Libya's NOC signs memorandum of understanding with ExxonMobil after decade of inactivity
NOC in a statement said the MoU focuses on conducting detailed geological and geophysical studies to identify the hydrocarbon resources in four offshore blocks located off the northwest coast and the country's Sirte Basin.
In 2013, ExxonMobil, the world's largest publicly-traded energy company, decided to cut back its staff and operations in Libya as growing instability no longer justified a major presence.
The company's decision then came amid growing concern among international oil companies that the returns on offer in Libya may not justify the security and political risks that had grown since the 2011 uprisings that swept the Middle East.
Libya's oil output has been disrupted repeatedly in the chaotic decade since 2014, when the country divided between two rival authorities in the east and west following the NATO-backed uprising that toppled Muammar Gaddafi in 2011.
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Reuters
41 minutes ago
- Reuters
China's July imports of soybeans, crude oil rise
Aug 7 (Reuters) - China's imports of soybeans and crude oil rose in July from a year earlier, while those of coal and iron ore fell, customs data showed on Thursday. China's exports topped forecasts last month, as manufacturers made the most of a fragile tariff truce between Beijing and Washington to ship goods ahead of a looming deadline later this month. Outbound shipments from the world's second-largest economy rose 7.2% year-on-year in July, customs data showed, beating a forecast 5.4% increase in a Reuters poll and June's 5.8% growth. Imports grew 4.1%, following a 1.1% rise in June. Economists had predicted a 1.0% fall. KEY POINTS: * Soybeans: July imports at 11.67 mmt, up 18.48% y/y * Crude oil: July imports at 47.20 mmt, up 11.48% y/y * Unwrought copper: July imports at 480,000 mt, up 9.59% y/y * Coal: July imports at 35.61 mmt, down 22.94% y/y * Iron ore: July imports at 104.62 mmt, down 1.26% m/m * Rare earths: July exports at 5,994.3 mt, down 22.58% m/m Preliminary table of commodity trade data Below are comments from analysts on the commodities data: WAN CHENGZHI, ANALYST, CAPITAL JINGDU FUTURES, DALIAN CITY: "Brazil's abundant soybean production has provided a strong supply foundation. Due to its bumper harvest, the peak supply period for Brazilian soybeans is expected to be longer than in previous years, remaining at a high level leading up to the fourth quarter." "As for China's purchases of U.S. soybeans in the fourth quarter, no shipments have been confirmed yet, as buyers await the outcome of China-U.S. trade negotiations. Overall, a temporary mismatch between supply and demand for imported soybeans in China's domestic market may occur in the fourth quarter." ROSA WANG, ANALYST, JCI, SHANGHAI: "China's soybean imports remained very high in July, and are expected to stay above 10 million tons in August and September. This suggests the market is preparing for potential uncertainties arising from China-U.S. trade tensions." CAO YING, ANALYST, SDIC FUTURES, BEIJING: "The reason for a monthly fall in iron ore imports is that higher prices in July suppressed some steelmakers' interest in stockpiling iron ore." "A delayed customs clearance for some cargoes because of the hit of Typhoon Wipha to many regions also contributed to a monthly fall in imports and more port congestion." MUYU XU, SENIOR ANALYST, KPLER, SINGAPORE: "China's crude oil imports fell month over month but rose on a year-on-year basis. The month-on-month decline was mainly due to reduced arrivals from Iran, Saudi Arabia, Brazil and Angola, according to Kpler's data." "Independent refiners bought heavily in June, building up inventories, so their immediate demand in July was lower. "Operating rates are also not particularly high at the moment, which does not support a sharp increase in Iranian oil purchases. Additionally, some independent refiners are facing tight import quota situations, prompting them to manage their buying pace more cautiously." LINKS: For details, see the official Customs website ( BACKGROUND: China is the world's biggest crude oil importer and top buyer of coal, copper, iron ore, and soybeans.
Reuters
2 hours ago
- Reuters
VIEW China's July imports of soybeans, crude oil rise
Aug 7 (Reuters) - China's imports of soybeans and crude oil rose in July from a year earlier, while those of coal and iron ore fell, customs data showed on Thursday. China's exports topped forecasts last month, as manufacturers made the most of a fragile tariff truce between Beijing and Washington to ship goods ahead of a looming deadline later this month. Outbound shipments from the world's second-largest economy rose 7.2% year-on-year in July, customs data showed, beating a forecast 5.4% increase in a Reuters poll and June's 4.8% growth. Imports grew 4.1%, following a 1.1% rise in June. Economists had predicted a 1.0% fall. KEY POINTS: * Soybeans: July imports at 11.67 mmt, up 18.48% y/y * Crude oil: July imports at 47.20 mmt, up 11.48% y/y * Unwrought copper: July imports at 480,000 mt, up 9.59% y/y * Coal: July imports at 35.61 mmt, down 22.94% y/y * Iron ore: July imports at 104.62 mmt, down 1.26% m/m * Rare earths: July exports at 5,994.3 mt, down 22.58% m/m Preliminary table of commodity trade data Below are comments from analysts on the commodities data: WAN CHENGZHI, ANALYST, CAPITAL JINGDU FUTURES, DALIAN CITY: "Brazil's abundant soybean production has provided a strong supply foundation. Due to its bumper harvest, the peak supply period for Brazilian soybeans is expected to be longer than in previous years, remaining at a high level leading up to the fourth quarter." "As for China's purchases of U.S. soybeans in the fourth quarter, no shipments have been confirmed yet, as buyers await the outcome of China-U.S. trade negotiations. Overall, a temporary mismatch between supply and demand for imported soybeans in China's domestic market may occur in the fourth quarter." ROSA WANG, ANALYST, JCI, SHANGHAI: "China's soybean imports remained very high in July, and are expected to stay above 10 million tons in August and September. This suggests the market is preparing for potential uncertainties arising from China-U.S. trade tensions." CAO YING, ANALYST, SDIC FUTURES, BEIJING: "The reason for a monthly fall in iron ore imports is that higher prices in July suppressed some steelmakers' interest in stockpiling iron ore." "A delayed customs clearance for some cargoes because of the hit of Typhoon Wipha to many regions also contributed to a monthly fall in imports and more port congestion." MUYU XU, SENIOR ANALYST, KPLER, SINGAPORE: "China's crude oil imports fell month over month but rose on a year-on-year basis. The month-on-month decline was mainly due to reduced arrivals from Iran, Saudi Arabia, Brazil and Angola, according to Kpler's data." "Independent refiners bought heavily in June, building up inventories, so their immediate demand in July was lower. "Operating rates are also not particularly high at the moment, which does not support a sharp increase in Iranian oil purchases. Additionally, some independent refiners are facing tight import quota situations, prompting them to manage their buying pace more cautiously." LINKS: For details, see the official Customs website ( BACKGROUND: China is the world's biggest crude oil importer and top buyer of coal, copper, iron ore, and soybeans.
Telegraph
8 hours ago
- Telegraph
Xi Jinping can't afford for Russia to make peace in Ukraine
Of particular importance is China's role as an enabler of Russia's drone warfare campaign, a combat tactic that has been the hallmark of the war in Ukraine. Russia is believed to import millions of dollars worth of unmanned aerial vehicles (UAVs) from China each year, in addition to producing UAVs jointly with Chinese firms inside Russia. Intelligence assessments suggest that Russia established a secret UAV factory in China through IEMZ Kupol, a subsidiary of Russian state-owned arms company Almaz-Antey, where engineers developed and flight-tested a new model of a long-range combat drone called Garpiya-3 (G3). Helping to fuel the Russian wartime economy, China (along with India) has been a top importer of Russian oil, having accounted for 47 per cent of Russia's crude oil exports in June 2025. Much of Russia's oil exports are transported by a shadow fleet of unmarked tankers in order to bypass the sanctions regime. Last week, Beijing rebuffed US Treasury Secretary Scott Bessent's threat of a 100 per cent tariff if it continues this practice. Further aligning itself with Moscow against the US, China has set out to increase gas imports from Russia, while cutting liquefied natural gas purchases from the US. Why is China so invested in assisting Russia's fight against Ukraine? Beijing's rationale can be illustrated by the following Chinese allegory. 'As two tigers are fighting ferociously in the valley, a sage monkey is sitting on top of the mountain, looking down and waiting to see how it will end.' Beijing sees itself as the wise monkey, waiting patiently as Moscow and Washington erode their respective combat arsenals. Indeed, although China and Russia publicly portray themselves as allies, having declared a 'no limits partnership' in 2022, they are in fact strategic opponents, linked in an opportunistic relationship aimed at achieving the common goal of limiting US and Western geopolitical dominance. China and Russia have had multiple border clashes during their turbulent history and to this day maintain a territorial dispute in Russia's Far East. Demographically declining, Russia views decades-long migration of Chinese citizens into its Far East region as a grave threat. Putin warned as far back as 2000 that if Russia did not undertake the 'real effort' to develop its Far East in the short term, then 'a few decades from now its Russian population will mostly be speaking Japanese, Chinese, and Korean'. China is incentivised to prolong the conflict in Ukraine by its desire to reduce the US weapons stockpile, which has already been depleted to dangerous levels as a result of US assistance to Ukraine and to Israel. China sees the erosion of American combat readiness as crucial in preventing the US from intervening in China's future invasion of Taiwan, which some US military commanders assess as probable around 2027. For Beijing, fulfilling its 'One China' grand plan by 2049 by securing control over Taiwan is likely to take priority over maintaining a transactional relationship and avoiding a trade war with Washington. Thus far, Russia has largely brushed off President Trump's various manoeuvres. Beijing, meanwhile, has been conducting joint Chinese-Russian naval exercises in the Sea of Japan. The signal from Moscow and Beijing to Washington is clear – peace in Ukraine is counter to both of their agendas.
