World food programme halts movement in Gaza
The World Food Programme is freezing employee movement in Gaza after one of its vehicles was targeted with repeated gunfire just meters from an Israeli checkpoint, according to a statement by the humanitarian agency.
“Despite being clearly marked and receiving multiple clearances by Israeli authorities to approach, the vehicle was directly struck by gunfire as it was moving toward an Israel Defense Forces (IDF) checkpoint,” the statement by the agency read.
The Armored vehicle was one of two returning from a mission escorting humanitarian aid through the Palestinian enclave. A photo released by the WFP showed multiple bullet marks in the driver’s side window; at least 10 bullets hit the vehicle, according to the agency.
Growing contracts between Saudi Arabia and China are reshaping global oil trade
According to a report by S&P Global, growing ties between Saudi Arabia and China could shift oil trade between the two nations to the Chinese currency, the renminbi or better known as yuan.
Strategic economic ties between Saudi Arabia and China are reshaping the global oil trade, particularly through the growing use of the Chinese renminbi (RMB) in oil transactions.
This Development, often referred to as the petroyuan, represents a notable shift away from the dominance of the U.S. dollar in global energy markets and sets the stage for a potential transformation in the way oil is traded around the world.
Recent Discussions about China paying for Saudi oil in renminbi have raised expectations that a significant portion of the massive oil trade could soon be denominated in the Chinese currency. However, while the concept of yuan-based oil trading is promising, it faces significant challenges and may take decades to become meaningful, S&P noted.
Coal in global energy
Coal is a significant player in the global energy mix, contributing 26 percent of the world’s energy in 2023, more than all non-fossil fuel sources combined. The only energy source that contributed more to the global energy mix was oil.
Coal consumption has decreased in many regions. For example, both North America and Europe reduced their energy consumption from coal by 16 percent in 2023. However, a heavy reliance on coal in the Asia Pacific region has led to global coal consumption remaining essentially the same over the past 10 years.
In 2023, China increased its coal consumption from 88 EJ to nearly 92 EJ—totalling 56 percent of global coal consumption. This contributed significantly to Asia Pacific leading the world with a staggering 83 percent of global coal consumption. Easy access to existing infrastructure and reasonable prices have not only sustained global coal consumption over the last 10 years, but also paved the way for potential growth. Many developing nations are now expanding their coal consumption, presenting potential opportunities in the coal market. For example, as per the Statistical Review of World Energy 2024, between 2022 and 2023, Bangladesh and Colombia saw double-digit percentage increases in year-over-year coal consumption: 41 percent and 53 percent, respectively. Coal continues to play a critical role in the global energy mix, especially in the developing world, where its affordability makes it the current energy source of choice.
| World Coal In 2023 | ||
|---|---|---|
| Region | Consumption (EJ) | Share (%) |
| China | 91.9 | 56.1 |
| Asia Pacific (excluding China) | 43.8 | 26.7 |
| Americas | 10.0 | 6.1 |
| Europe | 8.4 | 5.1 |
| CIS* | 5.5 | 3.4 |
| Africa | 4.1 | 2.5 |
| Middle East | 0.4 | 0.2 |
| Total | 164.0 | 100 |
| *Percentages may not sum to 100 due to rounding, Commonwealth of Independent States | ||
Growth in pulses demand creates opportunities
While Pulses are a niche market compared to other major grains, the increasing global demand and trade means there are opportunities for new and existing market players, according to a report from Rabobank.
Pulses, which include chickpeas, dry peas and lentils, also have the potential to be a “star” in the drive to make agriculture more sustainable because of their natural soil-enhancing and greenhouse gas-absorbing properties, said Vito Martielli, senior analyst-grains and oilseeds, and report author.
Global Pulse production is estimated at 100 million tonnes, with chickpeas, dry peas and lentils accounting for 40 percent of that total.
Trade in pulses has increased 29 percent since 2015. In 2024, global pulse trade is expected to reach 21 million tonnes, according to the International Grains Council.
World’s largest uranium producer slashes production target
Kazatomprom, the world’s largest uranium producer, has slashed its production target for 2025 due to project delays and sulphuric acid shortages, threatening to squeeze supplies of the radioactive fuel vital for nuclear power.
The Kazakh company, which generates a fifth of global uranium supply, cut its target for next year by 17 percent to a range of 25,000 to 26,500 tonnes of yellowcake.
The move is likely to put upward pressure on uranium prices, which have softened from a 16-year high above $100 per lb this year but remain at historically elevated levels above $80 per lb, according to UxC, a pricing data provider.
Meirzhan Yussupov, chief executive of Kazatomprom, said that “the uncertainty around the sulphuric acid supplies for 2025 needs and delays in the construction works at the newly developed deposits resulted in a need to re-evaluate our 2025 plans”.