Asia

Two trade sources reported that freight rates for tanker shipments of Urals crude oil from Russia's western port 'to India' eased in June compared to last month due to seasonal factors, increased 'availability' of vessels and shippers' optimistic view of the opening of Strait of Hormuz. Two trade sources said that the United States and Iran reached a deal on a peace agreement, which would end the?war? in Iran and allow free passage through the Strait of Hormuz. Sources said that the blockade caused a dramatic increase in freight rates around the world, including on the Russian oil shipping markets....

Losses in barrels of crude oil and increased prices are already a result of the Iran war. With a U.S. - Iran peace deal expected that will reopen the Strait of Hormuz the reckoning has begun: Was this a watershed or just another blip, we ask? Consider two ?precedents. Volkswagen's "Dieselgate", a scandal involving rigged emission tests in 2015, seemed innocent at first. But it signalled the end of diesel cars for passenger vehicles and the rise in electric vehicles (EVs). The impact of Russia's invasion of Ukraine in 2022 was short-lived due to the market's ability reroute the flows...

A group of native Taiwanese paddled to the Philippines in a wooden canoe that they built themselves, revitalizing a route that had been dormant for hundreds of years and reestablishing a cultural connection. The indigenous Batanes Islands, located north of Luzon in the Philippines, are also closely related to Taiwan's Orchid island. The 20-seater canoe named Ovayan, or "Golden Friendship", was built by six communities in Orchid Island, as part of an official project. It will take 24 hours to complete the trip, with 60 people rotating between support ships and taking turns rowing. Maraos is the chairperson of Taiwan’s...

Abdulkadir Uraloglu, Turkish Transport Minister, said that Turkey and Saudi Arabia are planning to build a railroad to connect?the two nations with Jordan and Syria within the next three to four years. He added that other Gulf countries will also be joining the project. Uraloglu told Al Jazeera that the railway will help ease future problems caused by the disruption of Strait of Hormuz due to the war in Iran. A memorandum signed last week between Ankara, Saudi Arabia and Riyadh on logistics and railways describes the project. Uraloglu stated that in the first phase, the rail link would allow...

India has removed licensing requirements for radio frequency used in crash-avoidance systems and self-driving cars. This removes a commercial barrier to automakers, as the country seeks safer roads. India, which is the third-largest car market in the world, has reported over 177,000 road deaths in 2024. The government announced on Thursday that it would waive the licence requirements for radar sensor in the frequency range 77GHz-81GHz, allowing businesses to use spectrum without a separate allocation from authorities. Separate notices were issued for systems operating in the 5.9 GHz range, which allow vehicles to 'communicate' with one another and with roadside...

According to industry sources, Russia's seaborne product exports dropped by 0.2% daily in May compared to April. This equates to a drop of?8.016 millions metric tons. While the 'continued Ukrainian drone attacks on key ports and major refineries led to a sharp decline in oil product loadings at Russia's southern port, this was offset by an increase in fuel exports from Baltic terminals. Kyiv intensified its attacks on Russian energy installations in the last few months as peace talks to end Ukraine's conflict failed to progress. In May, drones targeted a number of Russia's largest refineries, including Lukoil's NORSI refinery...

Saudi Arabia and its neighbours in the Gulf will celebrate the eventual reopening of Strait of Hormuz. But the ensuing oil flood could erode OPEC’s fragile grip on the markets. The Iran War and the closing of the vital waterway, through which nearly one fifth of world oil and gas passed before the conflict, have dramatically reduced the output of the Organization of Petroleum Exporting Countries and shifted the industry's center of gravity away. Riyadh has limited options to counter these changes. The strait is not expected to reopen anytime soon, and it's unclear what the conditions will be. Iran...

Ship-tracking data showed that three more liquefied gas tankers left the Strait of Hormuz without their transponders and were heading to destinations in 'Asia. However, it is unclear when exactly they made this 'transit. The United States and Iran exchanged air attacks on Thursday for the second day in a row, with U.S. president Donald Trump threatening further?strikes until Tehran accepts a peace agreement and Washington claiming it 'fired on an Iranian oil vessel. QatarEnergy-controlled tankers Lebrethah (left) and?Rasheeda (right) were last spotted west of the Strait on June 1, and April 30, respectively. They carried?cargoes that had been loaded...

The Indian Embassy in Oman reported that India had?reported a ship incident off the port of Shinas in Oman earlier Thursday. This was a day after a U.S. led attack on another vessel killed three Indian seafarers. This was the third incident of this kind in the last week. The U.S. military claimed to have attacked MT Marivex, and?Settebello. Both vessels were manned by Indian seafarers. The Indian Embassy in Oman has not specified if there were Indian seafarers aboard the vessel that was involved in the incident on Thursday. The Indian Embassy in Oman posted on social media that...

Vingroup, a Vietnamese company, is speeding up construction of the world's biggest stadium in Hanoi. They are betting that future demand will make the 135,000-seat venue financially viable. A Vingroup representative said during a recent site visit that thousands of workers work around the clock on the site located about 25 kilometers (15.5 miles south of the central Hanoi) to finish the venue by the end of July 2027. The completion date is a year earlier than the original plan announced in December. Vingroup, Vietnam’s largest company by market capitalisation and working on a number of projects including a high-speed...

The Ukrainian Ports Authority reported on Wednesday that two vessels flying the Panamanian and Barbadian flags had been damaged by an attack while they were moving along Ukraine's Black Sea navigation corridor. According to the authority's Telegram post, one vessel is headed towards the port of Odesa - a vital port for Ukrainian exports - with a cargo?of metal while the other was carrying grain and had already left the port. Both vessels were operating in the navigation corridor set up by Ukrainian authorities to allow ships travel from the 'Black Sea' to Romanian ports along the 'Danube River. Oleh...

China's National Safety Regulators summoned China Communications Construction Company, and Power Construction Corporation of China on Wednesday for what they alleged were safety failures related to two major accidents. The emergency management ministry said that negligence, falsifications and illegal subcontracting as well as cutting corners, and failures in safety management at two companies and their subsidiaries led to a road collapse in May 2024 in southern China, which killed 52 people, and a partial collapse in November 2025 of a newly built?bridge in southwest China. The statement said that "the same types of accidents hazards were found repeatedly during inspections...

Chinese President Xi Jinping on Tuesday endorsed the ?political leadership of Myanmar's military chief-turned-president Min Aung Hlaing as the ?two met in Beijing to ?map out the future development ?of ?bilateral ties. "I'm willing to continue strengthening (our countries' bilateral ties), to carry forward the brotherly relationship between our two nations, and to deepen comprehensive strategic collaboration," Xi said to his Myanmar counterpart according to Chinese state television CCTV. Min Aung Hlaing will be in China until Friday for a 5-day state visit. This is his first trip since he formalised his power after the controversial elections that took place...

The state visit by Myanmar President Min Aung Hlaing to China will give him a diplomatic boost, as he seeks to consolidate power in the war torn country after a widely condemned presidential election held at the beginning of the year. Min Aung Hlaing's five-day state visit, which will include a meeting with Chinese President Xi Jinping at the highest diplomatic level, comes after he visited India last month and held discussions with Prime Minister Narendra Modi. Richard Horsey is the Crisis Group's senior Myanmar advisor. "India did not give him the full honors of a state visit on his...

The state visit by Myanmar President Min Aung Hlaing to China will give him a diplomatic boost as he attempts to consolidate power in the war torn country after a widely condemned election at the beginning of the year. Min Aung Hlaing's five-day state visit to China, where he will meet Chinese president Xi Jinping at the highest diplomatic level, comes after a recent official trip to India, during which he met Prime Minister Narendra Modi. Richard Horsey is the Crisis Group's senior Myanmar advisor. He said: "An official visit by Xi Jinping to Myanmar is a clear signal that...

Two industry sources have confirmed that the TANECO oil'refinery in Russia has suspended all crude 'processing after a drone attack on June 12th. Sources said that the fires and strike at the refinery led to the closure of both primary processing units: CDU-6 with a capacity?of 20,000 tonnes per day, or 45% of the total capacity?of the refinery,?and CDU-7 which?processes more than 23,000 tons each day. Tatneft did not reply to our request for a comment. TANECO is one of Russia's technologically most advanced refineries. It has?hydrocracking and catalytic cracking units, as well as delayed?coking?units. According to data from the...

Ali Nizar, head of Iraqi state oil marketer SOMO said on its official website that Iraq has asked Turkey to extend the current Kirkuk-Ceyhan pipeline agreement for a minimum of a year in order to give more time to negotiate. Since the beginning of June, Iraq has exported 12,000,000?barrels? of crude oil through its southern ports. Ali Nizar, the SOMO's chief Ali Nizar, said that the Iraqi Government had requested Ankara for more time to?talks about a replacement contract covering the main export route. The long-standing Turkey-Iraq Crude?Pipeline??Agreement that governs the exports via the Kirkuk-Ceyhan Pipeline is due to expire?on?July...

Two industry sources reported that the Caspian Pipeline Consortium (CPC) had a record oil loading of?7.187 millions metric tons (or about?1.83million barrels per day). This was due to a higher production at?Kazakhstan?s giant Tengiz?oilfield following temporary maintenance. The oil output of the Tengiz Field was reduced for several days by a malfunctioning power transformer at the end May. However, it was restored. Calculations showed that daily CPC Blend oil loads rose by 10% from April to May. In April, loadings totaled 6.314 millions tons or 1.67 million barrels per day. One source said that the CPC system saw a rise...

The DiXi Group, a think tank, predicts that Ukraine's energy system, which has been under constant Russian assault, will face power shortages in the summer months, and consumers may be affected by outages, despite the strong output of solar power plants and the imports. Russia has been attacking Ukraine's energy generation and transmission system throughout the war. This has caused severe damage to thermal power plants, forcing Kyiv to import more and to resort to massive power cuts for consumers. DiXi stated in a press release that, under moderate temperatures and with no further damage done to the energy grid,...

TASS reported?on?Tuesday, citing the regional ministry of emergency, that three?explosions?hit a gas pipe in 'the town 'of 'Kizilyurt, in Russia’s Dagestan Region in the North Caucasus. However, emergency crews managed to control the resulting blaze. Three explosions were reported by the?ministry on a trunk 1,200 mm gas pipeline. No injuries have been reported. TASS?quoted?officials in the?region who said that emergency crews brought under control flames which had risen 15 metres (50 feet). It said that grassy areas were burning near the explosion site. Russian news agencies reported that residents who were ordered to evacuate from 300 homes are now returning....

Three trading sources have confirmed that the Caspian Pipeline Consortium plans to export 1.7 million barrels of CPC Blend crude per day in June, compared with an initial estimate of 1.45 million barrels. They said that maintenance at Kazakhstan's Kashagan field was postponed, and production at Tengiz, the country's oilfield, has been restored following a technical problem in May, which resulted in the higher forecast. The initial June plan was revised upwards by 17%. According to calculations, the?May?loading plan was expected to reach a multi-month peak. Calculations show that the May loading plan would reach a multi-month high of 1.8...

Inpex, a Japanese company, said that it will seek urgent orders from Australia’s Fair Work Commission to stop protected industrial actions at its Ichthys liquid natural gas facilities. A supply disruption from prolonged strikes would exacerbate the tightness of global LNG markets already reeling from the Iran War and the close closure of the Strait of Hormuz which carries about a fifth of crude oil and LNG worldwide. Asia Spot LNG Prices Since the Iran War began, prices have increased 75% to $18.80 for every million British thermal unit (mmBtu). Inpex took this action after being warned by the Offshore...

Market sources say that Russia will reduce its crude exports in June as it plans to increase refinery runs amid looming fuel shortages. According to preliminary information from industry and trading sources, crude loadings at the western?ports Primorsk (Ust-Luga) and Novorossiysk (Novorossiysk) could drop to 1.7 million barrels per day in June, down from 2.5 millions bpd. Sources said that the decline could be partially due to a decrease in oil production levels. Alexander Novak, the Deputy Prime Minister, said that the Russian oil production had fallen since the beginning of the year. He blamed the drop on unplanned maintenance...

On Thursday, President Vladimir Putin stated that Russia is ready to resume supplies of gas to 'Germany through the 'Nord Stream Pipeline which was heavily damaged by underwater explosions. Putin told reporters in St. Petersburg one of two lines of Nord Stream 2 was intact and could begin pumping gas "tomorrow." "I am not joking, just press the?button to start the gas flowing." "But for that, the German government must make a decision," he said. Putin did say that Nord Stream is under U.S. Sanctions and Germany would need to come up with an agreement in order to remove them....