Latest News
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ETG, a global commodities company, enters Brazil through the Tocantins Fertilizer project
VLI announced on Thursday that global commodities company ETG would install a fertilizer facility at its 'logistics complex' in Palmeirante (Tocantins), marking the entry of the company into Brazil. * ETG will invest?26 millions reais ($4.3million) in the facility that is connected to the North-South Railway. The plant has a?capacity of?up 200,000 tonnes?of fertilizer per year and storage capacity for 45,000 tons. Construction will begin in August and operations are expected to start in February 2027. * The facility is designed to serve agricultural producers in Tocantins, as well as those from neighboring states such Maranhao and Piaui. It will receive imported fertilizers through Itaqui Port in Maranhao using VLI’s logistics corridor, which is scheduled to be inaugurated in 2020. * The majority of fertilizer consumed in Brazil is imported. Reporting by Roberto Samora, Writing by Isabel Teles
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Sources say that refinery problems caused Russia's west oil exports to reach a record high in June.
Three?trade-and-industry sources? said on?Thursday that oil shipments from Russia’s western ports reached a record in 'June, and they are expected to continue at this level in 'July. This is because ongoing drone attacks against domestic refineries will force Moscow to increase crude exports. According to sources, exports from the Baltic port of Primorsk, Ust-Luga and the Black Sea Port of Novorossiysk amounted to nearly 3,000,000 barrels of oil per day in the month of June. The?sources stated that loadings will be close to 3,000,000 bpd in this month. They added that the capacity of the seaports limits the shipments and they could 'be revised because of weather conditions or other factors. "July is likely to be the same as June." Drone strikes and uncertainty have caused a number of revisions to preliminary?export plans. In order to maintain production, Russia had to increase its crude oil exports due to the Ukrainian drone attacks that damaged Russian refinery capacity. Exports to the west ports in May rose from 2.2m bpd. The price of Russia's Urals crude is being affected by record oil exports. The price differentials of Urals crude for delivery to India this August are at their lowest level since late February, due to the abundance of supply and increased competition. In June, Alexander Novak, the Deputy Prime Minister, said that the Russian oil production had fallen since the beginning of the year. He blamed the drop on unplanned maintenance?at refineries. Sources said that the Ukrainian attacks will continue to increase uncertainty among oil market participants. The strikes caused a fuel shortage in Russia, which forced one of the world's largest fuel exporters - usually Russia - to import gasoline from abroad. Fuel shortages have been felt in all 11 time zones of Russia, with long queues at filling stations, rationing and record increases in gasoline prices. Four industry sources confirmed on Wednesday that Kazakhstan had agreed to provide 50,000 metric tonnes of gasoline as humanitarian assistance to Russia between July and August.
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A source says that the oil production of Karachaganak in Kazakhstan has been restored.
An industry source said that oil production has been restored at the Karachaganak gas field in Kazakhstan, amid increasing natural gas production and increasing supplies to the Russian gas plant just across the border. After the drone attack by Ukraine on Orenburg's gas processing plant on June 24, Kazakhstan cut?gas production? at its Karachaganak Oil and Gas Condensate Field. The oil and gas output of Karachaganak is closely related, so the field cannot produce much if its production of gas is low. In an emailed comment, the?ministry said that gas supplies had already resumed on?June 26 and were flowing at 290,000. cubic metres per hours, which was?still lower than normal volumes. Erlan Akkenzhenov, Kazakhstan's Minister of Energy, said on Thursday that gas supplies are 28% below normal levels. Raw gas is delivered to Orenburg from Karachaganak by Chevron, Shell and other investors. Sources said that oil production in the field had increased by 1 July to 33,000 metric tons per day or 259,100 barrels a day. The total for June was 976,500 tonnes, which is below the planned 984,000 tons. The Energy Ministry did not respond to a question about oil production at Karachaganak. Last October, the plant was also attacked. Karachaganak shareholders include Eni of Italy, Lukoil of Russia, and the local firm KazMunayGas. Ukraine's campaign of drone strikes against Russian energy sites aims to "weaken" a major source of military funding and bring the conflict closer to Russians. Vladimir Putin said that such attacks on civil infrastructure were intended to create discord in the population. (Reporting and Editing by William Maclean).
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Sources claim that NATO is planning to replace AWACS jets with Saab GlobalEye aircraft
Four sources with knowledge of the matter have confirmed that NATO is planning to replace its aging AWACS fleet with GlobalEye aircraft from Sweden's Saab. This move could put President Donald Trump on edge. Trump has repeatedly threatened NATO's dissolution, accusing European countries of a free ride by leaving it to the U.S. Sources?said NATO would announce its GlobalEye plans at a meeting with its members on 7 and 8 July in the Turkish capital Ankara. NATO has not responded to our request for comment. Saab declined to comment. Since 1982, NATO has been able to keep an eye on the skies with its 14 Airborne Warning and Control System (AWACS) jets. These aircraft look like radar towers in flight thanks to their distinct nine-metre wide radomes. The AWACS aircraft, based at the?Geilenkirchen Airbase in Germany has been extensively used by NATO for surveillance missions along NATO's eastern flank ever since Russia began its war in Ukraine. Sources said that under the replacement plan the base could eventually be home to the largest fleet of GlobalEye spy jets in the world. The system was first flown in 2018 and is based on Bombardier's Global 6500 business aircraft. GlobalEye competes with Boeing's E-7 Wedgetail early warning and control?aircraft based on the 737-800 jetliner, designed to oversee and guide battle. NATO's initial plan to purchase six Boeing E-7 planes was abandoned in 2025 after the Pentagon, its largest customer, decided to abandon plans to buy 26 and instead rely on satellites. Under pressure from U.S. Defense Secretary Pete 'Hegseth, however, told a Congressional committee?in may that the Pentagon was pushing to include the plane in the budget. (Reporting and editing by Barbara Lewis, Joe Bavier and Simon Johnson. Additional reporting by Sabine Siebold.
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Two Belarusian tourists are injured by a Ukrainian drone while travelling in Russia
Russian state media reported that a Ukrainian drone attacked two people on a bus travelling from Minsk, the Belarusian capital, to Anapa, a resort town near the Black Sea in Russia. Sputnik Belarus reported that the government of the Bryansk region in Russia, near the border with Belarus and Ukraine, said two drivers were injured, but only slightly, during the attack. The incident occurred at the Krasniy kamen border crossing between Russia and Belarus. Ukraine has not yet responded to the question. The Ukrainians regularly shell Bryansk, and the nearby region of Kursk. This results in?injuries and deaths among local residents as well as?damage done to local infrastructure. Russia has accused Ukraine of a drone attack that killed a Belarusian student bus in a separate incident last month in the Bryansk area. Ukraine's military has denied that the bus was attacked. The bus was transporting a youth soccer squad from Belarus into southern Russia. Since the beginning of its war with Ukraine, in February 2022, Russia has regularly?hit Ukrainian towns and cities like Kyiv. Both Russia and Ukraine deny that they are striking civilian targets. Kyiv increased drone attacks on Russia over the past few months in an effort to 'weaken Moscow's economic power?and bring a halt to a war that has killed thousands of Ukrainian civilians. (Reporting and Writing by Lucy Papachristou; Editing by William Maclean).
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Tagor tanker fined EUR1m by France for being linked to Russian oil
The French authorities fined the 'Tagor tanker', which was seized and impounded by them at the end if May for its role in?shipping Russian gas and oil, EUR1million ($1.1million). After the fine was paid, the French Ministry of Justice said that the Tagor could now leave French waters. * On June 1, French president Emmanuel 'Macron' posted a video to X that showed commandos boarding a Tagor - in an operation that took place the day before. * Russia has relied on old vessels known as the "shadow fleet" to ship oil and gas in order to avoid sanctions that were imposed by Western governments due to Russia's conflict in Ukraine. France and Britain pledged to obstruct these vessels as part of an 'European strategy' to reduce Russia’s ability to finance the war. * Russia rejects the label "shadow fleet". The Russian government claims that its oil shipments were legitimate and has condemned Western attempts to intercept tankers as illegal and similar to piracy.
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World Cup 250th Anniversary will help to drive July 4 travel, even with high fuel prices biting
As 'the United States' celebrates its 250th anniversary, the number of Americans expected to travel over the weekend is expected to increase. The number of?Americans expected to travel into the weekend as?the?U.S. AAA data shows that 72.2 million Americans are expected to travel 50 miles or more for Independence Day, between June 27 and July 5. This is a slight increase from 71.8 millions last year. As oil prices rise due to war, household budgets are squeezed and travelers have to rethink travel plans. An expected heatwave will further complicate travel decisions. The period will test the consumer's resilience, as the higher travel costs will clash with the nation’s?250th Anniversary celebrations and the ongoing World Cup. Stacey Barber, vice president of AAA Travel, said that despite the fact that Independence Day travel numbers appear to be plateauing, they are still expected to reach record levels this year. AAA predicts that the number of travelers by air and road will remain relatively stable, but that travel by bus, train and cruises will increase dramatically. John Grant, OAG Aviation, said that domestic flight capacity is the same as last year. This indicates that demand for flights will be similar to last year. Major cities will see the most crowds. AAA cited a strong demand for destinations like New York, Chicago, and Boston where holiday celebrations and fireworks are the main draws. HotelPlanner, an online travel agency, reports that bookings in Washington, D.C., for the weekend are up fivefold from last year, and average room rates have risen 35%. Steve Schawb is the CEO of Casago Vacation Rentals, a vacation rental management company. WORLD CUP - KNOCKOUTS DRIVE DEMAND IN HOST CITY According to AirDNA, cities hosting World Cup knockout games are experiencing a surge in demand. Vacation rentals in Miami jumped 68% ahead of the clash between Lionel Messi’s Argentina and Cape Verde. Texas has also been a big winner. It benefited from a rare convergence between FIFA matches in Dallas and Houston, as well as celebrations of the 250th Anniversary across the entire state. According to RVshare, the state recorded the most RV bookings for the 4th of July weekend. Reporting by Shivansh Tiwary in Bengaluru and Aishwarya Jin; editing by Arpan Varrahese and Diti Pjara
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Maguire: Five charts to explain the current energy market.
The Energy Institute's latest data dump is here, and it's a dream for energy analysts: expansive, consistent, and full of signals about the direction that 'the global system' will take. The 75th edition of Statistical Review of World Energy does not present a neat narrative. The data instead reveals that the system is pulling in many directions -- technologically, geographically, and structurally. Five charts best tell the story. CHINA: THE ULTIMATE "ENERGYMAXXER" The term "maxxer", which is a slang expression, comes from the internet culture. It means that someone or something "maximizes" a certain trait to a high level. China has taken this concept to heart. China's dominance is highlighted by the contrast between the energy and electricity produced in China and the U.S. China's energy production will rise from 100 exajoules per year in 2010 to 165 exajoules per year by 2025. The United States barely progresses beyond the mid-90s. This gap is staggering. The divergence is most pronounced in electricity. China's production surges beyond 10,500 terawatt-hours -- more than twice the U.S. production, which is creeping up to 4,800 TWh. Takeaway: Global energy, and especially power, has already experienced a shift in the center of gravity. DATA CENTERS ARE NOW A FIRST ORDER DEMAND DRIVER The surge in power consumption in data centers is one of the most "new" trends in the dataset. North America is leading, with a jump from 185 TWh to 320 TWh by 2025. Asia is on a rapid climb to 270 TWh while Europe is at 145 TWh. Even more impressive are the growth figures: North America will add more than 60 TWh by 2025. Takeaway: Digital infrastructure is driving electricity demand in advanced economies. The Battery Storage Industry is Growing -- But Asia Dominates In just a few short years, battery energy storage has gone from a niche technology to a system-critical one. After 2020, global capacity will increase sharply to about 300,000 megawatts in 2025. The geography of this buildout is lopsided. Asia has installed more solar panels than the rest the world. North America and Europe continue to grow rapidly, but they remain in the second place for cumulative capacity. Takeaway: Although the tools for energy transition are distributed more evenly, they are not scaled. CLEAN POWER LAGGARDS AND LEADERS The chart "clean vs. dirty" shows how inconsistent progress is in different countries. France is at the top of the list, generating 95% of its clean energy from its nuclear fleet. Brazil and Canada are not far behind. Most of Europe is clustered between 50% and 80%. On the other hand, many major systems are still largely fossil fuel-based. Saudi Arabia generates only a tiny fraction of its electricity from renewable sources. Meanwhile, economies such as Indonesia, South Africa, and Malaysia are also heavily carbon intensive. Takeaway: There are many different national transitions, not just one global one. EMISSIONS CUTS and GROWTH Final emissions data shows a clear split between those who are cutting back and those who?are adding. Since 2010, the United States has been the biggest cumulative reducer of carbon dioxide (CO2) related energy emissions. Europe and Japan have also seen significant declines. These gains are offset by other increases. China is the largest emitter of greenhouse gases, followed by India and then a number of other emerging economies. Takeaway: It's not about whether or not there are global emission reductions, but rather where. BOTTOM LINE The Energy Institute dataset is rarely loud -- it's more subtle. What it shows is that a system evolves along multiple fault lines: China continues to grow in size. North America generates new demand for data centers. Asia is leading the development of infrastructure and storage. The countries differ sharply in their approach to power sector cleanliness. In some areas, emissions are falling while in others they are rising. The transition is real and it's accelerating in some places. It's fragmented and may define global energy for years to come. These are the opinions of the columnist, who is also an author. This column is great! Open Interest (ROI) is your new essential source of global financial commentary. Follow ROI on LinkedIn, X 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 7 days a weeks.
Two Belarusian tourists are injured by a Ukrainian drone while travelling in Russia
Two people were injured by a Ukrainian drone attack on a bus travelling from Minsk, the Belarusian capital, to the Russian Black Sea resort town of Anapa. This was reported in Russian state media.
Sputnik Belarus reported that the government of the Bryansk region in Russia, near the border with Ukraine and Belarus, said two drivers were injured in the attack, which took place at the Krasniy kamen border crossing. Andriy kovalenko, the head of Ukraine's Centre for Countering Disinformation, a branch of the National Security Council (NSC), denied that Kyiv attacked the bus. He called the?Russian claims "provocations" as well as a false flag operation.
Bryansk, and the nearby?Kursk area, are regularly shelled by?Ukrainian forces. This results in local residents being injured or killed and infrastructure damage. Russia has accused Ukraine of a drone attack that killed Belarusian children on a school bus in a separate incident last month in the Bryansk region. Ukraine's military has denied that the bus was attacked. The bus was carrying members of a youth football?team traveling from Belarus to southern Russia.
Since the beginning of its war with Ukraine, in February 2022, Russia has systematically?hit Ukrainian cities and towns such as Kyiv. Both Russia and Ukraine deny that they strike civilian targets.
Kyiv increased drone attacks on Russia over the past few months in an effort to "weaken Moscow's economic power" and force a halt to a war that has killed thousands of Ukrainians. (Reporting and Writing by Lucy Papachristou; Editing by William Maclean & Gareth Jones)
(source: Reuters)