Europe

Hennadiy Trunkanov, the mayor of Odesa in Ukraine, said that Russian forces had attacked Odesa's Black Sea Port City, leaving many of its residents without water, electricity or heating. Trukhanov, who uses the Telegram app to communicate, described the Odesa strike as "massive" by writing: "Hospitals were without heat, clinics, and sites of social infrastructure." Odesa, and especially the facilities at the three ports around the city, has been the target of Russian airstrikes in the war that has lasted for nearly three years. Trukhanov shared pictures of damaged buildings and windows on Telegram. He did not mention any casualties,...

Two people familiar with this matter reported that oil exports from Russia’s Black Sea port, Novorossiisk, were revised upwards by 0.24 million metric tonnes for February. This amounts to approximately 590,000. barrels per day. Calculations showed that the daily oil loadings at the Black Sea port will increase by 12% compared to the previous plan. Sources said that the revision was made after the addition of two additional cargoes, each of 100,000 and 144,000 tons, for loading on February 14-15, 25-26 and respectively. Novorossiisk is the port from which three oil grades are loaded: Russian Urals, Siberian Light, and Kazakhstan's...

A Greek minister announced on Monday that Greece would soon establish an evacuation port in Santorini, to allow people to safely escape if a larger earthquake were ever felt at the popular tourist destination. Santorini is a volcanic island located in the Aegean sea. Since late January, it has experienced tens and thousands of minor tremors, which have forced thousands to flee and led authorities to shut down schools, close nearby islands, and ban construction activities. Scientists haven't ruled out larger tremors, but they have stated that the seismic activity is unprecedented in a country prone to earthquakes like Greece....

Calculations on Friday showed that the price of Urals crude oil in Primorsk, Russia and Ust-Luga, Russia fell below the Western price ceiling level of $60 a barrel on Thursday as global oil prices dropped and freight rates rose for Russian oil shipments. According to the cap, which was imposed by the Group of Seven and Australia in 2022 to reduce Russia's oil export revenue, buyers are only allowed access to Western services, such as insurance and shipping, when the price of Russian crude falls below $60 per barrel. LSEG data indicates that the Urals price in Russian ports has...

Australia's biggest iron ore export center, which is also the largest in the world, was braced for a powerful tropical storm on Friday, as residents rushed to stockpile essential supplies. The Australian weather bureau has upgraded Cyclone Zelia in the Indian Ocean, about 80 km north of Port Hedland. This is the highest category on the scale. The weather bureau reported that the system will make landfall near Port Hedland, in the Pilbara Region, on Friday night. It is expected to bring wind gusts up to 200 mph and heavy rains to a sparsely-populated stretch of 550 km. Forecaster Angus...

Australia's biggest iron ore port, and the largest in the world, was braced for a tropical cyclone on Friday. The closure of all major ports of import/export of commodities in the northwest of the country forced residents to stock up essential supplies. The latest warning from Australia's Weather Bureau said that Cyclone Zelia is located in the Indian Ocean, about 115 km north of Port Hedland. This storm has now been upgraded to category five, the highest rating. The weather bureau reported that the system will make landfall near Port Hedland, in the Pilbara Region, on Friday night. It is...

Australia's biggest iron ore port, and the largest in the world, was bracing itself on Friday against a powerful tropical storm. The closure of major ports of import/export of commodities in the northwest of the country forced residents to stock up essential supplies. The latest warning from Australia's Weather Bureau said that Cyclone Zelia is located in the Indian Ocean, about 115 km north of Port Hedland. This storm has now been upgraded to category five, the highest rating. The weather bureau reported that the system will make landfall near Port Hedland, in the Pilbara Region, on Friday night. It...

According to trade and shipping sources, the freight rates for Urals crude to be shipped from Baltic ports to India increased by around 20% in February. The increase was due to U.S. Sanctions and an increase in exports which required more vessels. The Russian oil exporters who spend more on shipping will see their earnings for oil sales decrease. The Russian loading plan for February in western ports has been revised by 19%, to 1.9 millions barrels per day. This is due to lower refinery output. A source in the Russian oil trade said that booking a vessel to travel...

MOSCOW, February 12 () – Russia exported Urals crude oil to Cuba onboard a ship that was under U.S. sanction in January. This rare trade reflects Moscow’s increased search for buyers who would accept delivery by using its shadow tanker fleet, LSEG showed. On January 29, the vessel Akademik Gubkin loaded 100,000 metric tonnes of Urals at Ust-Luga, a Russian Baltic Sea port. The cargo will now cross the Atlantic to arrive at Cuba's Matanzas Terminal on February 19. According to market data and LSEG, the vessel is managed by Rosnefteflot - the marine transport arm of Russian oil company...

Three industry sources said on Wednesday that the Volgograd oil refining plant in Russia, which had temporarily halted its operations after a drone attack by Ukraine on February 3, partially resumed its processing. According to one source, the crude distillation unit CDU-5 was restarted on February 10 at the plant controlled by Lukoil, an oil major located in southern Russia. The primary units are slowly returning to operation. The capacity is growing. Another source stated that more than half the capacity was actually operational. Lukoil didn't respond to a comment request. Another source reported that the refinery's throughput on Monday...

Heathrow Airport in London will present its proposal for a new runway this summer. This comes after the British Government backed the project, citing the potential it has to increase trade and economic growth. Thomas Woldbye said that in order to gain national support for a third runway, he would use domestically produced steel and local manufacturers whenever possible. The announcement made by British Steel Scunthorpe, in northern England was welcomed as a possible boost for an industry facing tariffs imposed by the United States. Heathrow's expansion, according to Woldbye, will benefit all suppliers in the UK. He said that...

Thomas Woldbye, the chief executive of London's Heathrow Airport (one of the busiest airports in the world) will make a speech Wednesday to announce that the British government will receive its proposal for the construction a third runway by the summer. The move follows the announcement by Finance Minister Rachel Reeves last month that the government would support the construction of a brand new runway at Heathrow in order to boost economic growth and trade. According to a preview, Woldbye's speech will include the following: "A third airport is essential for the future economic success of our country. I confirm...

The oil prices rose on Wednesday as investors awaited clarification on the Ukraine peace negotiations and amid concerns about disruptions to the supply of crude oil in the U.S. Brent crude futures rose 14 cents (0.2%), or $75.98 per barrel, at 0450 GMT. This could be the start of a third consecutive day of gains. U.S. West Texas Intermediate Crude Futures for March gained 16 cents or 0.2% to $72.01, an increase of 1.8% over the Friday close. The contract did not settle on Monday due to the Presidents' Day holiday. The March contract expires Thursday, and the more actively...

The oil prices rose on Wednesday as a result of disruptions to the supply in the U.S., Russia and the markets. Brent crude futures rose 20 cents or 0.3% to $76.04 per barrel at 0146 GMT. This is the third consecutive day that Brent crude futures have risen. U.S. West Texas Intermediate Crude Futures for March gained 23 cents or 0.3% to $72.08 per barrel. This is up 1.7% since Friday's close after the holiday on Presidents' Day prevented the settlement on Monday. The March contract expires Thursday, and the more actively traded April contract rose 0.3% to $72.04. After...

Enagas, the Spanish gas grid operator, posted a loss for 2024 of 299.3 millions euros (312.95 million dollars) after capital losses related to the sale an asset in the United States as well as an arbitration over an investment in Peru. The 2024 loss is compared to a 2023 net profit of 342 5 million euros. The company reported a capital loss of 245.7 million euros related to an arbitration over the investment it made to build a gas pipeline in Peru known as Gasoducto Sur Peruano. The loss is due to the difference between what Peru was ordered to...

Brent crude oil prices rose on Tuesday, adding to gains made in the previous session. A drone attack on a pumping station for an oil pipeline in Russia reduced the flow of oil from Kazakhstan. However, gains were limited by the prospect that supply would soon increase. Brent crude futures rose 15 cents or 0.2% to $75.37 a barrel at 0454 GMT. The U.S. West Texas Intermediate Crude Futures rose 67 cents to $71.41 per barrel from the close on Friday. Due to Presidents' Day, there was no WTI settlement on Monday. The main driver of oil prices in recent...

Brent crude oil prices were flat in early trading Tuesday, after rising in the previous session. This was due to a drone attack in Russia on an oil pipeline pumping stations that reduced oil flows from Kazakhstan. Brent crude futures fell 7 cents or 0.09% to $75.15 per barrel at 0137 GMT. The price of U.S. West Texas Intermediate crude (WTI), which is a blend of U.S. West Texas and Texas Intermediate crudes, rose by 47 cents to reach $71.21 per barrel. Due to Presidents' Day, the WTI contract didn't settle on Monday at its usual time. Caspian Pipeline Consortium,...

Two sources familiar with the plan said that after Monday's drone attack, the Black Sea CPC blend oil loading plan will not change for February. The drone attack hit a pumping facility on an oil pipeline that runs through Russia. This reduced the flow of oil from Kazakhstan into world markets, which is pumped by western firms such as Exxon Mobil and Chevron. Two sources familiar with the situation said that the plan to ship crude oil via CPC remained the same on Monday, at 1.4-1.5 million barrels a day or 5.1 million tons. The Caspian Pipeline Consortium, which controls...

RTE, the state grid operator, said that France must spend approximately 100 billion euros ($104billion) by 2040 in order to expand and reinforce its electricity grid, as it grows due to data centres and new nuclear reactors coming online. The French government is ambitious in its plans to make France the hub of artificial intelligence for Europe. Earlier this week, it announced that companies have pledged 109 billion Euros to invest in infrastructure such as data centres. RTE says that France needs to develop its grid in order to supply these new facilities. RTE stated that more than half of...

Greenpeace International filed a lawsuit in Dutch court against the U.S. Pipeline company Energy Transfer, the environmental group announced on Tuesday. It said it was the first trial of a European law intended to curb lawsuits meant to silence activists. Energy Transfer has filed lawsuits against Greenpeace USA and Greenpeace International as well as other environmental groups in the United States since 2017 seeking $300 million damages for the activists' efforts to block the Dakota Access Pipeline. Greenpeace International announced in a press release that it will seek to recover all damages and costs as a result ET's two back-to-back,...

A government spokesperson announced on Tuesday that Uganda would not start oil production in this year. This is a failure to meet a longstanding goal of beginning crude extraction from the western fields. Patricia Litho said, "Due unforeseen challenges we are not able to meet the target above," a spokesperson from the Ministry of Energy and Mineral Development. She didn't give any reason why the country failed to reach the 2025 goal and stated that a new start date for production has yet to be announced. Uganda discovered commercial petroleum reserves in the Albertine Rift basin near its border to...

Turkey and Turkmenistan signed an agreement on Tuesday to facilitate the flow Turkmen natural gas into Turkey. This is a major step forward in the energy cooperation between both nations, said Turkish Energy Minister Alparslan Bayraktar. Turkmengaz and Turkey's BOTAS, the state-owned pipeline operator, have agreed to a deal that will see gas flowing on March 1. Turkey consumes over 50 billion cubic meters of gas each year. The country relies on a mixture of gas imported from Russia, Azerbaijan and Iran as well as LNG from different suppliers. Bayraktar stated in a press release that "this agreement, on which...

Estonia, Latvia, and Lithuania announced on Sunday that they successfully synchronised the electricity systems of their countries to the European continental grid. This comes one day after Estonia, Latvia, and Lithuania severed decades-old energy links with Russia and Belarus. The complex switch from the grid that was used by their former Soviet Imperial overlord has been planned for many years. It is intended to bring the three Baltic countries closer to the European Union, and boost energy security in the region. In a social media post, Latvian President Edgars Rinkovics stated: "We did it!" The Baltic countries cut high-voltage cross-border...

Lithuania announced on Saturday that it had disconnected its power system from the Russian grid. This is part of a larger plan, which the Baltic states claim will help them integrate more closely with Europe and improve security. After operating independently, Latvia and Estonia will be expected to follow suit at 0700 GMT Saturday. Subject to any last-minute testing, they should synchronise their grids with the EU on Sunday. A spokesperson for Lithuanian grid operators Litgrid stated, "We have disconnected." After the annexation by Russia of Crimea, plans to decouple the Baltics from their former Soviet imperial master gained momentum....