Tag: Oil
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European countries push for windfall tax on oil and gas companies
Euronews is reporting that six European countries are calling for an EU-wide windfall tax on oil and gas companies to capture a portion of the exceptional profits they have made as a result of the surge in energy prices during the war with Iran. Germany, Italy, Spain, Austria, Poland and Portugal are calling for a…
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Novorossiysk’s grain terminal out of service after massive Ukrainian drone attack
The grain terminal in the Russian port of Novorossiysk is out of service after it was attacked by a massive drone attack on the night of 11th-12rth August. The Ukrainian drone strike struck the grain terminal, oil terminal facilities and also four Russian naval ships. Novorossiysk’s grain terminal exports up to one-third of all of…
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The EU boards its first Russian shadow fleet tanker
EU High Representative Kaja Kallas announced that on Monday 20th July, the EU has boarded the vessel, South Star suspected of carrying a false Cameroonian flag and conducted an inspection of the vessel. However, the EU did not seize the vessel. The vessel is suspected of being part of Russia’s shadow fleet network and was…
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Despite low inflation estimates for tomorrow, inflation remains lagging
Despite low expected inflation rates coming out tomorrow by Eurostat, the renewed escalation of the war in the Persian Gulf risks pushing inflation back onto an upward trajectory in July. Eurostat’s preliminary estimate has already placed Euro-area inflation at 2.8% in June, down from 3.2% in May, while Malta’s rate is estimated to have fallen…
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Russians retaliate against Ukrainian civilians as their shadow fleet sinks
Ukraine has struck at least 76 oil-tanker, cargo and shadow fleet vessels in the Sea of Azov this week, continuing its campaign to deplete the Russian war machine of its main sources of revenue and logistical supplies. The results of Ukraine’s campaign have caused widespread fuel shortages across Russia prompting Russia to ban diesel and petrol…
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Russia bans diesel exports as fuel shortages in Russia continue to tighten
Russia has banned diesel exports earlier this week on Wednesday via a decree signed by Russian Prime Minister Mikhail Mishustin as fuel shortages in Russia continue to tighten. The diesel export ban has been set until 31st July and follows an earlier ban of petrol and aviation fuel exports. Pending orders on delivery issued before…
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Russia starts importing petrol from India as its refineries go out of service
Russia has begun importing petrol from India and seeking supplies from Kazakhstan as many of its oil refineries go out of service as a result of Ukraine’s coordinated and systematic strikes against Russia’s oil industry. In a rare reversal for one of the world’s largest exporters of crude oil and refined products, Russia has started…
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Europe uses more gas and more nuclear and less oil in 2025 for electricity production
According to the latest Eurostat figures, Europe used more gas and slightly more nuclear energy for electricity generation in 2025, while oil and coal continued to decline. Renewable energy sources remained the largest source of electricity generation in the EU, accounting for 47.2% of total electricity production. Renewables generated 1.33 million GWh in 2025, although this…
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France’s seizure of Deliver came during heightened unusual activity in Hurd’s Bank
The seizure of the Russian shadow-fleet tanker Deliver by France on Tuesday last week came amid heightened and unusual activity at Hurd’s Bank. Over the past two weeks, the number of oil tankers anchoring at Hurd’s Bank has increased, along with the passage of oil vessels attempting to conceal the provenance of their cargo —…
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France seizes Russian shadow fleet tanker off the Sicilian coast
France is continuing its crackdown on Russian shadow fleet vessels in Europe. Earlier today, French President Emmanuel Macron announced that France seized the Russian shadow fleet tanker Deliver (IMO: 9194983) off the Sicilian coast on Tuesday. France has been on the forefront in Europe at enforcing sanctions against the Russian shadow fleet along with Sweden…
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Greek shippers remain the lifeblood of the Russian economy
Greek shippers remain the lifeblood of the Russian economy as they remain the prime carriers of Russian oil effectively sustaining the Russian war economy and the Russian invasion of Ukraine. The Russian economy would collapse if Russian oil is not sold, and as Ukraine exerts maximum pressure on Russia with its attacks on the Russian…
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Britain seizes Russian shadow fleet vessel
Earlier this morning, Britain has seized the Russian shadow fleet vessel, the Smyrtos outside its coast in the English channel. The vessel had departed from the Russian port of Ust-Luga, and this is the first seizure of a Russian vessel by Britain after a series of seizures by France and Sweden. The vessel was sanctioned…
