Latest News
-
Vucic, Serbian Vucic: Gazprom talks with Hungary's MOL about NIS stake sale
Serbian President Aleksandar Vucic revealed on Tuesday that Russian energy giant Gazprom has been in discussions with Hungary's MOL about a possible sale of its majority stakes in 'NIS' - Serbia's only oil refiner. In January, the United States announced sanctions against Russia's oil industry in response to Moscow's conflict in Ukraine. But, NIS's application was repeatedly delayed before finally coming into force on October 8th. "We have no problem with it. We have information that Gazprom representatives have been talking to MOL in Hungary, and we don't have anything against them." Vucic said to reporters on Tuesday that the Hungarians were our friends. "We must finish this as soon as possible - by January 15." Due to sanctions, banks have stopped processing NIS. The JANAF crude oil pipeline in Croatia has also stopped delivering crude to the refinery. Gazprom owns 11.3% of NIS, while its sanctioned oil subsidiary Gazprom Neft has 44.9%. The Serbian Government owns 29.9%, with the rest belonging to employees and small shareholders. Vucic said that Serbia's gas supply agreement with Russia would be extended by another three months. The Balkan nation remains one of Europe’s few remaining buyers of Russian gas. Western nations have pressed the government to align itself with EU sanctions against Russia, but it has not yet taken action. (Reporting and editing by Joe Bavier; Ivana Sekularac, reporting)
-
Germany deports criminals to Syria amid pressure on migration
Germany deported to Syria a criminal convicted of a crime for the first time since the beginning of the 14-year civil war in Syria. The government?in?Berlin is trying to show its voters that it's addressing their concerns about migration. Migration is now the top concern of German voters, and the support for Alternative -for- Germany (AfD), a far-right party, has risen. Friedrich Merz, the conservative Chancellor, has responded by taking a more aggressive stance on border security, migration and pledging a faster?deportation. Since the end of the civil war in Syria last year, Syria has been a major focus. Interior ministry says the criminal was handed over to Damascus authorities on Tuesday morning. Another criminal was deported to Afghanistan as the second time in a week. Alexander Dobrindt, Minister of Interior, said that deportations to Syria or Afghanistan should be possible. He said, "Our society has a legitimate interest to ensure that criminals leave our country." Deporting migrants to these two countries would put them in danger, according to critics. The man sent to Syria was a former prisoner in Germany's north-west for aggravated robbery and bodily harm. The Afghan criminal had served a prison sentence in southern Bavaria, for, amongst other things, intentionally bodily harm. (Reporting and editing by Ludwig Burger. Madeline Chambers)
-
Kaztransoil and Polish oil pipeline operator Kaztransoil will collaborate on oil shipments from Germany
The Polish company announced on Tuesday that Poland's oil pipe operator PERN had signed an agreement with Kaztransoil regarding technical cooperation in relation to shipments of Kazakh oil? to Germany. PERN stated in a press release that the agreement includes delivery scheduling, information exchange, inspections, and certification of meters used during the handling process. Since the suspension of Russian shipments?after Moscow invaded Ukraine, PERN has been supplying?oil from Kazakhstan to Germany's PCK Schwedt Refinery. The refinery also relies on seaborne supplies via Gdansk. The state-controlled Russian energy firm Rosneft holds a majority stake of PCK which supplies much of Berlin's energy. However, Germany took control of the company after Russia invaded Ukraine. In the first nine-month period of this year, 1.91 million tons of Kazakh oil was shipped to Germany. Kaztransoil will open its first representative office in the European Union on a Polish site, to help ensure stable supplies for Germany. (Reporting by Marek Strzelecki Editing by David Goodman)
-
Two CMA CGM ships navigate the Suez Canal as a sign of eased tension
The authority that manages the Suez Canal announced on Tuesday that two vessels of CMA CGM, world's third largest container shipping line, had travelled through it. This could be an indication the?disruptions? linked to the Gaza War are easing. The Suez Canal is the fastest way to connect Asia with Europe. However, shipping companies will have to travel much further routes since November 2023 because Houthi militants, who are Iran-aligned, attacked commercial vessels in Yemen, saying they were in solidarity with Palestinians in the Gaza War. CMA CGM has only made a few trips through the Suez Canal when the security conditions permitted. CMA CGM didn't immediately respond to an inquiry for comment. Companies are cautious. However, since the fragile ceasefire that took place in Gaza on October 10th, there have not been any Houthi attacks on ships. This has led shipping companies to reconsider their use of the Suez Canal. Egypt relies on this canal as a source of major foreign currency. The Canal's Authority said that on Tuesday, the CMA CGM Jacques Saade, a vessel traveling from Morocco to Malaysia via the canal, crossed from the north while the CMA CGM Adonis came from the south. The schedule on the CMA CGM website shows that the French company plans to use the passageway for its India-U.S. service INDAMEX from January. Maersk announced on Friday that one of their vessels navigated the Red 'Sea, and the Bab el-Mandeb Strait from Yemen?to the Horn of Africa between Maersk vessel for the first time since nearly two years. The Danish company stated that it had no plans to reopen the entire route but would "take a step-by-step approach" in order to gradually resume navigation. Reporting by Yusri Mohammed in Cairo. Additional reporting by Gus Trompiz. Writing by Ahmed Elimam, Nayera Abdallah and David Goodman. Editing by David Goodman, Barbara Lewis.
-
Maguire: Wind energy to be blown off track in 2025 and redirected for 2026.
Wind energy, like any other industry, has seen its ups and downs. But 2025 could be the worst year yet: a toxic mix of policy reversals and corporate upheaval, as well as sub-par production in key markets. The U-turn by President Donald Trump on renewable energy is likely to be the most damaging. This prompted a freeze in offshore project work on the Atlantic, and was a major blow for both power developers and wind companies. The disappointing auctions of new wind capacity in Europe, some with no bids at all (in Germany and Denmark), highlight that wind's problems extend far beyond the U.S. Add mass layoffs and project withdrawals by prominent developers to months of below-normal production in key markets and 2025 will be a year that the industry will never forget. There are some reasons to believe that wind energy will continue to grow in the coming years, as new auction incentives, changes to supply chains, and a growing demand for all forms of power, including wind, will spur its adoption around the globe. Here is a list of major factors that affected the wind sector between 2025 and 2026. Slowest Growth in Decades The performance of wind farms in the current state did not help to improve the reputation of the wind sector as a reliable source of power. In fact, the global electricity generated by wind farms is expected to grow at its slowest rate in over 20 years this year, largely due to "sustained periods of sub-par production in Europe and North America". Data from the think tank Ember revealed that global wind-powered electric production in the first ten months of 2025 was 2,158 terawatts hours (TWh). This is a record but only 7% more than the same period in 2024. The average annual growth rate from 2015 to 2024 was 14%. The decline in wind power generation in Europe, the second largest wind producing region in the world after Asia, was a major factor in stifling global wind output growth at the beginning of 2025. The mid-year drop in wind generation in North America, the world's third largest wind producing region, then added to the global wind output, as the region saw output decreases in April, may, June, august and September compared to the previous year. Even Asia, which accounts for about 45% of the global wind power production, registered rare drops in generation year-over-year in September and in October. This further stunted global output growth. POLICY AND COMPANY TUBULENCE As existing wind farms struggled to meet expectations, future planned projects were being impacted by sudden and major changes to policies. In the U.S., the Trump administration's scrapping of federal support for wind power accelerated the phase-out of tax credits, tightened start-of-construction rules and imposed tougher limits on foreign-made components. These changes are expected to have a long-term impact on the growth of both onshore projects and offshore ones. The string of disappointing wind auctions in Europe prompted key developers such as Denmark's Orsted, and Vestas to push for quicker permitting and better auction conditions to boost investment. Some of these proposed changes will likely take effect by 2026 and could spark a greater interest in building out new wind capacity in the region. Mitsubishi pulled out of three planned offshore projects in Japan due to rising costs estimates. The projects were scheduled to begin operations by 2030. The Japanese government has made some changes to its wind project policies to give developers more flexibility, to provide greater financial support, and to expand the area that is eligible for offshore wind energy projects. These changes, like those in Europe, are likely to revive interest in expanding Japan’s wind power footprint beyond 2025, despite its?tough start in 2025. CHINA-LED As wind developers suffered setbacks in other countries, China's wind power production - the world's largest deployer and manufacturer of wind power components - continues to grow at a rate greater than 10% for the 25th consecutive year. China's share in global wind energy output will rise from just below 40% in 2024 to an all-time high of 41% by 2025. China's massive wind farm expansion will continue to drive global wind production in the future, even if the U.S. economy slows down and Europe remains weak. According to Ember data, China's constant flow of exports of wind components - up by?more than 20 percent so far in 2020 to more than $4 billion - means that supplies of wind parts in nearly every region are also increasing. Wind power is expected to continue growing globally in 2026 despite the turbulent 2025. These are the opinions of a columnist at. You like this article? Check it out Open Interest The new global financial commentary source (ROI) is your go-to for all the latest news and information. ROI provides data-driven, thought-provoking analysis on everything from soybeans to swap rates. The markets are changing faster than ever. ROI can help you keep up. Follow ROI on You can find us on LinkedIn.
-
Maguire: Wind energy to be blown off track in 2025 and redirected for 2026.
Wind energy, like any other industry, has seen its ups and downs. But 2025 could be the worst year yet: a toxic mix of policy reversals and corporate upheaval, as well as sub-par production in key markets. The U-turn by Donald Trump on renewable energy is likely to be the most damaging. The U-turn by Donald Trump on renewable energy policy was the most damaging development. The disappointing auctions of new wind capacity in Europe, some with no bids whatsoever - including Germany and Denmark - show that the wind industry's problems extend beyond U.S. borders. Add mass layoffs and project withdrawals by prominent developers to months of below-normal production in key markets and 2025 will be a year that the industry will never forget. There are some reasons to believe that wind energy will continue to grow in the coming years, as new auction incentives, changes to supply chains, and a growing demand for all forms of power, including wind, will spur its adoption around the globe. Here is a list of major factors that affected the wind sector between 2025 and 2026. Slowest Growth in Decades The performance of wind farms in the past did not help to improve the reputation of the sector as a reliable source of power. In fact, the global electricity production from wind farms is expected to grow at its slowest rate in over 20 years this year, largely due to subpar generation for long stretches in Europe and North America. Data from the think tank Ember revealed that global wind-powered electric production in the first 10 month of 2025 was 2,158 Terawatt Hours (TWh). This is a record but only 7% higher than the same time period in 2024. The average annual growth rate from 2015 to 2024 was 14%. Four consecutive months of declines in Europe's wind production - Europe is the second largest wind producing region after Asia. This was a major factor in stifling global wind output growth at the start of 2025. The mid-year wind generation declines in North America, the world's third largest wind producing region, then further impacted on the global wind output. In April, May?June?, August and September, the region saw output decreases from the previous year. Even Asia, which accounts for around 45% of the global wind power output, registered rare drops in wind production in September and in October. This further dampened global output growth. POLICY AND COMPANY TUBULENCE As existing wind farms struggled to meet expectations, future planned projects were impacted by sudden and major changes to policies. In the U.S., the Trump administration's scrapping of federal support for wind power accelerated the phase-out of tax credits, tightened start-of-construction rules and imposed tougher limits on foreign-made components. These changes are expected to have a long-term impact on the growth of both onshore projects and offshore ones. The string of disappointing wind auctions in Europe prompted key developers such as Denmark's Orsted, and Vestas to push for quicker permitting and better auction conditions to boost investment. Some of these proposed changes will likely take effect in 2026 and could spark a broader interest in building new wind capacity in the region. Mitsubishi pulled out of three planned offshore projects in Japan due to rising costs estimates. The projects were scheduled to begin operations by 2030. The Japanese government has made some changes to its wind project policies to provide greater flexibility to developers, more financial assistance and to expand the area that is eligible for offshore wind. These changes, like those in Europe, are likely to revive interest in increasing Japan's wind energy footprint in 2026, and beyond. CHINA-LED Even though wind developers elsewhere have suffered setbacks, China's wind power production - the world's largest deployer and manufacturer of wind power and components - will continue to grow by more than 10% for the 25th consecutive year. China's share in global wind energy output will rise from just below 40% in?2024 to a record of over 41% by 2025. China's massive wind farm expansion will continue to drive global wind production upwards, even if the U.S. economy slows down and Europe remains weak. China's constant flow of exports of wind components - up more than 20% in 2025 to $4 billion, according to Ember data – also means that supplies of wind parts in nearly every region are increasing. Wind power is expected to continue growing globally in 2026 despite the turbulent 2025. These are the opinions of a columnist at. You like this article? Check it out Open Interest The new global financial commentary source (ROI) is your go-to for all the latest news and information. ROI provides data-driven, thought-provoking analysis on everything from soybeans to swap rates. The markets are changing faster than ever. ROI can help you keep up. Follow ROI on You can find us on LinkedIn.
-
Traders say that China's teapots are driving Russian ESPO purchases amid record discounts.
Three traders reported a record discount of $7 to $8 per barrel for Russian ESPO blend crude delivered in Chinese ports in January compared to?ICE Brent, due to the pressure from Western sanctions on this?grade. The deeper discounts have revived interest in buying, especially among China's independent private refiners known as "teapots". Earlier in December, ESPO discount prices at Chinese ports ranged from $5 to $6 per barrel as refiners stayed out of the market following harsh Western sanctions against Russian oil majors Rosneft, and Lukoil. Beijing has issued new import quotas and cheaper barrels to lure private refiners back to the market. China's state-owned refineries, however, continue to avoid buying Russian crude at the spot market. This puts pressure on ESPO blend oil prices. ?And abundant supplies of Iranian crude sold at greater discounts have also increased competition with ESPO. ESPO Blend is a light sweet oil exported through Russian Far East ports. Its short shipping distance, combined with its high quality, makes it a vital feedstock for Chinese refiners. Discounts are now higher than they were earlier in the year. This is due to a combination of softer demand, sanctions and restrictions on Russian oil flow. Western sanctions also weigh on the value of Urals, Russia's flagship oil. Due to the weaker Indian demand, traders said that a number of Urals cargoes loaded from?Russian port this month were diverted to China. Chinese port discounts for Urals crude cargoes have been over $10 per barrel compared to ICE Brent - this is for December loadings of Russian ports. The traders stated that although Western sanctions may have made it difficult for some buyers to pay and ship, ESPO and Urals are still attractive to smaller refiners who need quick shipments. China is Russia's biggest oil customer. Wider discounts could support Russian oil exports until early 2026, even though sanctions restrict Moscow's ability sell oil. Reporting by Siyi Liu and reporters in Moscow, with editing by Joe Bavier.
-
Oil prices steady as the market balances geopolitical risk against fundamentals that are bearish
The oil prices were relatively unchanged on Tuesday, as the United States' fears of a supply disruption following Ukrainian attacks on Russian vessels were offset by potential sales?of?Venezuelan?crude. Brent crude futures were up 7 cents at $62.14 per barrel as of 0959 GMT. U.S. West Texas Intermediate crude (WTI), up 4 cents, was at $58.05. Brent prices rose by more than 2% Monday. WTI prices climbed the most since November 14, while Brent's daily gains were their highest in two months. After Monday's sharp increase in oil price, heavy oversupply has stifled any further rise. The upside is?limited', according to IG analyst Axel Rudolph, with floating storage at its most recent high since 2020. U.S. president?Donald Trump stated on Monday that the U.S. may keep or sell oil it has seized in recent weeks off the coasts of Venezuela as part of U.S. sanctions, which include a 'blockade' of oil tankers entering and exiting the South American nation. Barclays stated in a Monday note that oil markets will remain well-supplied during the first half 2026. However, the bank also noted that the surplus of oil would 'diminishe to 700,000 barrels a day by the fourth quarter 2026. A prolonged disruption of the market could further tighten it. Russian forces attacked Ukraine's Black Sea Port of Odesa on Monday night - damaging port facilities and a vessel. This was the second attack in less than 24 hour. Ukrainian drones also damaged two vessels, a pier, and started a fire. Ukraine has also targeted Russia’s maritime logistics by focusing on the shadow fleet oil tankers which attempt to bypass sanctions against Russia. Reporting by Seher D. Dareen, Anjana Anil and Emily Chow from Singapore. Editing by David Goodman.
Serbian Parliament adopts budget for 2026, with a deficit of 3%
The Serbian parliament adopted its budget for 2026 on Wednesday, setting the fiscal deficit at 337 billion dinars (3.35 billion dollars), or 3%.
Budget sets revenues totaling 2,414.7 billion dinars, and expenditures at 2,751.7 milliards dinars.
The bill also provides 164 billion dinars for Serbia to use in order to take over the U.S. sanctioned oil company NIS, from its Russian majority owner Gazprom and Gazprom, if these companies do not sell their shares by mid-January.
Adoption of the 2026 budget plan was a formality as the ruling coalition, led by the populist Serbian Progressive Party, has a comfortable majority with 154 members in the 250 seat parliament.
The total capital expenditure is 602 billion dinars with 47.5 billion dinars allocated to the Expo 2027 fair.
Budget also includes the funds required for the reintroduction over the next 3 years of military service, as well as increased spending on wages and pensions in the public sector.
(source: Reuters)