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• Sources say that CPC has stopped accepting Kazakh oil because of attacks on tankers.

  Three industry sources confirmed that the 'Caspian Pipeline Consortium' has stopped receiving oil from Kazakhstan, after suspending loadings Monday due to attacks against oil tankers at their Black Sea terminal. On Tuesday, two sources also stated that the oil tanks at the terminal were full. CPC, the company that accounts for 80% oil exports out of?Kazakhstan declined to comment. CPC announced on Monday that the oil loadings at Black Sea port had been suspended following a drone strike on tankers. Russia accused Ukraine of targeting CPC tanks as part of their "ambition to destabilise global oil markets". Ukraine has not made any comments on the attacks. According to LSEG's ship tracking data, two tankers planned to arrive at terminal to collect oil but instead changed directions. Chevron continues its monitoring of the situation at CPC. Safety and security for personnel are our highest priority. Chevron's 15% stake in CPC said that any further inquiries about CPC should go to the entity. The suspension of loads from the CPC Pipeline, which exports almost 2 %?of the world's oil, has added to the global oil concern as the war in Iran had already disrupted the?supply? from Saudi Arabia and Gulf producers. On Monday, the Kazakhstan government said that CPC loading stations were not damaged by the attacks. According to sources, CPC oil supply?inched down by?7% in June from May, to 1.699?barrels of oil per day. This was due to a late-May accident at Tengiz and a lower volume of Russian crude. Reporting by Susan Fenton; Editing by Susan Fenton

• Sources say that CPC has ceased accepting Kazakh oil because of attacks on tankers.

  Three industry sources reported on Tuesday that the Caspian Pipeline Consortium has ceased receiving oil from Kazakhstan after the suspension of 'loadings' due to a sabotage attack against 'oil tankers? at its Black Sea Terminal. Two sources said that the oil?reservoirs are also full at the terminal. CPC, the company that accounts for 80% of Kazakhstan's oil exports, declined to comment. CPC announced on Monday that oil loads were'suspended' at the Black Sea Port following a ukranian drone attack against tankers. Chevron continues its monitoring of the situation at CPC. Safety and security for personnel are our highest priority. Chevron's 15% stake in CPC is the best place to direct any further questions about CPC. The suspension of the loadings of the 'CPC pipeline which exports almost 2 percent of the world oil adds to the global oil concerns as the war in Iran has already disrupted the supply from Saudi Arabian and other Gulf producers.

• CPC: Caspian Pipeline Consortium suspends oil loadings after drone attacks on tanks

  CPC announced on Sunday that two?oil tanks were attacked by a gang of armed men at a terminal near the Black Sea coast in?Russia. Oil loadings have been suspended. CPC reported that the ASIA and NISSOS tanks were attacked during loading operations. CPC said that the ASIA tanker caught on fire and was put out. CPC employees and contractors were not injured or killed. CPC confirmed that there was no oil spill, adding that the tankers were still afloat. CPC has not identified any party responsible for the incident. In the past week, both Russia and Ukraine have intensified their attacks on ships in the Black and Azov Seas. The 'CPC' is a 1,510-mile (1,510-km) oil pipeline that connects Kazakhstan's Caspian Sea oil deposits to Russia's Black Sea port of Novorossiysk. The oil is then transported by 'tanker' to the world markets. CPC is responsible for 80% of Kazakhstan oil exports.

• CPC: Drones attack a Chartered Oil Tanker near a Black Sea Terminal, CPC claims

  CPC reported that two drones attacked and damaged an oil tanker, which was chartered to load oil at the Caspian Pipeline consortium terminal near Russia's Black Sea coast. ExxonMobil was said to have chartered the Suezmax class Nordic Zenith. CPC has not identified any party responsible for the incident. In the past week, both Russia and Ukraine have intensified their attacks on shipping in the Black Sea and Azov Seas. This marks a new phase in a war which has been fought mainly on the ground. CPC stated in a press release that a fire had broken out on the Nordic Zenith, but it was extinguished later. The statement said that nearby CPC vessels evacuated thirteen crew members, while nine other chose to stay on board. CPC announced on its Telegram channel that the tanker had been removed from the schedule of loading and was "unfit" for any moorings or loadings at the terminal. The 'CPC' is a 1,510-km (1,510 mile) oil pipeline that connects Kazakhstan's Caspian Sea oil deposits to Russia's Black Sea Port of Novorossiysk. The oil is then transported by tanker from Novorossiysk to the world market. CPC is responsible for 80% of Kazakhstan’s oil exports. At 'various points during the war, its operations were disrupted by Ukrainian attacks against?pumping station in Russia and drone strikes on the CPC load terminal near Novorossiysk.

• What sites have been attacked by Ukraine?

  In the last two weeks, Ukrainian forces have intensified their attacks on Russia's infrastructure for energy. Fuel shortages are worsened by the drone attacks in Russia. People have reported high prices and long lines at fuel stations in most regions. Here is a brief summary of recent attacks, starting with the latest. SALAVAT According to industry sources, the Salavat Petrochemical Complex, located in Bashkortostan's Urals region, stopped operations on July 14th following an attack by a Ukrainian drone. A fire broke at the Afipsky refinery, in southern Krasnodar Region of Russia. The cause was drone debris that fell from the sky. Emergency services announced this on 14th July. The refinery is capable of processing over 9 million metric tons per year. SYZRAN According to industry sources, the Russian oil refinery Syzran on the Volga River in the Samara region has halted operations after a Ukrainian drone attacked on July 12, damaging a primary processing facility. Ukrainian drones attacked the Rosneft owned refinery on May 21. After the attack, the refinery had to stop operations due to damage caused by a primary processing unit. The refinery had suspended operations after the attacks of April 18. The refinery's processing capacity is 8.5 million tonnes per year. According to industry sources, in 2024 it will have processed 4.3 millions tons of crude oil into 800,000 tonnes of gasoline, 1,5 million tons diesel, and 700,000 tonnes of fuel oil. SARATOV Two sources claim that the Saratov oil refinery in Russia stopped processing oil on 9 July after a drone attacked caused damage. The plant will process 5.8 million tonnes of oil in 2024. This is 2.2% of Russia’s total refining production. It will produce 1.2 millions tons of gasoline, as well as 1.9 million tones of diesel, and?1.0million tons of fuel oil. ILSKY On July 10, local officials reported that a drone had attacked the Ilsky oil refinery, located in southern Krasnodar. The design capacity of the refinery is more than 6 million metric tonnes of oil per annum. OMSK On July?6, Ukrainian drones attacked the Omsk refinery, causing a large fire. The Russian air defences destroyed the majority of drones that were involved in the attack. Governor Vitaly Khodsenko confirmed this. The extent of the damage to the refinery was not immediately known. The design capacity of Omsk's oil refinery is about 22 million metric tonnes of oil per annum. NORSI Ukrainian drones struck NORSI, Russia’s fourth largest oil refinery owned by Lukoil for the second time on 2 July and crude processing has been suspended according to sources. The attack damaged CDU-6 which can process 25700 metric tonnes per day. This is 53% of refinery capacity. NORSI can process up to 16 million metric tonnes of oil per annum, or about 320,000 barrels a day. Local authorities reported that on June 28, Ukrainian drones attacked Russian targets, including the Slavyansk Oil Refinery in southern Krasnodar Region. Slavyansk Refinery is a privately owned plant with a capacity of approximately 100,000 barrels per day. YAROSLAVL On July 6, Ukrainian forces attacked a Russian refinery located in Yaroslavl (about 250 km from Moscow). The refinery can process 15 million metric tonnes per year or about 300,000 barrels a day. UFA Ukraine forces attacked an oil refinery a second-time on 1 July in Ufa near the southern Ural Mountains. The refinery is capable of processing more than 7,000,000 tons of oil annually. 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 According to sources, the operations of an oil refinery in Moscow were halted on 16 June after a drone attack by Ukraine. On June 18, a second attack caused damage to processing units and multiple fires. The Kapotnya district in the south-east of the capital has a capacity of 11 million tons per year. TANECO Tatneft Russian TANECO oil refinery halted operation after a drone strike on June 12th. The refinery is equipped with hydrocracking units, catalytic and delayed coking. According to industry data, TANECO will process 17 million tonnes of crude oil by 2024 and produce 2.7 millions tons of gasoline, 8.5 millions tons of diesel fuel, and 1.3million tons of petroleum coke. KUIBYSHEV Rosneft’s Kuibyshev refinery stopped processing on 10 June after a drone attack. According to industry sources, the refinery will process 4.7 million tonnes of crude oil in 2024. TUAPSE Ukraine attacked a refinery at the Black Sea port Tuapse, Ukraine's military reported on May 27. Officials said that a drone attack caused a major fire to break out at the refinery in April 28. The facility was forced to stop operations. The plant has an annual capacity of 12 million tonnes and produces fuel oil, naphtha and vacuum gasoil. Ports/Oil Facilities Ukraine attacked two Russian oil depots located in Tver and Stavropol, about 500 kilometers (310 miles), from the frontline, said President Volodymyr Zelenskiy on July 9. On July 8, Ukrainian drones struck the Krasnodarskaya Pumping Station, which is part of the natural-gas supply chain from Turkey to Ukraine via the Blue Stream Pipeline. Gas supplies were unaffected. Kyiv reported on July 8 that Ukrainian drones had'struck an oil-pumping station in Russia Bashkortostan, over 1,500km from the border. Authorities said that Ukrainian drones attacked the Baltic Sea ports Vysotsk, Ust-Luga and Sevastopol on July 6, causing damage to the major oil exporting outlets of Vysotsk, Ust-Luga and Sevastopol. They also caused an outage in Sevastopol (home of Russia's Black Sea Fleet), a city located in Crimea. Authorities reported on June 8 that a loading complex in the Black Sea port of Novorossiysk caught fire after a drone strike. Authorities in Krasnodar said that a fire started at the southern Russian port of Temryuk following a drone attack by Ukraine. The local governor reported that fuel storage facilities in the Yaroslavl area of Russia caught fire after a Ukraine drone attack on May 29. On May 3, Ukraine attacked Russia’s ports in the Baltic Sea and Black Sea, including Primorsk, oil tanks and military vessels. TANKERS On July 8, industry sources reported that a drone attacked Chevron's Yasa Polaris oil-tanker, which was used to transport Caspian Pipeline consortium shipments off the coast of Russia. On July 8, the governor of Russia's Rostov Region said that two tankers had been attacked by Ukrainian drones on the Sea of Azov. (Reporting and Editing by Ros Russel)

• Uber and Lyft won court ruling on NYC law that requires notice before terminating drivers

  Federal judge rules that New York City can't prohibit?Uber Technologies or Lyft from deactivating their drivers without prior notice. The novel law, he says, is unconstitutional. U.S. District Judge Gregory Woods, in Manhattan, said in a written ruling on Tuesday that New York City's new law benefits only a small number of drivers and interferes with ride-hailing firms' rights to monitor the safety of their platforms. Woods wrote that "Uber and Lyft will likely succeed in proving that the law only protects a small class of drivers, and does not advance broader economic or social interests which the Constitution requires for allowing 'the severe impairment of contracts. The judge issued an injunction to prevent the city from enforcing the law. It was scheduled to go into effect on July 28. In a statement released by a Lyft spokesperson, the company said that it was "pleased" the court acknowledged the "serious safety issues at the core of this challenge." Uber's spokesman Josh Gold added: "The opinion highlights that driver fairness can and must go together with rider safety." New York City Law Department has not responded to comments immediately. The law was one of the first in the 'U.S. after the New York City Council overruled a veto from former mayor Eric Adams. Adams had said that the new law would create a costly and unwieldy bureaucracy in order to 'handle claims of wrongful deactivation. Ride-hailing companies must give drivers a 14-day notice before they are deactivated from their apps. However, there is an exception made for "egregious misconduct." They may also rehire deactivated drivers since 2019 because they did not receive this notice. In lawsuits filed a few days apart, Uber and Lyft claimed that the law violated their constitutional rights to due process and free speech. They said that the law would undermine their goodwill and reputation while allowing unsafe drivers to continue on the roads, including those who have been accused of sexual misconduct.

• Saudi Flynas orders 25 more Airbus jets

  Saudi Arabian budget airline Flynas confirmed a?order on Wednesday for 25 more Airbus aircraft, joining a wave by other airlines in the kingdom who are expanding their fleets to support Saudi Arabia’s tourism and economic diversification objectives. Flynas has now committed to a total of 235 Airbus aircraft. This order highlights Saudi Arabia as one the fastest growing markets in the aviation industry. The airline 'confirmed' orders for a further?five Airbus A330 900 widebody jets, and 20 A321neos. Flynas has increased its A321neo A330neo order to 56 jets and their A330neo A330neo commitment from 20 to the latest deal. The agreement comes after a series major Saudi aircraft purchase, including Riyadh Air’s order for '34 widebody 'aircraft from Airbus or Boeing. Flynas operates a fleet consisting of 67 Airbus aircraft. This includes two A330-300s and 61 A320neos. (Reporting and writing by Shivansh Tiwary. Editing by David Goodman, Matt Scuffham and Maria Rugamer)

• Trump: US will target Iranian power plant, bridge for each ship that targets Hormuz

  Donald Trump reiterated his threat to attack 'Iranian Infrastructure' on Wednesday. He said that the U.S. will attack a bridge, or power plant every time Tehran targets a vessel in the Strait of Hormuz. Trump wrote on Truth Social that "every time the Islamic Republic of Iran fires a missile, rocket, drone, or other weapon at a ship in the Strait of Hormuz the United States will destroy one bridge or power plant, even if it is located in or near the capital city of Tehran." U.S.-Iran attacks have intensified as an interim ceasefire signed last month unraveled?and the struggle for control of 'Strait of Hormuz' has deepened. This raises the risk of returning to a resumption of hostilities. Under Experts in international law and world leaders have condemned Trump's threats against?Iranian power plants and bridges?as being illegal under a?international law which prohibits attacks on civil targets. Reporting by Susan Heavey, Bhargavacharya and Doina Ciacu.

• Data shows that more ships are changing course in the Red Sea following Houthi threats

  Ship-tracking data showed that four tankers changed their course in the Red Sea Wednesday. Two of them indicated the Suez Canal, after Yemen's Houthi militia warned ships to avoid sailing into Saudi Arabian ports. The Houthis, who are aligned with Iran, declared a naval blocade on Saudi Arabia Monday. This opened a new front in the war between the United States and Iran. It also raised the risk of global energy and trade outside the Gulf. The threat of Houthi hostile action against Saudi Arabia has started to have a general effect on the tanker industry, according to a ship broker's note. There are reports that several tankers have shifted their course to the Suez Canal after loading in Saudi Arabia's Yanbu Port in the Red Sea. Others are waiting for further instructions. RISK OF ATTACKS IS RISKIER In an advisory published by Aspides, the European Union naval force, ships with ties to Israel, Saudi Arabia, or the United States are more likely to be attacked by the Houthis. They are therefore advised to avoid travel through the Red Sea and Gulf of Aden, until the threat levels decrease. The advisory stated that any vessel that has recently visited,?loaded or discharged cargo in Saudi ports should reduce its electronic footprint. This includes reducing AIS (ship tracking) transmissions as well as limiting publicly accessible digital data that could facilitate targeting. According to LSEG, MarineTraffic, and Vanguard's analysis of ship tracking data, the four tankers shifted direction. Two of them signaled their destination as open water in the Red Sea. Shipping data revealed that a fifth vessel, a vehicle transporter named Liu Jiang Kou, appeared to have turned back in the Gulf of Aden Wednesday after it had indicated the Saudi Red Sea Port of Jeddah for its next destination. The manager of the vessel, China's COSCO Shipping Group, did not immediately respond to a comment request. On Tuesday, three oil tankers carrying Saudi crude for China and India turned around in the Red Sea to head towards the Suez Canal instead of the Yemeni coastline. Three oil tankers, including the Xin Long Yang managed by COSCO, made a U-turn in the Red Sea on Tuesday. They headed towards Suez Canal instead of facing Yemeni coast. Alternative to the Strait of Hormuz Saudi Arabia would lose a vital alternative to the Strait of Hormuz if the southern Red Sea gateway were closed. This could also increase fears of shortages. In a separate statement, Braemar, a ship broker in Saudi Arabia said that the Houthi embargo raised "serious" questions about the viability eastbound routes out of Yanbu port. Yanbu is the outlet for the east-west pipeline. Ship-tracking data revealed that a number of tanks were still visible Wednesday near Yanbu's Anchorage. Since the Houthi's began their attacks on Yemen's coast in November 2023, the Red Sea hasn't fully recovered. The group claimed that they were doing this in solidarity with Palestinians fighting in Gaza. Gaza's ceasefire in October last year was the only thing that brought an end to the group's attacks against merchant ships. The Houthis warned shipping companies to avoid loading or discharging cargo at Saudi Arabian ports, or else they could be targeted. Sources in maritime security said that they have received audio recordings of Houthi warnings sent to ships on the Red Sea. One shipping source, who received updates from a ship on the Red Sea, said: "They warn all ships intending to proceed into Saudi ports that they are open targets." (Reporting and editing by Jonathan Saul and Renee Maltezou. Reporting by Yannis Souliotis, Ahmad Ghaddar, and Renee Maltezou.

• BermudAir purchases 10 Airbus A220 aircraft as part of its expansion plan

  BermudAir has ordered 10 Airbus A220 aircrafts to expand its routes into 'Bermuda and Anguilla as well as Belize, Turks and Caicos, Turks & Caicos, Turks & Caicos', the startup airline announced on Wednesday. Adam Scott, BermudAir's CEO and founder, said that the A220 has the performance characteristics to help us expand our footprint and open more markets. The airline plans to double its 11 routes currently in operation by the end of the year. The A220-300 order was signed during the Farnborough Airshow. The Bermuda carrier has been operating since 2023. BermudAir plans to add up to 20 A220 planes by 2030, and eventually replace its fleet of Embraer-190 aircraft. BermudAir is competing with U.S. carriers JetBlue, American, and United for New York flights. However, some new routes are not heavily competitive. Scott stated that the carrier's focus is on improving customer experience. "We are winning these customers because we do something very different," said Scott. The new routes include six to Turks and ?Caicos, with ?service from Newark, Boston, Baltimore-Washington, Raleigh-Durham, Fort Lauderdale and St Petersburg/Tampa, and five new routes to Belize. The airline will also be expanding its seasonal service to Anguilla. The airline is planning to install wifi on its planes, as they currently do not. "It's not easy to start a?airline," he said. "You have to be very determined." Scott said, "You have to be dedicated to it." It's always best to be steady. (Reporting and editing by Joe Bavier, Andrew Heavens, and David Shepardson)

• Shipping data shows that more ships are changing course in the Red Sea following Houthi threats

  Ship tracking data revealed that four tankers changed their navigational course on Wednesday in the Red Sea, with two of them indicating the Suez Canal as their new destination. Yemen's Houthi milita warned ships not to sail to Saudi Arabian port after warnings from the Houthi militia. According to LSEG and MarineTraffic'ship tracking data and analyses from British maritime -risk management group Vanguard, the?vessels changed their direction. The?other two indicated their destination as a?open?waters?in the Red Sea. According to shipping data, it appears that a fifth ship, a vehicle-carrier, turned back in the Gulf of Aden Wednesday after signaling the Saudi port of Jeddah for its next destination. Following the warning by the Iran-aligned Houthis, three oil tankers carrying 'Saudi crude' for China and India turned around in the Red Sea on Tuesday. They headed towards the Suez Canal instead of tackling the Yemeni coast at the mouth of the sea. (Reporting and editing by Joe Bavier; Reporting by Jonathan Saul)

• Bousso: The electrification of Europe's ROI will be a decade-long struggle.

  Europe is facing a "death Valley" of high energy prices over the next decade, which threatens to erode their industrial base even if they achieve their ambitious plan?to increase electricity consumption by 2040. The European Commission announced on Friday an Electrification Action Plan aiming to increase electricity's share in final energy consumption from 23% today to 48 % by 2040. An interim reference goal of 32 % by 2030 was set as an initial target. The strategy aims to accelerate electrification in transport, buildings, and industry. It also tackles one of Europe's largest energy paradoxes - electricity is often more expensive than fossil fuels that policymakers would like consumers and businesses abandon. The Commission claims that turning Europe into the first "electrocontinent" of the world would drastically reduce fossil fuel consumption, and the EU's energy import bills could be reduced by up to EUR260 billion ($297billion) per year by 2040. The appeal is clear at a time when the security of energy has become a priority in geopolitics. The challenge is also clear. Europe is still largely fueled by fossil fuels. Oil, coal and gas account for over 60% of EU's total energy mix. Renewables only make up about one fifth. Despite the rapid expansion of renewable energy generation on the continent at a cost that is enormous, the continent has made much less progress in electrifying sectors such as transport, industry, and heating. Even though Europe has been steadily decarbonising its electricity production, electricity still only represents a small percentage of the total energy consumption. The share of electricity consumption in total energy has been around 23% since over a decade. The disconnect underscores the magnitude of the task that lies ahead. It could very well determine whether the European industry is viable in the coming decade. MASSIVE VULNERABILITY The energy crisis that followed Russia’s invasion of Ukraine on a large scale in February 2022 underscored the urgency to accelerate this shift. Losing abundant Russian pipeline natural gas forced Europe to undergo a costly and painful energy realignment. It had to replace cheaper imports from the east with more expensive liquefied gas imported from global markets. The effects on industry were profound. The rise in energy prices led to a contraction of industrial activity, as companies from metals to glass to chemicals to fertilisers struggled to compete against rivals from regions that benefitted from cheaper energy. Europe is still acutely vulnerable to fluctuations in the fossil fuel markets. According to the European Commission's estimates, since the beginning of the Iran War in late February, oil and gas imports have increased by EUR50 billion. This has added fresh pressure on inflation. The Commission has proposed an extensive package of measures to reduce energy costs. These are aimed at reducing the gap in price between electricity and natural gas. These include reducing the network charges, introducing smart meters, increasing the affordability of electric vehicles, expanding the charging infrastructure and replacing gas boilers with heat pump systems. The EU's Emissions Trading System is the flagship policy of the EU on climate change. The reforms proposed would give industries more flexibility to reduce emissions, while also providing financial support for investments in clean technologies and domestic production. HUGE PRICE TAG The scale of the investment required is staggering. According to a recent estimate by the Commission, upgrading and expanding Europe’s ageing transmission networks and distribution systems will require approximately EUR1.2 trillion in investment between 2040 and 2040. Tens of millions more will be needed to fund programmes designed to promote electrification within the transport sector, in industry and in buildings. There are reasons to be optimistic, though. According to the International Energy Agency?, Europe spends about EUR60-EUR70 billion on electricity grids every year. This means that reaching the Commission's target for investment would not require an overhaul of current investment trends. The proposed relaxation of ETS requirements could also unlock additional funding, allowing companies to redirect their capital towards modernising production and infrastructure. The Commission wants the member states to also dedicate half of ETS revenue to decarbonising their domestic industry. Since 2013, carbon?market revenues have been around EUR260 billion. Even after all of this, however, the increase in investment still remains daunting. This is especially true when you consider that European governments are under pressure from both Washington and Russia to increase their defence spending. Existential Risk Timing is the biggest issue. The benefits of the plan will only be realized gradually, even if it survives the forthcoming political battles. This is unlikely given the divergent interests among the 27 members states. It takes years to build grids, charging systems, heat pumps and industrial infrastructure. The challenge to Europe's competitiveness in the industrial sector, on the other hand, is urgent. European electricity prices are still more than double those in the U.S., and about 50% higher than China. This leaves energy-intensive industries at a structural disadvantage, even after the decline from the extremes of the energy crisis in 2022. Europe's energy-intensive industries will need to be competitive with their rivals from Asia and North America for most of the decade. They must also expand electricity-hungry areas such as artificial intelligence and data centres. This is the unsettling reality that lies at the core of Europe's electrification policy. Electrifying Africa is not just a climate goal. It has become a necessity for a region that is limited in fossil fuel resources, exposed to geopolitical shocks and faces increasing costs of imported fuel. It is a question of whether Europe's industry can survive for long enough to reap its benefits. You like this column? Open Interest (ROI) is your new essential source of global financial commentary. Follow ROI on LinkedIn and X. Listen to the Morning Bid podcast daily on Apple, Spotify or the app. Subscribe to the Morning Bid podcast and hear journalists discussing the latest news in finance and markets seven days a weeks. ($1 = 0.8753 euros)