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US President Donald Trump ended his China visit, announcing trade deals and an agreement on Iran. Both sides signed billions of dollars in contracts in agriculture, energy, and technology, while pledging to advance a diplomatic solution to the Iran nuclear issue.
Chinese President Xi Jinping has expressed interest in purchasing more US crude oil, according to the White House. The move is part of ongoing efforts to improve bilateral trade relations and reduce the US trade deficit with China.
Japan's government is considering drafting a supplementary budget for fiscal 2026 to mitigate the impact of rising crude oil prices. The budget would focus on fuel subsidies for transportation, agriculture, and fisheries, and potentially extend retail gasoline subsidies. This comes as global oil prices remain high due to geopolitical tensions and supply constraints.
Billionaire Aliko Dangote, Africa’s richest person, is planning to build a $15-17bn oil refinery in Mombasa, Kenya, aiming to reduce the continent’s reliance on Middle Eastern imports. The plan follows the success of his $19bn Lagos refinery and comes amid global energy disruptions linked to the Strait of Hormuz closure. Kenyan President William Ruto has expressed support, though East Africa’s fragmented political and logistical landscape poses challenges.
Pakistan's energy crisis has deepened after US-Israel strikes on Iran slashed LNG supplies, leaving Karachi households with gas only in three daily windows. Women wake as early as 6 a.m. to cook, rearranging meals, sleep and work around erratic gas and power cuts. Many say the crisis has fragmented their daily routines and increased their unpaid labor.
India has rejected an offer to buy LNG from Russia due to US sanctions concerns, even as it faces supply shortages from Middle East tensions. A tanker is in holding while talks continue on permitted cargoes. The move shows India's careful balancing of energy needs and sanctions compliance.
Southeast Asian leaders met in the Philippines to coordinate a response to the Iran war's impact, which has caused energy prices to spike across the region. The bloc is expected to call for enhanced energy cooperation and the reopening of the Strait of Hormuz. Key members are pushing for voluntary energy-sharing agreements and a regional power grid by 2045.
Japan and Australia have agreed to bolster cooperation on critical minerals and energy supplies, aiming to reduce dependence on dominant suppliers like China and mitigate risks from Middle East tensions. The deal covers rare earths, lithium, and clean energy technologies such as hydrogen and ammonia. Analysts see it as part of a broader push by developed economies for more resilient supply chains.
Japan and Australia have agreed to strengthen cooperation on securing supplies of strategic minerals and energy, aiming to tackle geopolitical challenges and climate change, Kyodo News reported.
