Latest News
-
Iberdrola to receive $800 million from the National Wealth Fund of Britain for UK grid upgrades
In a statement released on Thursday, the National Wealth Fund of Britain will provide a loan to ScottishPower owned by Iberdrola to fund upgrades to Scotland's electricity grid. The announcement follows a week of widespread blackouts in Spain and Portugal, which industry experts claim highlight the need to massively invest across Europe's electrical infrastructure. Britain plans to decarbonise the power sector in its country by 2030. This will require significant grid upgrades to integrate renewable energy sources, such as wind and solar, to the system. The statement by Britain's Energy Minister Ed Miliband stated that the investment would help deliver clean energy by 2030 through grid upgrades. This will bring cheaper, locally-produced renewable power to homes and businesses while supporting skilled employment across the country. The funding will be used to accelerate seven ScottishPower transmission grid upgrades projects that are high priority, including the Eastern Green Link Projects 1 and 4 which will transport renewable energy generated in Scotland from Scotland to England. According to the statement, the funding will also be used for grid upgrades at five Scottish locations. This includes the construction of new substations and overhead lines, as well as the reconfiguration of overhead transmission lines and improvements of overhead cables in order to increase resilience and capacity. The National Wealth Fund of Britain was established in 2024 in order to invest in clean energy and spur economic growth. The statement stated that the investment was part of a financing package worth 1.35 billion pounds, which included Bank of America and BankInter as debt arrangers, as well as BNP Paribas and Lloyds Bank as lenders.
-
US states sue Trump over his freeze on funding for electric vehicle charging stations
California and 15 other state sued the Trump Administration on Wednesday. They claimed that the federal government illegally withheld billions of dollars from states to build electric vehicle charging stations. In February, the U.S. Transportation Department suspended its EV charging program. It also revoked state plans pending a thorough review. Senate Democrats claimed that President Donald Trump withheld more than $3 billion of the program approved by former President Joe Biden as part his Inflation Reduction Act. The lawsuit was filed by U.S. District Court, Washington State, with the District of Columbia and other states, including New York, New Jersey, Colorado, among others. The states stated that the decision of the administration "will destroy the ability of the states to build charging infrastructure necessary to make EVs available to more consumers and combat climate change. It will also reduce other harmful pollution as well as support the states' green economy." Sean Duffy's spokesperson did not respond to a request for comment. In February, an association representing automakers as well as electric vehicle charging companies urged the Transportation Department to quickly restore funding. Since his January inauguration, Trump has reversed Biden's policies that promoted a switch from fossil fuels and clean energy to combat climate change. Trump has called for the return of coal-fired plants and an increased domestic oil exploration. The president's stance on electric vehicles has been to stop the distribution of funds from the $5 billion allocated for vehicle charging stations. National Electric Vehicle Infrastructure Fund Trump has revoked an order issued by Biden in 2021 that called for half of new vehicles sold to be electric by 2030. He demanded that the state stop its efforts to adopt zero emission vehicle rules, and to stop funding high-speed rails in California.
-
The discount on CANADA CRUDE-Western Canada Select continues as it shows strength.
The Canadian heavy crude price continues to be strong, with the discount between West Texas Intermediate (WTI), the North American benchmark futures contract, and Western Canada Select (WCS), the North American benchmark futures contract. WCS for June Delivery in Hardisty Alberta settled at $8.75 per barrel below the U.S. benchmark WTI according to brokerage CalRock. It had settled at $8.95 below the U.S. standard on Tuesday. Last time Canadian heavy crude traded so closely below the U.S. benchmark, it was in 2020 during global oil price volatility due to pandemics. Canadian heavy crude is trading at a discount, in part because the Trans Mountain expansion pipeline was opened a year ago. This increased the country's capacity to export oil. WCS is also experiencing seasonal strength at this time of the year, as summer driving season increases refinery demand. Canadian crude also benefits from U.S. Sanctions on Venezuela and other nations, which boosts demand for heavy crude producers who are not sanctioned. * The global oil price fell more than $1 a barrel on Wednesday, as investors questioned whether upcoming U.S. China trade talks would result in a breakthrough. Meanwhile, hopes of an Iran-U.S. nuke deal eased concerns about supply.
-
US seeks UN sanctions against ships bringing North Korean coal into China
The United States announced on Wednesday that it intends to request U.N. sanction against vessels that are identified as participating in circumventions of United Nations Resolutions to counter North Korea's missile and nuclear programs. Open Source Center, a British organization, released a report Wednesday stating that it had tracked in the last year a number non-Korean-flagged vessels transporting North Korean iron ore and coal to ports in China in violation of U.N. sanction. James Byrne of Open Source Network identified several vessels at a U.N. Security Council meeting, including the Tanzanian flagged Armani and Sophia; the falsely flagged Cartier and Casio; and the unflagged Yi Li 1 & An Yu. Byrne claimed that the vessels were using sophisticated "spoofing techniques", such as presenting digital tracks which indicated they were in another country, even though satellite imagery showed they loaded in North Korea. U.S. Dorothy Camille Shea, the U.N. Ambassador, said that the Security Council will continue to draw attention to sanctions violations in spite of Russia's last-year veto of the mandate for the panel of expert who monitored violations on behalf the U.N. 1718 Committee on North Korea. She said: "In the next few days, we will be submitting nominations for the 1718 Committee vessels that were clearly identified in the Briefing to which Mr. Byrne refered for violations of U.N. sanction restrictions." Shea accused Russia "cynically" obstructing the implementation of sanctions, including through importation of North Korean shells and missiles to be used in its war against Ukraine. She claimed that Chinese authorities "looked the other way" when Chinese companies imported North Korean coal, iron ore and even though Beijing insisted it fully implemented the U.N. Resolutions. Geng Shuang said that China rejects "accusations" and "smearings" from the United States and that Washington is using the North Korea problem as a pretext to deploy strategic military forces that threaten the security of countries in the region, including China. Vasily Nebenzya, the Russian ambassador to the United Nations, dismissed criticisms of Russia's relationship and cooperation with North Korea. He said that it was Moscow’s sovereign right. Russia is "very grateful" to its Korean brothers for their assistance. Kim Song, North Korea's U.N. Ambassador, accused the United States in a statement of "highhandedness and arbitrariness", which should not be tolerated within the international community. (Reporting and editing by Deepa Babyington, with David Brunnstromm)
-
Maguire: Global energy exports slowing as trade concerns mount
The slowdown in the shipment of energy products is in line with the global economic downturn caused by the new tough tariffs that U.S. president Donald Trump has imposed so far this year. The exports of crude, gasoline, diesel, and thermal coal have all decreased from January to April of 2024 as the economies of the importer countries slow down in response to increased trade uncertainty. Export volumes of liquefied gas and chemicals have increased so far this season, but they are in danger of slowing down if the malaise that is already cooling the demand for fuels, oil and coal also chills the manufacturing and power sectors. Here is a summary of the major energy products markets in 2025. CRUDE CUTTS Kpler, a commodity intelligence company, reports that the global export volume of crude oil between January and April was 4,93 billion barrels. This total was 1.3% less than the same period of 2024. The main reason for this was a drop of 9% in China's imports, which is the world's biggest crude importer and user. The United States (-14%) South Korea (-3%) Italy (-12%), and the Netherlands (-1%) are also major crude importers who have seen a drop in their purchases year over year. Imports into India (up by 1%), Japan (5%) and Taiwan (7%) have helped to offset these declines. Kpler data revealed that India's crude oil imports for January to April were record highs, as well as those in Malaysia, Lithuania and Myanmar. The growth of crude sales in these markets is good news for exporters. All those economies will continue to see their crude purchases grow over the next few years. It is not clear whether these growth markets can offset the declines in East Asia (China Japan South Korea and Taiwan). East Asia is the largest crude importer in the world. It has been responsible for 40% of all crude imports over the last few years. East Asia has purchased 37% of the total crude oil exports so far in 2025. This is the lowest share in six years. In order to compensate for the lost East Asia crude volumes, it may be necessary to increase sales to new emerging markets. FUELS AND COAL The demand for gasoline fell by 5% between January and April compared to the same period a year earlier, due to economic concerns combined with the electrification of fleets. Kpler data show that only Singapore and Pakistan, among the top 10 gasoline importers in 2025 have seen an increase in their import volumes year over year. All major markets including the United States of America, Mexico, Malaysia and the United Arab Emirates, as well as Nigeria, have seen declines. Diesel, or gasoline, has also seen a decline in the first half of this year, as trucking mileage worldwide was affected by reduced shipment. Diesel exports fell by 3% between January and April compared to a year earlier, reaching the lowest level for this period since 2022. Imports fell steeply in France, Turkey Malaysia and Mexico. This shows the wide range of declines in gasoil usage. Diesel flows will continue to fall as a result of further contractions in the production and movement of goods. Thermal coal exports fell by 6.7% between January and April compared to the same months last year, as major traditional buyers including China, India Japan South Korea, Taiwan, South Korea, and Taiwan reduced their purchases. Imports increased in Vietnam, Turkey, the Netherlands and Bangladesh - the main entry points for bulk commodities to mainland Europe. Southeast Asia and North Africa are likely to be growth markets in the near future for coal exporters, due to their need for cheap energy. Total coal shipments are expected to continue to decline in the next few years if China continues to reduce its overall dependence on coal imports. Growth in LNG and Chemicals The export volume of LNG and chemical products has been increasing in contrast to the trend seen for crude oil, refined fuels, and coal so far in the year 2025. The total exports of LNG reached a record from January to April, with just under 143 million tonnes of super-chilled LNG shipped during this period. This volume was just 1% higher than in the same months of 2024. Any sustained drops in LNG shipments in the next few months could easily push the year-to date volumes in reverse. The sharp increase in natural gas prices in Asia, especially in comparison to coal, has slowed the demand for LNG so far in 2025. Any sustained decline in industrial activity in Asia will also further reduce LNG demand. The volume of chemical exports increased by 4%, reaching three-year records, from January to April. This was due to a stronger demand for imports in India, Brazil and South Korea. Any further economic weakness - particularly within manufacturing – would reduce demand for chemicals and ensure that the current pain being felt in the oil industry is spread across the entire energy sector. These are the opinions of a columnist who writes for.
-
Port Sudan shook by explosions, army claims to have intercepted drones
Sudan's Army said that its anti-aircraft system intercepted drones on Wednesday, which were targeting a Naval Base in Port Sudan, the capital of wartime. There were explosions heard in the city. It was not immediately known if they were near Flamingo's base. Port Sudan was the target of days of attacks, including drone strikes reported by Sudan's paramilitary Rapid Support Forces. These assaults have destroyed the largest fuel depots in the country and damaged its main humanitarian aid gateway. Since the outbreak of the RSF-Army war in April 2023 that led to mass displacements, famine, and ethnically motivated killings, the Red Sea City has enjoyed relative peace. Port Sudan was the new base of the army-aligned regime after the RSF had swept the capital Khartoum during the beginning of the conflict. Drone strikes in Port Sudan have opened up a new front for the army after recent victories in the capital of central Sudan and the country's centre. The momentum has been swaying back and forth, with neither side looking like they will win the conflict. Both sides have drawn support from allies abroad. The war began as a result of a power battle between the RSF, the RSF army and the RSF. (Written by Enas Alashray; edited by Aidan Lewis).
-
South Korea's MFG bids up to 140,000 t corn, traders claim
European traders reported on Wednesday that the Major Feedmill Group in South Korea (MFG) had issued an international tender for up to 140.000 metric tons animal feed corn from South America and South Africa. The deadline to submit price bids in the tender is May 8, Thursday. In the tender, Cargill Agri Purina, a MFG partner, is said to be involved. South America was asked to ship one consignment by August 30th, and South Africa between July 12 and 31st. Second consignment was requested for arrival on September 10, and shipment from South America between July 13 to August 1, or from South Africa between July 23 and August 11, if coming from South Africa. The tender is seeking price offers both in terms of outright cost per ton and freight included (c&f), or at a higher premium than the Chicago corn contract for September 2025. South Korean importers have continued to purchase heavy corn in the last two weeks, following a drop in Chicago corn prices. South Korean purchasing is usually ahead of world supply and demand for grains and oilseeds. Reportage The U.S. Department of Agriculture's (USDA) report can create market turmoil. The report must be submitted by Monday, May 12th. Reporting by Michael Hogan and editing by Eileen Soreng
-
South Korea's NOFI purchased about 66,000 T of corn in a private deal, traders claim
The leading South Korean feedmaker Nonghyup Feed Inc., (NOFI), purchased approximately 66,000 metric tonnes of animal feed corn on Wednesday in a private transaction without an international bid being issued. The United States, South America, or South Africa were all acceptable sources. The corn was purchased by NOFI's unit NH Feed for an estimated cost of $242.96 per ton, including freight (c&f), plus a $1.25 surcharge per ton for port unloading. NOFI's corn should arrive in South Korea by August 30. Seller is believed to be ADM trading house. Shipping dates for shipments originating from the Pacific Northwest Coast of the United States were between June 20 and august 15. Only 55,000 tonnes are required if the product is sourced from South Africa. The reports reflect the assessments of traders, and it is still possible to estimate prices and volume later. Michael Hogan is reporting.
Slovakia rejects EU plans to phase out Russian Gas by 2027
Robert Fico, the Prime Minister of Slovakia, said that the Slovak government rejects the European Commission's plans to phase-out Russian gas and other imports.
The EU executive announced on Tuesday that it would introduce legal measures in the next month, to gradually phase out EU imports from Russia of gas and liquefied gas by 2027.
These plans include measures that target Russian uranium enriched for nuclear power, which would be equivalent to a tax on imports.
This move is part and parcel of the EU's commitment to ending its decades-old relations with Russia, its former largest gas supplier after its full-scale attack on Ukraine in February 2022.
Fico said that he admired efforts to reduce the EU's energy dependency on third-country sources, but that the Commission’s proposals would hurt the EU by raising prices and reducing its competitiveness.
Fico stated that it was "economic suicide" to stop using gas, nuclear energy, oil and all other forms of energy just because a new Iron Curtain between the West and Russia or perhaps other countries is being constructed.
He said that Slovakia would strive to change the legislative process.
The Commission will submit its legal proposals in June. These must be approved by the European Parliament, and the qualified majority of the member states. This means that one or two countries can't block the plans.
Slovakia has received Russian oil and gas supplies. It also argued with Ukraine about its decision to stop gas flowing from the east across its territory at the end last year.
Fico stated that there are questions about what would happen to Slovakia if it canceled its long term contract with Russian supplier Gazprom.
About 19% of Europe’s gas is still imported from Russia through the TurkStream pipeline, and via LNG shipments. This is down from 45% in 2022.
The Slovakian ministry reports that 10 of the 27 member states imported Russian gas in 2013.
Due to the opposition of Slovakia and Hungary who receive Russian pipeline supplies, and maintain close ties with Russia, the EU has imposed sanctions against most Russian oil imports.
(source: Reuters)