Energy:
1. ANZ: Geopolitics may be the driving force behind OPEC's push for increased production.
2. Market news: Turkey seeks to extend US sanctions exemption to buy Russian natural gas.
3. The US State Department imposed sanctions on three entities and three ships to prevent funds from flowing to Iran.
4. Azerbaijan Energy Ministry: Daily oil production reached 63,100 tons in February and 61,700 tons in January.
5. Two sources revealed that Qatar will supply natural gas to Syria through Jordan with the approval of Washington.
6. Sources revealed that Russia is using cryptocurrencies in its oil trade with India to circumvent Western sanctions.
7. Qatar's May Al Shaheen crude oil price was lowered to $1.29 per barrel above Dubai's offer.
8. Kuwait set the price of April ultra-light crude oil to Asia at a premium of $2.45 per barrel; set the price of April crude oil to the United States at a premium of $3.90 per barrel.
9. Putin: If the United States and Russia agree on energy cooperation, then natural gas supplies can be provided to Europe. With cheap Russian natural gas, Europe will benefit.
10. ANZ Bank: Lower the short-term (0-3 months) oil price target to $75 per barrel. The loose market balance in the second half of 2025 is expected to push Brent crude oil back to around $70 per barrel by the end of the year.
11.
IEA Monthly Report: The global oil demand growth rate is forecast to be 1.03 million barrels per day in 2025, compared with the previous forecast of 1.1 million barrels per day. The current supply and demand balance shows that global oil supply may exceed demand by about 600,000 barrels per day this year. If OPEC+ continues to increase production after April and member countries continue to overproduce, the oversupply may increase by another 400,000 barrels per day.
Precious metals and mining:
1. Spot gold hit a record high, approaching the $3,000/ounce mark, and New York gold futures broke through $3,000/ounce. Domestic gold jewelry prices rose to above 900 yuan/gram.
2. BNP Paribas: The average gold price forecast for 2025 was raised by 8% to $2,990, and is expected to exceed $3,100 in the second quarter.
3. Macquarie: Gold prices are expected to rise to as high as $3,500 in the third quarter. ANZ Bank is optimistic about gold and expects gold prices to reach a record high of $3,050 per ounce in 2025.
4. Polish Central Bank Governor Glapinski: We currently have 480 tons of gold and our goal is to reach 500 tons of gold.
5. Statistics South Africa: South Africa's gold production increased by 1.0% year-on-year in January; platinum group metal production fell by 3.8% year-on-year in January.
6. Tensions in Congo have raised supply concerns. Institutions expect the tin supply gap to further expand in 2025, and tin prices are expected to exceed 300,000 yuan/ton.
Agriculture:
1. The outbreak of avian influenza has caused EU egg prices to soar to their highest level since at least 2012.
2. According to Interfax: The Russian Ministry of Agriculture expects grain production to be 145 million tons in 2025.
3. Russian IKAR Agricultural Consulting Company: Russia's wheat exports are expected to reach 41 million tons in the baseline scenario in 2024/2025.
4. The statement shows that the Argentine Oil Crop Union said that they have stopped the strike against soybean processing plants after being summoned by the government.
US trade policy:
1. British Prime Minister Starmer: Negotiation is the best way to deal with US tariffs.
2. The banking industry estimates that Mexico will suffer a loss of US$18.6 billion due to steel and aluminum tariffs.
3. Canadian Minister of Industry: US steel and aluminum tariffs are "unreasonable". The Canadian Ministry of Industry will give priority to supporting projects that use Canadian metals.
4. Trump: If the EU's (spirits) tariffs are not immediately lifted, the United States will retaliate and impose a 200% tariff on all wines and champagnes. French Minister of Trade: France will not succumb to Trump's threats.
5. U.S. Commerce Secretary Lutnick: Canada needs to allow the U.S. to build its steel and aluminum industries. Trump will explain how to balance trade on April 2. Trump will always respond with greater force and in a stronger way.
6. Market news: EU Trade Commissioner Sefcovic contacted his U.S. counterpart on Wednesday about tariffs, and the European Commission said it was preparing for a telephone call (with the U.S.).
