Via Metal Miner Amid chaos from steel tariffs, the European Commission plans to tighten steel import quotas on April 1 over fears of dumping on the bloc. Those fears primarily stem from U.S. President Donald Trump’s implementation of 25% duties on all steel and aluminum imports into the United States, which came into effect in early March. The measures are part of a several-point document titled “A European Steel and Metals Action Plan,” which the European executive released on March 19.  The EC noted that further plans for…

HSBC has shaved a few bucks off its oil price crystal ball this week, citing Trump’s tariff tirades and OPEC+’s decision to open the spigots wider than expected. In a note released Tuesday, the bank cut its 2025 Brent forecast to $68.50 per barrel (down from $73), and its 2026 estimate to $65 (from $70). That’s a notable downgrade, especially as the market tries to figure out if the tariff-induced panic is just short-term, or whether it is the start of a longer slog. HSBC’s revised WTI numbers came down too: $65.40 in 2025…

BP is holding its annual general meeting on April 17 in the early days of its strategy reset to return to its core oil and gas business while oil prices have crashed by more than $10 per barrel this month. Shareholders, especially activist hedge fund Elliott, will want to make their position known at the AGM votes on Thursday. Activist investor Elliott, which has been pushing for dramatic changes at BP since amassing a 5% stake in the supermajor, is likely to express its continued frustration with BP’s performance by voting against the re-election…

HSBC has shaved a few bucks off its oil price crystal ball this week, citing Trump’s tariff tirades and OPEC+’s decision to open the spigots wider than expected. In a note released Tuesday, the bank cut its 2025 Brent forecast to $68.50 per barrel (down from $73), and its 2026 estimate to $65 (from $70). That’s a notable downgrade, especially as the market tries to figure out if the tariff-induced panic is just short-term, or whether it is the start of a longer slog. HSBC’s revised WTI numbers came down too: $65.40 in 2025…

The dollar has fallen 0.7 per cent today, marking its fifth straight day of decline, as markets continue to reassess the currency’s position in the global economy. The DXY index, which tracks the dollar’s value against a basket of currencies, dropped to its lowest in three years in trading today. The dollar index has now fallen more than four per cent since Trump’s ‘Liberation Day’ at the start of April, as investors sell their US assets over fears around the country’s growth prospects. In comments on Friday…

As Indonesia seeks to negotiate a reduction of a planned tariff of 32% on Indonesian goods sold in the United States, the government of Southeast Asia’s biggest economy will offer to buy an additional $10 billion worth of American oil and liquefied petroleum gas (LPG). Indonesia was slapped with one of the highest tariffs - 32% - in the “liberation day” tariffs announced by U.S. President Donald Trump. These tariffs were suspended last week for 90 days, during which the Trump Administration expects most countries to come pleading…

As Indonesia seeks to negotiate a reduction of a planned tariff of 32% on Indonesian goods sold in the United States, the government of Southeast Asia’s biggest economy will offer to buy an additional $10 billion worth of American oil and liquefied petroleum gas (LPG). Indonesia was slapped with one of the highest tariffs - 32% - in the “liberation day” tariffs announced by U.S. President Donald Trump. These tariffs were suspended last week for 90 days, during which the Trump Administration expects most countries to come pleading…

Brent crude has slipped below $65 per barrel. WTI is trading barely above $60. Neither Trump nor China are backing down from the trade war that started the rout. OPEC+ has not yet updated its production plans, which contributed to the rout. Yet it is pretty much business as usual in the U.S. oil patch, per Energy Secretary Chris Wright. Speaking to Bloomberg recently, Wright said that the stock market selloff had been overblown, with fears about the global economy “misplaced”. “You see a marketplace right now that is worried about…

With the next round of EU sanctions on Russia due for renewal in July, Brussels is cooking up a workaround to one persistent problem: Hungary. Specifically, Hungary’s Viktor Orbán, who’s been repeatedly threatening to walk unless he gets what he wants. Traditionally, renewing sanctions requires unanimous support from all 27 EU member states. That’s been increasingly awkward, thanks to Orbán’s not-so-secret bromance with Vladimir Putin and his tendency to use sanction votes as leverage for unrelated goodies.…

With the next round of EU sanctions on Russia due for renewal in July, Brussels is cooking up a workaround to one persistent problem: Hungary. Specifically, Hungary’s Viktor Orbán, who’s been repeatedly threatening to walk unless he gets what he wants. Traditionally, renewing sanctions requires unanimous support from all 27 EU member states. That’s been increasingly awkward, thanks to Orbán’s not-so-secret bromance with Vladimir Putin and his tendency to use sanction votes as leverage for unrelated goodies.…

Extending sanctions against Russia has been one of the most pressing issues for the European Union -- especially this year. And Hungary's record of holding out against such sanctions has officials in Brussels worried about what will happen when the next extension deadline comes around, this time in July. Hungarian Prime Minister Viktor Orban has for a long time voiced opposition to the EU's sanctions on the Kremlin and refused to agree on any new measures that target energy imports into the bloc from Russia. These rollovers happen every six months…

As the oil markets digest the impact of Trump's tariffs, every major institution seems to be lowering its forecast for both demand and prices.- Pre-tariff frenzy has helped Chinese exports beat expectations in Q1 2025, with total exports rising 12.4% year-over-year in March, triple of analyst expectations and amounting to a hefty $313.9 billion.- Not even US-China trade saw notable changes last month as Beijing’s trade surplus surged to $27.6 billion on the back of a 4.5% year-over-year increase in bilateral trade.  - Chinese refiners…

Global oil supply is set to rise by 1.2 million barrels per day (bpd) this year, lower by 260,000 bpd than the growth expected last month, the International Energy Agency (IEA) said on Tuesday, citing lower-than-forecast production from the United States and Venezuela. The U.S.-China trade war escalation and the tariffs on imports into the U.S. have sent oil prices plummeting this month. The U.S. benchmark oil price, WTI Crude, has now slumped to levels that American producers have flagged are below their breakeven price. “The significant…

Global oil supply is set to rise by 1.2 million barrels per day (bpd) this year, lower by 260,000 bpd than the growth expected last month, the International Energy Agency (IEA) said on Tuesday, citing lower-than-forecast production from the United States and Venezuela. The U.S.-China trade war escalation and the tariffs on imports into the U.S. have sent oil prices plummeting this month. The U.S. benchmark oil price, WTI Crude, has now slumped to levels that American producers have flagged are below their breakeven price. “The significant…

Global oil demand is expected to grow by just 730,000 barrels per day (bpd) this year amid escalating trade tensions, the International Energy Agency (IEA) said on Tuesday, slashing the previous month’s growth forecast by 300,000 bpd. Escalating trade tensions have negatively impacted the economic outlook, the IEA said today in its Oil Market Report (OMR) for April, and sees further slowdown in demand growth next year, when consumption is now forecast to increase by only 690,000 bpd. Risks to the forecast “remain rife given the fast-moving…

Pakistan is actively considering the idea of importing U.S. crude oil for the first time to seek a reduction of its trade surplus with America and avoid one of the highest tariffs – currently paused – on its goods sold in the United States. Crude oil is one of the products that Pakistan is actively exploring to buy from the U.S. to appease President Donald Trump, a Pakistani government source and an executive at a local refinery told Reuters on Tuesday. Pakistan imported about 140,000 barrels per day (bpd) of crude oil last year, mostly…

Pakistan is actively considering the idea of importing U.S. crude oil for the first time to seek a reduction of its trade surplus with America and avoid one of the highest tariffs – currently paused – on its goods sold in the United States. Crude oil is one of the products that Pakistan is actively exploring to buy from the U.S. to appease President Donald Trump, a Pakistani government source and an executive at a local refinery told Reuters on Tuesday. Pakistan imported about 140,000 barrels per day (bpd) of crude oil last year, mostly…

The temperature in downtown Muscat over the weekend was 35 degrees Celsius, but for the swarms of high-level officials from the U.S. and Iran buzzing around busily discussing a new ‘nuclear deal’ it probably felt a lot hotter than that. On the one side was the delegation from the U.S. who found themselves in direct talks with their Iranian counterparts largely because their President threatened military action against the Islamic Republic if they did not attend. Washington’s core aim is to stop Iran from building nuclear weapons…

Two weeks ago, China announced a slew of countermeasures in retaliation against punitive tariffs by U.S. President Donald Trump, including extra levies of 34% on all U.S. goods as well as export curbs on rare earth minerals. Under the new restrictions, exporters will now be required to apply for a license from China’s Ministry of Economy and also disclose the final use of rare earth elements (REE) and critical metals such as dysprosium, gadolinium, samarium, scandium, terbium, yttrium and lutetium.  This wasn’t the first time Beijing…

Is the Iraq-Türkiye Cooperation Set to Skyrocket? Iraq’s struggling oil and gas sectors may be on the verge of a breakthrough as cooperation between Baghdad and Ankara intensifies. According to Turkish media, Türkiye is advancing plans to expand its energy collaboration with Iraq significantly. Turkish Minister of Energy and Natural Resources, Alparslan Bayraktar, recently announced that proposals are underway to construct new oil and natural gas pipelines stretching from Basra to the Mediterranean port of Ceyhan. In tandem, Ankara…