Latest News
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Kuwait Petroleum Corp. reports damage to units following Iran drone attacks
On?Sunday?, Iranian drone attacks hit multiple targets in Kuwait. State?energy company Kuwait Petroleum Corporation reported fires and "severe damage" to some units. KPC stated in a press release that teams are working to contain fires at National Petroleum Company and Petrochemical Industries Company affiliates. KPC said earlier that a drone had attacked the complex housing the KPC headquarters and oil ministry in Shuwaikh. Kuwaiti state media, citing Kuwait's finance ministry, reported that an Iranian drone had allegedly 'hit an office complex of government ministries, inflicting significant material damage, but no injuries. Kuwait's Ministry of Electricity and Water said that two power-generating units were taken out after Iranian drones attacked two desalination and power plants. The damage was significant. In all incidents, no injuries have been reported. The U.S. and Israeli 'war on Iran' is now in its sixth weeks, with Tehran attacking Israel and Gulf Arab states that host U.S. military bases. Iran's Revolutionary Guards have claimed responsibility for the attacks on Kuwaiti petrochemical facilities, as well as those in Bahrain and the United Arab Emirates.
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PMI data shows that Saudi Arabia's non oil business activity shrank in March amid conflict.
A 'business survey' revealed that Saudi Arabian non-oil sector activity fell in March for the first time since August 20. The war in the Middle East had slowed down supply chains. S&P Global's?seasonally-adjusted Riyad Bank Saudi Arabia Purchasing managers' Index (PMI) fell to 48.8 from 56.1 in Feb. The readings below 50 indicate contraction. Naif Al Ghaith is the chief economist at Riyad Bank. He said that the drop into contraction was largely due to short-term uncertainties linked with the geopolitical tensions of the region. "The soft reading was mainly?driven by a pause in the new orders, as clients adopted more caution." Export orders experienced a notable drop, and some firms reported a temporary slowdown of cross-border activities. This led to a moderated output, Al-Ghaith explained. For the first time, both output and new orders have declined since August 2020, when the COVID-19 epidemic brought economies to a grinding halt. New orders dropped to 45.2 in March, down from 61.8 in February. Export demand was weakening sharply. New export orders posted their steepest drop?in nearly six years. Exports were 'completely stopped' by some firms, while others experienced greater logistical problems. The conflict has slowed the flow of water through the Strait of Hormuz, but the supply strains have increased. This situation may continue as long as the Strait of Hormuz remains effectively blocked. Business expectations for the coming 12 months remain 'positive' despite a 'weakening of their lowest level since June 2020. Some firms are still confident about government spending, the development of infrastructure and the improvement in demand on the long term. (Reporting and Editing by Hugh Lawson).
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South Korea asks Gulf Nations for a steady supply of energy and safety of Korean vessels
The South Korean Ministry of Finance announced that Koo 'Yun-cheol, Minister of Finance, met with envoys of Gulf countries on Sunday to discuss energy security and the safety of 'Korean vessels near the Strait of Hormuz. This is due to the escalating Iran conflict disrupting shipping. The ministry said that during the Friday meeting, Koo requested the ambassadors of the Gulf Cooperation Council to ensure a constant supply of oil, liquefied gas, naphtha and urea as well as other critical resources. He also asked them to ensure the safety and security for Korean vessels and crews near this vital strait. The statement stated that the envoys referred to South Korea as a nation of "top priority". They also pledged to work closely with Seoul in order to maintain a stable supply. Like many Asian economies, South Korea relies heavily upon energy imports. This includes through the Strait of Hormuz. The Strait of Hormuz was the conduit for 20% of 'world oil' before Israel and the U.S. launched their war on the 28th of February. Since then, Iran has effectively closed the waterway. This has pushed up energy prices and raised fears of a global recession. Saudi Arabia, United Arab Emirates (UAE), Qatar, Kuwait and Oman are the six GCC member states. Reporting by Cynthia Kim, Editing by William Mallard
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Egypt increases electricity prices for households and businesses that use more energy amid energy crisis
The electricity ministry announced on Saturday that Egypt will raise electricity prices for residential and commercial consumers who use more electricity. This increase is due to a global energy crisis caused by the Gulf War. The government has taken a number of measures to reduce energy consumption and curb fiscal pressures as rising import costs put pressure on the finances of the most populous Arab country. The ministry stated that the increase would only affect households with higher consumption and commercial users. This was done to ensure the supply of electricity across residential, industrial and commercial sectors. The report said that electricity rates for residential bands up to 2,000 kilowatt hours per month would remain the same, but tariffs for higher residential brackets will increase by an average 16%. It added that commercial electricity prices in all brackets will increase on average by about 20%. In March, Prime Minister Mostafa. Madbouly stated that Egypt's energy import bills had more than doubled in the last few years since the start of the conflict involving the United States and Israel. This forced the government to increase fuel prices, raise fares for public transportation, and slow down some state projects, to relieve pressure on the public finances. Egypt implemented measures to rationalise its energy consumption in March, including a move towards earlier closing times for commercial venues. This was due to the rise of global oil prices during the conflict. Inflation has been in double digits since September 2023, when it peaked at 38%. The country is already struggling with heavy debts. Reporting by Momen Atallah and Enas Alashray
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Slovak PM: EU should lift sanctions on Russian oil, gas and other energy sources to improve energy security
Robert Fico, the Slovakian Prime Minister, said that the European Union must end sanctions on Russian oil and gas imports and take steps to restore Druzhba pipeline flows, as well as end the conflict in Ukraine, in order to tackle the energy crisis stemming from the war with Iran. Fico stated in a press release after a phone call with Hungarian Premier Viktor Orban, that the EU should re-establish dialogue with Russia to ensure member states get gas and oil from all sources including Russia. Hungary and Slovakia are the only two EU countries that maintain relations with Moscow. Oil prices have risen?since U.S.-Israeli strikes against Iran began on February 28, causing a disruption to oil supplies in the Gulf and causing what the International Energy Agency calls the largest oil supply interruption in history. Central European nations have taken steps to reduce the impact of high fuel prices on consumers and businesses. By the end of 2025, only a fraction of EU oil imports came from Russia. This was after a steep decline in imports following Moscow's invasion of Ukraine. By January 27, Kyiv reported that a Russian drone attack had hit Ukrainian pipeline equipment, disrupting Russian oil?shipments. Budapest and Bratislava accuse Ukraine of intentionally delaying repairs in order to resume oil flow through the Druzhba pipe. This has triggered a political dispute which?has seen Hungary blocking an EU loan for Kyiv. Ukraine claims it is repairing it as fast as possible. Fico stated that it is not enough to address the energy crisis at the national or only local level. Five other European Union countries are also calling for a windfall profit tax on energy companies in response to rising fuel prices. This was revealed by a letter sent to the EU Commission on Saturday. The energy chief of the bloc said on Tuesday that it was considering reinstating energy crisis measures from 2022. This included proposals to reduce grid tariffs and electricity taxes.
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Taiwan has received assurances from a'major country' about LNG supplies
Taiwan's economy minister announced on Saturday that the energy minister of a "major country" producing liquefied gas had given Taiwan assurances about supply. He was speaking in relation to the?impact of the Iran War on Middle East energy imports. Taiwan, which is a major producer of semiconductors, relied on Qatar to supply around a third its LNG prior to the conflict. It has now said that it has secured alternative supplies from countries such as Australia and the United States for the months ahead. Kung Ming Hsin, Taiwan's Economy Minister, told reporters in Taipei that Taiwan enjoys good relations with its?crude gas and natural oil suppliers. Therefore, adjusting the origin of shipments or purchasing additional spot -cargoes will not be a problem. Kung stated that the energy minister from a "major energy producing country" had contacted him about two weeks prior. The person "explained that they would fully support our natural gas needs. He added that if we had any requests, we could let them know. Kung added: "Another nation even stated that certain countries had released strategic petroleum reserves and could help coordinate the matter if Taiwan needed assistance." He said, "This shows Taiwan has earned considerable international goodwill through the long-term confidence it has built." He refused to identify the countries involved. Angela Lin, spokesperson of state-owned refiner CPC said that at the same?newsconference, crude oil inventories are being maintained at levels prior to conflict and that overall petrochemical supply has remained stable. CPC Chairman Fang Jeng Zen said that a new agreement with the U.S. would see 1.2 millions metric tons of LNG delivered?annually. He added that Taiwan does not intend to import crude oil or LNG from Russia. (Reporting and editing by Ben Blanchard, Roger Tung and Joe Bavier).
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Five EU Finance Ministers Call for Tax on Windfall Profits of Energy Companies
In response to fuel prices rising due to the Iran War, five?European Union Finance Ministers have called for a tax to be placed on the 'windfall profits' of energy companies. This was revealed in a letter sent to the EU Commission on Saturday. In a joint letter dated on Friday, the finance ministers from Germany, Italy Spain Portugal and Austria called for such a move, stating that it would "signal" to others that they are united and capable of taking action. They wrote: "It will also send a message that those who benefit from the war's consequences must do their part in easing the burden of?the public." Since the U.S. and Israeli strikes against Iran began on 28 February, oil and gas prices have risen dramatically. This is similar to the energy crises Europe experienced after Russia invaded Ukraine - in '2022 - despite the fact that EU countries are now getting more of their energy from renewable sources. LETTER HIGHLIGHTS 'MARKET DISTORTIONS' In a letter addressed to EU Climate commissioner Wopke Hekstra, the Ministers referred to the possibility of a similar tax to be implemented in 2022 as a way to combat high energy prices. They wrote: "Given current market distortions, and fiscal constraints the European Commission must develop quickly a similar EU wide contribution instrument based on a sound legal basis." The letter did not specify the level of windfall taxes that ministers would propose, nor which companies should be affected. The energy chief of the bloc said on Tuesday that it is considering reviving measures taken in response to the energy crisis in 2022. This includes proposals to "curb grid rates" and taxes on electricity. After Russia cut off gas deliveries, the EU implemented a series of emergency policies. These included a?EU-wide gas price cap, a tax imposed on windfall profits of energy companies, and targets to?reduce gas demand. The Middle East conflict has a significant impact on the global energy prices. Since the U.S. and Israel war against?Iran started on February 28, European gas prices have risen'more than 70%. Dan Jorgensen, EU Energy Commissioner, said that Brussels is particularly worried about the supply of refined petroleum in Europe such as diesel and jet fuel. Reporting by Andreas Rinke, Writing by Tom Sims, Editing by Alison Williams
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Senegal bans travel by government officials as Iran oil shock affects public finances
Senegal has banned all travel abroad by top officials and ministers that is not essential. The government warned of "extremely challenging" times as a result of the U.S./Israeli conflict with Iran, which will increase global oil prices, straining Senegal's budget. The price of Brent crude has soared and governments have been urged to act to reduce the negative effects. Senegal Prime Minister Ousmane sonko, speaking at a youth event on Friday night in Mbour, pointed out that oil is trading for about $115 per barrel, almost twice what was assumed to be the price in Senegal’s budget projections. He announced that he has already cancelled his own trips to Niger and France. The?crisis has prompted governments across West Africa and the world to take a number of?measures, including increases in fuel prices, subsidies and remote work. Sonko said that such actions were a "justification" for Senegal, a debt-ridden country. He said that?additional?measures would be announced next?week, and the Energy and Mines?Minister is expected to address?the?nation in the?coming?days?to detail efforts to mitigate?the impact of the?price shock. (Reporting and editing by Joe Bavier, Diadie Ba and Bate Felix)
Quotes-Putin on paper tigers and Trump
Vladimir Putin, the Russian president, spoke at the Valdai Discussion Club in Sochi, a forum for Russia experts. He spoke in Russian and his words were translated by.
Here are some main quotes.
TOMAHAWK MISSILES - UKRAINE
It is impossible to use Tomahawks in the absence of direct involvement by American military personnel. This would be a qualitatively and completely new level of escalation in both the relations between Russia, and the United States.
On TRUMP's description of Russia as a paper tigger:
"A paper tiger. What happens next? "Go and deal with the paper tiger."
"Well, if we're fighting with the whole NATO bloc, we're moving, advancing and we feel confident and we're a paper Tiger, then what exactly is NATO?"
HYSTERIA AMONG EUROPE’S LEADERS
"The ruling class of Europe continues to stir up hysteria. The war with Russia is almost at our doorstep. This mantra is repeated over and over. ... Can't they believe that Russia will attack NATO, as they say? ... "They're either dishonest or incredibly incompetent, if they believe that nonsense. It's impossible to accept this."
ON RUSSIA'S RESPONSE TO EUROPEAN MILITARY BUILDUP:
"We cannot ignore the situation." For our own safety, we have no right to ignore what is happening. Our defence and safety, I repeat. We are therefore closely monitoring the militarization of Europe."
"Are they just empty words or is it the time to countermeasure? Germany, for instance, claims that the German Army should be the strongest in Europe. Good. "We listen to what the speaker is saying and understand it."
I don't think anyone doubts that these measures will force Russia into action, and Russia will have countermeasures in no time. I think that (to put it mildly) the response to such threats will be very convincing.
On the Ukraine Conflict:
"We thank all countries who have been sincere in their efforts to find a solution to this problem over the past few years." This includes our partners, the founding members in BRICS, Belarus, and, by the way North Korea. In the Arab World as a group, primarily the UAE along with many other countries.
"Unfortunately, the fighting has not stopped, but responsibility does not lie with the majority of countries, but rather with a small minority in Europe who are constantly escalating conflict."
RELATIVE TO RELATIONS WITH UNITED STATES
We all know that our countries have many differences. We have different views on global issues. It is not unusual for major powers to clash. "In fact, it is important to determine how these differences can be resolved and whether they can be settled peacefully."
The current White House administration expresses its desires and interests directly,... and bluntly - but without unnecessary hypocrisy."
"We can see that the U.S. government is primarily guided by its own interest, as they understand them. This is, I think, a rational strategy. If you'll excuse me, Russia reserves the right to follow its own national interests. "One of them, incidentally is the restoration to full-fledged relationships with the U.S.
'FIGHTING" BETWEEN RUSSIA & NATO
The Ukrainian military is being supported by a center in Europe that supports all of the NATO countries' actions. It transmits space intelligence, provides weapons, and offers training.
On the Course of the Fight:
"Our troops are confidently moving forward along virtually the entire line-of-contact."
"We control nearly 100% of the Luhansk Region." The enemy controls just over 19% of the Donetsk Region, and 24-25% in Zaporizhzhia, Kherson, and Zaporizhzhia. "And everywhere, Russian troops maintain the strategic lead with confidence."
On Trump's Gaza Plan:
"In general, Russia will support it." As long as it achieves the ultimate goal that we have discussed. Russia has always... advocated for the creation of two state - Israel and a Palestinian State. This, I believe, is the only way to find a permanent solution to the Palestinian/Israeli conflict."
US CALLS INDIA TO RENOUNCE RUSSIAN ENERGY
"If India refuses to accept our energy supply, it will suffer certain losses... Of course, I believe that the people of India will closely monitor any decisions made by political leaders and will never tolerate humiliation before anyone. "I know that Prime Minister Modi would never do such a thing."
On Alleged UKRAINIAN Strikes on ZAPORIZHZHIA Nuclear Plant:
"This is a very dangerous game. People on the other side need to understand that they have nuclear power plants operating on their side. What's to stop us from responding in kind? "Let them think about it."
ON CONTINUED EXPORTS OF URANIUM TO THE U.S.:
The United States is one, if no the largest state, that uses nuclear power plants. Russia is the second biggest supplier of uranium for the American market.
On Alaska Summit with TRUMP
"President Trump, I and my team discussed virtually nothing at the meeting. Not even our bilateral agenda." We discussed only the ways and possibilities to resolve the Ukrainian Crisis.
"Secondly, in some way, even if it was superficial, we talked about restoring Russian-American ties, which, not only are at an impasse but also at their lowest level ever, and that is a very serious issue."
On the French seizure of a Russian oil tanker:
"Well, I think it's piracy... A tanker has been seized without justification in international waters. They were looking for cargo - maybe drones or military equipment. "None of it was there nor could it have been."
RUSSIA’S ECONOMY
"We must strengthen our financial system." Two things are important. "First, we need to further strengthen macroeconomic stabilization and reduce inflation while still attempting to maintain positive growth rates."
"But we agreed at the end last year that we would sacrifice our record-breaking rates of growth in order to fight inflation. The central bank increased the key rate which has a significant impact on the economy.
(source: Reuters)