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Saudi Arabia, Britain Say They Intend to Cooperate in Critical Minerals

Al-Khorayef met with Badenoch, along with representatives of the two sides, in Riyadh on Thursday. (Asharq Al-Awsat)
Al-Khorayef met with Badenoch, along with representatives of the two sides, in Riyadh on Thursday. (Asharq Al-Awsat)
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Saudi Arabia, Britain Say They Intend to Cooperate in Critical Minerals

Al-Khorayef met with Badenoch, along with representatives of the two sides, in Riyadh on Thursday. (Asharq Al-Awsat)
Al-Khorayef met with Badenoch, along with representatives of the two sides, in Riyadh on Thursday. (Asharq Al-Awsat)

British Business and Trade Secretary Kemi Badenoch began her Gulf tour by signing a letter of intent with Saudi Arabia to enhance cooperation in the field of critical minerals, and consolidate a commitment to co-develop critical mineral supply chains needed for the global transition to carbon neutrality.

The letter was signed by Bandar Al-Khorayef, Saudi Minister of Industry and Mineral Resources, and Badenoch, in the presence of Deputy Minister for Mining Affairs Eng. Khaled Al-Mudaifer, at the ministry’s headquarters in Riyadh.

Al-Khorayef explained that the step comes within the framework of raising the level of cooperation between the two countries in the industrial and mining sectors, and supporting joint global efforts towards a sustainable and green future.

He added that the letter of intent would allow the two countries to diversify supply chains for critical minerals for a number of mineral-intensive industries, including electric vehicle manufacturing, aerospace, defense, and renewable energy.

“Critical minerals are a necessity for our daily lives, including electric cars, medical devices, wind turbines and solar panels,” Badenoch said, noting that signing the letter of intent with Saudi Arabia would enhance the two countries’ partnership in developing the supply chain and enhancing industrial cooperation.

Critical metals are defined as vital to the economic well-being of the world’s major and emerging economies, and the supply of which may be at risk due to geological rarities, geopolitical issues, trade policy, or other factors.

The British Business and Trade Secretary is visiting the Middle East to advance UK efforts to conclude a modern and comprehensive trade agreement with the countries of the Gulf Cooperation Council.

Her five-day tour includes Saudi Arabia, Qatar and the UAE. A trade agreement between Britain and the GCC is expected to increase the volume of mutual trade with the region by 16 percent.

The total volume of mutual trade between the United Kingdom and the GCC countries reached a record high of 61.3 billion pounds sterling in 2022.

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China and EU Trade Envoys Seek Ways to Ease Tensions over Growing Imbalances

EU and Chinese flags are seen in this illustration taken, March 20, 2025. REUTERS/Dado Ruvic/Illustration
EU and Chinese flags are seen in this illustration taken, March 20, 2025. REUTERS/Dado Ruvic/Illustration
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China and EU Trade Envoys Seek Ways to Ease Tensions over Growing Imbalances

EU and Chinese flags are seen in this illustration taken, March 20, 2025. REUTERS/Dado Ruvic/Illustration
EU and Chinese flags are seen in this illustration taken, March 20, 2025. REUTERS/Dado Ruvic/Illustration

The top trade envoys for China and the European Union were wrapping up two days of talks Friday aimed at calming escalating tensions over growing imbalances between the two giant economies.

EU trade chief Maros Sefcovic traveled to Beijing saying it was crucial that the negotiations deliver “tangible outcomes” in rebalancing trade between China and the 27-nation bloc.

It was unclear, however, if the two sides would find the will to resolve key factors behind China’s growing trade surplus, which hit 360 billion euros ($410 billion) last year.

China is pushing for the EU to stop blocking its imports of advanced computer chipmaking machines, restrictions imposed on national security grounds at Washington's behest.

Sefcovic said the talks this week were the culmination of three months of intensive work. He had set an October deadline for meaningful results on trade rebalancing.

Earlier in the week, the Chinese Commerce Ministry issued a statement urging the EU to avoid protectionist measures, warning that such moves could backfire.

Trade tensions have grown in recent months, with both sides imposing or considering curbs on each other’s imports.

The EU has moved to limit imports of Chinese-made electric vehicles and EV batteries and enacted measures to protect the European steel industry. It also is limiting duty-free imports of e-commerce small parcels, essentially targeting Chinese fast fashion firms.

Last week, China launched an anti-dumping investigation into imports from the EU of p-nitrotoluene, a chemical compound used in dyes and pharmaceuticals.

Chinese officials and businesses have raised concerns over reports some EU members are pushing for new measures to protect local industries.

Worries over surging Chinese exports to Europe and other parts of the world in what some are calling a China shock 2.0 have deepened as the US, especially since President Donald Trump returned to the White House, has raised tariffs and enacted other measures to try to reduce its own huge trade deficit with Beijing.

Despite the backlash from some of its trading partners, China's global trade surplus hit $1.2 trillion in 2025 and is forecast to surpass $1 trillion again this year.

The EU's trade deficit with China widened to 103.34 billion euros (about $116 billion) in the April-July quarter, as imports rose to 153.63 billion euros ($172.3 billion) ,while European exports to China climbed to 50.3 billion euros ($56.4 billion), according to EU statistics.

Business

Gold Rises More Than 1%, Fed Outlook in Focus

FILE PHOTO: A man works on a gold and diamond ornament inside a Senco Gold & Diamonds jewellery workshop in Kolkata, India, January 29, 2026. REUTERS/Sahiba Chawdhary/File Photo
FILE PHOTO: A man works on a gold and diamond ornament inside a Senco Gold & Diamonds jewellery workshop in Kolkata, India, January 29, 2026. REUTERS/Sahiba Chawdhary/File Photo
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Gold Rises More Than 1%, Fed Outlook in Focus

FILE PHOTO: A man works on a gold and diamond ornament inside a Senco Gold & Diamonds jewellery workshop in Kolkata, India, January 29, 2026. REUTERS/Sahiba Chawdhary/File Photo
FILE PHOTO: A man works on a gold and diamond ornament inside a Senco Gold & Diamonds jewellery workshop in Kolkata, India, January 29, 2026. REUTERS/Sahiba Chawdhary/File Photo

Gold rose more than 1% on Friday, helped by a softer US dollar and lower oil prices, while market players weighed lingering inflation concerns and the outlook for Federal Reserve interest rates.

Spot gold rose 1.4% to $4,190.57 per ounce by 0630 GMT after hitting a two-month low on Wednesday. Prices headed for a weekly gain.

US gold futures for December delivery gained 1.4% to $4,215.30, Reuters reported.

The dollar rally took ⁠a breather, making ⁠greenback-priced bullion more affordable for holders of other currencies.

Oil prices fell as Middle East supply concerns eased somewhat after President Donald Trump said the US will not launch an attack on Iran before November's US midterm congressional elections amid productive talks to end their war.

"Possible tightening later ⁠on could keep gold at risk... Looking ahead, traders will watch upcoming economic data that could provide further monetary policy clues and influence sentiment ahead of the Federal Reserve’s October meeting," said Tony Sage, CEO of Critical Metals.

"Softer numbers or guidance could push yields to the downside and support gold."

Last month, the US central bank voted unanimously to raise the policy rate by a quarter of a percentage point.

St. Louis Fed President Alberto Musalem said the US ⁠central bank will ⁠need to hike rates again to bring inflation back to its 2% target, although he declined to say what policymakers should do at their meeting later this month.

Traders are pricing in a 17% chance of a rate hike in October and an 83% probability of an increase in December, according to CME's FedWatch tool.

Gold is traditionally seen as a hedge against inflation, but higher interest rates diminish the appeal of the non-yielding asset.

Among other metals, spot silver rose 1.5% to $60.22, platinum gained 2.7% to $1,677.80 and palladium climbed 3.3% to $1,159.70.

Business

China to Resume October Fuel Exports after Holiday Pause

FILE PHOTO: Oil storage tanks and facilities of a Sinopec plant in Shanghai, China, March 26, 2026. REUTERS/Go Nakamura/File Photo
FILE PHOTO: Oil storage tanks and facilities of a Sinopec plant in Shanghai, China, March 26, 2026. REUTERS/Go Nakamura/File Photo
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China to Resume October Fuel Exports after Holiday Pause

FILE PHOTO: Oil storage tanks and facilities of a Sinopec plant in Shanghai, China, March 26, 2026. REUTERS/Go Nakamura/File Photo
FILE PHOTO: Oil storage tanks and facilities of a Sinopec plant in Shanghai, China, March 26, 2026. REUTERS/Go Nakamura/File Photo

China is set to resume October refined fuel exports after a brief halt during its Golden Week holiday, a move that will help ease tight global diesel, gasoline and jet fuel markets, four traders familiar with the matter said on Friday.

China has approved October exports of the three fuels at around 3.7 million metric tons combined, according to two other industry participants.

Chinese refiners were expected to export slightly more than 4 million tons of gasoline, diesel and ⁠jet fuel in ⁠September, Reuters reported early last month.

The world's biggest oil importer began curbing fuel exports in March to safeguard domestic fuel supplies as the US-Israeli war on Iran disrupted crude oil flows and refinery production, but relaxed controls between July and September.

China's National Development and Reform Commission and the Ministry of Commerce did not immediately respond to requests for comment.

The Middle East war and the Ukraine-Russia ⁠conflict have disrupted refined fuel output globally and caused prices to rise, particularly for diesel fuel.

China has the world's largest refining capacity, and though its fuel export volumes have typically lagged behind India and South Korea among Asian processors, its refined products are sought after because of the disruptions, particularly in Asia.

However, market analysts said China's move would only modestly ease the fuel market tightness, Reuters reported.

"It will be limited as markets remain tight overall and Middle Eastern supplies are still disrupted," said Stuti Jhunjhunwala, an oil market analyst at Energy Aspects based in Kolkata, India.

June Goh, senior analyst at Sparta Commodities, said Beijing's resumption of ⁠exports was expected ⁠but the volumes were lower than anticipated.

While Beijing typically regulates fuel exports through a quota system, it has recently tightened oversight by vetting shipments on a month-by-month basis.

However, China started its week-long National Day holiday on October 1 without giving major refiners in the world's largest refining hub a green light to export fuel products to regions other than Hong Kong and Macau in October, Reuters reported last week.

Amid the refined fuel tightness, this week the International Energy Agency, which advises industrialized countries on energy policy, agreed to accelerate the release of oil stocks and prioritize diesel supplies under a plan launched in March.