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Commodities
Russia Gains From Iran War as Urals Climbs to Highest Level Since 2023
Russia's Urals crude price climbed to $94.87 per barrel in May tax calculations, the highest level since October 2023, according to a Bloomberg analysis on Thursday.Russia's finance ministry will calculate May oil taxes using an exchange rate of 76.938 rubles per US dollar, lifting the Urals value to nearly 7,300 rubles ($99.52) per barrel, up 18% over the month and 60% over the year.The Iran conflict has lifted global oil prices and increased demand for Russian crude after disruptions around the Strait of Hormuz tightened energy supplies worldwide.Russia relies on oil and gas for roughly 20% of its revenue, while stronger energy earnings are helping the Kremlin fund military spending, according to the analysis.Rising oil income has also allowed Moscow to avoid reducing lower-priority government spending as additional petrodollar inflows strengthen public finances, the analysis said.A stronger ruble is limiting some of Russia's oil revenue gains after the currency climbed to its highest level against the US dollar since February 2023 this month.Russia's high interest rates, weaker import demand, and larger foreign-currency sales from exporters have supported the ruble, while the stronger currency reduces proceeds from dollar-based oil exports.The government also sharply increased refinery support payments after fuel prices surged during the Iran conflict, with subsidies to Russian energy firms reaching 359 billion rubles, or about $4.8 billion, in April, according to the analysis.
Commodities
Cuba Reportedly Runs Out of Diesel, Fuel Oil as Blackouts, Havana Protests Intensify
Cuba has no diesel or fuel oil left as worsening blackouts and fuel shortages spark protests across Havana, multiple media sources reported Thursday."The sum of the different types of fuel: crude oil, fuel oil, of which we have absolutely none; diesel, of which we have absolutely none," Energy Minister Vicente de la O Levy said in an interview with state media.Only limited gas supplies from domestic wells remain available, while Cuba's power grid stays in a "critical" condition under US fuel restrictions, de la O Levy said.Blackouts now last as long as 20 to 22 hours in parts of Havana, while hospitals, schools and government offices continue reducing operations, he said.Protests broke out across Havana on Wednesday night as hundreds of Cubans took to the streets during the city's largest demonstrations since the energy crisis began in January, according to media reports.The prolonged outages are also hurting tourism activity across the island, while officials described conditions in Cuba as extremely tense, according to media reports.Mexico and Venezuela have sharply reduced oil exports to Cuba after US President Donald Trump threatened tariffs on countries supplying fuel to the island.Cuban President Miguel Diaz-Canel said in a post on X on Wednesday that the national power system remains under severe strain, with electricity shortages expected to exceed 2,000 megawatts during peak evening.Diaz-Canel blamed worsening fuel shortages on the US energy blockade against Cuba, saying Washington continues threatening tariffs on countries supplying fuel to the island.US Secretary of State Marco Rubio said last week that Cuba had rejected a US humanitarian aid offer worth $100 million, although Havana denied the claim, according to media reports.The US State Department renewed the offer on Wednesday, saying the aid would move through the Catholic Church and trusted humanitarian groups, while urging Cuba's government to allow lifesaving assistance into the country.Cuban Foreign Minister Bruno Rodriguez confirmed in a post on X that Havana is willing to review Washington's $100 million aid proposal, although details on how the assistance would be delivered remain unclear.Rodriguez said the proposed aid could include fuel, food and medicine, while urging the US to ease economic and financial restrictions that continue worsening shortages across Cuba.Cuba's Ministry of Energy and Mines didn't immediately respond torequest for comment.
Commodities
Envision Energy Signs Long-Term Pact for 120 MW Turkish Wind Farm
Envision Energy has partnered with Turkish conglomerate Menderes Tekstil on a 120-megawatt wind power project in Turkey's Edirne province, the companies said on Thursday.The Begendik wind project will use 15 of Envision's EN-182/8.0MW turbines and is expected to generate about 360 million kilowatt-hours of electricity per year. The companies said the project would cut carbon emissions by about 225,000 tons per year.Envision will supply wind turbine technology and provide integrated lifecycle services under the deal, including a 15-year operations and maintenance arrangement.The energy firm said the long-term partnership aims to ensure project reliability and optimize performance over the asset's lifetime.