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Saudi Arabia may raise Nov official crude prices for Asia

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Top oil exporter Saudi Arabia may raise prices for most crude grades it sells to Asia in November on expectations for demand recovery and Chinese refineries to increase output following the issuance of new product export quotas.

The November official selling prices (OSP) for flagship Arab Light crude may rise by 25 cents a barrel, according to the median of the responses of five refining sources surveyed by Reuters on Sept. 29-30.

“Oil demand is expected to improve, which we can see from current market structure,” said one respondent.

The backwardation in the Dubai market structure widened during trading last month, implying that demand for crude in the near-term is rising. The premium for front-month Dubai over the price for the third-month averaged $5.36 a barrel in September, up from $5.07 in August.

The market also expects China, the world’s biggest crude importer, to increase purchases as Beijing has issued a fresh round of refined product export quotas, totalling 15 million tonnes. That could encourage Chinese refineries to lift their crude buying to ramp up fuel output.

Refining margins for gasoline and diesel plunged on China’s new export quotas as a flood of refined products would knock down the prices of the products.

“That’s a reason why we forecast the official prices for lighter crude grades to only see a small hike,” said another respondent.

The respondents polled by Reuters assess the price increase for Arab Medium and Arab Heavy to be larger than Arab Light, as the refining margins, also known as cracks, for fuel oil are performing better than the light- and middle-distillate products , .

China issued 1.75 million tonnes of export quotas for low-sulphur fuel oil, compared to 13.25 million tonnes for other products in the recent round.

OPEC+ will consider an oil output cut of more than a million barrels per day (bpd) during their monthly meeting this week, in what would be the biggest move yet since the COVID-19 pandemic to address oil market weakness.

Benchmark oil prices have fallen by more than 30% since March.

Saudi crude OSPs are around the fifth of each month, and set the trend for Iranian, Kuwaiti and Iraqi prices, affecting more than 9 million barrels per day (bpd) of crude bound for Asia.

Saudi Aramco sets its crude prices based on recommendations from customers and after calculating the change in the value of its oil over the past month, based on yields and product prices.

Saudi Aramco officials as a matter of policy do not comment on the kingdom’s monthly OSPs.

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Afghanistan invites Turkish investors to expand joint investments

Participants stressed the importance of increasing private sector cooperation and creating new opportunities to boost trade and investment between Afghanistan and Türkiye.

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A high-level Afghan business delegation, led by the Chairman of the Balkh Chamber of Commerce and Investment, Mohammad Ibrahim Ghazanfar, participated in the Afghanistan–Türkiye Joint Business Council meeting in Istanbul, calling for expanded joint investment and stronger economic cooperation between the two countries.

According to a statement from the Balkh Chamber of Commerce and Investment, Ghazanfar invited Turkish investors and industrialists to explore investment opportunities across various sectors in Afghanistan, emphasizing the country’s potential for mutually beneficial partnerships.

The meeting brought together business leaders, investors, and private sector representatives from both Afghanistan and Türkiye to discuss ways to strengthen bilateral trade and economic ties.

During the event, several cooperation agreements were signed between Afghan and Turkish economic institutions. The agreements are aimed at expanding commercial relations, promoting joint investment projects, and enhancing economic cooperation between the two countries.

The meeting was chaired by Süleyman Güllü, Chairman of the Türkiye–Afghanistan Joint Business Council, and was attended by Mohammad Akbar Azimi, the Islamic Emirate of Afghanistan’s Consul General in Istanbul, along with a number of businessmen and investors from both countries.

Participants stressed the importance of increasing private sector cooperation and creating new opportunities to boost trade and investment between Afghanistan and Türkiye.

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Afghanistan chamber, India’s ASSOCHAM sign MoU to enhance trade and investment cooperation

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The Afghanistan Chamber of Commerce and Investment (ACCI) and the Associated Chambers of Commerce and Industry of India (ASSOCHAM) have signed a memorandum of understanding (MoU) aimed at strengthening bilateral trade, investment, and business cooperation between India and Afghanistan.

The agreement was signed in New Delhi by Saurabh Sanyal, Secretary General of ASSOCHAM, and Sayed Mohammad Karim Hashemi, Chairman of ACCI, during a meeting between business leaders from the two countries, ASSOCHAM said in a statement.

The Afghan delegation, led by Hashemi, held discussions with Nirmal Kumar Minda, President of ASSOCHAM, and other officials on ways to expand bilateral trade, investment flows, and private-sector cooperation.

According to ASSOCHAM, the MoU seeks to strengthen institutional collaboration, promote business-to-business linkages, and facilitate greater trade and investment opportunities between India and Afghanistan.

The organization said it remains committed to fostering stronger economic ties and creating new avenues of cooperation between the business communities of both countries.

 

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Kazakhstan signs $18.8 million zinc ore supply agreement with Afghan company

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Kazakhstan has signed a major zinc ore supply agreement with an Afghan company as the two countries continue to expand economic cooperation and trade ties.

According to Kazakhstan’s Ministry of Trade and Integration, the contract was signed between Kazakhstan’s ShalkiyaZinc and Afghanistan’s Afghan German Bakhtar Company during the opening of the Kazakhstan Trade House in Kabul.

The signing took place as part of an official business mission led by Kazakhstan’s Deputy Prime Minister and Minister of National Economy, Serik Zhumangarin.

Under the agreement, Afghan German Bakhtar Company will supply approximately 30,000 tons of zinc ore annually on DAP (Delivered at Place) terms. The ore will be used as raw material for the production facilities of Kazakhstan’s Kazzinc. The total value of the contract is estimated at $18.88 million.

The deal marks a significant step in diversifying trade relations between Kazakhstan and Afghanistan, moving beyond traditional agricultural exports into the mining and industrial sectors.

“Afghanistan today is a market of opportunities,” said Kanat Kudaibergen, Chairman of the Board of GWM Capital LTD. He noted that while Kazakhstan’s exports to Afghanistan have historically consisted mainly of flour, grain, sunflower oil, and other agricultural products, demand is increasingly growing for machinery, equipment, and service solutions in agriculture, construction, and mining.

Kudaibergen expressed confidence that the newly established Trade House in Kabul would serve as an important platform for developing new business projects and expanding Kazakhstan’s non-resource exports.

The agreement follows recent discussions between Kazakh officials and Afghanistan’s leadership, including Prime Minister Mohammad Hasan Akhund and Deputy Prime Minister Abdul Ghani Baradar, during which Kazakhstan expressed interest in sourcing zinc ore from Afghanistan.

Preparations for the deal began last year when specialists from Tau-Ken Samruk visited Afghanistan’s Bamyan province to assess the Pami-Kakrak zinc deposit. Samples collected during the visit were later analyzed by Kazzinc, which confirmed the feasibility of processing the ore at Kazakh facilities.

Economic relations between the two countries have been steadily strengthening. Kazakhstan’s Ministry of National Economy reported that bilateral trade reached $541.8 million in 2025. Both governments have set an ambitious target of increasing annual trade turnover to $3 billion in the coming years.

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