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The US waiver is unlikely to increase Russian oil exports, which are already at near capacity.
The United States has renewed its waiver of sanctions on Russian oil exports. The waiver of sanctions on Russian oil exports will not materially increase Russia's exports, as the shipments are already close to the infrastructure limit, according to traders citing shipping statistics. The United States extended a waiver this week that allows limited trade of Russian crude. U.S. Treasury Sec. Scott Bessent stated that the decision was made to help "energy-vulnerable countries" affected by the Iran Conflict, and reversed earlier plans to not renew the measure. The waiver is the same as in previous versions. It allows purchases of Russian crude oil and petroleum products that are subject to U.S. sanction and were loaded on vessels by April 17. This effectively caps volumes and prevents access to newly loaded cargoes. The extension will not significantly increase exports as Russia already maximizes shipments to ease pressure on the oil system. Waves of Ukrainian strikes have targeted energy infrastructure and refineries since March. This has disrupted processing, allowing more crude to be exported. According to LSEG and trader data, exports and transit through Russia's western port increased by around 150,000 barrels a day (bpd) or about 9% in the first two week of May compared to April. Between May 1 and 15, shipments of Urals, KEBCO, and Siberian Light Crude?from Primorsk and Ust-Luga, as well as carry-over volumes, averaged 2.35 to 2.4 mbpd, up from 2.2 mbpd. These levels are close to the capacity of the Transneft system, according to traders. The system is overloaded. One trader stated that there isn't a lot of room to add more barrels. Russia is boosting its crude oil exports due to repeated Ukrainian drone attacks that disrupt refinery operations. These attacks have a 'curtailed domestic processing and forced more oil onto the export markets. Sources said that at the same time spare capacity is decreasing in the export infrastructure, which limits Russia's ability?to increase?flows despite waiver. Sources said that traders?added maintaining high export volumes allowed Russia to maintain production, previously reported as having declined in April. Another trader stated that exports were being prioritized to maintain output. "But the ceiling has already been reached." (Reuter's reporting)
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Russian diesel cargo drifting near Chile for two months, data shows
LSEG data and industry sources showed that a Russian diesel cargo had been floating off the coast of Chile for almost two months. This is despite fuel shortages in parts of South America. The latest shipping disruption is the delay in?dispharging?. According to market sources, this is due to a rise in fuel prices that has occurred since mid-February in response the Iran War. This has led some traders in the spot market sector to look for higher margin deals. Shipping data shows that the tanker MT Sauri loaded around 30,000 metric tonnes of?diesel in Russia's Baltic Port of Vysotsk, on February 12. It then transited through the Panama Canal and drifted near the Chilean port Arica, since March 17. The cargo was likely bound for Bolivia, a landlocked country that relies heavily on nearby ports to import goods by sea. It is unclear what caused the delay. Bolivia's energy company YPFB has not responded to a comment request immediately. Three tankers carrying Russian Ultra-low Sulphur Diesel (ULSD), which were on their way to Brazil, were diverted in April. According to shipping data, three more?tankers that were loaded with low-sulfur diesel in the Russian Baltic port of Primorsk in April are also drifting without a destination, as they wait for orders. Russia began supplying diesel fuel to Bolivia in 2024, to ease fuel shortages. Last year, it shipped at least 190,000 tonnes of diesel, as Western sanctions forced Moscow to expand into Latin America. Late in April, the Bolivian government approved a decret allowing YPFB to make direct fuel purchases 'on international spot market, enabling YPFB to purchase hydrocarbons directly without intermediaries to ensure domestic supply. (Reporting from Moscow. Lucinda Ell in Montevideo also contributed to the report. Mark Potter (Editing)
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US Homeland Security claims it helped Spain in its investigation of former PM Zapatero
A spokesperson for the Department of Homeland Security (DHS) confirmed that it assisted Spanish police with a money laundering probe, which led to a High Court investigation of former Spanish Prime Minister Jose Luis Rodriguez Zapatero. A Spanish court said on Tuesday that Zapatero was being investigated for allegedly running an influence-peddling network and money laundering. This is another blow to a leftist government plagued by corruption scandals. The report said that the network led by Zapatero made money by lobbying the public authorities for third parties, primarily the Spanish airline Plus Ultra which was bailed out by the government in 2021. Zapatero is a close ally to the current Prime Minister, fellow Socialist Pedro Sanchez. He led Spain between 2004 and 2011. The DHS spokesperson said that the Madrid Homeland Security Investigations office "assisted" the Spanish National Police with an investigation into laundering 'international public funds', which led to the proceedings brought against Zapatero. The spokesperson stated that "while we cannot comment 'on the details of a criminal investigation, at this time HSI is committed to working with international partners to combat global crime, protect communities, and uphold rule of law." The High Court stated in its writ that the HSI had extracted information from a cell phone?of Rodolfo?Reyes, who has ties to Plus Ultra, is also under investigation, and given this information to Spanish Police. Zapatero remains active in politics. He has appeared at rallies to support the Socialist candidate in regional elections in Andalusia. He has been a mediator internationally with the Venezuelan Government to release political prisoners. The court stated on Tuesday that the alleged scheme was designed to influence approval of a public aid package worth EUR53 million ($61.51million) to Plus Ultra via Spain's solvency fund during the COVID-19 epidemic. Jose Luis Calama, who conducted the investigation, found that the network had used shell companies and simulated documents to conceal the source and destination of EUR1,95 million. $1 = 0.8626 euro (Reporting Ted Hesson; additional reporting Joan Faus, Charlie Devereux and Aislinn laing; editing by Aislinn and Gus Trompiz).
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Qatar Airways rebuilds global network following Iran War Profits
State-owned Qatar Airways reported a'more than 7 percent decline in net profit on Wednesday, but it 'flagged progress?in re-building its global schedule while it navigates through the impact of Iran war. Since the beginning of the conflict in the Middle East at the end of February, thousands of flights have been cancelled due to temporary airspace closures. Qatar Airways posted a net profit of 7,08?billion qar ($1.94 billion), for the 12-month period ending March 31, as passenger numbers dropped from 43.1 to 41.8 million. In a recent statement, CEO Hamad Al-Khater stated that "we are actively rebuilding our global networks with confidence that comes from having a balance sheet which has never been more solid, partnerships who have proven their strength when we most needed them, and an organization that has 'demonstrated, under real pressure, what it can do." Gulf carrier said it aims to reach 160 destinations with its network by summer. Qatar Airways, Dubai's Emirates and other major Gulf airlines are gradually restoring their networks. However, capacity is still below the pre-war level. The renewed?attacks against the United Arab Emirates this month have cast uncertainty over a fragile truce that began in April.
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EU selects tungsten and rare earths as first stockpiles to curb China's dependence
Three sources with knowledge of the matter said that the European Union has shortlisted tungsten and rare earths for its first joint stockpile. The goal is to reduce its dependence on China. One of the sources, and a third source, said that the EU was also in talks with Rotterdam, the largest port in the Netherlands. This is one of the most concrete measures taken by the EU to protect its economy from Beijing, which has a 'dominance' in the production of critical minerals that are vital to defence, semiconductors and energy transition. After Beijing's export restrictions sent shockwaves throughout the global economy, Western allies including the United States are racing to build their own stockpiles. Two sources stated that magnesium was on the list of priorities, and one source said that graphite and germanium were expected to be in the final mix. The majority of minerals considered, with the exception of magnesium, are on NATO's 12 essential elements for the defense industry. Metals are used in many other products, including aircraft, cars and semiconductors for smartphones. They also play a role in renewable energy infrastructure, such as wind turbines. The European Commission announced its stockpile initiative in December. Ten EU countries participate in the planning in groups headed by Germany, France and Italy. The G7 has given France the priority to diversify critical mineral supplies. In parallel, the bloc is also in talks about establishing a permanent secretariat. This will ensure that this work continues beyond the rotating presidency. A spokesperson for the Port of Rotterdam declined to comment immediately. A spokesperson from the European Commission declined comment. Reporting by Julia Payne, Pratima Dasai and Bernadettebaum. Editing by Bernadettebaum.
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A US doctor who has been in contact with an Ebola patient will be hospitalised in Czech Republic
Czech officials confirmed that a U.S. physician is being transferred from Uganda to a hospital in Prague after coming into contact with an Ebola-infected patient. Adam Vojtech, the Health Minister on 'X' on Wednesday, said that the doctor was showing no signs of the deadly virus. He will be hospitalized as a precaution after a request from the United States. In eastern Democratic Republic of Congo there have been more than 130 confirmed deaths linked to the Ebola outbreak. Cases have also been confirmed in neighboring Uganda. The Faculty Hospital Bulovka, a specialist in infectious diseases, in Prague said late on Tuesday that the patient would be transported in an isolation unit, and expected to arrive Wednesday evening. The hospital stated that "the case does not present a threat to the public of the Czech Republic and procedures are set for similar situations." Tedros Adhanom Ghebreyesus, Director-General of the World Health Organization, declared Saturday that the outbreak of "the rare Bundibugyo virus strain" was a public health emergency of international concern. This is the first time the WHO director has taken such a step before convening a committee to deal with the emergency. Experts are concerned by the outbreak because it spread undetected for several weeks in a heavily populated area that had been ravaged with widespread violence. A deadly outbreak in eastern Congo between 2018 and 2020 killed more than 2,300 people. (Reporting and editing by Andrew Heavens; Jason Hovet)
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M&S to return to growth in profit after cyber-hack related slump
Marks & Spencer, a British'retailer', has forecast that profits will grow in its upcoming financial year. In 2025/26 the retailer suffered a 24% drop due to a hacking incident which led to a suspension of online clothing orders for seven weeks. This resulted in a decline in sales and margins. M&S is a 142-year old retailer that has been a household name in the UK for decades. It said it was entering its 2026/27 fiscal year with a 'clear plan' and a'strong balance sheet. They were also focused on improving product availability and customer service. It said that "Profit growth will resume in 2024/25". M&S's outlook for 'current year' includes higher fuel and freight costs, as well as continued government taxes and regulatory pressures on the sector. It said that these costs are being reduced through better buying, reinvesting in value to drive volume, and by reducing structural costs.
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Spend a moment to think about the biggest diesel importers in the world: Maguire
The U.S. and Israeli war on Iran has brought the crude oil price to the forefront of public attention. Most economies are powered by fuels and not oil. The sharp rise in diesel prices this year will likely cause the greatest economic damage. This is particularly the case in fuel-importing countries, who generally lack their own refinery capacity and must therefore rely on the international markets to supply diesel, gasoline and jet fuel, among other refined products. Fuel prices are rising faster than crude oil in some of the world's most important fuel trading hubs. This is a blow to consumers who have no choice but to pay for their fuel due to the lack of alternatives. The most significant increase in jet fuel prices has been in the majority of major trading regions. This is partly because the Middle East played a large role in the marginal supply of the fuel before the Iran conflict reduced ship traffic in the Strait of Hormuz. Diesel, or gasoil, is a close second and has a much deeper impact on everyday economic activities. Diesel is the main energy source for trucking fleets and rail systems. It also powers agriculture, construction, and agricultural equipment. The Iran War has caused a 50% increase in diesel prices in some markets. Importers will continue to face shortages of diesel until the conflict is resolved. Top Buyers Australia is the world's largest importer of diesel fuel, largely due to the closing of old refineries, and the unusually diesel-intensive economy of the agriculture, mining and trucking sectors. Data from commodities intelligence company Kpler show that Australia will import around 25 million metric tonnes of diesel in 2025. This is equivalent to about 2.10 million tons per month. Australia has imported around 2,19 million tonnes a month so far in 2026. This is mainly due to an increase in purchases in March to 2.52 million tons, which was a 18-month record. The conflict in Iran triggered a panic among importers. Fuel traders will continue to closely monitor the import volumes as the full impact of the higher import costs in 2026 is felt throughout the economy. Turkey, the second largest diesel importer in the world, has cut imports by 24% since 2026 as a result of rising prices. S&P Global predicts that Turkey's energy inflation will average 29% in this year, due to its heavy dependence upon imported energy products. Fuel inventories below normal due to lower imports may exacerbate the inflation problems in Turkey, but trucking, the backbone of the logistics system in Turkey, will continue to be imported over the next few months. Even if the high prices in Turkey cause more domestic economic pain, it is likely that continued Turkish interest will support international diesel until there is a significant recovery of global diesel supplies. Other key importers Diesel is a fuel that has a high demand, and it's difficult to reduce the imports despite the rising prices. However, some other large diesel importers managed to reduce their import volumes in 2026 as compared to last year. Kpler data shows that 10 of the top 15 diesel importers by 2025 have cut their imports this year in comparison to the average monthly imports of 2025. Brazil, France Egypt, United Kingdom, and South Africa, which were ranked third to seventh on the importer rankings in 2025, have all reduced their import volumes this year in comparison to the same month in 2025. The total?purchases made by these five nations between January and April was 17.3 millions tons. This compares to 21 million tons in the same period of 2025. The 3.6 million ton drop in collective purchases in recent months has "freed up" supplies for other importers and ensured that diesel price did not rise any further during peak periods of shortage. Diesel is essential to each of these economies, so an increase in imports can be expected, especially during periods of low prices tied to fluctuations in crude oil?prices. The global diesel market is likely to remain supported by end-user demand for the near future, despite the cautious approach of cost-conscious imported who were forced to reduce their order sizes because of sticker shock. Spare a thought, at the end, for those countries who rely the most on diesel. They are bound to a fuel that they cannot replace easily, regardless of the price. Diesel is used to power the trucks and machinery that transport food, the machines that grow it, and the generators which keep the lights on in the event of a failure of the grid. These economies are forced to slow down or pay more when supplies become scarce and costs rise. Diesel's stubborn necessity in a world obsessed with crude benchmarks leaves the biggest importers the most vulnerable and the least able escape the squeeze. These are the opinions of the columnist, an author for. You like this column? Open Interest (ROI) is your new essential source of global financial commentary. Follow ROI on LinkedIn, X and X. Listen to the Morning Bid podcast daily on Apple, Spotify or the app. Subscribe to the Morning Bid podcast and hear journalists discussing the latest news in finance and markets 7 days a weeks.
Stellantis, Dongfeng plan Europe JV; eye EV production in France
Stellantis, a Chinese company, and Dongfeng, a French one,?planned to form a joint-venture?in Europe. This could include production in a French factory, they said on Wednesday.
The two companies have signed an agreement for a JV that will be owned by Stellantis (51%), and Dongfeng (49%). This JV will cover manufacturing, sales, and engineering activities focusing on Dongfeng’s new energy vehicles.
The company will sell premium Voyah NEVs on some European markets.
This move builds on a previous deal announced last week, under which Dongfeng?will manufacture Jeep and Peugeot brands in China.
Stellantis will hold a capital market day on Thursday. CEO Antonio Filosa will be pitching investors about plans to regain a share of the North American and European markets.
RENNES, FRANCE SHARED PRODUCTION
In order to meet the requirements of the European Union, partners are planning to investigate local production at Stellantis’ Rennes factory in France.
Stellantis has announced that it will be sharing production in Spain with its Chinese partner Leapmotor and manufacturing small, economical e-cars in Italy. Stellantis wants to fill up its underused assembly line in Europe and increase production.
The agreement also aligns Dongfeng’s global ambitions. The Chinese state-owned carmaker aims to sell 5 million vehicles annually by 2030. More than 40% of those sales will come from outside China.
Dongfeng owns just a little over 1% of Stellantis. It was a long-time?investor with Peugeot maker PSA. In 2021, Fiat Chrysler merged with PSA to form Stellantis.
(source: Reuters)