US President Donald Trump said on Wednesday that Russian president Vladimir Putin “very strongly” told him in a call today that he’ll have to respond to Ukraine’s recent attack on Russian airfields. “It was a good conversation, but not a conversation that will lead to immediate Peace,” Trump wrote. Ukraine’s Security Service (SBU) launched a major strike against four Russian air bases on Sunday, reporting successful hits on over 40 military planes “that bomb Ukrainian cities every night.” Ukraine stated the operation eliminated approximately one-third of Russia’s strategic bombing aircraft. “We also discussed Iran, and the fact that time is running out on Iran’s decision pertaining to nuclear weapons, which must be made very quickly!” Trump posted on Truth Social. “President Putin suggested that he will participate in the discussions with Iran and that he could, perhaps, be helpful in getting this brought to a rapid conclusion.”
IEA Weekly Petroleum Report
Weekly Petroleum Data for the week ending May 30, 2025
U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 4.3 million barrels from the previous week. At 436.1 million barrels, U.S. crude oil inventories are about 7% below the five year average for this time of year U.S. crude oil refinery inputs averaged 17 million barrels per day during the week ending May 30, 2025, which was 670 thousand barrels per day more than the previous week’s average. Refineries operated at 93.4% of their operable capacity last week. Gasoline production decreased last week, averaging 9 million barrels per day. Distillate fuel production increased by 183 thousand barrels per day last week, averaging 5 million barrels per day. U.S. crude oil imports averaged 6.3 million barrels per day last week, decreased by 5 thousand barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.2 million barrels per day, 9.6% less than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 845 thousand barrels per day, and distillate fuel imports averaged 166 thousand barrels per day.. Total motor gasoline inventories increased by 5.2 million barrels from last week and are about 1% below the five year average for this time of year. Both finished gasoline inventories and blending components inventories increased last week. Distillate fuel inventories increased by 4.2 million barrels last week and are about 16% below the five year average for this time of year. Propane/propylene inventories increased by 6.8 million barrels from last week and are 2% above the five year average for this time of year. Total commercial petroleum inventories increased by 12.9 million barrels last week. Total products supplied over the last four-week period averaged 19.8 million barrels a day, down by 0.9% from the same period last year. Over the past four weeks, motor gasoline product supplied averaged 8.8 million barrels a day, down by 3.1% from the same period last year. Distillate fuel product supplied averaged 3.6 million barrels a day over the past four weeks, down by 4.3% from the same period last year. Jet fuel product supplied was down 2.2 % compared with the same four-week period last year
Iran’s Khamenei dismisses US nuclear proposal
DUBAI, June 4 (Reuters) – Iran’s Supreme Leader Ayatollah Ali Khamenei said on Wednesday that abandoning uranium enrichment was “100%” against the country’s interests, rejecting a central U.S. demand in talks to resolve a decades-long dispute over Tehran’s nuclear ambitions. The U.S. proposal for a new nuclear deal was presented to Iran on Saturday by Oman, which has mediated talks between Iranian Foreign Minister Abbas Araqchi and President Donald Trump’s Middle East envoy, Steve Witkoff.
The Reuters Tariff Watch newsletter is your daily guide to the latest global trade and tariff news. After five rounds of talks, several hard-to-bridge issues remain, including Iran’s insistence on maintaining uranium enrichment on its soil and Tehran’s refusal to ship abroad its entire existing stockpile of highly enriched uranium – possible raw material for nuclear bombs. Khamenei, who has the final say on all matters of state, said nothing about halting the talks, but said the U.S. proposal “contradicts our nation’s belief in self-reliance and the principle of ‘We Can'”.
“Uranium enrichment is the key to our nuclear programme and the enemies have focused on the enrichment,” NN: and since he is proven enriching to weapons grade that is proof his nuclear program is to make nukes
Khamenei said during a televised speech marking the anniversary of the death of the Islamic Republic’s founder, Ayatollah Ruhollah Khomeini. “The proposal that the Americans have presented is 100% against our interests … The rude and arrogant leaders of America repeatedly demand that we should not have a nuclear programme. Who are you to decide whether Iran should have enrichment?,” he added. Tehran says it wants to master nuclear technology for peaceful purposes and has long denied accusations by Western powers that it is seeking to develop nuclear weapons. Reuters reported on Monday that Tehran was poised to reject the U.S. proposal as a “non-starter” that failed to soften Washington’s stance on uranium enrichment or to address Tehran’s interests. Trump has revived his “maximum pressure” campaign against Tehran since his return to the White House in January, which included tightening sanctions and threatening to bomb Iran if the negotiations yield no deal. Trump wants to curtail Tehran’s potential to produce a nuclear weapon that could trigger a regional nuclear arms race and perhaps threaten Israel. Iran’s clerical establishment, for its part, wants to be rid of devastating sanctions. During his first term, Trump ditched Tehran’s 2015 nuclear pact with six powers and reimposed sanctions that have crippled Iran’s economy. Iran responded by escalating enrichment far beyond the pact’s limits.
Iran’s clerical establishment is grappling with multiple crises — energy and water shortages, a plunging currency, losses among regional militia proxies in conflicts with Israel, and rising fears of an Israeli strike on its nuclear sites — all intensified by Trump’s hardline stance.
Iran’s arch-foe Israel, which sees Tehran’s nuclear programme as an existential threat, has repeatedly threatened to bomb the Islamic Republic’s nuclear facilities to prevent Tehran from acquiring nuclear weapons.
Tehran has vowed a harsh response.
Russia’s ‘Pearl Harbor
WASHINGTON − Ukraine destroyed dozens of enemy bombers using a horde of drones smuggled deep into Russia in a stunning attack that Russian war bloggers are calling Moscow’s Pearl Harbor. It was the most damaging Ukrainian attack on Russia in the three years since Moscow invaded. Ukrainian intelligence said the coordinated strikes on June 1 took a $7 billion toll on Russia’s military and demolished more than a third of Moscow’s strategic cruise missile carriers, including planes capable of carrying nuclear warheads. Ukrainian President Volodymyr Zelenskyy called the massive attack, which he said used 117 drones, his country’s “longest-range operation.” Ukraine defends nation against Russian invasion Ukraine’s outgunned forces fight to repel Russia’s wide-ranging assault as invasion continues. “It had an absolutely brilliant outcome,” Zelenskyy said on Telegram. “Russia has had very tangible losses, and justifiably so.” Oksana Markarova, Kyiv’s ambassador to the United States, called the attack a “very successful defensive operation in Russia against Russian aircraft that, on a daily basis, bomb our hospitals and schools and kill our kids.” Speaking at an AI event in Washington, Markarova said it was “the best example of how innovation can and should work in defense.” With Ukraine set to meet Russia for U.S.-brokered peace talks the next day and amid aggressive Russian advances on the battlefield, the ambitious June 1 attack showed neither side is counting on a breakthrough in negotiations. “We hope that the response will be the same as the US response to the attack on their Pearl Harbor or even tougher,” Russian war blogger Roman Alekhin wrote on Telegram, comparing the Ukrainian strike to the 1941 Japanese raid on a U.S. base in Hawaii. “It is impossible to restore these losses,” reported Rybar, a pro-Kremlin Telegram channel. The comparisons between the Ukrainian drone attack and the 1941 Pearl Harbor attack bandied by pro-Russian bloggers were not historically accurate. The operation, code-named “Spider’s Web,” was characteristic of the style of warfare Ukraine has made its brand as it attempts to undercut Russia’s larger military – flooding the zone with cheap, deadly drones. But the scope of this attack set a new precedent. The drones, strapped with explosives, were hidden inside the roofs of wooden sheds, which were dropped off by trucks at the outer edge of Russian military bases, a Ukrainian security official told Reuters. Ukraine’s intelligence service said 41 Russian aircraft were hit at four air bases stretching from the Finnish border to Siberia. One targeted base, in the Irkutsk region, lies more than 2,600 miles from the front lines, making it the farthest target Ukraine has hit during the conflict.
Ukraine launched a massive attack on Russia’s military bases using more than a hundred hidden drones on Sunday.
Sofiia Gatilova, REUTERS
Russia’s defense ministry acknowledged in Telegram messages June 1 that drones launched “from an area in close proximity to airfields resulted in several aircraft catching fire.”
NN: brilant!!
Oil Bulls Bite Back as Prices Defy Expectations
- OPEC+ confirmed another 411,000 bpd production increase for July, but oil prices rose instead of falling.
- Additional supply disruptions from Alberta wildfires and strong seasonal demand expectations helped offset concerns over weaker Asian oil imports.
- Analysts expect demand to rise into the summer, with ING and Goldman Sachs both citing tighter market conditions
OPEC+ did what everyone expected it to do last weekend, announcing another production ramp-up. Prices, however, did something that not everyone expected them to do: they went up. All eyes are now on demand—and the disruption of supply. The eight members of OPEC+ that were keeping their production of crude oil under restraints agreed on Saturday to add another 411,000 barrels daily to their combined total in July after making identical agreements for May and June. The news followed speculation reported by the media that the cartel could add more barrels this time just to teach everyone a lesson. That speculation had weakened prices. The OPEC+ decision essentially had no effect on them. But events that coincided with the OPEC+ meeting did have an effect.
First, there was the Ukrainian drone attack on targets within Russia. The attack prompted expectations of more, with the targets this time part of Russia’s oil infrastructure, leading to supply disruptions.
Then there is the U.S.-Iran nuclear deal, which just got more unlikely, with media reporting Iran was about to reject the latest proposal of the United States. This, in turn, means, that U.S. sanctions against the country will remain in place, notably the noose around Iran’s oil industry. Iran was not going to agree to completely halt its uranium enrichment activities, which the U.S. has proposed as a condition for reaching a deal, Reuters reported, so the prospect of a deal became distant again.To add to the bullish developments, wildfire season in Alberta has started prompting production shutdowns, to date affecting more than 340,000 barrels daily. This is equal to 7% of the total, Reuters noted, but it has been enough to fuel a price rally—and imply that demand for oil is healthier than many like to argue. Once again, oil market players were reminded that it’s not so important what this forecaster or another says about demand and how global supply exceeds it. It’s important what happens in the real, physical world, and in that world, demand for oil remains as robust as it has been since the end of the pandemic lockdowns, the gradual weakening of China’s appetite for crude notwithstanding. “Demand is set to pick up as we move into the summer months, suggesting prices are likely to remain relatively well supported,” ING commodity analysts wrote in a new note today, after earlier this week Goldman Sachs somewhat grudgingly acknowledged seasonal oil demand patterns that point to equally stronger prices ahead. “Relatively tight spot oil fundamentals, beats in hard global activity data, and seasonal summer support to oil demand suggest that the expected demand slowdown is unlikely to be sharp enough to stop raising production when deciding on August production levels on July 6th,” the bank said in a note Monday.
Indeed, not only is geopolitics making oil bears nervous, but summer driving season is advancing, and the shock of Trump’s tariff-first approach to trade policies is subsiding.
Oil is currently quite affordable, which would stimulate demand, and its immediate supply outlook is uncertain, which often acts as fuel for prices.
Pioneer Of AI Warns “Everyone Will Die” If It Isn’t Shut Down
AI technology has been developing at an exponential rate, and it appears to be just a matter of time before we create entities that can think millions of times faster than we do and that can do almost everything better than we can. So what is going to happen when we lose control of such entities? Some AI models are already taking the initiative to teach themselves new languages, and others have learned to “lie and manipulate humans for their own advantage”. Needless to say, lying is a hostile act. If we have already created entities that are willing to lie to us, how long will it be before they are capable of taking actions that are even more harmful to us? Nobody expects artificial intelligence to kill all of us tomorrow. But Time Magazine did publish an article that was authored by a pioneer in the field of artificial intelligence that warned that artificial intelligence will eventually wipe all of us out. Eliezer Yudkowsky has been a prominent researcher in the field of artificial intelligence since 2001, and he says that many researchers have concluded that if we keep going down the path that we are currently on “literally everyone on Earth will die”…
NN: something to think about
Musk slams Trump-backed bill as ‘disgusting abomination’
Billionaire and Tesla CEO Elon Musk criticized a new Congressional spending bill supported by President Donald Trump on Tuesday, calling it a “disgusting abomination.” Musk made the remarks on X, expressing frustration over what he views as excessive and irresponsible government spending. “I’m sorry, but I just can’t stand it anymore,” Musk posted. He described the bill as “massive, outrageous [and] pork-filled,” and condemned lawmakers who backed it, saying, “Shame on those who voted for it: you know you did wrong.” The legislation, which allocates significant federal spending across various sectors, has sparked a debate about its long-term effects on the US economy. Musk had previously expressed his disappointment with the overall cost of the domestic policy bill. According to the Congressional Budget Office, the tax provisions included in the “One Big Beautiful Bill Act” package are projected to increase the deficit by $3.8 trillion by 2034.
Elon Your Fired!
Iran seeks no permission to continue enrichment
Iran’s Foreign Minister Seyed Abbas Araghchi, speaking at a book signing event in Lebanon for The Power of Negotiation, branded the latest United States proposal as “highly ambiguous,” stressing that Tehran “will not seek anyone’s permission to continue uranium enrichment on Iranian soil,” after US President Donald Trump vowed not to allow it. “In this context, the US wrote to Iran’s leadership seeking negotiations. But it’s clear that talks under such circumstances can’t be genuine or equal – they resemble negotiations for surrender,” the leader was quoted by Tasnim News Agency. The minister noted that over a million Iranians depend on medicine made using reactor fuel, insisting enrichment will continue but “not lead to a nuclear weapon.” Regarding the latest offer from Washington, Araghchi said it contained “numerous ambiguities and unanswered questions,” adding that Iran would respond “in the coming days based on national interests and principles.”
NN: How stupid!! We did this fire dance under Mohammad Obama. And they built centrifuges that ramped up their production of weapons grade uranium. They developed nuclear triggers and rockets capable of delivering nukes. They may have tested a crude nuke underground. Now Iran wants us to believe its their god given right to enrich uranium. And we are to rely upon the same inspectors they made fools on last time to ensure they don’t have a nuclear weapons program. The world deserves to get nuked in the coming World War III that will be started by Iran using the nukes we allowed then to develops
WE WILL NOT ALLOW ANY ENRICHMENT OF URANIUM,”
DUBAI (Reuters) -Iran is poised to reject a U.S. proposal to end a decades-old nuclear dispute, an Iranian diplomat said on Monday, dismissing it as a “non-starter” that fails to address Tehran’s interests or soften Washington’s stance on uranium enrichment.
FILE PHOTO: Atomic symbol, USA and Iranian flags are seen in this illustration taken September 8, 2022. REUTERS/Dado Ruvic/Illustration/File Photo© Thomson Reuters
“Iran is drafting a negative response to the U.S. proposal, which could be interpreted as a rejection of the U.S. offer,” the senior diplomat, who is close to Iran’s negotiating team, told Reuters.
The U.S. proposal for a new nuclear deal was presented to Iran on Saturday by Omani Foreign Minister Sayyid Badr Albusaidi, who was on a short visit to Tehran and has been mediating talks between Tehran and Washington.
FILE PHOTO: Iran’s Foreign Minister Abbas Araghchi is welcomed by an unidentified Omani official upon his arrival in Muscat, Oman, May 11, 2025. Iranian Foreign Ministry/WANA (West Asia News Agency)/Handout via REUTERS/File Photo© Thomson Reuters
After five rounds of discussions between Iranian Foreign Minister Abbas Araqchi and President Donald Trump’s Middle East envoy Steve Witkoff, several obstacles remain.
Among them are Iran’s rejection of a U.S. demand that it commit to scrapping uranium enrichment and its refusal to ship abroad its entire existing stockpile of highly enriched uranium – possible raw material for nuclear bombs.
Tehran says it wants to master nuclear technology for peaceful purposes and has long denied accusations by Western powers that it is seeking to develop nuclear weapons. NB: what a sick joke
“In this proposal, the U.S. stance on enrichment on Iranian soil remains unchanged, and there is no clear explanation regarding the lifting of sanctions,” said the diplomat, who declined to be identified due to the sensitivity of the matter. The White House encouraged Iran to accept the deal.”President Trump has made it clear that Iran can never obtain a nuclear bomb. Special Envoy Witkoff has sent a detailed and acceptable proposal to the Iranian regime, and it’s in their best interest to accept it,” White House spokeswoman Karoline Leavitt said in a statement. “Out of respect for the ongoing deal, the Administration will not comment on details of the proposal to the media.” Tehran demands the immediate removal of all U.S.-imposed curbs that impair its oil-based economy. But the U.S. says nuclear-related sanctions should be removed in phases. Dozens of institutions vital to Iran’s economy, including its central bank and national oil company, have been blacklisted since 2018 for, according to Washington, “supporting terrorism or weapons proliferation.” Trump’s revival of “maximum pressure” against Tehran since his return to the White House in January has included tightening sanctions and threatening to bomb Iran if the negotiations yield no deal.
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US deal said to allow Iran to enrich uranium at low levels…… Trump on Iran: We will not allow any uranium enrichment
The nuclear agreement draft presented by the US to Iran this weekend would permit restricted uranium enrichment at low levels within Iranian territory for an undetermined timeframe, Axios has discovered, conflicting with recent statements from senior officials. According to the plan outlined by White House representative Steve Witkoff, Iran’s enrichment capabilities will be limited to civilian-use levels. Following the deal’s ratification, Iran must temporarily lower its enrichment levels to 3% and its subterranean enrichment sites must cease operations for a mutually agreed timeframe. Iran has repeatedly emphasized it will not accept any agreement prohibiting enrichment for civilian purposes, a non-negotiable stance that conflicts with America’s public position.
NN: i was shocked when i saw the Axion report. Allowing Iran to enrich uranium. Then we got the statement from trump. below:
Trump on Iran: We will not allow any uranium enrichment
United States President Donald Trump stressed that the US won’t allow Iran to carry out “any enrichment of uranium” after a report by Axios claimed earlier today that Washington would permit limited enrichment under specific conditions. Under the reported nuclear agreement draft, Iran’s enrichment capabilities would be limited to civilian-use levels and require Tehran to temporarily bring down its enrichment levels to 3%. Additionally, the country’s subterranean enrichment sites would be required to halt operations for a negotiated period.
“The AUTOPEN should have stopped Iran a long time ago from “enriching.” Under our potential Agreement — WE WILL NOT ALLOW ANY ENRICHMENT OF URANIUM,” Trump wrote on Truth Social.
BlackMask Pod Cast
Iran Must Be Stopped
