Commodities Sector Intelligence Brief

China’s Wison New Energies has officially signed the EPCIC contract with Eni and Altera Infrastructure for the Baleine Phase 3 FPSO facility set for offshore the Ivory Coast. The contract marks Wison’s continued involvement from FEED through to EPCIC execution, demonstrating its end-to-end delivery capabilities for global offshore oil and gas development. The Baleine Phase 3 project is being developed by Eni, with Altera Infrastructure as owner and operator of the FPSO facility. Altera Infrastructure was also previously involved as a contractor for the redeployment of the FPSO and FSO installed in Baleine Phase 2. The FPSO facility will operate at water depths of approximately 8

OPEC+ is unlikely to focus on defending a price floor in the near term and will instead be more concerned with oil availability, as the Strait of Hormuz remains only half-normalized according to Anindya Banerjee, Senior Vice President and Head of Commodity Research, Currency, Commodities and Interest Rates, Kotak Securities. OPEC+ is an alliance of oil-producing nations that coordinates global crude oil production to manage and stabilize prices. It combines the 12 core members of the Organization of the Petroleum Exporting Countries (OPEC) with 11 non-member nations, most notably Russia. Banerjee sees Brent crude staying below $85/bbl as beneficial for India, but flagged that a full normalization of Hormuz over the next six to nine months could push the market into a “perfect storm” of sur

TIL Creatives TIL CreativesLower imports by India, which meets more than 80% of its silver demand through overseas purchases, could weigh on global prices, while helping narrow the country's trade deficit and ease pressure on its rupee currency. "Silver imports have nearly come to a halt, creating a shortage in the Indian market," said Chirag Thakkar, chief executive of Amrapali Group Gujarat, a leading silver importer. "As a result, silver is trading at a significant premium to global prices." Silver premiums over official domestic prices su

A stakeholder consultation drew up a five-year perspective plan to raise Lakshadweep’s annual tuna and tuna-like fish production to 50,000 tonnes, more than doubling the current catch. Aimed at creating livelihood opportunities for island fishing communities, the plan envisages a range of proposals, including expansion of deep-sea tuna fishing, mariculture, seaweed farming and infrastructure development. The stakeholder meeting held at ICAR-Central Marine Fisheries Research Institute (CMFRI) was attended by representatives from the Union Fisheries Department, Lakshadweep Fisheries Department, National Fisheries Development Board (NFDB), CMFRI, Central Institute of Fisheries Technology, Marine Products Export Development Authority (MPEDA) and other fisheries agencies, along with fishermen,

Crude oil futures traded higher on Wednesday morning after the US military conducted fresh attacks on Iran and the revocation of a US waiver that had allowed Iran to sell crude oil in global markets. At 10.03 am on Wednesday, September Brent oil futures were at $76.06, up by 2.56 per cent, and August crude oil futures on WTI (West Texas Intermediate) were at $72.21, up by 2.51 per cent. July crude oil futures were trading at ₹6884 on the Multi Commodity Exchange (MCX) during the initial hour of trading on Wednesday against the previous close of ₹6705, up by 2.67 per cent, and August futures were trading at ₹6890 against the previous close of ₹6724, up by 2.47 per cent. A statement by the US Central Command said that its forces completed a new round of offensive strikes against Iran on July

Norwegian energy giant Equinor has awarded contracts worth around NOK 6bn ($612m) for four subsea projects. They are part of the first of several planned subsea development waves, in which contracts are being coordinated to increase pace and reduce costs for subsea developments on the Norwegian continental shelf. “We envisage around 75 subsea developments towards 2035. To realise these resources, we need to develop smaller discoveries faster and at a lower cost than today. Our ambition is to halve both costs and execution time through simpler processes and standardised solutions together with our partners and suppliers,” says Gunnar Nakken, SVP for projects and subsea on the Norwegian C

Large swathes of land that had remained barren for centuries in the Himalayan cold desert of Leh are showing signs of life, with bright yellow mustard flowers and green foliage replacing the dusty, windswept landscape in what officials describe as the first visible outcome of an ambitious ecological restoration experiment. The transformation has unfolded on nearly 800 acres of arid land near Spituk, where glacial meltwater was channelled across the parched terrain before mustard seeds were sown. In little over a month, the once-barren expanse has turned into a patchwork of yellow blooms and green vegetation, demonstrating how a relatively simple freshwater recharge technique can revive land long considered uncultivable. The project was launched in May by Lieutenant Governor Vinai Kumar Sax

Farmgate prices of good-quality maize (corn) are likely to hover around ₹2,200-2,400 per quintal during the harvest season in October-November, according to the Tamil Nadu Agricultural University (TNAU). Based on an analysis of farmgate prices at the Udumalpet Agricultural Produce Marketing Committee (APMC) yard over the past 15 years, TNAU’s Centre for Agricultural and Rural Development Studies (CARDS), under its Price Forecasting Scheme, has advised farmers in Tamil Nadu to make informed sowing decisions. The projected price is broadly in line with the minimum support price of ₹2,410 per quintal announced by the Centre for the 2026-27 kharif marketing season. According to the Third Advance Estimates of the Ministry of Agriculture and Farmers Welfare, maize is cultivated on about 10.74 mi

The monsoon rain machine is set to unleash one final burst over Central and West India today (Tuesday) before easing its grip. Heavy to very heavy rainfall, with isolated spells of extremely heavy rain, is forecast over parts of Konkan, Gujarat and Coastal Karnataka for the rest of today, while Madhya Maharashtra is likely to remain under intense rain through both Tuesday and Wednesday. Depression weakens India Meteorological Department (IMD) said the powerful monsoon depression over East India has weakened into a well-marked low-pressure area. The northern limit of the monsoon has remained frozen for the fourth consecutive day, passing through Jamnagar, Udaipur, Ajmer, Jhunjhunu, Hisar and Bhatinda. The weakening system is expected to move slowly west-northwest across Madhya Pradesh and a

Marine seismic specialist SeaBird Exploration, part of SED Energy Holdings, has secured a contract for a 2D seismic survey offshore India. SeaBird will deploy the Eagle Explorer for the campaign. The vessel is expected to commence mobilisation in mid-July, with the project expected to keep the vessel utilised through the first half of 2027. The award further strengthens SeaBird’s presence in the Indian market and supports the company’s positioning for additional opportunities in the region. “The award reflects continued demand for high-quality 2D seismic data, supported by an increasing focus on energy security and resource development across the region,” said Finn Atle Hamre, CEO of SeaBird.