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Oil & Gas

Governor of Sochi says that a drone attack by Ukraine ignited a fire at an oil depot in Russia.

Veniamin Kodratyev, the regional governor of the Russian city Sochi, said on Telegram early Sunday that more than 120 firefighters are trying to put out a fire at an oil depot which was caused by a drone attack from Ukraine. The Russian news agency RIA reported that a fuel storage tank in the Krasnodar Region, where Sochi is situated, was on fire. Rosaviatsia (Russia's civil aviation authority) said on Telegram flights at Sochi airport were stopped to ensure safety. The reports could not be independently verified. Ukraine has not yet responded. This attack on the infrastructure in Russia, which Kyiv...

Oil & Gas

Ukraine claims it has hit Russian oil installations and military airfield

Ukraine's Military said Saturday it had hit oil facilities in Russia. This included a major refinery, a drone airfield and an electronics manufacturing factory. Ukraine's Unmanned Systems Forces released a statement via Telegram stating that they had struck the oil refinery at Ryazan (about 180 km southeast of Moscow) and caused a fire in its premises. The USF also said that the Annanefteprodukt storage facility, which borders the northeastern Ukraine, had been hit. The USF is a specialist in drone warfare and long-range attacks. Russia has not yet commented on the reported attack on its infrastructure. Separately the Ukrainian intelligence...

Oil & Gas

RPT-Indian state refiners pause Russian oil purchases, sources say

Industry sources claim that Indian state refiners stopped buying Russian crude oil last week, as the discounts have narrowed in this month. Donald Trump has also warned other countries against purchasing oil from Moscow. India, which is the third largest oil importer in the world, is the top buyer of Russian crude by sea. This revenue stream for Russia, as it continues to wage war against Ukraine, has been vital for the country. Four sources familiar with the refiners’ plans to purchase Russian crude have told us that the country's state-owned refiners, Indian Oil Corp., Hindustan Petroleum Corp., Bharat Petroleum...

Oil & Gas

Russia-backed Indian refiner condemns EU restrictions, weighs legal options

Nayara Energy, a Russian-backed refiner in India, condemned Monday the European Union sanctions against it and said that it was exploring its legal options to combat the latest "restrictive" measures. The EU approved Friday its 18th package against Russia for its war in Ukraine. This includes sanctions on Nayara Energy - a refinery owned by Rosneft, the Russian oil giant. In a press release, it stated that "Nayara Energy condemns strongly the European Union’s unjustified and unilateral decision to impose restrictions on our company." Rosneft owns 49.13% of Nayara, and a similar amount is held by Kesani Enterprises Co Ltd.,...

Oil & Gas

Russia Rosneft criticizes EU sanctions against India's Nayara Refinery

Rosneft - Russia's largest oil producer - slammed Sunday the European Union's sanctions against India's Nayara Energy Refinery, calling them unjustified, illegal and a direct threat to India's energy independence. The 18th package against Russia for the conflict in Ukraine was approved by the European Union on Friday. It is designed to deal further blows to Russia’s oil and energy industries. Nayara Eenrgy is one of the companies targeted. The Nayara Energy Refinery is an important strategic asset for India's energy industry. It provides a steady supply of petroleum products on the domestic market. "The imposition of sanctions on the...

Oil & Gas

Ukrainian forces attack an oil depot in Russia’s Rostov Region

The Ukrainian military reported that Ukrainian forces attacked and destroyed an oil depot located in the southern Rostov region of Russia, which was used to supply Russian troops in parts of Ukraine occupied by Russia. The General Staff of Ukraine’s Armed Forces announced that the military’s special operations units in conjunction with rocket and artillery forces had struck the Atlas plant in Rostov Region, not far away from Ukraine’s eastern border. In a Telegram statement, the General Staff confirmed that "our forces have struck in the area where the target is located." "A fire was observed." "The results of the...

Oil & Gas

G7 needs to raise pressure on Russia, von der Leyen says

Ursula von der Leyen, President of the European Commission, said that more pressure should be applied to Russia in order to secure a ceasefire. She urged G7 nations intensify sanctions to achieve this goal. The leaders of the largest industrial countries are meeting in Canada’s Rockies, along with European nations. They want to keep the conflict in Ukraine on the minds of U.S. president Donald Trump, despite the fighting between Israel and Iran taking place in the Middle East. The European Union has decided to adopt new sanctions against Russia. However, they have not been able to convince Trump, who...

Oil & Gas

U.S. criticizes Russia for inflaming WW3 fears following Trump's "playing with Fire" remark

Keith Kellogg - the envoy of U.S. president Donald Trump - scolded on Wednesday, a Russian official, for inciting fears of a third world war after Trump warned that President Vladimir Putin "played with fire" regarding Ukraine. Trump warned that Russia would have suffered "REALLY BAD things" if not for Trump's post on Truth Social. What Vladimir Putin does not realize is that without me, a lot of bad things, and I do mean BAD, would have happened in Russia. Trump stated in a Truth Social posting on Tuesday that "He's playing with flames." Former president Dmitry Medvedev dismissed Trump's...

Oil & Gas

Novak, the Russian oil minister, says that there has been no discussion yet about the OPEC+ increasing their oil production from July.

RIA News Agency reported that Alexander Novak, the Russian prime minister, said on Monday morning that the OPEC+ grouping of major oil producers had not yet discussed raising output by another 411,000 barley per day before its meeting. On May 28, the Organization of the Petroleum Exporting Countries (OPEC) and its allies led by Russia will host an online ministerial conference. Novak told RIA that he expected the two to discuss the current market conditions, forecasts, and "adjustments". Eight OPEC+ nations will meet separately, who had committed to voluntary extra cuts in oil production. Three OPEC+ source told us earlier...

Oil & Gas

Ukraine wants G7 to lower price cap on Russian oil to $30 per barrel

Andriy Sibiha, the Ukrainian Foreign Minister, said that Ukraine wanted the Group of Seven Advanced Economies to lower its price limit on Russian oil shipped by sea to $30 per barrel. The G7's current price cap is $60 per barrel. This was imposed because of Russia's conflict in Ukraine. Sybiha, a journalist from Brussels, told reporters that the reasonable price cap for oil is 30 dollars. The European Union (EU) and Britain (UK) announced new sanctions against Russia on Tuesday. They said that the sanctions would target the "shadow fleet" in Moscow of oil tankers, financial firms and other companies...

Oil & Gas

EU to lower price cap on Russian Oil to $50 Per Barrel

Valdis Dombrovskis, European Economic Commission Commissioner, said that the EU will propose this week to the G7 Finance Ministers a reduction of the current $60 per barrel cap on Russian oil seaborne as part the new sanctions against Moscow. Dombrovskis didn't mention the level at which the European Union wants the price cap to be lowered. However, EU officials who were briefed about the discussions stated that the EU would suggest $50 per barrel. When asked by reporters if the G7 Finance Ministers meeting in Canada next week would include a proposal to lower this cap, he replied: "Yes." The...

Oil & Gas

How can Trump bring peace to Ukraine?

Donald Trump said that he would be meeting with the presidents from Russia and Ukraine to discuss stopping the "bloodbath" in Ukraine. What are the obstacles that the U.S. President faces when he is trying to negotiate a peace agreement with Russia and Ukraine? SECURITY GUARANTEE Ukraine, which has been subjected to a full scale invasion in 2022, and witnessed Russia annex Crimea, needs security guarantees from major powers, primarily the United States. Sources involved in the talks say that the problem is that a security agreement without teeth could leave Ukraine vulnerable. Diplomats talked about a "robust" security guarantee,...

Fossil Fuels

Oil & Gas Exploration

Trump claims that a drop in energy costs will cause Putin to halt killing people

U.S. president Donald Trump said on Tuesday that declining energy prices may pressure Russian President Vladimir Putin into ending the war in Ukraine. Trump stated in an interview with CNBC that if energy prices drop enough, Putin will stop killing people. "If you can get energy down another $10 per barrel, his economy will be in ruins." Last week, Trump gave Putin until August 8 to take action to end the conflict in Ukraine. If he fails to do so, he will face harsher U.S. sanction. His administration has also pressed India and China into stopping the purchase of Russian...

Fossil Fuels

Trump threatens India again with tariffs on Russian oil

Donald Trump, the U.S. president, threatened again on Monday to increase tariffs on Indian goods over their Russian oil purchases. New Delhi, however, called the attack "unjustified", and pledged to protect its own economic interests. This further exacerbated the trade gap between the two nations. In a post on social media, Trump stated that "India not only buys massive amounts of Russian Oil but they also sell it for a large profit to the Open Market." They don't give a damn how many Ukrainians are killed by the Russian War Machine. He added, "I will substantially raise the Tariffs paid...

Fossil Fuels

Kremlin's response to new EU sanctions. Russia has developed a certain immunity against such measures

The Kremlin announced on Friday that Russia had developed a certain immunity and adaptability to Western sanctions, following the European Union's approval of an 18th set of sanctions against Moscow. These included measures targeted at the oil industry. Diplomats said that the package is intended to lower G7's price limit for buying Russian crude to $47.6 a barrel. When asked about the new EU sanctions, Kremlin spokesperson Dmitry Peskov called them one-sided, illegal and in line with Europe's "consistently antirussian stance". Peskov said to reporters, "But, at the same, we've already acquired a degree of immunity from sanctions. We have...

Crude Oil

Mineral Resources

Mineral Resources

What's the significance of Russia claiming to have captured the Ukrainian town Chasiv Yar?

After nearly 16 months, Russia claimed to have taken control of the devastated town of Chasiv Yar (in eastern Ukraine), an assertion that Kyiv branded "propaganda". Here are some key facts about Chasiv Yar (also known as Chasov Yar by Russians) and the long struggle for its control that began in March/April of 2024. What is chasive yar? Chasiv Yar, a quiet ravine with a population of over 12,000 before the war, is located in the industrial Donbas region in Ukraine's Donetsk Region, one of four areas that Moscow claims to have annexed by 2022. Kyiv has called this annexation...

Mineral Resources

After a 16-month war, Russia claims to have captured the Ukrainian town of Chasiv Yar

After nearly 16 months, Russia announced on Thursday that it had taken the town of Chasiv Yar (in eastern Ukraine) after fighting. If confirmed, the advance would be a major victory for Moscow and allow them to push on toward key "fortress cities" in the Donetsk Region, such as Kostiantynivka and Sloviansk. On Thursday morning, the Ukrainian General Staff said that Russian forces attacked areas near Chasiv Yar. DeepState is a Ukrainian mapping site with open-source data that shows the frontlines. It showed Ukraine's troops controlling the western portion of the town. The battle for Chasiv Yar started in April...

Mineral Resources

Russian oil tycoon Shvidler lost Supreme Court appeal against UK sanction

The UK Supreme Court ruled on Tuesday that billionaire oil tycoon Eugene Shvidler's appeal against British sanctions imposed upon him due to Moscow's invasion in Ukraine was dismissed. Shvidler received a sanction in March 2022 because of his relationship with Roman Abramovich - the former owner of Chelsea Football Club - and Shvidler's previous position as director of Evraz, a Russian steel producer listed on London. Forbes magazine estimates Shvidler's net worth at $1.6 billion. His lawyers appealed the Supreme Court arguing that other businessmen with greater involvement were not sanctioned. They cited BP's joint venture with Rosneft. The British...

Mineral Resources

Russian oil tycoon Shvidler lost Supreme Court appeal against UK sanction

The UK Supreme Court has rejected the latest attempt by billionaire oil tycoon Eugene Shvidler to reverse British sanctions over Moscow's invasion in Ukraine. Shvidler received a sanction in March 2022 due to his association with Roman Abramovich (former owner of Chelsea Football Club) and Shvidler’s previous position as director of Russian steel producer Evraz, listed on the London Stock Exchange. He claimed that the decision was arbitrarily made, since other companies and executives who are involved in businesses which are strategically important for Russia were not targeted. The British Foreign Office, who has sanctioned more than 1,700 people or...

Mineral Resources

What is Patriot missile system? How does it help Ukraine?

Boris Pistorius, German Defence Minister, will discuss with Pete Hegseth, U.S. Secretary for Defence of Defence in Washington the possibility that Germany could pay for American Patriot air defense systems for Ukraine. Donald Trump, the U.S. president, said on Sunday that the U.S. will send an unspecified number of Patriots into Ukraine and the European Union will pay for them. The Ukrainian president Volodymyr Zelenskiy asked for additional defensive capabilities including Patriot missiles and systems to counter daily Russian missile and drone attacks. Here are some important facts about the Patriot What is the Patriot System? The Patriot is a...

Mining

Officials backed by Russia claim that Russia has captured a village in eastern Ukraine near a lithium deposit

A Russian-backed official announced on Thursday that Russian troops had taken control of an eastern Ukrainian village near a lithium deposit, after fierce resistance by Ukrainian forces. Shevchenko, a village in Donetsk in Ukraine, is one of four regions that Moscow claims as its own territory. Kyiv and the Western powers have rejected this as illegal. On Thursday, the Russian Defence Ministry said that Shevchenko and another settlement named Novoserhiivka had been taken. Ukraine has not yet commented on the report. Deep State, a Ukrainian military blog resource that uses open source mapping, shows Shevchenko as being under Russian control....

Mining

G7 meeting seeks unity amid intensifying conflicts in Ukraine and the Middle East

Leaders of the Group of Seven nations began their annual meetings on Monday, amid the wars in Ukraine as well as the Middle East which have added to the global economic uncertainty. The host country Canada is also trying to avoid a confrontation with U.S. president Donald Trump. G7 leaders, including those from the United States, Canada, France and Germany, as well as Japan, the U.S.A., the European Union and Britain, will be meeting in Kananaskis, a resort in the Canadian Rockies, until Tuesday. Beyond the picturesque and serene mountain setting, however, they face challenges. Trump's first five months in...

Mineral Resources

G7 leaders gather in Canada to avoid Trump clash

The Group of Seven Leaders will gather in the Canadian Rockies on Sunday, amid growing divisions between the United States and Canada over trade and foreign policy. Canada is trying to avoid any clashes with Trump. The conflicts in the Middle East, Ukraine and U.S. Tariffs are likely to be prominently discussed. Israel, an ally of the United States, launched a barrage on Iran's borders on Thursday. This was a blow for Trump's diplomatic efforts in preventing such an attack. The summit will be held in Kananaskis Mountain Resort, about 90 km (56 mi) west of Calgary. Last time Canada...

Mineral Resources

Ukraine and the US discuss ways to make the minerals fund operational within a year

Ukraine's Yulia Shvyrydenko said that the United States and Ukraine have discussed ways to make the minerals fund operational before the end of this year. The fund's initial meeting is scheduled for July. Svyrydenko signed the agreement in Washington, after months of hard negotiations, which made the terms more favorable for Kyiv. The agreement was heavily promoted by U.S. president Donald Trump. The Ukrainian parliament ratified this agreement. Svyrydenko met with U.S. Treasury Sec. Scott Bessent on Wednesday and the Development Finance Corporation which will be the partner of the Minerals Fund. "We discussed very concrete steps to make this...

Mineral Resources

Ukraine and the U.S. discuss ways to make a minerals fund operational within a year

Ukraine's Yulia Shvyrydenko said that the United States and Ukraine have discussed ways to make the minerals fund operational before the end of this year. The fund's initial meeting is scheduled for July. Svyrydenko signed the agreement in Washington, after months of hard negotiations, which made the terms more favorable for Kyiv. The agreement was heavily promoted by U.S. president Donald Trump. The Ukrainian parliament then ratified this agreement. Svyrydenko met with U.S. Treasury Sec. Scott Bessent on Wednesday and the Development Finance Corporation which will be the partner of the Minerals Fund. "We discussed very concrete steps to make...

Mineral Resources

Ferrexpo unit faces bankruptcy proceedings in Ukraine

Ferrexpo, a Ukrainian miner with a focus on Ukraine, said that the Commercial Court of Poltava accepted a request to open bankruptcy proceedings of Ferrexpo Poltava Mining. Ferrexpo shares dropped 6.6% to 65p after the announcement. The company stated that while the application was accepted, formal bankruptcy proceedings have not yet been initiated against the unit. The court has set a preliminary court hearing on May 27 to consider the bankruptcy petition. Ferrexpo has been involved in legal disputes with Ukraine since 2022 when its controlling shareholder Ukrainian billionaire Kostiantyn Zhevago was arrested for embezzlement charges and his involvement in...

Mining

Ukraine Finance Minister: country strong despite "financial gaps"

Serhii Marchenko, Ukrainian Finance Minister, said that there is a financial gap in the budget of Ukraine for next year. However, he added that Ukraine was stronger than a year earlier and able to continue defending itself. Marchenko said that the recent mineral deal signed between the United States and Ukraine could also help Washington to better understand Ukraine. He said that the United States had made "very good progress" in strengthening their relationship. This was during a panel at the annual meeting for the European Bank for Reconstruction and Development held in London. I hope that it will definitely...