Chief: illicit exploitation of natural resources fueling armed conflicts
United Nations (U.N.) Secretary-General António Guterres said on Wednesday that the mismanagement and illicit exploitation of natural resources have become among the leading drivers of armed conflicts around the world.
Addressing an open debate of the U.N. Security Council (UNSC), Guterres called for strengthening the governance of natural resources to ensure they become a foundation for peace, security and prosperity rather than a source of violence and instability.
He said critical minerals, including lithium, cobalt, nickel and rare earth elements, are assuming increasing strategic importance as global demand rises.
“This presents significant opportunities to drive development in producing countries, but at the same time it fuels geopolitical competition, increases pressure on supply chains, and exacerbates conflicts, with severe humanitarian consequences,” he said.
China records amount of crude oil
China’s domestic oil and gas exploration reached historic milestones in 2025, driven by technological innovation, upstream institutional reforms, and an accelerated green low-carbon transition, according to a report released by the National Energy Administration.
The China Oil and Gas Exploration and Development Report (2026) shows that domestic crude oil production hit a record 216 million metric tons last year, while natural gas output maintained a robust growth streak, expanding by over 10 billion cubic meters for the ninth consecutive year.
Combined, China’s total oil and gas production equivalent climbed to a new high of 420 million metric tons, significantly boosting national energy self-sufficiency and security.
Azerbaijan records natural gas production
Azerbaijan produced 25.180 billion cubic meters of natural gas during the first six months of 2026, data provided by the country’s State Statistical Committee revealed, Qazinform News Agency cites Trend.
The committee reported that natural gas production rose by 190.8 million cubic meters, or 0.8 percent, from 24.989 billion cubic meters recorded in the first half of 2025.
Production of marketable natural gas also increased during the reporting period. Azerbaijan produced 19.551 billion cubic meters of marketable gas, up 209.2 million cubic meters, or 1.1 percent, from 19.342 billion cubic meters in the corresponding period last year.
The State Statistical Committee said total mining sector production fell by 0.2 percent year-on-year, with output valued at 20 billion manats.
Separate data from the State Customs Committee showed that Azerbaijan exported 12.431 billion cubic meters of natural gas in gaseous form during the first half of the year, generating 4.11 billion US dollars in revenue.
For short-sellers, uranium miner’s emergency fundraising is a big win
Struggling uranium miner Lotus Resources will issue new shares at a 66 percent discount to its last traded price as part of a $138 million rescue package that vindicates the large number of investors who bet against the stock.
Lotus shares have been the most shorted on the ASX for most of the past six months, as investors bet that a series of challenges at its African uranium mine would trigger a cashflow crisis.
On Thursday, Lotus announced plans to raise $60.1 million by issuing shares at 22¢ each; well below the 66¢ the stock was fetching when it last traded in June and a far cry from the $3.22 it traded at as recently as January.
As part of Thursday’s fundraising, Lotus said it would borrow a further $35 million in the form of convertible notes, and raise an additional $43 million in prepayments for its products.
Short sellers effectively bet on a company’s share price falling in future. They execute “short” bets by borrowing a share in a target company – such as Lotus – from a long-term investor on the proviso they will return the share to the long-term investor at a specified time in future.
China’s iron ore production fell by 7pc
Iron ore production in China for the first six months of 2026 fell by 7 percent compared with the same period in 2025, totalling 466.9 million tonnes. The decline accelerated significantly in June, when output fell by 19.8 percent year-on-year – to 70.4 million tonnes, marking the lowest monthly level on record. This was reported by MySteel, citing data from the National Bureau of Statistics of China.
Amid declining domestic production and the need to replenish stocks, Chinese steelmakers have significantly increased their purchases of raw materials from abroad. China, which accounts for around 75 percent of global seaborne iron ore imports, increased its imports by 6.3 percent year-on-year in the first half of the year to 628.9 million tonnes. In particular, June imports rose by 6.4 percent year-on-year, reaching a six-month high of 112.7 million tonnes, according to Reuters.
The rise in imports is taking place against a backdrop of a gradual decline in stock levels at ports. According to SteelHome analysts, port ore stocks have fallen to 156.6 million tonnes compared with March’s record high of 166.9 million tonnes. However, this level is still 19.6 percent higher than last July’s figures.
Egypt enlarges strategic fuel reserves
Prime Minister Mostafa Madbouly announced that Egypt is proactively strengthening its energy security by increasing strategic reserves of petroleum products and other essential commodities, according to a statement released by the Cabinet.
These measures aim to protect the economy from disruptions caused by ongoing regional tensions, which are impacting shipping corridors—especially those critical to fossil fuel transit.
This precaution underscores Egypt’s commitment to ensuring fuel availability and maintaining economic stability.
The meeting also emphasized Egypt’s efforts to enhance economic cooperation and establish partnerships in sectors such as energy, electricity, renewable energy, transport, and infrastructure.