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Sources say that drone attacks are reducing exports and causing a reduction in Russian oil production.
Three industry sources told Reuters that a Russian oil production cut is imminent due to Ukraine's strike on pipelines, port infrastructure and refineries, which has reduced export capacity by a million barrels / day or 5% of the total, according to their report. The conflict in the Middle East has already caused unprecedented disruptions in oil supply. A reduction in output from Russia, the second largest exporter in the world, will add to this. Ukraine intensified its attacks over the past month on Russia's oil-export infrastructure. Ukraine's drone attacks are the most intense of its four-year-long war. They target the Baltic ports Ust-Luga, and Primorsk to weaken Russia’s economy. According to three sources in the industry, at least 20% of Russia’s total export capability is not working. This is down from 40% last March but enough to have an impact, they say, on Russian oil production. It's the third largest in the world after Saudi Arabia and the United States. Sources spoke on condition of anonymity because of 'the sensitive nature of the situation. OIL IS CHEKED INTO OIL PIPELINES Russia's main Baltic Ust-Luga oil port suspended exports last week after heavy drone attacks and fires. Sources said that as Ukrainian drones targeted?both domestic refineries and export infrastructure,' the Russian oil pipeline system was choked up with oil, and storage was filling. They said that some oilfields would have to reduce production to prevent further flooding of the system. Russia has benefitted from the rise in oil prices ever since U.S. and Israeli attacks on Iran began at the end of February, but cutting energy production would still hurt as oil and gas account for a quarter state budget revenues. Limited Pipeline Capacity Before the Baltic port attacks, Russia's capacity to export oil had already been squeezed. The Druzhba Pipeline, which supplies oil into Hungary and Slovakia since January, was suspended. Transneft, the state-controlled pipeline monopoly, pumps more than 80% (of Russia's) oil. Transneft, as well as the Russian energy ministry, did not respond to our requests for comment. Transneft informed exporters, according to sources, that Ust-Luga could not load oil to meet the initial exporting schedule because of recent damage. Transneft, according to one of the sources, was also unable import all oil from producers for export via Ust-Luga. According to the Organization of Petroleum Exporting Countries, Russian oil production was 9.184 million barrels a day in February. Source could not specify how much production might be reduced. The oil export loading schedule for the first half of April was not expected to be completed, but loading allocations for second half of month were still in place. RUSSIAN Production Faded Slightly Last Year According to Russian data, the Russian oil production fell only by 0.8% last year to?10,28 million bpd, which is around a 10th of global output. This was despite Western sanctions as well as Ukrainian drone attacks against refineries. Sources claim that the bottleneck at Ust-Luga is not just affecting Russian oil exports but also Kazakhstan. Kazakhstan exports between 200,000 and 400,000 metric tons of KEBCO crude oil per month via Ust-Luga. The sources stated that seasonal oil refinery maintenance in Russia is a major factor in the problem of excess oil in the Transneft System, as the excess grows when the refineries are processing less oil. In March and April, when Russia performs seasonal refinery maintenance work, it increases crude oil exports. But this time, refinery closures may result in more oil being stored. No official figures are available on the amount of storage space. According to one source, there is enough food for a few weeks but not months. Guy Faulconbridge, Barbara Lewis and Guy Faulconbridge (reporting)
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Czech government will cap fuel retailer's margins and lower excise taxes
Andrej Babis, the Prime Minister of Czech Republic, said on Thursday that the government had agreed to cap fuel retailer's margins and reduce excise tax to limit fuel prices rising. Other governments in central Europe have also taken measures to reduce the impact of fuel prices resulting from the conflict in the Middle East, and the rising price of oil. Babis said at a press conference that the "chaos", caused by the lack of coordination between the central European countries, was due to the fact they had adopted?various?measures in order to curb the fallout from energy crisis. He said that his government would'start price controls on April 8 by capping margins on gasoline and diesel at?2.50 Crowns ($0.12), and by lowering the tax on diesel from 9.95 Crowns per litre to 2.35 Crowns. He said that a'maximum price would be set each day under the system. Babis stated, "We believe this is a measure that will help everyone - citizens, businesses and the economy." Since the U.S.-Israeli strikes against Iran began on February 28, fuel prices have increased. Since the beginning of the conflict, the average price for gasoline per litre in the Czech Republic has increased by around 8 crowns to 41.60?crowns. CTK reported that diesel prices have risen around 15 crowns per litre to 48.33, citing data from fleet service provider CCS. The government has already taken the step of releasing 100,000 tonnes of crude oil from the state reserves to the sole refiner in the country, Orlen Unipetrol. Orlen and MOL, both of which are large fuel retailers with refinery systems in Hungary, have both a presence here. Central Europe has also been affected by an interruption in the supply of Russian oil to Slovakia and Hungary, due to an issue with the Druzhba Pipeline in Ukraine. Kyiv claimed that a Russian strike had damaged pipeline equipment.
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Defence Minister: Sweden will buy air defense systems for 8,7 billion crowns
The country's defense minister announced that Sweden will buy anti-drone and air defence systems worth $8.7 billion Swedish crowns from BAE Systems, Saab, and other companies. Sweden, along with most European countries is rushing to strengthen its defences in the wake of Russia's invasion of Ukraine. Military spending will reach 2.8% of GDP in 2026 and rise to 3.5% by 2030. Defense Minister Pal Jonson stated that the added capability will help expand Sweden's air defenses which at present are primarily focused on protecting military units. He said: "With this technology, we'll be able to better protect critical infrastructure such as airports, ports, rail hubs, and nuclear power plants, or population centers." The package includes an anti-drone called Gute II. This is a radar and cannon system that can either be mounted on the vehicle or on the ground. Jonson?added that these systems were tested in Ukraine on the battlefield and proved to be very effective against drones such as the Shahed models used by Russia?and Iran. In a separate announcement, Saab said that its part of the package was 2.6 billion crowns. This money would be used to purchase an anti-drone system designed to detect and neutralise small to medium drones flying at low altitudes. Jonson stated that the total package would also include ammunition and vehicles such as infantry mobility vehicles made by the?Finnish defence company Sisu. The first deliveries will be made in 2027 or 2028. Reporting by Johan Ahlander, Editing by Niklas pollard and Thomas Derpinghaus.
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Taiwan strengthens Pratas Islands' defences in response to China's increased pressure
The minister of Taiwan's Coastguard announced on Thursday that Taiwan will bolster its defenses around the Pratas, as China intensifies its activities aroudn the islands at the?top end of South -China Sea. Some security experts believe that the Pratas, which are located roughly between Hong Kong and southern Taiwan, are vulnerable to Chinese attacks due to their 400 km (250 mile) distance from mainland Taiwan. Taiwan's coastguard, not its military, is responsible for the protection of Pratas atoll, which is also Taiwanese National Park. China claims Taiwan and the Pratas as its own territory. Kuan Bi-ling is the head of Taiwan’s Ocean Affairs Council. She said that China was expanding its maritime areas where it carries out "grey zone harassing" – non-combat activities designed to pressure Taiwan, such as coastguards patrols. She said that since last year the number of Chinese government boats, including the coastguards, have increased around Pratas. Previously, activity was concentrated in the vicinity of 'Taiwan and the Kinmen Islands, which are close to the Chinese coastline. Strengthening Capabilities Kuan, who uses the same name for Pratas in both Taiwan and China, said: "From a strategic and political perspective, we found that capturing Dongsha could have a significant strategic importance for them." She told the Taiwan Foreign Correspondents' Club that Taiwan had renovated its wharf and would regularly send vessels there with greater operational capability. Kuan, without giving any details, said that "Dongsha" is a highly important and excellent site for developing an island defense system. The China Taiwan Affairs Office didn't immediately respond to an inquiry for comment. Taiwan reported in?January that a Chinese reconnaissance drone flew briefly over the Pratas. The Taiwanese defence ministry described this as a provocative and irresponsible move. Kuan claimed that China's campaign of pressure "let down people on both sides" of the Taiwan Strait, as it drains resources away from other things such as saving mariners who are in trouble. Taiwan's coastguard ships, such as its Anping-class corvettes, based on Tuo Chiang-class battleships, would be called into action in times of war. They have the space to mount anti-ship missiles. Kuan said that China also gives Taiwan the opportunity to learn. She said, "We are therefore accelerating our efforts in order to improve our capabilities and accelerate the transition from peacetime to wartime readiness."
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Walsh must repair IndiGo's reputation before driving global expansion
Willie Walsh's appointment as IndiGo CEO is expected to boost the Indian carrier's global expansion, but first the former British Airways chief must repair the airline’s damaged reputation. Walsh's Tuesday appointment as India's largest airline, which controls about 65% domestic flights, stunned the industry. This was after months of negative media and regulatory pressure following the cancellation of thousands of flights by the airline in December because of inadequate planning of pilot rest and duty regulations. IndiGo has entrusted the head of the International Air Transport Association to lead the airline after the worst crisis it has experienced in two decades. Walsh, who will take over in August, must address the operational mismanagement that led to regulatory warnings. Rajan Mehra said that repairing IndiGo's image won't be done overnight. "Given how they failed in December," he added. "But he's an experienced hand. He should be able?to do it." Walsh, 64 years old, described the airline industry as "a fight for survival". In his first role as CEO at Ireland's Aer Lingus, Walsh was known for clashing with unions while cutting costs. Joshua Ng of Alton Aviation Consultancy, a director, stated that he had overseen the transition from a short- and medium haul airline to a long-haul carrier. This experience will be very valuable for IndiGo. Analysts have said that IndiGo's decision to appoint Walsh shows its commitment to global expansion and strategic alliances. IndiGo's shares rose 6% on the day following the announcement. It had gained 11% in the previous year, but lost 22% so far this year. Walsh, who is also the CEO of BA's parent company International Airlines Group, will end his IATA tenure on July 31, and IndiGo anticipates that he will assume his new position by August 3. Email requests for comment were not answered by either IndiGo or Walsh. PAKISTAN AEROSCAPE BAN Walsh's job will include navigating the fallout from the animosity between India and Pakistan, as well as Israel's and the U.S. war against Iran. Pakistan barred Indian airlines from its airspace last year after India fired missiles at what ?it called terrorists in Pakistan-administered Kashmir. Indian airlines have been forced to divert flights to western destinations due to the ban, which has increased flight times and costs. The war in the Middle East has caused fuel prices to soar, complicating international expansion. In a client note, Jefferies analysts said that Walsh's "leadership of a multibrand airline group" could improve IndiGo's position in terms of partnerships, negotiations and policy engagement, as IndiGo builds a larger international footprint. IndiGo, under the previous CEO Pieter Elbers cemented its domestic leadership and expanded into other regions in Europe, placing orders for 60 Airbus Widebody aircraft as well as many long-range single aisle?jets. Kapil Kaul is the CEO of aviation consultancy CAPA India. He said that as IndiGo expands its international reach, it will need a new product and operational model. It may also require more senior executives to work under Walsh. IndiGo now flies to over 40 international destinations (up from 25 in 2022), and has about 440 aircraft. The airline expects to have its first Airbus A350 by 2028, one year later than originally planned.
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Parents desperate to keep their children away from social media ahead of Greek ban
Georgia Efstathiou, a Greek mother, has done everything she can to break the grip social media has over her son. She has had heart-to-heart conversations with him; he has been given internet-free days; and his phone has been confiscated. As she struggles to resist the lure of her son's screen, with its videos and messages, arguments flare up. Efstathiou could finally get the help she so desperately needs. The Greek government will likely announce in the next few days a ban on social media for children younger than 15. They'll join the ranks of other nations that are trying to protect young children against addiction and online abuse. We've reached our limits... We parents need help," said Efstathiou,?43, holding her son's mobile phone in her living room in Athens. We've reached the limit... We need help as parents," said Efstathiou (?43), holding her son's phone in her Athens living room. Efstathiou's not alone. A February poll conducted by ALCO showed that?80% of respondents approved of the ban. The government of Prime Minister KyriakosMitsotakis has already banned mobile phones from schools and established parental control platforms in order to limit teenagers' screen-time. The government declined to comment on whether or not the ban will be implemented, as well as when. Sources said that a formal announcement was pending. Mitsotakis said to a Greek Australian newspaper last month that Greece would move "in the same direction as Australia", where social networking companies were told to ban users under 16 in December or face fines. Worries of addiction and bullying are everywhere. As in other countries, Greece is facing a reckoning over social media platforms such as Meta's Instagram or TikTok, and online gaming platforms. George Kormas, the manager of the Greek Safer Internet Centre, in Athens said that between 2024-2025, the number of calls to the helpline, which provides support to children who have been victims to cyberbullying, more than doubled. Blackmailing minors, misinformation and hate speech are also complaints. According to data from the Helpline, 75% children in Greece who use social media are primary school age. He said, "This is undoubtedly worrying to us because they can't handle social media and protect themselves." Athanasios theocharis is the head of the National Organization for the Prevention and Treatment of Addictions. He said that 48% of teens have felt the negative effects of social media. He said that the ban could provide "a significant level of protection". KIDS CAN NOT IMAGINE LIFE WITHOUT SOCIAL MEDIA Parents who spoke expressed their fear that they have lost control over what their children are doing online, or were worried that the kids would find a way to circumvent the ban. Some people prefer that the government does not intervene at all. Dimitris said, "I would prefer to limit mobile phone usage within the family." "Where that is not possible, a complete ban may be the only option." Catherine, his 14-year old daughter, says that most teenagers of her age haven't known a life without social media. She told her father, "It's the way we have learned ever since we were children," before playing basketball near the Acropolis. "I'm able to control it, but I tend to get carried away." (Reporting and editing by Edward McAllister, Lincoln Feast and Louisa Gouliamaki from Athens. Additional reporting by Deborah Kyvrikosaios in Athens.
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Ukraine grain exports to ports rose 9% in March according to a state-owned company
The weather was a factor in the increase of grain deliveries from Ukraine to Black Sea ports for export. Ukraine is one of the world's largest grain producers and exporters. More than 90% of Ukraine's grain exports are shipped by rail to Black Sea port. Ukraine's export revenues are largely derived from agricultural exports. Ukrzaliznytsia reported in a report?that?2.74 metric tons?of grain was delivered to ports during March. It added that grain deliveries to ports increased by 5.7% in the first quarter 2026, to 7.7 millions tons compared to the same period of 2025. Last month, the company reported that Ukraine's grain shipments to ports increased by 5.5% year-on-year in February to 2.3 metric tons. As of April 1, data from Ukraine's economy ministry revealed that the country had exported 26.1 millions tons?of different grains? so far in the 2025/26 season July to June. As of April 1, data from Ukraine's?economy ministry showed that the country exported 26.1 million tons?of various grains?so far in?the 2025/26 July to June season.
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Air France-KLM offers to buy a minority stake in Portugal’s TAP airline
The franco-dutch airline group, 'Air France-KLM' announced a non-binding bid to purchase a minority stake of TAP Air Portugal as the Portuguese Government moves forward with its plans to privatise their 'flag carrier. Air France-KLM was the first of three European airline groups that bid on a stake in TAP as Lisbon looks to sell as much as 49.9%. British Airways' owner IAG, and Germany's Lufthansa also expressed interest in participating in the privatisation of the airline. "Our aim is to'strengthen operations in Lisbon and 'develop connectivity in other cities throughout the country, including Porto. Benjamin Smith, CEO of Air France-KLM, said that he was looking forward to the next steps in the privatization process. (Reporting and editing by Louise Heavens, Milla Nissi Prussak, and Gianluca Nostro)
United States airline companies get on the premium-seat bandwagon
Need for highend travel is expanding, and U.S. carriers remain in a rush to take on it.
Airline companies are including more comfortable and larger seats on their aircrafts to draw in customers happy to pay more for a. much better travel experience. Some airlines understood for low-fare. models like Southwest, Spirit and Frontier. are even moving far from their standard company. models to charm them.
Airline executives state customers have actually cut their costs on. products in favor of experiences, with travel their topmost. top priority after the COVID-19 pandemic. U.S. providers are wagering. that the travel boom is a multi-year phenomenon and are contending to. grab a bigger piece of the high-end market.
The effort becomes part of a wider industry strategy to find. high-margin profits streams to balance out increasing labor and operating. costs. A survey in May by seeking advice from firm Deloitte discovered more. tourists were ready to pay for a more comfy flying. experience than a year earlier.
That segment of travelers is as strong as the industry has. ever seen it, Alaska Airline company's Chief Financial Officer. Shane Tackett said in an interview.
Stronger demand for premium cabins helped Alaska publish the. highest adjusted pre-tax margin amongst significant providers in the. second quarter. It likewise enhanced profits at Delta and. United Airlines.
Alaska has actually retrofitted its whole local fleet this year. to include 400,000 premium seats. It now has strategies to include 1.3. million premium seats a year to its mainline fleet.
The airline and its regional system had 326 planes in their. fleet at the end of June.
Last year, Delta said all of its aircrafts would have premium. seats. At United, premium seats per flight in The United States and Canada are. estimated to increase by 75% by 2026 from 2019.
In all, premium seats at U.S. carriers are expected to. increase by 50% in 2026 from before the pandemic, said Xavier. Smith, director of research study at market-research start-up. AlphaSense.
There is, however, a risk of airlines becoming too. aggressive, resulting in a supply excess that injures prices power. Airline earnings are currently suffering due to excess supply of. seats in the domestic market.
Smith said providers must present capacity gradually to. safeguard their pricing power.
The success of the premium strategy also depends upon. dependability. Delta CEO Ed Bastian in 2015 said it was the. main tenet of the airline company's playbook to bring in tourists. happy to spend for something other than just a seat.
But experts say the Atlanta-based airline company's recent flight. interruptions, following a global cyber blackout, have dented its. exceptional brand image. Delta decreased to comment.
Likewise, JetBlue's profits are languishing. despite its exceptional offerings. Brett Snyder, an airline analyst. who runs the popular industry blog site Cranky Flier, associated it. to the New York-based provider's operational challenges.
On Tuesday, JetBlue said functional reliability is a top. top priority for its customers and a vital aspect of the. company's method to go back to sustained profitability.
If airline companies think they can get away with running a poor. operation, they're incorrect, Snyder stated.
(source: Reuters)