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Saudi Aramco Q1 profits rise 25% due to higher sales and a full pipeline
Saudi oil giant Aramco announced on Sunday a 25% increase in its first-quarter profit. This was mainly due to increased sales. The East-West crude pipe that circumvents the Strait o f 'Hormuz is now at full capacity. The?top oil exporter in the world reported a net profit of $32.5 Billion for the three-month period ended March 31. This was higher than the LSEG consensus estimate, which was $30.95 Billion. The total revenue increased 11.4% over the previous quarter, to $115.49 Billion. Amin Nasser said that the results show "strong resilience and operational agility in a complex geopolitical context". He had previously warned of "catastrophic" consequences if the strait remained closed. Aramco increased crude oil flows from the production heartland of Iran on its east coast, to the port of Yanbu in the 'Red Sea' following the U.S. and Israeli war against Iran. "Our East-West Pipeline has proved to be a vital supply artery. It helped to mitigate the effects of a global oil shock, and provided relief to customers who were affected by shipping restrictions in the Strait of Hormuz," he said in a press release. Recent events have demonstrated that oil and gas are vital to energy security, the global economy and reliable energy supply. Aramco’s adjusted net profit for the third quarter was $33.6billion, exceeding a median estimate of $31.16billion provided by 13 analysts. The figure is'stripped out' of $1.06 billion worth of non-operational items. These were mainly related to changes in inventory costs, gains or losses from energy trading contracts, and certain financing expenses. Capital expenditures fell to $12.1 billion from $12.5 billion a year ago, but were down sharply from $13.4 billion during the fourth quarter. Aramco gave a capital spending guidance of $50-55 Billion this year.
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Two missing Singaporeans found after Mount Dukono eruption; one Indonesian is dead
Indonesian authorities confirmed on Saturday that they had located the two Singaporeans who were missing, but it was not yet known if either of them was alive. They also confirmed the death of an Indonesian woman 'hiker, after Mount Dukono erupted in the Pacific island of Halmahera. "We have located their coordinates." Iwan Ramdani of Indonesia's rescue agency said that it was around the crater's rim. This is consistent with the witness reports and drone surveillance. The spokesperson for the disaster mitigation agency, Abdul?Muhari, stated that both appeared to be between 20 and 30 metres (65 to 100 feet) away from the rim. Iwan said that the body of an Indonesian woman had been found and returned to her family. The volcano, located in the North Maluku Province, began erupting Friday and spewed ash up to 10 km (6 miles). The search was temporarily suspended on Saturday night due to the continuous eruptions. Iwan stated that operations will resume on Sunday. Iwan said that at least 100 rescuers and military personnel as well as 2 thermal drones were deployed on Saturday morning. The extreme terrain and the ongoing eruptions made evacuations difficult. Seven Singaporeans and ten Indonesians were evacuated by authorities on Friday. Police chief Erlichson Pasaribu said that the hikers had told the police that the three missing persons, including the Singaporeans were dead. Pasaribu stated that they are investigating the tour company that provided services to the hikers for possible "negligence" that could have endangered other lives. Six people were questioned, but not arrested. The police will investigate why the tour company allowed tourists to climb Mount Dukono despite it being banned. Pasaribu stated that hiking to Dukono's peak has been banned since 2024 because of?eruptions, and in April this past year the local government prohibited all climbing activities due to increased eruptions. The Volcanology Agency is maintaining the third highest alert level on Mount Dukono, and has banned all activities within 4 km of the crater. No reports have been made of flight disruptions due to the eruption.
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Kremlin: Peace in Ukraine still far away
The Kremlin said on Saturday that the United States was in a hurry to clinch a peace agreement to end the Ukraine War, but that it would be a long time before they could reach any kind of agreement because the issues are so complex. Russia and Ukraine confirmed that they had agreed on a three-day ceasefire, which will run from May 9 through May 11. U.S. president Donald Trump said he hoped that it would be prolonged. Pavel Zarubin, a reporter for state television, was told by Kremlin spokesperson Dmitry Peskov that it is understandable why the Americans are in a rush. Peskov stated that "the issue of a Ukrainian solution is too complex and the process to reach a peace agreement is long with many complex details." Russian troops have been fighting in Ukraine since well?over a year - 'longer than Soviet forces in World War Two in Russia, also known as the "Great Patriotic War" of 1941-45. Trump has promised repeatedly to end the Ukraine War, calling it a "stupid and crazy"?war which is causing?vast casualties on both side, but has not yet achieved peace. (Reporting and editing by Guy Faulconbridge; reporting by Vladimir Soldatkin)
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Indonesia continues to search for missing hikers after Mount Dukono eruption
An official says that Indonesian authorities resumed their search efforts for three missing hikers on Saturday following the eruption of Mount Dukono?on Halmahera Island. The volcanology agency of Indonesia reported that Mount Dukono in North Maluku Province erupted at 7:41 am on Friday (2241 GMT, Thursday), releasing volcanic ash up to 10 km (6 miles) high into the air. Rescue agency had stopped the search on Friday evening because it was still raging. Iwan Ramdani is the head of the local rescue agency. He said that at least 100 rescuers and military personnel, as well as?police officers, as well as thermal drones were deployed on Saturday morning to search for the missing three. He added that the hikers were two Singaporeans, and one Indonesian. Iwan stated that "we are focusing the search around a crater covering an area of around 700 meters." On Friday, authorities evacuated 17 people. Seven of them were Singaporeans while the other ten were Indonesians. Erlichson Pasaribu, the local police chief, said that three people died, including two Singaporeans. However, the rescue agency had not confirmed the deaths by Saturday. Iwan said that Saturday's search had been hampered because of the continued eruptions. Lana 'Saria, head of the agency, said that the volcanology agency had recorded at least four explosions on Saturday morning. She added that the agency maintains the alert status of Mount Dukono on the third highest level. She said that residents and tourists should not engage in any activity within a radius of 4 km (2 miles) from the crater. No reports have been made yet about flight disruptions due to the eruption. Indonesia is located on the Pacific “Ring of Fire”, an area of intense seismic activity at various tectonic plate boundaries.
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Maryland lawmakers are waiting for answers about jet fuel spill at an air base
The U.S. Air Force has yet to answer Maryland's congressional delegation about the delay in notifying them of a fuel spill from Andrews Air Force Base. Maryland lawmakers say they have yet to receive a response from Defense Department following a letter they sent earlier this week asking for answers regarding a fuel spill into Piscataway Creek, Prince George's County. They were notified of the incident on March 23 - two months after it occurred. About 22,000 gallons were released into the environment contaminating soils, and Piscataway Creek. The delegation, with the exception of Republican Congressman Andy Harris said that the Air Force initially did not disclose the full extent and scope of the spillage, but only weeks after it occurred. In a Friday statement, Democratic Senator Chris Van Hollen stated that "their failure to contain the spill immediately is unacceptable by itself. But their lack of transparency has made matters worse. They denied the Maryland Department of the Environment the chance to implement containment methods that could have reduced the damage." The Air Force stated that the Air Force secretary would directly respond to lawmakers. The base responded to the fuel spill on Friday after personnel "discovered fuel odors" and noticed a sheen in Piscataway Creek, March 23, 2026. "Mitigation Measures are in place to prevent further migration and contain the release, while the spill investigation and treatment is underway. The installation is working closely with the environmental authorities to take all necessary steps to protect nearby waterways and eco-systems, according to the base. The lawmakers wrote to Air Force Sec. Troy Meink informing him that Joint Base Andrews did not reveal the full extent?of the spill until April 8, more than two weeks after announcing the state of the event. Next week, Defense Secretary Pete Hegseth will testify before House and Senate appropriations committees. He is expected to answer questions about the spill. The spilled oil is the latest environmental incident to affect the Potomac Watershed. In January, an enormous DC Water sewer line burst in Montgomery County, Maryland near the C&O Canal, contaminating the river with raw sewage. Potomac Conservancy stated that the river is also susceptible to pollution due to the rapid construction of data centers around the D.C. metropolitan area. The environmental group stated that the incident is part of an ongoing pattern of infrastructure failures, and pollution events which continue to pose a threat to the health of the Potomac River.
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Russia scales back its WW2 victory parade amid growing concerns over the war in Ukraine
The Russian Victory Day Parade will be the smallest in recent years due to the threat of an attack by Ukraine. Moscow's forces have been unable to win the war, which has been the deadliest European conflict for more than four years. The parade on Red Square, which takes place May 9, is Russia's most revered national holiday. It's an opportunity to commemorate the Soviet Union's triumph over Nazi Germany, and pay tribute to the 27,000,000 Soviet citizens who died, many of whom were Ukrainians. The parade, which was once used to display Russia's military might, including its intercontinental missiles with nuclear capability, will not feature any tanks or military equipment this year. Soldiers are still going to march and cheer under the shadow of Vladimir Lenin’s Mausoleum. Fighter planes will be flying above the Kremlin’s towers and Vladimir Putin is set to make a speech and lay flowers on the tomb of Unknown Soldier. Yuri Ushakov, a Kremlin aide, told reporters that "in general, everything was as usual except for the display of military equipment." Russia, who invaded Ukraine 2022, warned that Kyiv's attempt to disrupt the event could lead to a "massive missile attack" on the Ukrainian capital. Moscow has told foreign diplomats to evacuate Kyiv's staff in the case of an attack. Volodymyr Zelenskiy, Ukraine's president, said that the country's response on May 9 will depend on what happens on Friday. He accused Moscow of violating their own ceasefire. Moscow is protected by a ring of electronic barriers and air defences that are designed to confuse drones and missiles as they approach the capital. The region around the city has 22 million people. The war in Ukraine haunts Russia's parade The Red Army drove Nazi forces from Berlin in 1945 after Nazi Germany invaded Soviet Union. Adolf Hitler then committed suicide, and the Soviet Victory Banner, a red banner, was raised above the Reichstag. The unconditional surrender of Nazi Germany took place at 11:01 pm on May 8, 1945. This day was declared by Britain, France, and the United States as "Victory in Europe Day". In Moscow, it was already May 9th. This became "Victory Day", for the Soviet Union in the Great Patriotic War (1941-45), which the Russians refer to. This year's parade is taking place amid growing anxiety in Moscow over the outcome of the war in Ukraine. The war has left Ukraine in ruins, and Russia's economy is now $3 trillion short. Relations with Europe have never been worse. The crisis is deepening slowly, but any sudden movement could send the economy into a tailspin. This was the statement of Igor Girkin in a Telegram post. He has been jailed for criticizing the Kremlin's conduct during the war. Girkin,?a former Federal Security Service Officer, used an analogy of a shipwreck to suggest that Russia's top leaders are more concerned about being thrown out of their cabins. Dmitry Peskov, Kremlin spokesperson, dismissed reports from CNN and other Western media that Putin's protection had been intensified due to fears of a coup d'état or assassination. Russian officials have brushed aside reports of a plot to stage a coup as nonsense. Putin sat alongside President George W. Bush, France's Jacques Chirac, and Chinese President Hu Jintao at the Moscow Parade 21 years ago. This year, Belarusian president Alexander Lukashenko will be there, as well as Malaysia's Sultan Ibrahim, and Laos Prime Minister Thongloun Sisoulith. (Dmitry Antonov contributed additional reporting; Mark Trevelyan, Emelia Sithole Matarise and Emelia Sithole Matarise edited the article.)
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Fed report on financial stability cites geopolitical risks and oil shock as the top concerns
According to a report by the Federal Reserve released on Friday, the ongoing war with Iran has risen to the top of the list for financial stability concerns. In the Financial Stability Report of the U.S. Central Bank, respondents cited geopolitical risk and the oil crisis as their top concerns. Artificial intelligence and private credit also rose to become major concerns. Geopolitical risk was cited as the top concern by three-quarters, and the oil shock resulting from the war was cited 70% of the time. Half of respondents cited AI and private credit as possible threats to financial stability. The report warned, in particular, that a prolonged conflict, especially if it is combined with shortages in commodities and damaged supply chains, would likely increase inflation and slow the economic growth in the U.S. Sharp price changes in the energy market and financial products related to it could also lead to market tensions. Many respondents noted that the inflationary pressure caused by the "energy shock" could force central bankers to tighten their monetary policies, even if economic growth is weaker. The report warns that "higher interest rates and increased inflation could have significant economic and financial effects, including a decline in asset prices." The survey's concerns about rising oil prices and inflation they have rekindled are similar to those expressed by many U.S. policymakers in recent weeks. After its last policy meeting, the Fed kept interest rates at their current level. Since then, more central bankers have stated that they cannot rule out a rate increase if inflation rises and spreads. Since the U.S. and Israel attacks against Iran began on Feb. 28, the global benchmark crude price has risen by more than 50 percent. It remains above $100 per barrel despite conflicting reports on whether a peace agreement is close. The "oil crisis" was the number one concern in the latest Fed survey. The 'latest Fed survey' revealed that the No. 2 concern was "oil shock" after the previous report in last fall did not mention it at all. U.S. gas prices are at their highest level since July 2022, and inflation is now about a percentage-point above the Fed's target of 2%. Central bankers in the United States are concerned that the higher the prices, the more likely they will spread to other goods and services. AI, PRIVATE CREDIT CONCERNS FLAGGED The survey respondents expressed concern that AI investments are "increasingly financed" by debt. This increases leverage and increases fragility. They also said that, if the technology is widely adopted, it "may contribute to labor-market weakness." The survey presented a mixed picture of the private credit sector. The survey noted that while the sector is dealing with negative sentiments and an increase in redemption requests, the risks are manageable so far. The report stated that for the 10 biggest perpetual?business-development companies, which represent?roughly 80 percent of private credit assets in the sector, there was enough bank credit and cash to cover three quarters of redemptions if they held at a level of 5%. The Fed stated that the risks of private credit to financial stability appear "limited and managed," but also noted that continuing redemptions and negative attitudes could reduce credit access for some borrowers. This is especially true for those with higher risk. (Reporting and editing by Paul Simao, Michael S. Derby, Dan Burns and Pete Schroeder)
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Gold firms make weekly gains on US-Iran deals
Gold rose on Friday, pointing to a weekly gain as optimism about a 'potential' end to the Iran conflict eased concerns over inflation and high interest rates. Spot gold rose 0.7% to $4,719.68 an ounce at 1745 GMT. It has gained 2.3% in the last week. U.S. Gold Futures closed 0.4% higher, at $4.730.70. Due to its non-yielding properties, gold is under pressure when interest rates rise. "Gold is now trading more like a risky asset than a safe haven. Gold's rebound is linked to the prospect of a de-escalation with Iran. We're seeing Fed rate reductions in the future as energy prices drop, said David Meger of High Ridge Futures. The United States said that it expects an Iranian response to its latest proposal for ending the Gulf War as early as Friday, even though U.S. forces and Iranian forces are exchanging fire in the area. The U.S. Dollar index and oil prices are both expected to decline this week. Dollar-priced Gold becomes cheaper for holders of other currencies due to a weaker U.S. dollar, while softer energy costs ease inflation concerns. According to CME FedWatch, the market now sees only a 14% probability of an increase in U.S. interest rates this year. This is down from 22% on the previous day. Stephen Miran, the Fed governor, said he hoped that 'central bank chair Jerome Powell would stay on only for a brief period as governor. Kevin Warsh will'succeed Powell in the Fed leadership role, pending a Senate vote. The data?showed that U.S. unemployment increased more than anticipated in April. After the data, gold briefly extended its gains. The gold demand in India was muted last week as the price recovery encouraged potential buyers to postpone their purchases. Meanwhile, premiums on China remained stable due to safe-haven demand. Spot silver increased 2.5%, to $80.4 per ounce. Platinum gained 1.3%, to $2.047.88. Both are on track for gains this week. Palladium fell 0.5% at $1,487.71. Reporting by Ashitha shivaprasad, Bengaluru. Editing by Rod Nickel
Africa's richest person Dangote is looking at Kenya for a new refinery.
The Financial Times, citing a recent interview with Aliko Dangote, reported that the Nigerian billionaire is considering?Kenya for the location of an oil refinery capable of producing 650,000 barrels per day.
Dangote stated in the interview that he was leaning towards Mombasa, because it has a larger and deeper port.
This report follows Kenyan President William Ruto's?statement last month that East African nations were discussing plans to build a 'joint oil refining facility at the Tanzanian Port of Tanga, which is modelled on Nigeria's Dangote operations.
Dangote, in an interview, compared Mombasa, Kenya, to the port of Tanga, Tanzania, and stated that "Kenyans consumed more." It's bigger.
He said, "The ball is now in President Ruto's hands." "I will do whatever President Ruto says," he said.
The FT reported that Dangote estimated that it would cost between $15 billion and $17 billion for the refinery to be built.
East Africa imports its refined petroleum products primarily?from the Middle East. This leaves the region susceptible to supply disruptions and price spikes that were seen during the U.S.-Israeli attack on Iran.
Aliko Dangote is Africa's richest person. He said at an infrastructure conference?in Nairobi, last month that he could replicate his 650,000 barrel-a-day Nigerian refining plant in East Africa if the governments of the region supported this initiative.
(source: Reuters)