Latest News
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Official: Trump will delay Biden's refrigerant regulations in an effort to reduce costs
According to a White House spokesperson, the Trump administration plans to defer compliance with two Biden era rules governing refrigerants on Thursday as part of a broader effort to undo former President Biden's environmental agenda. Grocers, semiconductor makers and other companies using hydrofluorocarbons would be affected by the actions. Hydrofluorocarbons are potent greenhouse gasses that are used in air conditioning and refrigeration systems. The requirements for compliance?are derived from an Environmental Protection Agency rule that was issued in 2023 to?reduce emissions of superpollutants. The official also said that the Environmental Protection Agency will propose to roll back other restrictions on HFCs via a separate "rule" affecting the transporters of refrigerated products. First reported by USA Today and expected to be announced at a White House gathering by U.S. president Donald Trump, the move will also include EPA administrator Lee?Zeldin. White House officials said that easing restrictions could result in savings for consumers of up to $2.4 billion. Zeldin stated that "Americans had every right to be frustrated with the Biden-era rules on refrigerants." "They did not protect the?health of humans or the environment, and instead piled on expensive, unattainable regulations beyond what the law required." The EPA 'last week proposed a lowering of wastewater limits at coal-fired.power plants. They said the changes would reduce electricity costs. Reporting by Steve Holland and Jarrett Renshaw, Editing by Chizu Nimiyama and Mark Porter
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Cruise operators get a refund from the US Supreme Court for confiscations of Cuban goods
Cruise operators facing combined judgements of $440 Million The docks were confiscated by Castro's Cuba By Jan Wolfe WASHINGTON (May 21) - On Thursday, the U.S. Supreme Court delivered a "setback" to four American cruise companies that had contested $440,000,000 in combined judgments. They were accused of "unlawfully using docks that had been seized by Fidel Castro’s communist government in Cuba in 1959." In an 8-1 decision, the justices overturned a lower court ruling that had thrown out judgments against Carnival Cruise Line, Norwegian Cruise Line Holdings, Royal Caribbean Cruises, and MSC Cruises. These companies were sued by the U.S. firm who built the port before the Cuban Revolution. The company sued under the Helms-Burton Act of 1996, which allows U.S. citizens who own property in Cuba to sue any person who "traffics with property that was confiscated by Cuban government on or after 1 January 1959." Havana Docks Corporation sued cruise lines for compensation under the Helms-Burton Act. The company built docks at Havana’s port in the early 20th Century. Castro expropriated and nationalized property owned by U.S. firms, including Havana Docks. Havana Docks had been granted a 99-year concession by Cuban government in 1934 for the construction and operation of the piers of the Havana port. Cuba has not paid compensation to Havana Docks but the Helms-Burton Act gives the company the opportunity to sue in U.S. courts for damages. The Helms-Burton Act not only authorized lawsuits against Cuban governments and state-owned companies, but also international businesses such as U.S. Cruise lines who have done business in Cuba. Both parties of U.S. Presidents suspended a crucial provision of the Helms-Burton Act. This meant that private lawsuits were not allowed to proceed. The suspension was lifted by President Donald Trump 'in 2019, during his first term, causing a new wave of litigation to be filed in U.S. courtrooms against Cuban state owned entities and some American companies accused of trafficking confiscated property. Four cruise operators have used the docks between 2016 and 2019, after President Barack Obama eased travel restrictions to Cuba. In a court filing, they said that it was absurd to "pay hundreds of millions of dollar for following the executive's lead and reopening Cuba travel." In 2022, a federal judge ruled that cruise lines were guilty of?trafficking' by docking their ships at the terminal. Each of the four cruise lines was fined more than $100,000,000. The 11th U.S. Circuit Court of Appeals, based in Atlanta, threw out these judgments last year. Circuit Court of Appeals threw these judgments out last year. They focused on the fact the Havana Docks' concession?would have expire in 2004, long before cruise lines would use the facilities. The 11th Circuit stated at the time that "when that concession expired in 2004 any property interests that?Havana Docks?had by virtue of?that concession?ended." The conduct of cruise lines between 2016 and 2019 does not constitute a trafficking of confiscated property from Havana Docks. Havana Docks' litigation was not completely ended by the?11th Circuit decision, which threw out $440 million of combined judgments. Havana Docks may still have a claim against Carnival due to alleged conduct of that company prior to 2004. The 11th Circuit decision is just one of many U.S. court decisions that have created obstacles for Helms-Burton Act claimsants. The majority of these cases were?dismissed on jurisdictional and procedural grounds. In February, the Supreme Court heard arguments in this case. The Supreme Court heard arguments in the case in February. The Supreme Court is yet to rule on the Exxon Case.
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India wants to return stranded vessels before sending any more to the Gulf
A senior government official stated on Thursday that India wants to ensure the return of its ships stranded at the Gulf before sending any vessel back to load fuel. Mukesh Mangal is the additional secretary in India's Ministry of Ports, Shipping and Waterways. He said that India wants to remove all its ships from the Strait of Hormuz. He said that India would send ships to the west of?Strait of Hormuz 'whenever conditions are conducive'. Mangal, India's shipping ministry, said at a press conference that the ministry is working with the foreign minister to coordinate and decide on whether or not to send back vessels after all stranded boats return. According to him, 13 Indian flagged vessels and 1 Indian owned vessel remain stuck on the western side of the Strait. Since the Strait was effectively closed due to conflict that began on February 28, U.S. and Israeli?strikes against Iran, thirteen vessels with energy cargoes - mostly liquefied petrol gas (LPG) - have transited the Strait. Earlier, India imported?more that 40% of its crude oils and 90% of its LPG (used for cooking) from the Middle East via the Strait of Hormuz. India is now facing one of its worst gas supply disruptions for decades. (Reporting from Saurabh Sharma in New Delhi and Nidhi verma; editing by Alexander Smith.)
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UK closes tax loophole targeting oil and gas companies' profits
British Finance Minister Rachel Reeves said on Thursday that she would prevent'multinationals', such as oil and gas companies, from reducing their tax liabilities by using corporate structures that involve foreign branches. Reeves announced the change in a speech that set out a number of measures designed to assist British consumers. He said the changes would fund free bus fare for children, tariff reductions on food, and a tax exemption for family attractions. She said that the reform would prevent British profits from being shielded from tax by losses attributable foreign branches. Reeves stated that closing the loophole would raise hundreds of millions of pounds each year. Reeves said that some oil and gas groups operating overseas through foreign subsidiaries have structured their tax affairs so they pay very little or no corporation taxes on their UK energy trading profit. She said that today, Britain would stop?that practice.' This move will bring Britain into line with other countries who treat foreign profits the same way. The UK has one of the most strict 'tax regimes' for oil and gas producers. This includes a 38% windfall tax when prices are above a government-set threshold, increasing the overall tax burden to 78%. Shell, BP, Ithaca Energy and Harbour Energy are among the companies that have not responded to requests for comment. (Reporting and additional reporting by Shadia Naralla and Stephanie Kelly; writing by William James, Sam Tabahriti and Alex Richardson, editing by Alex Richardson).
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Maguire: Texas cuts gas consumption as ERCOT clean energy momentum continues to grow
As clean energy sources continue to supplant fossil fuels in the U.S.'s top oil and gas hub, the share of natural gases within the state of Texas's power generation mix has dropped to multi-year lows this year. Data from ERCOT's power system and the U.S. Energy Information Administration show that natural gas-fired power plants have generated less than 35 percent of the total electricity supplied by the?utility in 2026. This gas share is up from over 40% two years ago and shows the rapid growth of clean energy in the biggest power producing state in the nation. RENEWABLES RISE The main driver for the growth of ERCOT's clean energy has been an 11% increase in the combined output of Texas's wind and solar farms from January 1 to May 19, compared with the same period in the year 2025. The total?clean energy generation this year up to May 19 has been 93.3 megawatt hours (MWh), an increase of 8% compared to the same period in 2025. ERCOT data, compiled by EIA, shows that solar?power production has increased 27% to 27 million MWh. Wind output is up 5% at nearly 51 millionMWh. The growth in renewables has helped to offset the year-to date declines in nuclear and hydropower output. These accounted for approximately 8.8% and 0.1% respectively of ERCOT’s total mix this year. The record clean power generation also helped boost total power supply by 2% compared to a year earlier, to all-time heights of 174,000,000 MWh. This ensures that Texas' overall power supply continues to grow in tandem with the state's total needs for energy. FOSSIL MILESTONE Clean power through ERCOT's power system allows producers to reduce their production of gas and coal-fired plants until 2026. Total gas-fired production dropped 3% since the same period of 2025, to its lowest level since 2023. Coal-fired production dropped by 8% and reached 21 million MWh, the lowest level since 2024. Clean power has now surpassed fossil fuels in ERCOT's power mix for the very first time. Clean power generated nearly 54% share of the total generation from January 1 to May 19. Fossil fuels had a share of just 46%. The rapid shift towards cleaner power generation in Texas over the past decade is a testament to the pace of energy transition. The production of gas-fired electricity is expected to increase steadily in the summer, to meet increased demand for air conditioners when ERCOT’s total consumption of electricity reaches its annual peak. The rapid deployment of battery storage to store excess solar power and discharge it later is also expected to extend solar's contribution into the evening. This suggests that ERCOT is likely to continue to achieve additional clean energy milestones by 2026, keeping Texas at the forefront of the power system energy transformation efforts in the nation. These are the opinions of a columnist, who is also referred to as 'the author. You like this column? Check out Open Interest, your new essential source for 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.
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UAE's largest oil company says that the full flow of Hormuz will not be achieved until the first half 2027.
The head of ADNOC, the state oil company of the United Arab Emirates, said that full oil flow through the Strait of Hormuz would not be restored 'before the first or the second quarter of 2027', even if Middle East conflict ended now. Top industry executives have a pessimistic outlook, which highlights the long-term economic impact of Iran's war. The International Energy Agency calls the crisis the biggest ever because the strait is almost closed. Iran has de facto taken control of the waterway that is a chokepoint to about a fifth the world's supply of oil. Energy prices have risen, which has increased inflation and raised fears of a recession. Even if the conflict ended tomorrow, it would take four months for energy flows to return to pre-conflict levels. Full flows won't be restored until at least the second quarter of 2027. JABER CALLS HORMUZ BLOCKADE A 'DANGEROUS PRECEEDENT' Aramco's chief executive, Amin Nasser of Saudi Arabia, warned that the oil market could not recover until the year 2027, if current conditions continue through mid-June. Reports claim that Iran is consolidating control of the strait through checkpoints and vetting, as well as sometimes by charging fees. After the U.S. and Israeli assault on Iran, which began February 28, Tehran began to attack vessels in the strait as a way to impose a "de facto" blockade. Iran has since expanded its definition of a waterway to include UAE's Gulf of Oman coast just outside the strait. This has become a lifeline for UAE. The crude pipeline, which ends in the port of Fujairah on this coast, has "kept Emirati crude flowing into markets." "This is more than an economic issue. This is a very dangerous precedent. "Once you accept the idea that one country can take over the most important waterway in the world, we've lost freedom of navigation," said Jaber. "If we do not defend this principle now, we will spend next decade defending against the consequences." Jaber noted that the conflict had highlighted supply chain fragility. He said fuel prices were up by 30%, fertilisers prices had risen by 50%, and airfares have increased a quarter. He called for increased investment to 'enhance global energy resilience. He said: "Every farm, factory, and family pays the price. The most vulnerable are the ones that end up bearing the greatest burden." Nearly 80 countries have taken urgent measures to support their economies just 80 days after the start of this conflict.
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Document shows that Vitol is moving to open a fuel terminal in Mexico years after the bribery and corruption scandal.
According to two people with first-hand knowledge and an internal document, Vitol is one of the largest commodities traders in the world. It has held discussions with service providers, and it's now seeking permits to run the Rio Bravo fuel storage terminal, which was built six years ago and unused, but left idle. The Geneva-based company's plan to run the terminal shows its desire to rebuild its reputation in Mexico following a scandal over bribery. The move coincides with the global scramble to secure energy infrastructure during Iran's war. This has thrown supply chains into chaos. Vitol would be one of only a few foreign companies that are allowed to operate major petroleum infrastructures in Mexico. The state energy company Pemex dominates this industry, from production, refining, and distribution. Vitol has sought third-party services for testing, certification, and documentation of its terminal operations in the last few months, according to sources and a document detailing the next steps. Before it can apply for permits from the Mexican Energy Ministry to start terminal operations, it must first have contracts with independent service provider. Vitol refused to comment. The ministry didn't respond to an inquiry for comment. Sources who asked to remain anonymous due to the commercial sensitive nature of their information said Vitol had spoken with Mexican officials regarding its plan. The talks have not progressed far enough to be able to tell how far they are. Filings with the regulator show that the terminal in Matamoros (Tamaulipas), on the U.S.Mexico border has not operated since the construction was completed in 2020. Tariff Advantage The terminal will receive fuel from a port in Brownsville, Texas via a pipeline that runs 10.5 kilometers (6.5 miles) across the border. One of the sources involved in the efforts to open this terminal said that the terminal's connection to the pipeline allows it to benefit from fixed tariff rates for the pipeline and avoid the increase in seaborne freight prices due to the Iran War. A document relating to this terminal revealed that the Rio Bravo 'terminal', which has a capacity of 270,000 barrels of gasoline and diesel, is made up of 12 tanks for storage and distribution. Vitol would gain a foothold on the Mexican downstream market with its opening. The source who worked with the trader for many years in Mexico said that Vitol had to offer Pemex the terminal. Pemex declined to comment. Vitol's history in Mexico is not a good one. In December 2020 it admitted to paying off officials in Ecuador Mexico and Brazil. After a U.S. probe into corruption in Brazil?Ecuador?and Mexico, its U.S.-based subsidiary has agreed to pay $164m as part of an agreement deferring prosecution. In March 2021 PMI, Pemex’s trading arm, announced that it had terminated its commercial relationship after Vitol admitted to paying bribes in order to maintain business in Mexico.
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Kyiv reports that Ukrainian drones have struck Russia's Syzran refinery.
Ukrainian military and President Volodymyr Zelenskiy announced on Thursday that drones had struck Rosneft's Syzran oil refining plant in the?Samara area overnight. Zelenskiy, a Telegram user, said: "Another Ukrainian sanction against Russian oil refinery - we will continue this line of action." "This time, it was Syzran oil refining -?more than 800 km away from our borders." Zelenskiy uploaded footage of "a fire and smoke" billowing into the skies. The local governor confirmed that two?people died in a drone strike on Syzran, in the Samara region. He did not mention whether or not any?infrastructure had been damaged. Ukraine's Unmanned Systems Forces stated that a large fire was caused at the?refinery. Its annual processing capacity is between 7 and 8.9 million tons of crude oil. The commander of Ukrainian drone forces Robert?Brovdi said that it was the '11th Russian oil refinery' targeted by Ukraine in May.
What sites have been attacked by Ukraine?
In recent months, Ukraine has intensified its attacks on Russian energy installations as the peace talks have not produced any progress.
Dmitry Peskov, Kremlin spokesperson, said that there are no dangers to the fuel supply in Russia. He was responding to a report on a drop in oil refinery in the central region of the country after recent drone attacks by Ukraine.
The following is a chronological summary of the recent attacks that followed Russian strikes against Ukrainian energy facilities and their impact.
SYZRAN
On Thursday, the Ukrainian military and President Volodymyr Zelenskiy claimed that Ukrainian drones had struck Rosneft's Syzran oil refining plant in Samara.
Two industry sources said that Syzran refinery has suspended oil refining following drone attacks in April 2018 which damaged processing equipment.
The refinery can process around 170,000 barrels of oil per day, or 8.5 million tons per annum.
According to industry sources, it will process 4.3 million tonnes of crude oil in 2024 and produce 800,000 metric tons of gasoline, 1,5 million metric tons of diesel, and 700,000 metric tons of fuel.
The Ukrainian General Staff announced on Wednesday that the Ukrainian military had struck an oil refinery owned by Lukoil near Kstovo, in Russia's Nizhny Novgorod Region.
The general staff announced on Telegram that a primary oil processing unit had been hit at the refinery. They added that the attack caused a fire.
Two industry sources said that NORSI, Russia’s fourth largest oil refinery owned by Lukoil, suspended operations as well on April 5, following an attack from a Ukrainian drone.
NORSI is the second largest producer of gasoline in Russia. It can process up to 16 million metric tonnes of oil each year or about 320,000 barrels a day.
MOSCOW
Two industry sources reported on Tuesday that the processing of oil at the Moscow refinery ceased after an attack by a drone from Ukraine over the weekend.
Sergei Sobyanin, the mayor of Moscow, said that three homes were damaged and 12 people were injured, mainly near the entrance of Moscow's oil refining plant. He said that the "technology" at the refinery had not been damaged.
Moscow's refinery is located in Kapotnya, a district of the capital, and has a capacity of 11 million tons per year.
RYAZAN
Two industry sources confirmed on Tuesday that the Ryazan oil refining plant, which represents almost 5% in total of the country's refining volume, halted processing following a drone attack by Ukraine last Friday.
According to industry sources, the refinery will process 13.1 million metric tonnes of crude oil by 2024. It will produce 2.2 million gallons of gasoline, 3.4 millions gallons of diesel fuel and 4.3million gallons of fuel oil.
ASTRAKHAN Debris resulting from a drone strike caused an fire at a gas processing facility in southern Astrakhan on May 13, according to the local governor.
The Caspian Sea plant has a capacity of 12 billion cubic meters of gas per year and 3,000,000 tons of stable condensate. The plant also produces diesel, gasoline, and liquefied oil gases.
PERM Russia’s Perm oil refining plant halted production after a drone strike on May 7, which caused a fire, and damaged equipment.
The refinery will process around 12,6 million metric tonnes of oil in 2024. That's about 250,000 barrels a day. The refinery produced 2 million metric tons of gasoline, 5 million metric tons of diesel fuel, 700,000 metric tons of coke, and 200,000 metric tons of fuel oil.
Officials confirmed that a drone attack by Ukraine caused a major oil refinery fire in Tuapse, on April 28. Two industry sources said that the refinery, which exports most of its product, stopped operations after a Ukrainian drone strike on April 16.
The company has a production capacity of approximately 12 million tonnes per year or 240,000 barrels a day. It produces fuel oil, naphtha and vacuum gasoil.
NOVOKUIBYSHEVSK The primary oil processing at the Rosneft operated Novokuibyshevsk refining plant in Russia has been stopped since April 18 following a drone attack by Ukraine, according to two industry sources.
Industry sources say that in 2024 the refinery will process 5.74 million metric tonnes of crude oil. 1.10 million tons motor gasoline. 1.64 millions tons diesel fuel. 1.27 million metric tonnes fuel oil.
UFA Ukraine’s military confirmed that it had carried out a strike on the Bashneft-Novoil oil refinery in Russia, more than 1,400 km away from the border between Russia and Ukraine.
The plant can process up to 7 million tonnes of oil per annum.
Kirishi Oil Refinery Kirishi halted its processing at the end March after Ukrainian drone attacks caused fires.
Kirishi produced 600,000 tonnes of bitumen, 6.1 millions tons of fuel oil, and 6.1 million tones of diesel last year.
UST-LUGA PLANT Novatek Energy Company suspended the processing of gas condensate and exporting naphtha at its Ust-Luga Complex after drone attacks resulted in an fire. Three market?sources' told us on March 27.
Three processing units of the Ust-Luga Complex, each with 3 million tons per year capacity, refine stable condensate to light and heavy naphthas, jet fuels, ship fuel oils and gasoil. Company data shows that in 2025 the complex will have processed 8.0 millions tons of gas condensate.
PORTS/TANKS Ukraine also attacked Russia’s ports in the Baltic and Black Seas,?including the Primorsk Port, oil tankers, and military vessels on May 3. After a drone strike on April 23, a fire broke out at a Transneft pumping station that supplies crude oil to Russia's biggest export terminal, the Baltic port Primorsk. An official with Ukraine's SBU said that Ukrainian drones attacked an oil-pumping facility and dispatch center in Russia's Samara Region on April 21. In early April, Ukrainian drones started a fire in Russia's Sheskharis Oil Terminal. Primorsk is one of Russia's biggest export ports and can handle up to 1 million barrels a day. At least 40% of the storage facilities were destroyed in a drone attack by Ukraine last month. (Reporting and Editing by Louise Heavens).
(source: Reuters)