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energy crisis
BP’s Spanish refinery boosted jet fuel output 30% to avert Europe’s supply crisis
When the United States and Israel began striking Iran in late February, Paco Quintana, who runs BP 's Castellón refinery on Spain's east coast, knew what it meant for Europe's summer travel season. Middle Eastern refineries normally supply a quarter…
Putin signs tax law to boost fuel supply amid deepening crisis
Russian President Vladimir Putin on Saturday signed a law amending the country's Tax Code, introducing new excise measures aimed at incentivizing increased gasoline supply to the domestic market as Russia grapples with its worst fuel crisis in decades.
Kazakhstan agrees to ship gasoline to Russia as fuel crisis deepens
Russian President Vladimir Putin acknowledged on Sunday that the country faces a "certain deficit" of fuel, marking the Kremlin's first formal admission that sustained Ukrainian drone strikes on oil refineries have created a domestic energy crisis that will likely persist…
S&P cuts Philippines, India growth forecasts on energy crisis
S&P Global Ratings on Wednesday sharply lowered its growth forecasts for the Philippines and India, warning that energy stress from the West Asia conflict is weighing on two of the Asia-Pacific region's most dynamic economies.
Mexico seeks to restart oil shipments to Cuba amid crisis
Mexican President Claudia Sheinbaum announced on Sunday that her country is seeking to restart oil shipments to Cuba, as the Caribbean island faces a humanitarian emergency driven by months of fuel deprivation that has shuttered schools, suspended hospital surgeries, and…
Cuba calls US oil blockade ‘an act of war’ at UN Security Council
Cuba's Foreign Minister Bruno Rodríguez Parrilla addressed the United Nations Security Council on Tuesday, warning that the U.S. oil blockade against his country amounts to an act of war and calling on the international community to mobilize against what he…
Global oil stockpiles draining at record pace amid Iran war
More than two months after the United States and Israel launched coordinated strikes against Iran, the near-total closure of the Strait of Hormuz is draining the world's oil reserves at a record pace, sending American gasoline prices soaring and threatening…
Iran war energy shock pushes millions back to charcoal and firewood
Two months after the start of the Iran war upended global energy markets, soaring fuel prices are forcing millions of families in Africa and South Asia to abandon cleaner cooking methods and revert to charcoal and firewood — a shift…