India’s average daily maximum power demand increased by approximately 9.4% year on year during the first half of August 2026, while total electricity generation rose by around 7.6%. Renewable generation surged by approximately 39% to 17.3 TWh, but hydropower output fell by around 17% to 11 TWh, requiring coal-fired generation to increase by approximately 6% to 58.1 TWh. Higher coal-fired output accelerated the drawdown of power plant inventories. Coal stocks monitored by the Central Electricity Authority declined from 38.01 mnt on 31 July to 34.71 mnt on 16 August, a reduction of approximately 3.31 mnt, or nearly 9%. However, the number of plants with critical stocks increased only from 31 to 32, while daily coal receipts of around 2.42 mnt on 16 August marginally exceeded consumption of approximately 2.40 mnt. The situation therefore indicates localised logistical and inventory pressure rather than a nationwide coal shortage.

SMM learned that the accelerated promotion of office AI agents has driven a climb in demand for inference computing power, resulting in a market shortage that urgently needs domestic inference computing power to fill the gap. SMM believes that the large-scale deployment of office AI agents is opening up growth space for inference computing power, providing an entry window for domestic AI computing cards.

[SMM Research] This study looks at South Africa's Bushveld Complex, the region behind most of the world's Platinum. It covers where the belt is, what comes out of it, who mines it, why it matters and what the years ahead may hold.

President Hakainde Hichilema’s re-election provides greater policy continuity for Zambia’s mining sector, but the focus is now shifting from investment commitments and macroeconomic stabilisation toward whether the country can translate its expanding copper project pipeline into sustained production growth.​ Official results confirmed Hichilema’s second-term victory on August 18, with around 60% of the vote. For mining investors, the result reduces uncertainty around the policy direction that has underpinned Zambia’s recent push to attract capital into copper and other strategic minerals.​ Zambia is targeting annual copper production of 3 million tonnes by 2031, nearly triple current output levels. The strategy depends on a combination of brownfield expansions, new mine developments and continued exploration, making execution over the next several years critical to determining whether the target can be achieved.​ The main constraint is increasingly infrastructure rather than geological potential. Mining companies have highlighted electricity availability as one of the most important risks to future production growth, with industry estimates indicating that roughly 2,000 MW of additional power capacity will be required to support the planned expansion of the mining sector.​ Climate risk adds further complexity. Zambia’s heavy dependence on hydropower leaves the system exposed to weak rainfall and reservoir inflows, while the developing 2026–27 El Niño raises the possibility of renewed pressure on electricity supply. Reuters notes that previous drought-related shortages constrained mining activity and remain an important risk to the country’s copper-growth outlook.​ From a copper-market perspective, Hichilema’s second term therefore represents a transition from policy continuity to delivery. Zambia has attracted renewed mining investment and built a substantial project pipeline, but reaching the 3 million-tonne target will depend on whether new mines and expansions can be brought online alongside sufficient power, infrastructure and financing.​The next phase of Zambia’s copper story will therefore be measured less by announced investment and more by actual tonnes produced.

Over the next decade (2026-2035), the combined market share of the three traditional major lithium producers Australia, China and Chile is expected to keep declining as emerging suppliers scale up, with Zimbabwe and Argentina identified as the key sources of new supply. Zimbabwe, in particular, is likely to lead a new round of African lithium expansion, according to a latest research report. Strong H1 momentum, supported by storage demand. China's battery-grade lithium carbonate spot price stood at around 153,950 yuan/mt (approx. USD 21,500/mt) on August 17, after a rally of more than 130% from the June 2025 low of 58,400 yuan/mt. The 2026 forecast for China lithium carbonate has been revised up to USD 20,100/t and lithium hydroxide monohydrate to USD 19,600/t, reflecting that H1 momentum. Prices are expected to ease in H2 as smelter maintenance ends and supply returns, but storage demand is limiting the downside market balances now point to month-on-month destocking through H2 2026, with some analysts projecting the year's price peak in late Q3/early Q4. From ore exporter to processor enforced by policy. Zimbabwe’s rise is no longer just a forecast. On February 25, 2026, Zimbabwe's mining ministry banned all exports of lithium raw ore and concentrates with immediate effect, forcing miners to build local processing capacity. Zimbabwe's output was expected to reach ~200,000 t LCE in 2026 (up over 15% year on year), equal to ~10% of global primary lithium supply and ~17% of global spodumene supply before the ban; the restriction is estimated to affect around 12,000 t LCE of monthly supply. Key projects include: 1) Huayou Cobalt's Arcadia ~70,000-80,000 t LCE of mine output expected in 2026, with its 50,000 t/yr lithium sulphate plant commissioned in Q1 2026 and now ramping up; 2) Sinomine's Bikita ~60,000-70,000 t LCE expected in 2026, with a 30,000 t/yr lithium sulphate plant slated for 2027; 3) Chengxin's Sabi Star (~35,000 t LCE) and Yahua's Kamativi (~50,000 t LCE) rounding out a Chinese-invested project portfolio totaling roughly 230,000 t LCE. 4) In 2025, Zimbabwe shipped over 1.2 million tonnes of spodumene to China about 15% of China's total imports making it a supply source Beijing's supply chain cannot easily replace. 2026 is the last investment peak of this cycle global lithium supply is projected to rise ~30% year on year to over 2.1 million t LCE in 2026, concentrated in China and Africa (Africa alone adding ~140,000 t to reach ~380,000 t LCE). Chinese output hit 970,000 t of lithium carbonate in 2025, with new additions this year from Qinghai/Tibet salt lakes, Sichuan spodumene and Jianxiawo's expected restart in H2. Australia shipped 158,000 t of spodumene to China in the week of August 10-16 alone. But few new projects are lined up beyond 2027 a key reason sentiment has flipped from glut to deficit: Morgan Stanley now forecasts an 80,000 t LCE global deficit for 2026, UBS sees a 22,000 t shortfall, versus a 61,000 t surplus in 2025. EVs slow, storage takes the wheel. Global lithium demand growth is expected to slow to 5.8% in 2026 (from 18.5% in 2025), with passenger EV sales growth falling to 3.9% (vs 22.8% in 2025 and 24% in 2024) as China's trade-in subsidies end and the US IRA rollback bites. Energy storage is now the core demand pillar: storage-sector lithium demand is forecast to jump ~55-74% in 2026, lifting its share of total lithium demand from 23% to ~31%. LFP batteries account for over 90% of battery storage applications and more than half of global EV battery installations; China's LFP cell makers reported hot August orders with output up ~5% month on month. China's NEV penetration hit 58.5% in June above 50% for the third straight month. Battery manufacturing investment in China grew 23% in January-July 2026. Risks. Lithium remains in a "tug-of-war" between supply-release concerns and storage-driven demand support, with risks skewed to the downside: a sustained price recovery could trigger rapid restarts (curtailed capacity covering 750,000+ t of concentrate sits near a ~USD 1,200/t restart cost line), sodium-ion substitution becomes economic if cell prices stay above ~0.4 yuan/Wh, and rising energy costs plus a potential sulfur shortage could squeeze miners' margins. Longer term, battery chemistry innovation and recycling could cut lithium intensity and expand secondary supply reshaping the opportunity window for emerging producers like Zimbabwe. SMM View: Zimbabwe's February export ban has turned the "move down the value chain" story from intention into policy reality Chinese invested projects at Arcadia and Bikita are now the country's only guaranteed export channels via lithium sulphate, and the roughly 12,000 t LCE/month of disrupted supply was a direct catalyst in this year's price rally above 150,000 yuan/mt. The report's core thesis a declining share for Australia, China and Chile, with Africa gaining is being validated in real time, Africa adds ~140,000 t LCE of supply in 2026, the largest increment after China. But Zimbabwe's ramp-up pace, its ability to keep sulphate exports flowing, and downstream pricing power remain the key variables determining whether it can fully deliver on its market-share ambitions

Mainland Chinese lithium carbonate and lithium hydroxide monohydrate average price forecasts for 2026 have been revised up to $20,100/t and $19,600/t respectively, reflecting H1 price strength. Prices are expected to soften in H2, but robust energy storage demand should limit downside, with uncertainty over CATL's Jianxiawo mine restart also capping bearish sentiment. Global lithium demand growth is projected to slow to 5.8% y/y in 2026 from 18.5% in 2025, tracking a deceleration in global passenger EV sales growth (BEV+PHEV) to 3.9% y/y from 22.8% in 2025. China remains the core demand driver: domestic NEV sales rose 23.6% y/y to 1.6 million units in June, with NEV penetration holding at a record 58.5% of new-vehicle sales for a third straight month as incentive withdrawal and structural pressures push the market into a more mature growth phase. Elevated fuel prices tied to the Middle East conflict are lending incremental support to electrified and hybrid powertrain demand. On supply, global lithium output is forecast to grow 13.2% y/y in 2026, led by Australia and China, with the price recovery supporting restarts of higher-cost Australian capacity despite cost pressure from energy prices and a potential sulphur shortage. The combined share of the top three producers Australia, China, and Chile is expected to decline through 2035 as Argentina and Zimbabwe ramp up output, with Zimbabwe seen as a key driver of African lithium mine development in the coming years. Carbonate's premium over hydroxide is expected to persist on continued LFP adoption, which now accounts for over half of global EV battery installations and more than 90% of battery energy storage capacity. Longer term, lithium-free/reduced-lithium battery chemistries and advances in battery recycling represent structural downside risks to price. SMM View: The revision confirms H1 price resilience rather than a shift in underlying fundamentals current prices remain viewed as elevated relative to fundamentals, with H2 risk skewed to the downside. For African supply, Zimbabwe's role in the coming decade's shift away from the traditional top three producers aligns with its ongoing sulphate/hydroxide integration build-out; continued execution would further strengthen Africa's position in the global lithium supply structure.

[SMM Coking Coal and Coke Daily Brief] Coking Coal Market: Lin Fen low-sulphur coking coal was quoted at 2,070 yuan/mt. Coking coal side, some coal mines in Shanxi gradually resumed production, but overall safety supervision remained strict, mine production release was constrained, coking coal supply remained tight, some low-inventory coke plants began moderate restocking, shipments remained good after coal mines raised prices, online auction lots maintained a low failed-auction rate, the structural shortage of high-quality backbone resources remained unchanged, and the short-term coking coal market may consolidate on a strong note. Coke Market: The nationwide average price of quasi-first-grade metallurgical coke - dry quenching was 1,925 yuan/mt. Supply side, coking costs continued to increase, coke plant losses widened, and the production enthusiasm of some coke plants was dampened. Coupled with practical issues such as the structural shortage of coking coal, the scope of production cuts among coke plants continued to expand. Demand side, downstream steel mill profit margins remained under pressure, and some steel mills were cautious about purchasing, but most blast furnaces that had undergone maintenance earlier were preparing to resume production, driving an increase in hot metal production and providing a floor for coke demand. Overall, coking costs remained firm, coke fundamentals showed reduced supply and increased demand, imbalances continued to ease, and the short-term coking coal market may consolidate on a strong note.[SMM Steel]

[Indonesia] Indonesian billet prices rose by 7 USD/metric ton to around 465 USD/metric ton FOB for November shipments. This is due to fundamental support, as demand is currently on the rise. Demand is increasing because buyers are facing a shortage of the product, so they need to purchase it immediately. Thus, after showing a gradual price increase last week, now with improvements in the fundamentals, prices have risen more than expected, and it appears that demand will continue to rise steadily.

Zambia’s exposure to El Niño-related rainfall weakness is emerging as a renewed risk to the country’s copper-growth ambitions, with hydropower still accounting for the majority of installed electricity capacity while planned mine expansions are expected to require significantly more power.​ The risk had already been flagged domestically in June, when Zambia’s Ministry of Green Economy and Environment highlighted forecasts for a new 2026–27 El Niño season and warned of the potential for drought, water shortages, reduced crop yields and other climate-related challenges. More recent international forecasts have since strengthened the outlook for a significant El Niño event during late 2026 and early 2027.​ According to the Energy Regulation Board’s 2025 Annual Statistical Bulletin, Zambia had 4,118.71 MW of installed electricity generation capacity at the end of 2025. Hydropower accounted for 3,176.14 MW, or 77.11% of total capacity, followed by coal at 8.01%, solar at 7.47%, diesel at 4.73% and heavy fuel oil at 2.67%. This generation mix leaves electricity availability particularly sensitive to rainfall patterns and reservoir inflows.​ The exposure is significant because Zambia’s copper-growth strategy will require substantially more electricity. The country is targeting annual copper production of 3 million tonnes by 2031, supported by mine expansions, new developments and additional processing capacity. Industry estimates indicate that approximately 2,000 MW of additional power capacity will be required to support the expansion of the mining sector and associated industrial demand.​ El Niño therefore presents a potential constraint on both sides of Zambia’s copper-growth equation. While mining investment is increasing future electricity demand, prolonged rainfall weakness could simultaneously restrict output from the hydropower system that currently supplies more than three-quarters of installed generation capacity.​ The experience of the 2023–24 drought illustrates this vulnerability. Weak rainfall and lower reservoir inflows sharply reduced hydroelectric generation, contributing to severe electricity shortages and increased reliance on imports and load-management measures. A repeat of similar conditions during the 2026–27 rainy season could again tighten the power balance as mining demand continues to rise.​ The key issue for Zambia is therefore not simply expanding installed capacity, but increasing the resilience of the electricity system. Continued investment in solar, thermal generation, regional power imports, transmission infrastructure and other non-hydro sources will be increasingly important if the country is to insulate copper production growth from rainfall variability.​ For the copper market, the strengthening El Niño outlook adds a potentially important supply-side risk to Zambia’s medium-term production ambitions. With hydropower still representing 77.1% of installed capacity and the mining sector requiring roughly 2,000 MW of additional power, the ability to diversify electricity supply could become a critical determinant of whether Zambia can translate its expanding project pipeline into the targeted 3 million tonnes of annual copper production.

SMM News, August 18: Metals market: Overnight, base metals in the domestic market mostly fell. SHFE copper fell 0.84%. SHFE aluminum fell 0.19%. SHFE zinc fell 0.48%, and SHFE tin fell 1.47%. SHFE lead edged up, while SHFE nickel edged down. In addition, the most-traded alumina futures contract fell 0.56%, and the continuous casting aluminum contract fell 0.71%. Overnight, ferrous metals mostly rose. Stainless steel rose 0.32%, iron ore rose 0.14%, and rebar fell 0.3%. Hot-rolled coil rose 0.18%. For coking coal and coke: the most-traded coking coal contract fell 0.18%, while the most-traded coke contract rose 0.23%. Overnight, in overseas metals, LME base metals mostly moved lower. LME copper fell 0.3%. LME aluminum rose 0.45%. LME lead fell 0.55%. LME zinc fell 0.11%. LME tin fell 0.49%. LME nickel fell 0.36%. Overnight, precious metals : COMEX gold extended the previous trading day’s gains, rising 0.81%, while COMEX silver rose 1.22%. Overnight, the continuous SHFE gold contract extended the previous trading day’s gains, rising 0.41%, while the continuous SHFE silver contract rose 0.82%. As of 7:16 on August 18, overnight closing prices: Macro front China: [The Ministry of Commerce and other departments jointly issued the “Opinions on Further Stimulating the Vitality of Lower-Tier Markets and Boosting County-Level Consumption”] The Ministry of Commerce and eight other departments released the “Opinions on Further Stimulating the Vitality of Lower-Tier Markets and Boosting County-Level Consumption,” which proposed accelerating the renewal of existing commercial facilities. It supports the upgrading and renovation of traditional department stores and aging shopping malls, and promotes optimized layout for branded chain stores, discount retail stores, and fresh e-commerce storefronts, among others. It will deepen the renovation and upgrading of the “1,000 Markets and 10,000 Stores” initiative, support the construction and upgrading of township commercial and trade centers, (agricultural) trade markets, and distinctive township fairs, and carry out standardized and regulated construction and renovation of new-type convenience stores and village-level integrated postal and express logistics service stations. [National Bureau of Statistics (NBS): From January to July, value-added industrial output above designated size nationwide grew 5.3%, and the national economy maintained a development trend toward new drivers, higher quality, and improvement] According to the National Bureau of Statistics (NBS): From January to July, under the strong leadership of the CPC Central Committee with Comrade Xi Jinping at its core, all regions and departments conscientiously implemented the decisions and arrangements of the CPC Central Committee and the State Council, adhered to the general principle of pursuing progress while ensuring stability, effectively responded to various external shocks and internal difficulties, focused on implementing more proactive and effective macro policies, and solidly advanced high-quality development. Production and supply grew steadily, employment and prices were generally stable, resilience in foreign trade continued to stand out, new drivers of growth expanded and strengthened, and overall economic performance remained stable, sustaining a development trend of shifting momentum toward new drivers and optimizing the structure. From January to July, the value added of industrial enterprises above the designated size nationwide increased by 5.3% YoY. By three major sectors, value added increased by 2.5% YoY in mining, 5.6% in manufacturing, and 5.4% in the production and supply of electricity, heat, gas, and water. Value added increased by 9.7% YoY in the equipment manufacturing industry and 13.8% in high-tech manufacturing, respectively 4.4 and 8.5 percentage points faster than overall industrial enterprises above the designated size. [National Development and Reform Commission (NDRC) and National Energy Administration Issue the 15th Five-Year Plan for Oil and Natural Gas Development] The National Development and Reform Commission (NDRC) and the National Energy Administration issued the 15th Five-Year Plan for Oil and Natural Gas Development. It proposed that by 2030, China’s oil and gas supply will reach 440 million mt of oil equivalent; newly added long-distance oil and gas pipelines will total 20,000 km; the nationwide long-distance oil and gas pipeline network will reach 220,000 km; natural gas storage capacity will continue to increase, accounting for more than 13% of national consumption; LNG receiving terminals will have a throughput capacity of 200 million mt/year; the capacity for imported natural gas via onshore pipelines will reach 114 billion m³/year; and annual CO₂ injection under carbon capture and storage/carbon capture, utilization and storage (CCS/CCUS) will reach 10 million mt. [NDRC Deploys Efforts to Accelerate the Deployment of New-Type Policy-Based Financial Instruments in 2026 and Increase Support for Private Investment Projects] On August 14, Comrade Yue Xiuhu, a member of the Party Leadership Group and Vice Chairman of the National Development and Reform Commission (NDRC), chaired a working meeting to deploy efforts to accelerate the deployment of new-type policy-based financial instruments in 2026 and increase support for private investment projects. Officials in charge from some provincial development and reform commissions, as well as officials in charge from China Development Bank, the Export-Import Bank of China, and the Agricultural Development Bank of China, and officials in charge from relevant departments and bureaus of the NDRC attended the meeting. Next, the NDRC will earnestly implement the decisions and arrangements of the CPC Central Committee and the State Council, actively work with relevant parties, and further accelerate all related work on the new-type policy-based financial instruments for 2026. (NDRC) [Li Bin of the State Administration of Foreign Exchange: Since July, China’s Foreign Exchange Market Has Remained Stable] In response to reporters’ questions on foreign exchange market conditions in July 2026, Li Bin, Deputy Administrator of the State Administration of Foreign Exchange, said that since July, the external environment has been complex and volatile, geopolitical uncertainty has risen, and international financial markets have continued to fluctuate. China’s foreign exchange market has remained stable, the scale of cross-border receipts and payments has expanded steadily, market expectations have been generally stable, and foreign exchange transactions have been rational and orderly. In terms of the scale of cross-border transactions, in July, total cross-border receipts and payments of non-bank sectors such as enterprises and individuals amounted to $1.7 trillion, up 20% YoY; foreign exchange market trading volume was $4.3 trillion, up 8% YoY, both remaining at relatively high levels. From the perspective of cross-border capital flows, in July, net cross-border capital inflows of $59.8 billion were recorded for non-bank sectors such as enterprises and individuals. Among these, net capital inflows under trade in goods remained high, while net capital outflows under trade in services and items such as dividend and interest payments by foreign-invested enterprises remained stable. From the perspective of foreign exchange market supply and demand, in July, banks posted a surplus of $18.3 billion in foreign exchange settlement and sales, with enterprises conducting settlement and sales transactions rationally based on actual needs and changes in market conditions; foreign exchange market supply and demand were basically balanced. (State Administration of Foreign Exchange) US Dollar: Overnight, the US dollar index extended the declines of the previous two trading days, falling a further 0.06% to 99.58. On Monday local time, US Treasury yields broadly moved higher. The 30-year Treasury yield, which is typically more sensitive to geopolitical events, rose by more than 4 basis points to 5.311%, the highest level since June 2007. The 10-year Treasury yield—the key benchmark rate for mortgages, auto loans, and credit card debt—rose by more than 2 basis points to 4.724%. The 2-year Treasury yield, which usually fluctuates in line with US Fed short-term rate decisions, rose by more than 1 basis point on Monday to 4.182%. Oil prices climbed as the 60-day deadline for the US-Iran peace agreement was set to expire on Monday, and Iran had ruled out the possibility of an extension. Investors were awaiting the release of the US Fed meeting minutes later this week to gain further insight into the US Fed’s latest monetary policy decision and the future path of interest rates. At its July 29 meeting, the US Fed voted 9–3 to keep rates unchanged in the 3.50% to 3.75% range. The three dissenting committee members—Hammack, Kashkari, and Logan—called for a 25-basis-point rate hike. According to CME “FedWatch”: the probability that the US Fed will keep rates unchanged through September was 65%, and the probability of a cumulative 25-basis-point hike was 35%. The probability that the US Fed will keep rates unchanged through October was 51.4%, the probability of a cumulative 25-basis-point hike was 41.3%, and the probability of a cumulative 50-basis-point hike was 7.4%. Citadel Securities said that after inflation had remained above target for an extended period, the US Fed’s continued reluctance to tighten monetary policy had kept long-term bond yields at multi-year highs and posed broader risks to the overall market. Noshad Shah, head of EMEA fixed income sales at Citadel Securities, said that although the policy rate was already 175 basis points below its peak, long-term US Treasury yields were still at their highest levels in nearly 20 years. Shah said: “In my view, this reflects the market’s belief that whether it is the US Fed or the fiscal authorities, when policymakers face difficult choices, they often tend to choose the easier path.”“As long as this situation persists, it will continue to pose risks to the broader market.” On Monday, the US 30-year Treasury yield climbed to a 19-year high, breaking above 5.28%. Data released last week showed that both inflation and consumer demand had slowed down, prompting the bond market to scale back expectations for a US Fed interest rate cut in September. Shah warned that the recent improvement in inflation and a weakening labor market should not be interpreted as meaning interest-rate risks have been eliminated. He noted that more than 55% of core goods prices were still rising. As a result, he believed the US Fed’s policy meeting next month would be a “dead heat.” Goldman Sachs said that, with US inflation cooling, market expectations for US Fed interest rate hikes remained overly aggressive. Goldman’s chief economist Jan Hatzius wrote in a report that, due to weak retail sales, disappointing employment data, and continued slowing in inflation, the likelihood of a US Fed rate hike at the September meeting was “very low” . Hatzius wrote: “Based on our baseline economic forecast, over time the probability that inflation data improve further is higher than the probability that they deteriorate again. We still believe the market’s pricing of the federal funds rate is too hawkish.” Data showed that the market had pushed back expectations for the next 25-basis-point US Fed rate hike to January next year, whereas a week earlier the market had fully expected the US Fed to hike in December. Goldman Sachs believed that, although market pricing was no longer as hawkish, there was still room for expectations for interest rate hikes to fade further. (Jinshi Data) On the macro front: Data due to be released today included the UK three-month ILO unemployment rate for June, the UK unemployment rate for July, the UK claimant count for July, Germany’s ZEW Economic Sentiment Index for August, the eurozone ZEW Economic Sentiment Index for August, the weekly change in US ADP employment for the week ending August 1, US annualized housing starts for July, total US building permits for July, the US import price index month-on-month for July, US industrial output month-on-month for July, and the US pending home sales index month-on-month for July. In addition, watch for: Xiaomi Group’s earnings conference call; Baidu’s earnings conference call. On crude oil: Overnight, both crude oil futures extended the previous session’s gains and continued to rise, with WTI up 3.09% and Brent up 2.91%. The US-Iran memorandum of understanding signed in June this year technically expired on Monday. With the expiration of the US-Iran ceasefire escalating tensions, oil prices strengthened. According to CCTV News, on August 17 local time, US President Trump made it clear that he was not seeking to extend the memorandum of understanding with Iran, and said there was "no timetable" for resolving the Iran issue, adding that he "was not in a hurry". Iran issued a tough response in tandem. US Energy Secretary Wright said the US would “fight a long war” against Iran, and Treasury Secretary Bessent hinted that new economic sanctions are expected to be introduced soon. Russia, meanwhile, has faced fuel shortages after Ukraine’s sustained strikes on refineries, and two regions have implemented gasoline rationing. Arne Lohmann Rasmussen, Chief Analyst at Global Risk Management, said that more oil being shipped through the Strait of Hormuz, combined with the US shift toward economic sanctions, is depressing the geopolitical premium and capping upside room for oil prices; however, the economic pressure strategy means the strait could be closed for months. (Wallstreetcn) Saudi Arabia is providing oil supplies loaded near the coast of Oman, indicating the country may be following the UAE’s lead by transshipping more crude oil through the Strait of Hormuz. According to people familiar with the matter, Saudi Aramco is supplying crude cargoes loaded at locations such as Sohar in the Gulf of Oman via ship-to-ship transfers. The cargoes involved are Arab Medium and Arab Heavy crude, suggesting the crude is highly likely to originate from the Persian Gulf. Saudi Aramco CEO Nasser said in March that the Yanbu pipeline mainly carries Arab Light and Arab Extra Light crude. He said at the time that the country’s offshore oil fields are primarily located in the Persian Gulf, forming the country’s supply of medium and heavy oil. Saudi Aramco declined to comment on the above information. (Jinshi Data APP)