has released a broad cryptocurrency tax bill ahead of a Wednesday markup. The proposal includes a $10 exception for certain fees paid in crypto and provisions covering stablecoins, mining and staking.

The 10-year US Treasury yield rose to 5.02 percent, its highest level since the 2007 global financial crisis, as traders bet on a Federal Reserve rate hike after oil prices climbed again. Benchmark yields in Germany and Japan also reached multi-year highs amid inflation and debt concerns.

Sovereign yields climbed further on Tuesday, led by the 10-year U.S. Treasury yield, which reached a nearly two-decade high. Signs of mounting discomfort among borrowers and global investors also deepened.
The benchmark 10-year US Treasury yield briefly reached 5.011% on Monday, its highest level since October 2023, before moving lower as the global bond sell-off intensified.
The 10-year US Treasury yield climbed to its highest level in nearly two decades, marking the latest stage of a painful global bond selloff fueled by surging energy prices, rising debt and inflation.

The benchmark yield for 10-year U.S. government debt reached a peak Tuesday that had not been seen since 2007. The Treasury selloff worsened with the Federal Reserve’s rate decision looming.
The US 10-year Treasury yield moved above 5% on Monday for the first time since 2023. Rising anxiety over inflation coincided with growing borrowing needs from the government and corporations.
Bitcoin’s August recovery lifted mining revenue, but the network is projected to raise difficulty by about 4.6976% around Sept. 19. With fees and other inputs unchanged, BTC would need to reach roughly $82,900 to offset the effect on dollar hashprice. The eventual squeeze depends on the final adjustment.

Energy executives in Venezuela are scrambling to grasp the implications of an unusually structured agreement with the United States, questioning whether the deal is fundamentally flawed or too important to be allowed to fail.
Fertiliser exporters outside the Gulf are taking a larger share of the urea market as supplies moving through the Strait of Hormuz collapse, easing fears of a food crisis linked to the disruption.
Construction has begun in Qingdao, Shandong, on the $4 billion Qatar BH EPIC project for the Bul Hanine oilfield. COOEC calls it the largest international offshore oil and gas contract by value undertaken by a Chinese company. The project covers more than 60 offshore facilities, 40 subsea pipelines and cables, and platform modifications and removals.
Stack BTC, backed by Nigel Farage, is considering a $16 million acquisition of a gold dealer. The proposed deal would use cash flow from precious-metals sales to expand the company’s bitcoin holdings.

Most Gulf stock markets declined in early Tuesday trading after a fresh Houthi assault on Saudi Arabia and a sharp fall in shipping through the Strait of Hormuz raised fears that the regional conflict could spread further.
Gold prices edged lower on Tuesday as rising crude oil prices intensified inflation concerns and strengthened expectations for U.S. interest-rate hikes ahead of a Federal Reserve policy meeting.
Oilfield services company Geotek sees Eastern Siberia as a priority growth area and expects it to account for at least half of operations, up from about 40% now. CEO Roman Panov said the shift is driven by clients’ development pace in the region, with at least half of exploration activity expected to move there.
Energy-sector unions are staging a 24-hour strike in protest against calls to curb employee benefits, including access to cheaper power. The industrial action was expected to reduce French electricity supply by up to 5 gigawatts on Tuesday and cut capacity at the key Dunkirk gas terminal.

European Union carbon emissions costs climbed to their highest level since January as surging natural-gas prices made coal-fired power generation more attractive.
Pressure on the Indian rupee is expected to continue this week as oil prices remain above $100 a barrel and growing expectations of a U.S. Federal Reserve rate hike also weigh on government bonds.
Oil prices rose on Tuesday as supply-disruption concerns persisted after attacks on Saudi energy infrastructure shut the kingdom’s East-West pipeline. The outage also cast doubt on efforts to reduce shipping risks in the Gulf.
Power companies NextEra Energy and Dominion Energy are offering new measures to make their proposed merger more appealing in Virginia, Dominion’s home base. The plans include extending bill credits for residents and adding jobs.
The Indian rupee is expected to weaken at Tuesday’s open as persistent oil gains fuel inflation concerns and push U.S. yields higher, leaving the currency poised to test support at 95.80 from the Reserve Bank of India.
The 2026 China Carbon Market Conference in Wuhan released the National Carbon Market Development Report (2026). It said cumulative transactions in the national carbon emissions trading market exceeded 900 million metric tons by the end of August, with a total value above 60 billion yuan, or about $8.9 billion.
Poland’s attempt to use digital currencies in an ambitious Venezuelan oil deal cost the country $230mn and became one of its biggest scandals.
Dangote Petroleum Refinery’s flotation offers a low entry price and could bring millions of Nigerians into the stock market. Yet many ordinary people are either unaware of the offering or focused on more pressing needs.
FTSE 100 group Metlen warns that European buyers still prefer cheaper Chinese metal, despite Brussels’ efforts to secure supplies, potentially pushing Europe’s emerging gallium supply risks overseas.
Clean ammonia and methanol could play a key role in cutting the shipping industry’s substantial vessel greenhouse gas emissions and making maritime transport greener.
The Pinglu Canal’s first cross-border river-sea freight route linking Laos and Vietnam with Guigang, Guangxi, has begun operations. Its inaugural shipment carries 3,012.66 metric tons of potassium chloride to a fertilizer company’s base in Guigang. The route cuts nearly 500 kilometers and five to seven days from the journey, while reducing handling, costs and cargo losses.
Bitcoin retreats from $79,000 to $77,800 as the U.S. Senate prepares to vote on the Clarity Act while rising oil prices add pressure.

Oil prices and 10-year Treasury yields are moving nearly in lockstep, with their correlation at its strongest since 2019—a development that could spell trouble for markets.

Industry executives expect LNG imports by China and India to rebound from multi-year lows once the Middle East supply crunch ends and prices decline. The recovery would reverse increased coal and oil use for power generation linked to the U.S.-Iran war.
Asian shares traded unevenly on Tuesday as investors assessed Middle East tensions and industry calls to slow AI development. Rising oil prices and bond yields also tempered sentiment ahead of key meetings by the U.S. Federal Reserve and Bank of Japan.
Oil prices extended their gains amid reports of fresh Houthi strikes on Saudi Arabia and Iranian attacks on ships in the Gulf.

Yemen’s Iran-aligned Houthis launched another wave of attacks on Saudi Arabia and were reinforcing positions along Yemen’s western Red Sea coast, Yemeni officials said. Urgent discussions were underway in Riyadh over how to respond to their rapid advance.

The Iran-backed Houthis have seized parts of Yemen’s Red Sea coastline and tightened control over islands there, giving them influence over a vital global shipping route. The renewed fighting has broken a largely sustained ceasefire and raised fears that Yemen could slide into another civil war as disruption in the Strait of Hormuz affects maritime traffic.

The Houthis’ advance along Yemen’s Red Sea coast, including the seizure of Mocha and movement toward the Bab el-Mandeb Strait, is drawing new attention to their extensive financing system. Researchers say it spans ports, tariffs, Iranian oil, hawala networks, cryptocurrency exchanges and foreign facilitators, complicating US efforts to cut the group’s funding without disrupting civilian lifelines.
Africa’s richest man, Aliko Dangote, launched an IPO on Monday for his $19 billion Nigerian oil refinery, seeking $1.6 billion from retail investors across the continent. The offering values Africa’s largest refinery at about $49 billion, attracting strong interest while raising concerns about its high valuation.


Nigerian billionaire Aliko Dangote has launched Africa’s biggest-ever share sale, listing 4.1 billion shares in his Lagos refinery. He called it a “people’s IPO” intended to give all Nigerians a chance to benefit from the plant’s wealth potential. Trading is expected to begin in November. Global oil prices also rose as Houthi attacks led Saudi Arabia to shut its East-West oil pipeline.

Nigeria’s Dangote refinery is opening up to public ownership and plans to raise $1.6 billion from retail investors across the continent. President Felix Tshisekedi has called on the National Service to clean Kinshasa’s streets, while the Youth Olympic flame begins touring Senegal ahead of the Games.

Nigerian billionaire Aliko Dangote has launched Africa’s largest share sale, offering the public about 3% of his refinery in an IPO that could raise up to $2.1bn. He says the sale will let ordinary Nigerians share in the plant’s success, while experts warn that prices could fall and urge buyers to avoid investing money they need soon.

Aliko Dangote plans to raise about $1.6 billion through an IPO of Dangote Industries to help fund a $14.3 billion expansion that would double the refinery’s capacity to 1.4 million barrels per day. The offer is pitched as a way for millions of Nigerians to own a stake, but affordability remains in question despite a 525-naira price per share and a 10-share minimum.

Aliko Dangote’s Nigerian refinery business has launched what is described as Africa’s biggest-ever IPO. If fully subscribed, Dangote could add $23bn to his $35bn fortune, while the refinery’s valuation is expected to reach about 65.22tn naira. The offering is aimed at institutional and retail investors, particularly young Nigerians.
Nigerian billionaire Aliko Dangote launched an initial public offering for his oil refinery on Monday, calling it Africa’s largest share sale to date. The IPO opens ownership of the plant to retail investors and raises funds for expansion.
Nigeria’s Dangote Group plans to sell 4.1 billion shares in its oil refinery, seeking to raise 2.15 trillion naira ($1.6 billion). The offering is expected to become Africa’s largest initial public offering to date.
Nigeria’s Dangote Group is offering the public a 3.3% stake in its 700,000-barrel-per-day oil refinery, in a transaction expected to be the largest of its kind in Africa.
Aliko Dangote, long Africa’s richest man, is poised for a $23 billion rise up the global wealth rankings as he launches an IPO for his refinery, in what would be the continent’s largest offering yet.
CENTCOM rejects the IRGC’s claim that the Panama-flagged oil tanker El Gaia hit naval mines in the Strait of Hormuz.

US Energy Secretary Chris Wright predicts that oil and oil-product shipments through the Strait of Hormuz will rise in the coming weeks. He said the current average is up to 10 million barrels a day. The waterway carries about 25% of global oil trade and roughly 20% of LNG trade.

A meeting in Oman on temporary routes to restore some commercial traffic through the Strait of Hormuz has been postponed after regional parties failed to agree on the waterway’s future. Iran blamed Saudi Arabia’s objections but said it would continue pursuing a regionally backed agreement with Oman.
Saudi Arabia is seeking to increase oil supplies through the Strait of Hormuz after attacks forced it to suspend a key pipeline that had been its main route for sending crude to global markets during the Iran war, according to a person familiar with the matter.

The US energy chief says Saudi Arabia’s East-West pipeline is expected to resume operations soon. It was shut after attacks last week, disrupting a key route used to bypass the Strait of Hormuz.
Crude oil stocks in the U.S. Strategic Petroleum Reserve fell to 285 million barrels last week, the lowest level since November 1982, according to Department of Energy data.
BP’s 440,000-barrel-per-day refinery in Whiting, Indiana, said Monday that negotiations over a labor contract are underway and operations have not been affected.
The federal government has approved $76 million in emergency aid for Flair Airlines as elevated jet-fuel prices continue to drain money from air carriers.
Euler analyst Andrey Polishchuk says sustained peak utilization at US refineries will not make up for the global diesel supply deficit. Falling diesel exports from Russia, the US and Saudi Arabia are expected to widen crack spreads. Higher Chinese refinery use and product exports may boost supply, but also accelerate the drawdown of global inventories.
BitFuFu’s Bitcoin production recovered in August, while CleanSpark posted a modest increase and Canaan declined. Canaan sold its entire ETH position and 54 BTC, using part of the proceeds to buy back 13.6 million shares.

Russia’s MOEX Index rose 3.51% to 2,361.08 points by the close of Monday’s main session, while the dollar-denominated RTS gained 3.41% to 881.93. Analysts said oil and gas stocks led the rally as global energy prices climbed and the ruble remained relatively weak.
Russia’s Federal Antimonopoly Service has opened 55 cases and issued 83 warnings over violations in the fuel market, with 51 warnings complied with, the government said. The regulator is taking steps to curb antitrust violations.
Concord Pacific Developments acquired a 50-turbine wind farm from Potentia Renewables for several hundred million Canadian dollars. Its CEO said the purchase reinforces the developer’s long-term renewable-energy strategy, while it is also working on a move into data centers.
Tyumen Region Governor Alexander Moor said the Tyumen Oil and Gas Forum’s new international status will broaden foreign-partner participation. He said the forum remains focused on practical results for Russian industry and energy security, with technological independence at the center of its four-day program.
Global markets faced pressure from growing concerns about the artificial intelligence sector and higher oil prices that are adding to inflation risks, the Wall Street Journal reported. Technology stocks fell worldwide and Nasdaq 100 futures dropped more than 1.5%. Brent crude neared $110 a barrel, while the 10-year US Treasury yield approached 5%.

Brent crude has climbed above $100 a barrel as the war in Iran disrupts shipping through the Strait of Hormuz. Houthi forces’ capture of Mayun Island is also raising concerns about the security of another major oil route through the Bab al-Mandeb.
Alexey Belogoryev of the Institute of Energy and Finance says Europe’s accelerated injections into underground gas storage ahead of winter are lifting prices amid an acute LNG shortage. October futures at the Netherlands’ TTF hub have topped $1,000 per 1,000 cubic meters. Prices could briefly stay at $1,000-$1,300 if the Strait of Hormuz remains blocked, but are otherwise expected to move closer to $800.
Exxon Mobil said it took its 264,000-barrel-per-day refinery in Joliet, Illinois, offline after a power outage occurred on Sunday.
In Chakwal, north-central Pakistan, Bestway Cement is covering dry land and olive and peach groves with solar panels. The company says the project will add 6.34 MW by year-end to its existing 26 MW photovoltaic capacity. Solar already supplies more than a quarter of the electricity used by its cement plant, helping it compete with rivals adopting the same approach.

US Energy Secretary Chris Wright said the global energy market is being strained mainly by shortages of diesel and other refined petroleum products rather than crude oil supply. He linked the tightness to the global impact of Ukrainian strikes on Russian fuel and energy infrastructure and said Russia is currently exporting no diesel.
Sterling dropped to its lowest level in more than a month on Monday as renewed energy-supply concerns drove oil prices higher and investors moved into the safe-haven dollar. Worries about AI risks also weighed on stock markets.
Prediction market traders expect gas prices to reach new highs this year. The outlook comes as oil prices have climbed above $100 a barrel in recent weeks amid renewed tensions between the U.S. and Iran.

EnergyEdge says gas generation between 5pm and 8pm fell 67% in the year to August as utility-scale and household batteries expanded. Batteries supplied 49% of dispatchable power during the August 2026 evening peak, up from 0.4% in 2020, while gas’s share fell to 20.6%. Lower wholesale prices benefit households but may complicate investment in backup gas capacity.

Oil traders in Asia, a major consuming region, expect prices to stay elevated as fresh attacks weaken hopes for an imminent end to the Middle East conflict. Strong refining margins are also driving demand for physical crude supplies.
Bangladesh’s power minister said on Monday that elevated liquefied natural gas prices are slowing industrial growth, causing power outages and squeezing development spending as the government pays more for gas subsidies.
December gold futures on Comex slipped below $4,300 per troy ounce for the first time since August 6, 2026. At 4:08 p.m. Moscow time, the contract was down 2.6% at $4,294.2, before paring the decline to 2.25% at $4,309.5 by 4:58 p.m.
Finam Financial Group analyst Sergey Kaufman says European gas prices could reach $1,200-$1,300 per 1,000 cubic meters if a cold winter coincides with continued conflict in the Middle East. Prices could fall to about $600 if the Strait of Hormuz reopens soon, but low European storage levels are likely to prevent full normalization over the next 12 months.
The Minutes Reader extension turns the original page into a focused reading view and translates articles and video subtitles on demand. It is in limited beta.