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Sources say that the discount for Urals crude in India has risen to $10 or more per barrel.
Three sources claim that discounts for Russian Urals crude have increased to more than $10 per barrel in Indian ports due to a weaker refinery demand and a large supply of alternative products. Between March and June, Urals traded at a higher price than Brent on its two main markets of India and China. This was due to supply disruptions caused by the Middle East conflict. Sources said that the support for Russian crude has waned, as Middle East producers and Iran have resumed exports. This leaves Asian refiners with a variety of options, as well a cooling in demand. Sources said that Urals cargoes scheduled for delivery in August to India were recently trading at discounts of up to $10 per barrel, which is close to the highest levels seen and comparable to those before the Iran conflict. Two sources claim that weak Chinese purchases - as it increased its oil purchases in the Middle East - have also affected the Urals price. China and India account for the majority of Russia's crude oil exports. As a result of the Ukrainian drone attack on refinery infrastructure, Russia has increased Urals exports to record highs. (Nidhi in NEW DELHI; reporters in MOSCOW, editing by Joe Bavier.)
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Canada - 7 July
These are some of the most popular stories in selected Canadian newspapers. The?newspapers have not?verified?all of these stories and?doesn't?vouch? for their accuracy. THE GLOBE AND MAIL BP agreed to sell its share in the Bay du 'Nord offshore project in Canada to partner 'Equinor, as the British energy giant sharpens its focus on opportunities with higher returns. The federal government will invest hundreds of millions of dollars in the 'Teck Resources' trail metals complex in British Columbia in order to increase production of germanium. This is part of a move to strengthen North American supplies of defence metallurgy. Air Canada has again reduced flights to the United States. High jet fuel prices and a lower demand for trips southward are to blame. NATIONAL POST The Bank of Nova Scotia will 'team up with Lightworks Sun Life, and TELUS in order to build and share infrastructure that would help them deploy AI technology more quickly, safely, and at lower costs. (Compiled by Bengaluru Newsroom)
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NATO allies discuss Hormuz tensions and mission with Gulf Arabs
France and Britain are expected to present plans for a multi-national maritime mission in the Strait of Hormuz on Tuesday at a meeting between NATO and Gulf Arab Foreign Ministers. Diplomats, however, say that Iran's refusal of the proposal makes it "unlikely" to break the impasse over this vital waterway. Ministers from Bahrain Kuwait Qatar and United Arab Emirates will meet on the sidelines a NATO summit taking place in Ankara. This follows weeks of tensions along the crucial waterway despite a temporary U.S. Iran peace agreement. SHOWING SUPPORT FOR GULF ARAB NATIONS UKMTO, the United Kingdom Maritime Trade Operations agency, reported early on Tuesday morning that a tanker had been struck east of Oman’s Limah. Axios had reported that Iran's Revolutionary Guards launched at least two missiles against commercial ships transiting the Strait of Hormuz. Maxime Prevot, Belgian Minister of Foreign Affairs, said that before the meeting, "In the Gulf Region, Bahrain, Kuwait and Qatar as well as the United Arab Emirates have been directly targeted by Iranian strikes this spring." "Their stability and ours are inextricably connected." "This goes beyond the Strait of Hormuz, no matter how important it is for Europe's security of energy," he said. TRUMP BLAMES LACK OF SUPPORT FOR?IRAN After the United States and Israel launched a military operation against Iran in February, Iran began blocking the waterway. The passage is still difficult despite the mid-June interim agreement, which keeps shipping costs and global supplies chains under pressure. NATO allies have avoided direct involvement in this conflict and instead focused on plans outside of the alliance to reopen a strait through which a fifth?of the oil supply passes. After arriving in Ankara, U.S. president Donald Trump stated that he would not have attended if it had not been hosted by President Tayyip Erdoan, his friend. He also criticised NATO allies, claiming they were unwilling to support him during his war with Iran. "We were not treated well because of something we did in Iran." We don't want anyone's help. I didn't want their help. "But before I asked they said they wouldn’t be there," said he, pointing at Britain, Italy France and Germany. IRANIAN BACKING IS NEEDED FOR THE FRANCO BRITISH MISSION The European nations said that they did not want to be 'drawn into the war which was launched without their consultation, but were ready to assist in securing the Strait after the War. France and Britain are leading efforts to form a coalition of about a dozen countries that will guarantee safe passage across the Strait once tensions have eased or the conflict has been resolved. However, any long-term agreement would require Iranian consent. Iran has consistently opposed any foreign military presence in the region, using this issue as leverage in its negotiation with Washington. Last week, it dismissed remarks made by France's president Emmanuel Macron that the mission will proceed. A European diplomat claimed that Macron, who is set to arrive in Ankara on Monday after visiting neighbouring Syria as the 'first European head of state, was flexing muscles to make Europe look like an 'allegiant in front of Trump at the summit. The diplomat stated that "but in the end, as long as Iran does not give the green light, everyone is too afraid." Two other diplomats also said that the meeting on Tuesday would be symbolic. In the immediate vicinity, several NATO allies deployed minehunters and other support vessels. Paris and London hope to send an initial mission to the Gulf of Oman. This waterway connects the Arabian Sea with the Strait of Hormuz, and is bordered on three sides by Iran, Oman, and the UAE. A Franco-British statement issued on July 3 stated that "The Sultanate of Oman agreed to work with United Kingdom and France in order to ensure the safety of navigation within its sovereign territorial waterways." (Reporting by John Irish, editing by Andrei Khalip, Alexandra Hudson)
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Israel's Energy Minister touts oil pipeline bypassing Hormuz
Israel's Energy Minister said that the Gulf countries' dependency on oil shipments via the Strait of Hormuz would be'significantly reduced' by a pipeline connecting the Gulf to Europe via Israel. This would also allow them to avoid Red Sea shipping disruptions. After 'the U.S. launched strikes on Iran?on February 28, and Tehran effectively shut the strait, oil prices soared. Prices have fallen since a U.S. and Iran ceasefire, but there are still fears that tensions will rise again. Eli Cohen, Israel’s energy minister, said in an interview at Jerusalem that the Gulf countries don't want to depend on Iran or Houthis in Yemen when it comes to oil exports. "If you build a land route to bypass Iran and the Houthis,?you will do so... The State of Israel is the best option." Yemen's Iran aligned Houthis has?frequently attacked ships in the Red Sea over the past years. The idea of a pipeline through Israel was mooted before, but due to Middle East tensions it never became reality. SAUDI PLAN Saudi Arabia considers expanding the capacity of its crude oil pipeline?to?the western Red Sea Coast, according to sources familiar with the matter. This would allow the kingdom, and perhaps neighbours, to transport more oil, without having to cross the Strait of Hormuz. Cohen stated that Israel already had infrastructure in place with a pipe connecting its Red Sea port city Eilat with the southern Mediterranean city Ashkelon. However, infrastructure would need to be built to connect Arab countries, if they were willing. Cohen told the U.S. that he had proposed a 700 km-long pipeline from Saudi Arabia to Eilat. The oil would then be transported through the 'Trans Israel Pipeline' to Ashkelon and onto oil tankers bound for Europe. Cohen, who is a member of Israel's security cabinet, has praised the U.S. actions in the war against Iran. However, Cohen said that Israel could be forced to act alone if Iran advances its nuclear weapons program. He also expressed his hope for a 'peace deal' with Lebanon. Israel and Iran's Hezbollah reached a ceasefire agreement last month. OIL AND GAS Israel launched on Monday a tender to search for more gas near its Mediterranean coast. Cohen, citing geological data believes that oil may also be present under the gas. However, this requires deeper drilling. He said that alternative energy was a priority, but he also added that solar would account for at least 30% by 2030. (Reporting by Steven Scheer Editing by Alexandra Hudson)
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Cuba struggles to restore electricity to the island after nationwide grid collapse
Cuba struggled to restore power on Tuesday after its national grid had collapsed the day before. This left a?million people still without?electricity throughout the Caribbean island nation. The cause of Monday's blackout, the third in the country this calendar year, is still unknown. Nearly 10 million people were left in the dark over night. Grid operator UNE announced early 'on Tuesday that it had reconnected the central part of Cuba to the grid from the 'western port of Mariel up to Sancti Spiritus Province, but the eastern and western extremities of the island remained off. On Tuesday morning, power was restored to about one-third the Havana capital. However, large swaths of the city were still without power and it was spotty where power had been restored. The latest grid failure comes at a time when the United States has stepped up its pressure on Cuba. They have cut off the island's fuel supply, and imposed severe sanctions as part of a bid by the Trump administration to force a change in Cuba's communist government. Cuba and the United Nations both deemed the Trump administration's measures as a violation of human rights and illegal. Reporting by Dave Sherwood in Havana and Ayose Naranjo; editing by Andrea Ricci
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Defense companies sign agreements at NATO Industry Forum
Defense?companies of NATO member states met in Ankara, Turkey on Tuesday to attend an industry forum that was held along with the annual summit. Several defence cooperation and procurement agreements were expected to be signed. Here are some of the recent deals that have been announced: SAAB Saab, a Swedish manufacturer of defence equipment, said that NATO would begin formal negotiations to acquire up to 10 GlobalEye aircraft for airborne early warning control and surveillance. CEO Micael Johansson said reporters that the company could begin deliveries as early as 2030. LOCKHEED MARTIN - RHEINMETALL Lockheed Martin signed a Memorandum of Understanding with Rheinmetall on Tuesday for the production of ATACMS missiles jointly in?Germany. This would be the first time that?the short range ballistic missile is manufactured outside the United States. U.S. officials have announced that the United States is also planning to establish a facility in Europe to maintain Lockheed Martin’s advanced PAC-3 missile for air defence. Michael Duffey, the Undersecretary of Defence, said Tuesday. Washington does not rule out the possibility of producing the missiles abroad, according to Duffey, although it is still unclear where the facility for maintenance will be located. NORTHROP GUMMAN NATO Secretary-General Mark Rutte said that allies would buy up to five Northrop Grumman MQ-4C "Triton high altitude surveillance" drones. Norway, Finland Germany and Denmark signed a letter for the purchase. AIRBUS NATO plans to?launch a strategic fleet of Airbus A400M transport 'planes, and expand the existing A330 MRTT transport and tanker fleet by an aircraft. Rutte?said. ISAR AEROSPACE German Rocket Maker Isar 'Aerospace' signed a contract with Canada's Maritime Launch Services for the construction and use of a dedicated launchpad for its Spectrum rocket in Spaceport Nova Scotia. (Reporting and editing by Matt Scuffham, Emanuele Berro)
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What sites have been attacked by Ukraine?
Kyiv’s military and local authorities in Russia confirmed that Ukrainian drones attacked Russia’s largest refinery, Omsk in Siberia this week. It was one of Ukraine’s longest-ranged attacks in the war. Fuel shortages are worsened by the drone attacks in Russia. People have reported higher prices and longer queues at filling stations throughout most regions. Here is a list of recent attacks and their impact. OMSK Ukrainian drones attacked the Omsk refinery 'on Monday causing a fire. There were no injuries. Governor Vitaly Khotsenko said that Russian air defences destroyed the majority of drones used in the attack. The extent of the damage to the refinery was not immediately known. The oil refinery in Omsk has a design capacity of approximately 22 million tons of oil per annum. NORSI Ukrainian drones attacked NORSI, Russia’s fourth largest oil refinery owned by Lukoil for the second time on 2 July and crude oil processing has been suspended. The attack damaged CDU-6 which can process 25700 metric tonnes per day (190,000 barrels) and represents 53% of refinery capacity. NORSI is Russia's largest gasoline producer. It can process up to 16 million metric tonnes of oil per annum, or about 320,000 barrels per day. SLAVYANSK On June 28, local authorities reported that Ukrainian drones had struck Russian targets, including the Slavyansk Oil Refinery in southern Krasnodar. Slavyansk is a private refinery with a capacity of around 100,000 barrels per dna. It provides fuel for domestic use as well as export. YAROSLAVL Ukrainian troops attacked a Russian refinery in Yaroslavl on July 6th, about 250 km (160 mi) northeast of Moscow. The General Staff of Ukraine announced the attack on Telegram. The refinery can process 15 million metric tonnes per year or around 300,000 barrels a day. UFA Ukraine forces attacked for the second time, on 1 July, an oil refinery near the southern Ural Mountains, about 1,150 km (715 mi) east of Moscow. This refinery is capable of processing more than 7,000,000 tons of oil per year. ORENBURG On June 24, the Ukrainian military announced that it had hit Orenburg's gas processing plant. The plant has a production capacity of 45 billion cubic metres of natural gas each year. MOSCOW MOSCOW oil refinery has halted operations after a drone attack by Ukraine on June 16th, according to two industry sources. On June 18, a second attack caused damage to processing units, and multiple fires were started across the site. The Kapotnya district in the south-east of the capital has a capacity of 11 million tons per year. TANECO Tatneft Russian's TANECO refinery halted its operations on June 12 after a drone strike. TANECO, one of Russia's technologically most advanced refineries, is equipped with hydrocracking units, catalytic cracked and delayed coking. According to data from the industry, TANECO will process 17.0 millions tons of crude oil by 2024. It will produce 2.7 million tonnes of motor gasoline and 8.5 million tonnes of diesel fuel, as well as 1.3 million tonnes of petroleum coke. KUIBYSHEV Rosneft’s Kuibyshev refinery stopped processing after a drone strike on June 10. According to industry sources, the Kuibyshev Refinery will process 4.7 million tonnes of crude oil in 2024. That's 94,400 barrels per day. This refinery produces 0.8 million metric tons of gasoline, 1,4 million metric tons of diesel, and 1.3 millions metric tons of fuel. SYZRAN On May 21, the Ukrainian military and president Volodymyr Zelenskiy announced that Ukrainian drones had struck the Rosneft owned Syzran oil refining plant in the Samara area. Two industry sources confirmed that the refinery stopped operations following the attack, which damaged a primary unit. The refinery had suspended oil refining following drone attacks on 18 April. The refinery can process 8.5 million tonnes per year or 170,000 barrels a day. According to industry sources, in 2024 it will process 4.3 million?tons crude oil into 800,000 tonnes of gasoline, 1,5 million tons diesel, and 700,000 tonnes of fuel oil. TUAPSE Ukraine attacked a Russian refinery in the Black Sea Port of Tuapse, the Ukrainian Military's General Staff reported. Officials said that a drone attack caused a major oil refinery fire on April 28. The facility, which exports the majority of its products, had to stop?operations. The refinery has a production capacity of 12 million tons per annum, or about 240,000 barrels a day. It produces naphtha and diesel as well as fuel oil, vacuum gasoil, and fuel oil. Authorities said that Ukrainian drones attacked the Baltic Sea ports Vysotsk, Ust-Luga and Sevastopol on July 6, causing damage to the major oil export outlet of the Baltic Sea. They also caused a blackout of power in Sevastopol (home of the Russian Black Sea Fleet) and the Crimean city of Sevastopol. Local authorities reported on June 8 that a loading complex in Russia's Black Sea Port of Novorossiysk caught fire after a drone strike. Regional authorities in Krasnodar said that a fire started at the southern Russian Port of Temryuk following a Ukrainian drone strike. Mikhail Yevrayev, the governor of Russia's Yaroslavl Region, said that fuel storage facilities in the region caught fire on May 29 after a Ukraine drone strike. Ukraine launched an attack on Russian ports in the Baltic Sea and Black Sea, including Primorsk, oil tanks and military vessels on May 3. (Reporting and Editing by Gareth Jones).
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Defense companies sign agreements at NATO Industry Forum
Defence companies from NATO member states gathered in Ankara for an industry forum that was held along with the annual summit of the alliance. Here are some of the recent deals that have been announced: SAAB Swedish defence company Saab announced that NATO would begin formal negotiations to acquire up to 10 GlobalEye early warning and control aircraft. Micael J. Johansson, CEO of the company, told reporters that the company would begin deliveries by 2030 and the final cost per aircraft would be between $400 - $450 million. LOCKHEED MARTIN RHEINMETALL Lockheed Martin signed a Memorandum of Understanding with?Rheinmetall on Tuesday for the production of ATACMS in Germany. This would be the first time the missile was produced outside of the United States. NORTHROP GUMMAN NATO Secretary-General Mark Rutte announced that NATO allies will purchase up to five Northrop Grumman MQ-4C Triton drones for high altitude surveillance. Norway, Finland and Germany signed a letter of intention. AIRBUS NATO 'will launch a fleet of strategic Airbus A400M transport aircraft and expand 'its existing A330 MRTT?tanker and transport -fleet?by one aircraft. Rutte stated. ISAR AEROSPACE German Rocket Maker Isar Aerospace has signed a contract with Canada’s Maritime Launch Services to build and use a dedicated launchpad for its Spectrum rocket in Spaceport Nova Scotia.
Sleepless Ukrainians are wondering when Russia will strike next
Diana Bobrovska, a Kyiv resident, was so worried about a Russian air strike on her neighbourhood following a devastating strike?on Monday she spent a 2nd night "sheltering" with her 2-year old son.
The 31-year old said, "Two night without sleep is difficult," standing next to the wreckage of the apartment building that was ripped apart in the attack. "Plus, the nerves -- it's very bad to be honest." Bobrovska, and other witnesses at the scene - where eight victims were killed in their homes – said that they expect strikes to get worse as Russia takes advantage of Ukraine's critical lack of U.S. made interceptors.
The air defences failed to intercept any of the 23 missiles fired by Russia in the attack on Kyiv, and the surrounding area overnight. This attack resulted in the death of 25 people.
Serhii Beksrestnov, a defence ministry adviser, said on local TV that Ukraine has effectively "run out" of Patriot missiles required to intercept ballistic projectsiles. Volodymyr Zelenskiy, the Ukrainian president, has repeatedly asked allies for more Patriot missiles. He will ask this question again at NATO's summit in Turkey next week.
According to data from the air force, in July, only 'four' of 49 ballistic rockets fired by Russia were shot down. In recent months, Russia has intensified its air war against Ukraine as its ground forces struggled on the battlefield while also being attacked by Ukrainians on its oil and military industry.
'IT'S GOING TO GET WORSE'
Roman Starostyshyn lives just a few steps from the destroyed building in Kyiv. He recalled that on Monday, a series explosions shook his home and it sounded as though he heard "the smash of a hammer".
If the attacks get worse, he said, he might consider moving his entire family out of city.
Starostyshyn said that it would get worse before getting better. "I think the darkest period is before dawn and we may still be in for a dark time," said Starostyshyn, a doctor.
Vladimir Putin said that he would continue his war despite Russia's increasing?difficulties. Moscow wants Kyiv to cede its eastern 'Donetsk Region' that it has not been able to conquer after four years of war.
Donald Trump, the U.S. president, has spoken to both Zelenskiy and Putin. He said on Tuesday in Ankara that he believes the war can be "settled soon".
Anastasia Rybak, 32, who is on maternity leave and whose husband serves, was defiant during what she called a "Russian Roulette" of attacks.
She said, "You may leave the country but I will not." "Our country is a country." (Written by Dan Peleschuk, edited by Daniel Flynn and Barbara Lewis).
(source: Reuters)