PetroChina Profit Rises 21.6%, Sinopec's Jumps 57% Even as China Fuel Sales Fall
China's two biggest refiners made more money from refining while selling less fuel at home. CNOOC's board meets Friday to approve its nine-month results.
Energy & Resources
Oil and Gas
- Oil and Gas
CNOOC Third-Quarter Profit Rises Just 2.7% Despite 32% Jump in Realized Oil Price
China's offshore oil producer sold its crude for far more, but lower gas output, higher taxes and rising costs absorbed most of the windfall.
- Coal and Power
China's Coal Output Falls 6.8% in September as Prices Hit Three-Year Highs Before Winter
Nuclear, wind and solar covered the gap as hydropower slumped, but thin port stocks have pushed thermal coal above 1,000 yuan a ton.
- Batteries
CATL Profit Growth Slows to 14.5% as China Battery Taxes Squeeze Margins, Shares Drop 12%
The world's largest battery maker posted record revenue of 165 billion yuan, but a new consumption tax and a smaller export rebate pushed its gross margin down to 20.69%.
- Renewables
China's Solar Additions Fall 54% Through September Even as Wind and Solar Top 2,000 GW
A September rebound to 13.64 GW offered some relief for panel makers, while thermal plants kept being built at the fastest pace in years.
- Copper
Ivanhoe Cuts 2027 Copper Forecast for Zijin-Backed Kamoa-Kakula Mine by Nearly a Fifth
The miner now sees 300,000 to 350,000 tons from the Congo complex next year, its second cut to the 2027 target this year, and its shares fell as much as 14%.
- Oil and Gas
IEA Sees Oil Market Back in Surplus of 1.7 Million Barrels a Day as Gulf Exports Recover
The agency's November report says supply will top demand for the first time since the Iran war began, though diesel stays tight and Brent holds near $96.
- Power
COP31 Pushes 35% Electrification Goal by 2035 as Asia's Coal-Reliant Power Systems Lag
Turkey's presidency wants electricity to supply 35% of final energy use by 2035. Asian utilities face the grid, storage and coal questions that target raises.
- Iron Ore
BHP Plans Overhaul of Its 16,000-Strong Pilbara Iron Ore Unit, Names Adrian Wood as CFO
The world's biggest listed miner is reported to be reshaping its Western Australia iron ore division to cut costs, a month after removing about 300 mine-site jobs.
- Energy Storage
China Targets 300 Gigawatts of Grid Storage by 2030, Nearly Double Its Current Fleet
Beijing's five-year storage plan shifts batteries from mandated build-out to market pay, a test of pricing power for CATL and other Chinese cell makers.
- Copper
Copper Heads for Fifth Weekly Loss as Chinese Import Premium Jumps to $285
London prices sank below $13,500 as investors cut AI-linked bets, while Chinese buyers paid $285 a ton over London prices to import metal.
- Mining
Vale Indonesia Nickel Matte Output Rises 14% in Third Quarter, but Quarterly Profit Falls 30%
Ore sales from Pomalaa nearly tripled and nine-month profit hit $147 million, but lower nickel prices and higher energy costs squeezed the quarter.
- Power
India Approves 145 Billion Rupees for 92 GWh of Grid Storage, Sets 40% Local Content Rule
The five-year scheme backs 60 GWh of pumped hydro and 30 GWh of batteries, which must be 40% local even though Indian factories meet under 1% of demand.
- Copper
Adani's Kutch Copper Signs Codelco Deal to Explore Chile's Kaburkaala Copper Project
India's Adani Group will fund exploration at a Codelco prospect in Chile's Antofagasta region as it seeks ore for its Mundra copper smelter in Gujarat.
- Utilities
KEPCO Quarterly Profit Falls 71% to 1.64 Trillion Won as Fuel Costs Rise, Rates Stay Frozen
South Korea's state utility missed forecasts by a wide margin and its parent company swung to a quarterly operating loss, sending the shares down more than 9%.
- Oil and Gas
Brent Ends Week Near $96 With Second Weekly Drop as OPEC Says Saudi Output Jumped 26%
Oil settled almost flat on Friday as recovering Gulf supply offset fresh attack claims around the Strait of Hormuz and Saudi Arabia's pipeline to the Red Sea.
- ExplainerExplainer
Japan's Nuclear Restarts Explained: 15 Reactors Running and What Comes Next
With Gulf gas supply disrupted, every reactor Japan brings back cuts its LNG bill. Here is where the fleet stands, how restarts work and what has gone wrong.
- LNG
Blackstone-Led Group to Invest $3.1 Billion in Mitsubishi's LNG Canada Unit
Canadian pension funds join the deal for 49.9% of the Japanese trader's holding company, while Mitsubishi keeps control and its full share of LNG offtake.
- LNG
TotalEnergies Signs Preliminary 15-Year LNG Deal With China's Jiangsu Guoxin
The heads of agreement covers 900,000 tons a year from 2028, subject to final contracts, and follows a five-year supply deal with ADNOC Gas.
- Oil & Gas
Inpex Lifts Profit Forecast to Record 550 Billion Yen, Signs First Abadi LNG Buyers
Japan's largest oil and gas producer credits Ichthys LNG and higher prices, and is setting aside 365 billion yen this year for its Indonesian LNG project.
