Europe

Russian drones attacked Ukraine’s Izmail port in southern Odesa overnight, damaging a civilian Panama flagged?vessel. Ukrainian?officials? said? on Tuesday. Oleksiy Kulba, Ukraine's Vice Prime Minister, said that several strikes had been recorded in the port area. He added that different infrastructure elements and equipment have also been damaged. Kuleba, a Telegram user, said that the enemy was "once again" deliberately targeting critical infrastructure and logistical facilities in the Odesa region. He said that one of the strikes caused a fire which was quickly put out. Ukrainian Sea Ports Authority stated that the port continues to operate. Oleh 'Kiper, Regional Governor...

Data from industry sources show that despite the disruptions caused by drone attacks on key ports in March, Russia's seaborne product exports rose 0.9% compared to February. Drone strikes in late March on the Baltic ports Primorsk, Ust-Luga and the terminal infrastructure caused fires to fuel tanks and storage containers. Meanwhile, persistent storms and further drone strikes forced the port of Novorossiysk at the Black Sea to halt loadings early last month. The traders claimed that a ban on the entry of non-ice class tankers into Russian Baltic ports impacted vessel availability and hampered loadings last month. Data from industry...

Irish police cleared protesters who had blocked the only oil refinery in Ireland on Saturday, after a senior government minister said that protests over surging fuel prices created a "very danger economic moment" for Ireland. Protesters angry by a rise of more than 20% in diesel prices following the U.S./Israeli war on Iran have used tractors and trucks to block a Whitegate refinery and a fuel terminal, as well as a few roads in Dublin's capital. The government said that hundreds of petrol stations were left 'without fuel,' putting emergency services at risk. State broadcaster RTE reported that police detained...

On Friday, protesters in Ireland demanded government action over surging fuel prices. They used tractors and truck to block a port, fuel depot and oil refinery. The prime minister was forced to warn that the country might have to turn fuel deliveries away. Micheal Martin, who spoke on Friday, said that the blockades of Irish oil pipelines, which were triggered by the more than 20 percent increase in diesel prices following the U.S./Iran war, will cause serious economic damage. Fuels for Ireland, an industry?group, said that more than 100 petrol?stations had run out of fuel. "The situation is extremely severe...

The European airport industry has warned of a possible systemic shortage of jet fuel in just three weeks, if the Strait of Hormuz does not open up. They have called for urgent EU-wide actions to secure supplies ahead the summer peak travel season. Airports Council International Europe, in a letter dated April 9 to the European Commission (ACI), said that a fuel shortage would "significantly hurt the European economy" and compound the macroeconomic effects of the rising oil prices caused by the Middle East conflict. Financial Times was the first publication to cover this letter. The Commission didn't immediately respond...

Cabin crew from 'Lufthansa' and its regional unit Lufthansa CityLine went on strike for a full day, while Lufthansa City Airlines signed its first contract. The union UFO organized the industrial action, which will run from midnight to 10:00 pm (2000 GMT). Fraport, operator of Frankfurt Airport said on Friday morning that 580 flights had been cancelled. This affected 72,000 passengers, out of the 1,350 scheduled flights, and the 155,000 'passengers' expected for the day. Fraport said that the figures are for all airlines at the airport and not just Lufthansa. They may change throughout the day. CITY AIRLINES SHARPLY...

Two sources familiar with port operations said that Russia's Black Sea Port?of Novorossiysk?partially resumed oil and fuel loadings? from its Sheskharis Terminal?later?on Thursday? after this week's suspension due to a drone strike. Sheskharis, Russia's largest oil terminal with a capacity to load 700,000 barrels of crude oil per day, suspended oil loadings Monday following a Ukrainian drone attack that started fires in a fuel terminal and at some berths. Oil tanker loading resumed on one berth and only a single cargo of about 80,000 tons is expected to leave Friday. After the strikes, the oil loading schedule would?be trimmed?and it...

On Thursday, Panamanian President Jose 'Raul Mulino sought to?calm tensions with China. He struck a?conciliatory note a day after he had called on the Asian superpower to increase inspections of Panama flagged vessels in a titt-for-tat reaction to China losing its concessions at Panamanian ports. Mulino, on a recent visit to the Balboa Port?on Pacific side of Panama Canal said: "We don't want a dispute with China." "I hope that the situation will de-escalate... that we can return to normality, both in our political relationship as well as in our understanding that the problem is one that will be solved."...

Two industry sources have told?two industry sources? that Kazakhstan will increase oil exports via the Baku-Tbilisi -Ceyhan pipe by 16% in April from March. Two industry sources told?that Kazakhstan plans to increase oil exports via?the Baku-Tbilisi-Ceyhan pipeline by 16%?in April from March. The pipeline, which can move more than a million barrels a day, will deliver oil from the Caspian Sea, a landlocked region, to the Mediterranean Sea, avoiding politically unstable areas such as Iran and Russia's Caucasus. The BTC, which runs 1,768 km (1.100 miles), is vital?for the delivery of Azeri oil and Kazakh crude to global markets through...

For now, the war that shut down the Strait of Hormuz is over. Tehran's insistence on acting as the toll booth keeper for the world's critical?oil artery could make energy markets more vulnerable and lead to higher prices. According to U.S. president Donald Trump, the U.S., Iran and Pakistan agreed to a ceasefire on Tuesday, which was mediated by Pakistan. Tehran must halt its blockade against oil and gas through the Strait. According to an Iranian official, the waterway through which a fifth or more of the world's gas and oil flowed prior to the U.S./Israeli war against Iran, it...

On Wednesday, protesters urging the government to help lower fuel prices clogged busy roads and motorways in Ireland with parked tractors and lorries. This caused a disruption for commuters as well as public transport. On Tuesday, convoys of vehicles converged on Dublin and other cities and towns. Protesters, including farmers and hauliers, complained that a 250-million euro package temporarily reducing taxes on gasoline and diesel "didn't go far enough" to cushion the cost of the Middle East Conflict. Christopher Duffy, 46 a farmer contractor, said: "With the prices we're paying for fuel, my business is probably just two months away...

Three sources familiar with this matter have confirmed that the Ust-Luga Port has resumed oil exports, despite ongoing drone strikes. LSEG data?showed. According to LSEG and sources, the vessel 'Jewel' left Ust-Luga with 700,000 barrels on board. Loadings had been halted for almost two weeks. The Baltic port is capable of loading up to 700,000 barrels a day. Ust-Luga oil loadings were halted on 25 March after a heavy?drone attack from Ukraine?damaged the port. The attacks have continued during the suspension. Sources said that the Jewel began loading oil at the weekend, but it did not depart immediately due to...

The International Energy Agency has drastically cut their 'forecasts' for the growth of global oil supply and demand. Both are expected to drop from levels in 2025 as wars in the Middle East disrupt oil flows and weigh on a global economy. The IEA has revised its projections for global 'oil demand' to a decline of 80,000 barrels a day by?2026. This is compared to a projected increase year-on-year of 640,000 bpd iin the previous monthly report. The IEA stated that "demand destruction" will continue to spread as long as scarcity and high prices continue. It added that the Middle...

The International Energy Agency reported that Russia's revenue from crude oil and re-fined?products increased in March. They had fallen to their lowest level since the start of the Ukraine conflict in 2022 in February, when prices spiked because of the Iran war. The commodity revenues of Russia are vital to the state budget. They also help support increasing military expenditures. The Paris-based International Energy Agency (IEA)?said that Russia's crude exports increased by 270,000 barrels a day last month, from February, to 4.6 millions bpd. This was mainly due to higher seaborne shipments because the Druzhba Pipeline remained offline. Following the...

Alparslan bayraktar, the Energy Minister of Turkey, said that TPAO, Turkey's upstream oil and 'gas company will'start acquiring shares' in foreign companies as part 'of Ankara’s 'plans 'to develop international partnerships 'to boost its energy exploration. TotalEnergies, a French oil company, announced earlier that it had signed a preliminary agreement to explore 'Turkey’s Black Sea waters in search of hydrocarbons. This is the 'fifth such accord signed by Turkish firms with oil majors this year. "We will soon turn a new page, too." Bayraktar did not elaborate on the fact that TPAO will be entering a new field by purchasing...

Three sources said that Chevron is expected to sign an agreement on Monday to return the Loran field to Venezuela, and to participate in a new extra-heavy crude area in Venezuela's main oil regions. Shell will sign a contract to operate the Loran field. Three sources close to the preparations said that Shell will sign a contract for the Loran gas field. The agreement is part of a series of changes and expansions since the U.S. launched a $100 billion plan to rebuild Venezuela's energy industry after it captured President Nicolas Maduro. Sources said that the agreements, which have not...

According to calculations and data from sources, the freight rates for shipping Russia’s flagship Urals crude to India in April weakened, giving exporters an additional $8 per barrel. The Iran War has caused a'surge' in energy prices that has kept benchmark oil prices above $100 per barrel. Urals, the company’s key Indian market, is now trading at a higher price than the North Sea benchmark. The spike in freight prices last month increased exporters' costs, and reduced the benefits of higher crude oil prices. The rates eased in April as the ice conditions at Russia's Baltic port improved and the...

Donald Tusk, the Polish Prime Minister, said on Monday that Hungary's elections show that Europe is not destined to authoritarian rule. The center-right party, 'Tisza', ended Viktor Orban 16 years of power. Tusk, while on a state visit to South Korea according to the Polish state owned news agency PAP, said: "Everyone was concerned about a tendency towards authoritarian and corrupt regimes." It's not true. First Warsaw, Bucharest, Chisinau and now Budapest. The centrist Nicusor Dan won the presidential elections in Romania, and Moldova's proeuropean ruling party won an resounding win over its Russia-aligned opponent. Tusk had repeatedly criticised?Orban’s government...

Robert Fico, the Slovak prime minister, congratulated Peter Magyar on his election as the new leader of Hungary, and offered "intensive?cooperation". He also expressed gratitude to Viktor Orban, who is leaving office after a shocking result in an important election. Fico, who was a key ally and had backed Orban's candidacy before the voting began, said that Slovakia was prepared for close ties, with joint action to protect energy interests as a priority. After 16 years of power, Orban's veteran nationalist party lost its majority in the Sunday election. The Magyar Party and his upstart centre-right Tisza won a comfortable...

Trading and port sources reported that Russia's crude exports increased in early April, compared to March. Calculations also showed this, despite the disruptions to loadings caused by drone attacks on energy infrastructure. In late March, Ukraine increased drone attacks against Russian oil export ports on the Baltic Sea, Black Sea, and major Russian refineries. This could lead to the state cutting its crude production due to disruptions in supply chains. Three trading sources and port sources reported that the Baltic ports of Primorsk, Ust-Luga and Novorossiisk loaded a total of about 2 million barrels of crude oil per day in...

Ukraine has made significant improvements in restoring the damaged Druzhba pipeline and will finish the repairs by spring, said President Volodymyr Zelenskiy, amid a "bitter dispute" with Hungary over the disruption of Russian oil supplies. Hungary and Slovakia are no longer receiving Russian oil via Druzhba after a drone attack in Ukraine damaged the pipeline. Hungarian and Slovak governments, who have both maintained close energy and political ties with Russia ever since the invasion of Ukraine by Russia in 2022, accuse Kyiv for delaying repairs. Ukraine denies this. We will finish the repairs, because we agreed to it. Zelenskiy said...

Aneel, head of Brazil's energy regulator, said that a unit of Italy's Enel, located in 'Sao Paulo and at risk of losing its contract to distribute electricity because of 'alleged poor performance', could sell it to another company to avoid financial losses. The Brazilian regulator began an administrative procedure earlier this week in order to potentially revoke Enel Sao Paulo’s concession after identifying “structural failures” in the provisioning of services following recent extreme weather events. Brazil's Energy minister Alexandre Silveira stated on Wednesday that "a negotiated exit" is still possible if the regulator recommends that the federal government cancel?Enel?s contract....

Officials from Ukraine said that Russian drones destroyed a substation in the southern Odesa region of Ukraine on Wednesday. Meanwhile, Moscow's forces repeatedly attacked areas further east, killing one person. Oleh Kiper, regional governor of Odesa region, said that emergency services were on the scene and there had been no reported injuries. DTEK is a large energy company. It said that?one of their substations was damaged. Crews were waiting for word to start repairs. DTEK stated that the area had been under Russian attack "almost around the clock". Ukraine's energy infrastructure has been attacked for months. In the four-year conflict,...

Russian drones destroyed a power station in Ukraine's southern Odesa region, officials said. Meanwhile, Moscow's forces attacked areas further east repeatedly, killing one person and injuring eight others. Oleh Kiper said in Telegram that emergency services were still at the scene of the attack. He stated that no injuries were reported. DTEK is a large private energy company. One of its substations was damaged. Crews waited for word to start repairs. DTEK claimed that the area had been under Russian attacks "almost around the clock". Ukraine has been attacked by the Russian military for several months. The Black Sea port...