North Asia

Two sources with knowledge of the situation said that top Russian energy companies approached Indian refiners to request more gasoline following Ukrainian strikes which knocked out a large portion of Russia's refueling capacity. India is Russia's largest buyer of seaborne crude oil. Moscow's attempt to secure Indian gasoline represents a reversal of their energy relationship and highlights the impact of the Ukrainian attacks. Moscow is experiencing its worst gasoline shortage. One source with knowledge on the subject said that at least one cargo of Indian gas has already been shipped to Russia. More are expected. Nearly 40% of Russia's refinery...

Aleksandar Vucic, the president of Ukraine, said that Serbia would send Ukraine more humanitarian assistance but had not signed a regional agreement calling for more pressure to be put on Russia and for continued security aid for Ukraine. Vucic had earlier met President Volodymyr Zelenskiy and taken part in the regional Southeastern Europe - Ukraine summit. It was the first time in more than a decade that a Serbian president visited the Ukrainian capital. Vucic had also participated in the regional Southeastern Europe-Ukraine summit last year. Belgrade has had a long history of close relations with Moscow. It has refused...

World Leaks, a ransomware group, has released on the dark Web a large cache of files relating to India's largest nuclear plant. These include purported blueprints for parts of its facilities as well as supplier details. The information was labelled by World Leaks as being from Reliance Group. Kudankulam Nuclear Power Plant is located in the southern state of Tamil Nadu and is the largest among India's seven nuclear plants. It's also the center of Prime Minister Narendra Modi’s ambitious plans to increase the country's capacity for?atomic energy?. Reliance Group of Indian businessman Anil Ambani, one of the plants' contractors,...

* Oil demand growth in 2026 is cut by 190,000 barrels per day (bpd) due to the impact of the Iran war * OPEC+ production?rises 3 million bpd by June as Hormuz flow starts to?recover * Reduced geopolitical tensions could give the economy some 'upside' in the second half of the year Olesya Astakhova & Alex Lawler LONDON - OPEC lowered Monday its forecast for the world's oil demand growth to 780,000 barrels a day. This is its third consecutive downward revision. The producer group has continued to predict a lower impact on consumption than other forecasters, such as the...

After a series of antisemitic attacks on British streets, the British government used powers similar to proscriptions in order to combat state-backed threats. This power would effectively ban support for these groups, and give police and intelligence agencies?new powers to combat any threats related to them. Keir starmer, the Prime Minister of Britain, said that "these 'new powers' will make it easier for anyone to be prosecuted and jailed in Britain who is doing their dirty work." Since its establishment in 1979, the IRGC has been an elite military force loyal the Supreme Leader of the Islamic Republic. The Islamic...

Kyrgyzstan said it was awaiting fuel deliveries from China and Belarus to help deal with the 'knock-on effect' of a fuel shortage in its main supplier Russia. According to local media, Deputy Premier Daniyar Amangeldiev said that Kyrgyzstan has signed contracts with Belarus and China for 3 metric tons jet fuel and 10 metric tons diesel. Last week, Kyrgyzstan - which gets more than 90% its fuel from Russia - appealed for help to ensure stable fuel supplies. It asked Kazakhstan, Belarus and Azerbaijan as well as Uzbekistan and Turkmenistan. Fuel?shortages are affecting Russia following an attack by Ukrainian drones...

St Petersburg, Russia's second largest city and the surrounding Leningrad area were hit by a major Ukrainian drone attack over night. A Baltic Sea port which handles oil exports was also reported to have been affected. Alexander Beglov, the governor of St Petersburg, said that the city's?6-million population had been subjected to a "large scale" drone attack. He did not give any details about specific targets but the local media outlet Bumaga reported that there was a fire in the oil terminal of St Petersburg. Alexander Drozdenko, Governor of the Leningrad region, said that drones struck the port of Vysotsk...

Sberbank's finance chief said on Wednesday that the bank will lower its corporate lending growth forecast for 2026 due to the deteriorating financial position of its borrowers. Taras Skovortsov, CFO of Bank of Russia, told the Bank of Russia Financial Congress in St Petersburg that the country's largest lender had performed better than expected, but that the economy was slowing due to the ongoing conflict in Ukraine and the growth forecast for 2026 is only 0.4%. Skvortsov stated that "it is true?that we performed slightly better than anticipated in the first half. This is primarily due to interest income and...

Four industry sources reported on Wednesday that Kazakhstan agreed to provide 50,000 metric tonnes?of fuel to Russia as humanitarian assistance in July and August. Russia has been stricken by fuel shortages, long queues and soaring gasoline and diesel prices over the last few weeks, as Ukraine has attacked Russian energy infrastructure, including oil refineries, to undermine Moscow's funding for war efforts. Sources in the industry have said earlier that Russia began importing gasoline from India. In summer, the?Russians consume at least 110,000 tonnes of gasoline per day. Vladimir Putin said that Ukraine is trying to create discord among the Russians....

Two industry sources confirmed on Wednesday that Russia began importing gasoline by sea from India in an effort to reduce fuel shortages caused by Ukrainian attacks against its energy infrastructure. Fuel shortages have been felt in all 11 time zones of Russia, with long queues and record gasoline prices. The Kremlin announced on Tuesday that Russia is in contact with other nations and discussing the importation of fuel at reasonable prices. The Indian oil ministry and the Russian energy ministry have not responded to requests for comment. A source in the industry said that at least 60,000 tons of gasoline...

Ukraine has hit a Russian refinery in Ufa for the second consecutive time, Volodymyr Zelenskiy, the president of Ukraine, said on Wednesday. Kyiv is intensifying its strikes in Russia. "Our plan to impose Ukrainian long-range sanction is being implemented every day," Zelenskiy said, referring the Ukrainian attacks deep within Russian territory. "This is a completely just response to everything Russia does against us." Zelenskiy reported that a strike was also carried out on a Russian military-industrial complex he described as "strategic", located in the Penza area, which he claimed made components for missile weapons used by Moscow to attack Ukraine....

Cuba's Foreign Minister said that the talks started earlier this year between Cuba and its long-time enemy the United States have stagnated, leaving little hope of an end to U.S. Sanctions that have?seiged the islands economy. Top diplomat?Bruno? Rodriguez said that U.S. Sanctions are "causing death" in Cuba, as the islands economic collapse and severe shortages in food, fuel and medicine make life on the island's 9 million residents nearly unbearable. At a Havana press conference, Rodriguez stated that "talks between Cuban and US have not progressed." "The US delegations' generally respectful conduct has been accompanied with constant threats against...

Alexander Novak, the Deputy Prime Minister, said on Wednesday that Russia is considering prioritising fuel supplies to vehicles servicing large food retail chains. The government is concerned about fuel shortages, which are a result of the Ukrainian drone attacks against Russia's oil refineries and energy infrastructure. Two industry sources and a? After Ukrainian drone attacks caused a stoppage at large oil refineries, Russian gasoline production fell to an amount?equivalent only to around 65% the seasonal average consumption. "We discussed the importance of prioritizing fuel supplies for vehicles that deliver food products to major retail chains. Novak stated that it is...

Sergei Sobyanin, the mayor of Moscow, said that 340 Ukrainian drones were sent to the area around the capital in a 24-hour period. Most of them had been shot down by anti-aircraft unit far away from the city. Sobyanin posted on Telegram that "most of them were neutralised on the outer approach by air defence forces." "More that?50 enemy drones have been destroyed on their journey to Moscow." Sobyanin gives a detailed account of the number of drones that have been shot down by the anti-aircraft units. Ukraine has intensified its attacks against Russian infrastructure sites mainly related to the...

Traders and fuel market participants reported that the fuel?shortages?in Russia caused by?Ukrainian drone attacks on its refineries?have reached Central Asian nations, who are dependent on Russian supplies. Sources claim that the amount of jet fuel shipped by rail by Central Asia and Afghanistan dropped 92% from May to 3,800 metric tons in June, while gasoline supplies fell 34% to 99 300 tonnes. According to traders, diesel exports grew?in June from 167.500 tons in May to 237.700 tons. Despite the larger drop in June, Russian fuel imports to Central Asia & Afghanistan rose by 7% from a year earlier to 3,82...

The local RFE/RL branch reported that Tajikistan has 60 days worth of fuel reserves. It is also in discussions with nearby countries to secure future supplies. This comes amid acute fuel shortages in Russia, a major trading partner. Radio Ozodi quoted the minister Daler Juma as saying "The export of some types?of petroleum products is still continuing from Russia to Tajikistan." At the same time, some difficulties continue. The broadcaster quoted the minister as saying that Tajikistan worked with Kazakhstan, Turkmenistan and Iran to ensure it had the fuel it needed. Tajikistan is a small country with a population of...

Two sources familiar with the matter said that Russia's Saratov refinery stopped processing oil on Wednesday due to damage caused by a drone attack. In recent months, Ukraine has increased its attacks on Russia's energy infrastructure to try and undermine Moscow's military effort. Fuel shortages have been reported in Russia as a result of the attacks, with long queues at fuel stations, higher fuel prices and fuel exports being restricted. This week, the largest oil refinery in Russia, Omsk, halted its operations after a drone attack by Ukraine. Roman Busargin, the governor of Saratov region, said in a Telegram message...

Long/short hedge fund results prove that fundamentals are still important, and Europe continues underestimating its global power. In this midweek article, I will highlight some key stories that caught me eye?this week and may have been lost in the daily flood of market news. The pump doesn't work The late U.S. John McCain said in 2014 that "Russia is just a gas station posing as a nation." If that's the case, reports of Russia's people running out of fuel in the 4.5 year long war with Ukraine seem both absurd and very significant. The attacks on Russia's infrastructure have led...

After a drone attack on the largest oil refinery in Russia, motorists in the city of 'Omsk are lining up for fuel. This is one of the most serious attacks by the Ukrainians inside Russia since?the start of the war. Video showed a?but orderly? line of cars waiting at a fuel station on Monday evening, just hours after the terrorist attack. Witnesses in the Siberian City reported that there were longer queues Tuesday, but they were still manageable -- only around 20 minutes. Fuel was also available. Some people on the social network VKontakte complained about drivers who they called...

Two questions are raised by the decision of OPEC+, to increase crude production quotas a fifth consecutive month? from August. Who will purchase the product if they are able to ship it? At a Sunday meeting, the'seven core members' of OPEC+ (which groups together OPEC, as well as other producers like Russia) agreed to increase quotas - by 188,000 barrels a day starting August. This will bring the 'total increase since April to nearly 800,000 bpd. The first question can be answered positively if the Strait of Hormuz remains open and the volume of water flowing through the narrow waterway...

Kuwait's crude production jumped to 1.65m barrels a day in June, from just 580,000 bpd a month earlier, a source with knowledge of the situation said on Thursday. The OPEC member is boosting exports via the Gulf after the?U.S.-Iran peace agreement. Kuwait's surge in crude oil production is a sign that Gulf oil flows through the Strait of Hormuz have recovered rapidly after the disruption caused by the Iran War. Stranded cargoes are slowly clearing the Strait of Hormuz, and exporters are restoring their production. Kuwait produced about 2.5 million barrels of oil per day before Iran effectively closed the...

The rouble will not be weakened by the need for Russia to import more gasoline following Ukrainian drone attacks on refineries because exports of excess crude oil will increase, according to a top central bank official. Russia is importing gasoline from India by sea and plans to import up to 400,000 tons of fuel a month. This will help to alleviate the shortages which have caused long queues in filling stations. Calculations based on "market prices" suggest that these imports may cost around 60 billion roubles (roughly $767 million) per month. The rouble can be under pressure if imports are...

Kyrgyzstan, which was concerned about possible fuel shortages due to Ukraine's drone strikes against Russian refineries, asked Kazakhstan, Belarus and Azerbaijan to help ensure stable fuel supplies on Wednesday evening. The 7-million-strong Central Asian nation imports 90% of its fuel from Russia. Russia is also experiencing acute fuel shortages due to the Ukrainian strikes on energy infrastructure. Last week, Russian President Vladimir Putin stated that Moscow may ban diesel exports due to the growing domestic shortages. The Kyrgyzstan energy ministry released a statement saying that "to ensure sustainable fuel supply, official requests were sent to the government authorities of?Russian Federation?,...

Three sources told Reuters that OPEC+ countries are likely to agree on a 'further increase in their 'output targets for August, when they meet?Sunday. This will add supply at a moment of falling prices, as the Strait of Hormuz slowly reopens. Sources said that the target for August will be the same as it was for June and for July. OPEC didn't immediately respond to a comment request. All sources, who spoke under condition of anonymity, said that 'no decision has been finalized. Seven members of OPEC+ (which groups OPEC, Russia and other producers) have increased their 'output quotas between...