Europe

Two industry sources?said that the Russian Tuapse refinery, which exports a majority of its products, has ceased operations after a drone attack by Ukraine on April 16th. Ukraine increased its attacks on Russia's infrastructure, as the U.S., who had mediated peace talks with Russia to end the conflict, shifted its focus?to the war in Iran. The U.S. has also lowered some sanctions against Russian oil in order to help reduce the impact of the supply disruptions in the Gulf. According to Russian officials the 'attacks on 16 April and 20 April 'on the city of Tuapse, on the Black Sea...

Baltic Exchange, who tracks and evaluates freight rates, proposed Monday amending their'methodology for all Middle East benchmarks. They cited the escalating geopolitical disturbance in the Strait of Hormuz and the wider Middle East area. The exchange wants immediate feedback about a proposal that would allow flexibility in the method?and include an area or port outside of the Middle East Gulf region. The original option of loading at a port within the region will continue. The Baltic Exchange's indexes and assessments can be used to settle freight derivatives trades, benchmark physical contracts, or as an overall indicator of the performance of...

Portugal is confident that there will not be any jet fuel shortages at the country's airports during the holiday travel season, despite fears among European airlines. Miguel Pinto Luz, the Portuguese Minister of Infrastructure, told reporters that his government is in touch with oil companies. He said they "know what stock levels are available at national airports", but refused to reveal them. European airlines warned that a 'war in Iran' could lead to a shortage of jet fuel, since Europe relies on Middle East imports for 75%. "It's a problem on a 'European scale. We are closely monitoring the situation....

Heathrow Airport's expansion plans are moving forward, and the aviation regulator in Britain has proposed that Heathrow Airport be allowed to recover up to 320 million pounds ($432.83 million) of early costs. The proposal is part of a broader initiative by 'Britain to improve aviation infrastructure, address long-standing capacity issues at Europe's busiest Airport and ensure consumer protections are maintained during the costly planning phase. The Civil Aviation Authority (CAA), said that the plan to allow Heathrow Airport a recoupment of costs incurred in 2025 and 2026 will help it fund the planning and design work to expand its airport....

Russian officials said that a major Ukrainian drone strike on Russia's Black Sea Port of Tuapse caused a fire, and at least one person was killed. This comes just hours after the blaze?was extinguished in the aftermath of a similar attack?on April 16th. Tuapse, one of Russia's most important southern ports, is an oil export hub. It also handles dry bulk cargo, including coal and fertiliser. It is also home to the Rosneft-owned major oil refinery with the same name. Veniamin kondratiev said that Tuapse had been subjected to a'massive drone strike,' on the messaging app Telegram. "A fire broke...

?Ship sources reported that two merchant vessels were hit by gunfire while attempting to cross the Strait of?Hormuz. After receiving a mariner's notice a day before, a number of commercial vessels attempted to transit the strait. The notice stated that passage was allowed but limited to Iran-approved lanes. Sources in maritime and shipping security said that on Saturday, "at least two ships" reported that Iranian boats had fired shots. These incidents occurred in the waters between Qeshm Island and Larak. Sources said that the vessels returned without completing their crossing. The United Kingdom Maritime?Operations agency (UKMTO), said that it received...

Overnight, Russian local governors reported that Ukrainian drones had struck two industrial cities along the 'Volga River, as well as a port on the Baltic Sea near St Petersburg, which exports petroleum products. Governor Alexander Drozdenko announced that a fire was extinguished in the Vysotsk port, where a terminal operated by Lukoil handles the export of diesel fuel, vacuum gas oil, and naphtha. Vyacheslav Federischev, the governor of Samara region, confirmed that industrial targets were attacked in Syzran and Novokuibyshevsk. These cities are located around 1,800 kilometers (1,118 miles), to a southeast of Vysotsk. He didn't name the oil refineries,...

Shipping companies welcomed Iran's announcement that the Strait of Hormuz was open, but they said a clarification would be needed before ships could enter the Gulf. The Foreign Minister Abbas Araqchi announced on Friday that all commercial vessels were welcome to use the Strait of Hormuz during a 10-day ceasefire agreement in Lebanon. This led to a drop in the price of oil and other commodities, while the stock market rose. Arsenio Dominguez, Secretary-General of UN shipping agency 'the International Maritime Organization' (IMO), said: "We are currently evaluating the recent announcement regarding the reopening of Strait of Hormuz in terms...

Uganda announced on Thursday that it had appointed Citibank as the 'financing partner for its 2.7 billion euro ($3.19 billion), Standard Gauge Railway (SGR) Project. Uganda's Finance Ministry posted on the X Platform that it is "in discussions with the World Bank for support of the project." The Washington-based global financier confirmed earlier this month that it was considering "a range of potential financing options" to finance the project. The post stated that a?Ugandan delegation in Washington attending the IMF and World Bank spring meetings met officials from Citibank headed by Richard Hodder. Uganda handed over the SGR project in...

Two children are killed by a drone attack in Ukraine * Tuapse Port?hit by fragments of drone * Tuapse, a major port in southern Russia (details on the port's importance and fire at the port). MOSCOW, 16 April - Two children were killed and a fire was started by a major Ukrainian drone attack in the Black Sea port Tuapse, according to Russian officials and media. Tuapse, one of Russia's southernmost ports, is a major oil export hub and handles bulk dry cargo like coal and fertiliser. It is also home of a major oil refinery with the same name,...

Iran may 'consider' allowing ships to pass through the Oman side of Strait of Hormuz without risk of attack as part of its negotiating proposals with the United States to avoid a new conflict. Due to Iran's disruption of traffic in the strait that handles around 20% of world oil and liquefied natural gas, the war has caused the biggest-ever global disruption of?oil? and gas?supplies. Since the Iran War began on February 28, 20,000 seafarers, including tankers and other vessels, have been trapped?inside of the Gulf. Source, who declined to be named due to the sensitive nature of the issue,...

According to calculations, the discount for Russian Urals Oil on a FOB Basis for cargoes that?load from the Baltic Port of Primorsk in the month of April?was reduced to $15-$17 a barrel against dated Brent, from $24-$27 a barrel?in the second?half?of March. This was due to falling freight rates which reduced the?costs to Russian sellers. LSEG data show that the urals price in Russian ports has remained at a 12-year high of $100 per barrel. This is due to strong Brent prices and a combination of softer freight rates, firmer premiums, and strong premiums, which are boosting Russian producers' revenues....

In a 'Monday interview, Ukrainian President Volodymyr Zelenskiy stated that the Druzhba oil pipeline that carries 'Russian oil into a number of Eastern European countries will be restored to full operation by April. Zelenskiy said to a Ukrainian television interviewer that the system would be operational by April's end. It was not immediately clear when the interview had been recorded. Zelenskiy, earlier this month, cited the date of the end April as the?date for the pipeline operations to be resumed. Ukraine's state energy company Naftogaz declined to comment on the date when pipeline operations will resume. Peter Magyar, the winner...

Peter Magyar, the Hungarian winner of the election on Monday, called on Ukrainian President Volodymyr Zelenskiy to reopen damaged Druzhba Pipeline as soon as it becomes functional and for Russia to resume oil shipments via it. Hungary's outgoing Prime Minister Viktor Orban and Slovakia are in dispute with Ukraine regarding the suspension of Russian Oil Supplies over Ukrainian Territory through the Soviet-era Pipeline. Kyiv claims that the pipeline was closed due to an attack by Russia in late January. Magyar said at a press conference after the first meeting of the parliamentary group that if the Druzhba oil pipeline was...

Israel announced on Monday that it had discovered an 'Iranian network' which planned to attack a crude oil pipeline from Azerbaijan into the Mediterranean, as well as Israeli and Jewish targets in Azerbaijan. Mossad, Shin Bet and other intelligence agencies released a joint press release stating that a plan to attack the Baku Tbilisi Ceyhan Pipeline through Georgia into Turkey by the Islamic Revolutionary Guard Corps of Iran was foiled several weeks ago. The agencies said that the cell also planned to attack 'Jewish and Israeli Targets in Azerbaijan such as the Israeli Embassy and a Synagogue in Baku as...

The long-term contract between Turkey and Iran for the?import of natural gas is due to expire within the next few months. Both countries could discuss a possible extension. However, no?negotiations have yet been initiated, according to the Turkish energy minister. The agreement expiring in July calls for a delivery of 9,6 billion cubic meters of gas per year. However, actual flows are often far below the agreed amount. Turkey imported 7,6 bcm of gas from Iran in 2012, which accounted for 13% total imports. Data from regulators shows that the pipeline's contracted volume was last reached in 2022. According to...

Spain's energy regulator and competition authority?said? on Friday that it had opened formal investigations into the country's biggest energy companies and power grid operator in relation to the unprecedented blackout last year which occurred in Spain and Portugal. Evidence was found of long-term violations of certain power sector regulations. The watchdog has opened investigations into the grid operator Red Electrica (a unit of Redeia) as well as the energy companies Iberdrola Naturgy Endesa Repsol. The watchdog also stated that it was investigating individual power stations. Iberdrola declined to make a comment. The other companies named did not immediately respond to...

The Iran war caused turmoil on the global aluminum market, but the impact is now spreading to the copper and nickel supply chain. The conduit is sulfur - a byproduct of the Gulf oil and gas industry that has been trapped since the Strait of Hormuz shut on February 28. According to the U.S. Geological Survey, this region is responsible for a quarter or more of global oil and gas production. Sulfuric acid is a key input for ?copper miners using solvent-extraction technology on oxide ores and for nickel production from high-pressure-acid-leach (HPAL) ?plants. Unfortunately, sulfur is used in fertilizers....

Robert Fico, the Prime Minister, said that Slovakia would file a lawsuit against the European Union in "the coming days" to challenge its decision to ban Russian Gas Imports. The EU's decision was adopted by a?"qualified?majority". Fico, who criticized the way in which the regulation was adopted, said that the suit would be filed at the EU Court of Justice. A majority of countries voted to ban Russian 'gas imports by the end of 2027. This allowed the EU to override the opposition from Slovakia and Hungary earlier this year when they voted to approve the measure. Fico stated that...

Authorities?said?that all eight people aboard a helicopter died?when it crashed?in Indonesia's West Kalimantan province?as they tried to recover the bodies and wreckage. Mohammad Syafii said that the Airbus H130 helicopter had lost contact five minutes after it took off from a plantation in Melawi. The location of the crash, or the loss of contact, is in an area of dense?forested terrain with steep hills," Syafii stated. He added that'rescuers found debris believed to be the tail from the helicopter about 3 km (2 miles), west of the point where contact was lost. The cause of the crash is still unknown....

Two U.S. officials and a Mexican official said that U.S. authorities raided Ikon Midstream's offices in Houston, Texas, to investigate fuel smuggling. Two U.S.-based sources confirmed that the operation?in which law enforcers executed a federal warrant? took place this week at?Ikon Midstream’s Houston headquarters. One source said that the operation targeted documents and computers. The exact reason or materials seized could not be confirmed. The raid was not previously reported. Joseph Slovacek confirmed to the company that "U.S. Customs and Border Protection executed a search warrant at Ikon. He stated that law enforcement cited previous reports about Ikon as the...

The Slovakian Foreign Minister said that the country is prepared to block the European Union’s?latest package sanctions against Russia?for their invasion of Ukraine, until the Druzhba?oil?pipeline is operational?again. Slovakia and Hungary are in a dispute with Ukraine about the suspension of Russian Oil Supplies through Druzhba following an outage in the line, which Kyiv claims was caused by a Russian Attack in late January. Kyiv has said that repairs will take time. However, Ukrainian President Volodymyr Zelenskiy stated?that Druzhba could be operational at the end of this month. TASR reported that Juraj Blanar, the Slovak Minister of Foreign Affairs was...

Friedrich Merz, the German chancellor, said that Germany would be willing to help secure transit routes through the Strait of Hormuz once hostilities ended, provided they had a mandate from the United Nations and German parliament approval. Merz, speaking to reporters the day before the talks in Paris, said that they would also discuss whether U.S. forces could participate in a missions. It has led to a halt in traffic through the Strait of Hormuz, which typically carries about 20% of world oil and liquefied natural gas flows. The war has caused a halt to traffic through the Strait of...

Insurers told a London 'court' on Thursday that the Nord Stream pipelines in Ukraine were targeted by Russia as a 'direct result' of its invasion. They are trying to avoid paying nearly 580 millions euros ($684million) for blasts which hit the pipelines. Nord Stream has filed a lawsuit against Lloyd's and Arch Insurance for explosions that occurred in September 2022, which ruptured the pipelines transporting Russian gas from under the Baltic Sea into Germany. The explosions, for which no one has claimed responsibility, have largely cut off Russian gas supplies in Europe. This marks a significant escalation of the conflict....