
Russian Fuel Flows Surge to 1-Year High Despite Refinery Attacks
Russian oil products exports remain resilient with volumes climbing last month to the highest in a year, despite repeated drone strikes against the country's refining operations.
Seaborne exports jumped to 2.5 million barrels a day in February, according to data compiled by Bloomberg from analytics firm Vortexa Ltd. Observed volumes rose from previous estimates as a rush of shipments late in the month fueled an overall 7% gain from January levels. That lifted average monthly exports to a one-year high.

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
an hour ago
- Yahoo
Musk's father says Trump dispute triggered by intense stress, has to end
By Guy Faulconbridge MOSCOW (Reuters) -The dispute between Donald Trump and Elon Musk was triggered by months of intense stress on both sides, and the public battle between the U.S. president and the billionaire donor needs to stop, Musk's father told Reuters on Monday. Trump and Musk began exchanging insults last week on social media, with the Tesla and SpaceX CEO describing the president's sweeping tax and spending bill as a "disgusting abomination". Asked whether he thought his son had made a mistake by engaging in a public clash with the president, Errol Musk said people were sometimes unable to think as clearly as they should "in the heat of the moment." "They've had five months of intense stress," Musk told Reuters at a conference in Moscow organised by conservative Russian tycoons. "With all the opposition cleared and two people left in the arena, all they have ever done is get rid of everything and now they are trying to get rid of each other - well that has to stop." Asked how it would end, he said: "Oh, it will end on a good note - very soon." Neither the White House nor Musk could be reached for comment outside normal U.S. business hours. Trump said on Saturday his relationship with Musk was over and that there would be "serious consequences" if the world's richest man decided to fund U.S. Democrats running against Republicans who vote for the tax and spending bill. Musk bankrolled a large part of Trump's 2024 presidential campaign. Trump named Musk to head an effort to downsize the federal workforce and slash spending. Musk's father told reporters he was standing by his son. "Elon is sticking to his principles but you cannot always stick to your principles in the real world," Musk's father said. "Sometimes you have to give and take." Speaking beside sanctioned Russian businessman Konstantin Malofeyev, Musk's father praised President Vladimir Putin as a "very stable and pleasant man." He accused "fake media" in the West of projecting "complete nonsense" about Russia and for casting it as an enemy.
Yahoo
an hour ago
- Yahoo
US-China Trade Talks Start in London to Address Export Curbs
(Bloomberg) -- Trade talks between the US and China kicked off in London, with the US signaling a willingness to remove restrictions on some tech exports in exchange for assurances that China is easing limits on rare earth shipments. Next Stop: Rancho Cucamonga! Where Public Transit Systems Are Bouncing Back Around the World Trump Said He Fired the National Portrait Gallery Director. She's Still There. US Housing Agency Vulnerable to Fraud After DOGE Cuts, Documents Warn Senator Calls for Closing Troubled ICE Detention Facility in New Mexico The meeting, which began Monday just after 1 p.m. local time, is expected to extend into the UK evening and may restart Tuesday if necessary. The Trump administration expects that 'after the handshake' in London, 'any export controls from the US will be eased and the rare earths will be released in volume' by China, Kevin Hassett, head of the White House's National Economic Council, told CNBC. Hassett's comments from Washington were the clearest signal yet that the US is willing to offer such a concession, though he added that the US would stop short of including the most sophisticated US chips made by Nvidia Corp. used to power artificial intelligence. 'The very, very high-end Nvidia stuff is not what I'm talking about,' Hassett said, adding that restrictions would not be lifted on the Nvidia H2O chips that are used to train AI services. 'I'm talking about possible export controls on other semiconductors which are also very important to them.' US stocks flipped between small gains and losses, and Chinese shares trading in Hong Kong entered a bull market, as some investors expressed hope the talks signaled a cooling of trade tensions. The first round of negotiations since the teams met a month ago is aimed at restoring confidence that both are living up to commitments made in Geneva. During those discussions, Washington and Beijing agreed to lower crippling tariffs for 90 days to allow time to hammer out ways to address a trade imbalance that the Trump administration blames on an unfair playing field. GLOBAL PREVIEW: London Calling - US, China Aim to Dodge Clash The confusion after the Geneva meeting about China's rare earth export-permitting process, combined with US limits on tech shipments and Washington's recent crackdown on Chinese student visas, underscore the complexity of deal-making between China and the US. 'They left too many things open to interpretation,' said Josh Lipsky, chair of international economics at the Atlantic Council. The US and China 'just want to get back to where they were in Switzerland with a few more agreements down on paper to actually understand what is gonna be licensed, what gets permitted, what doesn't,' he added. A phone call last week between President Donald Trump and his counterpart Xi Jinping appeared to give fresh momentum to reviving talks and reaching a deal. Delegates Arrive On Monday at London's Lancaster House — where former European Central Bank President Mario Draghi delivered his 'whatever it takes' speech in 2012 — US Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick and US Trade Representative Jamieson Greer will meet a Chinese delegation led by Vice Premier He Lifeng. The addition of Lutnick, who's in charge of curbs on the sale of advanced technology, signals Trump may be willing to consider reversing some of the restrictions that threaten to hobble China's long-term growth ambitions, ranging from tech supplies to jet engine parts. US-China trade tensions escalated this year as Trump hiked duties on Chinese goods, prompting retaliation from Beijing. That's led to pain in both economies, including distortions in data and uncertainties for businesses trying to navigate sudden changes in trade policy. Earlier on Monday, Chinese government figures showed exports rose less than expected last month as the worst drop in shipments to the US in more than five years counteracted strong demand from other markets. In the US, job growth moderated in May and the prior months were revised lower, indicating employers are cautious about growth prospects. Trump's tariffs are causing uncertainty and delays for US manufacturers, particularly in the Midwest, which is affecting their investment and production plans. --With assistance from Annmarie Hordern, Kasia Klimasinska and Hadriana Lowenkron. (Adds markets, Hassett comments in fourth to sixth paragraphs) The SEC Pinned Its Hack on a Few Hapless Day Traders. The Full Story Is Far More Troubling Cavs Owner Dan Gilbert Wants to Donate His Billions—and Walk Again What America's Pizza Economy Is Telling Us About the Real One New Grads Join Worst Entry-Level Job Market in Years America Cast Itself as the World's Moral Leader. Not Anymore ©2025 Bloomberg L.P. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
2 hours ago
- Yahoo
BofA Sees Saudis Embarking on Long But Shallow Oil-Price War
(Bloomberg) -- OPEC+'s oil-output hikes are part of a Saudi strategy that will see the kingdom embark on a long but shallow price war designed to recapture market share, Bank of America Corp.'s head of commodities research said. Next Stop: Rancho Cucamonga! Where Public Transit Systems Are Bouncing Back Around the World Trump Said He Fired the National Portrait Gallery Director. She's Still There. US Housing Agency Vulnerable to Fraud After DOGE Cuts, Documents Warn Senator Calls for Closing Troubled ICE Detention Facility in New Mexico The producer group, of which Saudi Arabia is the de-facto leader, announced a third output increase of more than 400,000 barrels a day last month, bigger than previously planned. The additions are reversing years of supply curbs that were aimed at keeping prices higher. 'It's not a price war that is going to be short and steep; rather it's going to be a price war that is long and shallow,' BofA's Francisco Blanch said in a Bloomberg Television interview. That reflects a desire to take market share from US shale, which is in relatively good health but faces higher costs of production, he said. The kingdom is also working to regain market share from fellow OPEC+ members, according to Blanch. 'They've done this price support already by themselves for three-plus years,' which has allowed competitors' output to rise, he said. 'They're done with that.' Blanch noted that the change in strategy is already producing results, with the latest US oil-drilling data from Baker Hughes Co. showing the lowest rig count in about four years. --With assistance from Jonathan Ferro and Lisa Abramowicz. The SEC Pinned Its Hack on a Few Hapless Day Traders. The Full Story Is Far More Troubling Cavs Owner Dan Gilbert Wants to Donate His Billions—and Walk Again America Cast Itself as the World's Moral Leader. Not Anymore Is Elon Musk's Political Capital Spent? What Does Musk-Trump Split Mean for a 'Big, Beautiful Bill'? ©2025 Bloomberg L.P.