Nine major oil producers are projected to earn over $95bn in Q3 profits amid Middle East tensions driving up fossil fuel prices. Critics demand windfall taxes while governments consider new drilling licenses despite climate concerns.
Sinopec's chemicals sales dropped 4.6% to 283.5 billion RMB in the first nine months of 2026, though operating losses narrowed to 2.1 billion RMB through cost cuts. Ethylene and synthetic resin outputs fell significantly amid weak demand.
Former Sinopec Group Chairman Fu Chengyu is under investigation for suspected serious violations, while leading photovoltaic companies reported narrowed losses in the third quarter despite ongoing supply-demand imbalances.
National Grid acquired land for the UK's largest electricity substation on Teesside to power a massive new AI datacentre. The project aims to deliver 3.2GW capacity to support regional digital infrastructure and economic development.
Evonik Industries declined formal takeover negotiations with BASF regarding an improved €24 per share offer, though it remains open to confidential information exchanges. BASF CEO cited strategic synergies to better compete against growing global rivals.
Mitsubishi Corp plans to sell a 49.9% stake in its LNG Canada holding company to Blackstone for $1.6 billion. The deal supports the project's Phase 2 expansion while preserving current offtake volumes.
Devyani International narrowed its Q2 loss as strong KFC sales offset rising raw material and energy costs, boosting shares by 5.8%. Revenue grew 10.4% despite food inflation and competitive pressures in India's quick-service restaurant sector.
Stonepeak completed its acquisition of a 65% stake in lubricants maker Castrol from BP, appointing former Shell CEO Ben van Beurden as board chair. BP will retain a 35% stake and use $6 billion in proceeds to reduce net debt ahead of schedule.
Bavarian Nordic secured a four-year supply contract with the UK government for its MVA-BN vaccine against mpox and smallpox. Deliveries include optional flexibility provisions, though the contract value remains undisclosed.
ADNOC and G42 signed a deal with OpenAI to integrate AI as CEO Sam Altman attended the ADIPEC oil show in Abu Dhabi. Geopolitical tensions over potential US strikes on Iran caused some US oil firms to skip the event.
ADNOC CEO warns global energy buffers eroded amid war disruptions, with diesel stocks at 35-year lows and Brent crude surging 50% to $110 per barrel.
TotalEnergies has signed agreements to acquire a 30% operated interest in two Malaysian offshore gas fields. The project aims to unlock over 6.5 trillion cubic feet of gas resources for the Malaysia LNG liquefaction plant.
Ryanair plans a cost purge to offset a €2 billion fuel charge increase following a 15% profit drop, citing sustained high oil prices. The airline adjusted passenger targets to mitigate the impact of elevated jet fuel costs.
Apple reports upcoming earnings with $113B revenue forecast, focusing on margins amidst chip cost pressures, while markets track oil price volatility and US midterm political impacts.
Blackstone led a $3.1 billion acquisition of a 49.9% stake in LNG Canada’s liquefaction business from Mitsubishi. The investment funds capacity expansion plans amid shifting global energy dynamics and relaxed Canadian environmental policies.
Gold prices rebounded on lower oil costs easing inflation fears, while investors assessed Federal Reserve signals on interest rates. Spot gold rose 0.7% to $3,900.90 per ounce as traders priced in a high chance of a December rate hike.
Japan issued its fifth climate transition bond worth $1.6 billion to fund emissions reduction, despite high fossil fuel reliance. Proceeds target nuclear, semiconductor, and renewable projects, though critics highlight ongoing carbon emission concerns.
Copper prices rose 0.5% to $14,229.50/ton on the LME amid easing tech rout and oil-driven growth fears. Analysts highlight structural supply constraints, notably record-low Chilean output, keeping price risks skewed upward.
Japan's Tokyo and Chubu spot power prices surged to multi-year highs driven by elevated LNG and fuel costs amid escalating Middle East tensions. Spot LNG prices have tripled pre-war levels, significantly impacting electricity rates through Japan's fuel-cost adjustment mechanism.
Envision Group deployed the world's first commercial 800V DC system to power AI data centers using renewables, reducing infrastructure costs and copper usage while integrating energy storage and grid coordination.
ChemBrief