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☆ Russia can't seem to stop this Ukrainian Cessna-style drone that, compared to missiles, is basically a 'flying brick' with a bomb onboard
▼ + stars: | 2024-05-15 | by ( Jake Epstein | ) www.businessinsider.com time to read: +7 min

Experts say these aircraft underscore the success of Ukraine's innovative long-range drone program, which Kyiv has employed to go after Russia's military and energy facilities. The Ukrainian drones are in fact slow-flying ultralight planes. And if Ukraine can find a corridor that lacks proper air-defense coverage, then the drone can effectively penetrate right through Russian territory, Hoffmann said. Notably, the Cessna-style drone underscores the success of Ukraine's ever-evolving drone program. The aircraft was converted into a drone - A-22 Flying Fox.

Persons: —, JzjMc83uA4 —, Fabian Hoffmann, it's, Hoffmann, Petersburg —, It's, Gordon Davis Jr, Davis, Ukraine's, …, obdWO5ACNA, Washington, Lance Landrum, Landrum Organizations: Service, Cessna, Business, Kyiv, University of Oslo, US Army, Center for, Fox, US Air Force Locations: Ukraine, Kyiv, Republic of Tatarstan, Russia, Republic of Bashkortostan, Bashkortostan, Russian, Tatarstan, Moscow, St, Ukrainian

☆ Explainer: OPEC+ oil policies: what cuts are already in place and what could change
▼ + stars: | 2023-11-21 | by ( Alex Lawler | ) www.reuters.com time to read: +3 min

This figure includes a 1 million bpd voluntary reduction by Saudi Arabia and a 300,000 bpd cut in Russian oil exports, both of which last until the end of 2023. OPEC+ at its last meeting in June extended oil output cuts of 3.66 million bpd, amounting to 3.6% of global demand, until the end of 2024. That figure comprises a 2 million bpd cut agreed in 2022, and a further 1.66 million bpd in voluntary cuts from nine OPEC+ countries agreed earlier this year. OPEC+ could further revise 2024 targets for Nigeria, Angola and Congo after reviews by outside analysts, it said in June. *** Russia's 500,000 bpd voluntary cut is from March 2023 to December 2024 to around 9.5 million bpd, according to Deputy Prime Minister Alexander Novak.

Persons: Alexander Manzyuk, Alexander Novak, Alex Lawler, Dmitry Zhdannikov, Jason Neely Organizations: REUTERS, OPEC, International Energy Agency, United Arab Emirates, Reuters, Saudi, Thomson Locations: Republic of Tatarstan, Russia, Saudi Arabia, Vienna, OPEC, Nigeria, Angola, Congo, Bahrain, Brunei, Malaysia, Sudan, South Sudan

Ministers from OPEC+, which groups the Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, meet on Sunday in Vienna. Robust global oil prices this year and Moscow's growing use of a shadow tanker fleet have meant that much Russian oil has traded mostly above the Western oil cap price. Moscow-based independent oil analyst Alexei Kokin said the oil prices declined from "very comfortable" levels to "just comfortable" levels. Russia has budgeted the price of Urals, its flagship oil grade, at 4,788 roubles ($53.36) per barrel this year. However, the share of energy sales in the federal budget proceeds - which used to exceed 50% of total budget revenue - has drastically declined.

Persons: Alexander Manzyuk, Vladimir Putin, Alexei Kokin, Ronald Smith, Vladimir Soldatkin, Guy Faulconbridge, Jason Neely Organizations: REUTERS, Energy, OPEC, Organization of, Petroleum, BCS, Investments, Brent, Thomson Locations: Republic of Tatarstan, Russia, MOSCOW, Vienna, OPEC, U.S, China, Saudi Arabia, United States, Moscow

A view shows oil pump jacks outside Almetyevsk in the Republic of Tatarstan, Russia June 4, 2023. Brent crude oil futures were up 55 cents to $91.26 a barrel by 1:01 p.m. EDT (1701 GMT), after falling to a session low of $89.50, the lowest price since Sept. 8. Higher interest rates and a stronger dollar make oil more expensive for holders of other currencies, which could dampen oil demand. Talks to restart Iraqi oil exports via a crude oil pipeline that runs through Turkey are still ongoing, an Iraqi oil official told Reuters on Tuesday, a day after Turkey said operations would start again this week after nearly a six-month stoppage. U.S. crude inventories were expected to have fallen by about 500,000 barrels last week, a preliminary Reuters poll showed on Monday.

Persons: Alexander Manzyuk, Phil Flynn, Alexander Novak, Stephanie Kelly, Natalie Grover, Laura Sanicola, Trixie Yap, Marguerita Choy, Mark Potter, Paul Simao Organizations: REUTERS, Brent, . West Texas, U.S ., Federal Reserve, Price Futures Group, Investors, Organization of, Petroleum, Reuters, Gulf Cooperation, BMI Research, Thomson Locations: Republic of Tatarstan, Russia, Saudi Arabia, OPEC, Asia, Turkey, Gulf, Iraq

A view shows oil pump jacks outside Almetyevsk in the Republic of Tatarstan, Russia June 4, 2023. Brent crude oil futures were down 10 cents to $90.61 a barrel by 11:15 a.m. EDT (1515 GMT), after falling to a session low of $89.50, the lowest since Sept. 8. Higher interest rates and a stronger dollar make oil more expensive for holders of other currencies, which could dampen oil demand. Talks to restart Iraqi oil exports via a crude oil pipeline that runs through Turkey are still ongoing, an Iraqi oil official told Reuters on Tuesday, one day after Turkey said operations would start again this week after a near six-month stoppage. U.S. crude inventories were expected to have fallen by about 100,000 barrels last week, a preliminary Reuters poll showed on Monday.

Persons: Alexander Manzyuk, Phil Flynn, Craig Erlam, Stephanie Kelly, Natalie Grover, Laura Sanicola, Trixie Yap, Marguerita Choy, Mark Potter Organizations: REUTERS, Wednesday, Brent, . West Texas, U.S ., U.S, Reserve, Futures, Investors, Organization of, Petroleum, Reuters, Gulf Cooperation, BMI Research, Thomson Locations: Republic of Tatarstan, Russia, OPEC, Saudi Arabia, Asia, Turkey, Gulf, Iraq, .

A view shows oil pump jacks outside Almetyevsk in the Republic of Tatarstan, Russia June 4, 2023. REUTERS/Alexander Manzyuk/File Photo Acquire Licensing RightsOct 3 (Reuters) - Oil prices slipped 1% in early Asian trade on Tuesday, after falling to a three-week low in the previous session, on a stronger U.S. dollar, rising U.S. bond yields and mixed supply signals. "(Brent) crude oil prices slid to (around) $90 a barrel as rising US yields and a stronger US dollar dominated market sentiment," ANZ analysts said in a client note. Higher interest rates along with a stronger dollar also makes oil more expensive for holders of other currencies, which could dent oil demand. BMI Research analysts said "given that the global economy is slowing, the group will likely want to maintain their current cuts, while signposting the scope for further reductions, if market conditions demand it."

Persons: Alexander Manzyuk, Brent, Laura Sanicola, Trixie Yap, Shri Navaratnam, Simon Cameron, Moore Organizations: REUTERS, . West Texas, ANZ, U.S ., U.S, Reserve, BMI Research, Organization of, Petroleum, Thomson Locations: Republic of Tatarstan, Russia, Iraq, OPEC

"It demonstrates the company's capabilities and readiness to refine different types and complexities of crude oil." Cnergyico conducted due diligence and consulted with external sanctions counsel to ensure the import of Russian oil did not violate sanctions, he said. Last year, Pakistan's total crude imports registered at 154,000 bpd. The government paid in Chinese yuan for its first import of discounted Russian crude, which went to state-owned Pakistan Refinery Ltd (PKRF.PSX). Cnergyico said it expects to make the Russian imports viable through the export of furnace oil to generate foreign exchange.

Persons: Alexander Manzyuk, Cnergyico, Ariba Shahid, William Mallard, Tom Hogue Organizations: REUTERS, Rights, Reuters, Pakistan Refinery Ltd, Bank, United Arab, Thomson Locations: Republic of Tatarstan, Russia, Rights KARACHI, Pakistan, Ukraine, Saudi Arabia, United Arab Emirates, Karachi

☆ Russia's oil and gas revenues set to rise 14% in September - Reuters calculations
▼ + stars: | 2023-09-19 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Alexander Manzyuk/File Photo Acquire Licensing RightsMOSCOW, Sept 19 (Reuters) - Russia's oil and gas revenues, which account for around a third of total federal budget proceeds, are set to rise to around 733 billion roubles ($7.6 billion) in September, up 14% from the previous month, Reuters calculations showed on Tuesday. The corresponding figure in September 2022 was 688 billion roubles. The budget is expected to return some 278 billion roubles to refineries under the damping mechanism in September, according to Reuters calculations. Proceeds from oil and gas sales are crucial for Russia's commodity-oriented economy and for the financing of what it calls its "special military operation" in Ukraine. The finance ministry is due to publish its data on budget revenues from oil and gas in early October.

Persons: Alexander Manzyuk, Mark Trevelyan Organizations: REUTERS, Rights, Reuters, Thomson Locations: Republic of Tatarstan, Russia, Ukraine

"Deepening OPEC+ supply cuts have collided with improved macroeconomic sentiment and all-time high world oil demand," the Paris-based energy watchdog said in its monthly oil market report. The IEA said that in July, global oil supply plunged by 910,000 bpd in part due to a sharp reduction in Saudi output. But Russian oil exports held steady at around 7.3 million bpd in July, the IEA said. Next year, demand growth is forecast to slow sharply to 1 million bpd, the IEA said, citing lacklustre macroeconomic conditions, a post-pandemic recovery running out of steam and the burgeoning use of electric vehicles. The IEA's demand growth forecast is down by 150,000 bpd from last month and contrasts with that of OPEC, which on Thursday maintained its forecast that oil demand will rise by a much stronger 2.25 million bpd in 2024.

Persons: Alexander Manzyuk, Brent, Natalie Grover, Alex Lawler, Jason Neely, David Evans Organizations: REUTERS, International Energy Agency, IEA, of, Petroleum, for Economic Co, Development, OPEC, Thomson Locations: Republic of Tatarstan, Russia, OPEC, Paris, China, London

REUTERS/Alexander Manzyuk/File PhotoCompanies Kyndryl Holdings Inc FollowLONDON/DUBAI, Aug 4 (Reuters) - An OPEC+ ministerial panel which meets on Friday is unlikely to tweak the group's current oil output policy, five OPEC+ sources told Reuters, after a Saudi decision to extend its voluntary cut into September helped oil prices rally further. The panel, called the Joint Ministerial Monitoring Committee, can call for a full meeting of the Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, known as OPEC+, if warranted. Oil prices rose more than 14% in July compared with June, the biggest monthly percentage increase since January last year, as tighter supply and rising demand outweighed concern that interest rate hikes and stubborn inflation could hit economic growth. Oil prices on Friday traded at nearly $86 a barrel, close to their highest since mid-April. Russia will also cut oil exports by 300,000 bpd in September, Deputy Prime Minister Alexander Novak said shortly after the Saudi announcement.

Persons: Alexander Manzyuk, Alexander Novak, Ahmad Ghaddar, Alex Lawler, Maha El, Lamine Chikli, Kirsten Donovan Organizations: REUTERS, Kyndryl Holdings, Organization of, Petroleum, Saudi, Reuters, OPEC, Thomson Locations: Republic of Tatarstan, Russia, DUBAI, OPEC, Saudi, Saudi Arabia, Algeria, London, Maha El Dahan, Dubai, Olesya, Moscow, Algiers

REUTERS/Alexander Manzyuk/File PhotoCompanies Kyndryl Holdings Inc FollowDUBAI/LONDON, Aug 4 (Reuters) - An OPEC+ ministerial panel which met on Friday made no changes to the group's current oil output policy after a Saudi decision to extend its voluntary production cut into September helped oil prices rally further. Oil prices rose more than 14% in July compared with June, the biggest monthly percentage increase since January last year, as tighter supply and rising demand outweighed concern that interest rate hikes and stubborn inflation could hit economic growth. "The committee will continue to closely assess market conditions," an OPEC statement issued after the online meeting said, adding that the panel urged members to achieve full compliance with output cut pledges. Oil prices on Friday traded at nearly $86 a barrel, close to their highest since mid-April. Russia will also cut oil exports by 300,000 bpd in September, Deputy Prime Minister Alexander Novak said shortly after the Saudi announcement.

Persons: Alexander Manzyuk, Alexander Novak, Ahmad Ghaddar, Alex Lawler, Maha El, Lamine Chikli, Kirsten Donovan Organizations: REUTERS, Kyndryl Holdings, DUBAI, Organization of, Petroleum, Saudi, Reuters, OPEC, Thomson Locations: Republic of Tatarstan, Russia, LONDON, OPEC, Saudi, Saudi Arabia, Algeria, London, Maha El Dahan, Dubai, Olesya, Moscow, Algiers

Hedge funds and other money managers sold the equivalent of 64 million barrels in the six most important petroleum-related futures and options contracts in the seven days ending June 27. Essentially all the sales were concentrated in crude contracts split evenly between Brent (-31 million barrels) and NYMEX and ICE WTI (-33 million barrels). Fund managers had accumulated 136 million barrels of gross short positions in NYMEX WTI, the most since 2017. The slump in WTI positions is likely being intensified by contract changes which have seen WTI crude grades added to the Brent futures contract. From a positioning perspective, extreme pessimism towards crude prices and lopsided positions are creating potential for an explosive rally in future.

Persons: Alexander Manzyuk, Brent, John Kemp, David Evans Organizations: REUTERS, OPEC ⁺, ICE, ICE WTI, Fund, Global, Thomson, Reuters Locations: Republic of Tatarstan, Russia, Saudi Arabia, Brent, NYMEX WTI, North America, Europe, China, U.S, Iran, Venezuela, distillates

☆ 33-year-old jewelry designer ditched Amazon and Walmart, now brings in $4.8 mil/year: Big companies 'make such stupid mistakes'
▼ + stars: | 2022-12-08 | by ( Zachary Green Megan Sauer | Zachary Green | In Zachary-Green-News | ) www.cnbc.com time to read: +5 min

Automic Gold's growing popularity is backed by an unconventional strategy: ditching those major platforms and selling only on its own website. Al Sandimirova officially founded Automic Gold, an size- and LGBTQ-inclusive jewelry company in 2016. In 2021, its first full year exclusively selling jewelry from its online storefront, it brought in $4.8 million. "Regular companies assume it's harder to target the LGBT community," Sandimirova says. Searching for outletsSandimirova named Automic Gold — spelled to include "AU," the chemical abbreviation for gold, and pronounced like "atomic" — with "autonomy," independence and freedom in mind.

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