2025-03-09 08:56

March 9 (Reuters) - A Ukrainian drone hit an industrial facility overnight in Russia's Volga river region of Chuvashia, some 1,300 km (800 miles) from the border with Ukraine, the regional governor said on Sunday. The strike - one of the deepest yet into Russia by a Ukrainian drone - caused no casualties, Chuvashia Governor Oleg Nikolayev said in a statement on the Telegram messaging app. Emergency services were at the scene at the Kombinat Burevestnik facility in the region's capital, Cheboksaray, Nikolayev added. He provided no further details about the strike and the extent of any damage was unclear. Russian authorities said earlier that air defence units had destroyed 88 Ukrainian drones overnight, with no injuries or other damage reported. Russia's Defence Ministry said 52 of the drones were destroyed over the border Belgorod region, while 13 were over the Lipetsk region and nine were over the Rostov region, both in Russia's southwest. The rest of the Ukrainian drones were downed over Russia's Voronezh, Astrakhan, Krasnodar, Ryazan and Kursk regions, the ministry said. Russia's aviation watchdog Rosaviatsia said on Telegram that the airports of Astrakhan, Nizhny Novgorod and Kazan had been closed for several hours overnight to ensure air safety. Unofficial Russian news Telegram channels said the Ukrainian attacks on Ryazan and Lipetsk had targeted local oil refineries. Ukrainian Lieutenant Andriy Kovalenko, who heads the Center for Countering Disinformation, part of the National Security and Defense Council, said, without providing evidence or saying directly that Ukrainian drones were involved, the Novolipetsk Metallurgical Plant in Lipetsk was under attack. Reuters could not independently verify the reports on what was targeted in the attacks. Ukraine has said its attacks in the war, which Russia started three years ago, aim to destroy infrastructure key to Moscow's war efforts and are in response to Russia's continued bombing of Ukraine. Sign up here. https://www.reuters.com/world/europe/russia-says-it-downed-88-ukrainian-drones-overnight-2025-03-09/

2025-03-09 04:14

March 8 (Reuters) - An environmental nonprofit sued the U.S. Environmental Protection Agency and Citibank on Saturday, seeking billions of dollars for solar and other projects frozen by the bank as the Trump administration slashes federal spending. Climate United Fund alleges that in freezing the grant money, approved by Joe Biden's administration, the "EPA has acted to prevent Citibank from dispersing funds, harming Climate United, its borrowers, and the communities they serve." It is the latest in scores of cases filed by nonprofit groups, state attorneys general and others fighting moves by President Donald Trump, a Republican, to roll back Democrat Biden's policies as he seeks to shrink the federal bureaucracy and spending and broadly reshape U.S. immigration, foreign and social policies. Judges have stalled Trump's efforts in a number of cases, but he has had some legal victories. Spokespeople for Washington-based Climate United, Citibank and the EPA did not immediately respond to requests for comment on the suit, filed in federal court in the capital. Climate United says in its court filing that it was selected for the EPA’s National Clean Investment Fund program last April and planned to lend to developers nationwide to support solar power, electric trucks and energy efficient housing. “This program was designed to save money for hard-working Americans who are struggling to pay for groceries and keep the lights on," the group said in a statement. "We’re going to court for the communities we serve - not because we want to, but because we have to." Climate United alleges it is owed about $7 billion, part of $20 billion that has been swept up in a controversy with EPA Administrator Lee Zeldin, who said the funding approval by the "self-dealing" Biden administration amounted to "intentionally tossing 'gold bars off the Titanic'" before he left office. Last month, Trump administration officials instructed federal prosecutor Denise Cheung to start a criminal probe of the funding. She resigned rather than complying, saying she believed the request was not supported by evidence. (This story has been refiled to drop an extraneous word in paragraph 3) Sign up here. https://www.reuters.com/world/us/environmental-ngo-sues-trumps-epa-citibank-over-funding-freeze-2025-03-09/

2025-03-09 03:29

WASHINGTON, March 8 (Reuters) - The Trump administration rescinded a waiver on Saturday that had allowed Iraq to pay Iran for electricity, as part of President Donald Trump's "maximum pressure" campaign against Tehran, a State Department spokesperson said. The decision to let Iraq's waiver lapse upon its expiration "ensures we do not allow Iran any degree of economic or financial relief," the spokesperson said, adding that Trump's campaign on Iran aims "to end its nuclear threat, curtail its ballistic missile program and stop it from supporting terrorist groups." Trump restored "maximum pressure" on Iran in one of his first acts after returning to office in January. In his first term, he pulled the U.S. out of the Iran nuclear deal, a multinational agreement to prevent Iran from developing nuclear weapons. The U.S. government has said it wants to isolate Iran from the global economy and eliminate its oil export revenues in order to slow Tehran's development of a nuclear weapon. Iran denies pursuing nuclear weapons and says its program is peaceful. For Iraq, the end of the waiver "presents temporary operational challenges," said Farhad Alaaeldin, foreign affairs adviser to Prime Minister Mohammed Shia al-Sudani. "The government is actively working on alternatives to sustain electricity supply and mitigate any potential disruptions," Alaaeldin told Reuters. "Strengthening energy security remains a national priority, and efforts to enhance domestic production, improve grid efficiency and invest in new technologies will continue at full pace." Washington has imposed a range of sanctions on Tehran over its nuclear program and support for militant organizations, effectively banning countries that do business with Iran from doing business with the U.S. "President Trump has been clear that the Iranian Regime must cease its ambitions for a nuclear weapon or face Maximum Pressure," said National Security spokesperson James Hewitt. "We hope the regime will put the interests of its people and the region ahead of its destabilizing policies." PRESSURE ON BAGHDAD Trump initially granted waivers to several buyers to meet consumer energy needs when he reimposed sanctions on Iran's energy exports in 2018, citing its nuclear program and what the U.S. calls its meddling in the Middle East. His administration and that of Joe Biden repeatedly renewed Iraq's waiver while urging Baghdad to reduce its dependence on Iranian electricity. The State Department spokesperson reiterated that call on Saturday. "We urge the Iraqi government to eliminate its dependence on Iranian sources of energy as soon as possible," the spokesperson said. "Iran is an unreliable energy supplier." The U.S. has used the waiver review in part to increase pressure on Baghdad to allow Kurdish crude oil exports via Turkey, sources have told Reuters. The aim is to boost supply to the global market and keep prices in check, giving the U.S. more room to pursue efforts to choke off Iranian oil exports. Iraq’s negotiations with the semi-autonomous Kurdish region over the oil export resumption have been fraught so far. "Iraq’s energy transition provides opportunities for U.S. companies, which are world-leading experts in increasing the productivity of power plants, improving electricity grids, and developing electricity interconnections with reliable partners," the State Department spokesperson said. The spokesperson played down the impact of Iranian electricity imports on Iraq's power grid, saying, "In 2023, electricity imports from Iran were only 4% of electricity consumption in Iraq." Sign up here. https://www.reuters.com/world/trump-administration-ends-iraqs-waiver-buy-iranian-electricity-2025-03-09/

2025-03-09 00:57

Trump's policies have upended trade flows Industry grapples with mass layoffs, activist investor push Oil investment, output growth unlikely despite govt push Oil prices hover around $70 a barrel HOUSTON, March 7 (Reuters) - The world's energy industry leaders meet in Houston next week as plummeting oil prices push Big Oil to slash thousands of jobs even as a pro-fossil fuel U.S. administration encourages them to pump more. U.S. President Donald Trump's first 47 days in office have been marked by a rapid overhaul of government and policy, including mass layoffs and the reversal of many of the policies of the previous administration. He has repeatedly exhorted the industry to "Drill, baby, drill," and has ordered government agencies to slash red tape to maximise U.S. oil and gas output - already at record levels before he took power. He has ended a pause in new gas export project approvals and overturned a ban on drilling in federal waters. Trump's policies on trade and foreign policy have, however, threatened to drive up the cost of millions of barrels of oil that U.S. refiners need from Canada and Mexico. His rapid pivot on foreign policy with Russia could upend global oil flows and reduce the European market for U.S. oil and gas, if the U.S. eases sanctions on Russian energy in the case of a deal to end the war in Ukraine. His termination of a license that allowed for Venezuelan oil exports to the U.S. and threats to drive Iranian oil exports to zero all portend disruptions to global oil flows. "It's a revolution in energy policy that is unfolding... The industry is trying to catch its breath," said Dan Yergin, the Pulitzer Prize-winning author and vice chairman of conference organizer S&P Global, in an interview. "I don't think there's ever been this amount of upheaval and recalibration happening." The energy industry's reset will be front and center at the CERAWeek conference, where more than 8,000 delegates will meet. Participants and speakers include U.S. Energy Secretary Chris Wright, energy ministers from OPEC+ members Nigeria, Libya, and Kazakhstan, and the CEOs of Saudi Aramco(2222.SE) , opens new tab , Chevron (CVX.N) , opens new tab , Shell (SHEL.L) , opens new tab , BP (BP.L) , opens new tab and TotalEnergies (TTEF.PA) , opens new tab . Crude prices hit a three-year low below $70 a barrel this week after the Organization of the Petroleum Exporting Countries and its allies (OPEC+) agreed to go ahead with a planned April output increase. Even before that, lower oil prices in 2024 and rising costs for equipment and services had squeezed energy companies. Big Oil is under duress, as evidenced by sweeping job cuts and cuts in investment. Chevron, the No. 2 U.S. oil producer, said it will lay off up to 9,000 employees, while oilfield services firm SLB (SLB.N) , opens new tab said they were cutting jobs as part of a restructuring. Meanwhile, investor Elliott Investment Management built large stakes in oil major BP and U.S. refiner Phillips 66 (PSX.N) , opens new tab to push for radical action to transform their performance. Global oil demand growth has been tepid for the past year, in part because China has so many new electric vehicles on the road that its motor fuel demand has reached a plateau. Refining profit margins have fallen, weighing heavily on oil company results in 2024 and are expected to do so again in 2025. U.S. crude exports could decline this year as retaliatory Chinese tariffs bite. "It's not A plus B equals C anymore. There are like nine equations here. There are so many things going on at once that you pull on a string, you don't know where the other end of the string is going to be," said Dan Pickering, chief investment officer at Pickering Energy Partners. Liquefied natural gas (LNG) has been a bright spot in recent months. The United States is already the world's largest LNG exporter, and producers have plans for a massive expansion. Trump's reversal of former President Joe Biden's halt on new projects means producers are likely to start approving those expansions soon. Wright and Interior Secretary Doug Burgum toured Venture Global's (VG.N) , opens new tab Plaquemines LNG export facility in Louisiana on Thursday, touting American energy and natural gas. The company is set to expand the plant's production capacity with an additional investment of $18 billion. CAUTIOUS PRODUCERS Global benchmark Brent futures are expected to average $74.50 a barrel this year and just $66.46 a barrel next year, according to the U.S. Energy Information Administration (EIA), down from over $80 a barrel last year. In a lower price environment, there is little sign that oil investment and output is going to grow. Oil companies are focused on capital discipline, improving productivity and shareholder returns, rather than drilling more. "The costs are way higher and that affects the profitability," said Josh Young, chief investment officer at Bison Interests. "You're starting to see producers hold back their capital. It's the opposite of what the president wants." Rising costs in aging shale fields are also a challenge. U.S. oil output is set to grow 380,000 barrels per day this year, much less than the million-bpd growth in some recent years. Producers, on average, are expected to grow 2025 output by 1% with capital expenditure set to fall 4%, according to Morgan Stanley's research. "Shareholders are saying capital discipline, return cash to shareholders and then you have the most powerful man in the world, saying, drill, baby, drill - I think you pay lip service to the president, and you follow the wishes of the shareholder," Pickering said. Sign up here. https://www.reuters.com/world/us/ceraweek-top-oil-executives-reckon-with-downturn-even-trump-cheers-them-2025-03-09/

2025-03-08 23:55

March 8 (Reuters) - Venezuelan President Nicolas Maduro said on Saturday that scheduled flights to bring home Venezuelan migrants from the U.S. had been affected by "this unexplained, tremendous commotion", after the Trump administration canceled a license allowing Chevron to operate in the South American country. Earlier in his remarks Maduro said that if it was up to him Chevron would remain in Venezuela, referring to U.S. President Donald Trump's decision last week to reverse a key license for the company, citing lack of progress on electoral reforms and migrant returns. Maduro, however, did not mention the company's name directly in reference to the migrant flights. He said that communication between the two countries had been damaged and flights affected. Maduro and his government have always rejected sanctions by the U.S. and others, saying they are illegitimate measures that amount to an "economic war" designed to cripple Venezuela. Maduro and his allies have cheered what they say is the country’s resilience despite the measures, though they have historically blamed some economic hardships and shortages on sanctions. Sign up here. https://www.reuters.com/world/americas/venezuela-president-says-flights-bring-home-migrants-us-affected-2025-03-08/

2025-03-08 23:36

March 9 (Reuters) - Hundreds of thousands of people in Australia's Queensland state were without power on Sunday after Alfred, a downgraded tropical cyclone, brought damaging winds and heavy rains, sparking flood warnings. Some 316,540 people were without power in Queensland's southeast, where the Gold Coast city was the worst-hit area with more than 112,000 without power due to the storm system, energy distributor Energex said in a statement. The storm reached the Queensland coast on Saturday as a "tropical low" after 16 days as a cyclone, prompting preparations by millions of residents. The state capital Brisbane was spared the brunt of the storm, which was also felt in southern neighbour New South Wales. Prime Minister Anthony Albanese said on Sunday that the "situation in Queensland and northern New South Wales remains very serious due to flash-flooding and heavy winds". "Heavy rainfall, damaging wind gusts, and coastal surf impacts are expected to continue over coming days," Albanese said in Canberra, in remarks televised by the Australian Broadcasting Corp. The nation's Bureau of Meteorology said heavy rainfall that could spark flash flooding was developing on Sunday and could impact Brisbane as well as the Queensland regional centres of Ipswich, Sunshine Coast and Gympie, it said. Damaging winds with gusts of around 90 kph (60 mph) were also possible in the state, the bureau said on its website. "It is now just a weak low as it continues moving further inland through southeast Queensland, bringing lots of rain," said bureau meteorologist Dean Narramore. Brisbane Airport reopened on Sunday but posted on X that "ongoing weather may affect the schedule". Queensland will decide on Sunday on whether around 1,000 state schools, closed due to the bad weather, will reopen on Monday, said state Premier David Crisafulli. "Where it's safe to do so, schools will reopen with the exception of the Gold Coast, where there remains some significant damage. Power loss and issues with transport," Crisafulli said in televised comments from Brisbane. "One thing's remained consistent, and that is the community spirit and the resolve," he said. On Saturday, one man died in floodwater in northern New South Wales, while two Australian defence force vehicles en route to help residents in the city of Lismore were involved in a road collision that injured several officers, officials said. Sign up here. https://www.reuters.com/world/asia-pacific/thousands-australians-without-power-ex-tropical-cyclone-lashes-queensland-2025-03-08/