RUSSIA UKRAINE WAR OIL PRICEA
Modi-Putin phone calls shaped Indian PM’s decision to visit Moscow for annual summit
Narendra Modi's upcoming visit to Moscow for the annual summit stems from two phone calls between him and President Vladimir Putin. They first spoke after Putin's election victory in March and again following Modi's re-election in June. The visit aims to boost the strategic partnership amid global scrutiny and discussions on the Ukraine conflict. India's strategic autonomy and historical ties with Russia play a crucial role, emphasizing cooperation in defense, energy, and geopolitical support, including Soviet backing during the 1971 war and the Kashmir issue.
Top fertiliser maker says ‘Black Swan’ jolts are finally easing
Russia’s 2022 invasion of Ukraine disrupted global fertiliser shipments and pushed prices — and Nutrien earnings — to record heights. But as farmers and retailers balked at the sticker shock, demand tumbled.
EU slaps fresh curbs on Russia gas shipments
The new restrictions on gas aim to reduce Russia's revenues from liquefied natural gas (LNG) exports by banning trans-shipments off EU ports and a clause allowing Sweden and Finland to cancel some LNG contracts. The measures stop short of an EU ban on LNG imports, which have risen since the start of the war.
India buys record amount of sunflower oil as Ukraine-Russia fight for market share cuts price
Indian buyers purchased a record 500,000 metric tons of sunflower oil in June due to competitive pricing against soyoil and palm oil from leading suppliers Russia and Ukraine. The war has lead to reduced inventories in the Black Sea region. The lower prices for sunflower oil were attributed to aggressive competition from Russia, Ukraine, and Argentina, with sunflower oil trading at a discount to soyoil and palm oil, prompting Indian buyers to pivot towards sunflower oil amidst robust demand in southern states.
Three dead in Kharkiv attack, Russia launches new barrage of missiles on Ukrainian energy facilities
Ukraine is struggling with a new wave of rolling blackouts after relentless Russian attacks on energy infrastructure that started three months ago took out half the country's power generation capacity. In its eighth major attack on energy facilities overnight, Russia fired 16 missiles and 13 Shahed drones, the Ukrainian air force said.
Putin in Vietnam, seeking to strengthen ties in Southeast Asia while Russia's isolation deepens
Putin was greeted by dignitaries upon his arrival in the Southeast Asian country as soldiers in white dress uniforms stood at attention. He arrived from North Korea, where he and North Korean leader Kim Jong Un signed an agreement that pledges mutual aid in the event of war.
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G7 draft confronts China's 'unfair' business competition
The G7 nations are set to pledge action against Chinese financial institutions that aided Russia in obtaining weaponry for its war in Ukraine, according to a draft summit communique seen by Reuters. The draft, involving leaders from the UK, Canada, France, Italy, Germany, Japan, and the US, also promises sanctions against entities helping Russia evade oil sanctions through fraudulent transportation. The G7 leaders emphasized that entities supporting Russia's defense industry undermine Ukraine's sovereignty and pledged to restrict financial system access for individuals and entities in third countries, including Chinese ones, engaged in such activities.
Russia boosts oil revenues as shipping and trading network grows
Russian oil exporters are selling oil to India at higher prices than at any time since the start of the Ukraine war, as more shippers and traders participate in the trade, weakening the impact of Western sanctions. The exporters have had to offer deep discounts to encourage shipping companies to move their crude since the invasion of Ukraine. Despite this, deals struck this month for Urals oil delivery to Indian refiners are at discounts of $3 to $3.50 per barrel to the global Brent crude benchmark, the narrowest since 2023.
Ukraine summit attracts world leaders but fails to isolate Russia
U.S. Vice President Kamala Harris, French President Emmanuel Macron and the leaders of Germany, Italy, Britain, Canada and Japan are among those set to attend the June 15-16 meeting at the Swiss mountaintop resort of Buergenstock.
What to know about the G7 Summit, and why it matters
Whatever the leaders' disagreements on the issues, one feature of the summits tends to be a shared overall outlook. Their countries are major trading partners, and even if their share of global trade has declined, they account for about half of the world economy. They also share broadly similar views on trade, security and human rights, giving them enormous influence when they act in concert.
As Zelenskyy visits for D-Day, Macron promises Ukraine Mirage aircraft to fend off Russian attacks
French President Macron announced the provision of Mirage combat aircraft to Ukraine during D-Day commemoration. President Zelenskyy seeks Western support amid Russian aggression near Kharkiv.
Macron says France to sell Mirage 2000 warplanes to Ukraine
French President Emmanuel Macron announced on Thursday that France will supply Ukraine with Mirage combat aircraft to help defend the country against Russian aggression. In an interview with a French broadcaster, Macron stated that the sale of Mirage 2005 fighter jets will enable Ukraine to protect its airspace and territory from Russian attacks. France will also provide training for Ukrainian pilots as part of the new cooperation agreement.
Russian missiles and drones target Ukrainian energy sites
Russia launched 100 missiles and drones at Ukraine, damaging energy facilities. President Zelensky called for international support to counter destabilization and chaos.
Oil prices stable as markets believe major stakeholders don't want hostilities to escalate: Hardeep Singh Puri
Global oil prices holding at $82/barrel despite OPEC supply cuts, wars, and uncertainties. Oil minister Hardeep Singh Puri believes major stakeholders don't want hostilities to escalate, maintaining supply-demand equilibrium. OPEC and allies control market by keeping 7 million barrels/day off the market.
India's Russian oil imports rise to nine-month high in April
India's Russian oil imports surged to a nine-month peak in April as shipments resumed on non-sanctioned tankers, largely operated by Sovcomflot. Indian refiners imported nearly 1.8 million barrels per day of Russian oil, expanding Russia's share to 38%. The rise affected overall purchases from Iraq and Saudi Arabia, reducing Middle Eastern oil imports.
Russia, China to expand oil and gas trade
Russia currently delivers gas to China through the Power of Siberia pipeline and plans to build a second supply link along the same route no later than in 2027. It has, for years, been trying to sign a third gas contract with China, which would pave the way for a third pipeline via a different route via Mongolia. If all three lines operate as planned, Russia's gas flows to China could reach nearly 100 billion cubic meters per year.
Massive Ukrainian drone attack on Crimea leaves Sevastopol without power
In a retaliatory move, Ukraine launched a massive drone attack on Crimea, causing a power outage in Sevastopol and setting a refinery ablaze in southern Russia. Russian authorities reported downing 101 drones and repelling Ukrainian advances in northeastern Ukraine. The conflict continues with both sides strategizing and testing defenses along the front line.
What is Putin and Xi's 'new era' strategic partnership?
Russian President Vladimir Putin and Chinese President Xi Jinping have agreed to strengthen their strategic partnership, criticizing the United States for actions they see as threatening their countries. They expressed determination to defend their interests, resist interference, and support each other on key issues like Taiwan and Ukraine. They also condemned U.S. missile defense systems, nuclear weapons development, and military alliances in Asia. The joint statement outlines plans to deepen cooperation in trade, industry, agriculture, technology, energy, and nuclear energy.
Ukraine says it has checked Russia's offensive in a key town, but Moscow says it will keep pushing
Ukrainian forces have halted a Russian advance in Vovchansk, a key northeastern town near the Russian border, according to Kyiv. However, Moscow insists it has sufficient resources to continue its offensive. Ukraine's President Zelenskyy acknowledged the difficult situation and is bolstering defenses in Kharkiv. Russia aims to create a buffer zone to prevent Ukrainian strikes on Russia. Amid ongoing battles, U.S. Secretary of State Antony Blinken announced a $2 billion arms deal for Ukraine, while NATO urged increased military support for Kyiv.
Xi Jinping, Vladimir Putin hold talks in Beijing to discuss future strategic ties
Russian President Vladimir Putin visited China to hold talks with China President Xi Jinping. The two leaders discussed about the Ukraine war and the increasing pressure on Beijing from the US and EU for supporting Russia. This is Putin's first foreign visit after being elected for the fifth term. Russia's large delegation, including five deputy prime ministers and other senior officials, is expected to discus trade and economic cooperation.
Ukrainian troops pull out of some areas and Zelenskyy postpones foreign trips amid Russian offensive
U.S. Secretary of State Antony Blinken announced a $2 billion arms package for Ukraine during a visit to Kyiv, aimed at supporting Ukraine in its defense against a new Russian offensive. The package includes funds for medium- and long-term foreign military financing, with most of the money coming from a package approved last month by Congress. Blinken's visit comes as Ukrainian forces face increased pressure from Russian troops in the east. President Zelenskyy has postponed all his upcoming foreign trips in response to the escalating conflict.
Zelenskyy postpones all upcoming foreign visits as Ukraine faces a new Russian offensive
Ukrainian President Zelenskyy delays foreign trips amid clashes with Russian forces. U.S. Secretary of State Blinken reassures Ukrainian support during Kyiv visit. Zelenskyy cancels plans, citing ongoing battles and Russia's incursions. Blinken lauds Ukrainian resilience, while Russia shoots down Ukrainian missiles and drones in border regions.
Defying West, Russia's Putin due to meet Xi Jinping in Beijing
Putin's two-day mission - the first visit of his new term - is expected to highlight the pair's vaunted "no limits" partnership in defiance from pressure from the United States over Russia's 2022 invasion of Ukraine.
Russia announces nuclear weapon drills after angry exchange with senior Western officials
Russia has announced plans to conduct drills simulating the use of tactical nuclear weapons, citing provocative statements from Western officials about the Ukraine conflict. This marks the first time Russia has publicly announced such drills, which are intended to increase readiness. The announcement comes amid heightened tension between Russia and NATO, with some Western leaders suggesting potential military involvement in Ukraine. In a separate incident, Ukrainian drones reportedly struck vehicles in Russia's Belgorod region, killing six and injuring 35, including two children. The region has been a frequent target of Ukrainian attacks in recent months.
'If India had not been clear on Russia-Ukraine war, petrol price would have gone up': EAM Jaishankar on foreign policy
Jaishankar emphasized the crucial role of foreign policy in citizens' lives, citing India's clear stance on the Russia-Ukraine war. He highlighted world issues, UNSC membership aspirations, and the importance of strong leadership.
Pushing the envelopes hard: Conflicts are being ‘managed’ to draw new lines of hostile engagement
As these points of tumult escalate, irrelevance of UNSC and the tangential impact on conflicts in Africa, South America and other parts of the world paints a grim picture. Livelihood and economic logic are factors on which new conversations will now have to move faster. Otherwise, matters can spiral out of control sooner than expected.
Ukraine hits Russian city and oil refinery
The Ukraine war has cast a shadow over voting in the three-day presidential election, which is all but certain to hand Putin six more years in the Kremlin but has been marked by scattered acts of protest. The head of the electoral commission, Ella Pamfilova, said there had so far been 20 incidents of people trying to destroy voting sheets by pouring various liquids into ballot boxes, as well as eight cases of attempted arson and a smoke bomb.
Jio-BP, Nayara, Shell unable to regain pre-2022 market share
Nayara Energy leads the private players, accounting for more than half of their combined sales. Nayara also operates the largest network of petrol pumps among private retailers. It has 6,590 pumps while Jio-BP, the joint venture of Reliance Industries and BP, operates 1,700 pumps, according to the oil ministry data. Shell has just 340 fuel stations and less than 1% share in domestic sales of petrol and diesel.
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