Trump, Australia’s Albanese Sign Critical Minerals Agreement to Counter China 

President Donald Trump, right, shakes the hand of Australian Prime Minister Anthony Albanese during a meeting in the Cabinet Room of the White House, Monday, October 20, 2025, in Washington. (AP)
President Donald Trump, right, shakes the hand of Australian Prime Minister Anthony Albanese during a meeting in the Cabinet Room of the White House, Monday, October 20, 2025, in Washington. (AP)
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Trump, Australia’s Albanese Sign Critical Minerals Agreement to Counter China 

President Donald Trump, right, shakes the hand of Australian Prime Minister Anthony Albanese during a meeting in the Cabinet Room of the White House, Monday, October 20, 2025, in Washington. (AP)
President Donald Trump, right, shakes the hand of Australian Prime Minister Anthony Albanese during a meeting in the Cabinet Room of the White House, Monday, October 20, 2025, in Washington. (AP)

US President Donald Trump and Australian Prime Minister Anthony Albanese signed a critical minerals agreement aimed at countering China on Monday at a meeting marked by Trump's jab at Australia's envoy to the United States over past criticism.

China loomed large at the first White House summit between Trump and Albanese, with the US president also backing a strategic nuclear-powered submarine deal with Australia to bolster security in the Indo-Pacific.

While Trump and Albanese greeted each other warmly, the US president expressed ire about past criticism of him by Australia's US ambassador Kevin Rudd, a former prime minister. Rudd in 2020 called Trump "the most destructive president in history," later deleting the comment from social media.

Trump said he was not aware of the critical comments and asked where the envoy was now. Upon seeing him across the table, Trump said, "I don't like you either, and I probably never will."

The visit otherwise appeared to go smoothly, with Albanese and Trump signing a minerals deal that Trump said had been negotiated in recent months. Albanese described it as an $8.5 billion pipeline "that we have ready to go."

A copy of the agreement released by both governments said the two countries will each invest $1 billion over the next six months into mining and processing projects as well as set a minimum price floor for critical minerals, a move that Western miners have long sought.

A White House statement on the agreement added that the investments would target deposits of critical minerals worth $53 billion, although it did not provide details on which types or locations.

"In about a year from now, we'll have so much critical mineral and rare earths that you won't know what to do with them," Trump told reporters.

EXIM ANNOUNCES OVER $2.2 BILLION IN INVESTMENTS

The US Export-Import Bank, which acts as the US government's export credit agency, later announced seven letters of interest totaling more than $2.2 billion to advance critical minerals projects in Australia. It said the letters went to Arafura Rare Earths, Northern Minerals, Graphinex, Latrobe Magnesium, VHM, RZ Resources, and Sunrise Energy Metals.

EXIM said the projects span a range of critical minerals essential to advanced defense systems, aerospace components, communications equipment, and next-generation industrial technologies.

The investments would help support the re-industrialization of America’s high-tech manufacturing base, while helping to "counter China's export dominance and ensure Western supply-chain resilience," it said.

Additionally, the Pentagon plans to build a gallium refinery in Western Australia. China blocked gallium exports to the United States last December.

The United States has been looking to boost its access to critical minerals around the world as China takes steps to strengthen control over global supply. Trade tensions between the United States and China have escalated ahead of Trump's meeting with Chinese President Xi Jinping in South Korea next week.

The term critical minerals applies to a range of minerals, including rare earths, lithium and nickel.

China has the world's largest rare earths reserves, according to US Geological Survey data, but Australia also has significant reserves. The minerals are used for products ranging from electric vehicles to aircraft engines and military radars.

TRUMP SIGNALS SUPPORT FOR SUBMARINE DEAL

Albanese got welcome support from Trump for the A$368 billion ($239.46 billion) AUKUS agreement, reached in 2023 under then-President Joe Biden. Under the deal, Australia is to buy US nuclear-powered submarines in 2032 before building a new submarine class with Britain.

While Trump has been eager to roll back Biden-era policies, he signaled his intent to back the AUKUS submarine agreement, months after his team launched a review of the deal over concerns about the ability of the United States to meet its own submarine needs.

Navy Secretary John Phelan told the meeting the United States and Australia were working closely to improve the original AUKUS framework for all three parties "and clarify some of the ambiguity that was in the prior agreement."

Trump said these were "just minor details," adding that "there shouldn't be any more clarifications, because we're just - we're just going now full steam ahead, building."

Ahead of Monday's meeting, Australian officials emphasized that their country is paying its way under AUKUS, contributing $2 billion this year to boost production rates at US submarine shipyards, and preparing to maintain US Virginia-class submarines at its Indian Ocean naval base from 2027.

The delay of 10 months in an official meeting since Trump took office had caused some anxiety in Australia as the Pentagon urged the Australian government to increase defense spending. The two leaders met briefly on the sidelines of the United Nations General Assembly in New York last month.

The rare earths agreement came a week after US officials condemned China's expansion of rare earth export controls as a threat to global supply chains.

Resource-rich Australia, wanting to extract and process rare earths, put preferential access to its strategic reserve on the table in US trade negotiations in April.

As part of the rare earths agreement, Trump and Albanese agreed to cut permitting for mines, processing facilities and related operations in order to boost production.

The deal called for cooperation on the mapping of geological resources, minerals recycling and efforts to stop the sale of critical minerals assets "on national security grounds."

This was an oblique reference to China, which has bought major mining assets across the planet in the past decade, including the world's largest cobalt mine in Congo, from US-based Freeport-McMoRan in 2016.



Sources: Spain, Algeria in Talks to Increase Pipeline Gas Supply by Up to 10%

Spanish Foreing Affairs Minister Jose Manuel Albares speaks during a press conference after the Cabinet meeting at Moncloa Palace in Madrid, Spain, 24 March 2026.  EPA/CHEMA MOYA
Spanish Foreing Affairs Minister Jose Manuel Albares speaks during a press conference after the Cabinet meeting at Moncloa Palace in Madrid, Spain, 24 March 2026. EPA/CHEMA MOYA
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Sources: Spain, Algeria in Talks to Increase Pipeline Gas Supply by Up to 10%

Spanish Foreing Affairs Minister Jose Manuel Albares speaks during a press conference after the Cabinet meeting at Moncloa Palace in Madrid, Spain, 24 March 2026.  EPA/CHEMA MOYA
Spanish Foreing Affairs Minister Jose Manuel Albares speaks during a press conference after the Cabinet meeting at Moncloa Palace in Madrid, Spain, 24 March 2026. EPA/CHEMA MOYA

Spain and Algeria are in talks to increase the supply of natural gas via the Medgaz pipeline from Algeria by as much ⁠as 10%, two ⁠sources familiar with the matter said.

Talks are in advanced stage, one of the ⁠sources said, adding that a preliminary agreement may be reached during Spanish Foreign Minister Jose Manuel Albares's visit to Algiers this week.

The increase would be possible as the ⁠pipeline ⁠between the countries has capacity to increase the flow of gas by around 1 billion cubic meters (bcm) per year, Reuters quoted them as saying.

Spain and Algeria agreed to strengthen their energy partnership, Albares said on Thursday after meeting Algerian President Abdelmadjid Tebboune.

Algeria is "a stable and reliable" supplier of gas, Albares said.

The Iran conflict has upended energy markets and increased volatility, leading some to look elsewhere ⁠for their gas. Spanish power ⁠utility Naturgy's CEO Francisco Reynes said this week the company wanted to strengthen its relationship with its Algerian supplier and shareholder Sonatrach.

Naturgy has gas contracts with the Algerian state oil and gas company for ⁠about 5 billion cubic meters per year, according to figures the Spanish company gave to the market in 2022.

Algerian gas made up more than 29% of Spain's total gas imports in the first two months of the year, according to data from Spanish gas grid operator Enagas.

It comes via the Medgaz pipeline, in which Naturgy is ⁠a minority ⁠partner and Sonatrach holds a 51% stake. Sonatrach also has a stake of about 4% in Naturgy.

Other countries are also asking Algeria for more gas in the face of disruption caused by the conflict in the Middle East.

Italian Prime Minister Giorgia Meloni said she hoped Algeria would send more gas to her country during a visit to Algiers this week.


TotalEnergies to Honor All LNG Contracts Despite Qatar Outages

FILE PHOTO: The logo of French oil and gas company TotalEnergies is seen at a petrol station in Paris, France, March 25, 2026. REUTERS/Abdul Saboor/File Photo
FILE PHOTO: The logo of French oil and gas company TotalEnergies is seen at a petrol station in Paris, France, March 25, 2026. REUTERS/Abdul Saboor/File Photo
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TotalEnergies to Honor All LNG Contracts Despite Qatar Outages

FILE PHOTO: The logo of French oil and gas company TotalEnergies is seen at a petrol station in Paris, France, March 25, 2026. REUTERS/Abdul Saboor/File Photo
FILE PHOTO: The logo of French oil and gas company TotalEnergies is seen at a petrol station in Paris, France, March 25, 2026. REUTERS/Abdul Saboor/File Photo

TotalEnergies' CEO Patrick Pouyanne said on Thursday that the company made a decision not to declare force majeure to any of its liquefied natural gas customers, and that it would respect all the LNG contracts in terms of price and ⁠volume.

Qatar, the world's biggest ⁠LNG producer, has declared force majeure on all of its LNG output after being attacked as part of the US-Israeli war with Iran.

"We said to our customers we will ⁠not invoke force majeure and not deliver the gas... We want to be security of supply for our customers," Pouyanne said.

"Yes, we'll miss energy coming from Qatar and Abu Dhabi, but our portfolio is large enough to redirect part of it," he added, according to Reuters.

Analysts estimate TotalEnergies takes 5.2 million metric tons per annum (mtpa) from ⁠its ⁠share of the QatarEnergy LNG trains.

Sources have said Shell, the world's biggest LNG trader, had declared force majeure on cargoes it buys from QatarEnergy and sells on. Analysts estimate Shell takes 6.8 mtpa of Qatari LNG.

Pouyanne also said that the current energy crisis makes renewables more attractive as they are not subject to the volatility from geopolitical instability.


India Secures 60 Days of Oil Supply amid Hormuz Disruption

Small boats sail loaded with goods in front of a container ship in the waters of the Strait of Hormuz off the coast of Oman, June 25, 2025 (AFP)
Small boats sail loaded with goods in front of a container ship in the waters of the Strait of Hormuz off the coast of Oman, June 25, 2025 (AFP)
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India Secures 60 Days of Oil Supply amid Hormuz Disruption

Small boats sail loaded with goods in front of a container ship in the waters of the Strait of Hormuz off the coast of Oman, June 25, 2025 (AFP)
Small boats sail loaded with goods in front of a container ship in the waters of the Strait of Hormuz off the coast of Oman, June 25, 2025 (AFP)

India has secured crude oil supplies for the next 60 days, ensuring stable fuel supplies in the country despite disruption in shipments from the Middle East, the oil ministry said in a statement on Thursday.

India, the world's third biggest oil consumer and importer, was buying over 40% of its oil imports from the Middle East. Those supplies are disrupted due to the US-Israeli war on Iran.

Higher availability of crude in global markets, mainly from the Western hemisphere, has helped offset the shortfall, the government said.

Taking advantage of a temporary US waiver, Indian refiners have also ramped up purchases of Russian crude, securing millions of barrels to fill the supply gap.

"Despite the situation at the Strait of Hormuz, India is today receiving more crude oil from its 41-plus suppliers across the world than what was previously arriving through the Strait," the ministry said.

As a net exporter of petroleum products, India’s domestic availability of petrol and diesel remains structurally secure, the government said.

The world's fourth-largest refiner has oil and fuel stocks sufficient to meet 60 days of demand, against a total storage capacity of 74 days, it added.

"Nearly two months of steady supply is available for every Indian citizen, regardless of what happens globally. The next two months of crude procurement have also been secured," it added.

India has asked refiners to maximize production of liquefied petroleum gas, used as cooking fuel, as the nation was buying 90% of its LPG imports from the Middle East.

Domestic daily LPG production has been increased by 40% to 50,000 metric tons against a requirement of 80,000 tons, it said.

In addition, Indian companies have secured 800,000 tons of LPG cargoes from the United States, Russia, Australia, and other countries, it said.

These shipments, arriving across India's 22 LPG import terminals, provide roughly one month of assured supply, with further procurement underway, the government said.