Europe

According to official sources, almost all of the major oil refineries in central Russia have been forced to reduce or halt their fuel production due to recent drone attacks by Ukraine. Moscow has already banned gasoline exports from April to the end of July. Refineries which have stopped operations or are partially stopped, together, produce more than 83 million tons of?product per year. This is approximately 238,000 tons a day. According to anonymous sources and data, this represents around a quarter of Russia's entire refining capacity. Over 30% of Russia's gasoline is produced by refineries, and around 25% by diesel....

Local officials reported that two people had been?killed? and 19 others injured overnight in Russia's attacks on Ukraine, while Ukraine sent drones into industrial areas of central Russia. Local authorities in Ukraine reported that two people died and six were injured when Russia attacked the city of Dnipro, located on the south-east coast, with artillery and missiles. Authorities?added that another 13 injuries were reported in the northern Sumy Region and the southern region of Zaporizhzhia. Three children included. We could not independently verify these reports. Russia and Ukraine deny targeting civilians. DRONES TARGET INDUSTRIAL AREA?IN RUSSIA According to Russian officials...

Sanjay Khanna, the chairman of India's Bharat Oil Corp. said that it is recalibrating its crude import strategy nearly daily and increasing?spot purchase after the U.S./Israeli conflict in Middle East disrupted Middle East supply. India, which is the third largest?oil?importer and?consumer in the world, has been affected by the rising crude prices as well as supply disruptions after the Strait of Hormuz was closed. South Asian nation raised retail petrol and diesel prices twice in one week. The refiner planned to purchase about 55% of its crude requirements for 2026/27 via annual contracts, mostly from Middle Eastern producers. Khanna stated...

A top government minister announced on Tuesday that Italy would extend a 'cut in fuel excise duty due to expire May 22 as part of efforts to curb the soaring energy prices caused by the Middle East conflict. Matteo Salvini, Deputy Prime minister and Transport & Infrastructure Minister, said during an interview with RTL 102.5 that "we will definitely have to extend the excise reduction." It has spent about?1 billion Euros ($1.16 billion), so far, to reduce?excise duty on?petrol or diesel pump prices. The measure was first introduced in March, and then extended for the first time in late April....

Santos, Australia’s No.2 oil &?gas producer said on Monday that it had?reached first oil in its Pikka project, located in Alaska, U.S.A. Shares of the Adelaide-headquartered company rose as much as 3.1% to A$8.12, their highest ?since April 13, while the broader S&P/ASX 200 benchmark index ?was down 1.4% by 0450 GMT. Stocks of the Adelaide-based company rose as much as 3.1% to A$8.12, their highest level?since April 13, while the broader S&P/ASX 200 benchmark index?was down 1.4% by 0450 GMT. Craig Sidney is a senior investment advisor at Shaw and Partners. He said, "This announcement is positive in light...

A joint report by the government and civil society revealed that Nigeria is losing vast amounts of mineral revenue to illegal trading networks, which are dominated by shell companies, foreign buyers, and armed criminals groups. This highlights the extent of illicit activity. The report was produced by Nigeria's extractive industry watchdog NEITI and Africa Network for Environment and Economic Justice with UK government funding. It found that illicit financial flow in the mining sector occurs through commercial manipulation, corrupt officials, and cross-border smuggling. Nigeria's mining industry contributed only 0.72% of GDP in 2023, 0.28% of revenue, and 0.75% % of...

Two sources familiar with the investigation said that the Brazilian federal police had targeted the former governor of Rio de Janeiro, Claudio Castro, and the owner Refit Refinery Ricardo Magro as part of an investigation into alleged tax evasion. Castro and Magro did not immediately respond to a request for comment from. The police, without naming any suspects, said that they had launched an investigation into a conglomerate in the fuel industry suspected of concealing assets, faking assets and transferring money abroad. According to a statement, the Supreme Court ordered that assets worth approximately 52 billion Reis ($10.4 Billion) be...

Energy Minister said that Serbia will present its final offer to MOL, the Hungarian oil company, on Friday, in response to the Hungarian bid for NIS, the operator of the Balkan nation’s only refinery. Gazprom and Gazprom, two Russian companies, agreed in January to sell their 56% stake in NIS majority to MOL after the U.S. demanded that Russian shares be divested due to sanctions imposed by the U.S. over Moscow's involvement in the war in Ukraine. We had intensive discussions yesterday and the previous day with representatives of MOL. "We agreed on certain topics," Energy Minister Dubravka Handanovic, was...

Serbia's energy minister said that it will present its final proposal to MOL on Friday regarding the Hungarian company's bid for NIS to be acquired by MOL, the operator of the Balkan nation’s only refinery. Gazprom and?Neft, two Russian companies, agreed in January to sell their 56% stake in NIS majority to MOL after the U.S. demanded that Russian shares be divested due to sanctions imposed by the U.S. over Moscow's involvement in the war in Ukraine. Washington has given MOL and the Russian companies until May 22 for the sale to be completed. This will require the Serbian government's...

It may not be sufficient to wait out the oil crisis. Federal Reserve officials may have to show that they will take action to achieve their inflation targets, just as European counterparts seem to be determined to do. If that happens, it could be a big deal given what Wall Street forecasters are currently thinking. The crude oil futures for the end of year are at their highest levels since the Iran 'war began, with little evidence of a lasting peace agreement. The latest U.S. April inflation data showed that the damage to?already high prices was escalating. The Fed's target...

Brenntag, a German chemical distributor, posted a better-than-expected quarterly profit on Wednesday. Price increases and cost reductions helped, but the company warned of higher crude costs due to Middle East conflict in the months ahead. The U.S. and Israeli war against Iran has affected the global fuel and feedstock markets and driven up prices in the energy-intensive chemicals industry. Thomas Reisten, CFO of the company, said on a conference call with analysts and reporters that the higher costs for fuel and transportation due to the tensions in the Middle East were being passed onto customers via surcharges and increased prices....

Bola Tinubu, the President of Nigeria, said that Nigeria will spend $11.6 billion in 2026 servicing its debt, which is nearly half of the projected revenue for government. He called for a reform to a global financial structure he claimed penalized African borrowers. He said that debt-servicing costs were crowding out expenditures on infrastructure, health care and education despite the government's tax reform aimed at increasing revenues in Africa’s most populous nation. Data from the Debt Management Office shows that Nigeria will spend $5.15 billion servicing debt by?2025. Tinubu, speaking at the Africa Forward Summit, held in Nairobi on Tuesday,...

The head of the State 'Fund' said on Thursday that Ukraine plans to repair the large thermal power plant owned by the state near Kyiv, after Russian airstrikes, and prepare the?parent company Centrenergo for privatisation in the next year. Since Russia's full-scale invasion in Ukraine 2022, it has repeatedly attacked Ukraine's power system with drone and missile strikes, striking both power plants that deliver electricity to customers and substations. Officials in Ukraine have confirmed that up to 80% thermal generation capacity has been lost. Dmytro Natalukha is the chairman of the State Property Fund which manages the state assets of...

The International Energy Agency's head said that the combination of the start of summer peak fuel demand, a lack of new Middle East oil exports and dwindling stocks could push oil prices into the "red" zone in July-August. Fatih Birol, speaking at Chatham House London in reference to oil supply problems caused by the Iran War, said: "We could be in the red zone as early as July or August." The Middle East is experiencing the worst oil crisis ever as a result of attacks on energy infrastructure, and the effective closing of the Strait of Hormuz by Iran. THE...

On Wednesday, the Kremlin called Lithuania's top diplomat's remarks "bordering on insanity", after he said that NATO must?show Moscow they are capable of penetrating Russia's exclave Kaliningrad. Kaliningrad is an exclave on the Baltic Sea coast that lies between NATO member Lithuania and Poland. It is home to around 1,000,000 people and is heavily military, as it serves as the headquarters for Russia's Baltic Fleet. Budrys' country, which is a staunchly allied ally of Ukraine in its fight against Russia, stated in an interview published by the Neue Zurcher Zeitung on Monday that "we?have to prove the Russians we are...

The European Commission has signed a Memorandum of Understanding with Ukraine regarding a macro-financial?assistance?programme. This paves way for a disbursement of 3.2 billion euros in mid-June after it is ratified by the Ukrainian Parliament. The EU has a 90 billion euro scheme to finance Kyiv throughout 2026 and into 2027, as it fights Russia's invasion. "We have completed?our discussions with Ukraine regarding the memorandum?of understanding that underpins our macro financial?assistance?program, as part of the Ukraine Support Loan," European Economic Commissar Valdis Dombrovskis stated. He told reporters, "I signed the agreement this morning. Now it is up to the Ukrainian side...

As part of an important nuclear exercise, Russia showed footage on Wednesday of troops loading mobile launch systems 'Iskander M' with a nuclear warhead and then moving it undetected from the launch site. The Defence Ministry released a statement to the state media in which it said that its forces have "practiced" bringing their units to the highest level of combat readiness for the use of nuclear weaponry. The three-day military exercise that began on Tuesday is being held in Russia and Belarus. It comes as Russia is engaged in what it calls an "existential battle" with the West regarding...

According to LSEG data and other market sources, Russia's seaborne exports of oil products rose 10% a month on average in the first fifteen days of May as key ports re-established fuel loadings. The release of fuel inventories accumulated during previous disruptions due to drone attacks was the main driver for fuel export growth, traders reported. However, May shipments were still limited by unplanned and seasonally-related refinery maintenance as well as rising domestic demand. Primorsk is the largest port in Russia for the export of ultra-low sulphur (ULSD) diesel. In the first half, it loaded 710,000 tons of ULSD, which...

Estonia's chief of foreign intelligence said that Russian President Vladimir Putin is limited in his options for a victory in Ukraine, as his military forces are unable to make significant progress on the battlefield and Western sanctions are eroding his resources. Kaupo Rosin is a leading'spy' on NATO’s eastern flank. He told us that Russia was losing more men in its?fifth full-scale year of war than they were recruiting. A general mobilisation, he said, would be unpopular and could undermine stability. "All these factors are creating a scenario where some people, including those at the highest levels in Russia, understand...

The National Crisis Management Centre of the Lithuanian government said that a suspected Ukrainian military drone crashed in Lithuania on Sunday. Reporters were told that the drone had not been detected upon its entry into Lithuania and it was not armed. The centre reported that the drone was found in the village of Samane. This is about 40 kilometers from the Latvian border and 55 kilometers from Belarus. Kyiv is yet to comment on this issue. Separately the 'Latvian Army' said that a drone alert had been issued Sunday morning along the border with Russia. NATO fighters from a Baltic...

Edgars Rinkevics, the Latvian president, proposed Andris Kubergs as the next prime minister after 'Evika Silina' resigned. Silina announced on Thursday that she would be stepping down. This caused the collapse of her entire coalition, just months ahead of an October election. Kulbergs will be able to take office as the leader of United List, the largest opposition bloc in Parliament if his cabinet and he are approved by lawmakers. "Given recent events, I believe the new 'prime minister' should come from the opposition parties," said?Rinkevics at a press conference. Silina fired Defence Minister Andris SPruds at the weekend, after...

?Poland's air force intercepted an?Russian reconnaissance aircraft in international waters of the?Baltic Sea. The Russian flight was deemed a provocative act and a potential threat. The machine flew in international airspace with its?transponders off and without a flight plan. The Polish army stated in a social media post that there was no violation to?Polish airspace. Defence Minister Wladyslaw KsiniakKamysz stated that flights without transponders could be a 'threat to other aircraft' and 'that its pilots would always respond immediately. "Our aircraft intercepted an Il-20 Russian reconnaissance aircraft in international waters of the Baltic Sea." "This is yet another aggressive act...

Hungary summoned Russia’s embassy over a drone strike on western Ukraine, said Prime Minister Peter Magyar?on Wednesday. Russia launched a drone attack against Ukraine on Wednesday morning, killing three people and damaging critical infrastructure. Magyar stated during a press conference held following the first cabinet meeting of the new Hungarian Government that the Russian ambassador was summoned on Thursday morning to the Foreign Ministry to meet with Anita Orban. Orban, who will attend the meeting, will ask the ambassador to tell him when Russia intends to end its four-year war with Ukraine. Orban had earlier said on Wednesday in a...

The office of Sergei Sobyanin, Moscow's mayor, announced on Wednesday that the city has imposed restrictions on the publication and distribution of images and videos depicting the 'aftermath' of "terrorist attacks", including drone strikes. A directive posted on the official website of the mayor, referring the "Anti-Terrorist Commission", stated that the order was intended to "prevent the dissemination of unreliable or false information". The law prohibits the media as well as individuals and emergency services from publishing pictures or videos depicting "terrorist attacks", including drone attacks, until these images or videos appear on the websites of either city governments or...