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Moldovan opposition parties contest the merits of the state of emergency
Moldovan opposition parties demanded on Sunday an explanation from the pro-European Moldovan government regarding its imposition of a "sweeping energy state of emergency" over a damaged electricity line that took four days to repair. Last Tuesday, the Eastern European country’s?parliament?approved a 60-day energy state of an emergency to streamline decision-making. The government had blamed Russian attacks on neighbouring Ukraine after knocking out the Isaccea - Vulcanesti electricity line. Moldova's Energy Ministry announced that the line, which runs from Romania to Moldova, and crosses 40 km of Ukrainian territory, was restored Saturday. This line is responsible for 70% of the country's energy needs. Igor Dodon of the prorussian Socialist Party wrote on Telegram that the state of 'emergency' was nothing but a sham and they were wrong not to support it. Dodon demanded that the state of emergency be immediately repealed and the pro-European Moldovan Government explain how they used the extra powers granted by the measure. Ion Ceban is the mayor of Chisinau and he also supports the repeal of the emergency. He has called for consumer protection measures in this former Soviet republic. Ceban is often at odds with government, as he leads an opposition party. The Prime Minister, Alexandru Munteanu, had asked the parliament to support the measure, which would allow the government to take decisions without having to seek the approval of the chamber, where the Party of Action and Solidarity holds a majority. Munteanu stated that Ukrainian specialists have promised to repair the line in five to seven working days. Igor Grosu described the Russian strikes by the speaker of the parliament as war crimes. Maia Sandu has criticized Russia's four-year war on Ukraine. She has also pledged to bring Moldova into Europe by 2030. She also accuses Moscow that it is trying to topple her government. Sandu, according to Moscow, is provoking hostility against Russia and its people. (Reporting and writing by Alexander Tanas, Ronald Popeski, and Paul Simao).
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Fire breaks out in Russia's Ust-Luga Port after drones from Ukraine cause damage
Russian officials reported that the Ust-Luga port, which is one of Russia's largest petroleum export outlets, was damaged by a Ukrainian drone attack on Sunday, which ignited a fire. Ukraine intensified drone strikes on Russia's oil export infrastructure in the last month. These attacks included Novorossiysk, on the Black Sea, and?Primorsk, and Ust-Luga, on the Baltic Sea. These attacks caused severe oil supply disruptions for Russia, which is the second largest oil exporter in the world. They also hit Moscow at a time when oil prices were above $100 per barrel because of?the Iran War. The Governor of Russia's Leningrad Region in the north said that there were waves of Ukrainian drone strikes on the area, and a fire broke out at the port?Ust-Luga which was also attacked by drones Wednesday. According to sources, the port operated by Russian oil monopoly Transneft handled around 700,000 barrels of oil per day. In 2025, it is expected that 32.9 million tons of oil-based products will be shipped. Ukraine's SBU agency for security said that?long-ranged drones hit an oil terminal in Ust-Luga. In a statement, it said that the strike had caused "serious damage" to the port and set off a fire. I was not able to verify the extent of the damages immediately. Reporting by. (Editing by Guy Faulconbridge, Mark Potter and Mark Faulconbridge)
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Oman claims that no one has claimed responsibility for the attacks on its territory
Oman's Foreign Ministry?said Sunday that it?"condemns" attacks on its land, adn that no one has claimed responsibility. Authorities are investigating "sources and motivations" of the attacks, without giving any further details or naming a specific attack. Oman reported on Saturday that a worker had been injured in a drone attack at the Salalah port of the Gulf nation. Danish container shipping company Maersk later announced it temporarily halted operations?at the Salalah port?after the attack. Iranian media reported that Iran's Revolutionary Guards claimed on Saturday they had targeted a U.S. Support vessel "considerably" away from Salalah Port. The statement continued, "As we have stated previously, the Islamic Republic of Iran respects Oman's national sovereignty." On March 11, drones ?struck oil storage facilities ?at Salalah port. Masoud Pezeshkian, the Iranian president, told Oman's Sultan in a telephone call that an investigation would be conducted into this incident. (Reporting and editing by David Goodman, Menna Alaa el-Din, Jaidaa taha)
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After being located by the Mexican Navy, two humanitarian aid vessels safely reach Havana
The Mexican Navy reported that two sailboats carrying humanitarian aid from Mexico reached Havana safely on Saturday. They had been delayed by bad weather, and were briefly reported as missing. After authorities watched their final approach, the navy confirmed that the sailboats had docked in Cuba's capital. The Mexican Navy reported earlier that a maritime surveillance plane spotted the sailboats after they were reported missing on Thursday. They were located on 'Friday, about 80 nautical miles (148km) northwest of Cuba. The crews said they were in good shape but that the 'unfavorable' weather conditions, especially winds, had slowed them down. The two boats were part of a convoy that was delivering food, medicine and baby formula to the Caribbean’s largest island. This is despite a U.S. blockade of oil shipments, which has caused power outages to worsen. A spokesperson for Nuestra América Convoy stated that the vessels were continuing their journey towards Havana. The convoy is on track to fulfill its mission - delivering desperately needed humanitarian aid for the Cuban people. The sailboats that were supposed to arrive between March 24 and 25 in Havana, Cuba, have not arrived since they left Isla Mujeres on Saturday. U.S. Coast Guard told French Press Agency AFP that the boats were found on 'Friday but later retracted its statement saying a search is still 'under way. This caused confusion. Nuestra America, or "Our America", is a coalition of nearly 300 organizations, including non-governmental groups and political parties, from over 30 countries. The group has sent approximately 20 tons of aid to Cuba by air and sea, including bicycles, solar panels, food, medicine, and solar panels. (Reporting and editing by Joe Bavier; Alistair Bell; Rod Nickel, Natalia Siniawski. Additional reporting by Dave Sherwood in Mexico City.
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Vice President Vance is the winner of CPAC's straw-poll for 2028 Presidential election.
The 'Conservative Political Action Conference is the top pick?this year? for?the next?U.S. A straw poll conducted on Saturday revealed that the next president of the United States will be Vice President?JD Vance. Vance was chosen by 53% of the attendees at this year's CPAC Convention. Secretary of State Marco Rubio was ranked'second' with 35%, at CPAC. This is a major gathering for Republican lawmakers, activists, and presidential hopefuls. CPAC, who is holding the event this year in Grapevine Texas, attracts a large number of conservative Republicans. The straw poll it conducts each year is not necessarily a reliable indicator of who will be the nominee. The poll is a snapshot into where the 'energy' currently lies in core supporters of Donald Trump's Make America Great Again movement. Trump is not eligible to run again in 2028, as he is currently serving his second term. (Reporting and editing by Sergio Non, David Gregorio, and Nathan Layne from Grapevine Texas)
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Kuwait airport damaged by drones. Radar system damaged. No casualties reported
Kuwait 'International Airport 'was targeted by multiple drone attacks Saturday, causing significant damage to the radar system, but resulting in no injuries, according to state news agency KUNA, citing Kuwait Civil Aviation Authority. Later, the spokesperson for the authority said that the attacks were perpetrated by Iran and its proxies as well as the armed groups it supports. Kuwait's fire department, meanwhile said a??fire? that broke out??? in fuel tanks at an airport on Wednesday after a previous drone assault had been extinguished AFTER 58 CONSECUTIVE HOURS, KUNA reported??on Saturday?. Tehran launched strikes on Israel, as well as on Gulf Arab states that host U.S. military bases. Israel has launched attacks on Hezbollah fighters who are aligned with Iran in Lebanon. The Houthis of?Yemen have started launching missiles against Israel to?support Iran.
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Sources say that Italy's Poste wants to meet with Telecom Italia over the takeover bid
Two sources familiar with the matter confirmed on Saturday that Poste Italiane?has requested a meeting at which the chief executive of the postal services group, Matteo Del Fante, could present its 10.8 billion euro ($12 million) cash and share bid for the former telephone monopoly. Poste, a state-backed conglomerate, announced last Sunday a plan to privatize TIM and create a digital champion in the country. This would strengthen the control of critical data for households and corporations by the government. The offer was not previously agreed upon with TIM. Sources said Del Fante had sent a request to TIM directors asking for an opportunity to present the offer. Poste, which offers services in logistics, payments, broadband, insurance, and financials, forecasts 700 million euro of annual benefits from the merger. Poste would gain control over TIM's network of data centres and its cybersecurity division Telsy. This deal would expand Poste's digital services for consumers, large businesses, and governments. Sources said that TIM's 'directors' will discuss Del Fante’s request during a meeting scheduled for Sunday. They added that the presentation of the bid 'was expected to happen in the next few weeks'. Poste and TIM declined to comment. On Sunday, TIM directors will also be expected to select advisers who will help them assess?Poste bid. Sources said that the TIM board will also decide on a?premature termination of a contract with Inwit for a long term, similar to a move made by Swisscom?s?Fastweb?. Poste is TIM’s?leading shareholder with 27%?of its ordinary share capital. This stake will drop to close to 20% when TIM converts special shares that it has outstanding in ordinary stock.
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The thieves steal 12 tons KitKat bars from Europe
Nestle, a Swiss food giant, said that thieves stole the truck carrying 12 tons of KitKat bars in Europe. Nestle's KitKat said that the truck carrying 413 793 bars of their new chocolate range set out from central Italy to distribute the chocolate across Europe but never arrived at its final destination, Poland. The vehicle as well as the merchandise are still missing. Nestle has not revealed where the truck went missing. In a separate announcement, KitKat said that the bars missing can be traced via a unique batch code. Anyone who scans the batch numbers of?the stolen bars will receive instructions on how?to contact KitKat. KitKat stated that "cargo theft is an escalating issue for businesses of every size." (Writing and editing by Dave Graham)
Bousso: The escalating war against Russia has a big impact on the oil industry in ROI.
Western oil companies have seen their profits soar as a result of the increasing attacks on Russia's energy industry, both in terms of economics and literally. This has helped to alleviate concerns about a possible supply glut and boosted profit margins for global refiners. Since July, waves of Ukrainian drone attacks on Russia's vast refinery and export terminal network have severely impacted the country's refined fuel exports such as fuel oil and diesel. According to Kpler, Russia's seaborne refinery product exports dropped by 500,000 barrels a day in September from their highs of 2025 to 2 million bpd. This is the lowest level for over five years. The reduced Russian exports has boosted global refinery margins. This is good news for energy giants such as Shell, Exxon Mobil, Chevron, and France's TotalEnergies. They operate together nearly 11 million barrels per day, or over 10% of the global refining capability.
The fourth quarter saw a combined 61% increase in profits from refinery operations compared to the previous quarter. This contributed largely to the 20% increase in their overall profits.
Exxon, America's largest oil company, reported that its earnings in the energy products division rose more than 30% quarterly to $1.84 Billion, mainly due to strong refining margins, "due supply disruptions", the company stated on Friday.
BP is expected to report its results on Tuesday and will also benefit from the positive trends in global refining. Refining margins, which are a measure of BP's global operations, increased by 33% in just three months, from July to September. This figure has risen to $15.1 per barrel in the current fourth quarter. The increase in refining earnings is expected to offset the decline in oil prices, as it appears that the market has entered a period of oversupply. The oil majors have also benefited from the volatility created on the energy markets by Western sanctions, and other geopolitical conflict. These trading desks are able to generate large profits by quickly responding to changes in demand and supply dynamics.
Shell, the largest oil trader in the world, does not reveal the profits of its division. Shell reported that higher trading and refining profits boosted adjusted earnings by $706m in its Chemicals and Products division in the third quarter, compared to the previous three month.
BENEFICIAL BANKS Refining margins will likely remain high in the short term due to recent efforts by Western governments to press Moscow to end its war in Ukraine. In July, the European Union announced that it would ban imports from January 2026 of fuels made with Russian crude oil. The EU wants to close a loophole that existed in previous sanctions packages, which allowed refiners to use Russian crude oil at discounted prices to make diesel and jet fuel and then sell it to Europe.
The EU's ban on Russian crude, approved informally earlier this month by the European Union, puts Western oil majors at an advantage, as non-Russian products, including refined products made from non-sanctioned Russian crude, will be in greater demand.
Western energy giants received another pleasant surprise when U.S. president Donald Trump sanctioned Russia’s two largest oil companies on October 22, which account for 5% global crude supply, and 3.3 millions bpd in crude and refined products exports. This is roughly half the total of Russia’s crude and refined products.
As buyers of Russian crude oil and products, especially in India and Turkey scrambled for alternative supplies, the sanctions increased oil prices and margins.
The combination of Western sanctions and drone strikes in Ukraine could lead to a price surge similar to the one that occurred in the aftermath of Russia's invasion of 2022. This would result in record profits for oil majors.
Most likely not. Today's oil market is better supplied and equipped to adapt to sanctions. This is especially true given the growth of the "shadow fleet" tankers, which have been able circumvent Western sanctions in order to sell Russian crude oil.
The targeting of Russia's gas and oil industry will continue to benefit Western oil majors who enjoy large-scale upstream production, as well as extensive refining and trade operations. Want my weekly column, plus energy insights and links trending stories delivered to your inbox each Monday and Thursday? Subscribe to my Power Up Newsletter here. You like this column? Open Interest (ROI) is your essential source for global commentary on financial markets. ROI provides data-driven, thought-provoking analysis. The markets are changing faster than ever. ROI can help you keep up. Follow ROI on LinkedIn, X.
(source: Reuters)