1 hr. ago
Aug 9 (Reuters) - Yemen's Iran-aligned Houthis have attacked Saudi Aramco's Jazan refinery, they said on Sunday, two days after the kingdom signed a defence pact with Turkey and Pakistan in response to growing regional instability from the U.S.-Israeli war on Iran.
The alliance with Sunni Muslim U.S. allies, Turkey and Pakistan, is intended to strengthen collective deterrence against any act of aggression and stipulates that an armed attack against any of the three would be regarded as an attack on all.
It was not clear whether or how either Pakistan or Turkey would join in any Saudi response to the latest attacks.
The Houthis declared a naval blockade against Saudi Arabia in the Red Sea last month, citing what they said was a Saudi siege on them, an allegation Riyadh denies.
The Saudi energy ministry said a fire had broken out at the refinery but was later extinguished with no injuries and authorities were dealing with the incident, without giving a cause.
#Iran #refinery
The alliance with Sunni Muslim U.S. allies, Turkey and Pakistan, is intended to strengthen collective deterrence against any act of aggression and stipulates that an armed attack against any of the three would be regarded as an attack on all.
It was not clear whether or how either Pakistan or Turkey would join in any Saudi response to the latest attacks.
The Houthis declared a naval blockade against Saudi Arabia in the Red Sea last month, citing what they said was a Saudi siege on them, an allegation Riyadh denies.
The Saudi energy ministry said a fire had broken out at the refinery but was later extinguished with no injuries and authorities were dealing with the incident, without giving a cause.
#Iran #refinery
2 hours ago
Egypt is planning to increase oil and gas production, attract new investment, and reduce petroleum imports as part of its 2026/2027 economic and social development strategy.
Minister of Planning and Economic Development Ahmed Rostom and Minister of Petroleum and Mineral Resources Karim Badawy outlined the priorities for the sector.
They cited energy security as a national priority in the context of continued regional and global geopolitical uncertainty.
The government plans to invest $4.5bn in refinery development to boost domestic production and reduce reliance on imported petroleum.
Karim Badawy stated that the plan also includes receiving natural gas from Cyprus and re-exporting it to global markets, which officials say would enhance Egypt's role as a regional energy hub.
#petroleum #development #karim #badawy
Minister of Planning and Economic Development Ahmed Rostom and Minister of Petroleum and Mineral Resources Karim Badawy outlined the priorities for the sector.
They cited energy security as a national priority in the context of continued regional and global geopolitical uncertainty.
The government plans to invest $4.5bn in refinery development to boost domestic production and reduce reliance on imported petroleum.
Karim Badawy stated that the plan also includes receiving natural gas from Cyprus and re-exporting it to global markets, which officials say would enhance Egypt's role as a regional energy hub.
#petroleum #development #karim #badawy
1 day ago
Ukrainian long-range drones hit a warehouse of Russia's biggest online retailer in the Ural Mountains, more than 2,000 kilometers (1,200 miles) from the two countries' border, local officials and the company said Friday.
Ukraine has regularly hit targets in the distant Urals this year and has even struck a Russian oil refinery in western Siberia, nearly 2,500 kilometers (1,550 miles) from the border. The attacks are examples of how Kyiv has used drone innovation as a key part of its response to the invasion by its much bigger enemy more than four years ago.
Its successes have drawn international interest and drone cooperation agreements with nine countries, with further deals being negotiated with 15 other countries, according to Kyiv officials.
Wildberries said its warehouse in Yekaterinburg, Russia's fourth-largest city, was set ablaze by the attack. Most merchandise wasn't damaged, the company said, unlike at some of the more than a dozen other Wildberries depots struck by Ukraine in recent weeks that have burned down.
The regional governor, Denis Pasler, said three drones hit the warehouse's roof. Artyom Zhoga, the Kremlin's representative in the region, said that 800 people were evacuated from the warehouse and ****** ody was hurt.
#drones #officials
Ukraine has regularly hit targets in the distant Urals this year and has even struck a Russian oil refinery in western Siberia, nearly 2,500 kilometers (1,550 miles) from the border. The attacks are examples of how Kyiv has used drone innovation as a key part of its response to the invasion by its much bigger enemy more than four years ago.
Its successes have drawn international interest and drone cooperation agreements with nine countries, with further deals being negotiated with 15 other countries, according to Kyiv officials.
Wildberries said its warehouse in Yekaterinburg, Russia's fourth-largest city, was set ablaze by the attack. Most merchandise wasn't damaged, the company said, unlike at some of the more than a dozen other Wildberries depots struck by Ukraine in recent weeks that have burned down.
The regional governor, Denis Pasler, said three drones hit the warehouse's roof. Artyom Zhoga, the Kremlin's representative in the region, said that 800 people were evacuated from the warehouse and ****** ody was hurt.
#drones #officials
3 days ago
Marathon Petroleum (MPC) posted $17.73 EPS against a $13.95 estimate as its refining margin nearly doubled to $36 per barrel.
Valero (VLO) warns margins could drop 28% by 2027, but structural limits keep today's crack spreads historically wide. No new U.S. refinery has been built since 1976.
Act now: the **** yst who called NVIDIA in 2010 just named his top 10 AI stocks — and Marathon Petroleum didn't make the cut. Grab the names FREE today.
Marathon Petroleum (NYSE:MPC) reported $17.73 in quarterly earnings per share against a $13.95 estimate, and its stock is up 90.47% year to date. If you have been grumbling at the pump about $4.08 gasoline, congratulations, you found the party. However, you were not invited unless you were invested here.
CNBC's Pippa Stevens laid out the setup on air Tuesday. "Fuel prices are high and crude has pulled back, creating a perfect situation for the refiners. EPS up 975% quarter over quarter and nearly 350% year over year." That is the whole thesis in two sentences. Marathon booked $5.14 billion in net income, up from $1.22 billion a year earlier, and returned over $2.80 billion to shareholders in a single quarter. Revenue landed at $51.99 billion. That cleared the $41.44 billion consensus.
#quarter #valero #NVIDIA
Valero (VLO) warns margins could drop 28% by 2027, but structural limits keep today's crack spreads historically wide. No new U.S. refinery has been built since 1976.
Act now: the **** yst who called NVIDIA in 2010 just named his top 10 AI stocks — and Marathon Petroleum didn't make the cut. Grab the names FREE today.
Marathon Petroleum (NYSE:MPC) reported $17.73 in quarterly earnings per share against a $13.95 estimate, and its stock is up 90.47% year to date. If you have been grumbling at the pump about $4.08 gasoline, congratulations, you found the party. However, you were not invited unless you were invested here.
CNBC's Pippa Stevens laid out the setup on air Tuesday. "Fuel prices are high and crude has pulled back, creating a perfect situation for the refiners. EPS up 975% quarter over quarter and nearly 350% year over year." That is the whole thesis in two sentences. Marathon booked $5.14 billion in net income, up from $1.22 billion a year earlier, and returned over $2.80 billion to shareholders in a single quarter. Revenue landed at $51.99 billion. That cleared the $41.44 billion consensus.
#quarter #valero #NVIDIA
3 days ago
Our ***** ysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here.
The net loss of $29.6 million was primarily driven by investment losses in the Solasglas portfolio and specific severity events in the specialty underwriting book.
Underwriting results were impacted by a $20 million provision for the Middle East conflict and a $6.5 million loss from a non-war-related refinery explosion in Qatar.
Management is responding to softening market trends by maintaining underwriting discipline, evidenced by an 11% reduction in net written premium despite a 2% increase in gross premium.
The Innovations segment demonstrated strategic progress, achieving an 89.7% combined ratio and generating $2.6 million in underwriting profit.
#tell #Qatar
The net loss of $29.6 million was primarily driven by investment losses in the Solasglas portfolio and specific severity events in the specialty underwriting book.
Underwriting results were impacted by a $20 million provision for the Middle East conflict and a $6.5 million loss from a non-war-related refinery explosion in Qatar.
Management is responding to softening market trends by maintaining underwriting discipline, evidenced by an 11% reduction in net written premium despite a 2% increase in gross premium.
The Innovations segment demonstrated strategic progress, achieving an 89.7% combined ratio and generating $2.6 million in underwriting profit.
#tell #Qatar
4 days ago
The conventional view of the Hormuz crisis is that China has been caught in an energy trap. It is the world's largest crude importer, the Gulf remains one of its most important sources of supply, and an estimated 45–50% of Chinese crude imports normally transit the Strait of Hormuz. When traffic through the strait slows, Beijing cannot simply replace all those barrels overnight. That vulnerability is real. But it is also incomplete.
China entered this crisis with large strategic and commercial inventories, diversified suppliers and the ability to suppress refinery runs. More importantly, it entered with something previous oil-importing economies did not have during earlier supply shocks: a rapidly electrifying transport system already removing more than one million barrels per day of potential oil demand.
Strategic reserves buy time. Electrification changes the balance permanently.
The missing 1.35 million barrels per day
In the first half of 2026, China's electric vehicle fleet displaced an estimated 34 million tonnes of oil. Using a standard conversion for crude-equivalent volumes, that is around 1.35 million barrels per day, more than 1% of total global oil consumption.
#hormuz
China entered this crisis with large strategic and commercial inventories, diversified suppliers and the ability to suppress refinery runs. More importantly, it entered with something previous oil-importing economies did not have during earlier supply shocks: a rapidly electrifying transport system already removing more than one million barrels per day of potential oil demand.
Strategic reserves buy time. Electrification changes the balance permanently.
The missing 1.35 million barrels per day
In the first half of 2026, China's electric vehicle fleet displaced an estimated 34 million tonnes of oil. Using a standard conversion for crude-equivalent volumes, that is around 1.35 million barrels per day, more than 1% of total global oil consumption.
#hormuz
9 days ago
With the number of drones and missiles flying toward energy infrastructure in the Gulf these days, it might seem like a strange time to pour capital into that sector, in that region. But a gold rush is shaping up to profit from new workarounds to the Strait of Hormuz.
A group of US and Saudi investors said Wednesday they're closing in on a site for a $5 billion oil refining complex. It will be somewhere in the Gulf region, but outside the Strait, the project's organizers told me. With the aim to process up to 200,000 barrels of crude oil daily, it would be smaller than the major Gulf refineries. But the idea is to set up a port-connected "energy corridor" for producing and exporting not just staples like gasoline but also plastics, fertilizers, and just about anything else one can squeeze out of a hydrocarbon.
The idea was born before the war broke out, Mark Gunderson, a Texas oil developer whose MWG Enterprises is a partner in the project, told me. But now its logic is especially clear: Given the security and infrastructure limits on how much crude can flow out of the region, turning the oil into something else first can make it accessible to a broader range of traders and export vessels. "What can you do to make the oil move faster?" he said. "It doesn't necessarily have to be different or bigger pipes. It has to be technical solutions, and products that flow easier."
The project, whose other backers include the Patel Family Office and Saudi's AHQ Group, is part of a larger tide of capital flowing into Gulf oil infrastructure. Chevron is doubling down in Iraq. The UAE is building new pipelines and ports. On Monday, private equity giants Brookfield, Blackstone, and KKR signed a $16 billion lease on Kuwait's national pipeline network. "Security risks may be encouraging investment in more resilient infrastructure, rather than deterring it," said Salih Yilmaz, senior oil ******* yst at Bloomberg Intelligence.
The refinery project has plenty of hurdles ahead. But as refinery construction stalls out in the US and Europe, and a wider variety of crudes from Africa and elsewhere flow the Gulf, now is a good time to take the risk, Lakshmi Narayanan, Patel's vice-chair, told me: "Pre-conflict and post-conflict, Gulf countries have always been open [for energy investment], but now the market's sentiments are different."
#gulf #infrastructure #strait
A group of US and Saudi investors said Wednesday they're closing in on a site for a $5 billion oil refining complex. It will be somewhere in the Gulf region, but outside the Strait, the project's organizers told me. With the aim to process up to 200,000 barrels of crude oil daily, it would be smaller than the major Gulf refineries. But the idea is to set up a port-connected "energy corridor" for producing and exporting not just staples like gasoline but also plastics, fertilizers, and just about anything else one can squeeze out of a hydrocarbon.
The idea was born before the war broke out, Mark Gunderson, a Texas oil developer whose MWG Enterprises is a partner in the project, told me. But now its logic is especially clear: Given the security and infrastructure limits on how much crude can flow out of the region, turning the oil into something else first can make it accessible to a broader range of traders and export vessels. "What can you do to make the oil move faster?" he said. "It doesn't necessarily have to be different or bigger pipes. It has to be technical solutions, and products that flow easier."
The project, whose other backers include the Patel Family Office and Saudi's AHQ Group, is part of a larger tide of capital flowing into Gulf oil infrastructure. Chevron is doubling down in Iraq. The UAE is building new pipelines and ports. On Monday, private equity giants Brookfield, Blackstone, and KKR signed a $16 billion lease on Kuwait's national pipeline network. "Security risks may be encouraging investment in more resilient infrastructure, rather than deterring it," said Salih Yilmaz, senior oil ******* yst at Bloomberg Intelligence.
The refinery project has plenty of hurdles ahead. But as refinery construction stalls out in the US and Europe, and a wider variety of crudes from Africa and elsewhere flow the Gulf, now is a good time to take the risk, Lakshmi Narayanan, Patel's vice-chair, told me: "Pre-conflict and post-conflict, Gulf countries have always been open [for energy investment], but now the market's sentiments are different."
#gulf #infrastructure #strait
9 days ago
Five months of mostly closed Strait of Hormuz have not sent oil prices spiking to $150 or $200 per barrel, as many ******* ysts had warned in March.
Even as more than 10% of global crude oil supply suddenly disappeared from the market, oil didn't hit record high levels. Crude oil prices haven't even stayed permanently above $100 per barrel.
Three key drivers have kept oil prices from surging to never-before-seen highs. First, governments started tapping strategic reserves, including as part of the IEA-coordinated 400-million-barrel stocks release, to offset the 1 billion barrels of crude that never made it out of the Gulf in the first three months of the conflict. Next, Asia slashed consumption with fuel-saving measures and reduced refinery throughput.
Crash in China's Crude Imports Kept Prices Capped
Arguably, the biggest cushion the market has had was China's crude oil import behavior. The world's largest crude oil importer had amassed an estimated up to 1.4 billion barrels of crude in commercial and strategic stockpiles before the Iran war. The huge cushion allowed it to slash imports when the Strait of Hormuz closed, and prices spiked.
#first
Even as more than 10% of global crude oil supply suddenly disappeared from the market, oil didn't hit record high levels. Crude oil prices haven't even stayed permanently above $100 per barrel.
Three key drivers have kept oil prices from surging to never-before-seen highs. First, governments started tapping strategic reserves, including as part of the IEA-coordinated 400-million-barrel stocks release, to offset the 1 billion barrels of crude that never made it out of the Gulf in the first three months of the conflict. Next, Asia slashed consumption with fuel-saving measures and reduced refinery throughput.
Crash in China's Crude Imports Kept Prices Capped
Arguably, the biggest cushion the market has had was China's crude oil import behavior. The world's largest crude oil importer had amassed an estimated up to 1.4 billion barrels of crude in commercial and strategic stockpiles before the Iran war. The huge cushion allowed it to slash imports when the Strait of Hormuz closed, and prices spiked.
#first
11 days ago
Oil prices have just come off a fresh two-month high as the crude oil market has tumbled this week amid signals of de-escalation in the U.S.-Iran conflict.
Despite the slump in crude prices and the extreme volatility in the past five months, the refined product market continues to tighten with refining margins at record highs because the supply of petroleum products is much tighter than crude supply.
Refining margins held at record highs even as crude oil prices soared last week to $100 per barrel. That's because global gasoline, diesel, and jet fuel supply is tightening and has been tightening for months amid a combination of factors, most stemming from the wars in Iran and Ukraine.
While crude oil futures largely reflect market hopes and fears for prices ahead, the gasoline and diesel refining margins, supply, and prices reflect the real-time situation with refinery throughput, global fuel flows, and availability in various markets.
Record High Refining Margins
#crude #margins #record #Iran
Despite the slump in crude prices and the extreme volatility in the past five months, the refined product market continues to tighten with refining margins at record highs because the supply of petroleum products is much tighter than crude supply.
Refining margins held at record highs even as crude oil prices soared last week to $100 per barrel. That's because global gasoline, diesel, and jet fuel supply is tightening and has been tightening for months amid a combination of factors, most stemming from the wars in Iran and Ukraine.
While crude oil futures largely reflect market hopes and fears for prices ahead, the gasoline and diesel refining margins, supply, and prices reflect the real-time situation with refinery throughput, global fuel flows, and availability in various markets.
Record High Refining Margins
#crude #margins #record #Iran
13 days ago
The Red Sea heated up as the rising front in the U.S.-Iran war as Houthi rebels on Sunday attacked two refinery and export sites on Saudi Arabia's west coast. U.S. supplied Patriot missiles reportedly intercepted two ballistic missiles targeting oil installations in Yanbu. Damage to the Saudi refinery in Jizan was unconfirmed, but Al Jazeera reported a large column of smoke following the attack.
In Iran, as of Sunday morning, no new air attacks by U.S. or Israeli forces were reported since Friday.
But the Houthi-Saudi escalation appears set to make the Red Sea's choke-point effect on oil prices, supplies and tanker day rates central to the coming week's market action. Another focal point will be the Federal Reserve and its stance on rate hikes.
But the most prominent discussions will probably involve the balance sheets and artificial intelligence-related spending levels of Magnificent 7 names Apple (AAPL), Amazon (AMZN), Microsoft (MSFT) and Meta Platforms (META), all of which report during the week.
Shares of Alphabet (GOOGL) dived nearly 8% and broke critical technical support last week as spending levels and guidance disappointed investors. That played a large role in dragging the Nasdaq below its early June lows, setting the stage for the index to dive to a test of support at its 200-day moving average.
#reported #large
In Iran, as of Sunday morning, no new air attacks by U.S. or Israeli forces were reported since Friday.
But the Houthi-Saudi escalation appears set to make the Red Sea's choke-point effect on oil prices, supplies and tanker day rates central to the coming week's market action. Another focal point will be the Federal Reserve and its stance on rate hikes.
But the most prominent discussions will probably involve the balance sheets and artificial intelligence-related spending levels of Magnificent 7 names Apple (AAPL), Amazon (AMZN), Microsoft (MSFT) and Meta Platforms (META), all of which report during the week.
Shares of Alphabet (GOOGL) dived nearly 8% and broke critical technical support last week as spending levels and guidance disappointed investors. That played a large role in dragging the Nasdaq below its early June lows, setting the stage for the index to dive to a test of support at its 200-day moving average.
#reported #large
24 days ago
Phillips 66 (NYSE:PSX) is one of the 8 Most Undervalued Growth Stocks to Buy for the Next 10 Years. Phillips 66 (NYSE:PSX) is one of the most undervalued growth stocks to buy for the next 10 years. On July 2, Wells Fargo ******* yst Sam Margolin maintained a Buy rating on the stock. The ******* yst also ******* igned a target price of $201 to the stock.
Earlier, on June 24, CEO Mark Lashier said that refining and petrochemical companies will continue to see greater volatility due to uncertainty stemming from disruptions in the Strait of Hormuz. He added that the company reduced its refining costs by about $1 per barrel and aims to lower costs further to $5.50 per barrel. However, refining operations in California remain more expensive, with costs around $15 per barrel. Moreover, the company has improved its refinery performance by producing higher-value products. Lashier remarked:
"We actually have improved our yield of high-value products for our refineries, and we've enhanced our utilization, running our refineries at higher rates as we've lowered the cost"
Additionally, it will take time for global crude oil supplies to return to normal because uncertainty remains around shipping through the Strait of Hormuz. Around 90 to 100 million barrels of crude oil are still stuck in the region. This is because there isn't enough room to store more oil. As a result, it will take a long time for the supply bottleneck to clear.
CEO Mark Lashier, highlighting the challenges of restoring normal oil flows, said:
Earlier, on June 24, CEO Mark Lashier said that refining and petrochemical companies will continue to see greater volatility due to uncertainty stemming from disruptions in the Strait of Hormuz. He added that the company reduced its refining costs by about $1 per barrel and aims to lower costs further to $5.50 per barrel. However, refining operations in California remain more expensive, with costs around $15 per barrel. Moreover, the company has improved its refinery performance by producing higher-value products. Lashier remarked:
"We actually have improved our yield of high-value products for our refineries, and we've enhanced our utilization, running our refineries at higher rates as we've lowered the cost"
Additionally, it will take time for global crude oil supplies to return to normal because uncertainty remains around shipping through the Strait of Hormuz. Around 90 to 100 million barrels of crude oil are still stuck in the region. This is because there isn't enough room to store more oil. As a result, it will take a long time for the supply bottleneck to clear.
CEO Mark Lashier, highlighting the challenges of restoring normal oil flows, said:
25 days ago
Chinese refiners largely stopped competing for Middle Eastern crude during the Iran conflict, leaving more Gulf cargoes available to Europe, India, and the rest of Asia just as traders prepared for a supply shock.
The International Energy Agency (IEA) estimates China drew 41 million barrels from crude inventories during June, one of the largest monthly stock draws on record. Refiners met domestic demand from storage instead of replacing those barrels through imports, allowing Beijing to ride out the sharp jump in Middle Eastern crude prices caused by the conflict.
That inventory was accumulated well before the conflict. The U.S. Energy Information Administration estimates China spent much of 2025 buying roughly 900,000 barrels per day for strategic and commercial storage whenever prices softened.
Independent "teapot" refiners cut operating rates as weak refining margins, slowing fuel demand and higher crude prices squeezed profitability. Reuters reported that several refiners shifted purchases toward discounted Gulf grades and delayed Iranian cargoes, leaving millions of barrels floating offshore without immediate buyers.
Kpler estimated in late May that Chinese seaborne crude imports had fallen to 6.78 million barrels per day, the lowest level in nearly a decade, down from 8.5 million bpd in April and well below the 2025 average of 10.66 million bpd. Refinery intake, however, declined far less sharply, indicating that refiners were meeting the difference by drawing inventories.
The International Energy Agency (IEA) estimates China drew 41 million barrels from crude inventories during June, one of the largest monthly stock draws on record. Refiners met domestic demand from storage instead of replacing those barrels through imports, allowing Beijing to ride out the sharp jump in Middle Eastern crude prices caused by the conflict.
That inventory was accumulated well before the conflict. The U.S. Energy Information Administration estimates China spent much of 2025 buying roughly 900,000 barrels per day for strategic and commercial storage whenever prices softened.
Independent "teapot" refiners cut operating rates as weak refining margins, slowing fuel demand and higher crude prices squeezed profitability. Reuters reported that several refiners shifted purchases toward discounted Gulf grades and delayed Iranian cargoes, leaving millions of barrels floating offshore without immediate buyers.
Kpler estimated in late May that Chinese seaborne crude imports had fallen to 6.78 million barrels per day, the lowest level in nearly a decade, down from 8.5 million bpd in April and well below the 2025 average of 10.66 million bpd. Refinery intake, however, declined far less sharply, indicating that refiners were meeting the difference by drawing inventories.
26 days ago
July 14 (Reuters) - Moscow Mayor Sergei Sobyanin said 340 Ukrainian drones had been dispatched to the area surrounding the capital over a 24-hour period and most had been downed by anti-aircraft units far from the city.
"Most of them were neutralised by air defence forces on the outer approaches," Sobyanin wrote on Telegram. "More than 50 enemy drones were destroyed on their way to Moscow."
Ukrainian drones approach the Russian capital routinely and Sobyanin provides a running account of the numbers taken out by anti-aircraft units.
Ukraine has intensified its attacks on Russian infrastructure sites, mainly linked to the oil industry.
Ukraine's military said on Tuesday it had carried out drone strikes on the Salavat petrochemical complex in the Urals and the Afipsky refinery in southern Russia. Attacks on oil infrastructure have contributed to gasoline shortages throughout Russia.
"Most of them were neutralised by air defence forces on the outer approaches," Sobyanin wrote on Telegram. "More than 50 enemy drones were destroyed on their way to Moscow."
Ukrainian drones approach the Russian capital routinely and Sobyanin provides a running account of the numbers taken out by anti-aircraft units.
Ukraine has intensified its attacks on Russian infrastructure sites, mainly linked to the oil industry.
Ukraine's military said on Tuesday it had carried out drone strikes on the Salavat petrochemical complex in the Urals and the Afipsky refinery in southern Russia. Attacks on oil infrastructure have contributed to gasoline shortages throughout Russia.
27 days ago
BP said its second-quarter results are expected to benefit from significantly stronger oil realizations and refining margins, even as upstream production falls because of seasonal maintenance and supply disruptions in the Middle East.
In a trading update released ahead of its Aug. 4 earnings report, the company forecast reported upstream production of 2.17 million to 2.22 million barrels of oil equivalent per day (boe/d), down from 2.339 million boe/d in the first quarter. The decline reflects planned maintenance, primarily in the Gulf of America, along with the ongoing impact of disruptions in the Middle East. Gas and low-carbon energy production is expected to reach 750,000-770,000 boe/d, while oil production and operations are forecast at 1.42 million-1.45 million boe/d.
Despite lower output, BP expects higher commodity prices to provide a substantial earnings boost. Oil production and operations realizations are projected to improve underlying replacement cost profit before interest and tax by $1.8 billion to $2.1 billion compared with the first quarter, while gas and low-carbon energy realizations are expected to contribute an additional $500 million to $700 million. Gas marketing and trading results are expected to remain broadly unchanged quarter over quarter.
The customers and products segment is also expected to benefit from stronger market conditions. BP forecasts seasonally higher fuel volumes, improved fuel margins, and refining gains of $1.2 billion to $1.4 billion. Refinery throughput is expected to decline to 1.445 million-1.475 million barrels per day due to planned turnaround activity and reduced volumes at the Whiting refinery following an April third-party incident that has since been resolved. Oil trading performance is expected to be slightly stronger than in the first quarter.
The company expects exploration write-offs of about $500 million during the quarter, largely related to the sale of its Bay du Nord project in Canada. Second-quarter results are also expected to include approximately $1 billion in post-tax impairment charges, primarily linked to transition businesses within its gas and low-carbon energy segment. These charges will be excluded from underlying replacement cost profit.
In a trading update released ahead of its Aug. 4 earnings report, the company forecast reported upstream production of 2.17 million to 2.22 million barrels of oil equivalent per day (boe/d), down from 2.339 million boe/d in the first quarter. The decline reflects planned maintenance, primarily in the Gulf of America, along with the ongoing impact of disruptions in the Middle East. Gas and low-carbon energy production is expected to reach 750,000-770,000 boe/d, while oil production and operations are forecast at 1.42 million-1.45 million boe/d.
Despite lower output, BP expects higher commodity prices to provide a substantial earnings boost. Oil production and operations realizations are projected to improve underlying replacement cost profit before interest and tax by $1.8 billion to $2.1 billion compared with the first quarter, while gas and low-carbon energy realizations are expected to contribute an additional $500 million to $700 million. Gas marketing and trading results are expected to remain broadly unchanged quarter over quarter.
The customers and products segment is also expected to benefit from stronger market conditions. BP forecasts seasonally higher fuel volumes, improved fuel margins, and refining gains of $1.2 billion to $1.4 billion. Refinery throughput is expected to decline to 1.445 million-1.475 million barrels per day due to planned turnaround activity and reduced volumes at the Whiting refinery following an April third-party incident that has since been resolved. Oil trading performance is expected to be slightly stronger than in the first quarter.
The company expects exploration write-offs of about $500 million during the quarter, largely related to the sale of its Bay du Nord project in Canada. Second-quarter results are also expected to include approximately $1 billion in post-tax impairment charges, primarily linked to transition businesses within its gas and low-carbon energy segment. These charges will be excluded from underlying replacement cost profit.
1 month ago
Delta Air Lines (DAL) reported second quarter results that topped estimates on Friday morning and reinstated full-year guidance, as growth in the premium business continues to blunt issues like rising fuel costs and capacity cuts stemming from those expenses.
Delta reported Q2 adjusted revenue of $17.67 billion vs. an estimated $17.53 billion, per Bloomberg results, up 14% year over year, and a record for the airline. Delta posted adjusted earnings per share (EPS) of $1.56 vs. $1.51 expected, with adjusted net income of $1.027 billion vs. $985.2 million.
Delta also reinstated its full-year 2026 projections, seeing full-year adjusted EPS of $6.50 to $7.50, with free cash flow in the range of $3 billion to $4 billion. At the end of Q1, Delta removed its guidance, though CEO Ed Bastian said the company wasn't walking back the guidance, only that there would be no update to its projections.
Delta reinstated the guidance despite noting it had absorbed the highest quarterly fuel expense in its history. "We are affirming the guidance we set at the start of the year to grow earnings by 20%, overcoming a multi-billion fuel headwind," CEO Ed Bastian said in a statement.
Delta's fuel cost was substantial. Adjusted fuel expense came in at $4.4 billion, up 77% compared to a year ago. Fuel expenses in the first quarter came in at $2.591 billion, up 8% compared to a year ago. CFO Erik Snell said Delta's fuel bill for the year will be $4 billion higher than a year ago, directly eating into profits, though fuel recapture via Delta's refinery cut some of those costs.
Delta reported Q2 adjusted revenue of $17.67 billion vs. an estimated $17.53 billion, per Bloomberg results, up 14% year over year, and a record for the airline. Delta posted adjusted earnings per share (EPS) of $1.56 vs. $1.51 expected, with adjusted net income of $1.027 billion vs. $985.2 million.
Delta also reinstated its full-year 2026 projections, seeing full-year adjusted EPS of $6.50 to $7.50, with free cash flow in the range of $3 billion to $4 billion. At the end of Q1, Delta removed its guidance, though CEO Ed Bastian said the company wasn't walking back the guidance, only that there would be no update to its projections.
Delta reinstated the guidance despite noting it had absorbed the highest quarterly fuel expense in its history. "We are affirming the guidance we set at the start of the year to grow earnings by 20%, overcoming a multi-billion fuel headwind," CEO Ed Bastian said in a statement.
Delta's fuel cost was substantial. Adjusted fuel expense came in at $4.4 billion, up 77% compared to a year ago. Fuel expenses in the first quarter came in at $2.591 billion, up 8% compared to a year ago. CFO Erik Snell said Delta's fuel bill for the year will be $4 billion higher than a year ago, directly eating into profits, though fuel recapture via Delta's refinery cut some of those costs.
1 month ago
Dangote's 700,000 b/d Lekki refinery has been running at full capacity over the past two months, pushing product exports to Europe to record levels and overtaking traditional suppliers from the Gulf and the US. Its rise has already reshaped the West African fuel trade: imports of clean products from outside the region fell by almost 25% year-on-year in the second quarter. Yet Dangote is treating this only as a starting point. The group plans to add another crude distillation unit (CDU), lift total capacity to 1.45 million b/d and build a wider network of product-storage and distribution infrastructure across Africa. The ambition is vast, but so are the challenges.
The refinery's latest maintenance and upgrade programme lifted capacity from 650,000 b/d to 700,000 b/d by de-bottlenecking the existing crude distillation unit. That increase took roughly 2.5 years to deliver, with regular crude purchases beginning in March 2024. The next phase is larger. Dangote is targeting mechanical completion of a new 750,000 b/d CDU and additional secondary units by December 2028, potentially including another vacuum distillation unit as well as expanded polypropylene, base-oil and linear alkyl benzene capacity. If completed, the project would make Lekki the world's largest refinery at 1.45 million b/d, narrowly ahead of Reliance Industries' 1.4 million b/d Jamnagar complex in India. However, the construction of Dangote's first CDU took eight years, roughly in line with the pace of other recent refinery projects. India's newly commissioned Barmer refinery in Rajasthan, for example, also took around eight years to build, despite being far smaller at 180,000 b/d. That makes Dangote's target of completing a second CDU by 2028 look highly unrealistic.
Yet the timeline may be less important than the signal. While state-owned NNPC is still trying to rehabilitate its three refineries, with a combined capacity of 445,000 b/d, by attracting outside investors, Dangote's promise to build the world's largest refinery sends a clear message to both NNPC and potential investors: the competition is likely to become too difficult to withstand, regardless of when the second CDU is ultimately completed.
Related: IMF Downgrades Global Economic Growth Forecast To 3% Amid Iran War
The refinery has largely relied on Nigerian crude, but domestic supply has not been sufficient to cover its full needs. Crude receipts peaked near 650,000 b/d in May before easing to 575,000 b/d in June. Nigeria's very own Bonny Light has remained central, while WTI Midland from the US Gulf Coast provided an average of 120,000 b/d in 2025 and as much as 300,000 b/d in some months. The very light slate supported high jet and diesel yields but left too little residue to fully feed the refinery's residual fluid catalytic cracker, constraining gasoline output. Dangote has therefore widened its slate to include somewhat heavier Nigerian grades such as Escravos, Forcados and Bonga, alongside occasional cargoes
The refinery's latest maintenance and upgrade programme lifted capacity from 650,000 b/d to 700,000 b/d by de-bottlenecking the existing crude distillation unit. That increase took roughly 2.5 years to deliver, with regular crude purchases beginning in March 2024. The next phase is larger. Dangote is targeting mechanical completion of a new 750,000 b/d CDU and additional secondary units by December 2028, potentially including another vacuum distillation unit as well as expanded polypropylene, base-oil and linear alkyl benzene capacity. If completed, the project would make Lekki the world's largest refinery at 1.45 million b/d, narrowly ahead of Reliance Industries' 1.4 million b/d Jamnagar complex in India. However, the construction of Dangote's first CDU took eight years, roughly in line with the pace of other recent refinery projects. India's newly commissioned Barmer refinery in Rajasthan, for example, also took around eight years to build, despite being far smaller at 180,000 b/d. That makes Dangote's target of completing a second CDU by 2028 look highly unrealistic.
Yet the timeline may be less important than the signal. While state-owned NNPC is still trying to rehabilitate its three refineries, with a combined capacity of 445,000 b/d, by attracting outside investors, Dangote's promise to build the world's largest refinery sends a clear message to both NNPC and potential investors: the competition is likely to become too difficult to withstand, regardless of when the second CDU is ultimately completed.
Related: IMF Downgrades Global Economic Growth Forecast To 3% Amid Iran War
The refinery has largely relied on Nigerian crude, but domestic supply has not been sufficient to cover its full needs. Crude receipts peaked near 650,000 b/d in May before easing to 575,000 b/d in June. Nigeria's very own Bonny Light has remained central, while WTI Midland from the US Gulf Coast provided an average of 120,000 b/d in 2025 and as much as 300,000 b/d in some months. The very light slate supported high jet and diesel yields but left too little residue to fully feed the refinery's residual fluid catalytic cracker, constraining gasoline output. Dangote has therefore widened its slate to include somewhat heavier Nigerian grades such as Escravos, Forcados and Bonga, alongside occasional cargoes
1 month ago
Petróleo Brasileiro S.A. – Petrobras (NYSE:PBR) is one of the cheap stocks that are about to explode. On June 22, Petrobras announced it had received board approval for a $1.2 billion investment to construct a new biofuels facility at the Presidente Bernardes Refinery in Cubatão, Brazil. The project, which is scheduled to begin construction by the end of 2026, is designed to produce 15,000 barrels per day of bio-jet fuel and renewable diesel, with operations expected to start in 2030.
This initiative is a core component of the company's 2026–2030 Business Plan and aligns with Brazil's Future Fuel Law. By focusing on renewable energy production, Petrobras aims to support international aviation standards, such as the Carbon Offsetting and Reduction Scheme for International Aviation/CORSIA, while advancing a broader energy transition strategy.
The development follows recent announcements of significant investments in the state of Amazonas, including logistics infrastructure and drilling operations at the Urucu field. These moves reflect a growing commitment to modernizing production capabilities and strengthening supply chains to meet both domestic regulatory requirements and international sustainability goals.
QiuJu Song/Shutterstock.com
Petróleo Brasileiro S.A. – Petrobras (NYSE:PBR) is involved in exploration, production, and distribution activities involving oil and gas. The company's operations are divided into the following segments: Exploration and Production; Refining, Transportation, and Marketing; and Gas and Low Carbon Energies.
This initiative is a core component of the company's 2026–2030 Business Plan and aligns with Brazil's Future Fuel Law. By focusing on renewable energy production, Petrobras aims to support international aviation standards, such as the Carbon Offsetting and Reduction Scheme for International Aviation/CORSIA, while advancing a broader energy transition strategy.
The development follows recent announcements of significant investments in the state of Amazonas, including logistics infrastructure and drilling operations at the Urucu field. These moves reflect a growing commitment to modernizing production capabilities and strengthening supply chains to meet both domestic regulatory requirements and international sustainability goals.
QiuJu Song/Shutterstock.com
Petróleo Brasileiro S.A. – Petrobras (NYSE:PBR) is involved in exploration, production, and distribution activities involving oil and gas. The company's operations are divided into the following segments: Exploration and Production; Refining, Transportation, and Marketing; and Gas and Low Carbon Energies.
1 month ago
Par Pacific Holdings, Inc. (NYSE:PARR) is one of the Top 10 Hot Stocks with the Highest Upside Potential. On May 27, Mizuho upgraded its rating on Par Pacific Holdings, Inc. (NYSE:PARR) from Neutral to Outperform and raised the price target from $58 to $79.
The research firm pointed to the company's strong Q1 2026 results, a favorable distillate-driven margin backdrop, and "optionality" from small refinery exemption-related benefits.
In Q1 2026, Par Pacific Holdings, Inc. (NYSE:PARR) reported net income attributable to shareholders of $54.5 million, or $1.10 per diluted share. This marked a significant improvement from a net loss of $30.4 million, or $0.57 per diluted share, in the same quarter of 2025. Adjusted EBITDA also increased sharply and reached $91.5 million, compared with $10.1 million in the first quarter of 2025.
The company achieved record refining throughput in Hawaii of 89.8 Mbpd. Par Pacific Holdings, Inc.'s (NYSE:PARR) Hawaii renewable fuels facility also began commercial operations in April. In addition, Par Pacific repurchased $28.0 million worth of its common stock at an average price of $37.96 per share during the quarter.
Par Pacific Holdings, Inc. (NYSE:PARR) is an energy company that provides both conventional and renewable fuels to the western United States.
The research firm pointed to the company's strong Q1 2026 results, a favorable distillate-driven margin backdrop, and "optionality" from small refinery exemption-related benefits.
In Q1 2026, Par Pacific Holdings, Inc. (NYSE:PARR) reported net income attributable to shareholders of $54.5 million, or $1.10 per diluted share. This marked a significant improvement from a net loss of $30.4 million, or $0.57 per diluted share, in the same quarter of 2025. Adjusted EBITDA also increased sharply and reached $91.5 million, compared with $10.1 million in the first quarter of 2025.
The company achieved record refining throughput in Hawaii of 89.8 Mbpd. Par Pacific Holdings, Inc.'s (NYSE:PARR) Hawaii renewable fuels facility also began commercial operations in April. In addition, Par Pacific repurchased $28.0 million worth of its common stock at an average price of $37.96 per share during the quarter.
Par Pacific Holdings, Inc. (NYSE:PARR) is an energy company that provides both conventional and renewable fuels to the western United States.
1 month ago
International Holding Company (IHC), based in Abu Dhabi, has proposed to invest $11.5bn (Dh42.23bn) in an integrated aluminium project in the Indian state of Odisha in partnership with Adani Group.
The planned investment will be made through a joint venture (JV), with both IHC and Adani Group holding equal stakes, as per the memorandum of understanding.
It is set to become the largest foreign investment in India's metals sector to date.
The JV will establish a facility comprising a refinery, smelter, captive power plant and aluminium manufacturing park.
This project is expected to create Odisha's largest aluminium complex, with a planned production capacity of four million tonnes per annum (mtpa) of alumina, 2mtpa of aluminium and 1mtpa of downstream aluminium products.
The planned investment will be made through a joint venture (JV), with both IHC and Adani Group holding equal stakes, as per the memorandum of understanding.
It is set to become the largest foreign investment in India's metals sector to date.
The JV will establish a facility comprising a refinery, smelter, captive power plant and aluminium manufacturing park.
This project is expected to create Odisha's largest aluminium complex, with a planned production capacity of four million tonnes per annum (mtpa) of alumina, 2mtpa of aluminium and 1mtpa of downstream aluminium products.
1 month ago
For the second time in little more than a year, a blast tore through the Moscow suburb of Balashikha, Russia, and left a Russian military figure dead.
On June 9, explosives planted under a BMW detonated as the driver began leaving a parking lot, according to independent Russian outlet The Insider. The outlet identified the man killed as Lt. Gen. Damir Davydov, a Russian Defense Ministry official responsible for supplying missiles and artillery ammunition to Russian forces fighting in Ukraine.
The location was striking. The explosion occurred roughly 1,150 feet from the site where Lt. Gen. Yaroslav Moskalik, deputy chief of the Main Operations Directorate of Russia's General Staff, was killed in a car bombing in April 2025, according to the French newspaper Le Monde.
'Pure ******* ' In Moscow As Ukrainian Drones Strike Major Refinery Supplying Capital's Fuel Market
Months before Moskalik's death, another senior Russian officer was ******* assinated in Moscow.
On June 9, explosives planted under a BMW detonated as the driver began leaving a parking lot, according to independent Russian outlet The Insider. The outlet identified the man killed as Lt. Gen. Damir Davydov, a Russian Defense Ministry official responsible for supplying missiles and artillery ammunition to Russian forces fighting in Ukraine.
The location was striking. The explosion occurred roughly 1,150 feet from the site where Lt. Gen. Yaroslav Moskalik, deputy chief of the Main Operations Directorate of Russia's General Staff, was killed in a car bombing in April 2025, according to the French newspaper Le Monde.
'Pure ******* ' In Moscow As Ukrainian Drones Strike Major Refinery Supplying Capital's Fuel Market
Months before Moskalik's death, another senior Russian officer was ******* assinated in Moscow.
1 month ago
KYIV, Ukraine (AP) — Ukrainian forces struck Russia's major Ufa oil refinery for the second time in a week, Ukrainian President Volodymyr Zelenskyy said Wednesday.
Almost daily long-range attacks on Russian oil facilities have created a fuel crisis and heaped political pressure on the Kremlin as its all-out invasion of Ukraine stretches into its fifth year.
The Ufa refinery is one of Russia's largest producers of lubricants and is located more than 1,000 kilometers (600 miles) from Ukraine, Zelenskyy said on social media.
Ukraine also struck a plant producing missile components in Russia's Penza region southeast of Moscow, some 500 kilometers (300 miles) from Ukraine, Zelenskyy said.
Russian officials did not confirm the strikes, which could not be independently verified. The Russian Defense Ministry reported intercepting 179 Ukrainian drones over 16 Russian regions, the annexed Crimea and waters of the Azov and the Black Sea.
Almost daily long-range attacks on Russian oil facilities have created a fuel crisis and heaped political pressure on the Kremlin as its all-out invasion of Ukraine stretches into its fifth year.
The Ufa refinery is one of Russia's largest producers of lubricants and is located more than 1,000 kilometers (600 miles) from Ukraine, Zelenskyy said on social media.
Ukraine also struck a plant producing missile components in Russia's Penza region southeast of Moscow, some 500 kilometers (300 miles) from Ukraine, Zelenskyy said.
Russian officials did not confirm the strikes, which could not be independently verified. The Russian Defense Ministry reported intercepting 179 Ukrainian drones over 16 Russian regions, the annexed Crimea and waters of the Azov and the Black Sea.
1 month ago
As the brutal war between the two nations continues to rage, Ukraine conducted a significant nighttime ******* ault against a dozen Russian regions, Russian-held Crimea as well as the surrounding seas, Russia's Ministry of Defense indicated on Friday, according to The ******* ociated Press, which reported that the effort appeared to be one Ukraine's largest drone attacks since Russia's full-scale invasion several years ago.
The ministry reported that the country's air defenses intercepted a whopping 660 Ukrainian drones, according to the outlet, which noted that the prior largest Ukrainian ******* ault during the past year included 556 drones last month on May 17.
Moscow Mayor Sergei Sobyanin indicated that 47 Ukrainian drones were taken out as they headed for the capital city, according to the report.
'Pure ******* ' In Moscow As Ukrainian Drones Strike Major Refinery Supplying Capital's Fuel Market
The AP reported that Ukraine's air force indicated that the nation's defenses stopped 174 of 189 Russian drones overnight, though four out of seven Iskander-M ballistic missiles breached air defenses and hit various places.
The ministry reported that the country's air defenses intercepted a whopping 660 Ukrainian drones, according to the outlet, which noted that the prior largest Ukrainian ******* ault during the past year included 556 drones last month on May 17.
Moscow Mayor Sergei Sobyanin indicated that 47 Ukrainian drones were taken out as they headed for the capital city, according to the report.
'Pure ******* ' In Moscow As Ukrainian Drones Strike Major Refinery Supplying Capital's Fuel Market
The AP reported that Ukraine's air force indicated that the nation's defenses stopped 174 of 189 Russian drones overnight, though four out of seven Iskander-M ballistic missiles breached air defenses and hit various places.
2 months ago
June 22 (Reuters) - Moscow shot down dozens of drones in the early hours of Monday, just days after a repeated Ukrainian strike on the city's oil refinery, while Russian attacks in Ukraine killed at least six people, including a boy and his father, authorities said.
Eighty-four drones headed for Moscow were downed in the past 24 hours, Mayor Sergei Sobyanin said on Telegram. He said emergency services had been dispatched to the areas where drones were downed but gave no further information.
The airports of Sheremetyevo, Domodedovo and Vnukovo, as well as Zhukovskiy near the Russian capital, had temporarily suspended flights, the aviation watchdog said separately.
Ukraine's military said it struck the Dubna satellite communications centre in the surrounding region.
In total, Russian defence systems downed 301 drones overnight, local newswires said, citing the defence ministry. That tally included Russian-occupied areas of Ukraine.
Eighty-four drones headed for Moscow were downed in the past 24 hours, Mayor Sergei Sobyanin said on Telegram. He said emergency services had been dispatched to the areas where drones were downed but gave no further information.
The airports of Sheremetyevo, Domodedovo and Vnukovo, as well as Zhukovskiy near the Russian capital, had temporarily suspended flights, the aviation watchdog said separately.
Ukraine's military said it struck the Dubna satellite communications centre in the surrounding region.
In total, Russian defence systems downed 301 drones overnight, local newswires said, citing the defence ministry. That tally included Russian-occupied areas of Ukraine.
2 months ago
June 20 (Reuters) - President Volodymyr Zelenskiy said on Saturday that Russian forces were preparing an impending massive attack on Ukraine and warned residents to take special care as Russian strikes in different regions killed at least six people.
"Tonight and in the coming hours, it is especially important to pay close attention to air raid warnings," Zelenskiy said in his nightly video address. "The Russians have prepared for a massive attack. Please take care of yourselves."
Russian forces have staged a series of heavy attacks on Kyiv in recent weeks and in other major cities. Strikes last Monday killed 10 people throughout the country and badly damaged the Pechersk Lavra monastery, a 1,000-year-old monastery that stands as a symbol of Ukrainian spiritual and cultural heritage.
Zelenskiy has pledged that his military would press on with its campaign of medium and long-range strikes, focused on the oil sector.
Zelenskiy said Ukrainian drones struck an oil refinery in Tyumen region in western Siberia on Saturday and Ukrainian drones also struck Moscow's oil refinery twice this week.
"Tonight and in the coming hours, it is especially important to pay close attention to air raid warnings," Zelenskiy said in his nightly video address. "The Russians have prepared for a massive attack. Please take care of yourselves."
Russian forces have staged a series of heavy attacks on Kyiv in recent weeks and in other major cities. Strikes last Monday killed 10 people throughout the country and badly damaged the Pechersk Lavra monastery, a 1,000-year-old monastery that stands as a symbol of Ukrainian spiritual and cultural heritage.
Zelenskiy has pledged that his military would press on with its campaign of medium and long-range strikes, focused on the oil sector.
Zelenskiy said Ukrainian drones struck an oil refinery in Tyumen region in western Siberia on Saturday and Ukrainian drones also struck Moscow's oil refinery twice this week.
2 months ago
Ukraine launched one of its largest drone attacks on Moscow since the start of Russia's full-scale invasion, striking a major oil refinery in the Russian capital and sending thick black smoke over parts of the city, according to Russian officials and multiple reports.
The Moscow Oil Refinery in the Kapotnya district, one of the capital region's key fuel sites, was hit overnight Thursday, marking the second reported strike on the site in three days. Videos circulating online showed large flames and black smoke rising from the facility, while Russian officials said air defenses intercepted waves of incoming drones.
Kyiv says its strikes deep inside Russia are evidence that it is turning the tide of the war, a message President Volodymyr Zelenskyy took this week to President Donald Trump and other G7 leaders at a summit in France.
The latest strikes underscore a new phase of the war, with Ukraine increasingly able to hit high-value targets deep inside Russia while Moscow struggles to prevent drones from reaching politically sensitive and economically important sites near the capital.
'A New Kind Of War': Inside Ukraine's Hidden Factories Mass-producing Combat Drones
The Moscow Oil Refinery in the Kapotnya district, one of the capital region's key fuel sites, was hit overnight Thursday, marking the second reported strike on the site in three days. Videos circulating online showed large flames and black smoke rising from the facility, while Russian officials said air defenses intercepted waves of incoming drones.
Kyiv says its strikes deep inside Russia are evidence that it is turning the tide of the war, a message President Volodymyr Zelenskyy took this week to President Donald Trump and other G7 leaders at a summit in France.
The latest strikes underscore a new phase of the war, with Ukraine increasingly able to hit high-value targets deep inside Russia while Moscow struggles to prevent drones from reaching politically sensitive and economically important sites near the capital.
'A New Kind Of War': Inside Ukraine's Hidden Factories Mass-producing Combat Drones
2 months ago
MOSCOW, June 18 (Reuters) - Russia's anti-monopoly watchdog on Thursday asked a major petrol retailer in Moscow for an explanation after it hiked prices for 95-octane petrol by 19% in the last week.
FAS, the watchdog, sent the demand to Neftmagistral, a company which runs around 100 petrol stations in the Moscow region and in the capital itself.
The price hike followed Ukrainian drone attacks on a Moscow oil refinery, which supplies the Moscow region with fuel. Neftmagistral declined to comment on the regulator's request.
The price for 95-octane petrol at Neftmagistral stood at around 95 roubles ($1.30) per litre on Thursday, up from around 80 per litre on June 15.
The Moscow region has so far escaped fuel supply disruptions which have affected some other regions after Ukrainian drone attacks on refineries in recent months.
FAS, the watchdog, sent the demand to Neftmagistral, a company which runs around 100 petrol stations in the Moscow region and in the capital itself.
The price hike followed Ukrainian drone attacks on a Moscow oil refinery, which supplies the Moscow region with fuel. Neftmagistral declined to comment on the regulator's request.
The price for 95-octane petrol at Neftmagistral stood at around 95 roubles ($1.30) per litre on Thursday, up from around 80 per litre on June 15.
The Moscow region has so far escaped fuel supply disruptions which have affected some other regions after Ukrainian drone attacks on refineries in recent months.
2 months ago
KYIV, Ukraine (AP) — Kyiv on Sunday launched new strikes overnight on Russian energy sites. It has also denied Moscow’s claims that a Ukrainian drone struck the Russian-controlled Zaporizhzhia nuclear plant.
Ukraine’s General Staff said Ukrainian drones struck the Saratov oil refinery in southwestern Russia, causing a large-scale fire. It claimed the refinery has been supplying Moscow’s war effort.
The refinery belongs to Russia’s state oil enterprise, Rosneft. Local Russian Gov. Roman Busargin said Ukrainian drones had damaged civilian infrastructure, but did not give details. Astra, an independent Russian news channel, said an oil refinery was on fire in the city of Saratov.
Ukraine has stepped up its attacks on Russia’s oil and gas facilities in recent months, arguing the energy sector funds and directly fuels Moscow’s more than four-year invasion.
“Tonight, our soldiers applied Ukraine’s long-range sanctions against an oil refinery in Saratov, Russia — approximately 700 kilometers (435 miles) from the front line. A significant achievement,” Ukrainian President Volodymyr Zelenskyy wrote on social media on Sunday.
Ukraine’s General Staff said Ukrainian drones struck the Saratov oil refinery in southwestern Russia, causing a large-scale fire. It claimed the refinery has been supplying Moscow’s war effort.
The refinery belongs to Russia’s state oil enterprise, Rosneft. Local Russian Gov. Roman Busargin said Ukrainian drones had damaged civilian infrastructure, but did not give details. Astra, an independent Russian news channel, said an oil refinery was on fire in the city of Saratov.
Ukraine has stepped up its attacks on Russia’s oil and gas facilities in recent months, arguing the energy sector funds and directly fuels Moscow’s more than four-year invasion.
“Tonight, our soldiers applied Ukraine’s long-range sanctions against an oil refinery in Saratov, Russia — approximately 700 kilometers (435 miles) from the front line. A significant achievement,” Ukrainian President Volodymyr Zelenskyy wrote on social media on Sunday.
5 months ago
After attacks on Iran's oil facilities, toxic black rain endangers the public
Clouds of toxic smoke unleashed into the atmosphere by U.S.-Israeli airstrikes on Iranian oil facilities made a dangerous return to Earth in the form of “black rain,” prompting international health officials to warn of serious risks to the public.
Residents in Tehran complained last week of burning eyes and difficulty breathing when the dark and oily precipitation fell near the Iranian capital after several fuel oil depots and a refinery were struck.
Plumes of dark smoke have also been seen across other parts of
Clouds of toxic smoke unleashed into the atmosphere by U.S.-Israeli airstrikes on Iranian oil facilities made a dangerous return to Earth in the form of “black rain,” prompting international health officials to warn of serious risks to the public.
Residents in Tehran complained last week of burning eyes and difficulty breathing when the dark and oily precipitation fell near the Iranian capital after several fuel oil depots and a refinery were struck.
Plumes of dark smoke have also been seen across other parts of
1 yr. ago
Please, this should be the first and the last time you bring up the news of Port Harcourt refinery shutdown to me.
What's your business with the refinery shutdown?
Is that the filling station where you buy your fuel?
The $1.5 billion that was invested, did we sell your
What's your business with the refinery shutdown?
Is that the filling station where you buy your fuel?
The $1.5 billion that was invested, did we sell your
