Asia

Gautam Adani will ask a U.S. His lawyers announced on Tuesday that he will?ask a?U.S. Adani and Sagar Adani, both executives and directors at Adani Green Energy where they are both employed, were charged in November 2024 by the Securities and Exchange Commission (SEC) with orchestrating a bribery scheme in which hundreds of millions of dollars in bribes would be paid or promised to Indian government officials for Adani Green Energy's benefit. Adani Green is accused of failing to disclose the scheme to bond investors in documents for its $750 million offering in 2021. Adani's attorneys said in a filing...

Two sources with knowledge of the situation said that the?crude oil exports from the?Russian Sheskharis terminal in the Black Sea Port of Novorossiysk had been suspended following a massive drone strike and an fire. The Black Sea's main oil outlet is the terminal that?loads approximately 700,000 barrels of crude per day. The suspension of the terminal will increase the strain on Russian infrastructure that has been repeatedly targeted. Sources in the industry say that Russia's main Baltic Ust-Luga Port's oil 'exports' have been suspended since last Monday 'after heavy drone attacks 'and fires. Sources say that Russia is likely to...

According to the registry of authorized companies, Russia's largest producer of liquefied gas, Novatek, has set up a firm to build its own vessels and floating facilities. This is due to a shortage in gas tankers caused by sanctions. Ilya Luschchikov, the?head of Novatek’s Murmansk LNG Project, is responsible for the?new company, Severny Inzhiniring or?Northern Engineering. According to the registry, it was established on March 25. Novatek didn't?reply a?"request for comments. The Western sanctions that were imposed on Russia in 2022 severely limited the number of tankers capable of transporting LNG cargoes. Zvezda is Russia's leading shipbuilder. They specialize in...

According to industry sources, Russia's Baltic oil hubs in Ust-Luga, and Primorsk, are unable to process shipments after a series Ukrainian drone attacks. This has prompted the country's refineries?to 'find alternative routes' for 'export'. At least five attacks on Ust-Luga occurred in a span of 10 days, causing damage to the port infrastructure. Sources claim that the restrictions on exports, as well as disruptions in large refineries, could lead to a drop in oil production in Russia. Since March 22, traders said that refineries have been unable?to deliver diesel fuel for export to Primorsk,?leaving them without their most viable export...

The Canadian finance minister stated on Friday that he had discussed supply chain integrity with his counterparts in China during a meeting aimed at boosting trade. Ottawa is under scrutiny from the United States over its labour laws. The Finance Minister Francois Philippe Champagne told reporters the meeting was primarily focused on the financial sector, but also included trade in energy and pork. Canada is working to increase its overall exports to China by 50% by 2030. Champagne stated that "Canada places a high priority on the 'integrity of supply chains' and that our trade should be conducted according to...

Data from market sources and LSEG revealed that Russia's seaborne gasoil and diesel exports dropped 3% between February and?March to 3.06 million metric tons, as drone attacks disrupted fuel loads at key ports. Sources said that the ultra-low-sulphur Diesel shipments from Primorsk in the Baltic, Russia's largest outlet for diesel exports fell to 1.713 millions tons, down 2.6% since February. Last week, Ukrainian drones repeatedly attacked the Russian Baltic ports Primorsk & Ust-Luga. Following drone attacks, the two ports halted oil and fuel loadings on March 22. The next day, a drone attack caused a fire to break out at...

An industry source said on Wednesday that oil production in Kazakhstan increased by?2% from February as output ramped-up at the giant 'Tengiz' field. Oilfields in the Caspian Sea's northeastern corner have been pumping at lower levels since January 18th, when fires broke out at power stations. This has increased uncertainty on global markets that are battling a lack of oil due to the?U.S. and Israel war against Iran. The source stated that the field produced an average of 700,000 barrels per day in March. This is a 19% increase from February. According to a source it peaked at 978,000 barrels...

Bahrain circulated a revised draft U.N. Security Council resolution on protecting commercial ships?in and around Strait of Hormuz. The language was retained, authorising "all necessary measures" but removing a reference to 'binding enforcement. The shipping through this waterway has already been slowed down to a near halt, after Iran attacked vessels during its conflict with Israel and the United States. Bahrain's first draft was seen and supported by other Gulf Arab countries and Washington. It explicitly invoked Chapter VII (of the U.N. Charter) which allows the Security Council authorise measures from sanctions to military power. Diplomats stated that adoption of...

Shipping data revealed that a Russian-flagged oil tanker with 700,000 barrels of crude oil docked at Cuba's Matanzas Oil Terminal?on Tuesday. This was the first significant oil shipment to the island after President Donald Trump's Administration cut off the fuel supply. Under U.S. sanction, the Anatoly Kodkin vessel entered Cuban waters late Sunday, not far from Guantanamo's U.S. Navy Base. This was despite U.S. restrictions imposed on oil supplies from Russia to Cuba. The U.S. claimed that it allowed the tanker's crude oil delivery for humanitarian reasons. LSEG data shows that the?Aframax fuel tanker entered Cuba’s largest fuel storage area...

The Iran War has disrupted the global trade via the Strait of Hormuz. This vital waterway is normally used by a fifth of all?oil & liquefied gas in the world. Iran's Revolutionary Guards warned that vessels passing through the narrow Strait would be "targeted" after the U.S. launched attacks on the country on 28 February. Here is a list with reported attacks. MARK 1 V.Ships, the manager of V.Ships, said that a crew member died on the Marshall Islands flagged crude tanker MKD VYOM after it was struck by a projectile while the vessel was sailing off the coast of...

Tanger Med in Morocco, Africa's biggest container port, is planning to increase calls from ships due to escalating tensions around the Middle East, said the port's managing director on Monday. Container carriers such as Hapag-Lloyd, Maersk and CMA CGM have announced this month that they will reroute vessels around Cape of Good Hope. Idriss Aarabi, the managing director of Tanger Med told me by email that rerouting would increase transit time from 10 to 14 extra days for vessels diverted via Cape of Good Hope in order to reach Tanger Med. Aarabi stated that the port of Tanger Med in...

The Asia-Pacific region is facing its toughest test yet since the COVID-19 Pandemic. There are few options available to policymakers as they try to protect their economies from an energy shock which is hitting them harder and earlier than anywhere else. Asia purchases about 80% of oil shipped through the Strait of Hormuz. According to commodity analysts at J.P. Morgan, shortages are expected to worsen in April and May, meaning that authorities will have to act quickly. Diesel prices have tripled in Manila for 'drivers' of jeepneys, colourful minibuses with a lot more power. Vietnam is facing a jet-fuel shortage,...

Two industry sources reported on Monday that a fire was started overnight at the Sheskharis Oil Terminal of 'Russia's Black Sea Port - Novorossiysk, following an attack by a Ukrainian drone. Ukraine intensified its aerial attacks against?Russian energy infrastructure including ports in an effort to reduce Moscow?s revenue from the sale of oil, which is the lifeblood for Russia?s economy. According to?sources, the blaze consumed?the main pier of Russia's oil pipe monopoly Transneft close to the berths 1a, 1b and 2. According to sources, Berth 1 can'service tankers up to a deadweight of 250,000 metric tons. While berth 2, 'can...

The Kremlin said on Monday that although there was not conclusive proof, it was "highly probable" that evidence would be found that 'Ukraine planted explosives near a pipeline in Serbia that carries Russian gas into Hungary. Viktor Orban, the Hungarian prime minister who is facing a tough reelection campaign on Sunday, convened a?emergency defense council' on Sunday following explosives found near the TurkStream pipeline in Serbia. Orban claimed that Ukraine has been trying to cut Europe off from Russian oil for years, but he did not directly blame Kyiv. Ukraine's Foreign Ministry rejected any attempt to?link it with the?explosive. "The...

The Russian military announced early Monday morning that its air defence units had shot down 148 Ukrainian drones in a period of three hours. Officials also said that emergency crews were working to restore power to nearly half a million households who suffered outages due air attacks. A drone struck an apartment in the Russian Black Sea port city of Novorossiysk on Sunday evening. The drone also killed a volunteer for civil defence in Russia's border area of Belgorod. According to a?statement from the Russian Defence Ministry, air defence units intercepted between 8 and 11 pm 148 'drones', mainly in...

Data from LSEG/Kpler showed that an oil 'tanker' loaded with Iraqi crude was seen transiting the Strait of Hormuz near the Iranian coast a few days after Iran announced Iraq was exempted from any restrictions on transiting this vital -sea route. Kpler data shows that the Ocean Thunder loaded approximately 1 million barrels of Basrah heavy crude on March 2. It is expected to "discharge" its cargo in Pengerang, Malaysia by mid-April. Iran closed the Strait after U.S. airstrikes and Israeli strikes on Iran in late February escalated a conflict. Later, it said that vessels without U.S. and Israeli connections...

Leaders from Serbia and Hungary said that explosives of "devastating power" were discovered near the Turkstream pipeline in Serbia, which carries Russian gas to Hungary. Hungarian Prime Minster Viktor Orban claimed that Serbian President Aleksandar Vucic had told him explosives were found near the pipeline transporting Russian gas from the Balkans into Central and Eastern Europe. Vucic, an ally close to Orban, wrote on Instagram that "our units found explosives of devastating power." "I told Orban, the?PM that we would keep you updated on this investigation." Orban, after a phone call with Vucic on Sunday, announced in a post on...

A Ukrainian military attack on Friday cut off power to Russian-held areas of the Zaporizhzhia region. Emergency crews are working to restore it. There are power outages at some locations in the southern part Zaporizhzhia Region. Yevgeny Belitsky, Russia's appointed governor of Russian controlled areas in?the region said on Telegram that repair work was underway to restore the power. The outages are due to an enemy attack on the energy infrastructure of the?region. Ukrainian media outlets posted video clips showing what they claimed was an attack on an underground substation in Melitopol. The footage showed a large fireball rising over...

Three industry sources told Reuters that a Russian oil production cut is imminent due to Ukraine's strike on pipelines, port infrastructure and refineries, which has reduced export capacity by a million barrels / day or 5% of the total, according to their report. The conflict in the Middle East has already caused unprecedented disruptions in oil supply. A reduction in output from Russia, the second largest exporter in the world, will add to this. Ukraine intensified its attacks over the past month on Russia's oil-export infrastructure. Ukraine's drone attacks are the most intense of its four-year-long war. They target the...

Andrej Babis, the Prime Minister of Czech Republic, said on Thursday that the government had agreed to cap fuel retailer's margins and reduce excise tax to limit fuel prices rising. Other governments in central Europe have also taken measures to reduce the impact of fuel prices resulting from the conflict in the Middle East, and the rising price of oil. Babis said at a press conference that the "chaos", caused by the lack of coordination between the central European countries, was due to the fact they had adopted?various?measures in order to curb the fallout from energy crisis. He said that...

Analysts said that Ukraine's natural gas imports would remain low at least until April. Purchases could increase if prices on the European market decline. Global gas and oil prices have soared due to the war in Iran. According to data from the operator of the gas transmission systems, Ukraine had planned to import exclusively 0.8 million cubic metres (mcm), as opposed 23 mcm, on Tuesday. Ukraine received gas in the period January to March from Poland, Hungary Slovakia and Romania. After Russia intensified its attacks on Ukrainian gas production in late 2013, Ukraine, which had previously only imported small volumes...

The Finnish Border Guard, who monitors maritime traffic in the region, reported that oil and LNG shipments were stopped on Wednesday. This was more than a fortnight after Ukrainian drones began attacking these Russian export hubs. Finland was able to see smoke after Ukrainian drones caused fires in Russia's Baltic port, leading to a suspension of fuel loadings last Wednesday. The attacks continue and Ust-Luga has been?hit on Tuesday for the fifth consecutive day in 10 days. "At this time, only a few oil tankers leave the oil ports of Primorsk or Ust-Luga." Mikko Hirvi, Head of Maritime Safety and...

Calculations showed that the average daily natural gas supply to Europe by Russian energy giant Gazprom via 'the TurkStream' undersea pipe rose 22% compared to a year ago to 55 million cubic meters in March. The Strait of Hormuz was closed to most shipping because of the Iran War, leaving the energy markets exposed to danger. After Ukraine decided?not extend a five year deal with Moscow, which?expired on January?2025, the Turkey is now the only route to Europe for Russian gas. According to calculations based on data provided by the European Gas Transmission Group Entsog, total Russian gas supplied to...

According to the Coffee Trading Academy, green coffee stocks in Japan, Europe, and the United States, the two largest coffee-consuming regions in the world, were near historic lows in February, despite the recent weakness of coffee prices. Japan's stock was 2.21 million 60 kg bags. This is a little different from January, and also from last year. It is still far below the 5-year average of 2.75 millions bags for this time of the year. CTA cited data from the European Coffee Federation to say that green coffee stocks in Europe were 6.8 million bags at the end of February....