Russia's Central Bank revises 2026 inflation forecast to 6-7% due to fuel price spikes and supply shocks, cuts GDP growth forecast to 0.0-1.0%
Ukraine has intensified attacks on Russian shadow tankers supplying Crimea and refineries deep within Russia, including the Omsk refinery. These strikes aim to worsen an energy crisis on the peninsula and deny Russia fuel and export revenue, with significant damage reported to Russia's refining capacity.
Siberian officials in Russia are advising businesses to adopt remote work and reduce energy consumption due to a spreading fuel crisis. Regions like Tomsk and Novosibirsk are recommending remote work for non-essential employees and urging citizens to limit vehicle use, as fuel shortages impact much of the country.
Ukraine struck 12 Russian tankers in the Sea of Azov, used for supplying troops and oil exports. Meanwhile, President Zelensky announced a political agreement with Donald Trump for Patriot missile production licenses, with key supplies expected soon. Putin reportedly plans to escalate the conflict despite peace calls.
Long queues at petrol stations in Moscow highlight Russia's deepening fuel crisis. While frustration is evident among citizens, public criticism of the Kremlin remains muted. The crisis is impacting daily life, with rationing and reduced services reported, and is beginning to affect Putin's approval ratings.
Ukraine's drone and missile strikes on Russian energy infrastructure have triggered a severe fuel crisis, affecting two-thirds of Russia's regions. Crimea declared a state of emergency, banning fuel sales as tourism collapses. President Putin acknowledged the issue, though downplaying its criticality, while Russia has stopped publishing fuel price data.
Ukrainian forces have intensified drone attacks on Russian energy infrastructure and supply routes in Russia and occupied Crimea, leading to significant fuel shortages. President Putin publicly acknowledged the "certain fuel shortages" for the first time, while experts warn of Russia facing its worst fuel crisis.
Russian-held Crimea has suspended children's summer camps and tourist activities until September 1 due to a fuel crisis. Ukrainian attacks on supply routes have strained fuel availability, impacting both the peninsula and Russian oil refineries.
Ukrainian drone and missile attacks on Russian oil refineries have led to fuel shortages and rationing in 53 regions. The strikes have disrupted an estimated 20% of Russia's refining capacity, impacting key facilities like the Moscow refinery.
Crimea has banned nighttime rides on mopeds, quad bikes, and motorcycles, citing their noise resemblance to drone attacks and alleging children are deliberately involved. Ukraine has intensified drone attacks on the peninsula, impacting supply routes and fuel availability. Meanwhile, a Ukrainian drone hit a Moscow refinery, halting operations, and Russia's strikes killed at least eight people across Ukraine.
A Ukrainian drone strike killed one person and caused a fire at a sea terminal in Russia's southern port of Temryuk. Meanwhile, EU ambassadors agreed to advance accession talks with Ukraine and Moldova, a significant step for Kyiv's bid to join the bloc.
EU ambassadors agreed to advance accession talks with Ukraine and Moldova, with negotiations to begin Monday. President Zelensky hailed it as a "strong step for Europe." Meanwhile, Ukraine targeted Russian supply lines in Crimea, and Russia's army staffing increased.
Aviation leaders gather in Rio for the Iata AGM as the industry faces high jet fuel prices (over $140/barrel) despite no current shortage in Europe, with costs impacting airlines and potential for consolidation.
Truck driver Frank Black returns to work after a two-week hiatus due to soaring diesel prices, a consequence of the global fuel crisis. He highlights the financial strain on owner-drivers, the industry's low profits, and the personal toll of the job.
Hong Kong's airport anticipates a volume shift this summer as airlines reduce scheduled flights and swap jet sizes to manage costs amid a global fuel crisis and rising economy passenger fares to Europe.
Ecologist MP Sandrine Rousseau stated that the primary election is "very fragile" and "locked by the parties," lacking in-depth debate. She also suggested investing in local transport, car-sharing, lighter vehicles, and trains to address the fuel crisis, linking it to the current heatwave.
Pacific nations are grappling with a severe fuel crisis, exacerbated by the US-Israel war on Iran, leading to soaring prices, potential economic slowdown, and increased inflation. The region's heavy reliance on imported oil for transport and electricity makes it particularly vulnerable, impacting daily life, businesses, and government budgets.
Europe is unlikely to face a jet fuel crisis in the coming weeks due to price hikes encouraging refiners to redirect fuel cargoes. However, concerns persist for early fall if the U.S.-Israeli war against Iran continues, impacting oil shipments.
Ryanair's CFO, Neil Sorahan, stated the budget airline is prepared for an "armageddon situation" due to the jet fuel crisis but does not anticipate it. The airline plans a full schedule for summer and winter, though some weaker carriers may struggle.
Greenpeace, Transport and Environment, and other groups call for banning private jets and reducing UK motorway speed limits to 60mph to mitigate an impending fuel supply crisis, citing minimal inconvenience now to avoid severe shortages and price spikes later.
CIA Director John Ratcliffe met his Cuban counterpart in Havana as the US renewed a $100m aid offer. Cuba stated the meeting aimed to improve dialogue, emphasizing it poses no threat to US security, while President Diaz-Canel argued lifting the blockade would ease conditions faster.
Despite a looming jet fuel crisis, private jet departures in Europe rose 10% in April, prompting environmental campaigners to call for a ban, while the business jet lobby argues the sector's impact is negligible.
The spectre of the global energy crisis loomed over the three-day Asean summit in the Philippines as regional leaders converge for a final day of talks in Cebu on Friday. Analysts say that while some major flashpoints were addressed – with Thailand and Cambodia’s joint statement of solidarity being a bright spot – surging fuel costs as a result of the Iran war weighed heaviest on the minds of Southeast Asian leaders. The fuel crisis was the “defining issue”, said Vu Lam, an Asean observer and...
A bonfire of red tape to unleash investment and complete stalled projects across Vietnam may drive economic expansion but is unlikely to offset the damage caused by US tariffs and the fuel crisis which have threatened the country’s growth ambitions. Vietnam’s Communist Party General-Secretary and President To Lam, the most powerful leader in a generation, has set an annual growth target of 10 per cent until 2030 to galvanise a nation whose ponderous bureaucracy has snarled private investment and...
