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Kremlin denies that Russia has held gas talks with Europe or US
The Kremlin announced on Thursday that Russia does not hold talks with Europe or America about Russian gas supplied via Ukraine. Since the beginning of the conflict in Ukraine, in February 2022, and the explosions at the Nord Stream subsea pipelines in the summer of 2016, Russian gas supplies have been cut off to Europe. The gas exports from Russia to Europe via Ukraine have also fallen since the beginning of this year, when the transit agreement expired and Ukraine refused a renewal due to the conflict in Ukraine. Sources with knowledge of the issue told this magazine that as part of peace talks, the U.S. demanded the International Development Finance Corporation of the U.S. take control of the natural gas pipeline that runs from the Russian energy giant Gazprom through Ukraine and into Europe. TurkStream, the only remaining Russian gas pipeline to Europe, runs via the Black Sea and Turkey to southern and central Europe. Dmitry Peskov, the Kremlin's spokesperson, said that there had been no discussions with the U.S. or Europe regarding more Russian gas. "No, (talks )... This is a commercial issue. He said that there is a gas supplier and potential gas buyers on a daily press conference. "If there is interest from the buyers, and if the route of transit works, then the seller would be willing to discuss this." No one denies or rejects any information." In an interview published in the French magazine Le Point on Wednesday, Peskov stated that Gazprom is ready to resume its supplies. "Gazprom is sure to debate it." We are willing to exchange our gas, and we are aware that certain European countries want to continue buying it from us. "Everything will be settled on a commercial basis," he said. (Reporting Anastasia Lyrchikova, Writing by Vladimir Soldatkin, Editing by Andrew Osborn & David Goodman)
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Sources say that three more Russian insurers are seeking India's approval to cover oil tankers.
Two sources familiar with the matter confirmed that three more Russian insurers - including a subsidiary Sberbank - have requested India's approval to provide marine coverage for oil shipments to Indian ports. Moscow is looking to maintain delivery despite Western sanctions. India has approved five Russian insurers. Russia does not have any insurance companies in the International Group of P&I Clubs which covers liability for personal injury claims or environmental cleanups for most of the world’s tankers. Moscow is finding it more difficult to export oil as Washington and the European Union are increasing their scrutiny of the oil supply chain in Russia. This includes compliance with the G7 price cap for using Western ships and insurance. In 2024-25, Russia will be India's top oil supplier for the third consecutive year. New Delhi has benefited from cheap supplies after Western nations implemented sanctions against Moscow and reduced their energy purchases as a response to Russia’s invasion of Ukraine. Sources said that India's Shipping Ministry is evaluating Sberbank Insurance Group, Ugoria Insurance Group, and ASTK Insurance Company's request to provide protection and indemnity coverage (P&I). One source said that the three firms meet the criteria of India for getting an authorisation. The ministry must give final approval for the firms' accreditation. Sberbank Insurance, owned by the state-controlled Sberbank, declined to comment. Sberbank Insurance and ASTK declined to comment. Source: India may consider Sberbank Insurance sanctioned by the United States, as it follows UN sanctions only and does not follow unilateral sanctions by any country. Oil cargoes, which are at risk of spills and require the highest standards of safety due to their high value, need insurance. Indian refiners purchase Russian oil delivered, with the sellers providing vessels and coverage. After granting a license to Soglasie Insurance Co Ltd. in January, India will now have eight Russian insurance providers that are approved by it. Washington has imposed sanctions on Alfastrakhovanie Insurance Co., Sogaz Insurance Co., and Ingosstrakh, while the UK has imposed sanctions on VSK Insurance. India's Oil Secretary said in February it only wants to purchase Russian oil from companies and vessels that are not subject to US sanctions. Sources familiar with the situation said that Indian port authorities refused entry to an old tanker loaded up with Russian crude last month due to insufficient documentation.
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Maguire: Europe's electricity costs fall as the gas heating season ends
Europe's businesses and households are beginning to enjoy a break from high energy costs as regional electricity prices have fallen sharply since their peak in 2025. The wholesale spot power price across continental Europe has more than halved from its two-year peak in early 2025. This is due to the sharp decline in regional natural gas prices, which have fallen by a third in just one year. The expansion of regional clean energy sources, particularly solar farms, has also helped to push down power costs. This should cushion Europe's utilities after a costly start to the year. GASSED OFF Due to a sharply reduced output from wind farms, European utilities will be forced to increase gas-fired electricity production in January and March 2025 by the highest level in three years. Ember data shows that the cumulative output of wind farms in the first quarter 2025 was 15% lower than the same period in 2024 because the wind speed at the turbine level was below normal. In Europe, wind power typically accounts for 15% of the total electricity supply. Regional utilities were forced to compensate this drop in clean energy by increasing output from natural-gas plants. The total gas-fired electric supply from January to March was 332 Terawatt Hours (TWh). This was 7% higher than the same period in 2024, and was the highest level since 2022. In the first quarter of 2025, natural gas will account for nearly 26% of Europe's electricity production mix. This is up from 24% in the previous quarter. The higher dependence on gas during Europe's peak winter heating season also helped to push regional natural gas prices up by about 20%, reaching two-year highs in the first eight weeks of 2025. Gas was the main source of energy for European utilities in that time period. Power suppliers had to pay for gas and then pass some of those costs on to the consumers through higher energy bills. The higher electricity bills put additional strain on European households and businesses, who were already struggling with a weak economy and the renewed tariff turmoil from President Donald Trump's new administration. BRIGHTER OUTLOOK The European gas-fired utility power production will drop sharply now that winter is over. Gas-fired electricity production in Europe has dropped by 25% over the last three years between March and Juni, as heating demand slowed and solar farm output peaked. The regional gas price could be further reduced by 2025 if the same reduction is made in gas production. This would also help to reduce the costs for power producers in this region. Gas-fired power generation will drop to its lowest levels this year, but utilities and storage operators should replenish their stockpiles in advance of winter. The total volume of purchases of gas is expected to be significantly lower than what was seen in the first quarter of this year. This will help to keep regional power prices on the decline and limit any upward momentum in gas prices. Low Points According to LSEG, the average wholesale peak electricity price in Germany - Europe’s largest economy and energy consumer - has been around 72 euros per Megawatt Hour so far in April. This is a significant reduction from the peak of 144 euros that was reached in February. In the Netherlands and Poland, power costs have fallen by similar amounts. In Spain, they are now more than 80% lower than their peak in February. Italy's power costs, which are often the highest in Europe, have dropped by a third since their peak in 2025. Over the next month, we can expect to see some additional weakness in power prices as solar power production reaches its annual peak. This will flood regional power grids and power plants with excess electricity. The month of May 2024 marked the lowest wholesale power prices for France, Germany, the Netherlands and Poland. Prices will likely reach their lowest point around this time again in 2019. If power prices were to drop to their lows from last May, the price in Germany could fall by an additional 20%. The current average power price is below the 2024 average. This suggests that there may not be much room for further declines, especially if firms have to incur extra costs in this year due to gas stock rebuilding or grid upgrades. The fact that energy costs are now significantly below their peak in early 2025 should give consumers some relief from the high bills seen this winter. These are the opinions of the author who is a market analyst at.
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Bangladesh and World Bank Sign $850 Million Deal to Boost Jobs, Trade
The Washington-based lender announced that Bangladesh and the World Bank signed two financing deals worth $850m on Wednesday to improve the South Asian nation's trade capability, create jobs and modernise the social protection system. The majority of the funding (650 million dollars) will be used to support the Bay Terminal Marine Infrastructure Development Project. This project aims to modernise and expand port facilities in Chittagong's southeastern district. The project includes the construction of a 6-km-long (3.7-mile-long) breakwater and access channel that is climate-resilient, which will allow the port to handle larger vessels. The project is expected to reduce turnaround times and lower transportation costs. It will also boost Bangladesh's competitiveness in exports. Officials estimate that improvements to the economy could save around $1,000,000 per day. Bay Terminal will handle approximately 36% of all container traffic in the country, allowing more than a million people to benefit from improved access to regional markets and transport. The project will encourage women to participate in port operations, and help women-led companies explore trade opportunities. Gayle Martin's statement, interim country director of the World Bank for Bangladesh said that in order to remain on a path for sustainable growth, Bangladesh needs to create quality jobs, especially for the 2 million young people who enter the workforce every year. The $200 million remaining will be used to fund the Strengthening social protection for improved resilience, inclusion, and targeting project. This will provide cash and livelihood services for 4.5 million people who are vulnerable. The project will focus on youth, women and persons with disabilities as well as workers in climate-affected regions. The project will create a national database to improve service delivery and targeting. The project will provide micro-credits, entrepreneurship mentoring, and skills training. The World Bank's International Development Association has provided more than 45 billion dollars to Bangladesh since 1971. Reporting by RumaPaul; Editing and proofreading by SonaliPaul
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Chevron's tankers that were chartered to transport Venezuelan crude oil are looking for other work
Sources say that some tankers Chevron chartered this month to transport crude oil from Venezuela to the U.S. are now being sold for spot contracts in other countries after the state company PDVSA cancelled loading permits and ordered them to return the cargoes due to payment uncertainty associated with sanctions. Chevron's marketing for the vessels suggests that it does not expect all of its cargoes to be loaded in one month, even if the dispute with PDVSA is resolved. Agelef Maritime Services was marketing the Tanker Sea Dragon that discharged Venezuelan Boscan heavy oil in Philadelphia. Two sources familiar with this matter confirmed it. Sources confirmed that Chevron's Andromeda was the vessel marketing Andromeda which discharged Venezuelan Hamaca crude earlier this month at Port Arthur. Six more tankers that Chevron chartered in order to transport Venezuelan crude oil to the U.S. as part of winding down its U.S. licence through May 27, are stranded in the Caribbean Sea awaiting directions. Last week, PDVSA ordered the return of two cargoes and cancelled loading permits for others. According to sources and ship tracking data, the Chevron chartered tanker Dubai Attraction was still waiting for customs paperwork in order to return its cargo as of Wednesday. The tanker had loaded some 300,000 barrels Venezuelan Boscan oil early in April. LSEG shipping data revealed that Carina Voyager was near Aruba last week after returning its 500,000 barrel cargo to PDVSA. According to a PDVSA document, the loading window for Sea Jaguar at Venezuela's Jose Terminal, originally scheduled for late April, has been canceled. According to tracking data, the ship hovered around Aruba on Wednesday. Chevron and PDVSA didn't respond to requests for comments. Venezuela Oil Minister Delcy Rodriguez stated in a post on social media that PDVSA maintains its commitments to Chevron, but Chevron has been "victimized" by U.S. sanctions. The data and documents show that other tankers chartered through Vitol are loading and unloading normally in Venezuelan ports. Meanwhile, vessels chartered for India and Maurel & Prom to deliver to Europe have left on time, before the deadline of May 27 to wind up cargoes. Reporting by Arathy S. Somasekhar, Houston. Editing by Franklin Paul & David Gregorio.
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Venezuela exports Blend 22 crude oil ahead of US expiration of licenses
Trading documents revealed that Venezuela will export a new medium blend of crude oil this month. This is part of a strategy to prevent a collapse in its revenue-generating sales of oil once the licenses of the U.S. sanctioned OPEC members expire next month. Washington revoked a few licenses in March that it had issued in the past to partners and customers of Venezuelan state company PDVSA for cargoes of Venezuelan oil bound for Spain Italy India and the U.S. The U.S. Treasury Department has given the companies until May 27, to complete their operations in Venezuela and ship all shipments. PDVSA began preparing for a reorganization of oil production, upgrading and exports after the announcement. This is especially true at the projects run by joint ventures that were affected by the license cancellations. One of these measures is to produce and sell "Blend 22", a new crude grade from the PDVSA Western fields. PDVSA increased its Blend 22 production and storage in recent months to attract customers in Europe, Asia and other regions that are looking for a medium-sour grade to refine. Sources said that the Venezuelan company actively markets the crude oil so it can ship it to other destinations including China once the licenses expire. Documents seen by.com show that the first two Blend 22 export cargoes were delivered by La Salina Port in Western Zulia to France's Maurel & Prom as part of a swap with heavy naphtha, which was delivered by PDVSA to this month. The swap had been authorized by a U.S. licence since last year. Trading house Vitol chartered the vessels to transport crude oil that arrived in Venezuelan water earlier this month. One document shows that the first tanker will carry around 250,000 barrels. The U.S. Treasury revoked the license of Paris-based M&P in late March, with a deadline of May 27 for the completion transactions. PDVSA and M&P have not responded to requests for comments. Vitol was not available for immediate comment. It wasn't immediately clear who would buy the new crude after Vitol. PDVSA is also trying to refine crude oil domestically in order to avoid fuel crises like the ones that caused day-long queues at stations during previous years when U.S. sanctions were being tightened. Venezuelan crude oil and fuel exports increased by about 11% last year to 770,000 barrels a day (bpd), the highest level since Washington imposed energy sanctions in 2019. The U.S. President Donald Trump’s tougher stance against the oil producer will likely stop the increase in exports, if both countries are unable to find solutions for current issues such as migration and democracy. Venezuela declared an economic emergency as a response to U.S. tariffs and sanctions. Officials reject the sanctions and say they are an "economic warfare."
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Morocco expresses interest in LNG terminal
Morocco, in an effort to diversify the energy sector that is heavily dependent on coal, made the first steps toward the location of a terminal for liquefied gas near the Mediterranean City of Nador. The Moroccan energy industry has expressed interest in the LNG terminal. Morocco is also pushing forward with a plan to increase renewable energy from 45% of installed capacity now to 52% by 2030. In a press release, the ministry announced that the terminal would be connected to an existing pipeline linking Morocco with Spain, as well as to industrial zones in Mohammedia, and Kenitra in the northwest of the country. According to estimates by the ministry, Morocco's gas demand is expected to grow to 8 billion cubic meters in 2027. It currently stands at 1 billion cubic metres. In addition, the statement said that the new infrastructure would also be connected to a project in development that aims at connecting Morocco to Nigerian natural gas fields. According to the energy ministry's responses sent to, the pipeline between Morocco and Nigeria, which was agreed in 2016, will cover 6800 km including 5100 km of offshore, and cost 25 billion dollars. The same source stated that Morocco and Nigeria were preparing to set up a special-purpose company which would look at the technical and legal aspects. It said that the project, which is backed by the West African grouping ECOWAS has completed the feasibility study and Front End Engineering stages (FEED). First phases of the project will connect Morocco with gas fields off Senegal, Mauritania and Ghana as well as Ivory Coast to Ghana. According to the ministry, the second phase will connect Nigeria with Ghana and the final phase will link Ivory Coast with Senegal. (Reporting and editing by David Gregorio; Ahmed Eljechtimi)
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Mexico exports its first ULSD shipment from Olmeca Refinery amid infrastructure problems
According to data from tanker tracking and a reliable source, Mexico exported its first cargo of ultra low sulfur diesel (ULSD), reprocessed at the new Olmeca Refinery, in early April. The infrastructure needed to transport this much-needed motor gasoline across the country was not yet ready. A source familiar with operations at the Madero refinery said that the Olmeca refinery received high-sulfur unfinished diesel from Tamaulipas, to convert it into ULSD. However, its own production remains marginal. Mexico is one of the world's largest crude oil producers, but it imports hundreds and thousands of barrels every day due to Pemex, its state-owned energy company struggling to convert heavy crudes it pumps into fuels. Olmeca was Pemex's seventh refinery, located in Mexico. It has a processing capacity of 340,000 barrels of oil per day. The facility is designed to help the country become energy independent. LSEG data revealed that the tanker Torm Singapore, flying the Danish flag, loaded about 300,000 barrels ULSD at Dos Bocas in early April, on a single buoy moored off of port. The vessel discharged the first parcel a few days later in Port Canaveral, Florida. A second parcel was then delivered to Yabucoa, Puerto Rico. According to LSEG's data, which has been compiled since the beginning of 2024, this was Mexico's very first shipment from Dos Bocas. According to data, a second tanker with the Italy flag, Valleblu, also loaded ULSD in Dos Bocas late last week, but it hasn't left yet. It was not possible to determine if Pemex will export more from Olmeca after the two cargoes. PMI Comercio Internacional (the commercial arm of Pemex) did not respond immediately to a comment request. Olmeca has so far produced petroleum coke and unfinished fuels, as is typical for refineries that are in the start-up phase. Last year, it was revealed that its first export was to India. One source stated that the diesel was exported because the refinery did not have enough pipelines and rail routes for large volumes to be transported domestically. They also said there were insufficient fuel trucks to distribute the diesel throughout the rest of the nation. A document that was shared with highlighted the fact that the construction of the refinery would be expensive and time-consuming. Pemex distributes small quantities of diesel from Olmeca's refinery via fuel trucks. It would have taken at least 1,300 fuel trucks to transport the same volume as what was exported. Former Mexican President Andres Manuel Lopez Obrador inaugurated in July 2022 a part of the refinery infrastructure in Tabasco. He hailed it as vital to the energy independence for the country. The delay in completing the refinery has cost more than doubled, reaching $16,8 billion. It will now be up to Claudia Sheinbaum to finish the project. (Reporting from Marianna Pararaga and Stefanie Eschenbacher, Mexico City. Additional reporting by Ana Isabel Martinez in Mexico City. Editing by Mark Porter.)
What is Vietnam doing to prepare for US tariffs
The looming tariffs by U.S. president Donald Trump could affect virtually all the goods exported to Vietnam's top market. These exports were worth over $142 billion in 2017, or around 30% of Southeast Asia's GDP.
Vietnam was a beneficiary of the trade war Trump waged against China during his first term. However, Vietnamese officials and companies abroad are unsure how they will do under the new tariffs Trump has announced will go into effect on Wednesday. Vietnam, with a surplus of $123.5 billion and meeting several criteria, has the biggest trade surplus with the U.S.
Here are some measures that Vietnamese officials have suggested, or are considering, to avoid Trump's tariffs.
DUTIES AND NON-TARIFF BARRIERS
Vietnam charges a higher average tariff and a value-added tax than the U.S. Some economists estimate that Vietnam's bilateral tariff rates are lower.
Washington has used average tariffs as a benchmark for determining possible reciprocal duties, although it is unclear which rates Trump is considering.
Vietnam announced this month that it would lower non-tariff barriers to imports including cars and liquefied gas.
In its 2024 report, the Office of the United States Trade Representative listed a number of non-tariff barriers that Vietnam has imposed, such as import bans, registration requirements complex, and technical and sanitation barriers.
DEFENCE, StarLINK
Officials with knowledge of this matter claim that Hanoi is in advanced negotiations with Lockheed Martin C-130 Hercules planes for military transports.
This month, the Vietnamese government made a decision allowing Trump ally Elon Musk to test its Starlink satellite Internet service in the country. SpaceX retained full control over its subsidiary and was able to circumvent strict foreign ownership limits.
PLANES
VietJet, the Vietnamese budget airline, has agreed to purchase 200 Boeing 737 MAX aircraft in a multibillion dollar deal that was first signed in 2016, and then revised later.
The company has not received any planes, despite stating that it was expecting to receive its first jets in the last year. The company has expressed an interest in expanding this deal, but without revealing how.
Vietnam Airlines, the flag carrier of Vietnam Airlines, has signed an agreement to purchase up to 50 Boeing 737 Max jets.
Imports of Energy
Vietnamese officials have discussed several times with their counterparts in the United States possible purchases of U.S. LNG for Vietnam's fledgling industry. In March, they signed non-binding agreements for the importation of energy equipment and fuel.
The country is seeking suppliers of nuclear technology as it plans to relaunch its program for nuclear power.
Agriculture Goods
The trade minister said that Vietnam is willing to import more U.S. agricultural products. The trade minister has said that a rise in agricultural imports would not reduce the bilateral imbalance significantly, as the nation only imported $3.4 billion worth of U.S. agriculture products last year.
TRANSHIPMENT OF STEEL
Vietnam has been suspected for a long time of being a hub of transhipment of Chinese goods into the U.S. due to the large volumes of intermediate products it imports. It has been sanctioned for some products, such as solar panel.
Vietnam decided in February to impose temporary antidumping duties on Chinese Steel Products. In March, during a trip to Washington, the Trade Minister pledged to fight fraudulent transshipment schemes.
DEPORTATIONS
A U.S. lawyer confirmed that Vietnam was issuing travel documents to Vietnamese nationals who were detained in the U.S., for their return. Hanoi agreed to process more requests more quickly, after U.S. tariffs and visa sanctions. It has been generally reluctant to allow deportations out of the U.S.
MONETARY POLICY
Trump's first term as President ended with the Treasury Department declaring Vietnam to be a currency manipulator.
Now, the country is on the U.S. watchlist for possible manipulation. The central bank of Vietnam has allowed the Vietnamese Dong to fall against the Dollar in recent months. According to Adam Samdin, Oxford Economics, this may be a sign that the country is willing to accept a weaker currency.
The central bank said that it would continue to monitor Trump's policies and make adjustments.
GOLF DIPLOMATICS
In October, the local partner of The Trump Organization announced that it had agreed to build a $1.5 billion golf course in Vietnam. A spokesman for the consortium said that it plans to invest up to $4 billion in projects across Vietnam.
(source: Reuters)