Ukraine

A former Ukrainian soldier accused of taking part in the 2022 sabotage of the Nord Stream pipeline is at the centre of a contested extradition process between Italy and Germany, revived by a ruling from Italy’s Court of Cassation.
Traceability requirements from the EU (European Union) on fuel origin are reshaping Indian refined flows, with a shift toward Africa and Brazil supported by local premiums and a decline in Russian exports.

Washington hits Rosneft and Lukoil, EU tightens, Brent climbs

U.S. sanctions targeting Rosneft and Lukoil trigger a rebound in oil, while the European Union prepares a clampdown on liquefied natural gas and maritime logistics, with immediate repercussions for markets and Russia’s export chain.
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Rising responses to UNEP’s satellite alerts trigger measurement, reporting and verification clauses; the European Union sets import milestones, Japan strengthens liquefied natural gas traceability; operators and steelmakers adjust budgets and contracts.
The new Liberal Democratic Party (LDP)–Japan Innovation Party (Nippon Ishin no Kai) axis combines a nuclear restart, targeted fuel tax cuts and energy subsidies, with immediate effects on prices and risk reallocations for operators. —

OPEC production uncertainty keeps global oil market from deeper slide

As Brent hovers near $60, growing opacity around OPEC’s output restrains a steeper decline in crude prices amid surplus warnings by the International Energy Agency.
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The Oxford Energy Institute study shows that signals from weekly positions and the Brent/WTI curve now favor contrarian strategies, in a market constrained by regulation and logistics affected by international sanctions. —
The president-elect outlines a pro-market agenda: gradual reform of fuel subsidies, review of Yacimientos de Litio Bolivianos (YLB) lithium contracts, and monetization of gas transit between Argentina and Brazil, prioritizing supply stabilization.

Karachaganak cuts production after drone strike on Russian gas facility

Kazakhstan’s Karachaganak gas field has reduced output by nearly one-third following an incident at a key Russian gas processing plant targeted by a Ukrainian drone strike.
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Russian company Russneft has shipped its first oil cargo to Georgia’s newly launched Kulevi refinery, despite the absence of formal diplomatic ties between Moscow and Tbilisi.
European Union member states have approved the principle of a full ban on Russian natural gas imports, set to take effect by the end of 2027.

The United States keeps 50% duties if India buys Russian crude

Washington ties the removal of additional duties to a verifiable decline in India’s imports of Russian crude, while New Delhi cites already-committed orders and supply stability for the domestic market.
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The decline in imports and the rise in refining in September reduced China’s crude surplus to its lowest in eight months, opening the way for tactical buying as Brent slips below 61 dollars.
Former German Chancellor Gerhard Schröder supported the Nord Stream 2 pipeline before an inquiry, dismissing criticism over his role and Russian funding linked to the project.

Russia definitively ordered to pay $50bn to former Yukos shareholders

The Dutch Supreme Court has rejected Russia's final appeal, confirming a record $50bn compensation to former Yukos shareholders, ending two decades of legal battle.
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Donald Trump says he secured Narendra Modi’s commitment to end Russian oil imports, adding political pressure to India-Russia trade relations.
Two European Parliament committees propose to advance the full halt of Russian hydrocarbon imports to 2026 and 2027, including oil, gas, and LNG, strengthening the European Union’s geopolitical position.

Global copper demand projected to grow 24% by 2035

The rise of data centres, electrification, Asian industrialisation and military spending are reshaping global copper market dynamics, while insufficient mining investment could increase price volatility.
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Beijing calls Donald Trump's request to stop importing Russian crude interference, denouncing economic coercion and defending what it calls legitimate trade with Moscow.
The United States has called on Japan to stop importing Russian gas, amid rising tensions over conflicting economic interests between allies in response to the indirect financing of the war in Ukraine.
Underground storage levels across Europe stand at just half capacity, widening the gap with EU winter targets amid intensified global competition for liquefied natural gas (LNG) supplies.
The Kremlin has confirmed that Vladimir Putin aims to help resolve the nuclear dispute between the United States and Iran, leveraging strengthened strategic ties with Tehran.

South Korea Accelerates Energy Diplomacy Amid Growing Geopolitical Tensions

President Lee Jae-myung adopts an energy diplomacy rooted in national interest, amid a complex international landscape of rivalries that could create challenging situations for the country and its energy businesses.
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Donald Trump firmly rejects any uranium enrichment by Iran, while Russia affirms Tehran’s right to civil nuclear power, intensifying tensions in negotiations over the Iranian nuclear program.
Italy’s Ansaldo Energia signed a memorandum of understanding with Uzbekistan’s Uzatom agency to cooperate on advanced nuclear technologies, with a focus on small modular reactors.

Russian gas deliveries to Europe via TurkStream rise 10% in May

Gazprom increased its daily natural gas exports to Europe via the TurkStream subsea pipeline, reaching 46 million cubic metres per day in May, according to Reuters calculations.
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Korea Hydro & Nuclear Power signed a 26-month contract to assess a site in Uganda’s Buyende region for its first nuclear reactor, in compliance with International Atomic Energy Agency standards.
Naftogaz will fund the purchase of new drilling platforms through a €36.4mn loan from the European Bank for Reconstruction and Development, following a sharp decline in gas production due to Russian strikes.

Sweden enforces tighter controls on Russian ships in the Baltic Sea

The Swedish government will implement new disclosure rules for foreign vessels, specifically targeting tankers linked to Russia’s hard-to-trace oil fleet.
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Friedrich Merz confirmed that Germany would block any attempt to relaunch the Nord Stream 2 pipeline, despite internal calls suggesting a potential reopening of dialogue with Moscow.
The Trump administration authorizes Chevron to maintain limited stakes in Venezuela while prohibiting oil production and export, marking a decisive shift for the oil sector amid geopolitical tensions with Maduro’s government.

Russia Challenges Adjustment to Price Cap on Its Oil Exports

As Western nations debate an adjustment to the price ceiling on Russian oil, Moscow firmly rejects these measures as market-distorting, citing a lack of significant impact on its current exports.
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Facing growing energy demands, Indonesia has announced an ambitious nuclear program targeting 10 GW capacity by 2040, attracting interest from global industry giants to support this strategic shift towards a low-carbon economy.
Prime Minister Viktor Orban announced that Hungary would oppose the EU's plan to ban Russian energy deliveries by 2027, both legally and politically.

Serbia extends gas contract with Russia until 30 September

Belgrade has confirmed the temporary extension of its gas supply contract with Moscow, ensuring the daily delivery of 6 million cubic metres until autumn at an unchanged price.
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Michael Kretschmer, Minister-President of Saxony, proposed restarting dialogue with Russia on the Nord Stream 2 pipeline, despite clear opposition from the German government to any reactivation of the project.
Donald Trump announces four executive orders to quadruple U.S. nuclear energy production within 25 years, radically accelerate regulatory approvals, secure enriched uranium supplies, and address the surging energy demands linked to artificial intelligence.

Europe commits €800bn to defence, destabilising strategic metals supply balance

The European rearmament plan intensifies pressure on critical metals supply chains, dominated by China, and in direct competition with other key industrial sectors.
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State-owned oil group Rosneft has taken over the exploitation licence for the Tomtor rare metals deposit, marking the entry of hydrocarbons into a mining sector largely abandoned by private investors.
Facing Russian dominance in the Akkuyu nuclear project, Turkey accelerates international negotiations, aiming to mitigate risks related to energy dependency and potential strategic conflicts of interest.